# EDGAR Filing Document

**Accession Number:** 0000933691
**File Stem:** 0001741773-23-000857
**Filing Date:** 2023-3
**Character Count:** 5398150
**Document Hash:** 3e1d9789943b3119209ef91c21cecb87
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001741773-23-000857.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001741773-23-000857

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 261

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**EFFECTIVENESS DATE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JNL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000933691
- **IRS NUMBER:** 381659835
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08894
- **FILM NUMBER:** 23702561

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### JNL/T. ROWE PRICE ESTABLISHED GROWTH FUND (Series ID: S000001749)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000004656 | JNL/T. ROWE PRICE ESTABLISHED GROWTH FUND (A) |  |
| C000067987 | JNL/T. ROWE PRICE ESTABLISHED GROWTH FUND (I) |  |

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

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

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

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

### JNL/GOLDMAN SACHS MANAGED CONSERVATIVE FUND (Series ID: S000001752)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000004659 | JNL/GOLDMAN SACHS MANAGED CONSERVATIVE FUND (A) |  |
| C000192197 | JNL/GOLDMAN SACHS MANAGED CONSERVATIVE FUND (I) |  |

### JNL/GOLDMAN SACHS MANAGED MODERATE FUND (Series ID: S000001753)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000004660 | JNL/GOLDMAN SACHS MANAGED MODERATE FUND (A) |  |
| C000192198 | JNL/GOLDMAN SACHS MANAGED MODERATE FUND (I) |  |

### JNL/GOLDMAN SACHS MANAGED MODERATE GROWTH FUND (Series ID: S000001755)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000004662 | JNL/GOLDMAN SACHS MANAGED MODERATE GROWTH FUND (A) |  |
| C000192199 | JNL/GOLDMAN SACHS MANAGED MODERATE GROWTH FUND (I) |  |

### JNL/GOLDMAN SACHS MANAGED GROWTH FUND (Series ID: S000001756)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000004663 | JNL/GOLDMAN SACHS MANAGED GROWTH FUND (A) |  |
| C000192200 | JNL/GOLDMAN SACHS MANAGED GROWTH FUND (I) |  |

### JNL/GOLDMAN SACHS MANAGED AGGRESSIVE GROWTH FUND (Series ID: S000001757)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000004664 | JNL/GOLDMAN SACHS MANAGED AGGRESSIVE GROWTH FUND (A) |  |
| C000192201 | JNL/GOLDMAN SACHS MANAGED AGGRESSIVE GROWTH FUND (I) |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### JNL/PPM AMERICA FLOATING RATE INCOME FUND (Series ID: S000030878)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000095821 | JNL/PPM AMERICA FLOATING RATE INCOME FUND (A) |  |
| C000192211 | JNL/PPM AMERICA FLOATING RATE INCOME FUND (I) |  |

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

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

### JNL/Western Asset Global Multi-Sector Bond Fund (Series ID: S000034688)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000106861 | JNL/Western Asset Global Multi-Sector Bond Fund (A) |  |
| C000106862 | JNL/Western Asset Global Multi-Sector Bond Fund (I) |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### JNL/Harris Oakmark Global Equity Fund (Series ID: S000048718)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000153488 | JNL/Harris Oakmark Global Equity Fund (A) |  |
| C000153489 | JNL/Harris Oakmark Global Equity Fund (I) |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### JNL/Baillie Gifford International Growth Fund (Series ID: S000058494)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000192070 | JNL/Baillie Gifford International Growth Fund (A) |  |
| C000192071 | JNL/Baillie Gifford International Growth Fund (I) |  |

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

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

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

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

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

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

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

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

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

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

### JNL/Heitman U.S. Focused Real Estate Fund (Series ID: S000062461)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000202639 | JNL/Heitman U.S. Focused Real Estate Fund (A) |  |
| C000202640 | JNL/Heitman U.S. Focused Real Estate Fund (I) |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### JNL/Lazard International Strategic Equity Fund (Series ID: S000068112)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### JNL iShares Tactical Moderate Fund (Series ID: S000068128)

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

### JNL iShares Tactical Moderate Growth Fund (Series ID: S000068129)

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

### JNL iShares Tactical Growth Fund (Series ID: S000068130)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### JNL/Baillie Gifford U.S. Equity Growth Fund (Series ID: S000071125)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000225791 | JNL/Baillie Gifford U.S. Equity Growth Fund (I) |  |
| C000225792 | JNL/Baillie Gifford U.S. Equity Growth Fund (A) |  |

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

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

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

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

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

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

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

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

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

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

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

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

UNITED 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: 811-08894

### JNL 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: December 31, 2022

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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

#### Item 1. Report to Shareholders.

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![](img_3a1028fa442e4f2.jpg)

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![](img_f68af333f41a4f2.jpg)

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![](img_e8b4c741641a4f3.jpg)

1 Corporate Way<br>Lansing, MI 48951

Toll Free: 1-800-644-4565

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER DOCUMENTS
Dear Client:

If you are a current member of a household with multiple variable products, and have not instructed Jackson otherwise, you currently receive only one copy of the following general documents: Prospectus, Annual and Semi-Annual Report, and other documents as permitted under applicable federal laws relating to Jackson's variable products and their underlying investment options.

**These general documents do not contain specific information regarding individual contracts or policies. This delivery policy does not apply to account statements, confirmation statements, or other documents reflecting transaction activity, which you will continue to receive individually.** 

We will continue to send one such copy of these general documents unless we receive a request to receive these separately for each product. You may choose to receive a separate copy of these general documents at any time by contacting us toll-free at 1-800-644-4565. Once we receive your request, we will start sending you separate copies within 30 days of receipt of your request.

If you have not previously elected to receive your prospectus and other documents electronically and would like to do so, please register for Jackson's Electronic Delivery Program, visit JacksonEdelivery.com, or contact our Customer Care Center at 866/349-4564, Monday through Friday. Our Go Paperless process is quick and easy for contract and policyholders– just have your contract or policy number available when you register.

Jackson appreciates your cooperation as we do our part to aid the environment by reducing the amount of paper we distribute. While we're committed to providing you with the information you need in the format you prefer, we are always looking for new ways to operate more efficiently and provide the best customer service possible.

Jackson<sup>®</sup> is the marketing name for Jackson National Life Insurance Company<sup>®</sup> (Home Office: Lansing, Michigan)

and Jackson National Life Insurance Company of New York<sup>®</sup> (Home Office: Purchase, New York).

CMC22048 05/21

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#### JNL Series Trust
December 31, 2022

JNL/American Funds Balanced Fund, JNL/American Funds Bond Fund of America Fund, JNL/American Funds Capital Income Builder Fund, JNL/American Funds Capital World Bond Fund, JNL/American Funds Global Growth Fund, JNL/American Funds Global Small Capitalization Fund, JNL/American Funds Growth Fund, JNL/American Funds Growth-Income Fund, JNL/American Funds International Fund, JNL/American Funds New World Fund, JNL/American Funds Washington Mutual Investors Fund, JNL/Mellon Bond Index Fund, JNL/Mellon Emerging Markets Index Fund, JNL/Mellon International Index Fund, JNL/Mellon S&P 400 MidCap Index Fund, JNL/Mellon Small Cap Index Fund, JNL Aggressive Growth Allocation Fund, JNL Conservative Allocation Fund, JNL Growth Allocation Fund, JNL Moderate Allocation Fund, JNL Moderate Growth Allocation Fund, JNL/American Funds Growth Allocation Fund, JNL/American Funds Moderate Growth Allocation Fund, JNL/Goldman Sachs Managed Aggressive Growth Fund, JNL/Goldman Sachs Managed Conservative Fund, JNL/Goldman Sachs Managed Growth Fund, JNL/Goldman Sachs Managed Moderate Fund, JNL/Goldman Sachs Managed Moderate Growth Fund, JNL iShares Tactical Growth Fund, JNL iShares Tactical Moderate Fund, JNL iShares Tactical Moderate Growth Fund, JNL/Vanguard Growth ETF Allocation Fund, JNL/Vanguard Moderate ETF Allocation Fund, JNL/Vanguard Moderate Growth ETF Allocation Fund, JNL Bond Index Fund, JNL Emerging Markets Index Fund, JNL International Index Fund, JNL Mid Cap Index Fund, JNL Small Cap Index Fund, JNL Multi-Manager Alternative Fund, JNL Multi-Manager Emerging Markets Equity Fund, JNL Multi-Manager International Small Cap Fund, JNL Multi-Manager Mid Cap Fund, JNL Multi-Manager Small Cap Growth Fund, JNL Multi-Manager Small Cap Value Fund, JNL Multi-Manager U.S. Select Equity Fund, JNL S&P 500 Index Fund, JNL/AB Sustainable Global Thematic Fund, JNL/AQR Large Cap Defensive Style Fund, JNL/Baillie Gifford International Growth Fund, JNL/Baillie Gifford U.S. Equity Growth Fund, JNL/BlackRock Global Allocation Fund, JNL/BlackRock Global Natural Resources Fund, JNL/BlackRock Large Cap Select Growth Fund, JNL/Causeway International Value Select Fund, JNL/ClearBridge Large Cap Growth Fund, JNL/DFA International Core Equity Fund, JNL/DFA U.S. Core Equity Fund, JNL/DFA U.S. Small Cap Fund, JNL/DoubleLine Core Fixed Income Fund, JNL/DoubleLine Emerging Markets Fixed Income Fund, JNL/DoubleLine Shiller Enhanced CAPE Fund, JNL/DoubleLine<sup>®</sup> Total Return Fund, JNL/Fidelity Institutional Asset Management <sup>®</sup> Total Bond Fund, JNL/First Sentier Global Infrastructure Fund, JNL/Franklin Templeton Income Fund, JNL/Goldman Sachs 4 Fund, JNL/GQG Emerging Markets Equity Fund, JNL/Harris Oakmark Global Equity Fund, JNL/Heitman U.S. Focused Real Estate Fund, JNL/Invesco Diversified Dividend Fund, JNL/Invesco Global Growth Fund, JNL/Invesco Small Cap Growth Fund, JNL/JPMorgan Global Allocation Fund, JNL/JPMorgan Hedged Equity Fund, JNL/JPMorgan MidCap Growth Fund, JNL/JPMorgan U.S. Government & Quality Bond Fund, JNL/JPMorgan U.S. Value Fund, JNL/Lazard International Strategic Equity Fund, JNL/Loomis Sayles Global Growth Fund, JNL/Lord Abbett Short Duration Income Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Dow Index Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Industrials Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Nasdaq 100 Index Fund, JNL/Mellon Real Estate Sector Fund, JNL/Mellon S&P 500 Index Fund, JNL/Mellon U.S. Stock Market Index Fund, JNL/Mellon Utilities Sector Fund, JNL/Mellon World Index Fund, JNL/MFS Mid Cap Value Fund, JNL/Morningstar PitchBook Listed Private Equity Index Fund, JNL/Morningstar U.S. Sustainability Index Fund, JNL/Morningstar Wide Moat Index Fund, JNL/Neuberger Berman Commodity Strategy Fund, JNL/Neuberger Berman Gold Plus Strategy Fund, JNL/Neuberger Berman Strategic Income Fund, JNL/Newton Equity Income Fund, JNL/PIMCO Income Fund, JNL/PIMCO Investment Grade Credit Bond Fund, JNL/PIMCO Real Return Fund, JNL/PPM America Floating Rate Income Fund, JNL/PPM America High Yield Bond Fund, JNL/PPM America Total Return Fund, JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund, JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund, JNL/T. Rowe Price Balanced Fund, JNL/T. Rowe Price Capital Appreciation Fund, JNL/T. Rowe Price Established Growth Fund, JNL/T. Rowe Price Mid-Cap Growth Fund, JNL/T. Rowe Price Short-Term Bond Fund, JNL/T. Rowe Price U.S. High Yield Fund, JNL/T. Rowe Price Value Fund, JNL/WCM China Quality Growth Fund, JNL/WCM Focused International Equity Fund, JNL/Westchester Capital Event Driven Fund, JNL/Western Asset Global Multi-Sector Bond Fund, JNL/William Blair International Leaders Fund, JNL/WMC Balanced Fund, JNL/WMC Equity Income Fund, JNL/WMC Global Real Estate Fund, JNL/WMC Government Money Market Fund, JNL/WMC Value Fund

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| | |
|:---|:---|
| [**President's Letter**](#1_3) | [1](#1_3) |
| [**Market Summary**](#2_3) | [2](#2_3) |
| [**Management Discussion and Fund Performance**](#3_3) | [3](#3_3) |
| [**Schedules of Investments**](#4_3) | [124](#4_3) |
| [**Statements of Assets and Liabilities**](#5_3) | [719](#5_3) |
| [**Statements of Operations**](#6_3) | [738](#6_3) |
| [**Statements of Cash Flows**](#7_3) | [757](#7_3) |
| [**Statements of Changes in Net Assets**](#8_3) | [758](#8_3) |
| [**Financial Highlights**](#9_3) | [796](#9_3) |
| [**Notes to Financial Statements**](#10_3) | [837](#10_3) |
| [**Report of Independent Registered Public Accounting Firm**](#11_3) | [905](#11_3) |
| [**Additional Disclosures**](#12_3) | [911](#12_3) |
| [**JNL Series Trust Trustee's and Officer's Information**](#13_3) | [922](#13_3) |
| [**JNL Series Trust Approval of the Trust's Investment Advisory and Sub-Advisory Agreements**](#14_3) | [927](#14_3) |
| [**JNL Series Trust Liquidity Narrative for Shareholders**](#15_3) | [954](#15_3) |

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#### JNL Series Trust Supplements to Prospectus

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#### JNL Series Trust
December 31, 2022

President's Letter

Dear Investor,

![](img_3108586bf58f4f3.jpg)Enclosed is the annual report for the JNL Series Trust for the year ended December 31, 2022, together with Management's Discussion of Fund Performance for each of the Funds.

It was a rough year for securities markets as both stocks and bonds were broadly down double-digits in 2022. Consumer inflation proved not to be as "transitory" as most economists and the U.S. Federal Reserve believed it would be, as prices in the Consumer Price Index (CPI) spiked higher in the spring before peaking at 9.1%. This led to rapid and massive interest-rate hikes from the Fed, including four 0.75% increases in consecutive meetings, in an endeavor to put the inflation genie "back in the bottle." The expected fallout from inflation and Fed response contributed to a sharp sell-off in rate-sensitive stocks and bonds, initially on valuation concerns, but subsequently on concerns about the overall economy.

The quick and surprising end to easy monetary policy could potentially have lasting effects. Consumer price inflation had not been fully contained as of the end of 2022, leading to worries that it may remain persistently higher than has been the experience of the last decade. The Fed is likely to keep interest rates higher for longer in fighting inflation, which would likely be a drag on economic growth and potentially drive the U.S., if not the global economy, into recession. Increased debt payments and lower corporate earnings could serve as another catalyst to send securities markets lower as the world transitions back to a normalized interest-rate environment based on organic and less speculative growth.

Going in to 2023, little seems to be certain or predicable in the economy or markets. Strangely, it seems as if the economic and market environment is even more unpredictable than during the height of the pandemic and lockdowns as inflation largely negates the possibility of government stimulus coming to the rescue. It's just such uncertainty, however, for which many of Jackson's products are designed. The JNL Funds platform offers a wide array of investment choices to provide diversification across asset classes and styles within those products to aid shareholders in sticking to a long-term strategy for attaining their investment goals. With the era of easy money and ever-rising market returns on hiatus, an approach that offers a steady stream of income may provide stability for what looks like stormy seas ahead.

Thank you for choosing Jackson and the JNL Funds for your investment needs.

![](img_4b9d4502261d4f3.jpg)

Mark D. Nerud

President and Chief Executive Officer

JNL Series Trust

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**JNL Series Trust** <br>**Market Summary** <br>

#### Major Indices Returns for the Year Ended December 31, 2022

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Domestic Equity** | **Domestic Equity** |  | | **Developed International Equity** |  |
| S&P 500 Index | S&P 500 Index | -18.11 | % | Morningstar Developed Markets ex-US Index (Net) | -13.69% |
| Morningstar US Market Index | -19.43 | -19.43 |  | MSCI EAFE Index (Net) | -14.45 |
| Morningstar US Large Cap Index | Morningstar US Large Cap Index | -20.42 |  |  |  |
| Morningstar US Mid Cap Index | Morningstar US Mid Cap Index | -16.06 |  | **Emerging Markets**  |  |
| Morningstar US Small Cap Index | Morningstar US Small Cap Index | -18.46 | -18.46 | Morningstar Emerging Markets Index (Net) | -18.27 |
| **Fixed Income**  | **Fixed Income**  |  |  | **Alternative Assets**  |  |
| Bloomberg U.S Aggregate Bond Index | Bloomberg U.S Aggregate Bond Index | -13.01 | % | Bloomberg Commodity Index | 16.10% |
| Bloomberg U.S. Corporate High Yield Bond Index | Bloomberg U.S. Corporate High Yield Bond Index | -11.19 |  | Morningstar US Real Estate Index | -25.55 |
| Bloomberg Global Aggregate Bond Index | Bloomberg Global Aggregate Bond Index | -16.25 |  |  |  |
|  |  |  |  | **Alternative Strategy**  |  |
|  |  |  |  | Wilshire Liquid Alternative Index | -5.62% |

---

**Domestic Equity:** Stocks delivered their worst calendar year performance since 2008, as the U.S. Federal Reserve ("Fed") hiked its federal funds rate by more than 425 basis points (4.25%) to combat runaway consumer inflation. The Consumer Price Index (CPI) spiked to a year-over-year reading of 9.1% during the summer, fueled initially by global supply shocks and the impact of the Russia-Ukraine war on energy prices. The Fed, fearing the potential knock-on effects of a wage spiral and 1970s-style stagflation increased rates by the largest and fastest pace since the early 1980s. Fearing that the Fed's action would send the global economy into recession, stock investors sold first and asked questions later—especially rate-sensitive growth and technology stocks—as the broader U.S. stock market reached bear market territory (-20%).

The sell-off was broad-based in terms of market-capitalization, though mid-cap stocks generally outperformed small-caps with both groups besting larger companies. There was a wide dispersion, however, between sectors and along the value-growth spectrum. The Energy sector was by far and away the best performing area of the market for the second consecutive years, and one of only two sectors to finish with positive results as Utilities eked out meager gains. In general, value-oriented stocks suffered much less than growth stocks as higher interest rates knocked down the price multiples investors were willing to pay for the promise of returns on growth potential. The Communication Services, Consumer Discretionary, and Information Technology sectors were the primary targets of this downward trend, with all three groups down more than 28% for the year.

**Fixed Income:** The broader bond market declined roughly 13% as the Bloomberg U.S. Aggregate Bond Index delivered the worst calendar year performance in its 46-year history. The rapid increase in short-term interest rates by the Fed drove the yields on US Treasury bonds rapidly higher as investors sold older, lower income generating securities unable to keep up with inflation. The yield curve also quickly inverted, with short-term yields higher than longer-term rates as the bond market tried to catch up with the Fed rate hikes while signaling the potential for recession as investors anticipated trouble ahead from all the geopolitical and economic turmoil. Investment Grade Corporate bonds bore the brunt of the sell-off (-15.76%), though Government bonds—including TIPS—and High Yield fell more than 10% as well.

**Developed International Equity:** Foreign developed markets staged a huge fourth quarter rally to outpace U.S. stocks by the end of 2022. Much of that final outperformance was driven by the surge in value-oriented stocks. Foreign markets, and especially core foreign indexes, are less tech focused than their U.S. counterparts, with the MSCI EAFE Index weighting in the Information Technology sector less than half that of the S&P 500 Index. Performance was aided by improved economic conditions in Europe as energy prices stabilized thanks to warmer than expected winter conditions as well as a less worrisome rise in inflation. Export-driven developed markets also recovered more quickly than expected from supply-chain issues leftover from Covid lockdowns.

**Emerging Markets:** Foreign emerging markets failed to get the boost that developed markets received, finishing 2022 with results more in-line with U.S. equities. The performance of emerging markets tended to ebb and flow on sentiment concerning commodity prices, China's re-opening, and the strength of the U.S. dollar. The dollar surged to record highs mid-year before tapering off sharply in the fourth quarter. Commodity prices soared, then weakened, then recovered somewhat. The rumors of China lifting its Covid restrictions persisted all year long before only coming to fruition at the very end, prompted by protests and increasing evidence of the ineffectiveness of the measures taken.

**Alternatives:** As represented by the Wilshire Liquid Alternative Index, alternative investment strategies beat stocks and bonds by a wide margin in 2022. Those results masked a wide dispersion in returns for various strategies, even within broader segments. For example, Global Macro strategies focused on commodities delivered strong gains, while others focused on global allocation approaches tended to produce losses. Lower-volatility merger arbitrage strategies only declined modestly, while hedged equity results ran the gamut from mid, single-digit to more than double-digit losses depending on the degree of net long equity exposure and security selection amid the choppy equity markets. Also worthy of note was the dispersion among alternative asset indexes, with real estate down more than 25% as commodities gained more than 16%.

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| | |
|:---|:---|
| ![](img_eb5f2db62cf04f3.jpg) | **JNL/American Funds Feeder Funds**<br>Capital Research and Management Company *(Unaudited)*  |

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#### JNL/American Funds Balanced Fund

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| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Global Balanced | 100.0% |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/American Funds Balanced Fund outperformed its primary benchmark by posting a return of -13.76% for Class A shares compared to -18.11% for the S&P 500 Index. The Fund outperformed its blended benchmark return of -15.79% for the 60% S&P 500 Index, 40% Bloomberg U.S. Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund seeks high total return (including income and capital gains) consistent with preservation of capital over the long-term through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup><sup>®</sup></sup>- Asset Allocation Fund<sup>SM</sup> ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The financial statements of the Master Fund, including the Schedule of Investments and portfolio manager commentary, are provided separately and should be read in conjunction with the Fund's financial statements.

#### JNL/American Funds Bond Fund of America Fund

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| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Fixed Income | 100.0% |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/American Funds Bond Fund of America Fund outperformed its primary benchmark by posting a return of -12.86% for Class A shares compared to -13.01% for the Bloomberg U.S. Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund ("Fund" or "Feeder Fund") seeks to provide as high a level of current income as is consistent with the preservation of capital through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> - The Bond Fund of America<sup>®</sup> ("Master Fund").The performance of the Fund is directly related to the performance of the Master Fund. The financial statements of the Master Fund, including the Schedule of Investments and portfolio manager commentary, are provided separately and should be read in conjunction with the Fund's financial statements.

#### JNL/American Funds <sup></sup> Capital Income Builder Fund

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| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Global Balanced | 100.0% |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/American Funds Capital Income Builder Fund outperformed its primary benchmark by posting a return of -7.52% for Class A shares compared to -18.04% for the Morningstar Global Target Market Exposure Index (Net). The Fund outperformed its blended benchmark return of -16.36% for the 70% Morningstar Global Target Market Exposure Index (Net), 30% Bloomberg US Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund seeks both to provide a level of current income that exceeds the average yield on U.S. stocks generally and to provide a growing stream of income over the years by investing through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> - Capital Income Builder Fund<sup>SM</sup> ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The financial statements of the Master Fund, including the Schedule of Investments and portfolio manager commentary, are provided separately and should be read in conjunction with the Fund's financial statements.

#### JNL/American Funds Capital World Bond Fund

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| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Global Fixed Income | 100.0% |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/American Funds Capital World Bond Fund underperformed its primary benchmark by posting a return of -17.90% for Class A shares compared to -16.25% for the Bloomberg Global Aggregate Index (Unhedged).

&nbsp;&nbsp;&nbsp;&nbsp;The Fund seeks, over the long-term, a high level of total return consistent with prudent investment management through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> - Capital World Bond Fund<sup>SM</sup> ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The financial statements of the Master Fund, including the Schedule of Investments and portfolio manager commentary, are provided separately and should be read in conjunction with the Fund's financial statements.

#### JNL/American Funds Global Growth Fund

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| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Global Equity | 100.0% |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/American Funds Global Growth Fund underperformed its primary benchmark by posting a return of -25.05% for Class A shares compared to -18.04% for the Morningstar Global Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp;The Fund seeks growth of capital over time through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup><sup>®</sup></sup> – Global Growth Fund<sup>SM</sup> ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The financial statements of the Master Fund, including the Schedule of Investments and portfolio manager commentary, are provided separately and should be read in conjunction with the Fund's financial statements.

#### JNL/American Funds Global Small Capitalization Fund

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| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Global Equity | 100.0% |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/American Funds Global Small Capitalization Fund underperformed its primary benchmark by posting a return of -29.80% for Class A shares compared to -20.46% for the Morningstar Global Small Cap Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp;The Fund seeks growth of capital over time through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup><sup>®</sup></sup> – Global Small Capitalization Fund<sup>SM</sup> ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The financial statements of the Master Fund, including the Schedule of Investments and portfolio manager commentary, are provided separately and should be read in conjunction with the Fund's financial statements.

#### JNL/American Funds Growth Fund

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| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Equity | 100.0% |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/American Funds Growth Fund underperformed its primary benchmark by posting a return of -30.15% for Class A shares compared to -18.11% for the S&P 500 Index.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund seeks growth of capital through exclusive investment in Class 1 shares of American Funds Insurance Series**<sup><sup>®</sup></sup>** - Growth Fund<sup>SM</sup> (the "Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The financial statements of the Master Fund, including the Schedule of Investments and portfolio manager commentary, are provided separately and should be read in conjunction with the Fund's financial statements.

#### JNL/American Funds Growth-Income Fund

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| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Equity | 100.0% |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/American Funds Growth-Income Fund outperformed its primary benchmark by

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| | |
|:---|:---|
| ![](img_cffe2ba6d0134f3.jpg) | **JNL/American Funds Feeder Funds**<br>Capital Research and Management Company *(Unaudited)*  |

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posting a return of -16.82% for Class A shares compared to -18.11% for the S&P 500 Index.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund seeks long-term growth of capital and income through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup>®</sup> – Growth Income Fund<sup>SM</sup> ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The financial statements of the Master Fund, including the Schedule of Investments and portfolio manager commentary, are provided separately and should be read in conjunction with the Fund's financial statements.

#### JNL/American Funds International Fund

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| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| International Equity | 100.0% |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/American Funds International Fund underperformed its primary benchmark by posting a return of -21.08% for Class A shares compared to -15.32% for the Morningstar Global ex-US Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp;The Fund seeks long-term growth of capital through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup><sup>®</sup></sup> – International Fund<sup>SM</sup> ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The financial statements of the Master Fund, including the Schedule of Investments and portfolio manager commentary, are provided separately and should be read in conjunction with the Fund's financial statements.

#### JNL/American Funds New World Fund

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| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Emerging Markets Equity | 100.0% |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/American Funds New World Fund underperformed its primary benchmark by posting a return of -22.42% for Class A shares compared to -18.04% for the Morningstar Global Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp;The Fund seeks long-term capital appreciation through exclusive investment in the Class 1 shares of the American Funds Insurance Series<sup><sup>®</sup></sup> – New World Fund<sup>SM</sup> ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The financial statements of the Master Fund, including the Schedule of Investments and portfolio manager commentary, are provided separately and should be read in conjunction with the Fund's financial statements.

#### JNL/American Funds <sup></sup> Washington Mutual Investors Fund

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| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Equity | 100.0% |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/American Funds Washington Mutual Investors Fund outperformed its primary benchmark by posting a return of -8.90% for Class A shares compared to -18.11% for the S&P 500 Index.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund ("Feeder Fund") seeks to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing through exclusive investment in the shares of the American Funds Insurance Series<sup>®</sup> - Washington Mutual Investors Fund<sup>SM</sup> ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The financial statements of the Master Fund, including the Schedule of Investments and portfolio manager commentary, are provided separately and should be read in conjunction with the Fund's financial statements.

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---

| | |
|:---|:---|
| ![](img_80fa69b7eae14f3.jpg) | **JNL/American Funds Feeder Funds**<br>Capital Research and Management Company *(Unaudited)*  |

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#### JNL/American Funds Balanced Fund
![](img_92cddc38569c4f3.jpg)

††60% S&P 500 Index, 40% Bloomberg U.S. Aggregate Bond Index

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -13.76 | % | 1 Year | -13.46% |
| 5 Year | 4.95 |  | 5 Year | 5.28 |
| 10 Year | 6.04 |  | 10 Year | 6.31 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/American Funds Bond Fund of America Fund
![](img_f7602a3bda204f3.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -12.86 | % | 1 Year | -12.54% |
| Since Inception | -7.24 |  | Since Inception | -6.93 |
| *‡Inception date April 26, 2021* | *‡Inception date April 26, 2021* | *‡Inception date April 26, 2021* | *‡Inception date April 26, 2021* | *‡Inception date April 26, 2021* |
| *†Inception date April 26, 2021* | *†Inception date April 26, 2021* | *†Inception date April 26, 2021* | *†Inception date April 26, 2021* | *†Inception date April 26, 2021* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/American Funds Capital Income Builder Fund
![](img_26f7549a42e94f3.jpg)

††70% Morningstar Global Target Market Exposure Index (Net), 30% Bloomberg US Aggregate Bond Index

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -7.52 | % | 1 Year | -7.29% |
| Since Inception | 4.58 |  | Since Inception | 4.91 |
| *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* |
| *†Inception date August 13, 2018* | *†Inception date August 13, 2018* | *†Inception date August 13, 2018* | *†Inception date August 13, 2018* | *†Inception date August 13, 2018* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

---

| | |
|:---|:---|
| ![](img_9da5ff6b9f034f3.jpg) | **JNL/American Funds Feeder Funds**<br>Capital Research and Management Company *(Unaudited)*  |

---

#### JNL/American Funds Capital World Bond Fund
![](img_088131d515834f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -17.90 | % | 1 Year | -17.67% |
| 5 Year | -2.07 |  | 5 Year | -1.79 |
| 10 Year | -0.79 |  | 10 Year | -0.54 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/American Funds Global Growth Fund
![](img_d662376c252f4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -25.05 | % | 1 Year | -24.82% |
| 5 Year | 6.73 |  | 5 Year | 7.06 |
| Since Inception | 8.77 |  | Since Inception | 7.66 |
| *‡Inception date September 16, 2013* | *‡Inception date September 16, 2013* | *‡Inception date September 16, 2013* | *‡Inception date September 16, 2013* | *‡Inception date September 16, 2013* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/American Funds Global Small Capitalization Fund
![](img_73d68ba819a94f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -29.80 | % | 1 Year | -29.59% |
| 5 Year | 2.47 |  | 5 Year | 2.79 |
| 10 Year | 6.50 |  | 10 Year | 6.78 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

---

| | |
|:---|:---|
| ![](img_5190d469dbd64f3.jpg) | **JNL/American Funds Feeder Funds**<br>Capital Research and Management Company *(Unaudited)*  |

---

#### JNL/American Funds Growth Fund
![](img_2a7720e728614f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -30.15 | % | 1 Year | -29.95% |
| 5 Year | 10.77 |  | 5 Year | 11.10 |
| 10 Year | 13.22 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 11.94 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/American Funds Growth-Income Fund
![](img_bb99a9e2b4984f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -16.82 | % | 1 Year | -16.57% |
| 5 Year | 7.42 |  | 5 Year | 7.74 |
| 10 Year | 11.10 |  | 10 Year | 11.38 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/American Funds International Fund
![](img_b2436dd365ef4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -21.08 | % | 1 Year | -20.87% |
| 5 Year | -1.41 |  | 5 Year | -1.11 |
| 10 Year | 3.52 |  | 10 Year | 3.77 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

---

| | |
|:---|:---|
| ![](img_b5e8371d74d54f3.jpg) | **JNL/American Funds Feeder Funds**<br>Capital Research and Management Company *(Unaudited)*  |

---

#### JNL/American Funds New World Fund
![](img_3af77a31de9d4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -22.42 | % | 1 Year | -22.20% |
| 5 Year | 1.89 |  | 5 Year | 2.20 |
| 10 Year | 3.84 |  | 10 Year | 4.11 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/American Funds Washington Mutual Investors Fund
![](img_10c64ef918104f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -8.90 | % | 1 Year | -8.64% |
| 5 Year | 6.72 |  | 5 Year | 7.04 |
| 10 Year | 10.89 |  | 10 Year | 11.17 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

---

| | |
|:---|:---|
| ![](img_2f237095daac4f3.jpg) | **JNL/Mellon Feeder Funds**<br>Mellon Investments Corporation *(Unaudited)*  |

---

#### JNL/Mellon Bond Index Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Fixed Income | 100.0% |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon Bond Index Fund underperformed its primary benchmark by posting a return of -13.54% for Class A shares compared to -13.01% for the Bloomberg U.S. Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is to track the performance of the Index to provide a moderate rate of income by investing in domestic fixed-income investments through exclusive investment in shares of the JNL Bond Index Fund ("Master Fund"). The performance of the Fund is directly related to the performance of the Master Fund. The Schedules of Investments and Financial Statements for the Master Fund are available at www.jackson.com or on the SEC's website at www.sec.gov.

