# EDGAR Filing Document

**Accession Number:** 0001121257
**File Stem:** 0001387131-25-000240
**Filing Date:** 2025-8
**Character Count:** 74439
**Document Hash:** 27fa3b6bbc1ce8a7d4ec658ecf03688e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-25-000240.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001387131-25-000240

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**EFFECTIVENESS DATE**: 20250828

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JNL INVESTORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001121257

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10041
- **FILM NUMBER:** 251270834

**BUSINESS ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **STREET 2:** ATTN: LEGAL DEPARTMENT
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951
- **BUSINESS PHONE:** (517)381-5500

**MAIL ADDRESS:**
- **STREET 1:** 1 CORPORATE WAY
- **STREET 2:** 8N41
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48951

## Series and Classes Contracts Data

### JNL GOVERNMENT MONEY MARKET FUND (Series ID: S000001684)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000004572 | JNL Government Money Market Fund (Class I)  |  |
| C000243435 | JNL Government Money Market Fund (Class SL) |  |

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

U**NITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File number: 811-10041

**JNL Investors Series Trust**

(Exact name of registrant as specified in charter)

**1 Corporate Way, Lansing, Michigan 48951**

(Address of principal executive offices)

**225 West Wacker Drive, Suite 1200, Chicago, Illinois 60606**

(Mailing address)

**Andrew Tedeschi**

**Jackson National Asset Management, LLC**

**225 West Wacker Drive, Suite 1200**

**Chicago, Illinois 60606**

(Name and address of agent for service)

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

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

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

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

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

**Item 1. Report to Shareholders.**

---

| | |
|:---|:---|
| JNL Government Money Market Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class SL | June 30, 2025 |

---

![](img_91e8642ec3fd4.jpg)

**This shareholder report contains important information about JNL Government Money Market Fund for the period ended June 30, 2025. You can obtain additional information by contacting us at 1-800-392-2909, or writing the JNL Investors Series Trust, 225 W. Wacker Drive, Suite 1200, Chicago, IL 60606.** 

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

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class SL | $5 | 0.09% |

---

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

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3001152 |
| Number of Investments: | 85 |
| Total Advisory Fees Paid ($): | 1255 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; Industry Sector (%) | &nbsp;&nbsp; Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Repurchase Agreements | 51.7 |
| Government Securities | 35.5 |
| Discount Notes | 4.3 |
| **Total Net Assets** | 91.5 |

---

---

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

---

---

| | |
|:---|:---|
| JNL Government Money Market Fund | |
| Semi-Annual Shareholder Report |  |
| Share Class I | June 30, 2025 |

---

![](img_ce47fea5de384.jpg)

**This shareholder report contains important information about JNL Government Money Market Fund for the period ended June 30, 2025. You can obtain additional information by contacting us at 1-800-392-2909, or writing the JNL Investors Series Trust, 225 W. Wacker Drive, Suite 1200, Chicago, IL 60606.** 

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

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $10 | 0.19% |

---

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

---

| | |
|:---|:---|
| Fund Statistic | Value ($ in thousands) |
| Fund Size ($): | 3001152 |
| Number of Investments: | 85 |
| Total Advisory Fees Paid ($): | 1255 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; Industry Sector (%) | &nbsp;&nbsp; Industry Sector (%) |
| **Long Investments** | **Long Investments** |
| Repurchase Agreements | 51.7 |
| Government Securities | 35.5 |
| Discount Notes | 4.3 |
| **Total Net Assets** | 91.5 |

---

---

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

---

(b) Not applicable

**Item 2. Code of Ethics.** 

Not applicable to the semi-annual filing.

**Item 3. Audit Committee Financial Expert.** 

Not applicable to the semi-annual filing.

**Item 4. Principal Accountant Fees and Services.**

Not applicable to the semi-annual filing.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

(a) Included as a part of the financial statements filed under Item 7.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](jnlistncsr001.jpg)