#### JNL/Mellon Emerging Markets Index Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Emerging Markets Equity | 100.0% |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon Emerging Markets Index Fund underperformed its primary benchmark by posting a return of -18.97% for Class A shares compared to -18.15% for the Morningstar Emerging Markets Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is to track the performance of the Morningstar Emerging Markets Target Market Exposure Index (Net), which is a rules-based, float market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the emerging markets equity markets through exclusive investment in shares of the JNL Emerging Markets Index Fund. The performance of the Fund is directly related to the performance of the Master Fund. The Schedules of Investments and Financial Statements for the Master Fund are available at www.jackson.com or on the SEC's website at www.sec.gov.

#### JNL/Mellon International Index Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| International Equity | 100.0% |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon International Index Fund outperformed its primary benchmark by posting a return of -14.20% for Class A shares compared to -14.31% for the Morningstar Developed Markets ex-North America Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is to track the performance of the Index to provide long-term capital growth by investing in international equity securities through exclusive investment in shares of the JNL International Index Fund. The performance of the Fund is directly related to the performance of the Master Fund. The Schedules of Investments and Financial Statements for the Master Fund are available at www.jackson.com or on the SEC's website at www.sec.gov.

#### JNL/Mellon S&P 400 MidCap Index Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Equity | 100.0% |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon S&P 400 MidCap Index Fund underperformed its primary benchmark by posting a return of -13.54% for Class A shares compared to -13.06% for the S&P MidCap 400 Index.

&nbsp;&nbsp;&nbsp;&nbsp; The investment objective of the Fund is to track the performance of the Index to provide long-term capital growth by investing in equity securities of medium capitalization-weighted domestic corporations through exclusive investment in shares of the JNL Mid Cap Index Fund. The performance of the Fund is directly related to the performance of the Master Fund. The Schedules of Investments and Financial Statements for the Master Fund are available at www.jackson.com or on the SEC's website at www.sec.gov.

#### JNL/Mellon Small Cap Index Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Equity | 100.0% |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon Small Cap Index Fund underperformed its primary benchmark by posting a return of -16.64% for Class A shares compared to -16.10% for the S&P SmallCap 600 Index.

&nbsp;&nbsp;&nbsp;&nbsp; The investment objective of the Fund is to track the performance of the Index to provide long-term growth of capital by investing in equity securities of small- to mid-size domestic companies through exclusive investment in shares of the JNL Small Cap Index Fund. The performance of the Fund is directly related to the performance of the Master Fund. The Schedules of Investments and Financial Statements for the Master Fund are available at www.jackson.com or on the SEC's website at www.sec.gov.

------

---

| | |
|:---|:---|
| ![](img_bf159b4c586e4f3.jpg) | **JNL/Mellon Feeder Funds**<br>Mellon Investments Corporation *(Unaudited)*  |

---

#### JNL/Mellon Bond Index Fund
![](img_216a4f09c8d64f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -13.54 | % | 1 Year | -13.26% |
| 5 Year | -0.57 |  | 5 Year | -0.25 |
| 10 Year | 0.46 |  | 10 Year | 0.72 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/Mellon Emerging Markets Index Fund
![](img_f890893b9a9f4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -18.97 | % | 1 Year | -18.63% |
| 5 Year | -1.76 |  | 5 Year | -1.43 |
| 10 Year | 0.70 |  | 10 Year | 0.98 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/Mellon International Index Fund
![](img_bf4825baa3bb4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -14.20 | % | 1 Year | -13.91% |
| 5 Year | 1.27 |  | 5 Year | 1.58 |
| 10 Year | 4.24 |  | 10 Year | 4.50 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

---

| | |
|:---|:---|
| ![](img_2300f1e1d1a44f3.jpg) | **JNL/Mellon Feeder Funds**<br>Mellon Investments Corporation *(Unaudited)*  |

---

#### JNL/Mellon S&P 400 MidCap Index Fund
![](img_a25a6139c44d4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -13.54 | % | 1 Year | -13.27% |
| 5 Year | 6.13 |  | 5 Year | 6.46 |
| 10 Year | 10.21 |  | 10 Year | 10.46 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/Mellon Small Cap Index Fund
![](img_2bc9911e39094f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -16.64 | % | 1 Year | -16.38% |
| 5 Year | 5.34 |  | 5 Year | 5.65 |
| 10 Year | 9.80 |  | 10 Year | 10.07 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

---

| | |
|:---|:---|
| ![](img_da0acf1f64214f3.jpg) | **JNL Allocation Funds**<br>Jackson National Asset Management, LLC *(Unaudited)*  |

---

&nbsp;&nbsp;&nbsp;&nbsp; Each Fund seeks to achieve its investment objective by investing in shares of a diversified group of affiliated Underlying Funds ("Underlying Funds"). The Schedules of Investments and Financial Statements for the Underlying Funds are available at <u>www.jackson.com</u> or on the SEC's website at <u>www.sec.gov.</u> 

#### JNL Aggressive Growth Allocation Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Equity | 51.3% |
| International Equity | 16.5 |
| Alternative | 10.1 |
| Global Equity | 9.9 |
| Emerging Markets Equity | 6.2 |
| Domestic Fixed Income | 6.0 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL Aggressive Growth Allocation Fund underperformed its primary benchmark by posting a return of -19.81% for Class A shares compared to -15.93% for the Morningstar Aggressive Target Risk Index. The Fund underperformed its blended benchmark return of -17.46% for the 90% Morningstar Global Target Market Exposure Index (Net), 10% Bloomberg US Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is capital growth through investment in the Underlying Funds.

&nbsp;&nbsp;&nbsp;&nbsp; Under normal circumstances, the Fund allocates approximately 70% to 100% of its assets to Underlying Funds that invest primarily in equity securities, 0% to 30% to Underlying Funds that invest primarily in fixed-income securities and 0% to 20% of its assets to Underlying Funds that invest primarily in money market securities.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its benchmark due to underperformance within the equity sleeves. Within international equities, a growth style tilt was a headwind. JNL Multi-Manager International Small Cap (-30.27%), JNL/WCM Focused International Equity (-28.50%), JNL/Loomis Sayles Global Growth (-25.97%), and JNL Multi-Manager Emerging Markets (-23.93%) Funds were top detractors.

&nbsp;&nbsp;&nbsp;&nbsp;In the domestic equity sleeve, significant underperformance from JNL/Baillie Gifford US Equity Growth (-55.62%), JNL/T. Rowe Price Established Growth (-38.63%), and JNL Multi-Manager Small Cap Growth (-30.88%) Funds detracted from relative returns. JNL/JPMorgan U.S. Value (-2.64%) and JNL/WMC Equity Income (+1.18%) Funds provided some ballast for the year due to their value style and defensive nature.

&nbsp;&nbsp;&nbsp;&nbsp;In the alternative sleeve, JNL Multi-Manager Alternative Fund (-10.20%) underperformed its benchmark and held back overall Fund performance.

&nbsp;&nbsp;&nbsp;&nbsp;The fixed income sleeves contributed positively to Fund results in the year. Intra-asset class positioning and strong manager performance aided returns. The Fund's only two fixed income holdings, JNL/Lord Abbett Short Duration Income (-4.73%) and JNL/DoubleLine Total Return (-12.75%) Funds were relative outperformers in a severely down year for fixed income markets broadly.

#### JNL Conservative Allocation Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Fixed Income | 65.6% |
| Alternative | 10.2 |
| Domestic Equity | 8.9 |
| International Equity | 5.8 |
| Domestic Balanced | 5.5 |
| Emerging Markets Fixed Income | 3.0 |
| Emerging Markets Equity | 1.0 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL Conservative Allocation Fund underperformed its primary benchmark by posting a return of -13.19% for Class A shares compared to -13.15% for the Morningstar Conservative Target Risk Index. The Fund outperformed its blended benchmark return of -13.88% for the 20% Morningstar Global Target Market Exposure Index (Net), 80% Bloomberg US Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is to seek the generation of income through investment in other funds (the "Underlying Funds").

&nbsp;&nbsp;&nbsp;&nbsp;Under normal circumstances, the Fund allocates approximately 0% to 40% of its assets to Underlying Funds that invest primarily in equity securities, 60% to 100% to Underlying Funds that invest primarily in fixed income-securities and 0% to 20% of its assets to Underlying Funds that invest primarily in money market securities.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund underperformed its benchmark due primarily to underperformance within the international equity and alternative sleeves. Within international equities, growth style and emerging markets exposure were headwinds. Despite relatively small position sizes, JNL/Loomis Sayles Global Growth (-25.97%), JNL/WCM Focused International Equity (-28.50%), and JNL/GQG Emerging Markets Equity (-21.62%) Funds were weak enough to be top detractors. In the alternative sleeve, JNL Multi-Manager Alternative Fund (-10.20%) underperformed its benchmark and held back overall performance.

&nbsp;&nbsp;&nbsp;&nbsp; Performance in the domestic equity sleeve was mixed. JNL/DoubleLine Shiller Enhanced CAPE (-23.49%) and JNL Multi-Manager Small Cap Growth (-30.88%) Funds underperformed but were somewhat offset by better returns from JNL/JPMorgan U.S. Value (-2.64%), JNL/WMC Equity Income (+1.18%), and JNL/JPMorgan Hedged Equity (-8.04%) Funds.

&nbsp;&nbsp;&nbsp;&nbsp;The fixed income sleeves contributed positively to Fund results in the year. Intra-asset class positioning and strong manager performance aided returns. JNL/Lord Abbett Short Duration Income (-4.73%) and JNL/PIMCO Income (-7.81%) Funds were relative outperformers in a severely down year for fixed income markets broadly. Those positions were somewhat offset by JNL/PIMCO Investment Grade Credit Bond (-16.23%), JNL/DoubleLine Emerging Markets Fixed Income (-14.78%), and JNL/T. Rowe Price High Yield (-14.56%) Funds.

#### JNL Growth Allocation Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Equity | 42.6% |
| Domestic Fixed Income | 17.2 |
| International Equity | 15.7 |
| Alternative | 11.5 |
| Global Equity | 7.2 |
| Emerging Markets Equity | 4.8 |
| Emerging Markets Fixed Income | 1.0 |
| Materials | - |
| Utilities | - |
| Financials | - |
| Communication Services | - |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL Growth Allocation Fund underperformed its primary benchmark by posting a return of -18.64% for Class A shares compared to -15.48% for the Morningstar Moderately Aggressive Target Risk Index. The Fund underperformed its blended benchmark return of -16.90% for the 80% Morningstar Global Target Market Exposure Index (Net), 20% Bloomberg US Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is to seek capital growth and current income.

&nbsp;&nbsp;&nbsp;&nbsp;Under normal circumstances, the Fund allocates approximately 60% to 100% of its assets to Underlying Funds that invest primarily in equity securities, 0% to 40% to Underlying Funds that invest primarily in fixed-income securities and 0% to 20% of its assets to Underlying Funds that invest primarily in money market securities.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund underperformed its benchmark due to underperformance within the equity sleeves. Within international equities, a growth style tilt was a headwind. JNL Multi-Manager International Small Cap (-30.27%), JNL/WCM Focused International Equity (-28.50%), JNL/Loomis Sayles Global Growth (-25.97%), and JNL Multi-Manager Emerging Markets (-23.93%) Funds were top detractors.

&nbsp;&nbsp;&nbsp;&nbsp;In the domestic equity sleeve, significant underperformance from JNL/Baillie Gifford US Equity Growth (-55.62%), JNL/T. Rowe Price Established Growth (-38.63%), and JNL Multi-Manager Small Cap Growth (-30.88%) Funds detracted from relative returns. JNL/JPMorgan

------

---

| | |
|:---|:---|
| ![](img_0f41d24f767b4f3.jpg) | **JNL Allocation Funds**<br>Jackson National Asset Management, LLC *(Unaudited)*  |

---

U.S. Value (-2.64%) and JNL/WMC Equity Income (+1.18%) Funds provided some ballast for the year due to their value style and defensive nature.

&nbsp;&nbsp;&nbsp;&nbsp;In the alternative sleeve, JNL Multi-Manager Alternative Fund (-10.20%) underperformed its benchmark and held back overall Fund performance.

&nbsp;&nbsp;&nbsp;&nbsp;The fixed income sleeves contributed positively to Fund results in the year. Intra-asset class positioning and strong manager performance aided returns. JNL/Lord Abbett Short Duration Income (-4.73%) and JNL/DoubleLine Total Return (-12.75%) Funds were relative outperformers in a severely down year for fixed income markets broadly. Those positions were somewhat offset by JNL/PIMCO Investment Grade Credit Bond (-16.23%), JNL/DoubleLine Emerging Markets Fixed Income (-14.78%), and JNL/T. Rowe Price High Yield (-14.56%) Funds.

#### JNL Moderate Allocation Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Fixed Income | 47.8% |
| Domestic Equity | 19.2 |
| Alternative | 11.2 |
| International Equity | 7.8 |
| Domestic Balanced | 6.3 |
| Global Equity | 2.7 |
| Emerging Markets Fixed Income | 2.5 |
| Emerging Markets Equity | 2.5 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL Moderate Allocation Fund underperformed its primary benchmark by posting a return of -14.70% for Class A shares compared to -13.85% for the Morningstar Moderately Conservative Target Risk Index. The Fund outperformed its blended benchmark return of -14.82% for the 40% Morningstar Global Target Market Exposure Index (Net), 60% Bloomberg US Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is to seek a balance between the generation of income and the long-term growth of capital through investment in the Underlying Funds.

&nbsp;&nbsp;&nbsp;&nbsp;Under normal circumstances, the Fund allocates approximately 20% to 60% of its assets to Underlying Funds that invest primarily in equity securities, 40% to 80% to Underlying Funds that invest primarily in fixed-income securities and 0% to 20% of its assets to Underlying Funds that invest primarily in money market securities.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its benchmark due to underperformance within the international equity sleeve and select underperforming funds in the alternative and domestic equity sleeves. Within international equities, a growth style tilt was a headwind. JNL Multi-Manager International Small Cap (-30.27%), JNL/WCM Focused International Equity (-28.50%), JNL/Loomis Sayles Global Growth (-25.97%), and JNL Multi-Manager Emerging Markets (-23.93%) Funds were top detractors.

&nbsp;&nbsp;&nbsp;&nbsp;Performance in the domestic equity sleeve was mixed. Significant underperformance from JNL/T. Rowe Price Established Growth (-38.63%), and JNL Multi-Manager Small Cap Growth (-30.88%) Funds was offset by better returns from JNL/JPMorgan U.S. Value (-2.64%), JNL/WMC Equity Income (+1.18%), and JNL/JPMorgan Hedged Equity (-8.04%) Funds.

&nbsp;&nbsp;&nbsp;&nbsp;In the alternative sleeve, JNL Multi-Manager Alternative Fund (-10.20%) underperformed its benchmark and held back overall Fund performance.

&nbsp;&nbsp;&nbsp;&nbsp;The fixed income sleeves contributed positively to Fund results in the year. Intra-asset class positioning and strong manager performance aided returns. JNL/Lord Abbett Short Duration Income (-4.73%) and JNL/PIMCO Income (-7.81%) Funds were relative outperformers in a severely down year for fixed income markets broadly. Those positions were somewhat offset by JNL/PIMCO Investment Grade Credit Bond (-16.23%), JNL/DoubleLine Emerging Markets Fixed Income (-14.78%), and JNL/T. Rowe Price High Yield (-14.56%) Funds.

#### JNL Moderate Growth Allocation Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Fixed Income | 31.8% |
| Domestic Equity | 29.3 |
| Alternative | 13.4 |
| International Equity | 10.7 |
| Domestic Balanced | 6.0 |
| Emerging Markets Equity | 3.5 |
| Global Equity | 3.3 |
| Emerging Markets Fixed Income | 2.0 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL Moderate Growth Allocation Fund underperformed its primary benchmark by posting a return of -15.77% for Class A shares compared to -14.77% for the Morningstar Moderate Target Risk Index. The Fund outperformed its blended benchmark return of -15.83% for the 60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg US Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is to seek capital growth and current income.

&nbsp;&nbsp;&nbsp;&nbsp;Under normal circumstances, the Fund allocates approximately 40% to 80% of its assets to Underlying Funds that invest primarily in equity securities, 20% to 60% to Underlying Funds that invest primarily in fixed-income securities and 0% to 20% of its assets to Underlying Funds that invest primarily in money market securities.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund underperformed its benchmark due to underperformance within the equity sleeves. Within international equities, a growth style tilt was a headwind. JNL Multi-Manager International Small Cap (-30.27%), JNL/WCM Focused International Equity (-28.50%), JNL/Loomis Sayles Global Growth (-25.97%), and JNL Multi-Manager Emerging Markets (-23.93%) Funds were top detractors.

&nbsp;&nbsp;&nbsp;&nbsp;In the domestic equity sleeve, significant underperformance from JNL/T. Rowe Price Established Growth (-38.63%), and JNL Multi-Manager Small Cap Growth (-30.88%) Funds detracted from relative returns. JNL/JPMorgan U.S. Value (-2.64%), JNL/WMC Equity Income (+1.18%), and JNL/JPMorgan Hedged Equity (-8.04%) Funds provided some ballast for the year due to their value style and defensive nature.

&nbsp;&nbsp;&nbsp;&nbsp; In the alternative sleeve, JNL Multi-Manager Alternative Fund (-10.20%) underperformed its benchmark and held back overall Fund performance.

&nbsp;&nbsp;&nbsp;&nbsp;The fixed income sleeves contributed positively to Fund results in the year. Intra-asset class positioning and strong manager performance aided returns. JNL/Lord Abbett Short Duration Income (-4.73%) and JNL/PIMCO Income (-7.81%) Funds were relative outperformers in a severely down year for fixed income markets broadly. Those positions were somewhat offset by JNL/PIMCO Investment Grade Credit Bond (-16.23%), JNL/DoubleLine Emerging Markets Fixed Income (-14.78%), and JNL/T. Rowe Price High Yield (-14.56%) Funds.

------

---

| | |
|:---|:---|
| ![](img_8f2fb9b1ded24f3.jpg) | **JNL Allocation Funds**<br>Jackson National Asset Management, LLC *(Unaudited)*  |

---

#### JNL Aggressive Growth Allocation Fund
![](img_1d3f3dcbc3074f3.jpg)

††90% Morningstar Global Target Market Exposure Index (Net), 10% Bloomberg US Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -19.81 | % | 1 Year | -19.61% |
| 5 Year | 3.98 |  | 5 Year | 4.28 |
| 10 Year | 7.30 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 4.99 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL Conservative Allocation Fund
![](img_f64f13bdcb954f3.jpg)

††20% Morningstar Global Target Market Exposure Index (Net), 80% Bloomberg US Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -13.19 | % | 1 Year | -12.89% |
| 5 Year | 1.07 |  | 5 Year | 1.38 |
| 10 Year | 2.03 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 1.59 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*Jackson National Asset Management assumed portfolio management responsibility on April 27, 2015.* 

#### JNL Growth Allocation Fund
![](img_811448bed03b4f3.jpg)

††80% Morningstar Global Target Market Exposure Index (Net), 20% Bloomberg US Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -18.64 | % | 1 Year | -18.40% |
| 5 Year | 3.61 |  | 5 Year | 3.91 |
| 10 Year | 6.76 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 4.54 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

---

| | |
|:---|:---|
| ![](img_3b9c8302427c4f3.jpg) | **JNL Allocation Funds**<br>Jackson National Asset Management, LLC *(Unaudited)*  |

---

#### JNL Moderate Allocation Fund
![](img_f85b292db65f4f3.jpg)

††40% Morningstar Global Target Market Exposure Index (Net), 60% Bloomberg US Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -14.70 | % | 1 Year | -14.45% |
| 5 Year | 2.29 |  | 5 Year | 2.61 |
| 10 Year | 4.10 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 2.91 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*Jackson National Asset Management assumed portfolio management responsibility on April 27, 2015.* 

#### JNL Moderate Growth Allocation Fund
![](img_de9b61271ddd4f3.jpg)

††60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg US Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -15.77 | % | 1 Year | -15.52% |
| 5 Year | 3.16 |  | 5 Year | 3.48 |
| 10 Year | 5.69 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 3.94 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

---

| | |
|:---|:---|
| ![](img_041d577ed41a4f3.jpg) | **JNL/American Funds Funds of Funds**<br>Jackson National Asset Management, LLC *(Unaudited)*  |

---

&nbsp;&nbsp;&nbsp;&nbsp; Each Fund seeks to achieve its investment objective by investing in shares of a diversified group of affiliated Underlying Funds ("Underlying Funds"). The Schedules of Investments and Financial Statements for the Underlying Funds are available on the SEC's website at <u>www.sec.gov.</u> 

#### JNL/American Funds Growth Allocation Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Equity | 44.6% |
| Global Equity | 19.1 |
| Domestic Fixed Income | 17.9 |
| International Equity | 9.2 |
| Emerging Markets Equity | 7.6 |
| Emerging Markets Fixed Income | 1.6 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/American Funds Growth Allocation Fund underperformed its primary benchmark by posting a return of -19.31% for Class A shares compared to -15.48% for the Morningstar Moderately Aggressive Target Risk Index. The Fund underperformed its blended benchmark return of -16.90% for the 80% Morningstar Global Target Market Exposure Index (Net), 20% Bloomberg US Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is to seek capital growth with secondary emphasis on current income.

&nbsp;&nbsp;&nbsp;&nbsp;Under normal circumstances, the Fund allocates approximately 70%-100% of its assets to Underlying Funds that invest primarily in equity securities and 0%-30% to Underlying Funds that invest primarily in fixed-income securities. The equity and fixed-income allocation may fall outside of the above limits in a volatile market environment where investment outcomes are expected to remain beyond normal range.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its benchmark in 2022 due to poor relative performance from Underlying Funds within the Fund's equity sleeves. A growth bias was a headwind for the Fund during the year. American Funds Insurance Series - Growth Fund (-29.76%), American Funds SMALLCAP World Fund (-29.63%), and American Funds Insurance Series - Global Growth Fund (-24.54%) Funds were the biggest detractors. American Funds Washington Mutual Investors Fund (-8.18%) was a positive contributor for the year as it outperformed the equity benchmark.

&nbsp;&nbsp;&nbsp;&nbsp;The fixed income sleeve contributed positively to Fund results but did not offset the equity underperformance. American Funds Insurance Series - The Bond Fund of America (-12.26%), American Funds Short Term Bond Fund of America (-1.68%), and American Funds Insurance Series - American High-Income Trust (-9.01%) were top contributors for the year.

#### JNL/American Funds Moderate Growth Allocation Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Fixed Income | 36.1% |
| Domestic Equity | 34.7 |
| Global Equity | 13.6 |
| International Equity | 8.4 |
| Emerging Markets Equity | 4.6 |
| Emerging Markets Fixed Income | 2.6 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/American Funds Moderate Growth Allocation Fund underperformed its primary benchmark by posting a return of -17.24% for Class A shares compared to -14.77% for the Morningstar Moderate Target Risk Index. The Fund underperformed its blended benchmark return of -15.83% for the 60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg US Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is to seek a balance between current income and growth of capital.

&nbsp;&nbsp;&nbsp;&nbsp;Under normal circumstances, the Fund allocates approximately 50%-80% of its assets to Underlying Funds that invest primarily in equity securities and 20%-50% of its assets to Underlying Funds that invest primarily in fixed-income securities. The equity and fixed-income allocation may fall outside of the above limits in a volatile market environment where investment outcomes are expected to remain beyond normal range.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its benchmark in 2022 due to poor relative performance from Underlying Funds within the Fund's equity sleeves. A growth bias was a headwind for the Fund during the year. American Funds Insurance Series - Growth Fund (-29.76%), American Funds SMALLCAP World Fund (-29.63%), and American Funds Insurance Series - Global Growth Fund (-24.54%) Funds were the biggest detractors. American Funds Washington Mutual Investors Fund (-8.18%) was a positive contributor for the year as it outperformed the equity benchmark.

&nbsp;&nbsp;&nbsp;&nbsp;The fixed income sleeve contributed positively to Fund results but did not offset the equity underperformance. American Funds Insurance Series - The Bond Fund of America (-12.26%), American Funds Short Term Bond Fund of America (-1.68%), and American Funds Insurance Series American High-Income Trust (-9.01%) were top contributors for the year.

------

---

| | |
|:---|:---|
| ![](img_8ed42e82a5ea4f3.jpg) | **JNL/American Funds Funds of Funds**<br>Jackson National Asset Management, LLC *(Unaudited)*  |

---

#### JNL/American Funds Growth Allocation Fund
![](img_5a538d8a21ad4f3.jpg)

††80% Morningstar Global Target Market Exposure Index (Net), 20% Bloomberg US Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -19.31 | % | 1 Year | -19.05% |
| 5 Year | 5.14 |  | 5 Year | 5.46 |
| 10 Year | 7.71 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 6.08 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/American Funds Moderate Growth Allocation Fund
![](img_6247cd6e2f944f3.jpg)

††60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg US Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -17.24 | % | 1 Year | -16.98% |
| 5 Year | 3.87 |  | 5 Year | 4.17 |
| 10 Year | 6.06 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 4.63 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

---

| | |
|:---|:---|
| ![](img_0ce59c26d9444f3.jpg) | **JNL/Goldman Sachs Funds of Funds**<br>*Goldman Sachs Asset Management, L.P. *(Unaudited)* |

---

&nbsp;&nbsp;&nbsp;&nbsp;The JNL/Goldman Sachs Managed Conservative Fund, JNL/Goldman Sachs Managed Moderate Fund, JNL/Goldman Sachs Managed Moderate Growth Fund, JNL/Goldman Sachs Managed Growth Fund and JNL/Goldman Sachs Managed Aggressive Growth Fund (collectively "JNL/Goldman Sachs Funds"). Each Fund seeks to achieve its objective by investing in shares of a diversified group of affiliated Underlying Funds ("Underlying Funds"). The Schedules of Investments and Financial Statements for the Underlying Funds are available at <u>www.jackson.com</u> or on the SEC's website at <u>www.sec.gov</u>.

#### JNL/Goldman Sachs Managed Aggressive Growth Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Equity | 63.4% |
| International Equity | 13.9 |
| Alternative | 6.1 |
| Domestic Fixed Income | 6.0 |
| Global Equity | 4.0 |
| Emerging Markets Equity | 2.6 |
| Emerging Markets Fixed Income | 2.0 |
| Money Market | 2.0 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Goldman Sachs Managed Aggressive Growth Fund underperformed its primary benchmark by posting a return of -22.15% for Class A shares compared to -15.93% for the Morningstar Aggressive Target Risk Index. The Fund underperformed its blended benchmark return of -16.49% for the 65% S&P 500 Index, 25% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net), 10% Bloomberg US Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is capital growth.

&nbsp;&nbsp;&nbsp;&nbsp;Under normal circumstances, the Fund allocates up to 80% to 100% of its assets to Underlying Funds that invest primarily in equity securities, 0% to 20% to Underlying Funds that invest primarily in fixed-income securities and 0% to 10% to Underlying Funds that invest primarily in money market securities.

&nbsp;&nbsp;&nbsp;&nbsp;During 2022, Goldman Sachs Asset Management implemented the following asset allocation and fund selection changes in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;In January, we trimmed out of benchmark emerging markets ("EM") equities in favor of international developed equity funds due to concerns with Chinese growth due to zero COVID-19 policy.

&nbsp;&nbsp;&nbsp;&nbsp;In March, within both international developed and domestic equity asset classes, we shifted allocations to slightly bias value over-growth managers by trimming higher-beta, growth biased managers due to geopolitical uncertainty and the higher global inflationary environment. We further reduced EM equities given ongoing China growth concerns.

&nbsp;&nbsp;&nbsp;&nbsp;In May, shifted allocations to target a "neutral" level of risk by reducing both international developed and domestic growth biased equity funds to seed new allocations in commodity and global natural resources funds since these types of strategies have performed well during periods of high inflation. Additionally, increased allocations to intermediate- and short-term fixed income funds that lowered overall duration in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp; In November, international equities were further reduced relative to benchmark targets. Also, EM equities funds were slightly trimmed. Within U.S. equity asset class, shifts in allocations were implemented to reduce the differences between U.S. large-cap value and growth funds along with lessening single-manager risk. Fixed income allocations were increased to higher-quality fixed income funds. A 2% cash position was implemented reflecting heightened volatility during this late cycle environment.

&nbsp;&nbsp;&nbsp;&nbsp;The top five relative contributors to performance were JNL/JPMorgan U.S. Government & Quality Bond Fund, JNL/Newton Equity Income Fund, JNL/WMC Government Money Market Fund, JNL/T. Rowe Price Short-Term Bond Fund, and JNL/JPMorgan U.S. Value Fund. The top five relative detractors to performance were JNL/T. Rowe Price Established Growth Fund, JNL/BlackRock Large Cap Select Growth Fund, JNL/ClearBridge Large Cap Growth Fund, JNL/Invesco Global Growth Fund, and JNL/WCM Focused International Equity Fund.

#### JNL/Goldman Sachs Managed Conservative Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Fixed Income | 72.2% |
| Domestic Equity | 12.7 |
| Alternative | 5.1 |
| Global Fixed Income | 4.0 |
| Emerging Markets Fixed Income | 2.0 |
| Money Market | 2.0 |
| Emerging Markets Equity | 1.0 |
| International Equity | 1.0 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Goldman Sachs Managed Conservative Fund underperformed its primary benchmark by posting a return of -14.61% for Class A shares compared to -13.15% for the Morningstar Conservative Target Risk Index. The Fund underperformed its blended benchmark return of -13.65% for the 15% S&P 500, 5% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net), 80% Bloomberg US Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective for the Fund is to seek current income. Capital growth is a secondary objective.

&nbsp;&nbsp;&nbsp;&nbsp;Under normal circumstances, the Fund allocates approximately 10% to 30% of its assets to Underlying Funds that invest primarily in equity securities, 70% to 90% to Underlying Funds that invest primarily in fixed income securities and 0% to 30% to Underlying Funds that invest primarily in money market securities.

&nbsp;&nbsp;&nbsp;&nbsp;During 2022, Goldman Sachs Asset Management implemented the following asset allocation and fund selection changes in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp; In January, we trimmed out of benchmark emerging markets ("EM") equities in favor of international developed equity funds due to concerns with Chinese growth due to zero COVID-19 policy.

&nbsp;&nbsp;&nbsp;&nbsp;In March, within the international developed equity asset class, we trimmed a higher-beta, growth biased manager due to geopolitical uncertainty and the higher global inflationary environment. We increased allocations to longer maturity fixed income funds at the expense of EM debt, flexible income-oriented and short-term fixed income funds, thus enhancing overall level of duration, or interest rate sensitivity.

&nbsp;&nbsp;&nbsp;&nbsp;In May, shifted allocations to target a "neutral" level of risk by reducing both international developed and domestic growth biased equity funds to seed new allocations in commodity and global natural resources funds since these types of strategies have performed well during periods of high inflation. Additionally, increased allocations to higher-quality and short-term fixed income funds at the expense of EM debt and high yield funds that lowered overall duration in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp; In November, international equities were further reduced relative to benchmark targets. Within U.S. equity asset class, shifts in allocations were implemented to reduce the differences between U.S. large-cap value and growth funds along with lessening single-manager risk. Fixed income allocations were increased in short-term, income focused and short-term, fixed income funds. A 2% cash position was implemented reflecting heightened volatility during this late cycle environment.