**JNL Investors Series Trust** (Unaudited)

**Schedule of Investments (in thousands)**

June 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **JNL Government Money Market Fund** | **JNL Government Money Market Fund** | **JNL Government Money Market Fund** |
| **REPURCHASE AGREEMENTS 51.7%** | **REPURCHASE AGREEMENTS 51.7%** | **REPURCHASE AGREEMENTS 51.7%** |
| Repurchase Agreements (a) |  | 1551000 |
| Total Repurchase Agreements (cost $1,551,000) | Total Repurchase Agreements (cost $1,551,000) | 1551000 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 39.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 39.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 39.8%** |
| **U.S. Treasury Bill 14.3%** | **U.S. Treasury Bill 14.3%** | **U.S. Treasury Bill 14.3%** |
| Treasury, United States Department of |  |  |
| 4.19%, 07/03/25 (b) | 7000 | 6998 |
| 4.01%, 10/09/25 (b) | 13500 | 13352 |
| 4.11%, 10/23/25 - 02/19/26 (b) | 39600 | 38776 |
| 4.25%, 10/28/25 (b) | 25000 | 24653 |
| 4.16%, 10/30/25 (b) | 17900 | 17653 |
| 4.15%, 11/06/25 (b) | 31600 | 31141 |
| 4.17%, 11/13/25 (b) | 42100 | 41452 |
| 4.20%, 11/20/25 (b) | 12400 | 12198 |
| 4.23%, 11/28/25 (b) | 61200 | 60135 |
| 4.21%, 12/04/25 (b) | 28700 | 28184 |
| 4.21%, 12/11/25 (b) | 22000 | 21587 |
| 4.21%, 12/18/25 (b) | 15800 | 15490 |
| 4.13%, 12/26/25 (b) | 39000 | 38215 |
| 4.08%, 01/22/26 (b) | 41000 | 40060 |
| 4.00%, 03/19/26 (b) | 17300 | 16805 |
| 3.98%, 05/14/26 (b) | 22400 | 21625 |
|  |  | 428324 |
| **U.S. Treasury Note 10.8%** | **U.S. Treasury Note 10.8%** | **U.S. Treasury Note 10.8%** |
| Treasury, United States Department of |  |  |
| 0.25%, 10/31/25 | 6200 | 6116 |
| 5.00%, 10/31/25 | 4300 | 4309 |
| 2.88%, 11/30/25 | 3100 | 3081 |
| 4.88%, 11/30/25 - 05/31/26 | 9000 | 9036 |
| 4.48%, (3 Month Treasury + 0.24%), 01/31/26 (c) | 35000 | 35010 |
| 1.63%, 02/15/26 | 4500 | 4426 |
| 0.50%, 02/28/26 | 6900 | 6731 |
| 4.63%, 02/28/26 - 06/30/26 | 29600 | 29679 |
| 4.50%, 03/31/26 | 4300 | 4311 |
| 4.39%, (3 Month Treasury + 0.15%), 04/30/26 (c) | 60000 | 60000 |
| 0.88%, 06/30/26 | 3400 | 3292 |
| 4.42%, (3 Month Treasury + 0.18%), 07/31/26 (c) | 44000 | 43967 |
| 4.44%, (3 Month Treasury + 0.20%), 10/31/26 (c) | 35500 | 35518 |
| 4.34%, (3 Month Treasury + 0.10%), 01/31/27 (c) | 60700 | 60699 |
| 4.40%, (3 Month Treasury + 0.16%), 04/30/27 (c) | 16700 | 16700 |
|  |  | 322875 |
| **U.S. Government Agency Obligations 10.5%** | **U.S. Government Agency Obligations 10.5%** | **U.S. Government Agency Obligations 10.5%** |
| Council of Federal Home Loan Banks |  |  |
| 4.40%, (SOFR + 0.01%), 10/02/25 (c) (d) | 15600 | 15600 |
| 4.39%, (SOFR + 0.00%), 12/18/25 (c) (d) | 15000 | 15000 |
| 4.25%, 05/22/26 (d) | 16100 | 16100 |
| 4.21%, 05/28/26 (d) | 15500 | 15500 |
| 4.16%, 06/09/26 (d) | 16700 | 16700 |
| Federal Farm Credit Banks Funding Corporation |  |  |
| 4.44%, (SOFR + 0.06%), 12/02/25 (c) (d) | 8700 | 8700 |
| 4.49%, (SOFR + 0.10%), 06/26/26 (c) (d) | 2000 | 2000 |
| 4.53%, (SOFR + 0.14%), 09/04/26 - 12/02/26 (c) (d) | 34500 | 34500 |
| 4.52%, (SOFR + 0.14%), 09/16/26 (c) (d) | 1500 | 1500 |
| Federal Home Loan Bank of Dallas |  |  |
| 4.53%, (SOFR + 0.14%), 10/29/26 (c) (d) | 6000 | 6000 |
| Federal Home Loan Bank of New York |  |  |
| 4.42%, 02/09/26 (d) | 10000 | 10000 |
| 4.44%, 02/09/26 (d) | 7000 | 7000 |
| Federal Home Loan Bank of Topeka |  |  |
| 4.47%, (SOFR + 0.07%), 09/19/25 (c) (d) | 7000 | 7000 |
| 4.39%, (SOFR + 0.00%), 12/17/25 (c) (d) | 34000 | 34000 |
| 4.40%, 03/13/26 (d) | 17400 | 17400 |
| 4.33%, 04/15/26 (d) | 16000 | 16000 |
| 4.35%, 04/17/26 (d) | 8200 | 8200 |
| 4.25%, 04/20/26 (d) | 16500 | 16500 |
| 4.53%, (SOFR + 0.14%), 09/10/26 - 09/18/26 (c) (d) | 14000 | 14000 |
| Federal Home Loan Mortgage Corporation |  |  |
| 4.51%, (SOFR + 0.12%), 04/02/26 (c) (d) | 4800 | 4800 |
| 4.50%, (SOFR + 0.11%), 05/07/26 (c) (d) | 3100 | 3100 |
| 4.53%, (SOFR + 0.14%), 09/04/26 - 10/29/26 (c) (d) | 15200 | 15200 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.49%, (SOFR + 0.10%), 06/18/26 (c) (d) | 6000 | 6000 |
| 4.53%, (SOFR + 0.14%), 09/11/26 - 12/11/26 (c) (d) | 24500 | 24500 |
|  |  | 315300 |
| **Discount Notes 4.2%** | **Discount Notes 4.2%** | **Discount Notes 4.2%** |
| FHLBanks Office of Finance |  |  |
| 4.27%, 07/08/25 (b) (d) | 8400 | 8393 |
| 4.27%, 07/09/25 (b) (d) | 8400 | 8392 |
| 4.27%, 07/11/25 (b) (d) | 5880 | 5873 |
| 4.29%, 07/18/25 (b) (d) | 8500 | 8483 |
| 4.27%, 07/23/25 (b) (d) | 12100 | 12069 |
| 4.24%, 08/27/25 (b) (d) | 4000 | 3974 |
| 4.29%, 09/05/25 (b) (d) | 40100 | 39789 |
| 4.29%, 10/17/25 (b) (d) | 25000 | 24683 |
| 4.20%, 11/05/25 (b) (d) | 7900 | 7785 |
| 4.19%, 11/13/25 (b) (d) | 8200 | 8073 |
|  |  | 127514 |
| Total Government And Agency Obligations (cost $1,194,013) | Total Government And Agency Obligations (cost $1,194,013) | 1194013 |
| **Total Investments 91.5% (cost $2,745,013)** | **Total Investments 91.5% (cost $2,745,013)** | **2745013** |
| **Other Assets and Liabilities, Net 8.5%** | **Other Assets and Liabilities, Net 8.5%** | **256139** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3001152** |

---

(a) For repurchase agreements held at June 30, 2025, see Repurchase Agreements in the Schedule of Investments.

(b) The coupon rate represents the yield to maturity.

(c) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are presented.

(d) The security is a direct debt of the agency and not collateralized by mortgages.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** | **Repurchase Agreements** |
| **Counter-party** | **Collateral** | **Collateral Par<sup>1</sup>** | **Collateral Value ($)** | **Rate (%)** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Proceeds at Maturity ($)** | **Par<sup>1</sup>** | **Value ($)** |
| BNS | Treasury, United States Department of, 0.00%-6.88%, due 08/05/25-08/15/53 | 400568 | 408050 | 4.38 | 06/30/25 | 07/01/25 | 400049 | 400000 | 400000 |
| CIB | Treasury, United States Department of, 0.13%-4.50%, due 02/28/26-01/15/55 | 36338 | 37305 |  |  |  |  |  |  |
|  | Government National Mortgage Association, 2.00%-7.50%, due 10/20/50-10/20/72 | 16019 | 16485 |  |  |  |  |  |  |
|  | Federal National Mortgage Association, Inc., 1.75%-7.00%, due 10/01/29-06/01/55 | 130372 | 93472 |  |  |  |  |  |  |
|  | Federal Home Loan Mortgage Corporation, 2.50%-7.00%, due 05/01/50-05/01/55 | 66840 | 56738 |  |  |  |  |  |  |
|  |  | 249569 | 204000 | 4.39 | 06/30/25 | 07/01/25 | 200024 | 200000 | 200000 |
| CTC | Treasury, United States Department of, 0.63%-4.88%, due 11/15/25-04/30/31 | 514113 | 510000 | 4.38 | 06/30/25 | 07/01/25 | 500061 | 500000 | 500000 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [3](#abbreviations).

**JNL Investors Series Trust** (Unaudited)

**Schedule of Investments (in thousands)**

June 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| **Counter-party** | **Collateral** | **Collateral Par<sup>1</sup>** | **Collateral Value ($)** | **Rate (%)** | **Acquisition**<br>**Date** | **Maturity**<br>**Date** | **Proceeds at Maturity ($)** | **Par<sup>1</sup>** | **Value ($)** |
| DWA | Government National Mortgage Association, 3.50%-6.50%, due 06/20/53-01/20/55 | 61045 | 54437 |  |  |  |  |  |  |
|  | Federal National Mortgage Association, Inc., 4.00%-6.00%, due 08/25/51-06/01/55 | 116573 | 14797 |  |  |  |  |  |  |
|  | Federal Home Loan Mortgage Corporation, 3.12%-7.83%, due 08/01/37-05/01/55 | 137043 | 34109 |  |  |  |  |  |  |
|  |  | 314661 | 103343 | 4.38 | 06/30/25 | 07/01/25 | 100012 | 100000 | 100000 |
| FICC | Treasury, United States Department of, 1.25%-4.38%, due 11/30/26-12/15/26 | 365664 | 358062 | 4.37 | 06/30/25 | 07/01/25 | 351051 | 351000 | 351000 |
|  |  |  |  |  |  |  |  |  | 1551000 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [3](#abbreviations).

**JNL Investors Series Trust** (Unaudited)

**Schedule of Investments (in thousands)**

June 30, 2025

<sup>1</sup> Rounded par and notional amounts are listed in USD unless otherwise noted.

**Abbreviations:**

---

| |
|:---|
| "-" Amount rounds to less than one thousand or 0.05% |
| SOFR - Secured Overnight Financing Rate |
| U.S. - United States  |

---

**Counterparty Abbreviations:**

---

| |
|:---|
| BNS – The Bank of Nova Scotia, Toronto |
| CIB – Canadian Imperial Bank of Commerce |
| CTC – Creditag Corp |
| DWA – Daiwa Capital Markets America Inc. |
| FICC – Fixed Income Clearing Corporation |

---

See accompanying Notes to Financial Statements.

**JNL Investors Series Trust (Unaudited)**

**Statement of Assets and Liabilities** (in thousands, except net asset value per share)

June 30, 2025

---

| | |
|:---|:---|
| **Assets** |  |
| Investments - unaffiliated, at value | $1194013 |
| Repurchase agreements, at value | 1551000 |
| Cash | 286094 |
| Receivable from: |  |
| Dividends and interest | 5233 |
| Administrator | 49 |
| Other assets | 13 |
| **Total assets**  | 3036402 |
| **Liabilities** |  |
| Payable for: |  |
| Investment securities purchased | 24653 |
| Advisory fees | 198 |
| Administrative fees | 238 |
| Dividends | 9927 |
| Board of trustee fees | 229 |
| Chief compliance officer fees | 4 |
| Other expenses | 1 |
| **Total liabilities**  | 35250 |
| **Net assets**  | $3001152 |
| **Net assets consist of:** |  |
| Paid-in capital  | $3001249 |
| Total distributable earnings (loss) | (97) |
| **Net assets**  | $3001152 |
| Net assets - Class I | $2262681 |
| Shares outstanding - Class I | 2262639 |
| Net asset value per share - Class I | $1.00 |
| Net assets - Class SL | $738471 |
| Shares outstanding - Class SL | 738464 |
| Net asset value per share - Class SL | $1.00 |
| Investments - unaffiliated, at cost | $1194013 |
| Repurchase agreements, at cost | 1551000 |

---

See accompanying Notes to Financial Statements.

**JNL Investors Series Trust (Unaudited)**

**Statement of Operations** (in thousands)

For the Period Ended June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investment income** | **Investment income** |  |
| Interest | Interest | $66251 |
| **Total investment income** | **Total investment income** | 66251 |
| **Expenses** | **Expenses** |  |
| Advisory fees | Advisory fees | 1255 |
| Administrative fees | Administrative fees | 1509 |
| Legal fees | Legal fees | 8 |
| Board of trustee fees | Board of trustee fees | 14 |
| Chief compliance officer fees | Chief compliance officer fees | 6 |
| Other expenses | Other expenses | 13 |
| **Total expenses** | **Total expenses** | 2805 |
| Administrative fees waiver | Administrative fees waiver | (338) |
| **Net expenses** | **Net expenses** | 2467 |
| **Net investment income (loss)** | **Net investment income (loss)** | 63784 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |
|  | Investments - unaffiliated | 1 |
| **Net realized and unrealized gain (loss)** | **Net realized and unrealized gain (loss)** | 1 |
| **Change in net assets from operations** | **Change in net assets from operations** | $63785 |
| (a) | Affiliated income | $— |

---

See accompanying Notes to Financial Statements.