&nbsp;&nbsp;&nbsp;&nbsp; The top five relative contributors to performance were JNL/WMC Government Money Market Fund, JNL/Invesco Diversified Dividend Fund, JNL/BlackRock Global Natural Resources Fund, JNL/Causeway International Value Select Fund, and JNL/T. Rowe Price Short-Term Bond Fund. The top five relative detractors to performance were JNL/PIMCO

------

---

| | |
|:---|:---|
| ![](img_faa82fb1a0fb4f3.jpg) | **JNL/Goldman Sachs Funds of Funds**<br>*Goldman Sachs Asset Management, L.P. *(Unaudited)* |

---

Investment Grade Credit Bond Fund, JNL/DoubleLine Total Return Fund, JNL/PPM America Total Return Fund, JNL/DoubleLine Core Fixed Income Fund, and JNL/BlackRock Large Cap Select Growth Fund.

#### JNL/Goldman Sachs Managed Growth Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Equity | 58.5% |
| Domestic Fixed Income | 16.1 |
| International Equity | 10.7 |
| Alternative | 6.1 |
| Global Equity | 2.5 |
| Emerging Markets Fixed Income | 2.1 |
| Emerging Markets Equity | 2.0 |
| Money Market | 2.0 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Goldman Sachs Managed Growth Fund underperformed its primary benchmark by posting a return of -21.14% for Class A shares compared to -15.48% for the Morningstar Moderately Aggressive Target Risk Index. The Fund underperformed its blended benchmark return of -16.11% for the 60% S&P 500 Index, 20% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net), 20% Bloomberg US Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is to seek capital growth. Current income is secondary objective.

&nbsp;&nbsp;&nbsp;&nbsp;Under normal circumstances, the Fund allocates approximately 70% to 90% of its assets to Underlying Funds that invest primarily in equity securities, 10% to 30% to Underlying Funds that invest primarily in fixed-income securities and 0% to 15% to Underlying Funds that invest primarily in money market securities.

&nbsp;&nbsp;&nbsp;&nbsp;During 2022, Goldman Sachs Asset Management implemented the following asset allocation and fund selection changes in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp; In January, we trimmed out-of-benchmark emerging markets ("EM") equities in favor of international developed equity funds due to concerns with Chinese growth due to zero COVID-19 policy.

&nbsp;&nbsp;&nbsp;&nbsp;In March, within both international developed and domestic equity asset classes, we shifted allocations to slightly bias value overgrowth managers by trimming higher-beta, growth biased managers due to geopolitical uncertainty and the higher global inflationary environment. We further reduced EM equities given ongoing China growth concerns.

&nbsp;&nbsp;&nbsp;&nbsp; In May, shifted allocations to target a "neutral" level of risk by reducing both international developed and domestic growth-biased equity funds to seed new allocations in commodity and global natural resources funds since these types of strategies have performed well during periods of high inflation. Additionally, increased allocations to intermediate- and short-term fixed income funds that lowered overall duration in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;In November, international equities were further reduced relative to benchmark targets. Also, EM equities funds were slightly trimmed. Within U.S. equity asset class, shifts in allocations were implemented to reduce the differences between U.S. large-cap value and growth funds along with lessening single-manager risk. Fixed income allocations were increased in short-term, income-focused fixed income funds. A 2% cash position was implemented reflecting heightened volatility during this late cycle environment.

&nbsp;&nbsp;&nbsp;&nbsp; The top five relative contributors to performance were JNL/JPMorgan U.S. Government & Quality Bond Fund, JNL/Newton Equity Income Fund, JNL/Lord Abbett Short Duration Income Fund, JNL/WMC Government Money Market Fund, and JNL/T. Rowe Price Short-Term Bond Fund. The top five relative detractors to performance were JNL/T. Rowe Price Established Growth Fund, JNL/BlackRock Large Cap Select Growth Fund, JNL/ClearBridge Large Cap Growth Fund, JNL/Invesco Global Growth Fund, and JNL/WCM Focused International Equity Fund.

#### JNL/Goldman Sachs Managed Moderate Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Fixed Income | 54.2% |
| Domestic Equity | 27.7 |
| International Equity | 5.5 |
| Alternative | 5.1 |
| Emerging Markets Fixed Income | 2.0 |
| Global Fixed Income | 2.0 |
| Money Market | 2.0 |
| Emerging Markets Equity | 1.5 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Goldman Sachs Managed Moderate Fund underperformed its primary benchmark by posting a return of -16.51% for Class A shares compared to -13.85% for the Morningstar Moderately Conservative Target Risk Index. The Fund underperformed its blended benchmark return of -14.38% for the 30% S&P 500, 10% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net), 60% Bloomberg US Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is current income and capital growth.

&nbsp;&nbsp;&nbsp;&nbsp;Under normal circumstances, the Fund allocates approximately 30% to 50% of its assets to Underlying Funds that invest primarily in equity securities, 50% to 70% to Underlying Funds that invest primarily in fixed-income securities and 0% to 25% to Underlying Funds that invest primarily in money market securities.

&nbsp;&nbsp;&nbsp;&nbsp;During 2022, Goldman Sachs Asset Management implemented the following asset allocation and fund selection changes in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;In January, we trimmed out of benchmark emerging markets ("EM") equities in favor of international developed equity funds due to concerns with Chinese growth due to zero COVID-19 policy.

&nbsp;&nbsp;&nbsp;&nbsp;In March, within both international developed and domestic equity asset classes, we shifted allocations to slightly bias value overgrowth managers by trimming higher beta, growth biased managers due to geopolitical uncertainty and the higher global inflationary environment. We further reduced EM equities given ongoing China growth concerns. We increased allocations to longer maturity fixed income funds at the expense of EM debt, flexible income oriented and short-term fixed income funds, thus enhancing overall level of duration, or interest rate sensitivity.

&nbsp;&nbsp;&nbsp;&nbsp;In May, shifted allocations to target a "neutral" level of risk by reducing both international developed and domestic growth-biased equity funds to seed new allocations in commodity and global natural resources funds since these types of strategies have performed well during periods of high inflation. Additionally, increased allocations to higher-quality and short-term fixed income funds that lowered overall duration in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;In November, international equities were further reduced relative to benchmark targets. Within U.S. equity asset class, shifts in allocations were implemented to reduce the differences between U.S. large-cap value and growth funds along with lessening single-manager risk. Fixed income allocations were increased in short-term, income focused and short-term, fixed income funds. A 2% cash position was implemented reflecting heightened volatility during this late cycle environment.

&nbsp;&nbsp;&nbsp;&nbsp;The top five relative contributors to performance were JNL/WMC Government Money Market Fund, JNL/Invesco Diversified Dividend Fund, JNL/BlackRock Global Natural Resources Fund, JNL/WMC Value Fund and JNL/Neuberger Berman Commodity Strategy Fund. The top five relative detractors to performance were JNL/T. Rowe Price Established Growth Fund, JNL/PIMCO Investment Grade Credit Bond Fund, JNL/BlackRock Large Cap Select Growth Fund, JNL/PPM America Total Return Fund, and JNL/ClearBridge Large Cap Growth Fund.

------

---

| | |
|:---|:---|
| ![](img_0395c404a7214f3.jpg) | **JNL/Goldman Sachs Funds of Funds**<br>*Goldman Sachs Asset Management, L.P. *(Unaudited)* |

---

#### JNL/Goldman Sachs Managed Moderate Growth Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Equity | 43.1% |
| Domestic Fixed Income | 36.1 |
| International Equity | 8.6 |
| Alternative | 5.1 |
| Emerging Markets Fixed Income | 2.1 |
| Emerging Markets Equity | 2.0 |
| Money Market | 2.0 |
| Global Equity | 1.0 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Goldman Sachs Managed Moderate Growth Fund underperformed its primary benchmark by posting a return of -18.94% for Class A shares compared to -14.77% for the Morningstar Moderate Target Risk Index. The Fund underperformed its blended benchmark return of -15.20% for the 45% S&P 500, 15% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net), 40% Bloomberg US Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is capital growth and current income.

&nbsp;&nbsp;&nbsp;&nbsp;Under normal circumstances, the Fund allocates approximately 50% to 70% of its assets to Underlying Funds that invest primarily in equity securities, 30% to 50% to Underlying Funds that invest primarily in fixed-income securities and 0% to 20% to Underlying Funds that invest primarily in money market securities.

&nbsp;&nbsp;&nbsp;&nbsp;During 2022, Goldman Sachs Asset Management implemented the following asset allocation and fund selection changes in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;In January, we trimmed out of benchmark emerging markets ("EM") equities in favor of international developed equity funds due to concerns with Chinese growth due to zero COVID-19 policy.

&nbsp;&nbsp;&nbsp;&nbsp;In March, within both international developed and domestic equity asset classes, we shifted allocations to slightly bias value overgrowth managers by trimming higher beta, growth biased managers due to geopolitical uncertainty and the higher global inflationary environment. We further reduced EM equities given ongoing China growth concerns. We increased allocations to longer maturity fixed income funds at the expense of EM debt, flexible income oriented and short-term fixed income funds, thus enhancing overall level of duration, or interest rate sensitivity.

&nbsp;&nbsp;&nbsp;&nbsp;In May, shifted allocations to target a "neutral" level of risk by reducing both international developed and domestic growth biased equity funds to seed new allocations in commodity and global natural resources funds since these types of strategies have performed well during periods of high inflation. Additionally, increased allocations to higher quality and short-term fixed income funds that lowered overall duration in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;In November, international equities were further reduced relative to benchmark targets. Within U.S. equity asset class, shifts in allocations were implemented to reduce the differences between U.S. large-cap value and growth funds along with lessening single-manager risk. Fixed income allocations were increased in short-term, income-focused and short-term, fixed income funds. A 2% cash position was implemented reflecting heightened volatility during this late cycle environment.

&nbsp;&nbsp;&nbsp;&nbsp;The top five relative contributors to performance were JNL/Newton Equity Income Fund, JNL/WMC Government Money Market Fund, JNL/Lord Abbett Short Duration Income Fund, JNL/JPMorgan U.S. Value Fund, and JNL/Invesco Diversified Dividend Fund. The top five relative detractors to performance were JNL/T. Rowe Price Established Growth Fund, JNL/ClearBridge Large Cap Growth Fund, JNL/BlackRock Large Cap Select Growth Fund, JNL/WCM Focused International Equity Fund, and JNL/T. Rowe Price Value Fund.

#### JNL/Goldman Sachs Managed Aggressive Growth Fund
![](img_ac7d73f43edf4f3.jpg)

††65% S&P 500 Index, 25% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net), 10% Bloomberg US Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -22.15 | % | 1 Year | -21.95% |
| 5 Year | 5.17 |  | 5 Year | 5.48 |
| 10 Year | 8.43 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 6.34 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

---

| | |
|:---|:---|
| ![](img_5d5a3c038a934f3.jpg) | **JNL/Goldman Sachs Funds of Funds**<br>*Goldman Sachs Asset Management, L.P. *(Unaudited)* |

---

#### JNL/Goldman Sachs Managed Conservative Fund
![](img_45734cd215034f3.jpg)

††15% S&P 500, 5% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net), 80% Bloomberg US Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -14.61 | % | 1 Year | -14.39% |
| 5 Year | 0.89 |  | 5 Year | 1.13 |
| 10 Year | 2.21 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 1.34 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/Goldman Sachs Managed Growth Fund
![](img_02832ed9539d4f3.jpg)

††60% S&P 500 Index, 20% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net), 20% Bloomberg US Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -21.14 | % | 1 Year | -20.91% |
| 5 Year | 4.63 |  | 5 Year | 4.94 |
| 10 Year | 7.59 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 5.73 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/Goldman Sachs Managed Moderate Fund
![](img_45ed0990ac294f3.jpg)

††30% S&P 500, 10% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net), 60% Bloomberg US Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -16.51 | % | 1 Year | -16.26% |
| 5 Year | 2.12 |  | 5 Year | 2.43 |
| 10 Year | 4.00 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 2.79 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

---

| | |
|:---|:---|
| ![](img_bb819707be0f4f3.jpg) | **JNL/Goldman Sachs Funds of Funds**<br>*Goldman Sachs Asset Management, L.P. *(Unaudited)* |

---

#### JNL/Goldman Sachs Managed Moderate Growth Fund
![](img_30ad6bb75d994f3.jpg)

††45% S&P 500, 15% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net), 40% Bloomberg US Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -18.94 | % | 1 Year | -18.70% |
| 5 Year | 3.30 |  | 5 Year | 3.60 |
| 10 Year | 5.64 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 4.17 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

---

| | |
|:---|:---|
| ![](img_8cf51fd0edfe4f3.jpg) | **JNL iShares Tactical Funds**<br>Jackson National Asset Management, LLC *(Unaudited)* |

---

&nbsp;&nbsp;&nbsp;&nbsp;JNL iShares Tactical Moderate Fund, JNL iShares Tactical Moderate Growth Fund and JNL iShares Tactical Growth Fund (collectively "JNL iShares Tactical Funds") seek to achieve their investment objectives by investing in a diversified group of underlying exchange traded funds ("ETFs"). Each JNL iShares Tactical Fund's asset allocation is determined by the Funds' Adviser through a proprietary asset allocation model. The Funds' Sub-Adviser, Mellon Capital Management Corporation, executes transactions in the underlying ETFs to closely replicate the allocation determined by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp; All three Funds outperformed their benchmarks due to an underweight to fixed income and strong results from sub asset class positioning. Sector specific positions in real estate and information technology equities were the biggest contributors as both areas outperformed the broad market. Those positions helped offset weakness from a position in emerging markets which was the biggest detractor across the Funds. Within fixed income, a new position in high-yield securities added most to relative performance in an environment that saw relatively benign credit outlook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes to the Funds early in the year enhanced cyclicality in the equity sleeves by adding a new position in iShares U.S. Industrials ETF and adding to iShares Global Infrastructure ETF while selling the more defensive iShares U.S. Utilities ETF and trimming iShares USA Quality Factor ETF. Within fixed income, the Funds leaned into a barbell approach by adding iShares 0-5 Year High-Yield Corporate Bond ETF alongside iShares Ultra Short-Term Bond ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In September, the Funds were rebalanced towards target weights while still maintaining an equity overweight. iShares U.S. Industrials ETF was sold from the Funds while a dedicated onshore China position in iShares MSCI China ETF was added.

#### JNL iShares Tactical Growth Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Equity | 48.1% |
| Domestic Fixed Income | 21.0 |
| Global Equity | 10.9 |
| International Equity | 10.2 |
| Emerging Markets Equity | 5.8 |
| Alternative | 1.0 |
| Securities Lending Collateral | 1.5 |
| Short Term Investments | 1.5 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL iShares Tactical Growth Fund outperformed its primary benchmark by posting a return of -15.35% for Class A shares compared to -15.48% for the Morningstar Moderately Aggressive Target Risk Index. The Fund outperformed its blended benchmark return of -16.90% for the 80% Morningstar Global Target Market Exposure Index (Net), 20% Bloomberg US Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's investment objective is to seek long term growth of capital through investment in exchange traded funds ("ETFs"). Under normal market conditions, the Fund allocates approximately 60% to 100% (with a target allocation of 80%) of its assets to underlying ETFs that invest primarily in equity securities and 0% to 40% (with a target allocation of 20%) of its assets to underlying ETFs that invest primarily in fixed income securities and/or cash alternatives, and up to 15% (with a target allocation of 0%) to underlying ETFs that invest primarily in alternative assets and strategies.

#### JNL iShares Tactical Moderate Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Fixed Income | 55.6% |
| Domestic Equity | 21.3 |
| Global Equity | 5.9 |
| International Equity | 5.4 |
| Emerging Markets Equity | 2.8 |
| Alternative | 0.6 |
| Securities Lending Collateral | 5.4 |
| Short Term Investments | 3.0 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL iShares Tactical Moderate Fund outperformed its primary benchmark by posting a return of -13.15% for Class A shares compared to -13.85% for the Morningstar Moderately Conservative Target Risk Index. The Fund outperformed its blended benchmark return of -14.82% for the 40% Morningstar Global Target Market Exposure Index (Net), 60% Bloomberg US Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's investment objective is to seek long term growth of capital through investment in exchange traded funds ("ETFs"). Under normal market conditions, the Fund allocates approximately 20% to 60% (with a target allocation of 40%) of its assets to underlying ETFs that invest primarily in equity securities and 40% to 80% (with a target allocation of 60%) to underlying ETFs that invest primarily in fixed income securities and/or cash alternatives, and up to 15% (with a target allocation of 0%) to underlying ETFs that invest primarily in alternative assets and strategies.

#### JNL iShares Tactical Moderate Growth Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Fixed Income | 40.2% |
| Domestic Equity | 34.7 |
| International Equity | 8.8 |
| Global Equity | 8.4 |
| Emerging Markets Equity | 3.5 |
| Alternative | 0.8 |
| Short Term Investments | 2.0 |
| Securities Lending Collateral | 1.6 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL iShares Tactical Moderate Growth Fund outperformed its primary benchmark by posting a return of -14.36% for Class A shares compared to -14.77% for the Morningstar Moderate Target Risk Index. The Fund outperformed its blended benchmark return of -15.83% for the 60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg US Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's investment objective is to seek long term growth of capital through investment in exchange traded funds ("ETFs"). Under normal market conditions, the Fund allocates approximately 40% to 80% (with a target allocation of 60%) of its assets to underlying ETFs that invest primarily in equity securities and 20% to 60% (with a target allocation of 40%) to underlying ETFs that invest primarily in fixed income securities and/or cash alternatives, and up to 15% (with a target allocation of 0%) to underlying ETFs that invest primarily in alternative assets and strategies.

------

---

| | |
|:---|:---|
| ![](img_3df5f66da09c4f3.jpg) | **JNL iShares Tactical Funds**<br>Jackson National Asset Management, LLC *(Unaudited)*  |

---

#### JNL iShares Tactical Growth Fund
![](img_c41c459629dc4f3.jpg)

††80% Morningstar Global Target Market Exposure Index (Net), 20% Bloomberg US Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -15.35 | % | 1 Year | -15.12% |
| 5 Year | 3.86 |  | 5 Year | 4.18 |
| 10 Year | 6.84 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 5.14 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL iShares Tactical Moderate Fund
![](img_7e5913d37e3b4f3.jpg)

††40% Morningstar Global Target Market Exposure Index (Net), 60% Bloomberg US Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -13.15 | % | 1 Year | -12.88% |
| 5 Year | 1.92 |  | 5 Year | 2.24 |
| 10 Year | 3.71 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 2.82 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL iShares Tactical Moderate Growth Fund
![](img_a92ba8be9bfb4f3.jpg)

††60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg US Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -14.36 | % | 1 Year | -14.09% |
| 5 Year | 3.01 |  | 5 Year | 3.34 |
| 10 Year | 5.51 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 4.08 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

---

| | |
|:---|:---|
| ![](img_a3a51dff14374f3.jpg) | **JNL/Vanguard ETF Allocation Funds**<br>Jackson National Asset Management, LLC *(Unaudited)*  |

---

&nbsp;&nbsp;&nbsp;&nbsp;Changes to the JNL/Vanguard ETF Allocation Funds were made in March with an aim of rebalancing asset class allocations closer to strategic weights. Those changes resulted in a modest reduction to equities and increase to fixed income although the Funds remained slightly overweight equities with a view that the asset class offered more compelling risk-reward opportunities in an environment of negative real rates.

&nbsp;&nbsp;&nbsp;&nbsp;Within equities, there was a minor shift toward core and value-oriented investments. The Vanguard Mid-Cap ETF and Vanguard FTSE Emerging Markets ETF were trimmed while positions in the Vanguard Dividend Appreciation, Vanguard Value and Vanguard Total Stock Market ETFs were increased.

&nbsp;&nbsp;&nbsp;&nbsp;Within fixed income, the team added to shorter duration fixed income segments. A new position in the Vanguard Ultra-Short Bond ETF was initiated and weights in the Vanguard Short-Term Corporate Bond and Vanguard Intermediate-Term Corporate Bond ETFs were increased. There were minor trims to the Vanguard Mortgage-Backed Securities and Vanguard Emerging Markets Government Bond ETFs.

#### JNL/Vanguard Growth ETF Allocation Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Equity | 52.4% |
| International Equity | 19.0 |
| Domestic Fixed Income | 18.2 |
| Emerging Markets Equity | 8.1 |
| Emerging Markets Fixed Income | 1.5 |
| Securities Lending Collateral | 0.8 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Vanguard Growth ETF Allocation Fund underperformed its primary benchmark by posting a return of -16.60% for Class A shares compared to -15.48% for the Morningstar Moderately Aggressive Target Risk Index. The Fund outperformed its blended benchmark return of -16.90% for the 80% Morningstar Global Target Market Exposure Index (Net), 20% Bloomberg US Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective for JNL/Vanguard Growth ETF Allocation Fund is to seek long term growth of capital through investment in exchange-traded funds ("ETFs"). The Fund seeks to achieve its objective primarily through investing at least 80% of its assets in a diversified group of underlying ETFs. The Adviser allocates approximately 70% to 90% of the Fund's assets to underlying ETFs that invest primarily in equity securities and 10% to 30% of the Fund's assets to underlying ETFs that invest primarily in fixed income securities and/or cash alternatives.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its primary benchmark due to its domestic and international equity sleeves while seeing positive contributions from fixed income. Within equities, a position in the Vanguard Growth ETF (-33.15%) was the biggest detractor amid weakness for highly valued stocks in the year. A sector-specific holding of the Vanguard Real Estate ETF (-26.24%) also held back results. Internationally, the Vanguard FTSE All-World ex-US Small Cap (-21.47%) and Vanguard FTSE Emerging Markets (-17.99%) ETFs also detracted from relative performance. Those results were somewhat offset by relative strength from the Vanguard Value (-2.07%) and Vanguard Dividend Appreciation (9.81%) ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;The fixed income sleeve contributed positively due to its short-duration and inflation-protected holdings. The Vanguard Ultra-Short Bond (+0.75%), Vanguard Short-Term Inflation-Protected Securities (-2.96%), and Vanguard Short-Term Corporate Bond (-5.62%) ETFs were top contributors. The Vanguard Emerging Markets Government Bond ETF (-17.41%) was the main point of weakness within fixed income.

#### JNL/Vanguard Moderate ETF Allocation Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Fixed Income | 54.8% |
| Domestic Equity | 26.6 |
| International Equity | 9.0 |
| Emerging Markets Fixed Income | 4.4 |
| Emerging Markets Equity | 3.7 |
| Securities Lending Collateral | 1.4 |
| Short Term Investments | 0.1 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Vanguard Moderate ETF Allocation Fund underperformed its primary benchmark by posting a return of -14.04% for Class A shares compared to -13.85% for the Morningstar Moderately Conservative Target Risk Index. The Fund outperformed its blended benchmark return of -14.82% for the 40% Morningstar Global Target Market Exposure Index (Net), 60% Bloomberg US Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective for JNL/Vanguard Moderate ETF Allocation Fund is to seek long term growth of capital through investment in exchange-traded funds ("ETFs"). The Fund seeks to achieve its objective primarily through investing at least 80% of its assets in a diversified group of underlying ETFs. The Adviser allocates approximately 30% to 50% of the Fund's assets to underlying ETFs that invest primarily in equity securities and 50% to 70% of the Fund's assets to underlying ETFs that invest primarily in fixed income securities and/or cash alternatives.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its primary benchmark due to its domestic and international equity sleeves while seeing positive contributions from fixed income.Within equities, a position in the Vanguard Growth ETF (-33.15%) was the biggest detractor amid weakness for highly valued stocks in the year. A sector-specific holding of the Vanguard Real Estate ETF (-26.24%) also held back results. Internationally, the Vanguard FTSE All-World ex-US Small Cap (-21.47%) and Vanguard FTSE Emerging Markets (-17.99%) ETFs also detracted from relative performance. Those results were somewhat offset by relative strength from the Vanguard Value (-2.07%) and Vanguard Dividend Appreciation (9.81%) ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;The fixed income sleeve contributed positively due to its short-duration and inflation-protected holdings. The Vanguard Ultra-Short Bond (+0.75%), Vanguard Short-Term Inflation-Protected Securities (-2.96%), and Vanguard Short-Term Corporate Bond (-5.62%) ETFs were top contributors. The Vanguard Emerging Markets Government Bond ETF (-17.41%) was the main point of weakness within fixed income.

#### JNL/Vanguard Moderate Growth ETF Allocation Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Domestic Equity | 38.7% |
| Domestic Fixed Income | 37.2 |
| International Equity | 13.8 |
| Emerging Markets Equity | 6.1 |
| Emerging Markets Fixed Income | 3.0 |
| Securities Lending Collateral | 1.2 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Vanguard Moderate Growth ETF Allocation Fund underperformed its primary benchmark by posting a return of -15.42% for Class A shares compared to -14.77% for the Morningstar Moderate Target Risk Index. The Fund outperformed its blended benchmark return of -15.83% for the 60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg US Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective for JNL/Vanguard Moderate Growth ETF Allocation Fund is to seek long term growth of capital through investment in exchange-traded funds ("ETFs"). The Fund seeks to achieve its objective primarily through investing at least 80% of its assets in a diversified group of underlying ETFs. The Adviser allocates approximately 50% to 70% of the Fund's assets to underlying ETFs that invest primarily

------

---

| | |
|:---|:---|
| ![](img_608a49015ce34f3.jpg) | **JNL/Vanguard ETF Allocation Funds**<br>Jackson National Asset Management, LLC *(Unaudited)*  |

---

in equity securities and 30% to 50% of the Fund's assets to underlying ETFs that invest primarily in fixed income securities and/or cash alternatives.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its primary benchmark due to its domestic and international equity sleeves while seeing positive contributions from fixed income.Within equities, a position in the Vanguard Growth ETF (-33.15%) was the biggest detractor amid weakness for highly valued stocks in the year. A sector-specific holding of the Vanguard Real Estate ETF (-26.24%) also held back results. Internationally, the Vanguard FTSE All-World ex-US Small Cap (-21.47%) and Vanguard FTSE Emerging Markets (-17.99%) ETFs also detracted from relative performance. Those results were somewhat offset by relative strength from the Vanguard Value (-2.07%) and Vanguard Dividend Appreciation (9.81%) ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;The fixed income sleeve contributed positively due to its short-duration and inflation-protected holdings. The Vanguard Ultra-Short Bond (+0.75%), Vanguard Short-Term Inflation-Protected Securities (-2.96%), and Vanguard Short-Term Corporate Bond (-5.62%) ETFs were top contributors. The Vanguard Emerging Markets Government Bond ETF (-17.41%) was the main point of weakness within fixed income.

------

---

| | |
|:---|:---|
| ![](img_aa6057a107f84f3.jpg) | **JNL/Vanguard ETF Allocation Funds**<br>Jackson National Asset Management, LLC *(Unaudited)* |

---

#### JNL/Vanguard Growth ETF Allocation Fund
![](img_fb180002a55b4f3.jpg)

††80% Morningstar Global Target Market Exposure Index (Net), 20% Bloomberg US Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -16.60 | % | 1 Year | -16.23% |
| 5 Year | 4.16 |  | 5 Year | 4.60 |
| Since Inception | 4.89 |  | Since Inception | 5.35 |
| *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/Vanguard Moderate ETF Allocation Fund
![](img_84a9105d4d1c4f3.jpg)

††40% Morningstar Global Target Market Exposure Index (Net), 60% Bloomberg US Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -14.04 | % | 1 Year | -13.70% |
| 5 Year | 2.06 |  | 5 Year | 2.51 |
| Since Inception | 2.40 |  | Since Inception | 2.84 |
| *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/Vanguard Moderate Growth ETF Allocation Fund
![](img_d144c8d4faec4f3.jpg)

††60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg US Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -15.42 | % | 1 Year | -15.13% |
| 5 Year | 3.08 |  | 5 Year | 3.52 |
| Since Inception | 3.64 |  | Since Inception | 4.07 |
| *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

---

| | |
|:---|:---|
| ![](img_565d52fa9c2e4f3.jpg) | **JNL Mellon Master Funds**<br>Mellon Investments Corporation *(Unaudited)* |

---

#### JNL Bond Index Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Securities | 42.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency MBS | 27.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 8.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. Government Agency ABS | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Short Term Investments | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Collateral | 0.1 |
| **Net Long (Short) Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL Bond Index Fund underperformed its primary benchmark by posting a return of -13.11% for Class I shares compared to -13.01% for the Bloomberg U.S. Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund ("Fund" or "Master Fund") is to track the performance of the Bloomberg U.S. Aggregate Bond Index ("Index") to provide a moderate rate of income by investing in domestic fixed-income investments. The Fund is constructed utilizing a combination of stratified sampling, characteristics matching, and replication in order to match the key performance driving characteristics of the Index.

&nbsp;&nbsp;&nbsp;&nbsp; Developed fixed income markets finished down for the year. Preserving economic growth, combatting inflation and coping with higher interest rates were the major themes during 2022. The U.S. Federal Reserve aggressively raised rates in an effort to control inflation, which reached 40-year highs. Meanwhile, the yield on the 10-year Treasury bond rose substantially, up to 3.87% as of December 31. This year brought historically hawkish central bank pivots in response to elevated, rising inflation and weak — yet positive — growth.

&nbsp;&nbsp;&nbsp;&nbsp;For 2022, the Bloomberg U.S. Aggregate Index fell by -13.01%. Likewise, the Bloomberg Global Aggregate Hedged Index fell by -11.22%, and the Bloomberg Global Aggregate Unhedged Index declined by -16.25%. Option-adjusted U.S. investment grade corporate spreads increased 34 basis points, and the Bloomberg U.S. Corporate index returned -15.76% for the year. In 2022, the securitized sector posted a total return of -11.67%.

#### JNL Emerging Markets Index Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Financials | 23.9% |
| Information Technology | 16.7 |
| Consumer Discretionary | 13.7 |
| Communication Services | 9.0 |
| Materials | 8.9 |
| Industrials | 7.2 |
| Consumer Staples | 6.5 |
| Energy | 5.1 |
| Health Care | 3.3 |
| Utilities | 3.2 |
| Real Estate | 1.7 |
| Rights | - |
| Other Short Term Investments | 0.6 |
| Securities Lending Collateral | 0.2 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL Emerging Markets Index Fund underperformed its primary benchmark by posting a return of -18.48% for Class I shares compared to -18.15% for the Morningstar Emerging Markets Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp; The investment objective of the Fund ("Fund" or "Master Fund") is to track the performance of the Morningstar Emerging Markets Target Market Exposure Index (Net) ("Index"), which is a rules-based, float market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the emerging markets equity markets.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund seeks to invest under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in securities included in the Index, including depositary receipts representing securities of the Index; which may be in the form of American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts. The Fund attempts to replicate the Index by investing all or substantially all of its assets in the securities that comprise the Index. Indexing may offer a cost-effective investment approach to gaining diversified market exposure over the long-term.

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### JNL International Index Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Financials | 18.4% |
| Industrials | 15.5 |
| Health Care | 13.5 |
| Consumer Discretionary | 11.1 |
| Consumer Staples | 10.5 |
| Materials | 7.8 |
| Information Technology | 7.4 |
| Energy | 4.8 |
| Communication Services | 4.3 |
| Utilities | 3.4 |
| Real Estate | 2.6 |
| Securities Lending Collateral | 0.5 |
| Other Short Term Investments | 0.2 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL International Index Fund outperformed its primary benchmark by posting a return of -13.75% for Class I shares compared to -14.31% for the Morningstar Developed Markets ex-North America Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp; The investment objective of the Fund ("Fund" or "Master Fund") is to track the performance of the Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) ("Index") to provide long-term capital growth by investing in international equity securities.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the stocks included in the Index or derivative securities economically related to the Index. The Fund seeks to track the performance and characteristics of the Index.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### JNL Mid Cap Index Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Industrials | 19.5% |
| Financials | 15.0 |
| Consumer Discretionary | 13.9 |
| Information Technology | 11.9 |
| Health Care | 10.1 |
| Real Estate | 8.0 |
| Materials | 6.5 |
| Utilities | 4.0 |
| Consumer Staples | 4.0 |
| Energy | 3.9 |
| Communication Services | 2.0 |
| Other Short Term Investments | 1.0 |
| Securities Lending Collateral | 0.2 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL Mid Cap Index Fund underperformed its primary benchmark by posting a return of -13.12% for Class I shares compared to -13.06% for the S&P MidCap 400 Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund ("Fund" or "Master Fund") is to track the performance of the S&P MidCap 400 Index ("Index") to provide long-term capital growth.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the stocks in the Index in proportion to their market capitalization weighting in the Index. The Fund attempts to replicate the target Index by investing all or substantially all of its assets in the stocks that make up the Index. Indexing may offer a cost-effective investment approach to gaining diversified market exposure over the long term.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### JNL Small Cap Index Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Financials | 18.2% |
| Industrials | 16.9 |
| Information Technology | 13.0 |
| Consumer Discretionary | 12.6 |
| Health Care | 11.1 |

---

------

---

| | |
|:---|:---|
| ![](img_cf529692349b4f3.jpg) | **JNL Mellon Master Funds**<br>Mellon Investments Corporation *(Unaudited)* |

---

---

| | |
|:---|:---|
| Real Estate | 7.8 |
| Materials | 5.6 |
| Consumer Staples | 5.2 |
| Energy | 4.6 |
| Utilities | 2.6 |
| Communication Services | 1.9 |
| Investment Companies | 0.2 |
| Other Short Term Investments | 0.2 |
| Securities Lending Collateral | 0.1 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL Small Cap Index Fund underperformed its primary benchmark by posting a return of -16.24% for Class I shares compared to -16.10% for the S&P SmallCap 600 Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund ("Fund" or "Master Fund") is to track the performance of the S&P SmallCap 600 Index ("Index") to provide long-term growth of capital by investing in equity securities of small- to mid-size domestic companies.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the stocks in the Index in proportion to their market capitalization weighting in the Index. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that make up the Index

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_e62600272d544f3.jpg) | **JNL Mellon Master Funds**<br>Mellon Investments Corporation *(Unaudited)*  |

---

#### JNL Bond Index Fund
![](img_714d58ddbaa44f3.jpg)

---

| | | |
|:---|:---|:---|
| **Total Return** | **Total Return** | **Total Return** |
| **Class I†** |  |  |
| 1 Year | -13.11 | % |
| Since Inception | -7.62 |  |
| *†Inception date April 26, 2021* | *†Inception date April 26, 2021* | *†Inception date April 26, 2021* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class I shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.*

#### JNL Emerging Markets Index Fund
![](img_5df7718696ee4f3.jpg)

---

| | | |
|:---|:---|:---|
| **Total Return** | **Total Return** | **Total Return** |
| **Class I†** |  |  |
| 1 Year | -18.48 | % |
| Since Inception | -15.70 |  |
| *†Inception date April 26, 2021* | *†Inception date April 26, 2021* | *†Inception date April 26, 2021* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class I shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.*

#### JNL International Index Fund
![](img_1b153983e2094f3.jpg)

---

| | | |
|:---|:---|:---|
| **Total Return** | **Total Return** | **Total Return** |
| **Class I†** |  |  |
| 1 Year | -13.75 | % |
| Since Inception | -6.84 |  |
| *†Inception date April 26, 2021* | *†Inception date April 26, 2021* | *†Inception date April 26, 2021* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class I shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.*

------

---

| | |
|:---|:---|
| ![](img_a383536b8c894f3.jpg) | **JNL Mellon Master Funds**<br>Mellon Investments Corporation *(Unaudited)*  |

---

#### JNL Mid Cap Index Fund
![](img_e166c77b80e44f3.jpg)

---

| | | |
|:---|:---|:---|
| **Total Return** | **Total Return** | **Total Return** |
| **Class I†** |  |  |
| 1 Year | -13.12 | % |
| Since Inception | -5.63 |  |
| *†Inception date April 26, 2021* | *†Inception date April 26, 2021* | *†Inception date April 26, 2021* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class I shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.*

#### JNL Small Cap Index Fund
![](img_ea9ea8174c944f3.jpg)

---

| | | |
|:---|:---|:---|
| **Total Return** | **Total Return** | **Total Return** |
| **Class I†** |  |  |
| 1 Year | -16.24 | % |
| Since Inception | -7.49 |  |
| *†Inception date April 26, 2021* | *†Inception date April 26, 2021* | *†Inception date April 26, 2021* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class I shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.*

------

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| | |
|:---|:---|
| ![](img_c79cdbfbcac54f3.jpg) | **JNL Multi-Manager Alternative Fund** <br>Jackson National Asset Management, LLC *(Unaudited)* |

---

#### JNL Multi-Manager Alternative Fund
![](img_fc1a2f6c7efd4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -10.41 | % | 1 Year | -10.20% |
| 5 Year | 0.77 |  | 5 Year | 1.07 |
| Since Inception | 0.95 |  | Since Inception | 1.23 |
| *‡Inception date April 27, 2015* | *‡Inception date April 27, 2015* | *‡Inception date April 27, 2015* | *‡Inception date April 27, 2015* | *‡Inception date April 27, 2015* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 14.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. Government Agency ABS | 12.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 10.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 9.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 8.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 6.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agency MBS | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Equity Interests | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | (2.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Short Term Investments | 15.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Collateral | 0.2 |
| **Net Long (Short) Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL Multi-Manager Alternative Fund underperformed its primary benchmark by posting a return of -10.41% for Class A shares compared to -5.62% for the Wilshire Liquid Alternative Index.

&nbsp;&nbsp;&nbsp;&nbsp;The JNL Multi-Manager Alternative Fund seeks to achieve its investment objective by allocating among a variety of alternative strategies managed by unaffiliated investments managers ("Sub-Advisers"). Each of the Sub-Advisers may use different investment strategies in managing the Fund, acts independently from the others, and uses its own methodology for selecting investments. The Adviser ("JNAM") is responsible for selecting the Fund's alternatives investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed due to weakness in the Fund's global macro, equity hedged, and relative value strategies. Western Asset (-22.54%) was the weakest strategy across the Fund after meaningful Russian exposure severely negatively impacted the strategy in the first quarter of the year. KAR (-17.28%), DoubleLine (-17.07%), and FPA (-11.86%) also lagged the benchmark and detracted from Fund results. Westchester (+1.07%) was a bright spot for the Fund as the strategy benefitted from strong performance from its positioning in corporate events. Boston Partners (-4.22%) and Loomis (-5.16%) were also relative outperformers.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives had a positive impact on the Fund's performance during the year.

#### Boston Partners Global Investors, Inc. ("Boston Partners")
&nbsp;&nbsp;&nbsp;&nbsp;For the Fund's allocation to equity long/short strategies, Boston Partners pursues a multi-faceted strategy that invests in a long-short portfolio of equity securities and financial investments with equity like characteristics designed to provide exposure to emerging markets. At December 31, 2022, the Fund's allocation to this strategy was 9.91%.

&nbsp;&nbsp;&nbsp;&nbsp; During 2022 the strategy had an average net exposure of 53%; the long strategy returned -15.61%; and the short strategy returned -28.60%. The long strategy's outperformance was led by positioning in China & Hong Kong and technology. Top contributors in China were overweight positions in Pinduoduo Inc. and MeiHua Holdings. Pinduoduo Inc. outperformed due to better than expected results and news that COVID-19 zero policies would be relaxed. An overweight position in Cielo S.A. underweight position in Taiwan Semiconductor Manufacturing Company Limited aided relative performance in technology.

&nbsp;&nbsp;&nbsp;&nbsp;The strategy's short strategy declined more than the benchmark, thus aiding relative performance. Shorted technology positions were among the biggest contributors to relative performance. Technology and internet companies with lofty valuations rerated lower during the year following several years of excessive optimism.

&nbsp;&nbsp;&nbsp;&nbsp;At year end, the benchmark net traded at 11.4 times 2023 earnings consensus. The strategy's long strategy traded at 10.4 times. The strategy, with these superior valuation characteristics, exceeded its performance objective during the year. Over time, we expect our long-strategy and short-strategy to converge, as mid cap and small cap stocks with attractive characteristics (value momentum quality) rerate upwards; and stocks with poor characteristics disappoint the high expectations embedded in their share prices. As always, the strategy remains well positioned with attractive valuations, solid fundamentals, and identifiable catalysts.

#### DoubleLine Capital LP ("DoubleLine")
&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, the Fund's allocation to this strategy was 15.32%.

&nbsp;&nbsp;&nbsp;&nbsp;The strategy's underperformance was driven by its lower credit quality relative to the benchmark. 2022 proved to be a historically adverse environment for nearly every asset class, and one of the worst years on record for many fixed income sectors. In an effort to combat decades high inflation levels, the U.S. Federal Reserve ("Fed") hiked its benchmark Federal Funds Rate by 425 basis points ("bps") during the year. The combination of hawkish Fed policy and runaway inflation drove U.S. Treasury yields higher across all tenors, with the 2 year increasing 369 bps and the 10 year increasing 237 bps. The rise in global yields and widening of credit spreads weighed heavily on performance during the year despite minimal underlying default activity.

&nbsp;&nbsp;&nbsp;&nbsp;The best performing sectors of the strategy were bank loans and collateralized loan obligations as their floating rate nature insulated them from the price declines experienced by fixed rate bonds as rates rose.

------

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| | |
|:---|:---|
| ![](img_ec9b863f3c184f3.jpg) | **JNL Multi-Manager Alternative Fund** <br>Jackson National Asset Management, LLC *(Unaudited)* |

---

The strategy benefitted from its overweight allocation to structured credit sectors such as non-Agency mortgage-backed securities ("MBS") and commercial MBS, as these sectors declined less than the benchmark due to their shorter durations. High yield and emerging market bonds underperformed the benchmark as these sectors were hurt by both rising rates and spread widening. The longer duration Agency MBS allocation experienced some duration related price declines and was subsequently the worst performing sector.

#### First Pacific Advisors, LP ("First Pacific")
&nbsp;&nbsp;&nbsp;&nbsp;For the Fund's allocation to the contrarian value equity long/short strategy, First Pacific invests in common and preferred stocks, convertible securities and corporate, high-yield and government debt. At December 31, 2022, the Fund's allocation to this strategy was 10.17%.

&nbsp;&nbsp;&nbsp;&nbsp;The top five contributors among the strategy's equity holdings, which were long positions in Glencore PLC, American International Group, Inc. ("AIG"), LPL Financial Holdings Inc., Howmet Aerospace Inc., and Activision Blizzard, Inc., contributed approximately 209 basis points ("bps") on a gross of fees basis. Conversely, Alphabet Inc., Meta Platforms, Inc., Charter Communications, Inc., Comcast Corporation, and Amazon.com, Inc. comprised the largest detractors and contributed -734 bps (gross) to performance for the trailing twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;AIG is the one company that we haven't discussed in a while, although it's been in the strategy since 2016. This year, AIG successfully IPO'd a portion of its life business, an important step on the way to becoming a pure property and casualty company. The company's general insurance operations demonstrated another year of improved underwriting and profitability.

&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. declined in price during the year as it became apparent that, having doubled the footprint of the company's retail infrastructure coming out of COVID-19, the company had expanded too aggressively. The investment community is similarly concerned that the company's cloud business, AWS, is likely to be negatively impacted by general economic malaise, which would result in a growth rate lower than that of the recent past. Taking a long term view, we envision both AWS and retail growing over the coming years, complemented by a high margin advertising business. Looking forward, we expect the company to benefit from positive operating leverage under the keen eye of CEO Andy Jassy, who has proven himself as a results-oriented leader in his former position as head of AWS. Though the valuation looks rather rich at the moment on near-term results, if we are correct in our thesis, the valuation at present prices will look to have been a bargain in hindsight.

&nbsp;&nbsp;&nbsp;&nbsp;In an effort to tame 2022's high inflation (6.5% in the U.S. and 8.9% globally), central banks forcefully reacted by increasing interest rates, with the U.S. Federal Reserve funds rate increasing during the year from 0.25% to 4.33%. 1-year U.S. Treasury Bills followed suit, increasing from 0.38% to 4.49%. An increase of more than 4 percentage points was the largest increase since 1980.

&nbsp;&nbsp;&nbsp;&nbsp;While interest rates were bound to eventually increase, we just as well could have argued that might have occurred years earlier. Interest rates are effectively the price of money – effectively the price paid for its use for a prescribed period of time. The higher the rate/price, the lower the asset value – all else being equal. This largely explains 2022's declines in both stocks and bonds. While stocks had their worst year since 2008, bonds failed to offer the protection to which investors have become accustomed to for these past four decades with the Bloomberg U.S. Aggregate Bond Index declining -13.01% last year. This has led to the return of some market rationality. Even negative yielding bonds disappeared for the first time since 2010.

&nbsp;&nbsp;&nbsp;&nbsp; While interest rates will always be a driver of returns, along with the inextricably linked economic growth and pace of inflation, your strategy managers have greater clarity of how the companies in which we invest on behalf of the strategy might perform over time than we do in macroeconomic considerations. Very few have exhibited consistent and long term success in trading the market predicated on such global variables.

&nbsp;&nbsp;&nbsp;&nbsp;While we cannot predict the future, we would not be surprised if additional economic weakness and (finally) a credit event might occur prior to a sustained market rebound. Higher borrowing costs due to a higher cost of capital (elevated interest rates and a larger risk premium) combined with a potentially weaker economy historically has translated into more borrowers defaulting on their debt obligations.

&nbsp;&nbsp;&nbsp;&nbsp; In the past, a credit event would have allowed us to take advantage of higher yielding bonds and distressed debt. While we hope to increase the strategy's historically low credit exposure, we will do so cautiously given that borrowers have taken advantage of the terms from lenders that allow a greater flexibility to avoid bankruptcy than we have seen heretofore. Historically weak debt covenants have been the result.

&nbsp;&nbsp;&nbsp;&nbsp;We think lower valuations and higher bond yields should help position us to take advantage of any continued market weakness. We hope to "lean in" to price declines in the same way that we have in prior years with the goal of driving equity like rates of return while avoiding permanent impairments of capital.

#### Kayne Anderson Rudnick Investment Management, LLC ("KAR")
&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, the Fund's allocation to this strategy was 9.95%.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the strategy is to leverage the firm's high quality investment philosophy to create an alternative strategy that has equity like returns with less downside risk.

&nbsp;&nbsp;&nbsp;&nbsp;In the long strategy, good stock selection and an overweight in financials and consumer staples contributed to performance. Poor stock selection in industrials and an underweight in energy detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;The biggest contributors to performance were long positions in Lamb Weston Holdings, Inc. and W. R. Berkley Corporation. We believe Lamb Weston Holdings, Inc. has done a good job raising prices to mitigate rising supply chain and inflationary costs, which has driven a recovery in profitability. A rotation from growth to defensive businesses also benefited companies in consumer staples. Underwriting profits have been healthy at W. R. Berkley Corporation despite catastrophe losses suffered from Hurricane Ian. The outlook is also favorable as specialty PICC Property and Casualty Company Limited markets should continue hardening amid capital scarcity and ongoing commercial demand. Other top contributors included a short position in a software-focused real estate brokerage firm, a long position in Silk Road Medical, Inc., and a short position in a transportation management company.

&nbsp;&nbsp;&nbsp;&nbsp;The biggest detractors to performance were long positions in The Scotts Miracle-Gro Company ("SMG") and EVERTEC, Inc. ("EVTC"). SMG's shares lagged as the conflict in Ukraine created unprecedented pricing pressure on commodities such as urea (a key ingredient in fertilizer products). The company was unable to recoup the impact of higher costs despite significant price increases and cost reductions. The company's shares suffered further in early June following a revised annual outlook that reflected lower than anticipated order replenishment by retailers. In August, shares declined again following the company's reports of lower-than-expected operating results, reduction of the annual free cash flow outlook, and an unexpected departure of the Chief Financial Officer. At the same time, cannabis oversupply issues continued to weigh on the performance of Hawthorne, the company's hydroponics division. EVTC's results over the past year were pressured due to the divestment of some

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| | |
|:---|:---|
| ![](img_e186334094f24f3.jpg) | **JNL Multi-Manager Alternative Fund** <br>Jackson National Asset Management, LLC *(Unaudited)* |

---

businesses and a pricing concession given to the company's largest customer, normalization of consumer spending habits in Puerto Rico, and currency fluctuations. We believe these headwinds are temporary, and in our view the long-term economic recovery in Puerto Rico due to billions in U.S. reconstruction aid over the next few years plus new customer wins in Latin America will provide tailwinds for EVTC's financial results. Other bottom contributors included long positions in Alphabet Inc., Pool Corporation, and TransUnion.

#### Lazard Asset Management LLC ("Lazard")
&nbsp;&nbsp;&nbsp;&nbsp; For the Fund's allocation to the relative value strategy, Lazard invests in convertible securities, preferred securities, equity and debt, with the objective of current income, long-term capital appreciation and principal protection. At December 31, 2022, the Fund's allocation to this strategy was 13.99%.

&nbsp;&nbsp;&nbsp;&nbsp;The strategy delivered meaningful downside risk mitigation in 2022, net outperformance in major market equity and fixed income indices on both an absolute and risk adjusted basis. Positive returns across the year were driven by volatility yield and special situations. To be more specific, the notable pickup in equity volatility observed in 2022 (which at points in time led to a doubling of the Chicago Board Option Volatility Index), caused realized volatility across underlying stocks in the convertible securities marketplace to increase by approximately +50% to +75% on average. Standard deviation bands associated with gamma trading widened +50% to +100% across the year, to take advantage of this dynamic, leading to a more than a doubling of volatility yield across the strategy, as compared to the start of the year. Special Situations attribution, while muted for much of the year, accelerated into year end, with issuers largely focused on repurchasing debt and/or extending maturities (i.e. buybacks and exchange offers). Carry and macro hedges also contributed positively to returns. Strategy performance in 2022 was primarily impacted by basis cheapening, associated with long only selling, in response to the dramatic rebasing of the short end of the Treasury curve, the significant repricing of equities across the convertible securities marketplace, and the widening of corporate credit spreads.

&nbsp;&nbsp;&nbsp;&nbsp;As we look forward to 2023, the absolute value proposition, associated with the sources of return to the strategy (carry, pull to par, and volatility yield), has more than doubled on a year-over-year basis. Increased special situations activity, as outlined above, should provide a tailwind to returns. While the primary market was muted for the majority of the year, new issuance accelerated into yearend, with 70% of issuance in 2022 coming in the last five months of the year. Based on the team's channel checks, it would not be surprising to see $50 billion or more of paper issued in the first half of 2023. In addition, selling from long only bondholders has seemingly begun to exhaust itself, capital flows into the space have been robust and liquidity remains supportive of the broader opportunity set, all of which should be very supportive of the basis and valuations on a forward-looking basis.

#### Loomis, Sayles & Company, L.P. ("Loomis")
&nbsp;&nbsp;&nbsp;&nbsp;For the Fund's allocation to the relative equity long/short strategies, Loomis invests in equity securities of all market capitalization. At December 31, 2022, the Fund's allocation to Loomis was 13.56%.

&nbsp;&nbsp;&nbsp;&nbsp; Long positions in Netflix, Inc., Schlumberger Limited, Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc. and Novo Nordisk A/S were top contributors to performance. Short positions in a healthcare products company, a memory and storage company and a furniture company, also positively contributed meaningfully to performance. The short sleeve overall contributed to performance and partially offset negative absolute performance for the strategy during the year. The sleeve continues to provide the net exposure profile we desire and continues to contribute positively to long term alpha. During the year, in the long sleeve we purchased Adyen B.V., Block, Inc., Doximity, Inc., Netflix, Inc. and Tesla Inc. We added to our existing positions in The Boeing Company, Meta Platforms, Inc., and Under Armour, Inc. We sold our position in Schlumberger Limited due to an incorrect investment thesis and Cisco Systems, Inc. due to better reward to risk opportunities. We trimmed our existing positions in Monster Beverage 1990 Corporation, Novartis AG, Oracle Corporation, Regeneron Pharmaceuticals, Inc., and Vertex Pharmaceuticals Incorporated. In the short sleeve we initiated eleven new positions and covered six positions.

&nbsp;&nbsp;&nbsp;&nbsp;The strategy's objective is to generate attractive long term absolute positive returns regardless of market direction by capturing long and short alpha insights in a hedged vehicle to deliver equity like returns with below market beta and volatility. We continue to take a conservative long biased approach that retains cash proceeds from short sales which results in a typical net exposure range of 40-60%. As of December 31, 2022, the strategy's net exposure is 47.1%.

#### Westchester Capital Management, LLC ("Westchester")
&nbsp;&nbsp;&nbsp;&nbsp;For the Fund's allocation to the merger arbitrage and event driven strategy, Westchester employs a merger arbitrage strategy that invests in common stock, preferred stock, corporate debt, derivatives, total return swaps and contracts for differences and, occasionally, warrants of companies which are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin offs, liquidations and other corporate reorganizations. At December 31, 2022, the Fund's allocation to this strategy was 16.88%.

&nbsp;&nbsp;&nbsp;&nbsp; The level of merger and acquisition ("M&A") activity decreased during the second half of 2022 compared to the record setting levels of 2021 and still lofty levels of the first half. Aggressive interest rate hikes to fight inflation, a punishing market selloff, and a looming recession contributed to pro forma uncertainty for combined corporate entities. As we have stated in previous letters, while activity declined, it remained robust, given the need for companies to find growth avenues, even in a weak economic environment. For the full year global M&A activity totaled $3.65 trillion, following 2021's blockbuster year. Even with macroeconomic headwinds, 39 deals worth over $10 billion were announced in 2022.

&nbsp;&nbsp;&nbsp;&nbsp;We remain comfortable that transaction activity will remain at historically elevated levels. We continue to see asset aggregation by acquirers seeking to grow through acquisition to grow top lines or even to increase market share and realize synergies. In the first two weeks of December alone, dealmakers inked nearly $70 billion of M&A: biotech giant Amgen Inc. announced on December 12, 2022 that it would buy Horizon Therapeutics Public Limited Company for $28 billion. Thoma Bravo announced a takeover of business-spend management platform Coupa Software Inc. for $8 billion in enterprise, Novozymes A/S said it would acquire fellow enzyme maker Chr. Hansen Holding A/S for about $12 billion in the biggest ever deal involving two Danish companies, to name a few.

&nbsp;&nbsp;&nbsp;&nbsp;The strategy has an absolute return focus, and we do not manage to a benchmark. However, because merger arbitrage can be considered for potential use as a bond diversification strategy given its historically low correlation to both stocks and bonds, with volatility like a short to medium term bond, we are often compared to the Barclays Aggregate Bond Index in addition to the U.S. 3-month Treasury bill. For the fiscal year ending December 31, 2021, the Aggregate Bond

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| | |
|:---|:---|
| ![](img_835e44a5120b4f3.jpg) | **JNL Multi-Manager Alternative Fund** <br>Jackson National Asset Management, LLC *(Unaudited)* |

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index returned -13.01%, and the U.S. 3-month Treasury bill return was 1.46%.

&nbsp;&nbsp;&nbsp;&nbsp;While macro factors influence the strategy, our investment returns are almost exclusively driven by outcomes of corporate events. The top contributors were Xilinx Inc./Advanced Micro Devices Inc., Special Purpose Acquisition Companies/II-VI Inc., Swedish Match AB/Philip Morris International Inc. and Twitter Inc., while the most significant detractors were the now terminated Rogers Corporation/DuPont de Nemours, Inc., Silicon Motion, Inc./MaxLinear, Inc., Aerojet Rocketdyne Holdings, Inc./Lockheed Martin Corporation, Siltronic AG/Globalwafers Co, Ltd., and Link Administration Holdings Ltd./Dye & Durham Limited. We ended the year with 55 positions and were approximately 89% invested.

&nbsp;&nbsp;&nbsp;&nbsp;Despite economic headwinds, M&A prospects remain promising. Transaction drivers underpinning M&A in recent years – such as digital transformation, supply chain disruption, strategy optimization, and ESG considerations – have not gone away and will remain influential in 2023. Moreover, for corporate buyers with a clear strategic agenda, M&A tends to be less cyclical. Now that valuations have become more affordable, strategic buyers should be able to take advantage of lower prices and lower multiple targets opportunistically. Among S&P 500 constituents, there is $1.7 trillion in cash and short term investments sitting on corporate balance sheets, according to Prequin. Similarly, private equity firms hold a record $2.5 trillion in "dry powder" globally ($1.2 trillion in North America alone) available for deal making. With commitment deployment pressure mounting, private equity and leveraged buyout firms will likely continue their own stream of acquisitions in 2023.

&nbsp;&nbsp;&nbsp;&nbsp;The reference to derivatives refers to listed options such as calls and puts. We should note that we use derivatives to either hedge idiosyncratic exposure of individual long positions or arbitrage situations or to reduce market exposure of such positions via options on highly correlated indices or sector exchange traded funds ("ETFs").

&nbsp;&nbsp;&nbsp;&nbsp;We do not typically sell naked short options, nor do we speculate via long options. Hence, the positions generally reflect long equity positions with options written against them via long puts on the underlying or a highly correlated index/ETF.

#### Western Asset Management Company, LLC ("Western Asset")
&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, the Fund's allocation to this strategy was 8.57%.

&nbsp;&nbsp;&nbsp;&nbsp;Duration positioning was the largest detractor from performance mainly as a result of a long U.S. duration position as overall yields rose, specifically short rates. Emerging markets debt was also a detractor mainly as a result of rate exposures in Russia. Overall currency positioning was a detractor from performance with emerging and developed market currencies detracting about equally. Within developed currencies, the positive impact from short Euro exposure was offset by the negative impact of long Japanese Yen, British Pound, Canadian Dollar and Australian Dollar exposures. Within emerging currencies, the negative impact of Russian Ruble exposure was partially offset by long Brazilian Real exposure. High yield detracted from returns, mainly due to consumer non-cyclical and financial exposures. Investment grade credit also detracted as the positive impact of credit default swaps ("CDX") exposure was offset by the negative impact of financials, energy, consumer cyclicals, communications and consumer non-cyclicals.

&nbsp;&nbsp;&nbsp;&nbsp;The strategy used a number of derivative instruments to implement its positioning. Eurodollar, Euribor, SONIA, SOFR and Federal Fund futures, futures on U.S., Australian, German, Italian, Japanese and UK Treasuries, options on Eurodollar, Euribor, U.S., German and UK Treasury futures, as well as U.S., UK, Brazilian, Mexican and Russian interest rate swaps, were used to manage duration/curve positioning. Currency forwards, futures and options were utilized to manage currency positioning. Index CDX and single name CDX, as well as CDX swaptions, were used to tactically manage the Fund's sector exposures.

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| | |
|:---|:---|
| ![](img_a0335530ee644f3.jpg) | **JNL Multi-Manager Emerging Markets Equity Fund**<br>Jackson National Asset Management, LLC *(Unaudited)*  |

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#### JNL Multi-Manager Emerging Markets Equity Fund
![](img_c47e8331f3944f3.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -24.13 | % | 1 Year | -23.93% |
| 5 Year | -4.47 |  | 5 Year | -4.20 |
| 10 Year | -0.72 |  | 10 Year | -0.48 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*KAR, T. Rowe, Wellington and WCM assumed portfolio management responsibility on April 27, 2020.*

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Financials | 18.6% |
| Information Technology | 18.4 |
| Industrials | 14.3 |
| Consumer Discretionary | 11.8 |
| Consumer Staples | 10.5 |
| Communication Services | 6.5 |
| Materials | 6.3 |
| Health Care | 4.3 |
| Energy | 3.2 |
| Real Estate | 2.6 |
| Utilities | 1.6 |
| Investment Companies | 0.6 |
| Rights | - |
| Other Short Term Investments | 1.3 |
| Securities Lending Collateral | - |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL Multi-Manager Emerging Markets Equity Fund underperformed its primary benchmark by posting a return of -24.13% for Class A shares compared to -18.27% for the Morningstar Emerging Markets Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp; JNL Multi-Manager Emerging Markets Equity Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets in a variety of emerging market equity strategies managed by unaffiliated investments managers ("Sub-Advisers"). Each of the Sub-Advisers may use different investment strategies in managing the Fund, acts independently from the others, and uses its own methodology for selecting investments. The Adviser ("JNAM") is responsible for selecting the Fund's alternatives investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed the benchmark during the year due to underperformance from three out of its four underlying strategies. T. Rowe (-15.72%) was the lone strategy to outperform as its value style bias was in favor in markets and strong stock selections boosted performance. WCM (-30.94%) posted the worst returns owing to its growth bias and poor stock selections in the year. Wellington (-24.61%) underperformed due to an overweight to China while KAR (-22.56%) also saw poor stock picks, particularly in the financials and industrials.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

**Kayne Anderson Rudnick Investment Management, LLC ("KAR")**

&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, the Fund's allocation to this strategy was 19.64%.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Emerging Markets Small Cap strategy is to achieve a return meaningfully above that of the benchmark and to achieve this return objective with a portfolio that exhibits lower overall risk characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;Poor stock selection in financials and poor stock selection and an overweight in industrials detracted from performance. Good stock selection and an overweight in information technology and consumer staples contributed to performance. From a geographic perspective, poor stock selection and an overweight in Europe Ex-U.K. and an overweight in the U.K. detracted from performance. Good stock selection and an underweight in Asia Ex-Japan and good stock selection and an overweight in Latin America contributed to performance.

&nbsp;&nbsp;&nbsp;&nbsp;The biggest contributors to performance were Tegma Gestao Logistica S.A. and Boa Vista Servicos S/A. Brazil based Tegma Gestao Logistica S.A.'s strong performance over the year was largely generated in the third quarter. The overall Brazilian market outperformed and Tegma Gestao Logistica S.A. materially outperformed the Brazilian market. Auto credit conditions in Brazil are improving and management indicated that the chip shortage situation is slowly recovering while local productions by original equipment manufacturers also has been resuming. Boa Vista Servicos S/A is the second largest credit bureau in Brazil and was recently acquired, causing shares to perform. Other top contributors included Heineken Malaysia Berhad, Anhui Gujing Distillery Company Limited, and Carlsberg Brewery Malaysia Berhad.

&nbsp;&nbsp;&nbsp;&nbsp;The biggest detractors to performance were Headhunter Group PLC ("HHR") and Kaspi. HHR underperformed because of Russia's invasion of Ukraine. The business is still operating in Russia and the locally listed stock continues to trade while the shares we own listed in the U.S. have been halted. Kaspi faced challenging external factors in 2022 and the stock materially underperformed. There was a large-scale protest in Kazakhstan in January that was triggered by an increase in energy costs. In addition, the Russia Ukraine war created uncertainty for the company, as Kazakhstan's is closely tied to Russia's economy. Other bottom contributors included SaraminHR Co., Ltd., Baltic Classifieds Group PLC, and Grupa Pracuj Spolka Akcyjna.

**T. Rowe Price Associates, Inc. ("T. Rowe")**

&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, the Fund's allocation to this strategy was 29.26%.

&nbsp;&nbsp;&nbsp;&nbsp;Allocation and stock selection propelled both country and sector returns. From a country perspective, our stock choices in China contributed the most to relative returns (Yangzijiang Shipbuilding (Holdings) Ltd.). On the other hand, Russia weighed on relative performance after the U.S. and Europe imposed sanctions on Moscow shortly after it attacked Ukraine, rendering the country's market largely non-investable. Index providers MSCI and FTSE Russell both removed Russian stocks from their widely used benchmarks in March at a price that was effectively zero. Our off-benchmark position in Netherlands dragged overall performance. At the sector level, stock selection in industrials and business services (Yangzijiang

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| | |
|:---|:---|
| ![](img_449e32d3319e4f3.jpg) | **JNL Multi-Manager Emerging Markets Equity Fund**<br>Jackson National Asset Management, LLC *(Unaudited)*  |

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Shipbuilding (Holdings) Ltd.), and the underweight in information technology ("IT") boosted strategy performance for the year. Financials was the main detractor due to stock selection (Public Joint Stock Society Moscow Exchange MICEX-RTS).