**JNL Investors Series Trust (Unaudited)**

**Statement of Changes in Net Assets** (in thousands)

For the Period Ended June 30, 2025

---

| | |
|:---|:---|
| **Operations** |  |
| Net investment income (loss) | $63784 |
| Net realized gain (loss) | 1 |
| **Change in net assets from operations** | 63785 |
| **Distributions to shareholders** |  |
| From distributable earnings |  |
| Class I | (49276) |
| Class SL | (14509) |
| **Total distributions to shareholders**  | (63785) |
| **Share transactions<sup>1</sup>** |  |
| Proceeds from the sale of shares |  |
| Class I | 18163117 |
| Class SL | 9138111 |
| Cost of shares redeemed |  |
| Class I | (18183178) |
| Class SL | (9146671) |
| **Change in net assets from** |  |
| **share transactions** | (28621) |
| **Change in net assets** | (28621) |
| Net assets beginning of period | 3029773 |
| **Net assets end of period** | $3001152 |
| **<sup>1</sup>Share transactions** |  |
| Shares sold |  |
| Class I | 18163117 |
| Class SL | 9138111 |
| Shares redeemed |  |
| Class I | (18183178) |
| Class SL | (9146671) |
| Change in shares |  |
| Class I | (20061) |
| Class SL | (8560) |
| **Purchases and sales of long term**  |  |
| **investments** |  |
| Purchase of securities | $187999 |
| Purchase of U.S. Government securities | 130255 |
| Total purchases | $318254 |
| Proceeds from sales of securities | $353000 |
| Proceeds from sales of U.S. Government |  |
| securities | 19800 |
| Total proceeds from sales | $372800 |

---

See accompanying Notes to Financial Statements.

**JNL Investors Series Trust (Unaudited)**

**Statement of Changes in Net Assets** (in thousands)

For the Year Ended December 31, 2024

---

| | |
|:---|:---|
| **Operations** |  |
| Net investment income (loss) | $148319 |
| Net realized gain (loss) | 3 |
| **Change in net assets from operations** | 148322 |
| **Distributions to shareholders** |  |
| From distributable earnings |  |
| Class I | (116821) |
| Class SL | (31498) |
| **Total distributions to shareholders**  | (148319) |
| **Share transactions<sup>1</sup>** |  |
| Proceeds from the sale of shares |  |
| Class I | 37941468 |
| Class SL | 20085383 |
| Cost of shares redeemed |  |
| Class I | (38095091) |
| Class SL | (20179857) |
| **Change in net assets from** |  |
| **share transactions** | (248097) |
| **Change in net assets** | (248094) |
| Net assets beginning of year | 3277867 |
| **Net assets end of year** | $3029773 |
| **<sup>1</sup>Share transactions** |  |
| Shares sold |  |
| Class I | 37941468 |
| Class SL | 20085383 |
| Shares redeemed |  |
| Class I | (38095091) |
| Class SL | (20179857) |
| Change in shares |  |
| Class I | (153623) |
| Class SL | (94474) |

---

See accompanying Notes to Financial Statements.

**JNL Investors Series Trust (Unaudited)**

**Financial Highlights**

**For a Share Outstanding**

**Net Investment Income (Loss).** Net investment income(loss) is calculated using the average shares method.

**Total Return.** Total return assumes reinvestment of all distributions for the period. Total return is not annualized for periods less than one year.

**Income and Expense Ratios.** Ratios are annualized for periods less than one year.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Increase (decrease) from <br>investment operations | Distributions from | Distributions from |  |  | Supplemental data | Supplemental data |  | Ratios |  |
| Period ended | Net asset value, beginning of period($) | Net investment income (loss)($) | Net realized & unrealized gains (losses)($) | Total from investment operations($) | Net investment income($) | Net realized gains on investment transactions($) | Net asset value, end of period($) | Total return(%) | Net assets,end of period (in thousands)($) | Portfolio turnover (%) | Net expenses to average net assets(%) | Total expenses to average net assets(%) | Net investment income (loss) to average net assets(%) |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) |  | 1.00 | 2.10 | 2262681 | N/A | 0.19 | 0.19 | 4.19 |
| 12/31/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) |  | 1.00 | 5.13 | 2282743 | N/A | 0.19 | 0.19 | 5.01 |
| 12/31/23<br> (d) | 1.00 | 0.03 | 0.00 | 0.03 | (0.03) |  | 1.00 | 4.92 | 2436364 | N/A | 0.19 | 0.19 | 4.78 |
| 12/31/22 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) |  | 1.00 | 1.31 | 3095129 | N/A | 0.33<br> (a) | 0.18 | 1.16<br> (b) |
| 12/31/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br> (c) |  | 1.00 | 0.01 | 3605301 | N/A | 0.05 | 0.19 | 0.01 |
| 12/31/20 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br> (c) |  | 1.00 | 0.34 | 3071484 | N/A | 0.16 | 0.19 | 0.31 |
| Class SL |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06/30/25 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) |  | 1.00 | 2.15 | 738471 | N/A | 0.09 | 0.19 | 4.29 |
| 12/31/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) |  | 1.00 | 5.25 | 747030 | N/A | 0.09 | 0.19 | 5.07 |
| 12/31/23<br> (e) | 1.00 | 0.03 | 0.00 | 0.03 | (0.03) |  | 1.00 | 3.50 | 841503 | N/A | 0.09 | 0.19 | 5.16 |

---

(a) Includes payments by the Fund for the Adviser's recapture of previously waived/reimbursed fees.

(b) The ratio for net investment income (loss) to average net assets without expense
waivers or recovery of contractual expense waivers for JNL Government Money Market Fund for 2022 was
1.31%.

(c) Amount represents less than $0.005.

(d) Prior to May 1, 2023,
the Fund offered Institutional Class shares. Effective May 1, 2023, Institutional Class shares were renamed
to Class I shares.

(e) Effective May 1, 2023, Class SL shares were offered by the Fund.

See accompanying Notes to Financial Statements.

**JNL Investors Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**NOTE 1. ORGANIZATION**

JNL Investors Series Trust ("Trust") is an open-end management investment company organized under the laws of the Commonwealth of Massachusetts, by a Declaration of Trust, dated July 28, 2000, as amended and restated September 25, 2017. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended ("1940 Act"), and its shares are registered under the Securities Act of 1933, as amended ("1933 Act"). The Trust operates as a series trust, and at June 30, 2025 consisted of one (1) series, JNL Government Money Market Fund (the "Fund"), which is a diversified investment company as defined in the 1940 Act. The Fund represents shares of beneficial interest in a separate portfolio of securities and other assets, with its own investment objective.