&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, 2022, at the sector level the strategy was overweight the benchmark in industrials and business services, real estate, consumer staples, energy, materials and consumer discretionary. The strategy was underweight IT, communication services, health care, financials, and utilities. Our country and sector weightings are the residual of our bottom-up stock selection process and typically reflect where the portfolio manager is finding compelling investment opportunities at the individual company level.

&nbsp;&nbsp;&nbsp;&nbsp; Rising interest rates, slowing growth, geopolitical tensions, and the Ukraine Russia conflict have taken their toll on emerging markets in 2022. However, we believe that we have reason to be more constructive about emerging markets going forward. We think that the potential for a new capital expenditure cycle after many years of underinvestment should open up investment opportunities for bottom-up investors. This new capex cycle will be triggered by infrastructure spending to support post-pandemic economies, the transition to green energy, geopolitical tensions, and the disruption in global supply chains. At the corporate level, returning demand after the COVID-19 pandemic could spur investments.

&nbsp;&nbsp;&nbsp;&nbsp; While China's reopening has generated much optimism, the execution of this new policy is a major driver of demand, in our view. We think there is further upside for Chinese equities with full reopening in sight and because the initial rebound was mainly driven by mega cap growth stocks and companies under owned by foreign investors. We believe stock selection is key to capturing opportunities as any further gains should be driven by a recovery in earnings.

&nbsp;&nbsp;&nbsp;&nbsp;Finally, although permitted in accordance with strategy guidelines, derivative instruments are not used in the management of the strategy.

**WCM Investment Management, LLC ("WCM")**

&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, the Fund's allocation to this strategy was 30.27%.

&nbsp;&nbsp;&nbsp;&nbsp;Attribution analysis reveals that the majority of the strategy's underperformance can be attributed to stock selection.

&nbsp;&nbsp;&nbsp;&nbsp;From a sector allocation perspective, industrials (overweight) was the largest positive contributor to the strategy's relative performance, followed by consumer staples (overweight) and energy (no weight). On the other hand, information technology ("IT") (overweight) detracted from the strategy's relative performance, as did financials (underweight) and materials (underweight).

&nbsp;&nbsp;&nbsp;&nbsp;Looking at stock selection, materials (PI Industries Limited) was the best performing sector relative to the benchmark. On the flipside, communication services (Tencent Holdings Limited, Yandex N.V., NAVER Corporation) was the worst performing sector relative to the benchmark, followed by IT (Taiwan Semiconductor Manufacturing Company Limited, Silergy Corp., EPAM Systems, Inc.) and financials (Public Joint Stock Company Moscow Exchange MICEX-RTS, TCS Group Holding PLC, Star Health and Allied Insurance Company Limited).

&nbsp;&nbsp;&nbsp;&nbsp;From a region allocation perspective, North America (overweight) was the largest positive contributor to the strategy's relative performance, followed by South America (underweight) and West Europe (overweight). On the other hand, Mid East (no weight) detracted from our relative performance, as did Africa (underweight).

&nbsp;&nbsp;&nbsp;&nbsp; Looking at stock selection, there were no positive performing regions relative to the benchmark. On the flipside, Asia (Taiwan Semiconductor Manufacturing Company Limited, Divi's Laboratories Ltd., China Mengniu Dairy Company Limited) was the worst performing region relative to the benchmark, followed by South America (Hapvida Participacoes E Investimentos S/A, Globant S.A., Magazine Luiza S.A.) and West Europe (Wizz Air Holdings PLC, Endava PLC, BE Semiconductor Industries N.V.).

**Wellington Management Company, LLP ("Wellington")**

&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, the Fund's allocation to this strategy was 20.83%.

&nbsp;&nbsp;&nbsp;&nbsp;Security selection was the primary driver of relative underperformance. Selection within energy, information technology, and industrials drove weak relative results. This was partially offset by a positive impact from selection in financials and consumer discretionary.

&nbsp;&nbsp;&nbsp;&nbsp;Top detractors from relative performance during the year included out of benchmark holdings in Public Joint Stock Company Gazprom, Public Joint Stock Company Society Oil Company (energy), Lukoil and XPeng Inc. (consumer discretionary) Top relative contributors to performance during the year included an overweight position in Petroleo Brasileiro S/A Petrobras (Energy) and out of benchmark holdings in Vale S/A Materials and Sands China Ltd. (consumer discretionary).

&nbsp;&nbsp;&nbsp;&nbsp;The largest purchases during the year included initiating positions in Hon Hai Precision Industry Co., Ltd. (information technology) and PTT Exploration And Production Public Company Limited (energy) and increasing exposure to Banco Bradesco S.A. (financials). The largest sales during the year included trims to our exposures in Taiwan Semiconductor Manufacturing Company Limited (information technology), Tencent Holdings Limited (communication services), and Samsung Electronics Co Ltd (information technology).

&nbsp;&nbsp;&nbsp;&nbsp;At the end of the year, the strategy was most overweight to China, Hong Kong, Thailand, and Brazil. The largest underweights were to India, South Korea, and Taiwan. As a reminder, country weights are not explicitly targeted and are a fallout of bottom-up stock selection.

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| | |
|:---|:---|
| ![](img_cf820bc384bf4f3.jpg) | **JNL Multi-Manager International Small Cap Fund**<br>Jackson National Asset Management, LLC *(Unaudited)*  |

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#### JNL Multi-Manager International Small Cap Fund
![](img_aa63b84a736e4f3.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -30.44 | % | 1 Year | -30.27% |
| Since Inception | 2.85 |  | Since Inception | 3.16 |
| *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* |
| *†Inception date August 13, 2018* | *†Inception date August 13, 2018* | *†Inception date August 13, 2018* | *†Inception date August 13, 2018* | *†Inception date August 13, 2018* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 22.7% |
| Industrials | 17.0 |
| Financials | 12.8 |
| Consumer Discretionary | 12.0 |
| Health Care | 7.1 |
| Materials | 5.5 |
| Consumer Staples | 5.3 |
| Energy | 4.7 |
| Communication Services | 4.6 |
| Utilities | 3.4 |
| Real Estate | 2.9 |
| Investment Companies | - |
| Other Short Term Investments | 1.1 |
| Securities Lending Collateral | 0.9 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL Multi-Manager International Small Cap Fund underperformed its primary benchmark by posting a return of -30.44% for Class A shares compared to -20.97% for the Morningstar Global ex-US Small Cap Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp;The JNL Multi-Manager International Small Cap Fund seeks to achieve its investment objective by allocation to international small-capitalization strategies managed by unaffiliated Sub-Advisers. Each Sub-Adviser may use different investment strategies in managing the Fund, acts independently from the others, and uses its own methodology for selecting investments. The Adviser ("JNAM") is responsible for selecting the Fund's investment strategies and for determining Fund assets allocated to each Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp; Headwinds to the growth investment style had meaningful negative impacts on returns for the WCM (-41.84%) and Baillie Gifford (-38.77%) sleeves and led to the Fund's underperformance in the year. Health care, industrials, and information technology ("IT") were areas of weakness for WCM. Baillie Gifford saw relative underperformance across sectors with the worst results coming in financials and IT. Causeway (-11.23%) provided some support for the Fund with strong relative returns in the year. Stock selections drove the strategy's performance with the best results coming in industrials and financials.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### Baillie Gifford & Co. ("Baillie Gifford")
&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, the Fund's allocation to Baillie Gifford was 28.51%.

&nbsp;&nbsp;&nbsp;&nbsp;The strategy underperformed its benchmark due to weak stock selection in financials and industrials as well as an overweight to information technology. From a country perspective, the strategy underperformed its benchmark as a result of weak stock selection in Japan and the U.K. as well as an overweight to Sweden.

&nbsp;&nbsp;&nbsp;&nbsp;2022 has been a challenging year for stock markets, with a rather indiscriminate reduction of risk appetites. Amidst this, growth equity funds have most acutely seen outflows, with pressure on smaller company funds with greater exposure to the fastest-growing, young companies. As central banks have tightened monetary conditions, higher interest rates have contributed to the derating in small cap funds, especially as young businesses have faced heavier discounts on their future cash flows. We have continued to experience pressure on our shorter-term investment performance this year, leading to moments of challenge and introspection within our team and amongst our wider firm. It is worth noting that several positions that hurt performance in the last quarter or across the year remain strong contributors to longer-term numbers. We also still struggle to see what circumstances about the world might have changed strongly enough over the past year to render its selection of holdings unsuitable for the next five.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the strategy is long-term capital appreciation. The strategy seeks to meet this objective by investing in international smaller companies with excellent and underappreciated long-term growth potential. It invests with a long-term investment horizon and the ability to look through short-term volatility. This presents an opportunity to capture these immature companies' significant upside potential with regards to profit growth and, ultimately, share price appreciation.

&nbsp;&nbsp;&nbsp;&nbsp;Inflationary pressures indicate a muted macroeconomic outlook. Policymakers and central banks must balance efforts to limit inflation with the risk of overshooting, radically denting asset prices, restricting long-term capital for growth and driving hardship for consumers and businesses alike. However, the earlier environment of extremely loose monetary conditions helped support many businesses with unsustainable unit economics; moving away from it may hold some advantages for the strategy. Indeed, we believe the underlying quality of our holdings will be reflected in share-price performance as investors become more observant of business quality.

#### Causeway Capital Management LLC ("Causeway")
&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, the Fund's allocation to Causeway was 43.87%.

&nbsp;&nbsp;&nbsp;&nbsp;From a sector perspective, holdings in industrials and financials, as well as an overweighting position in energy contributed the most to performance relative to the benchmark. Holdings in materials, healthcare and consumer staples offset a portion of the performance. The top contributor was coal mining company, New Hope Corporation Limited. Additional top contributors included coal exploration & mining operator, PT Indo Tambangraya Megah Tbk, and social networking platform, Hello Group Inc. - ADR. The top detractor was lumber producer,

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| | |
|:---|:---|
| ![](img_2f759df494744f3.jpg) | **JNL Multi-Manager International Small Cap Fund**<br>Jackson National Asset Management, LLC *(Unaudited)*  |

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Interfor Corporation. Other top detractors included computer hardware manufacturer, Gigabyte Technologies Co., Ltd, and food company, Marfrig Global Foods S.A.

&nbsp;&nbsp;&nbsp;&nbsp;To evaluate stocks in our investable universe, our multi-factor quantitative model employs four bottom-up factor categories – valuation, earnings growth, technical indicators, and competitive strength – and two top-down factor categories assessing macroeconomic and country aggregate characteristics. The strategy's bottom-up value factors delivered positive returns in the fourth quarter and is the best performing factor group in 2022. Earnings growth and technical indicators were the second and third best performing alpha factor groups for the full year. Our competitive strength factor category delivered negative returns for the year. Our macroeconomic and country aggregate factor categories delivered positive returns in the year.

&nbsp;&nbsp;&nbsp;&nbsp;Signs continue to indicate an easing in U.S. inflation, which should allow the Federal Reserve to continue slowing or potentially pause interest rate hikes in the coming months. The change in expectations around U.S. monetary policy has recently led to a weakening USD. International small caps, deriving more of their revenues from local currencies compared to large caps, stand to potentially benefit from appreciating local currencies relative to the USD.

#### WCM Investment Management LLC ("WCM")
&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, the Fund's allocation to WCM was 27.62%.

&nbsp;&nbsp;&nbsp;&nbsp;Attribution analysis reveals that the majority of our underperformance can be attributed to stock selection.

&nbsp;&nbsp;&nbsp;&nbsp;From a sector allocation perspective, real estate (no weight) was the largest positive contributor to the strategy's relative performance, followed by consumer staples (overweight) and industrials (underweight). On the other hand, information technology ("IT") (overweight) detracted from our relative performance, as did health care (overweight) and energy (underweight).

&nbsp;&nbsp;&nbsp;&nbsp;Looking at stock selection, there were no positive performing sectors relative to the benchmark. On the flipside, health care (PolyPeptide Group AG, Swedencare AB, JEOL Ltd.) was the worst performing sector relative to the benchmark, followed by industrials (Wizz Air Holdings PLC, Controladora Vuela Compania de Aviacion S.A.B. de C.V. - ADR, STEICO SE) and IT (DLocal Limited, Elastic N.V., BE Semiconductor Industries N.V.).

&nbsp;&nbsp;&nbsp;&nbsp;From a region allocation perspective, South America (overweight) was the largest positive contributor to the strategy's relative performance, followed by North America (underweight). On the other hand, West Europe (overweight) detracted from our relative performance, as did Asia (underweight) and Pacific (underweight).

&nbsp;&nbsp;&nbsp;&nbsp;Looking at stock selection, Pacific (Lovisa Holdings Limited, HUB24 Limited) was the best performing region relative to the benchmark. On the flipside, West Europe (Wizz Air Holdings PLC, Endava PLC - Class A - ADR, ALK-Abello A/S) was the worst performing region relative to the benchmark, followed by Asia (JEOL Ltd., PLAID Inc., Money Forward, Inc.) and North America (Controladora Vuela Compania de Aviacion, S.A.B. de C.V. - ADR, Docebo Canada, Inc., Cargojet Inc.).

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| | |
|:---|:---|
| ![](img_d46ed6114dda4f3.jpg) | **JNL Multi-Manager Mid Cap Fund**<br>Jackson National Asset Management, LLC *(Unaudited)*  |

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#### JNL Multi-Manager Mid Cap Fund
![](img_c8a6b275d40a4f3.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -16.44 | % | 1 Year | -16.18% |
| 5 Year | 7.62 |  | 5 Year | 7.94 |
| Since Inception | 9.69 |  | Since Inception | 8.78 |
| *‡Inception date September 19, 2016* | *‡Inception date September 19, 2016* | *‡Inception date September 19, 2016* | *‡Inception date September 19, 2016* | *‡Inception date September 19, 2016* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*Nuance was added as an additional Sub-Adviser on April 27, 2020. KAR was added as an additional Sub-Adviser on April 25, 2022.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Industrials | 18.6% |
| Health Care | 15.5 |
| Information Technology | 15.2 |
| Financials | 14.6 |
| Consumer Staples | 9.7 |
| Consumer Discretionary | 7.7 |
| Materials | 4.8 |
| Real Estate | 4.4 |
| Utilities | 3.1 |
| Energy | 1.8 |
| Communication Services | 1.0 |
| Other Short Term Investments | 3.2 |
| Securities Lending Collateral | 0.4 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL Multi-Manager Mid Cap Fund underperformed its primary benchmark by posting a return of -16.44% for Class A shares compared to -16.06% for the Morningstar U.S. Mid Cap Index.

&nbsp;&nbsp;&nbsp;&nbsp; JNL Multi-Manager Mid Cap Fund seeks to achieve its investment objective by allocation amount a variety of mid-capitalization growth and value strategies managed by unaffiliated Sub-Advisers. Each Sub-Adviser may use different investment strategies in managing the Fund, acts independently from the others, and uses its own methodology for selecting investments. The Adviser ("JNAM") is responsible for selecting the Fund's investment strategies and for determining Fund assets allocated to each Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed the benchmark as outperformance from its value sleeves did not adequately offset weakness from growth style exposures. Champlain (-26.33%) and Clearbridge (-25.35%) were the biggest detractors while Victory (-2.94%) and Nuance (-4.73%) held up better. KAR (-8.03%) was added to the Fund in April and narrowly lagged its benchmark through the end of the year. Health care was an area of weakness for both Champlain and Clearbridge in the year. Champlain also saw poor results within information technology while consumer discretionary was weak for Clearbridge. Financials was an area of strength for both Victory and Nuance during the year.

#### Champlain Investments Partners, LLC ("Champlain")
&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, the Fund's allocation to Champlain was 29.33%.

&nbsp;&nbsp;&nbsp;&nbsp;Despite positive absolute returns for the fourth quarter of 2022 (a reversal from the first three quarters of the year), macro headwinds continue to increase with many economists now predicting a U.S. recession sometime in 2023. Our process' bias for reliable, growing (relevant), and relatively higher return businesses combined with the opportunity set presented by the market has led us to be somewhat more exposed to longer duration cash flows. This posture was unhelpful during the initial rate driven multiple compression drawdown beginning in November 2021 and continuing through the first half of 2022, particularly in health care and technology. While forecasting macro trends remains outside our realm of competence, investors seem to be transitioning from evaluating stocks primarily on their relative multiple of earnings, to more fundamental analysis of the resiliency of profits.

&nbsp;&nbsp;&nbsp;&nbsp;Health care was the largest detractor versus the benchmark for the year, due to poor stock selection within the equipment and supplies industry. Macroeconomic, competitive, and hospital staffing challenges impacted results (and will likely linger into 2023), but we expect these setbacks to be transient. The technology holdings underperformed due to the process driven perennial overweight of software and stock selection. Though we expect the macro environment will remain hard to predict, we continue to exploit the historic drawdown for software to accumulate durable franchises at attractive valuations. Consumer holdings outperformed, relatively, as the process driven perennial overweight of staples and underweight of discretionary was enough to offset weak selection within staples. The strategy's non exposure to energy detracted from performance, with the sector returning more than 50% for the year. We are conscious of the ESG related pressure on capital spending for exploration and production but remain reluctant to expose capital where we cannot reliably forecast cash flows.

#### ClearBridge Investments, LLC ("ClearBridge")
&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, the Fund's allocation to ClearBridge was 14.77%.

&nbsp;&nbsp;&nbsp;&nbsp;The strategy underperformed its benchmark over the year ended December 31, 2022 due to stock selection. Relative to the benchmark, stock selection in health care, consumer discretionary, industrials, energy, materials and financials and underweight allocations to energy and utilities detracted. Conversely, stock selection in information technology ("IT"), consumer staples and communication services, an overweight allocation to consumer staples and underweight allocations to communication services and real estate benefitted performance. Macro factors that spurred market turbulence persisted throughout the year, including inflationary pressures, supply chain issues and geopolitical tensions. The result was more of the same; even the highest quality companies have struggled to find their footing, and fundamentals continue to be overshadowed.

&nbsp;&nbsp;&nbsp;&nbsp;Health care was a detractor from the strategy's performance during the year, as many of our companies continued to be plagued by the headwinds from extended sales cycles and a drop off in COVID-19 revenues. We exited our position in Catalent,

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| | |
|:---|:---|
| ![](img_1889df804d7b4f3.jpg) | **JNL Multi-Manager Mid Cap Fund**<br>Jackson National Asset Management, LLC *(Unaudited)*  |

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Inc., as the challenge of navigating the company through declining COVID-19 revenue, combined with supply chain disruptions and greater cyclicality than anticipated have extended longer than we anticipated. The strategy's IT holdings were a positive contributor during the year, such as Bentley Systems, Incorporated, which provides infrastructure engineering software solutions. In addition to greater government infrastructure spending, the company's digital maintenance and monitoring products offers greater efficiency to gauge the status of infrastructure without the need to manually assess them. The stability and public reliance on infrastructure provides Bentley Systems, Incorporated with greater pricing in an inflationary environment. Finally, the company has begun investing in its customer support for smaller customers, which we expect will be accretive to long term margins.

&nbsp;&nbsp;&nbsp;&nbsp;We look forward to 2023 as potentially the year that the market's hyper focus on macro catalysts fades away and fundamentals matter more. We are confident in our holdings of both high-quality growth companies and value stocks with visibility toward improvement and know that companies with strong balance sheets and economic resiliency at compelling valuations is the key to achieving our goal.

#### Kayne Anderson Rudnick Investment Management, LLC ("KAR")
At December 31, 2022, the Fund's allocation to KAR was 9.06%.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the strategy is to achieve a return meaningfully above that of the benchmark and to achieve this return objective with a strategy that exhibits similar risk characteristics. Poor stock selection in financials and information technology detracted from performance. Good stock selection and an overweight in consumer staples and good stock selection in industrials contributed positively to performance.

&nbsp;&nbsp;&nbsp;&nbsp;The biggest contributors to performance were Celsius Holdings, Inc. and Fair Issac Corporation. Celsius Holdings, Inc. performed strongly in 2022 as the company made a name for itself through its thermogenic property. While the brand started in fitness channels, it has also expanded to convenience stores which is the most important channel for energy drinks. The company signed a landmark deal with Pepsi whereby Pepsi would become its exclusive distributor in the U.S. with options to handle international geographies over time. Fair Isaac Corporation's shares traded in a relatively narrow range in 2022 (although better than most technology companies) but performed well when the company reported strong 2023 guidance. Setting higher than expected estimates for revenue and earnings, Fair Isaac Corporation noted its strong pricing power can offset weak volumes in mortgages and autos, as well as some volume gains from personal loan originations and new channels like myFICO.com. Other top contributors included Silk Road Medical Inc., Gartner, Inc. and HealthEquity, Inc.

&nbsp;&nbsp;&nbsp;&nbsp; The biggest detractors to performance were Bill.com Holdings Inc. and Signature Bank. Despite several quarters of robust organic sales growth and gross margin expansion, Bill.com Holdings Inc.'s shares sold off alongside the broader software industry. Signature Bank's shares declined as the market questioned the company's digital asset platform given the contagion experienced in the cryptocurrency markets. While Signature Bank never had direct exposure to the underlying assets, the utility of them and thus the value of those deposits declined materially. Further, the company is experiencing a change in their fund banking business (loans to private equity), which it no longer believes is a growth area. Other bottom contributors included The Trade Desk, Inc., SiteOne Landscape Supply, Inc. and Datadog, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;2022 was a very volatile and difficult year for equity and fixed income investors. Unfortunately, there was no place to hide from losses in 2022 with investors losing money in both equities and fixed income for only the third time since 1926. The S&P 500 Index finished the year down 18.11% after rallying 7.56% in the fourth quarter. The U.S. Federal Reserve's hawkish monetary policy combined with improving supply chain issues appear to be working in reducing the core inflation rate. Inflation concerns, however, have been replaced by impending recession fears in the market. We certainly have witnessed a growth slowdown over the last year, and we are likely to see a continued growth slowdown over the next six to twelve months. The stock market seems to be already pricing in a moderate recession for 2023. Recession fears will not disappear overnight so investors should expect continued volatility in 2023 and will need to be patient. Additionally, the top-heavy S&P 500 companies, Meta Platforms, Inc., Apple Inc., Microsoft Corporation, Amazon.com, Inc., and Alphabet Inc in particular, are having significant fundamental growth issues which has not been the case since 2008. In our view, this may bode well for many small and medium sized companies, which can continue to grow in a lackluster economic environment.

#### Nuance Investments, LLC ("Nuance")
At December 31, 2022, the Fund's allocation to Nuance was 20.21%.

&nbsp;&nbsp;&nbsp;&nbsp;The strategy's stock selection in financials was a significant positive contributor to performance as our investments in the property and casualty insurance subindustry, such as The Travelers Companies, Inc., and reinsurance subindustry, such as Alleghany Corporation, outperformed in the year. The strategy's underweight of energy was a detractor from performance as geopolitical instability exacerbated a cyclical rebound in commodity prices and energy was the best performing sector in the year. The strategy's large overweight to, and positioning within, consumer staples was a positive contributor to performance as the sector outperformed in the year, and our investments in outperformers Cal-Maine Foods, Inc. and Beiersdorf Akteingesellshaft more than offset positions in underperformers such as Calavo Growers, Inc. The strategy's stock selection in health care was a detractor from performance as our investments in Baxter International Inc., Dentsply Sirona Inc., and ICU Medical, Inc. underperformed in the year. The strategy's stock selection within real estate was a positive contributor to performance as our largest real estate holding, Equity Commonwealth, executed on an accretive stock repurchase plan at a discount to our estimate of fair value and was flat in the year, more than offsetting modest underperformance by Healthcare Realty Trust Incorporated and Cousins Properties Incorporated. The strategy's stock selection within materials was a positive contributor to performance as our largest materials holding, GCP Applied Technologies, Inc. was up marginally, outperforming the benchmark. The strategy's underweight positioning in information technology, consumer discretionary and communication services contributed to performance as those sectors underperformed in the year. Our positioning in utilities and industrials was a small contributor to performance. Cash also contributed to performance as the benchmark was down in the year.

#### Victory Capital Management Inc. ("Victory")
&nbsp;&nbsp;&nbsp;&nbsp; At December 31, 2022, the Fund's allocation to Victory was 26.63%.

&nbsp;&nbsp;&nbsp;&nbsp;During the year, stock selection was the key driver of relative performance. The Russell Midcap<sup>®</sup> Value Index returns were negative across nine of the 11 major economic sectors for the year and varied widely, with only six sectors outpacing the broader Index. Energy was the top performing sector, posting a return of 52.60%. By contrast, communication services was the worst performing sector, returning -31.62%.

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| | |
|:---|:---|
| ![](img_76416d681c5d4f3.jpg) | **JNL Multi-Manager Mid Cap Fund**<br>Jackson National Asset Management, LLC *(Unaudited)*  |

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&nbsp;&nbsp;&nbsp;&nbsp;Specifically, for the strategy, stock selection in financials, information technology ("IT"), industrials and materials contributed to relative outperformance for the year. However, an overweight in IT partially offset the favorable impact of selection in the sector. An underweight in communication services (the worst performing sector) and real estate contributed to relative return. The strategy's cash position during the year also augmented performance. Conversely, an underweight in utilities and energy (the top performing sector) detracted from relative performance for the year.

&nbsp;&nbsp;&nbsp;&nbsp;The strategy's weight in the IT, health care, financials, utilities, real estate and consumer discretionary sectors increased during the year. Conversely, the strategy's weight in the consumer staples, energy, materials, communication services and industrial sectors decreased during the year. As of December 31, 2022, the strategy was overweight in industrials, IT and materials, relative to the Index. By contrast, the strategy was underweight in utilities, financials, energy, communication services, real estate, consumer discretionary, health care and consumer staples, relative to the Index. Sector weighting is a byproduct of the bottom-up security selection process and not a result of top-down tactical decisions.

------

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| | |
|:---|:---|
| ![](img_2018c44b9a714f3.jpg) | **JNL Multi-Manager Small Cap Growth Fund**<br>Jackson National Asset Management, LLC *(Unaudited)* |

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#### JNL Multi-Manager Small Cap Growth Fund
![](img_6c3723857cf44f3.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -31.08 | % | 1 Year | -30.88% |
| 5 Year | 6.69 |  | 5 Year | 7.01 |
| 10 Year | 9.05 |  | 10 Year | 9.32 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*Granahan and RS Investments assumed portfolio management responsibility on September 28, 2015. Chicago Equity was added as an additional Sub-Adviser on July 11, 2016. KAR replaced LMCG as a Sub-Adviser and assumed portfolio management responsibilities effective April 30, 2018. Baron and Segall were added as additional Sub-Advisers on April 25, 2022.* 

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| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 26.9% |
| Health Care | 20.5 |
| Industrials | 17.9 |
| Consumer Discretionary | 10.1 |
| Financials | 9.4 |
| Communication Services | 4.7 |
| Consumer Staples | 3.4 |
| Materials | 1.8 |
| Energy | 1.8 |
| Real Estate | 0.9 |
| Rights | - |
| Other Equity Interests | - |
| Other Short Term Investments | 2.1 |
| Securities Lending Collateral | 0.5 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL Multi-Manager Small Cap Growth Fund underperformed its primary benchmark by posting a return of -31.08% for Class A shares compared to -26.74% for the Morningstar U.S. Small Cap Broad Growth Extended Index.

&nbsp;&nbsp;&nbsp;&nbsp;JNL Multi-Manager Small Cap Growth Fund seeks to achieve its investment objective by investing in a variety of small cap growth strategies managed by unaffiliated investment managers ("Sub-Advisers"). Each Sub-Adviser may use different investment strategies in managing the Fund, acts independently from the others, and uses its own methodology for selecting investments. The Adviser ("JNAM") is responsible for selecting the Fund's investment strategies and for determining Fund assets allocated to each Sub-Adviser.

The Fund underperformed the benchmark during the year as just two of the six sleeves were able to outperform the benchmark. Granahan (-37.19%) posted the worst results as its aggressive growth style was out of favor and stock picking was challenged. RS Investments (-33.69%) was also weak in the year with poor stock picks coming in the health care and technology sectors. WCM (-23.16%) and KAR (-26.44%) were able to outperform the benchmark as a quality bias helped. Baron (-14.16%) and Segall (-11.13%) were added to the Fund in April and both lagged the benchmark through the end of the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### Baron Capital ("Baron")
&nbsp;&nbsp;&nbsp;&nbsp; At December 31, 2022, the Fund's allocation to Baron was 7.91%.

&nbsp;&nbsp;&nbsp;&nbsp; Stock selection in financials and information technology ("IT") contributed the most. Outperformance of the strategies' two Financials holdings, independent broker dealer LPL Financial Holdings Inc. and specialty insurer Kinsale Capital Group, Inc., added value. Favorable stock selection in IT, owing largely to digital banking platform Alkami Technology, Inc., power conversion company Advanced Energy Industries, Inc., and human capital management software leader Ceridian HCM Holding Inc., was partly offset by higher exposure to this lagging sector.

&nbsp;&nbsp;&nbsp;&nbsp;Adverse stock selection in health care, communication services, and consumer staples, lack of exposure to top performing energy, and higher exposure to lagging real estate hurt performance. Health care lagged due to transplant diagnostics company Caredx, Inc. and commercial intelligence software vendor Definitive Healthcare Corp. Within communication services, global marketing services business S4 Capital PLC and go to market business intelligence vendor ZoomInfo Technologies Inc. hampered results. Higher exposure to this lagging sector also proved costly. Performance in consumer staples was hindered by facial treatment provider The Beauty Health Company.

&nbsp;&nbsp;&nbsp;&nbsp;We invest with the goal of exceeding benchmark returns. We focus primarily on the longer term potential and valuation of our investments. We manage risk across multiple dimensions including position size (generally under 4%), industry (generally in line with the benchmark, although underexposed to cyclical energy and materials), and growth type (balanced among high growth, growth at a reasonable price, and non-correlated investments).

&nbsp;&nbsp;&nbsp;&nbsp;In the current environment, concerns about inflation and recession typically lead investors to sell riskier assets such as the earlier stage growth companies in which we invest. Additionally, inflationary periods typically coincide with rising commodity (energy, materials) prices that favor these sectors. These factors may create headwinds to our attribution results.

#### Granahan Investment Management, LLC ("Granahan")
&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, the Fund's allocation to Granahan was 24.69%.

&nbsp;&nbsp;&nbsp;&nbsp;Strong selection and allocation in energy and real estate was a bright spot this year but was not enough to offset overall headwinds. Selection in consumer staples, basic materials, telecommunications and utilities was also positive, but our underweight in those sectors detracted from gains. All other sectors produced negative attribution, with selection in financials and industrials being the largest detractors for the strategy.

&nbsp;&nbsp;&nbsp;&nbsp; The largest detractors for 2022 included: Kornit Digital Ltd., Digital Turbine USA, Inc., and Financial names Porch Group Inc, LendingTree, Inc. and Silvergate Capital Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;The year's best performance came from energy companies Array Technologies, Inc. and Enphase Energy, Inc., Evolent Health, Inc., Chart Industries, Inc. and The VitaCoco Company, Inc.

------

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| | |
|:---|:---|
| ![](img_b8c7aa11ff5e4f3.jpg) | **JNL Multi-Manager Small Cap Growth Fund**<br>Jackson National Asset Management, LLC *(Unaudited)* |

---

&nbsp;&nbsp;&nbsp;&nbsp;Inflation proving to not be transitory and the U.S. Federal Reserve's ("Fed") response to aggressively raise rates as a counterbalance – and doing so faster than has been seen in decades - crushed most asset classes in 2022. The primary factors plaguing small cap growth stocks generally are overcapacity and higher interest rates. The former is the result of an unprecedented multiyear run of Initial Public Offerings driven by a robust funding environment, while the latter reflects dramatic policy shifts by the Fed to counter inflation. While this sorting out period is driving near-term pain, it's also creating opportunities to concentrate around our highest conviction names. While Granahan's focus on disruptive small-cap companies has always lent itself to higher risk tolerance, we do not invest in narratives or vaporware. We perform deep dive due diligence on strategy candidates and continue this process on an ongoing basis, seeking to build positions in high conviction names opportunistically during periods of volatility, such as that which we are experiencing currently. We believe our holdings will outperform as the strong fundamentals of our companies are realized by investors. We remain disciplined and focused on our repeatable processes that have provided success for our clients over time.