Jackson National Asset Management, LLC ("JNAM", "Adviser" or "Administrator"), an indirect, wholly owned subsidiary of Jackson Financial Inc. ("Jackson"), serves as investment adviser and administrator to the Fund.

No shares of the Fund are sold to retail investors, but they are available for investment by affiliated parties. Affiliated parties or Jackson owned 100% of the outstanding capital shares of the Fund at June 30, 2025.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies". The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. generally accepted accounting principles ("GAAP").

**Security Valuation.** Under the Trust's valuation policy and procedures ("Valuation Policies and Procedures"), the Trust's Board of Trustees ("Board" or "Trustees") has designated to the Adviser the responsibility for carrying out certain functions relating to the valuation of portfolio securities for the purpose of determining the net asset value ("NAV") of the Fund. The Adviser has established a Valuation Committee (the "Valuation Committee") that is charged with the responsibilities set forth in the Valuation Policies and Procedures. The Valuation Committee is responsible for determining fair valuations for any security for which market quotations are not readily available. For those securities fair valued under procedures approved by the Board, the Valuation Committee reviews and affirms the reasonableness of the fair valuation determinations after considering all relevant information that is reasonably available. The Valuation Committee's fair valuation determinations are subject to review by the Board.

The NAV of the Fund's shares is generally determined once each day on which the New York Stock Exchange ("NYSE") is open, at the close of the regular trading session of the NYSE (normally, 4:00 PM Eastern Time, Monday through Friday). However, consistent with legal requirements, calculation of the Fund's NAV may be suspended on days determined by the Board during times of NYSE market closure, which may include times during which the SEC issues policies or protocols associated with such closure pursuant to Section 22(e) of the 1940 Act. In the event that the NYSE is closed unexpectedly or opens for trading but closes earlier than scheduled, the Fund's Valuation Committee will evaluate if trading activity on other U.S. exchanges and markets for equity securities is considered reflective of normal market activity. To the extent an NYSE closure is determined to be accompanied by a disruption of normal market activity, the Valuation Committee may utilize the time the NYSE closed for purposes of measuring and calculating the Fund's NAV. To the extent an NYSE closure is determined to not have resulted in a disruption of normal market activity, the Valuation Committee may utilize the time the NYSE was scheduled to close for purposes of measuring and calculating the Fund's NAV. All securities in the JNL Government Money Market Fund, as permitted by compliance with applicable provisions of Rule 2a-7 under the 1940 Act, are valued at amortized cost, unless it is determined that such practice does not approximate fair value. Debt securities are generally valued by independent pricing services approved by the Board. If pricing services are unable to provide valuations, debt securities are valued at the most recent bid quotation or an evaluated price, as applicable, obtained from the Fund's Sub-Adviser, a broker/dealer, a widely used quotation system or other approved third-party sources.

If an investment is valued at a fair value for purposes of calculating the Fund's NAV, the value may be different from the last quoted price for the investment depending on the source and method used to determine the value. Although there can be no assurance, in general, the fair value of the investment is the amount the owner of such investment might reasonably expect to receive in an orderly transaction between market participants upon its current sale.

**Distributions to Shareholders.** The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. The Fund declares dividends from net investment income daily and pays dividends monthly. Distributions of net realized capital gains, if any, are distributed by the Fund at least annually, to the extent they exceed available capital loss carryforwards.

**Security Transactions and Investment Income.** Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses are determined on the specific identification basis. Dividend income, net of applicable withholding taxes, is recorded on the ex-dividend date. Interest income, including effective-yield amortization of discounts and premiums on debt securities, is accrued daily.

**Expenses.** Expenses are recorded on an accrual basis. Expenses of the Fund are allocated to the classes based on the average daily net assets of each class. Expenses attributable to a specific class of shares are charged to that class.

**Guarantees and Indemnifications.** In the normal course of business, the Trust may enter into contracts that contain a variety of representations which provide general indemnifications for certain liabilities. Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. However, since its commencement of operations, the Fund has not had claims or losses pursuant to its contracts and expects the risk of loss to be remote. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined and the Fund has no historical basis for predicting the likelihood of any such claims.

**JNL Investors Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**Use of Estimates.** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Recent Accounting Pronouncements.** In December 2023, FASB released Accounting Standards Update ("ASU") 2023-09, titled "Improvements to Income Tax Disclosures" under Topic 740. This update aims to enhance the transparency and consistency of income tax disclosures by requiring disclosure of specific categories in the rate reconciliation and by providing disaggregated information on income taxes paid by jurisdiction, both domestically and internationally. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management is evaluating the amendments and any impact they will have on the Fund's financial statements.

**NOTE 3. FAIR VALUE MEASUREMENT**

FASB ASC Topic 820 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of the Fund's investments under this guidance. The inputs are summarized into three broad categories:

Level 1 includes quoted prices (unadjusted) in active markets for identical investments that the Fund can access at the measurement date.

Level 2 includes other significant observable inputs (including fair value factors, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3 includes significant unobservable inputs, to the extent observable inputs are not available, including the Adviser's own assumptions in determining the fair value of investments.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the Fund's investments in securities and other financial instruments (in thousands) as of June 30, 2025 by valuation level.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 1194013 |  | 1194013 |
| &nbsp;&nbsp;Repurchase Agreements |  | 1551000 |  | 1551000 |
|  |  | 2745013 |  | 2745013 |

---

Significant changes in unobservable valuation inputs to a different amount might result in a significantly higher or lower fair value measurement than the one used in a security's valuation. There were no significant transfers into or out of Level 3 for the period. There were no significant Level 3 valuations for which unobservable valuation inputs were developed at June 30, 2025.

**NOTE 4. SECURITIES AND OTHER INVESTMENTS**

**U.S. Government Agencies or Government Sponsored Enterprises.** The Fund may invest in U.S. Government agencies or government sponsored enterprises. U.S. Government securities are obligations of, and in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks ("FHLBanks"), are supported by the right of the issuer to borrow from the U.S. Department of the Treasury ("U.S. Treasury"); others, such as those of the Federal National Mortgage Association ("Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations; and still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest paying securities of similar maturities.