#### Kayne Anderson Rudnick Investment Management, LLC ("KAR")
&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, the Fund's allocation to KAR was 27.88%.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the sleeve is to achieve a return meaningfully above that of the benchmark and to achieve this return objective with a Fund that exhibits lower overall risk characteristics.

&nbsp;&nbsp;&nbsp;&nbsp; Poor stock selection in consumer discretionary and an underweight in energy detracted from performance. Good stock selection in financials and good stock selection and an underweight in health care contributed positively to performance.

&nbsp;&nbsp;&nbsp;&nbsp;The biggest contributors to performance were Ollie's Bargain Outlet Holding, Inc. ("OLLI") and Autohome Inc. ("ATHM"). Over the past year, OLLI benefitted from the inflationary and potentially slowing economy by acquiring attractive inventory as a result of other retailers' supply chain difficulties. ATHM reported results that beat expectations despite Chinese lockdowns effecting local auto demand and global supply chain disruptions. Other top contributors included Ryan Specialty Group Holdings, Inc., AAON, Inc., and Aspen Technology.

&nbsp;&nbsp;&nbsp;&nbsp;The biggest detractors to performance were Bill.com Holdings Inc. ("BILL") and Fox Factory Holding Corp. ("FOXF"). Despite several quarters of robust organic sales growth and gross margin expansion, BILL's shares sold off alongside the broader software industry. FOXF's heightened demand was met with an equal amount of stock price appreciation and enthusiasm in 2021; however, that enthusiasm waned in 2022 despite the business continuing to fundamentally perform in a satisfactory manner. While we do not know the ultimate level of "normalized" demand, we believe the competitive position of FOXF's business remains intact. Other bottom contributors included Auto Trader Group PLC, Rightmove PLC, and Duck Creek Technologies, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;2022 was a very volatile and difficult year for equity and fixed income investors. Unfortunately, there was no place to hide from losses in 2022 with investors losing money in both equities and fixed income for only the third time since 1926. The S&P 500 Index finished the year down 18.11% after rallying 7.56% in the fourth quarter. The U.S. Federal Reserve's hawkish monetary policy combined with improving supply chain issues appear to be working in reducing the core inflation rate. Inflation concerns, however, have been replaced by impending recession fears in the market. We certainly have witnessed a growth slowdown over the last year, and we are likely to see a continued growth slowdown over the next six to twelve months. The stock market seems to be already pricing in a moderate recession for 2023. Recession fears will not disappear overnight so investors should expect continued volatility in 2023 and will need to be patient. Additionally, the top-heavy S&P 500 companies, Meta Platforms, Inc., Apple Inc., Microsoft Corporation, Amazon.com, Inc., and Alphabet Inc. in particular, are having significant fundamental growth issues which has not been the case since 2008. In our view, this may bode well for many small and medium sized companies, which can continue to grow in a lackluster economic environment.

#### Victory RS Investments ("RS Investments")
&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, the Fund's allocation to RS Investments was 13.22%.

&nbsp;&nbsp;&nbsp;&nbsp;During the year, the strategy's underperformance relative to the benchmark was hindered in particular by stock selection within technology and producer durables, while stock selection within energy offset a small portion of the relative underperformance.

&nbsp;&nbsp;&nbsp;&nbsp;Within technology, the largest driver of underperformance was information technology holding Avaya Holdings Corp. Avaya Holdings Corp. is a global business communications company that we initially allocated to following its partnership with RingCentral, Inc. that provided it with a strong position in the unified communications as a service space. Avaya Holdings Corp. collects royalties from its partnership with RingCentral, Inc. in return for providing RingCentral, Inc. with access to its large existing client base, resulting in higher margin revenue and long term growth prospects. Unfortunately, Avaya Holdings Corp. reported disappointing revenue that was below guidance and earnings before interest, taxes, depreciation, and amortization that was materially less than expected, as strong cloud revenue was offset by lower revenue recognition and the negative impact on the company's Russia and Ukraine exposure. Sales and management turnover gave us pause to underwrite the sustainability of their growth despite the opportunity. As a result, we decided to move on from the position.

&nbsp;&nbsp;&nbsp;&nbsp;Within energy, a driver of relative outperformance was non-renewable energy holding Diamondback Energy, Inc., an independent oil and natural gas company focused on the acquisition, development, exploration, and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. The strategy initially purchased Diamondback given the view the stock was materially undervalued given its market leadership as a best in class operator in the Permian Basin, proven ability to grow via acquisition, strong cash flow, and priority to generate cash returns versus growth. Despite some angst due to weather and service cost inflation, Diamondback Energy, Inc. solidly beat expectations and raised guidance by exceeding production targets with lower capital expenditure, while remaining committed to the capital return plan which has been underway for several quarters.

#### Segall Bryant & Hamill ("Segall")
&nbsp;&nbsp;&nbsp;&nbsp; At December 31, 2022, the Fund's allocation to Segall was 7.66%.

&nbsp;&nbsp;&nbsp;&nbsp; Segall Bryant & Hamill sub-advised the Fund beginning April 25th, 2022, through year end. During this period, the strategy underperformed its benchmark primarily due to security selection. Although not as impactful, sector allocation also had a negative impact on performance. Cash allocation was an offsetting tailwind to relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;One sector, real estate, contributed positively to the strategy's performance relative to its benchmark during the period. Conversely, the two sectors that detracted most from the strategy's performance relative to its benchmark were health care and consumer discretionary

&nbsp;&nbsp;&nbsp;&nbsp;As interest rates have risen, investors have favored companies in cyclical sectors despite typically being some of the hardest hit during economic slowdowns. Resilience in

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| | |
|:---|:---|
| ![](img_acd2f82058a04f3.jpg) | **JNL Multi-Manager Small Cap Growth Fund**<br>Jackson National Asset Management, LLC *(Unaudited)* |

---

cash flows, especially relative to typical growth sectors, has been impressive. Our positioning in fundamentally stable growth companies, as opposed to short term cyclical beneficiaries, manifested as a stylistic headwind across the strategy during the period.

&nbsp;&nbsp;&nbsp;&nbsp;Significant positive contributors included Turning Point Therapeutics, Inc. which was acquired by pharmaceutical company Bristol-Myers Squibb Company, and Medpace Holdings, Inc., a provider of outsourced clinical development services which showed continued strength in growth and backlog for future contracted services.

&nbsp;&nbsp;&nbsp;&nbsp;Major negative contributors included enterprise security software company Rapid7, Inc. and pharmacy automation tools and services provider Omnicell, Inc., both of which were sold in the period. Rapid7, Inc. struggled due to sales execution missteps and increasing competitive pressures. Omnicell, Inc. reported an abrupt slowdown in customer demand as its customer base of large health systems is under considerable financial strain, particularly due to operational disruptions given labor challenges.

&nbsp;&nbsp;&nbsp;&nbsp; As of the end of 2022, the strategy was overweight the information technology, health care and financials sectors and underweight all other sectors. We are focused, as always, on building a strategy of companies that can demonstrate fundamentally stable growth and cash flow characteristics over the long term.

#### WCM Investment Management, LLC ("WCM")
&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, the Fund's allocation to WCM was 18.63%.

&nbsp;&nbsp;&nbsp;&nbsp;Stock selection was strong in 2022 and drove the strategy's relative gains. From a selection perspective, information technology ("IT") was the strategy's most significant contributor to relative performance. Our picks in IT services and software drove the gains in the sector. Selection was also strong in industrials (professional services and building products), consumer staples (food and staples retailing), and consumer discretionary (hotels restaurants and leisure and specialty retail). Allocation slightly contributed to the strategy's relative performance. The strategy's underweights to communication services (worst in bench) and real estate were the primary contributors. The strategy's overweights to consumer staples and industrials also slightly contributed.

&nbsp;&nbsp;&nbsp;&nbsp;From a sector selection perspective, the primary detractor was health care. Our picks in biotechnology and health care technology struggled in the year. Our picks in communication services also detracted in the year. For allocation, our underweight to energy (best in bench) was the strategy's most significant detractor from relative performance as the sector posted about a 30% gain for the year. The strategy's overweight to IT and consumer discretionary also detracted.

&nbsp;&nbsp;&nbsp;&nbsp;The current market environment provides us with an opportunity to devote more time to understanding how each management team is using the slower growth period to reflect on what matters most for their business. Similar to the COVID-19 period, we want to see allocators put capital to work with the objective of focusing on their ability to grow their investment base, expand their competitive advantage, drive higher cash flow rates of return over time, and find reinvestment opportunities.

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| | |
|:---|:---|
| ![](img_1b4be748149c4f3.jpg) | **JNL Multi-Manager Small Cap Value Fund**<br>Jackson National Asset Management, LLC *(Unaudited)*  |

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#### JNL Multi-Manager Small Cap Value Fund
![](img_c547831cc7b54f3.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -12.16 | % | 1 Year | -11.93% |
| 5 Year | 4.06 |  | 5 Year | 4.36 |
| 10 Year | 7.41 |  | 10 Year | 7.68 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*Congress Asset Management Company LLP, Chicago Equity Partners, LLC, Cooke & Bieler L.P. and Cortina Asset Management, LLC assumed portfolio management responsibility on September 28, 2015. WCM Investment Management, LLC replaced PPM America, Inc. as a Sub-Adviser and assumed portfolio management responsibilities effective August 13, 2018.*

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| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Industrials | 26.6% |
| Financials | 18.4 |
| Consumer Discretionary | 14.1 |
| Health Care | 9.8 |
| Information Technology | 9.8 |
| Consumer Staples | 4.4 |
| Real Estate | 4.4 |
| Materials | 3.1 |
| Energy | 2.8 |
| Utilities | 2.0 |
| Communication Services | 0.7 |
| Investment Companies | 0.2 |
| Other Short Term Investments | 3.6 |
| Securities Lending Collateral | 0.1 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL Multi-Manager Small Cap Value Fund underperformed its primary benchmark by posting a return of -12.16% for Class A shares compared to -10.45% for the Morningstar U.S. Small Cap Broad Value Extended Index.

&nbsp;&nbsp;&nbsp;&nbsp; JNL Multi-Manager Small Cap Value Fund seeks to achieve its investment objective by investing in a variety of small cap value strategies managed by unaffiliated investment managers ("Sub-Advisers"). Each Sub-Adviser may use different investment strategies in managing the Fund, acts independently from the others, and uses its own methodology for selecting investments. The Adviser ("JNAM") is responsible for selecting the Fund's investment strategies and for determining Fund assets allocated to each Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;Three of the five sleeves trailed the benchmark leading to underperformance for the Fund in the year. Cooke & Bieler (-19.02%) delivered the most severe underperformance, hurt by weak stock picks in the industrials and consumer discretionary sectors. WCM (-14.91%) and Congress (-13.17%) also lagged by meaningful amounts. Reinhart (-3.13%) outperformed by a wide margin due to strong stock picks in the industrials and financials sectors. River Road (-8.83%) outperformed the benchmark with positive effects from stock selections across the financials, consumer staples, and consumer discretionary sectors.

#### Congress Asset Management Company LLP ("Congress")
&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, the Fund's allocation to Congress was 18.48%.

&nbsp;&nbsp;&nbsp;&nbsp;2022 was a volatile year for financial markets as higher interest rates decreased risk appetites. The fourth quarter saw a reprieve to the prior three quarters. As we look ahead, inflation remains stubbornly persistent, Russia remains aggressive in Ukraine, and antagonism between the U.S. and China is increasing. In 2022, the U.S. Federal Reserve ("Fed") raised rates seven times and is walking a fine line between inflation and unemployment. We have seen prospects improve in less innovative sectors such as energy and materials as the value of their products increase with inflation. In more innovative sectors where business prospects discount earnings further into the future, we have seen prospects diminish as rising interest rates decrease the value of future earnings and supply constraints slow growth expectations. We expect this dichotomy to continue as crosscurrents around geopolitics, COVID-19, inflation, and Fed policies persist.

&nbsp;&nbsp;&nbsp;&nbsp;Stock selection was the key driver of our relative performance and was best in materials and information technology. Positive stock selection in the quarter was driven by Matador Resources Company, EMCOR Group, Inc., Skechers U.S.A., Inc., Patrick Industries, Inc. and Shyft Group, Inc. Negative stock selection was worst in industrials and communication services and was driven by Telephone and Data Systems, Inc., Pacira Pharmaceuticals, Inc. LCI Industries, FTI Consulting, Inc. and Editas Medicine, Inc.

#### Cooke & Bieler, L.P. ("Cooke & Bieler")
&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, the Fund's allocation to Cooke & Bieler was 21.34%.

&nbsp;&nbsp;&nbsp;&nbsp;Stocks recovered strongly in the fourth quarter, but the rally was not strong enough for major indices to avoid their worst calendar year returns since 2008. Improved sentiment was driven by the slower pace of U.S. Federal Reserve ("Fed") tightening and signs inflation pressures had peaked, with markets also skirting any significant macroeconomic shocks.

&nbsp;&nbsp;&nbsp;&nbsp;The strategy lagged the benchmark for the year due both to negative allocation and stock selection effect. Within stock selection, energy holding DMC Global Inc. detracted significantly. Consumer discretionary holdings, particularly Helen of Troy Limited, Hanesbrands Inc. and Gildan Activewear Inc. were additional headwinds. All four of the aforementioned holdings have been added to during the year, as we believe the companies are undervalued. Offsetting some of this underperformance, stock selection within financials was strong, with RenaissanceRe Holdings Ltd, National Western Life Group, Inc. and FirstCash Holdings, Inc. contributing most. From an allocation perspective, the underweight to energy, the benchmark's best performing sector, continued to weigh on relative performance, making it the largest detractor for the year. The overweight to consumer discretionary was also a headwind as investors shied away from more cyclical companies in the wake of a potential economic downturn. The underweights to real estate and communication services were partial positive offsets.

&nbsp;&nbsp;&nbsp;&nbsp;With an ostensibly better line of sight on the end of the Fed's tightening cycle, investors seemed to focus more on longer term

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| | |
|:---|:---|
| ![](img_9254e6fae2044f3.jpg) | **JNL Multi-Manager Small Cap Value Fund**<br>Jackson National Asset Management, LLC *(Unaudited)*  |

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fundamentals as the year ended. The related fourth quarter underperformance within more speculative areas of the market and greater strength among enterprises with proven business models were steps in the right direction for the strategy's style of investing. Similarly, it seems many investors who were concerned about a recession are now anticipating a soft landing – a shift that benefited many of the strategy's more cyclical holdings. In addition, many of the more economically sensitive holdings had discounted a long and severe recession. Favorable absolute and relative returns in the fourth quarter represented only a partial reversion to normal valuations for many of the strategy's egregiously undervalued holdings. Remaining latent value and solid long term fundamentals are reasons we remain optimistic about the strategy's future prospects.

#### Reinhart Partners, Inc ("Reinhart")
&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, the Fund's allocation to Reinhart was 19.96%.

&nbsp;&nbsp;&nbsp;&nbsp;The strategy capped off a strong year with an excellent fourth quarter. While we never like to see our strategy value decline on an absolute basis, we were pleased to provide the downside protection that our clients expect. For the first time in more than a decade, we have enjoyed a sustained period during which it did not feel like we were fighting against stylistic headwinds in the broader stock market. Value stocks have regained market leadership over the past two years, a benefit for the strategy given our disciplined valuation framework. Of late, we have occasionally been asked whether the "value recovery" has already fully played out. After lagging by so much and for so long, it would be a surprise to us if the transition back toward value stocks has been exhausted after two short years.

&nbsp;&nbsp;&nbsp;&nbsp;A favorable market environment for our investing style has been welcome but was certainly not the only driver of outperformance during 2022. By and large, our portfolio companies reported strong financial results and remain well positioned to grow earnings power for years to come. Our focus on investing in companies with strong competitive positions has allowed these encouraging outcomes, particularly amidst a challenging economic backdrop. We have frequently emphasized the importance of competitive advantages and pricing power in prior commentaries. These factors have been particularly important in an environment where the costs of inputs, services, and labor are rising.

#### River Road Asset Management, LLC ("River Road")
&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, the Fund's allocation to River Road was 20.36%.

&nbsp;&nbsp;&nbsp;&nbsp;The sectors with the highest contribution to relative return during the year were consumer staples and financials. Consumer staples benefited from positive stock selection and an overweight allocation. Financials benefited from positive stock selection. The holdings with the highest contribution to active return in the strategy were White Mountains Insurance Group Ltd, Murphy USA Inc., and HF Sinclair Corporation. The sectors with the lowest contribution to relative return during the year were information technology ("IT") and materials. IT suffered from negative stock selection and an overweight allocation. Materials suffered from an underweight allocation and negative stock selection. The holdings with the lowest contribution to active return in the strategy were Avaya Holdings Corp., Cannae Holdings, Inc., and Advance Auto Parts, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;The objective of the strategy is to outperform the Russell 2500 Value by 200 to 400 basis points gross of fees annualized over a market cycle. The strategy does not employ volatility targets; however, the strategy seeks to minimize return volatility and the potential for permanent loss of capital by employing a policy of balanced diversification and a structured sell discipline.

&nbsp;&nbsp;&nbsp;&nbsp;A volatile yet positive quarter for stocks capped one of the most challenging years on record for investors. Large caps outperformed small caps for 2022, while value dominated growth across all cap tiers. Within the Russell 2500 Value, energy (+51.92%) had the highest total return in 2022, while communication services (-29.09%) had the lowest. It was a record year for active small cap value managers with 98% beating the index; among active small mid cap value managers, 53% outperformed in 2022.

#### WCM Investment Management, LLC ("WCM")
&nbsp;&nbsp;&nbsp;&nbsp; At December 31, 2022, the Fund's allocation to WCM was 19.85%.

&nbsp;&nbsp;&nbsp;&nbsp; Attribution analysis shows that while both allocation and selection were detractors for the year, allocation was the primary source of underperformance.

&nbsp;&nbsp;&nbsp;&nbsp;From an allocation perspective, the strategy's underweight to real estate was the primary contributor. The strategy's underweight to communications was an additional contributor. Lastly, the strategy's overweight to industrials and consumer staples also contributed.

&nbsp;&nbsp;&nbsp;&nbsp;From a selection standpoint, the strategy's picks in consumer staples and health care were the primary contributors.

&nbsp;&nbsp;&nbsp;&nbsp;From an allocation perspective, the strategy's avoidance of energy was by far the largest detractor. Additionally, the strategy's overweight to information technology and health care were additional noteworthy detractors. Finally, the strategy's avoidance of utilities was also a sizable detractor.

&nbsp;&nbsp;&nbsp;&nbsp;From a selection standpoint, the strategy's picks in financials were the largest source of underperformance. Selection within consumer discretionary, real estate and materials also detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;Over the year, the strategy endured a macro driven environment where energy and utilities were the only positive sectors in the benchmark. While the market closed 2022 with a solid quarter of performance, it was preceded by three consecutive down quarters for small cap stocks, which included the second worst first half start to a year in the Russell 2000 Value's history. While energy and utilities have led the way over the last year, we have seen our quality businesses hold up better than most. However, we continue to believe that quality businesses are on sale and have been able to take advantage of what we believe to be temporary mispricing in the market.

&nbsp;&nbsp;&nbsp;&nbsp;We do not utilize derivatives as part of our investment process; accordingly, they were not used in the strategy during the year.

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| | |
|:---|:---|
| ![](img_891fa958b4144f3.jpg) | **JNL Multi-Manager U.S. Select Equity Fund**<br>Jackson National Asset Management, LLC *(Unaudited)*  |

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| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Health Care | 23.1% |
| Information Technology | 18.3 |
| Energy | 14.3 |
| Consumer Staples | 9.6 |
| Financials | 8.4 |
| Industrials | 7.8 |
| Utilities | 6.4 |
| Consumer Discretionary | 5.2 |
| Materials | 1.4 |
| Real Estate | 1.0 |
| Other Short Term Investments | 4.5 |
| **Total Investments** | **100.0%** |

---

#### Total Return

#### Class A‡
Since Inception -2.30%

#### Class I†
Since Inception -2.20%

*‡Inception date November 15, 2022*

*†Inception date November 15, 2022*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.*

&nbsp;&nbsp;&nbsp;&nbsp;For the period, November 15, 2022 through December 31, 2022 the Fund posted a return of -2.30% for Class A shares compared to -2.93% for the Morningstar U.S. Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp;The JNL Multi-Manager U.S. Select Equity Fund seeks to achieve its investment objective by allocating to U.S. equity strategies managed by unaffiliated Sub-Advisers. Each Sub-Adviser may use different investment strategies in managing the Fund, acts independently from the others, and uses its own methodology for selecting investments. The Adviser ("JNAM") is responsible for selecting the Fund's investment strategies and for determining Fund assets allocated to each Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund was launched in November of this year. From that point through the end of the year, the Fund outperformed its benchmark due to strength from the GQG sleeve. GQG (-2.25%) outperformed the benchmark due to strength from its holdings in Exelon Corporation and UnitedHealth Group Incorporated. WCM (-5.94%) narrowly underperformed over the brief time period. Bill.com, Amazon, and Datadog were top detractors for the strategy.

#### GQG Partners, LLC ("GQG")
At December 31, 2022, the Fund's allocation to GQG was 61.65%.

&nbsp;&nbsp;&nbsp;&nbsp; From a sector perspective, during the year the strategy was helped on a relative basis by an overweight to energy, an underweight to consumer discretionary, and stock selection in energy. Relative performance was negatively impacted by stock selection in information technology ("IT"), materials, and financials.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the strategy is to achieve long term capital appreciation.

&nbsp;&nbsp;&nbsp;&nbsp;In 2022, the S&P 500 declined -18.11% with nine of the benchmark's 11 sectors posting a loss for the year. We believe that persistently high inflation is leading to more aggressive tightening from central banks, which could dampen economic growth. As a result, investors appear to be concerned that the probability of a recession is increasing. The largest declines in the year were in communication services (-39.9%), consumer discretionary (-37.0%) and IT (-28.1%). The only two sectors that posted positive returns were energy (+65.7%) and utilities (+1.5%) during the year.

&nbsp;&nbsp;&nbsp;&nbsp;Energy, healthcare and utilities are the largest overweights in the strategy with IT, consumer discretionary and communication services the largest underweights. Potential headwinds include a material slowdown in global economic activity, which could drive lower demand for crude oil and a sharp decline in commodity prices negatively impacting earnings growth in energy. A more dovish tone from central banks regarding their intention to raise interest rates could spark a risk on environment in the global equity markets and a rerating of high multiple names in IT, consumer discretionary and communication services that we are underweight. The strategy may underperform in that scenario.

#### WCM Investment Management ("WCM")
At December 31, 2022, the Fund's allocation to WCM was 38.35%.

&nbsp;&nbsp;&nbsp;&nbsp; Attribution analysis reveals that the majority of the strategy's underperformance can be attributed to stock selection.

&nbsp;&nbsp;&nbsp;&nbsp;From a sector allocation perspective, health care (overweight) was the largest positive contributor to our relative performance, followed by communication services (no weight) and energy (underweight). On the other hand, information technology ("IT") (overweight) detracted from our relative performance, as did utilities (no weight) and consumer discretionary (overweight).

&nbsp;&nbsp;&nbsp;&nbsp;Looking at stock selection, IT (Visa Inc.) was the best performing sector relative to the benchmark, followed by real estate (Rexford Industrial Realty, L.P.) and financials (Arthur J. Gallagher & Co.). On the flipside, health care (Repligen Corporation, DexCom, Inc.) was the worst performing sector relative to the benchmark, followed by consumer discretionary (Amazon.com, Inc., Floor & Decor Holdings, Inc.) and consumer staples (Costco Wholesale Corporation).

------

---

| | |
|:---|:---|
| ![](img_7f7a2062ee434f3.jpg) | **JNL S&P 500 Index Fund** <br>Mellon Investments Corporation *(Unaudited)* |

---

#### JNL S&P 500 Index Fund
![](img_26be564a6da74f3.jpg)

---

| | | |
|:---|:---|:---|
| **Total Return** | **Total Return** | **Total Return** |
| **Class I†** |  |  |
| 1 Year | -18.18 | % |
| Since Inception | 10.22 |  |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class I shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.*

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 25.2% |
| Health Care | 15.5 |
| Financials | 11.4 |
| Consumer Discretionary | 9.6 |
| Industrials | 8.4 |
| Communication Services | 7.1 |
| Consumer Staples | 7.0 |
| Energy | 5.1 |
| Utilities | 3.1 |
| Materials | 2.7 |
| Real Estate | 2.6 |
| Investment Companies | 0.7 |
| Other Short Term Investments | 1.6 |
| Securities Lending Collateral | - |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL S&P 500 Index Fund underperformed its primary benchmark by posting a return of -18.18% for Class I shares compared to -18.11% for the S&P 500 Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is to match the performance of the S&P 500 Index. The Fund is constructed to mirror the S&P 500 Index to provide long-term capital growth.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the stocks in the S&P 500 Index in proportion to their market capitalization weighting in the S&P 500 Index. The Fund attempts to replicate the S&P 500 Index by investing all or substantially all of its assets in the stocks that make up the S&P 500 Index. Indexing may offer a cost-effective investment approach to gaining diversified market exposure over the long-term.

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_43f0884ad7064f3.jpg) | **JNL/AB Sustainable Global Thematic Fund**<br>AllianceBernstein *(Unaudited)* |

---

#### JNL/AB Sustainable Global Thematic Fund
![](img_7f9eb9ac06954f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| **Class A‡** |  |  | **Class I†** |  |
| Since Inception | -6.70 | % | Since Inception | -6.40% |
| *‡Inception date April 25, 2022* | *‡Inception date April 25, 2022* | *‡Inception date April 25, 2022* | *‡Inception date April 25, 2022* | *‡Inception date April 25, 2022* |
| *†Inception date April 25, 2022* | *†Inception date April 25, 2022* | *†Inception date April 25, 2022* | *†Inception date April 25, 2022* | *†Inception date April 25, 2022* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 30.2% |
| Financials | 16.8 |
| Health Care | 16.0 |
| Industrials | 15.7 |
| Utilities | 5.4 |
| Consumer Staples | 5.2 |
| Materials | 3.0 |
| Consumer Discretionary | 3.0 |
| Other Short Term Investments | 4.7 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the period April 25, 2022 through December 31, 2022, JNL/AB Sustainable Global Thematic Fund outperformed its primary benchmark by posting a return of -6.70% for Class A shares compared to -8.58% for the Morningstar Global Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp;Global equity markets ended higher after another volatile quarter. The MSCI All Country World Index (ACWI) increased 9.8% over the fourth quarter, with the benchmark experiencing an early double-digit rally through mid-December before fading a bit into year end. The global index finished down 18.4% for the year, a significant reset after several years of healthy gains. The cumulative effect of higher interest rates on the global economy suggests a continued difficult backdrop for earnings and stocks as we enter the new year.

&nbsp;&nbsp;&nbsp;&nbsp;Value stocks outperformed growth stocks to a significant tune. Quality fundamentals outperformed, continuing the reversal, and taking back more of the ground lost in the first quarter's historically sharp low quality value rally. In spite of these style headwinds, the Fund displayed more earnings resilience than the overall market and ultimately outperformed.

&nbsp;&nbsp;&nbsp;&nbsp;Economic growth is slowing, and our base case forecasts a higher frequency of negative earnings revisions for 2023. Companies with stronger fundamentals and higher quality attributes such as low debt levels and higher returns typically perform best during such periods. Our approach favors companies with higher quality and growth attributes, though we've recently emphasized more of the former at the expense of the latter as we prepare for a volatile start to the year and potentially more pressure on equities. Our focus as thematic investors is finding private sector solutions to the world's biggest challenges. Broad shifts in the global economy take years to run their course, and global challenges such as climate mitigation, access to healthcare and infrastructure needs are not solved overnight. Importantly, companies providing solutions to these persistent and growing challenges should experience more resilient demand for their products and services than those that are reliant upon cyclical demand, in our view. We expect this to translate into more resilient earnings, which may hold increasing appeal to investors if earnings growth becomes scarcer.

&nbsp;&nbsp;&nbsp;&nbsp;Currency derivatives are only used to hedge our currency exposure to match the benchmark and this did not significantly contribute or detract from performance.

------

---

| | |
|:---|:---|
| ![](img_947b08353ef24f3.jpg) | **JNL/AQR Large Cap Defensive Style Fund** <br>AQR Capital Management, LLC *(Unaudited)* |

---

#### JNL/AQR Large Cap Defensive Style Fund
![](img_15f2741591dd4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -8.57 | % | 1 Year | -8.30% |
| Since Inception | 8.52 |  | Since Inception | 8.85 |
| *‡Inception date June 24, 2019* | *‡Inception date June 24, 2019* | *‡Inception date June 24, 2019* | *‡Inception date June 24, 2019* | *‡Inception date June 24, 2019* |
| *†Inception date June 24, 2019* | *†Inception date June 24, 2019* | *†Inception date June 24, 2019* | *†Inception date June 24, 2019* | *†Inception date June 24, 2019* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Health Care | 21.5% |
| Consumer Staples | 18.8 |
| Industrials | 13.4 |
| Financials | 10.5 |
| Information Technology | 9.7 |
| Communication Services | 5.7 |
| Utilities | 4.4 |
| Materials | 4.3 |
| Energy | 3.7 |
| Consumer Discretionary | 2.7 |
| Real Estate | 0.5 |
| Other Short Term Investments | 4.8 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/AQR Large Cap Defensive Style Fund outperformed its primary benchmark by posting a return of -8.57% for Class A shares compared to -19.43% for the Morningstar U.S. Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp; From a thematic perspective, low statistical risk, low market risk, and low fundamental risk each contributed to fund performance throughout the year. The Fund employs a diverse set of low-risk fundamental inputs and applies them in a disciplined and systematic manner. Importantly, the Fund's investment process is systematic in that our models and portfolio construction process drive the buying and selling of securities. As a reminder, the Fund pursues a defensive investment style, meaning it seeks to generate returns similar to equity markets over the long-term while realizing significantly less volatility. As such, the Fund maintains a beta below 1.0 relative to the benchmark, typically in the 0.6 – 0.8 range. Therefore, the Fund may have the propensity to underperform the benchmark during periods when the market experiences positive returns and outperform the benchmark when the market is down.

&nbsp;&nbsp;&nbsp;&nbsp; In a year when concerns around monetary policy and inflation weighed on markets, low-risk, high-quality securities outperformed and drove strong results for the Fund. Sector selection drove outperformance throughout 2022, though there was some modest contribution from stock selection within sectors as well. In sector selection, an overweight to consumer staples and underweight positions in information technology ("IT") and consumer discretionary were the most notable contributors to outperformance. Similarly, stock selection within communication services and IT were additive to outperformance in 2022. However, stock selection performance was limited by detraction from health care and utilities. The Fund ended the year with a diversified portfolio of 217 stocks. The largest sector overweights relative to the benchmark at the end of the year were in consumer staples, health care, and industrials. The largest underweights relative to the benchmark are in IT, consumer discretionary, and communication services.

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives had a negative impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_48b2483b31ab4f3.jpg) | **JNL/Baillie Gifford International Growth Fund** <br>Baillie Gifford & Co. *(Unaudited)* |

---

#### JNL/Baillie Gifford International Growth Fund
![](img_05d8fa8bbb344f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -37.23 | % | 1 Year | -37.06% |
| 5 Year | 0.73 |  | 5 Year | 1.03 |
| Since Inception | 1.33 |  | Since Inception | 1.62 |
| *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*Baillie Gifford & Co. assumed portfolio management responsibility on April 26, 2021.*

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Consumer Discretionary | 25.5% |
| Information Technology | 20.1 |
| Health Care | 19.9 |
| Communication Services | 8.8 |
| Industrials | 8.7 |
| Financials | 7.8 |
| Consumer Staples | 4.6 |
| Materials | 2.7 |
| Other Short Term Investments | 1.9 |
| Securities Lending Collateral | - |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Baillie Gifford International Growth Fund underperformed its primary benchmark by posting a return of -37.23% for Class A shares compared to -15.32% for the Morningstar Global ex-US Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp;2022 proved to be an exceptionally difficult year for investors in growth equities. Russia's shocking invasion of Ukraine seriously exacerbated the developing inflation problem through its effect on energy. Investors concerned about geopolitical risk, and the rise in interest rates, reduced the valuations they were willing to pay for profits expected to be made years in the future. Many companies that had performed strongly during the pandemic returned to their share price levels of several years ago, despite making considerable progress in the interim. The Fund's struggles were led by weak stock selection in consumer discretionary, communication services, and consumer staples as well as an overweight to information technology. From a country perspective, an overweight to China as well as stock selection in Germany and Japan weighed the most on the Fund's relative results.