Although many types of U.S. Government securities may be purchased by the Fund, such as those issued by Fannie Mae, the Federal Home Loan Mortgage Corporation, the FHLBanks, and other entities chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The U.S. Government may choose not to provide financial support to U.S. Government sponsored agencies or instrumentalities if it is not legally obligated to do so, in which case, if the issuer defaulted, the holder of the securities of such issuer might not be able to recover its investment from the U.S. Government.

**Repurchase Agreements.** The Fund may invest in repurchase agreements. In a repurchase agreement, the Fund receives debt securities (collateral) subject to an obligation of the seller to repurchase, and the Fund to resell, the securities at an agreed upon price and date. The underlying securities used as collateral for repurchase agreements may be held in safekeeping by the Fund's Custodian or designated sub-custodians under triparty repurchase agreements. Earnings on collateral and compensation to the seller are based on agreed upon rates between the seller and the Fund. Interest earned on repurchase agreements is recorded as interest income to the Fund. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of such collateral may decline.

**NOTE 5. PRINCIPAL RISKS**

**Market and Volatility Risk.** In the normal course of business, the Fund trades financial instruments and enters into financial transactions where the risk of potential loss exists due to changes in the market ("market risk"). Additionally, prices of financial instruments may fluctuate over short periods or extended

**JNL Investors Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

periods of time in response to company, market, economic or political news ("volatility risk"). Equity securities generally have more price volatility than fixed-income securities, and long term fixed-income securities normally have more price volatility than short term fixed-income securities.

**Concentration Risk.** To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or a limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in such areas of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.

**Interest Rate Risk.** When interest rates increase, fixed-income securities generally will decline in value. A wide variety of factors can cause interest rates to rise such as central bank monetary policies, inflation rates and general economic conditions. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates than those with shorter durations.

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

**Credit and Counterparty Risk.** In the normal course of business, the Fund trades financial instruments and enters into financial transactions where the risk of potential loss exists due to failure of the other party to a transaction to perform ("credit risk"). Bonds and other debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled, or open transactions will default. Financial assets, which potentially expose the Fund to credit risk, consist principally of investments and cash due from counterparties ("counterparty risk"). The extent of the Fund's exposure to credit and counterparty risks in respect to these financial assets is incorporated within its carrying value as recorded in the Fund's Statement of Assets and Liabilities. For certain derivative contracts, the potential loss could exceed the value of the financial assets recorded in the financial statements.

**Cybersecurity Risk.** Cyber-attacks could disrupt daily operations related to trading and portfolio management. In addition, technology disruptions and cyber-attacks may impact the operations or securities prices of an issuer or a group of issuers, and thus may have an adverse impact on the value of the Fund's investments. Cyber-attacks on the Fund, the Sub-Adviser or a service provider could cause business failures or delays in daily processing and the Fund may need to delay transactions, consistent with regulatory requirements, as a result and could impact the performance of the Fund.

**Market Disruption and Geopolitical Risk.** The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the U.S. War, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic resulted in significant market volatility, liquidity constraints, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Those events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments and the Fund. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers.

**NOTE 6. INVESTMENT TRANSACTION AGREEMENTS AND COLLATERAL**

Under various agreements, certain investment transactions require collateral to be pledged to or from the Fund and a counterparty or segregated at the custodian and the collateral is managed pursuant to the terms of the agreement. U.S. Treasury Bills and U.S. dollars are generally the preferred forms of collateral, although other forms of high quality or sovereign securities may be used. Securities held by the Fund that are used as collateral are identified as such within the Schedule of Investments.

**Master Netting Agreements ("Master Agreements").** The Fund is subject to various Master Agreements, which govern the terms of certain transactions and mitigate the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Because different types of financial transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, potentially resulting in the need for multiple agreements with a single counterparty. The Fund may net exposure and collateralize multiple transaction types governed by the same Master Agreement with the same counterparty and may close out and net its total exposure to a counterparty in the event of a default and/or termination event with respect to all the transactions governed under a single agreement with a counterparty. Each Master Agreement defines whether the Fund is contractually able to net settle daily payments. Additionally, certain circumstances, such as laws of a particular jurisdiction or settlement of amounts due in different currencies, may prohibit or restrict the right of offset as defined in the Master Agreements.

Master Agreements also help limit credit and counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral) governed under the relevant master agreement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Agreement. The Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Fund's Sub-Adviser attempts to limit counterparty risk by only entering into Master Agreements with counterparties that the Sub-Adviser believes to have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

**JNL Investors Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements").** Master Repo Agreements govern repurchase, reverse repurchase and Treasury roll transactions between a Fund and select counterparties. The Master Repo Agreements maintain provisions for, among other things, initiation and confirmation, income payments and transfer, events of default, termination, and maintenance of collateral. In the event of default, the total value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty. Securities purchased under repurchase agreements are reflected as an asset on a Fund's Statement of Assets and Liabilities. The value of repurchase agreements and collateral pledged or received by a counterparty are disclosed in the Schedule of Investments. The Fund's net exposure to the counterparty is determined by the amount of any excess or shortfall in collateral compared to the value of the repurchase agreement.

**NOTE 7. INVESTMENT ADVISORY FEES AND TRANSACTIONS WITH AFFILIATES**

**Advisory Fee.** The Trust has an investment advisory and management agreement with JNAM, whereby JNAM provides investment management services. The Fund pays JNAM an annual fee, accrued daily and paid monthly, based on a specified percentage of the average daily net assets of the Fund. A portion of this fee is paid by JNAM to the Sub-Adviser as compensation for its services. The Fund is obligated to pay JNAM an annual rate of 0.09% for net assets up to $1 billion, 0.08% for net assets between $1 billion and $3 billion, 0.07% for net assets between $3 billion and $5 billion and 0.06% for net assets over $5 billion.