&nbsp;&nbsp;&nbsp;&nbsp; Our investment approach remains unchanged: to identify a small number of exceptional growth companies that can take advantage of long-lasting trends. We back entrepreneurial companies disrupting large target markets. We focus on their prospects over the next five to ten years, with a particular emphasis on the financial return should the investment case play out to its full potential.

&nbsp;&nbsp;&nbsp;&nbsp; Many of our holdings that fit this description fared poorly in share price terms in 2022. Businesses such as music streaming leader Spotify Technology S.A., Latin American ecommerce leader MercadoLibre S.R.L, and payment technology company Adyen B.V. fell sharply despite little deterioration in their long-term prospects. Particular beneficiaries of the pandemic such as clothing ecommerce specialist Zalando SE and meal kit company HelloFresh SE also sold off heavily as concerns increased about consumer spending. Our holding in Tesla Inc. also declined sharply owing to concerns around future demand, and the distraction of CEO Elon Musk's involvement in Twitter.

&nbsp;&nbsp;&nbsp;&nbsp;An extensive period of company meetings and analysis has reinforced our confidence in the position of the Fund. The management teams of our holdings report that the growth drivers propelling their businesses remain generally intact. We are encouraging them to continue investing for the long term, whilst being mindful of the difficult economic conditions many are likely to face in the near future. We are also encouraged by our analysis of the financial resilience of the Fund. It has the profitability, cashflow and balance sheet strength to navigate a cyclical downturn. Indeed, this should be a good period for long-term oriented holdings to strengthen their market positions.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_a16b12dc18db4f3.jpg) | **JNL/Baillie Gifford U.S. Equity Growth Fund** <br>Baillie Gifford & Co. *(Unaudited)* |

---

#### JNL/Baillie Gifford U.S. Equity Growth Fund
![](img_73981fda44fc4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -55.74 | % | 1 Year | -55.62% |
| Since Inception | -42.55 |  | Since Inception | -42.38 |
| *‡Inception date April 26, 2021* | *‡Inception date April 26, 2021* | *‡Inception date April 26, 2021* | *‡Inception date April 26, 2021* | *‡Inception date April 26, 2021* |
| *†Inception date April 26, 2021* | *†Inception date April 26, 2021* | *†Inception date April 26, 2021* | *†Inception date April 26, 2021* | *†Inception date April 26, 2021* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 23.9% |
| Health Care | 22.3 |
| Consumer Discretionary | 19.7 |
| Communication Services | 15.4 |
| Industrials | 7.5 |
| Financials | 4.6 |
| Materials | 0.6 |
| Real Estate | 0.3 |
| Rights | - |
| Other Short Term Investments | 5.4 |
| Securities Lending Collateral | 0.3 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Baillie Gifford U.S. Equity Growth Fund underperformed its primary benchmark by posting a return of -55.74% for Class A shares compared to -31.71% for the Morningstar U.S. Large-Mid Cap Broad Growth Index.

&nbsp;&nbsp;&nbsp;&nbsp; 2022 was a challenging year for U.S. stock markets, and even more so for the Fund which significantly underperformed. High inflation, exacerbated by energy security concerns, ongoing global supply chain challenges and a tight domestic labor market, dominated the headlines. Higher interest rates often mean that stock market investors discount the value of future cashflows more aggressively when valuing businesses and this was evident in 2022. Stock selection within information technology, consumer discretionary, and communication services detracted the most from performance on a relative basis.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund owns several positions in companies that are early in their growth trajectory and where most of their value is based on their potential to grow substantially in the future. The share prices of many of the Fund's holdings fell significantly in the prevailing environment even though most of them are in strong operating positions. The Fund has exposure to innovation across a range of industries which should drive societal progress in the decades ahead: Healthcare businesses that may enable a move towards personalized and more affordable healthcare; businesses that are enabling the shift online of consumers and businesses; companies that are electrifying transport; that are making education easier to access, and that are supporting the re-emergence of local businesses to name just a selection of the Fund's growth drivers. The growth prospects for these businesses are far more tied to change than to overall economic activity, a feature that we think deserves far more attention.

&nbsp;&nbsp;&nbsp;&nbsp; The investment objective is to deliver significant outperformance over time periods of 5 years plus. The Fund seeks to meet this objective by identifying exceptional growth businesses and owning them for long enough that the advantages of their business models and cultural strengths become the dominant drivers of their stock prices.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund is positioned to benefit from conditions where stock prices are driven by the long-term progress of businesses. In contrast, stock market prices are currently highly sensitive to short-term news flow, particularly in relation to anything suggesting a change to the inflation outlook. These conditions may well persist in 2023 which would be a difficult environment for the Fund.

------

---

| | |
|:---|:---|
| ![](img_c5478d33dfd34f3.jpg) | **JNL/BlackRock Global Allocation Fund**<br>BlackRock Investment Management, LLC *(Unaudited)* |

---

#### JNL/BlackRock Global Allocation Fund
![](img_81a3c2d28ec74f3.jpg)

††36% S&P 500 Index, 24% FTSE World (ex-U.S.) Index, 24% Bank of America Merrill Lynch Current 5-Year U.S. Treasury Index, 16% FTSE Non-U.S. Dollar World Government Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -15.48 | % | 1 Year | -15.27% |
| 5 Year | 3.24 |  | 5 Year | 3.53 |
| 10 Year | 4.78 |  | 10 Year | 5.03 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 10.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 9.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agency MBS | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. Government Agency ABS | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Short Term Investments | 21.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Collateral | 0.5 |
| **Net Long (Short) Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/BlackRock Global Allocation Fund outperformed its primary benchmark by posting a return of -15.48% for Class A shares compared to -18.02% for the Morningstar Developed Markets Target Market Exposure Index (Net). The Fund outperformed its blended benchmark return of -15.59% for the 36% S&P 500 Index, 24% FTSE World (ex-U.S.) Index, 24% Bank of America Merrill Lynch Current 5-Year U.S. Treasury Index, 16% FTSE Non-U.S. Dollar World Government Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;Within equities, an overweight to energy, as compared to the reference benchmark, positively impacted returns. Tactical short positioning on U.S. index futures, implemented to help manage the overall beta of the Fund, contributed to performance. Stock selection within communication services added to returns. Within fixed income, exposure to securitized assets positively impacted performance. Exposure to cash and cash equivalents, which was largely help in lieu of fixed income (zero duration U.S. fixed income) as a hedge against equities, was also additive. Currency management, notably an underweight to the Euro and overweight to the U.S. Dollar, contributed to returns.

&nbsp;&nbsp;&nbsp;&nbsp;Within equities, security selection within industrials and information technology ("IT") detracted from performance. An overweight to and security selection within consumer discretionary negatively impacted returns. An underweight to consumer staples and financials also detracted. Within fixed income, an underweight to developed market government bonds relative to the reference benchmark, notably Japanese government bonds, weighed on performance. Rate derivatives, primarily modest long exposure across the U.S. yield curve (which help as a hedge in an acute risk off environment) detracted from returns.

&nbsp;&nbsp;&nbsp;&nbsp;Within equities, the Fund decreased exposure to the U.S., Europe and Asia. From a sector perspective, the Fund increased exposure to energy and decreased exposure to IT, consumer discretionary, industrials, communication services, financials and materials. Within fixed income, the Fund increased exposure to corporate and government bonds, and decreased exposure to bank loans. From a duration perspective, the Fund increased total portfolio duration from 0.4 years to 1.8 years during the year. The Fund's allocation to commodity-related securities remained unchanged. Reflecting the above changes, the Fund's cash equivalents increased.

&nbsp;&nbsp;&nbsp;&nbsp; Relative to its benchmark, the Fund was underweight equities and fixed income, overweight cash equivalents, and had minimal exposure to commodities. Within equities, the Fund's largest overweights were energy and communication services, and largest underweights were financials, industrials, consumer staples, IT and real estate. The Fund's largest underweights were in Japan and Australia. Within fixed income, the Fund was underweight developed market government bonds, and overweight credit, securitized debt and bank loans. From a duration perspective, the total portfolio duration was 1.8 years, up from 0.4 years as of December 31, 2021, vs. a benchmark duration of 2.4 years (total portfolio duration assumes equity duration of 0). From a currency perspective, the Fund had a modest overweight to the U.S. Dollar, though down from prior months, and underweight the Chinese Yuan.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives, in aggregate, modestly detracted from the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_f8a7842a8faa4f3.jpg) | **JNL/BlackRock Global Natural Resources Fund**<br>BlackRock International Limited. *(Unaudited)* |

---

#### JNL/BlackRock Global Natural Resources Fund
![](img_3b12083886304f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | 17.66 | % | 1 Year | 18.17% |
| 5 Year | 8.76 |  | 5 Year | 9.07 |
| 10 Year | 2.96 |  | 10 Year | 3.22 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*BlackRock International Limited assumed portfolio management responsibility on September 25, 2017.*

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Materials | 49.6% |
| Energy | 34.9 |
| Consumer Staples | 7.1 |
| Industrials | 5.6 |
| Other Short Term Investments | 2.8 |
| Securities Lending Collateral | - |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/BlackRock Global Natural Resources Fund outperformed its primary benchmark by posting a return of 17.66% for Class A shares compared to 9.59% for the S&P Global Natural Resources Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp; The outperformance was primarily driven by positive stock selection in the agriculture subsector of the Fund. 2022 was a challenging year for equity markets, with the MSCI All-Country World Index falling -18.4%. The losses were driven by aggressive interest rate hikes to curb inflation, fear surrounding a potential imminent recession, combined with rising geopolitical risk following the Russia Ukraine war and China's COVID-19 lockdowns.

&nbsp;&nbsp;&nbsp;&nbsp;The war caused a shift in energy supply chains and the replumbing of the world's energy systems, leading to higher energy prices. Brent Crude Oil and West Texas Instruments oil prices rose 7.2% and 6.7%, ending the period at $83/barrel and $80/barrel respectively. U.S. Henry Hub natural gas prices rose 19% to $4.4/mmbtu (1 million BTU), having peaked at $9.8/mmbtu. The European 1month forward Title Transfer Facility natural gas price peaked at over $90/mmbtu before falling back to $20.3/mmbtu.

&nbsp;&nbsp;&nbsp;&nbsp;Mining significantly outperformed broader equity markets in 2022. Most mined commodity prices were down, with iron ore, copper and aluminium prices falling -4.1%, -14.7% and -18.9% respectively. However, gold prices were up +0.4%, benefitting from a weaker U.S. Dollar in the latter parts of the year.

&nbsp;&nbsp;&nbsp;&nbsp;Within agriculture, world food prices hit a new record on the back of the impact from the war in Ukraine, due to the importance of Ukraine and Russia to corn and wheat supply. Additionally, higher energy prices and input costs, adverse weather conditions in key markets, and continued strong global demand supported prices.

Not holding Public Joint Stock Society Mining and Metallurgical Company Norilsk Nickel was among the largest individual positive contributor to relative performance as the Russian mining company was written down to zero in the benchmark.

&nbsp;&nbsp;&nbsp;&nbsp;An underweight to oilfield services energy detracted from relative returns. The oil services companies performed strongly on the increase in oil prices and on evidence of rising demand for oilfield services in the supply chain.

&nbsp;&nbsp;&nbsp;&nbsp; Not holding Mondi PLC was a contributor to returns. The paper and packaging producer had significant exposure to Russia.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_88730972c90c4f3.jpg) | **JNL/BlackRock Large Cap Select Growth Fund**<br>BlackRock Investment Management, LLC *(Unaudited)*  |

---

#### JNL/BlackRock Large Cap Select Growth Fund
![](img_4a2da421c48b4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -37.88 | % | 1 Year | -37.69% |
| 5 Year | 6.91 |  | 5 Year | 7.23 |
| 10 Year | 11.66 |  | 10 Year | 11.95 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*BlackRock Investment Management, LLC assumed portfolio management responsibility on September 16, 2013.*

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 44.5% |
| Health Care | 18.0 |
| Consumer Discretionary | 17.0 |
| Communication Services | 6.3 |
| Financials | 5.3 |
| Industrials | 4.7 |
| Energy | 1.7 |
| Materials | 1.4 |
| Real Estate | 0.6 |
| Other Short Term Investments | 0.5 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/BlackRock Large Cap Select Growth Fund underperformed its primary benchmark by posting a return of -37.88% for Class A shares compared to -31.71% for the Morningstar U.S. Large-Mid Cap Broad Growth Index.

&nbsp;&nbsp;&nbsp;&nbsp; At the sector level, information technology was a detractor from relative performance driven by stock selection in the semiconductors and semiconductor equipment industry. Notably, an off benchmark position in Marvell Technology, Inc. weighed on performance as disappointing corporate guidance reflected weakening end market demand. Additionally, an overweight position in NVIDIA Corporation underperformed as shares of high multiple technology companies faced pressure during the year. Additionally, communication services were a key detractor where security selection amongst interactive media and services names detracted from results. Specifically, an off benchmark position in Snap Inc. and an overweight position in Match Group, Inc. detracted from relative returns.

&nbsp;&nbsp;&nbsp;&nbsp;The largest contributor to relative performance was positioning in energy, driven by an overweight to the oil and gas exploration and production ("E&P") subindustry. Specifically, an overweight position in Pioneer Natural Resources Company and EQT Corporation bolstered returns. Pioneer Natural Resources Company is an oil and gas exploration and production company while EQT Corporation is a low cost natural gas producer, and both companies performed well during the tightly supplied oil and gas environment. Additionally, the Fund's cash position proved advantageous amid declining stock prices. Elsewhere in the Fund, overweight positions in TransDigm Inc. within industrials and in Visa Inc. within information technology drove relative results. Visa Inc. performed well given higher than typical inflation and the continued recovery in cross boarder travel to support earnings amidst an economic slowdown.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund entered into forward foreign currency contracts to settle transactions denominated in foreign currencies. These derivative transactions did not have a meaningful impact on the Fund's performance. Due to a combination of Fund trading activity and market movements during the year, the largest increases in active weights were in information technology and health care. Conversely, the largest reductions in active sector weights were in communication services and industrials.

------

---

| | |
|:---|:---|
| ![](img_9c5ab02f3c234f3.jpg) | **JNL/Causeway International Value Select Fund**<br>Causeway Capital Management LLC *(Unaudited)*  |

---

#### JNL/Causeway International Value Select Fund
![](img_ebc6e4b9fad44f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -7.05 | % | 1 Year | -6.74% |
| 5 Year | 0.94 |  | 5 Year | 1.24 |
| 10 Year | 3.51 |  | 10 Year | 3.77 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Industrials | 19.7% |
| Health Care | 15.5 |
| Financials | 15.4 |
| Consumer Staples | 13.9 |
| Information Technology | 12.2 |
| Consumer Discretionary | 6.4 |
| Utilities | 6.1 |
| Materials | 5.9 |
| Communication Services | 2.5 |
| Energy | 2.2 |
| Other Short Term Investments | 0.2 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Causeway International Value Select Fund underperformed its primary benchmark by posting a return of -7.05% for Class A shares compared to -6.00% for the Morningstar Developed Markets ex-North America Value Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp;Fund holdings in capital goods, technology hardware and equipment, and materials detracted from relative performance. Holdings in banks and consumer services, as well as an underweighting position in real estate offset some of the underperformance. The largest detractor was jet engine manufacturer, Rolls-Royce PLC. Additional notable detractors included electronic equipment manufacturer, Samsung Electronics Co Ltd., and robotics manufacturer, FANUC Corporation. The top contributor to return integrated resort developer and operator, Sands China Ltd. Other notable contributors included integrated oil and gas company, TotalEnergies SE, and crude oil and natural gas company, BP P.L.C.

&nbsp;&nbsp;&nbsp;&nbsp;Weak earnings and a drain of global liquidity – the opposite of the post-GFC bull market - do not bode well for equity markets in the next several months. We anticipate margins coming under pressures as higher costs flow through income statements. Nominal revenue growth may remain elevated, but real earnings growth in certain sectors appears vulnerable in our view. Lower valuations and relatively greater cyclicality in non-U.S. equity markets should give non-U.S. markets a chance to again outperform the U.S. Attractively valued cyclical stocks may deliver relatively good returns in the second half of 2023 as global markets discount post-recession recovery. Further monetary tightening should favor stocks with reasonable valuations and abundant financial strength over those where earnings expectations and multiples still appear too high. Barring another oil supply shock, we believe energy is unlikely to lead the markets to the same extent as in 2022 as global oil and gas demand – besides China – wanes. The end of the era of free money combined with sharply rising short-term interest rates may expose weaknesses in the global financial system. We remain focused on identifying management teams able to increase free cash flow, boost dividends and reward shareholders with cash or share buybacks.

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_bd35193340ca4f3.jpg) | **JNL/ClearBridge Large Cap Growth Fund**<br>ClearBridge Investments, LLC *(Unaudited)*  |

---

#### JNL/ClearBridge Large Cap Growth Fund
![](img_b38e815da5454f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -32.51 | % | 1 Year | -32.33% |
| 5 Year | 7.02 |  | 5 Year | 7.32 |
| Since Inception | 8.30 |  | Since Inception | 8.61 |
| *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 35.6% |
| Health Care | 19.6 |
| Industrials | 12.3 |
| Consumer Discretionary | 11.9 |
| Communication Services | 5.7 |
| Consumer Staples | 4.7 |
| Financials | 4.4 |
| Real Estate | 1.9 |
| Materials | 1.7 |
| Other Short Term Investments | 2.2 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/ClearBridge Large Cap Growth Fund underperformed its primary benchmark by posting a return of -32.51% for Class A shares compared to -31.71% for the Morningstar U.S. Large-Mid Cap Broad Growth Index.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund underperformed due to stock selection, while sector allocation effects benefitted performance. Stock selection in the information technology sector detracted from performance, due to drawdowns of graphics chip maker NVIDIA Corporation and software makers Salesforce, Inc., Microsoft Corporation and Atlassian Corporation, all of which lapped tough comparisons and were most directly impacted by rising rates as well as surging U.S. Dollar that caused FX losses. Stock selection in communication services was also a significant detractor, mostly due to weakness in Meta Platforms, Inc., which saw its shares derate late in the year on disappointing results and guidance, negative impacts from Apple Inc.'s privacy changes and rising expenses. A poor showing from Amazon.com, Inc., in consumer discretionary, also impacted results as the Fund's largest holding was hurt by slowing demand in its retail and cloud businesses.

&nbsp;&nbsp;&nbsp;&nbsp;Meanwhile, the Fund's overweight exposure to health care was the primary driver of performance for the year. Here the Fund is finding success outside the traditional biopharmaceutical segment with solid contributions from managed care provider UnitedHealth Group Incorporated, as well as relatively strong results compared to the overall growth market from medical device makers DexCom, Inc. and Stryker Corporation. Stock selection in consumer staples was a solid contributor, led by energy drink maker Monster Beverage 1990 Corporation and The Estee Lauder Companies Inc, an addition late in the year that is seeing a recovery in cosmetics spending as Asian markets reopen.

&nbsp;&nbsp;&nbsp;&nbsp; We see the economic environment as weak and getting weaker, with pain still to be felt on both the corporate and consumer side as the hammer of monetary policy, which acts with a lag, begins to be felt. The pandemic savings accumulated by households are eroding, with retail sales likely to struggle in the year ahead. Mega cap growth companies are struggling as much as other businesses due to downstream weakness of their clients. Despite so much uncertainty, we maintain confidence in our Fund as the active positioning we have put in place is enabling leadership franchises to flex their advantages.

------

---

| | |
|:---|:---|
| ![](img_0ed783ba32b84f3.jpg) | **JNL/DFA International Core Equity Fund**<br>Dimensional Fund Advisors LP *(Unaudited)*  |

---

#### JNL/DFA International Core Equity Fund
![](img_130e5c53d2ed4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -12.05 | % | 1 Year | -11.66% |
| Since Inception | 3.61 |  | Since Inception | 3.98 |
| *‡Inception date June 24, 2019* | *‡Inception date June 24, 2019* | *‡Inception date June 24, 2019* | *‡Inception date June 24, 2019* | *‡Inception date June 24, 2019* |
| *†Inception date June 24, 2019* | *†Inception date June 24, 2019* | *†Inception date June 24, 2019* | *†Inception date June 24, 2019* | *†Inception date June 24, 2019* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Industrials | 18.6% |
| Financials | 17.4 |
| Materials | 12.3 |
| Consumer Discretionary | 11.0 |
| Energy | 7.6 |
| Health Care | 7.5 |
| Consumer Staples | 6.7 |
| Information Technology | 6.6 |
| Communication Services | 4.9 |
| Utilities | 3.8 |
| Real Estate | 2.2 |
| Warrants | - |
| Rights | - |
| Securities Lending Collateral | 1.2 |
| Other Short Term Investments | 0.2 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/DFA International Core Equity Fund outperformed its primary benchmark by posting a return of -12.05% for Class A shares compared to -14.15% for the Morningstar Developed Markets ex-US Target Market Exposure Index.

&nbsp;&nbsp;&nbsp;&nbsp; The developed ex U.S. market had negative performance for the year. With MSCI indices used as proxies, the Developed ex U.S. market had a return of -14.8% as measured by MSCI World ex USA IMI Index (Gross). Small caps dividends underperformed large caps by 6.4% as measured by MSCI World ex USA Small Cap Index (Gross) and MSCI World ex USA Index (Gross). Large cap value stocks outperformed large cap growth stocks by 17.4% as measured by MSCI World ex USA Value Index (Gross) and MSCI World ex USA Growth Index (Gross), and small cap value stocks outperformed small cap growth stocks by 13.4% as measured by MSCI World ex USA Small Cap Value Index (Gross) and MSCI World ex USA Small Cap Growth Index Gross).

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's emphasis on value stocks contributed positively to relative performance.

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives had a negative impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_77a12c69a6a14f3.jpg) | **JNL/DFA U.S. Core Equity Fund**<br>Dimensional Fund Advisors LP *(Unaudited)*  |

---

#### JNL/DFA U.S. Core Equity Fund
![](img_ee3792e0ecb84f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -15.60 | % | 1 Year | -15.30% |
| 5 Year | 8.19 |  | 5 Year | 8.58 |
| 10 Year | 11.44 |  | 10 Year | 11.75 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 21.1% |
| Financials | 14.2 |
| Health Care | 13.4 |
| Industrials | 12.5 |
| Consumer Discretionary | 10.9 |
| Energy | 6.8 |
| Communication Services | 6.5 |
| Consumer Staples | 6.5 |
| Materials | 4.5 |
| Utilities | 3.0 |
| Real Estate | 0.3 |
| Rights | - |
| Warrants | - |
| Other Equity Interests | - |
| Other Short Term Investments | 0.2 |
| Securities Lending Collateral | 0.1 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/DFA U.S. Core Equity Fund outperformed its primary benchmark by posting a return of -15.60% for Class A shares compared to -19.48% for the Morningstar U.S. Market Extended Index.

&nbsp;&nbsp;&nbsp;&nbsp;The U.S. market had negative performance for the year. With MSCI indices used as proxies, the U.S. market had a return of -19.2% as measured by MSCI USA IMI Index (Gross). Small caps outperformed large caps by 2.5% as measured by MSCI USA Small Cap Index (Gross) and MSCI USA Large Cap Index (Gross). Large cap value stocks outperformed large cap growth stocks by 28.1% as measured by MSCI USA Large Cap Value Index (Gross) and MSCI USA Large Cap Growth Index (Gross), and small cap value stocks outperformed small cap growth stocks by 15.2% as measured by MSCI USA Small Cap Value Index (Gross) and MSCI USA Small Cap Growth Index (Gross).

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's emphasis on value stocks contributed positively to relative performance. The Fund's emphasis on high profitability stocks also contributed positively to relative performance. Additionally, the Fund's emphasis on stocks with smaller market capitalizations contributed positively to relative performance.

------

---

| | |
|:---|:---|
| ![](img_3b3e1c0382ad4f3.jpg) | **JNL/DFA U.S. Small Cap Fund**<br>Dimensional Fund Advisors LP *(Unaudited)* |

---

#### JNL/DFA U.S. Small Cap Fund
![](img_f82fb38e68db4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -13.75 | % | 1 Year | -13.48% |
| 5 Year | 5.44 |  | 5 Year | 5.82 |
| 10 Year | 9.76 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 6.82 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Industrials | 19.7% |
| Financials | 19.2 |
| Consumer Discretionary | 12.9 |
| Health Care | 12.0 |
| Information Technology | 11.4 |
| Energy | 6.6 |
| Materials | 6.2 |
| Consumer Staples | 4.4 |
| Utilities | 3.2 |
| Communication Services | 2.9 |
| Real Estate | 0.7 |
| Rights | - |
| Warrants | - |
| Other Short Term Investments | 0.4 |
| Securities Lending Collateral | 0.4 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/DFA U.S. Small Cap Fund outperformed its primary benchmark by posting a return of -13.75% for Class A shares compared to -19.26% for the Morningstar U.S. Small Cap Extended Index.

&nbsp;&nbsp;&nbsp;&nbsp;The U.S. market had negative performance for the year. With MSCI indices used as proxies, the return for the broad U.S. market as measured by the MSCI USA IMI Index (Gross) was -19.2%. Small cap securities outperformed the broad market, returning -17.2% as measured by the MSCI USA Small Cap Index (Gross).

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's exclusion of stocks with the lowest profitability and highest relative prices contributed positively to relative performance. The Fund's exclusion of stocks with high asset growth also contributed positively to relative performance. Additionally, the Fund's exclusion of real estate investment trusts contributed positively to relative performance.

------

---

| | |
|:---|:---|
| ![](img_bf97598b0a4b4f3.jpg) | **JNL/DoubleLine Core Fixed Income Fund**<br>DoubleLine Capital LP *(Unaudited)* |

---

#### JNL/DoubleLine Core Fixed Income Fund
![](img_6f381102be3d4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -13.28 | % | 1 Year | -13.02% |
| 5 Year | -0.53 |  | 5 Year | -0.23 |
| 10 Year | 0.75 |  | 10 Year | 1.00 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*DoubleLine Capital LP assumed portfolio management responsibility on September 25, 2017.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Non-U.S. Government Agency ABS | 25.3% |
| Government Securities | 23.4 |
| U.S. Government Agency MBS | 17.0 |
| Financials | 6.4 |
| Utilities | 4.1 |
| Consumer Discretionary | 2.8 |
| Energy | 2.8 |
| Industrials | 2.7 |
| Information Technology | 2.1 |
| Communication Services | 1.9 |
| Materials | 1.4 |
| Health Care | 1.4 |
| Consumer Staples | 1.2 |
| Real Estate | 1.1 |
| Rights | - |
| Warrants | - |
| Other Equity Interests | - |
| Other Short Term Investments | 6.1 |
| Securities Lending Collateral | 0.3 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/DoubleLine Core Fixed Income Fund underperformed its primary benchmark by posting a return of -13.28% for Class A shares compared to -13.01% for the Bloomberg U.S. Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;2022 proved to be a historically adverse environment for nearly every asset class, and one of the worst years on record for many fixed income sectors. In an effort to combat decades high inflation levels, the U.S. Federal Reserve ("Fed") hiked its benchmark Federal Funds Rate by 425 basis points ("bps") during the year. The combination of hawkish Fed policy and runaway inflation drove U.S. Treasury yields higher across all tenors, with the 2-year increasing 369 bps and the 10-year increasing 237 bps. As a result of the significant rate move, sector performance was largely dictated by duration. The best performing sectors of the Fund were bank loans and collateralized loan obligations as their floating rate nature kept them insulated from the price declines experienced by fixed rate securities as interest rates rose. The Fund benefitted from an overweight allocation to structured credit sectors such as asset backed securities, non-Agency mortgage-backed securities ("MBS"), and structured infrastructure bonds as these sectors outperformed the benchmark due to their shorter durations. Longer duration sectors, such as agency MBS, emerging market bonds, investment grade corporates, global bonds, and U.S. Treasurys experienced some duration related price declines and were subsequently among worst performing sectors. During the year the Fund increased its allocation to investment grade corporates, Agency MBS, non-Agency residential MBS, and U.S. Treasurys, and decreased its allocation to emerging markets, global bonds, high yield, bank loans and commercial MBS.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_320f8fbed7724f3.jpg) | **JNL/DoubleLine Emerging Markets Fixed Income Fund**<br>DoubleLine Capital LP *(Unaudited)*  |

---

#### JNL/DoubleLine Emerging Markets Fixed Income Fund
![](img_d40d4b9976954f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -15.05 | % | 1 Year | -14.78% |
| 5 Year | -0.93 |  | 5 Year | -0.64 |
| Since Inception | 1.08 |  | Since Inception | -0.61 |
| *‡Inception date April 25, 2016* | *‡Inception date April 25, 2016* | *‡Inception date April 25, 2016* | *‡Inception date April 25, 2016* | *‡Inception date April 25, 2016* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Government Securities | 32.5% |
| Energy | 18.9 |
| Financials | 16.7 |
| Materials | 11.6 |
| Utilities | 10.8 |
| Consumer Staples | 3.4 |
| Communication Services | 3.3 |
| Industrials | 2.4 |
| Information Technology | - |
| Other Equity Interests | - |
| Securities Lending Collateral | 0.4 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/DoubleLine Emerging Markets Fixed Income Fund outperformed its primary benchmark by posting a return of -15.05% for Class A shares compared to -17.78% for the JPMorgan EMBI Global Diversified Index.

&nbsp;&nbsp;&nbsp;&nbsp; We have an actively managed value oriented approach to delivering the best possible risk adjusted returns. Avoiding potential problem credits and minimizing credit losses are a critical function of the Fund's credit analysis. Over 2022, emerging markets external sovereign bonds and external corporate bonds posted negative returns in a year marked by persistent global inflationary pressures, central bank hawkishness, slowing growth, and heightened geopolitical uncertainty amid Russia's invasion of Ukraine. The negative performance of the J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified, which tracks sovereign bonds, was driven by higher U.S. Treasury yields and widening credit spreads. The spread over U.S. Treasuries widened by 84 basis points ("bps") over the year to end at 453 bps, while the U.S. Treasury yield curve flattened over the year with 2-year U.S. Treasury yields higher by 369 bps to end at 4.43% and 10-year U.S. Treasury yields higher by 236 bps to end at 3.87%. The U.S. Treasury yield curve finished the year inverted by 55 bps, as measured by the 2s10s curve.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's outperformance for the year was attributed in part to its lower exposure to European credits relative to the benchmark as Europe was the worst performing region over the year, as well as to its higher exposure to corporate credits relative to the benchmark as the corporate index outperformed the sovereign index over the year. It is worth noting that the Fund did not have any Russian exposure throughout 2022. The Fund's duration stood at 7.27 years as of December 31, 2022 (versus the benchmark's duration of 6.76 years as of December 31, 2022) down from 7.77 as of December 31, 2021. In our view, risk appetite in 2023 will be driven by expectations around the duration of central bank monetary policy tightening cycles, global growth and inflation concerns, China's reopening from COVID-19 restrictions and spillovers from the Russia Ukraine war. Other factors to watch include China Taiwan tensions and stress in the Chinese property sector.