**Administrative Fee.** JNAM also serves as the Administrator to the Fund. JNAM provides or procures most of the necessary administrative functions and services for the operations of the Fund. The Fund pays JNAM an annual fee, accrued daily and paid monthly, based on a specified percentage of the average daily net assets of the Fund. The Fund is obligated to pay JNAM an annual rate of 0.10% for net assets up to $3 billion, 0.09% for net assets between $3 billion and $5 billion and 0.08% for net assets over $5 billion. Pursuant to a contractual waiver agreement, JNAM has agreed to waive 100% of its administrative fees for Class SL shares of the Fund. None of the waived administrative fees can be recaptured by JNAM. In accordance with the administration agreement, JNAM, at its own expense, arranges for legal, audit, fund accounting, transfer agency, custody (except overdraft and interest expense), printing and mailing, a portion of the Chief Compliance Officer costs, and all other services necessary for the operation of the Fund. The Fund is responsible for trading expenses including brokerage commissions, interest and taxes, other non-operating expenses, registration fees, licensing costs, directors and officers insurance, the fees and expenses of the disinterested Trustees ("Independent Trustees") and independent legal counsel to the Independent Trustees and a portion of the costs associated with the Chief Compliance Officer.

**Deferred Compensation Plan.** The Fund adopted a Deferred Compensation Plan whereby an Independent Trustee may defer the receipt of all or a portion of their compensation. These deferred amounts, which remain as liabilities of the Fund, are treated as if invested and reinvested in shares of one or more funds at the discretion of the applicable Independent Trustee. These amounts represent general, unsecured liabilities of the Fund and vary according to the total returns of the selected funds. Liabilities related to deferred balances are included in Payable for Board of trustee fees in the Statement of Assets and Liabilities. Increases or decreases related to the changes in value of deferred balances are included in Board of trustee fees set forth in the Statement of Operations.

**NOTE 8. INCOME TAX MATTERS**

The Fund is treated as a separate tax payer for federal income tax purposes. The Fund intends to continue to qualify as a regulated investment company ("RIC") and to distribute substantially all net investment income and net capital gains, if any, to its shareholders and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to RICs. Therefore, no federal income tax provision is required. The Fund may also fully or partially satisfy its distribution requirements by using consent dividends rather than cash dividends. Consent dividends are authorized by Jackson, and the distributions are treated as if they were paid in cash for tax purposes only. Under current tax law, interest, dividends and capital gains paid by the Fund are not currently taxable to shareholders when left to accumulate within a variable annuity contract or variable life insurance policies.

As of June 30, 2025, the cost of investments and the components of net unrealized appreciation (depreciation) (in thousands) for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Cost of Investments($)** | **Gross Unrealized Appreciation($)** | **Gross Unrealized Depreciation($)** | **Net Unrealized Appreciation (Depreciation)($)** |
| 2745013 | 11 | (11) |  |

---

The tax character of distributions paid by the Fund (in thousands) during the Fund's fiscal year ended December 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Ordinary Income\*($)** | **Long-term Capital Gain($)** | **Return of Capital($)** |
| JNL Government Money Market Fund | 150333 |  |  |

---

\* Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

The Fund files U.S. federal and various state and local tax returns. A Fund's federal tax returns are generally subject to examination for a period of three fiscal years after the date they are filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management completed an evaluation of the Fund's tax positions taken for all open tax years and based on that evaluation, determined that no provision for federal income tax was required in the Fund's financial statements during the period ended June 30, 2025.

**JNL Investors Series Trust** 

**Notes to Financial Statements (Unaudited)**

June 30, 2025

**NOTE 9. SEGMENT REPORTING**

The Fund's President and Chief Executive Officer is the Fund's Chief Operating Decision Maker ("CODM"). The Fund operates as a single reportable segment, which reflects how the CODM monitors and manages the operating results of the Fund. The CODM manages the allocation of resources in accordance with the Fund's objective and the terms of its prospectus and evaluates total return of the Fund versus its comparative benchmarks. The Adviser or Sub-Adviser implements the investment objective and program by selecting securities and determining asset allocation ranges. The financial information used by the CODM to assess the segment's performance and to allocate resources, including total return, expense ratios, changes in net assets from operations and portfolio composition is consistent with that presented within the Fund's financial statements and financial highlights. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as Total Assets and significant segment expenses are listed on the accompanying Statement of Operations.

**NOTE 10. SUBSEQUENT EVENTS**

Management has evaluated subsequent events for the Fund through the date the financial statements are issued and has concluded there were no events that require adjustments to the financial statements or disclosure in the notes to financial statements.

**JNL Investors Series Trust** 

**Additional Disclosures (Unaudited)**

June 30, 2025

**Proxy Voting Policies and Procedures and Proxy Voting Record.** A description of the Policy that the Fund's Adviser (and Sub-Adviser) used to vote proxies relating to portfolio securities and additional information on how the Fund voted any proxies relating to portfolio securities during the 12-month period ended June 30, 2025, are available without charge (1) by calling 1-800-392-2909; (2) on Jackson National Life Insurance Company's or Jackson National Life Insurance Company of New York's website at <u>www.jackson.com</u>; and (3) by visiting the SEC's website at <u>www.sec.gov</u>.

**<u>Form N-CSR Item 8: Changes in and Disagreements with Accountants:</u>**

Not Applicable

**<u>Form N-CSR Item 9: Matters Submitted for Shareholder Vote:</u>**

Not Applicable

**<u>Form N-CSR Item 10: Remuneration Paid to Directors, Officers and Others:</u>**

The interested Trustee and the Officers of the Trust or the Adviser do not receive any compensation from the Trust for their services as Trustees or Officers. The following persons, who are Independent Trustees of the Trust, received from the Trust the compensation amounts indicated for their services as such for the 6-month period ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Trustee** | **Aggregate Compensation from the Trust<sup>1</sup>** | **Pension or Retirement Benefits Accrued As Part of Trust Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation from the Trust and Fund Complex** | **Total Compensation from the Trust and Fund Complex** |
|  | Eric O. Anyah | $2418  | $0 | $0 | $197500  | <sup>2</sup> |
|  | Michael Bouchard  | $2265  | $0 | $0 | $185000  | |
|  | Ellen Carnahan | $2418  | $0 | $0 | $197500  | |
|  | John Gillespie | $2418  | $0 | $0 | $197500  | |
|  | William R. Rybak  | $2265  | $0 | $0 | $185000  |  |
|  | Mark S. Wehrle | $2449  | $0 | $0 | $200000  | |
|  | Edward Wood | $2908  | $0 | $0 | $237500  | <sup>3</sup> |
|  | Patricia Woodworth  | $2265  | $0 | $0 | $185000  | |
| <sup>1</sup> | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust, JNL Investors Series Trust, Jackson Credit Opportunities Fund, and Jackson Real Assets Fund (the "Fund Complex"). The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $1,585,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust, JNL Investors Series Trust, Jackson Credit Opportunities Fund, and Jackson Real Assets Fund (the "Fund Complex"). The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $1,585,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust, JNL Investors Series Trust, Jackson Credit Opportunities Fund, and Jackson Real Assets Fund (the "Fund Complex"). The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $1,585,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust, JNL Investors Series Trust, Jackson Credit Opportunities Fund, and Jackson Real Assets Fund (the "Fund Complex"). The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $1,585,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust, JNL Investors Series Trust, Jackson Credit Opportunities Fund, and Jackson Real Assets Fund (the "Fund Complex"). The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees paid to all the Independent Trustees is $1,585,000. |  |
| <sup>2</sup> | Amount includes $197,500 deferred by Mr. Anyah. | Amount includes $197,500 deferred by Mr. Anyah. | Amount includes $197,500 deferred by Mr. Anyah. | Amount includes $197,500 deferred by Mr. Anyah. | Amount includes $197,500 deferred by Mr. Anyah. |  |
| <sup>3</sup> | Amount includes $71,250 deferred by Mr. Wood. | Amount includes $71,250 deferred by Mr. Wood. | Amount includes $71,250 deferred by Mr. Wood. | Amount includes $71,250 deferred by Mr. Wood. | Amount includes $71,250 deferred by Mr. Wood. |  |

---

The Statement of Additional Information includes additional information about the Trustees and may be obtained at no charge by calling 1-800-644-4565 (Jackson Service Center) or 1-800-599-5651 (Jackson NY Service Center), by writing the JNL Investors Series Trust, 225 W. Wacker Drive, Chicago, IL 60606, or by visiting www.jackson.com.

**<u>Form N-CSR Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract:</u>**

Not Applicable

![](jnlistncsr002.jpg)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included as part of the financial statements filed under Item 7.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included as part of the financial statements filed under Item 7.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included as part of the financial statements filed under Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included as part of the financial statements filed under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

No material changes have been made.

**Item 16. Controls and Procedures.**

(a) The registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the registrant's filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, is recorded, processed, summarized, and reported within the periods specified in the rules and forms of the U.S. Securities and Exchange Commission. Such information is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The registrant's management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within ninety (90) days prior to the filing date of this report on Form N-CSR, the registrant had carried out an evaluation, under the supervision and with the participation of the registrant's management, including the registrant's principal executive officer and the registrant's principal financial officer, of the effectiveness of the design and operation of the registrant's disclosure controls and procedures. Based on such evaluation, the registrant's principal executive officer and principal financial officer concluded that the registrant's disclosure controls and procedures are effective.

(b) There have been no significant changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal controls over financial reporting. There have been no significant changes in the registrant's internal controls or in other factors that could significantly affect the internal controls subsequent to the date of their evaluation in connection with the preparation of this report on Form N-CSR.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

(a) (1)
 Not applicable to the semi-annual filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) The certifications required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.](ex99-cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable.

(b) [The certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached hereto.](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | JNL Investors Series Trust |
| By: | /s/ Mark D. Nerud |
|  | Mark D. Nerud |
|  | Principal Executive Officer |
| Date: | August 28, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Mark D. Nerud |
|  | Mark D. Nerud |
|  | Principal Executive Officer |
| Date: | August 28, 2025 |
| By: | /s/ Andrew Tedeschi |
|  | Andrew Tedeschi |
|  | Principal Financial Officer |
| Date: | August 28, 2025 |

---

**EXHIBIT LIST**

---

| | |
|:---|:---|
| Exhibit 19(a)(3) | [Certification of the Principal Executive Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.](ex99-cert.htm) |
|  | [Certification of the Principal Financial Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.](ex99-cert.htm) |
| Exhibit 19(b) | [Certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended.](ex99-906cert.htm) |

---

## Ex-99.Cert

JNL Investors Series Trust N-CSRS

**Exhibit 19(a)(3)**

**CERTIFICATION**

I, Mark D. Nerud, certify that:

1. I
 have reviewed this report on Form N-CSR of JNL Investors Series Trust;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

4. The
 registrant's other certifying officer and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that
 occurred during the period covered by this report that has materially affected, or is reasonably
 likely to materially affect, the registrant's internal control over financial reporting;
 and

5. The
 registrant's other certifying officer and I have disclosed to the registrant's auditors and
 the audit committee of the registrant's board of trustees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | August 28, 2025 | /s/ Mark D. Nerud |
| | | Mark D. Nerud |
| | | Principal Executive Officer |

---

Exhibit 19(a)(3)

**CERTIFICATION**

I, Andrew Tedeschi, certify that:

1. I
 have reviewed this report on Form N-CSR of JNL Investors Series Trust;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

4. The
 registrant's other certifying officer and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that
 occurred during the period covered by this report that has materially affected, or is reasonably
 likely to materially affect, the registrant's internal control over financial reporting;
 and

5. The
 registrant's other certifying officer and I have disclosed to the registrant's auditors and
 the audit committee of the registrant's board of trustees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | August 28, 2025 | /s/ Andrew Tedeschi |
| | | Andrew Tedeschi |
| | | Principal Financial Officer |

---

## Exhibit 99.906

JNL Investors Series Trust N-CSRS

**Exhibit 19(b)**

**Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

Mark D. Nerud, Principal Executive Officer, and Andrew Tedeschi, Principal Financial Officer of the JNL Investors Series Trust, certify that:

1. This
 Form N-CSR filing for the registrant (the "Report") fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the registrant.

---

| | |
|:---|:---|
| By: | /s/ Mark D. Nerud |
|  | Mark D. Nerud |
|  | Principal Executive Officer |
| Date: | August 28, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Andrew Tedeschi |
|  | Andrew Tedeschi |
|  | Principal Financial Officer |
| Date: | August 28, 2025 |

---

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.