------

---

| | |
|:---|:---|
| ![](img_443b3a09c1934f3.jpg) | **JNL/DoubleLine Shiller Enhanced CAPE Fund**<br>DoubleLine Capital LP *(Unaudited)* |

---

#### JNL/DoubleLine Shiller Enhanced CAPE Fund
![](img_8862f543a8114f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -23.70 | % | 1 Year | -23.49% |
| 5 Year | 6.82 |  | 5 Year | 7.14 |
| Since Inception | 11.53 |  | Since Inception | 8.00 |
| *‡Inception date September 28, 2015* | *‡Inception date September 28, 2015* | *‡Inception date September 28, 2015* | *‡Inception date September 28, 2015* | *‡Inception date September 28, 2015* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Non-U.S. Government Agency ABS | 50.5% |
| Government Securities | 20.2 |
| Financials | 5.6 |
| U.S. Government Agency MBS | 2.7 |
| Health Care | 2.4 |
| Consumer Discretionary | 2.2 |
| Utilities | 1.9 |
| Communication Services | 1.4 |
| Materials | 1.4 |
| Energy | 1.3 |
| Industrials | 1.1 |
| Information Technology | 1.0 |
| Consumer Staples | 1.0 |
| Real Estate | 0.5 |
| Other Short Term Investments | 6.8 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/DoubleLine Shiller Enhanced CAPE Fund underperformed its primary benchmark by posting a return of -23.70% for Class A shares compared to -18.11% for the S&P 500 Index.

&nbsp;&nbsp;&nbsp;&nbsp;The objective of the Fund is to outperform the returns of the benchmark. The Fund seeks to do this through exposure to the Shiller Barclays CAPE<sup>®</sup> U.S. Sector Index ("CAPE Index"), collateralized by a short intermediate duration multisector fixed income fund. The CAPE Index declined but outperformed the benchmark in the year, returning -17.94%. Over the course of the year, the CAPE Index was allocated to seven sectors: consumer discretionary, consumer staples, financials, healthcare, materials, technology and real estate. Six of the seven sector allocations declined in value during the year; the materials allocation was the most helpful while the real estate allocation was the least. During the year, the Fund's exposure to the CAPE Index was achieved entirely through equity index swap agreements. The use of these derivative instruments allowed the strategy to gain exposure to the Cape Index, which subtracted from the Fund's performance. The fixed income collateral portfolio contributed negatively to the Fund's returns in 2022. The two best performing sectors in the collateral portfolio were bank loans and collateralized loan obligations, which contributed positively to the Fund's returns. The two weakest sectors were Agency mortgage-backed securities and non-Agency mortgage-backed securities, which subtracted from the Fund's returns. Derivatives had a negative impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_85ebacf924974f3.jpg) | **JNL/DoubleLine Total Return Fund**<br>DoubleLine Capital LP *(Unaudited)* |

---

#### JNL/DoubleLine Total Return Fund
![](img_7c69d62a0e344f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -13.02 | % | 1 Year | -12.75% |
| 5 Year | -0.91 |  | 5 Year | -0.60 |
| Since Inception | 1.03 |  | Since Inception | -0.52 |
| *‡Inception date September 16, 2013* | *‡Inception date September 16, 2013* | *‡Inception date September 16, 2013* | *‡Inception date September 16, 2013* | *‡Inception date September 16, 2013* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| U.S. Government Agency MBS | 45.7% |
| Non-U.S. Government Agency ABS | 38.9 |
| Government Securities | 13.5 |
| Other Short Term Investments | 1.9 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/DoubleLine Total Return Fund underperformed its primary benchmark by posting a return of -13.02% for Class A shares compared to -13.01% for the Bloomberg U.S. Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;2022 proved to be a historically adverse environment for nearly every asset class, and one of the worst years on record for many fixed income sectors. In an effort to combat decades high inflation levels, the U.S. Federal Reserve ("Fed") hiked its benchmark Federal Funds Rate by 425 basis points ("bps") during the year. The combination of hawkish Fed policy and runaway inflation drove U.S. Treasury yields higher across all tenors, with the 2-year increasing 369 bps and the 10-year increasing 237 bps. The best performing sector of the Fund was collateralized loan obligations as their floating rate nature insulated them from the price declines experienced by fixed rate bonds as rates rose. The Fund's overweight to structured credit sectors such as asset backed securities, commercial mortgage-backed securities ("MBS"), and non-Agency MBS contributed to relative performance as these sectors declined less than the benchmark due to their shorter durations. The longer duration Agency MBS in the Fund experienced some duration related price declines and subsequently underperformed.

------

---

| | |
|:---|:---|
| ![](img_4ddcbd8138804f3.jpg) | **JNL/Fidelity Institutional Asset Management Total Bond Fund**<br>*FIAM LLC *(Unaudited)*  |

---

#### JNL/Fidelity Institutional Asset Management Total Bond Fund
![](img_1058614cdb9d4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -13.46 | % | 1 Year | -13.21% |
| 5 Year | 0.03 |  | 5 Year | 0.32 |
| 10 Year | 0.98 |  | 10 Year | 1.23 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*FIAM LLC assumed portfolio management responsibility on June 24, 2019.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | 25.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agency MBS | 18.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 13.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. Government Agency ABS | 9.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Short Term Investments | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Collateral | 0.5 |
| **Net Long (Short) Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Fidelity Institutional Asset Management Total Bond Fund underperformed its primary benchmark by posting a return of -13.46% for Class A shares compared to -13.01% for the Bloomberg U.S. Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp; Market dynamics during the period were decidedly negative for the vast majority of risk assets. Tight labor markets, supply chain bottlenecks, sustained demand for goods and services, and the impact of pandemic-induced fiscal and monetary liquidity injections of record levels all contributed to an environment of accelerating and broad-based inflationary conditions across much of the globe. In an effort to control price increases, monetary authorities pivoted to a tightening stance, sending interest rates on an upward trajectory. Meanwhile, there were signs that the post-pandemic expansion in the U.S. was approaching a mature phase, with indications of a slowdown in growth on the horizon. In general, risk markets suffered during the period, as participants worked to assess the impact of continued aggressive monetary tightening amid expectations for reduced economic growth. All sectors of the investable fixed income universe registered negative absolute returns, with results being notably negative across emerging markets, investment-grade credit, and longer duration assets.

&nbsp;&nbsp;&nbsp;&nbsp;The plus sector allocation delivered mixed, but overall positive results. Leveraged loans was a primary contributor during the year, as these floating rate securities benefited from favorable coupon resets as rates continued their ascent. In high yield, while the sector's absolute performance was negative, the drawdown was not as severe as most other fixed income categories, resulting in positive relative contribution to Fund returns. A small overweight to emerging markets detracted, since these bonds came under pressure during the year due in part to continued sluggishness out of China's economy, along with rising rates which affected their indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;Looking at the core investment grade portion, a modest overweight to corporates produced a set-back, though the downside was partially mitigated by an underweight to industrials, which lagged like duration Treasuries. An underweight to Agency mortgage-backed securities ("MBS") was additive, since demand for these securities was impacted by the U.S. Federal Reserve's decision to draw down its balance sheet, which includes sizeable amounts of MBS. Lastly, underweight positioning in U.S. Treasuries acted against relative returns, given most non-Treasury sectors underperformed for the year.

&nbsp;&nbsp;&nbsp;&nbsp;The overall contribution from derivatives was marginally negative, driven by periodic holdings of Treasury futures contracts which detracted due to steady rate increases across the yield curve. The contribution from exposure to interest rate swaps was muted.

------

---

| | |
|:---|:---|
| ![](img_d0164b9f37fb4f3.jpg) | **JNL/First Sentier Global Infrastructure Fund**<br>First Sentier Investors (Australia) IM Ltd. *(Unaudited)*  |

---

#### JNL/First Sentier Global Infrastructure Fund
![](img_5296244707d44f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -4.01 | % | 1 Year | -3.73% |
| 5 Year | 4.41 |  | 5 Year | 4.72 |
| 10 Year | 5.18 |  | 10 Year | 5.44 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*First Sentier Investors (Australia) IM Ltd. assumed portfolio management responsibility on August 13, 2018.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Utilities | 47.9% |
| Industrials | 33.4 |
| Energy | 8.6 |
| Real Estate | 7.8 |
| Communication Services | 1.2 |
| Other Short Term Investments | 1.1 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/First Sentier Global Infrastructure Fund underperformed its primary benchmark by posting a return of -4.01% for Class A shares compared to -0.99% for the S&P Global Infrastructure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp; The Fund uses a disciplined, bottom-up investment process with an equal emphasis on quality and valuation which aims to identify mispricing. As a result, the Fund's relative performance tends to be driven primarily by stock selection.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund invests in the shares of companies that own or operate infrastructure assets. The investment objective of the Fund is to seek total return through growth of capital and inflation protected income.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund invests in a range of global listed infrastructure assets including toll roads, airports, railroads, utilities and renewables, energy midstream, wireless towers and data centers.

&nbsp;&nbsp;&nbsp;&nbsp;Global listed infrastructure outperformed global equities and global bonds in 2022. The asset class delivered healthy earnings and dividend growth, despite significant macroeconomic uncertainty and an increased likelihood of a global recession. These outcomes were driven by a large pipeline of capital expenditure opportunities across the asset class, strong public policy support for increased infrastructure investment globally, and inflation linked pricing which led to higher operating margins in a number of sectors.

&nbsp;&nbsp;&nbsp;&nbsp; U.S. liquefied natural gas exporter Cheniere Energy, Inc. (+49.33%) outperformed as rising global demand for reliable energy supplies underpinned robust earnings upgrades. U.S. electric and gas utility Sempra Energy (+20.28%), whose assets include the Cameron liquefied natural gas export facility on the Louisiana Gulf Coast as well as regulated utility businesses in Texas and California, also outperformed on increased demand for U.S. energy exports.

&nbsp;&nbsp;&nbsp;&nbsp;However, tower stocks American Tower Corporation (-25.63%) and SBA Communications Corporation (-27.30%) detracted from performance. Both stocks were affected by investor concerns for higher interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;Global listed infrastructure consists of assets that provide essential services, and which exhibit strong pricing power, high barriers to entry, structural growth and predictable cash flows. These characteristics are likely to remain attractive to investors against a potentially challenging economic backdrop in 2023.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund entered into forward foreign currency contracts to settle transactions denominated in foreign currencies. These derivative transactions did not have a meaningful impact on the Fund's performance.

------

---

| | |
|:---|:---|
| ![](img_31142a705e9c4f3.jpg) | **JNL/Franklin Templeton Income fund**<br>Franklin Advisers, Inc. *(Unaudited)*  |

---

#### JNL/Franklin Templeton Income Fund
![](img_ee52ce3139c94f3.jpg)

††50% S&P 500 Value Index, 50% ICE Bank of America Merrill Lynch U.S. High Yield Master II Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -4.42 | % | 1 Year | -4.23% |
| 5 Year | 4.21 |  | 5 Year | 4.51 |
| 10 Year | 5.33 |  | 10 Year | 5.59 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Health Care | 13.6% |
| Equity Linked Structured Notes | 13.3 |
| Financials | 11.2 |
| Industrials | 8.8 |
| Government Securities | 7.7 |
| Consumer Discretionary | 6.9 |
| Energy | 6.7 |
| Utilities | 6.6 |
| Information Technology | 6.4 |
| Communication Services | 6.4 |
| Materials | 4.2 |
| Consumer Staples | 4.1 |
| Real Estate | 0.6 |
| Non-U.S. Government Agency ABS | 0.2 |
| U.S. Government Agency MBS | - |
| Securities Lending Collateral | 2.1 |
| Other Short Term Investments | 1.2 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Franklin Templeton Income Fund outperformed its primary benchmark by posting a return of -4.42% for Class A shares compared to -18.11% for the S&P 500 Index. The Fund outperformed its blended benchmark return of -8.11% for the 50% S&P 500 Value Index, 50% ICE Bank of America Merrill Lynch U.S. High Yield Master II Index.

&nbsp;&nbsp;&nbsp;&nbsp;During 2022, the Fund's asset mix shifted further toward fixed income, as the attractiveness of bonds increased due to broad spread widening during the year and higher government yields, while equity holdings decreased. The Fund also reduced our cash position slightly in favor of fixed income as rates rose.

&nbsp;&nbsp;&nbsp;&nbsp;Equity holdings had no significant effect on absolute returns during the year, as gains from our energy, utilities and health care holdings offset losses among information technology, financials and consumer discretionary stocks. Large energy names such as Chevron Corporation and Exxon Mobil Corporation benefited from rising oil prices across the year, while holdings in the semiconductor industry suffered from ongoing supply chain pressures.

&nbsp;&nbsp;&nbsp;&nbsp;Aggressive monetary policy tightening from the U.S. Federal Reserve affected our fixed income investments during the year as rates rose sharply and economic growth continued to slow. As a result, our U.S. Treasury holdings detracted from absolute performance due to their interest rate sensitivity. Investment grade and high yield credit holdings also detracted during a tumultuous year for bonds. A large allocation to health care proved the largest detractor, particularly issues from Bausch Health Companies Inc. and Community Health Systems, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund used derivatives as a tool in seeking efficient management of certain risks, as well as in providing an additional source of income to help the Fund reach its income generating objective.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund retains a cautious view on equities as a slower growth outlook materializes and markets digest monetary policy normalization. Within fixed income, the anticipated return from U.S. Treasuries and other high quality bonds have markedly improved recently, while we continue to extend the Fund's effective duration as the attractiveness of higher quality assets increase due to broad spread widening across the past 12 months and higher government yields. The high yield corporate bond sector continues to offer attractive income characteristics relative to the broader fixed income market, in our assessment.

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_c55ed4dc2b9f4f3.jpg) | **JNL/Goldman Sachs 4 Fund**<br>Goldman Sachs Asset Management, L.P. *(Unaudited)*  |

---

#### JNL/Goldman Sachs 4 Fund
![](img_51780388449e4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -10.92 | % | 1 Year | -10.70% |
| 5 Year | 8.13 |  | 5 Year | 8.45 |
| 10 Year | 11.37 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 9.90 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*Goldman Sachs Asset Management, L.P. assumed portfolio management responsibility on April 26, 2021.*

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 24.7% |
| Health Care | 16.1 |
| Consumer Discretionary | 12.6 |
| Financials | 9.7 |
| Communication Services | 8.7 |
| Industrials | 6.8 |
| Consumer Staples | 6.8 |
| Energy | 4.5 |
| Materials | 3.3 |
| Utilities | 3.3 |
| Real Estate | 3.0 |
| Short Term Investments | 0.5 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Goldman Sachs 4 Fund outperformed its primary benchmark by posting a return of -10.92% for Class A shares compared to -18.11% for the S&P 500 Index.

&nbsp;&nbsp;&nbsp;&nbsp;On November 14, 2022, Goldman Sachs Asset Management, L.P. took over trade execution for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;On a sector basis, five of the eleven sectors contributed positively to outperformance, driven almost entirely by positive stock selection effects. Three of the eleven sectors detracted significantly from outperformance, while the remaining three sectors were largely flat to the benchmark. Consumer discretionary, communication services, and health care were the top three contributing sectors. Consumer staples, energy, and real estate were the three negative detracting sectors to relative performance.

&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com Inc. (+0.06% average Funds weight versus, -49.62% total return, +1.20% contribution to returns), Tesla Inc. (+0.00% average Fund weight versus, -65.03% total return, +1.15% contribution to returns), Cardinal Health, Inc. (+2.07% average Fund weight versus, +54.13% total return, +1.14% contribution to returns), EOG Resources, Inc. (+2.24% average Fund weight versus, +56.89% total return, +1.02% contribution to returns), and Meta Platforms, Inc. (+0.00% average Fund weight versus, -64.22% total return, +0.94% contribution to returns) were the top stock level contributors.

&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings Public Limited Company (+1.75% average Fund weight versus, -51.41% total return, -0.75% contribution to returns), Exxon Mobil Corporation (+0.00% average Fund weight versus, +87.36% total return, -0.70% contribution to returns), Chevron Corporation (+0.00% average Fund weight versus, +58.48% total return, -0.44% contribution to returns), Lam Research Corporation (+1.22% average Fund weight versus, -40.72% total return, -0.40% contribution to returns), and NetApp, Inc. (+2.36% average Fund weight versus, -32.94% total return, -0.38% contribution to returns) were the worst stock level detractors.

&nbsp;&nbsp;&nbsp;&nbsp; The turnover in names for the 2022 tri-blend rebalance was within the historical average. The number of stocks in the Fund went from 148 to 146, with 59 new buys and 59 sells across three rebalances over the course of the period.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_ac4f3f3086694f3.jpg) | **JNL/GQG Emerging Markets Equity Fund**<br>GQG Partners LLC *(Unaudited)*  |

---

#### JNL/GQG Emerging Markets Equity Fund
![](img_d41c91f1d8a24f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -21.90 | % | 1 Year | -21.69% |
| 5 Year | 0.91 |  | 5 Year | 1.21 |
| Since Inception | 1.82 |  | Since Inception | 2.12 |
| *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Financials | 26.6% |
| Energy | 22.5 |
| Consumer Staples | 16.1 |
| Materials | 10.2 |
| Utilities | 4.9 |
| Communication Services | 4.7 |
| Information Technology | 4.4 |
| Health Care | 3.2 |
| Industrials | 0.8 |
| Consumer Discretionary | 0.3 |
| Real Estate | 0.2 |
| Securities Lending Collateral | 3.9 |
| Other Short Term Investments | 2.2 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/GQG Emerging Markets Equity Fund underperformed its primary benchmark by posting a return of -21.90% for Class A shares compared to -18.15% for the Morningstar Emerging Markets Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The investment objective of the fund is to achieve long-term capital appreciation. From a sector perspective, during the year the Fund was helped on a relative basis by stock selection in energy, an underweight to information technology ("IT"), and an overweight to financials. Relative performance was negatively impacted by stock selection in financials, stock selection in consumer discretionary, and stock selection in IT.

&nbsp;&nbsp;&nbsp;&nbsp;From a country perspective, the Fund was helped on a relative basis by stock selection in the Netherlands, an overweight to Brazil, and an overweight to India. Relative performance was negatively impacted by an overweight to Russia, an overweight to the Netherlands, and an underweight to China.

&nbsp;&nbsp;&nbsp;&nbsp;All eleven sector posted losses during the year with the largest declines in IT, communication services, and energy. From a country perspective, 13 of the 20 largest benchmark constituents had a negative return for the year. The laggards included South Korea, Taiwan and China.

&nbsp;&nbsp;&nbsp;&nbsp;Potential headwinds include a material slowdown in global economic activity, which could drive lower demand for crude oil and a sharp decline in commodity prices negatively impacting earnings growth in energy. A more dovish tone from central banks regarding their intention to raise interest rates could spark a risk-on environment in the global equity markets and a rerating of high multiple names in IT and consumer discretionary that we are underweight. The Fund may underperform in that scenario. Other potential headwinds include a sustained increase in fiscal spending from the new presidential administration in Brazil stoking inflation and forcing its central bank to maintain elevated interest rates that may curb consumer activity.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_c08f77ab55d94f3.jpg) | **JNL/Harris Oakmark Global Equity Fund**<br>Harris Associates, L.P. *(Unaudited)*  |

---

#### JNL/Harris Oakmark Global Equity Fund
![](img_e998f86df8c04f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -15.99 | % | 1 Year | -15.79% |
| 5 Year | 2.06 |  | 5 Year | 2.35 |
| Since Inception | 4.04 |  | Since Inception | 2.66 |
| *‡Inception date April 27, 2015* | *‡Inception date April 27, 2015* | *‡Inception date April 27, 2015* | *‡Inception date April 27, 2015* | *‡Inception date April 27, 2015* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Financials | 24.9% |
| Consumer Discretionary | 20.8 |
| Information Technology | 14.6 |
| Communication Services | 14.3 |
| Health Care | 9.9 |
| Industrials | 7.8 |
| Materials | 4.1 |
| Consumer Staples | 2.5 |
| Other Short Term Investments | 1.1 |
| Securities Lending Collateral | - |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Harris Oakmark Global Equity Fund outperformed its primary benchmark by posting a return of -15.99% for Class A shares compared to -18.02% for the Morningstar Developed Markets Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp; The Fund outperformed its benchmark, owing to strong outcomes from stock selection, while weighting disparities hurt performance. On a geographic basis, Germany and the U.S. generated the top results, while exposure to South Korea and a lack of exposure to Australia generated among the worst relative performers. On a sector basis, technology and materials delivered the best relative results. Communication services and energy were the largest relative detractors.

&nbsp;&nbsp;&nbsp;&nbsp;The primary long term goal for this Fund is to achieve a high absolute rate of return.

&nbsp;&nbsp;&nbsp;&nbsp; Major global markets generally experienced relief in the fourth quarter after equity markets had declined meaningfully throughout the first three quarters of 2022. Inflation, central bank increases in interest rates, the war in Ukraine, supply chain conditions, and energy prices were some of the key challenges markets faced in 2022.

&nbsp;&nbsp;&nbsp;&nbsp;The share price of top performer Glencore PLC was volatile early in the year and rose mainly in the third and fourth quarters. Throughout the year, the company delivered what we view as strong fundamental performance, and we remain pleased with management's efforts.

&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc. was a bottom performer, and we believe results throughout the year were mostly pressured by macro headwinds. We appreciated that management noted several times on the most recent earnings call that the company is "sharpening focus" on the biggest growth priorities and "moderating operating expense growth" for 2023.

&nbsp;&nbsp;&nbsp;&nbsp;At year end, the Fund's equities spanned nine countries in four regions. The weighting in France increased by 3% and decreased 4% in Switzerland. The Fund gained exposure to Denmark and no longer has exposure to Japan, Mexico or South Africa. The Fund no longer has exposure to the Latin America regions. The Fund ended 2022 with exposure to eight sectors, and a 5% increase in consumer discretionary and technology, 3% increase in industrials, a 6% decrease in health care, 4% decrease in consumer staples and no exposure to energy.

&nbsp;&nbsp;&nbsp;&nbsp;Generally, the Fund's only derivative use is foreign currency forwards for hedging purposes. The Fund may implement currency hedging when it views that a currency is overvalued by more than 20% of its estimated purchasing power parity. The Fund's Swiss franc hedges contributed 0.12% to performance in 2022.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_0849b3aef9f24f3.jpg) | **JNL/Heitman U.S. Focused Real Estate Fund**<br>Heitman Real Estate Securities, LLC *(Unaudited)*  |

---

#### JNL/Heitman U.S. Focused Real Estate Fund
![](img_eb843117ecaf4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -25.74 | % | 1 Year | -25.55% |
| Since Inception | 4.38 |  | Since Inception | 4.69 |
| *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* |
| *†Inception date August 13, 2018* | *†Inception date August 13, 2018* | *†Inception date August 13, 2018* | *†Inception date August 13, 2018* | *†Inception date August 13, 2018* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Real Estate | 100.0% |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Heitman U.S. Focused Real Estate Fund underperformed its primary benchmark by posting a return of -25.74% for Class A shares compared to -25.21% for the Morningstar U.S. REIT Index.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund remains focused on the opportunities presented in these volatile markets by focusing on stocks with identifiable catalysts and strong secular trends. Additionally, we have increased our focus on higher quality assets and strong balance sheets while taking risks where lower quality opportunities arise.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's overweight position in healthcare and strong stock selection contributed the greatest amount of returns. Whilst the sector fell broadly in line with the real estate investment trust ("REIT") index, holdings in Alexandria Real Estate Equities, Inc. and Ventas, Inc. added the most to performance, offset somewhat by Healthpeak Properties, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. holds a sizeable senior housing portfolio which reported occupancy gains better than expected throughout the first quarter of the year. We added value through our underweight in Alexandria Real Estate Equities, Inc. which raised $1.7 billion of equity in January.

&nbsp;&nbsp;&nbsp;&nbsp;At the other end of attribution, specialty property, held underweight during the year, underperformed for the Fund. VICI Properties Inc. and EPR Properties detracted. VICI Properties Inc. was held underweight and purchased $17 billion MGM Growth Properties Operating Partnership LP 15 property portfolio during the year. EPR Properties, held overweight, with investments in amusement parks, movie theatres, ski resorts, and other entertainment properties, fell on the back of a short seller's report citing concerns with the financial outlook for key tenants: Cineworld Group PLC, which filed for bankruptcy earlier in the year and AMC Entertainment Holdings, Inc., the REIT's largest tenant. Gaming and Leisure Properties, Inc. held overweight, added the most. The REIT, which owns and leases casinos and lodging facilities was the sector's best performer and raised $1.0 billion in the final quarter of the year.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_2660e98a3ba64f3.jpg) | **JNL/Invesco Diversified Dividend Fund**<br>Invesco Advisers, Inc. *(Unaudited)*  |

---

#### JNL/Invesco Diversified Dividend Fund
![](img_98e4aa8b84bc4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -1.97 | % | 1 Year | -1.72% |
| 5 Year | 6.09 |  | 5 Year | 6.42 |
| Since Inception | 6.43 |  | Since Inception | 6.76 |
| *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Health Care | 19.9% |
| Financials | 18.3 |
| Industrials | 10.5 |
| Energy | 10.4 |
| Information Technology | 9.0 |
| Consumer Staples | 7.9 |
| Consumer Discretionary | 6.5 |
| Utilities | 5.6 |
| Communication Services | 3.9 |
| Real Estate | 1.9 |
| Materials | 1.8 |
| Other Short Term Investments | 4.3 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Invesco Diversified Dividend Fund outperformed its primary benchmark by posting a return of -1.97% for Class A shares compared to -6.93% for the Morningstar U.S. Large-Mid Cap Broad Value Index.

&nbsp;&nbsp;&nbsp;&nbsp;Within the Fund's benchmark, energy was the best-performing sector, while communication services, information technology ("IT") and real estate were the worst-performing sectors during the year. Outperformance versus the benchmark was broad based, with the Fund outperforming the benchmark in nine of eleven sectors. Stock selection in health care, industrials and financials contributed the most to the Fund's performance relative to the benchmark. An underweight position in communication services also helped relative Fund performance. Stock selection in consumer staples detracted the most from the Fund's relative performance during the year.

&nbsp;&nbsp;&nbsp;&nbsp;During the year, holdings in energy and health care were among the largest contributors to the Fund's absolute performance. Oil & gas exploration and production company ConocoPhillips was among the largest contributors to absolute Fund performance. Shares of the company rose along with energy in general during much of the year. Investors also reacted favorably to the announcement of ConocoPhillips' acquisition of Royal Dutch Shell's shale assets in the Permian Basin, which closed in the fourth quarter of 2021. Pharmaceutical company Merck & Co., Inc. was also a large contributor to overall Fund performance for the year. Merck and Co., Inc. sales were driven by higher than forecasted oncology and vaccine revenues for much of the year. Underlying strength across its core franchises led to an increase in sales and earnings guidance going forward as well.

&nbsp;&nbsp;&nbsp;&nbsp; Holdings within communication services and IT were among the largest detractors from absolute Fund performance. Telecom services company Comcast Corporation was the largest detractor from overall performance during the year. Shares of the company fell following a disappointing second quarter earnings report in which the company beat revenue and earnings forecasts but reported no growth in its lucrative broadband internet subscriber base as the company has faced increased competition from wireless carriers and other fiber providers. IT services provider Cognizant Technology Solutions Corporation was also among the largest detractors from overall performance. Shares of the company fell as management reported disappointing financial results for much of the year due mainly to a challenging macroeconomic backdrop. We sold our position in Cognizant Technology Solutions Corporation toward the end of the year due to a lack of progress on the company's turnaround plan. We also believed that solving the company's labor challenges would be more difficult and would take longer to solve than previously anticipated.

&nbsp;&nbsp;&nbsp;&nbsp; During the year, the Fund took advantage of market volatility by initiating several new positions and exiting a number of positions as well. While sector exposure versus the benchmark remains generally balanced, the largest overweight positions were in health care and energy. The largest underweight positions were in communication services and consumer staples as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_dba195d3bec84f3.jpg) | **JNL/Invesco Global Growth Fund**<br>Invesco Advisers, Inc. *(Unaudited)* |

---

#### JNL/Invesco Global Growth Fund
![](img_60468148aafe4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -32.23 | % | 1 Year | -32.02% |
| 5 Year | 2.69 |  | 5 Year | 3.00 |
| 10 Year | 7.59 |  | 10 Year | 7.86 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 30.8% |
| Consumer Discretionary | 16.0 |
| Communication Services | 14.5 |
| Industrials | 13.9 |
| Health Care | 12.7 |
| Financials | 7.3 |
| Real Estate | 3.5 |
| Materials | 0.3 |
| Consumer Staples | 0.2 |
| Other Short Term Investments | 0.7 |
| Securities Lending Collateral | 0.1 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Invesco Global Growth Fund underperformed its primary benchmark by posting a return of -32.23% for Class A shares compared to -18.04% for the Morningstar Global Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock selection in consumer discretionary and real estate contributed to relative performance. Stock selection in communication services and health care, as well as an overweight allocation to and stock selection in information technology, detracted most from relative performance.

&nbsp;&nbsp;&nbsp;&nbsp; Geographically, the Fund's overweight allocation to Denmark and India, as well as zero exposure to Russia, added most to relative performance. Stock selection in the United States, Japan and Switzerland detracted most from relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;The top three individual contributors to performance during the year were Novo Nordisk A/S, ICICI Bank Limited and Brunello Cucinelli S.p.A. Novo Nordisk A/S is the world's leading maker of diabetes care products. Last year, it introduced Wegovy, for weight loss. Given the propensity toward obesity, this product should see continued high demand. ICICI Bank Limited is an Indian multinational bank and financial services company. India remains a structurally underbanked nation with attractive demographics. They have continued to ramp up their digital initiatives to drive long term growth. Brunello Cucinelli S.p.A. is an Italian luxury fashion brand that has been resilient amidst a turbulent market environment. The company has experienced soaring brand awareness especially in the U.S. and Asia.

&nbsp;&nbsp;&nbsp;&nbsp;The top three individual detractors from performance were Alphabet Inc., Meta Platforms, Inc. and Intuit Inc. Alphabet Inc. proved to be more resilient than other companies amid a lot of conjecture about a slowdown in ad spending across the industry this year. Alphabet Inc. has benefitted from the digital transformation to the cloud which remains a top priority for many businesses. Meta Platforms, Inc. has been reworking their ad architecture due to Apple Inc.'s new privacy restrictions, but this may take some time. The market also seems to be concerned with the firm's metaverse strategy. The firm plans to invest significantly more in than was projected in 2023. Intuit Inc. aspires to be the de facto operating platform for small and medium size businesses. Quickbooks, TurboTax, MailChimp and Credit Karma have all been well executed acquisitions and the company continues to bolster its offerings. Some of the recent pullback reflects concerns about the US economic outlook. Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_b69366c10cf84f3.jpg) | **JNL/Invesco Small Cap Growth Fund**<br>Invesco Advisers, Inc. *(Unaudited)* |

---

#### JNL/Invesco Small Cap Growth Fund
![](img_54b99919f7364f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -35.30 | % | 1 Year | -35.12% |
| 5 Year | 4.20 |  | 5 Year | 4.51 |
| 10 Year | 9.75 |  | 10 Year | 10.02 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Health Care | 22.5% |
| Information Technology | 21.6 |
| Industrials | 17.5 |
| Consumer Discretionary | 12.7 |
| Financials | 5.7 |
| Energy | 5.0 |
| Consumer Staples | 4.4 |
| Communication Services | 2.3 |
| Utilities | 1.7 |
| Real Estate | 1.7 |
| Materials | 1.1 |
| Other Short Term Investments | 3.8 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Invesco Small Cap Growth Fund underperformed its primary benchmark by posting a return of -35.30% for Class A shares compared to -26.74% for the Morningstar U.S. Small Cap Broad Growth Extended Index.

&nbsp;&nbsp;&nbsp;&nbsp; Stock selection detracted from several sectors including health care, industrials, materials, information technology ("IT"), consumer staples, and consumer discretionary. Stock selection in energy was also a headwind, but the Fund's underweight relative to the benchmark was a bigger detractor to performance. An overweight relative to the benchmark in IT and consumer discretionary also detracted.

&nbsp;&nbsp;&nbsp;&nbsp; Kornit Digital Ltd. was the leading absolute detractor after disappointing forward guidance driven by a slower pace of consumable purchases and the timing of new system deliveries. Additionally, rising interest rates and elevated geopolitical risks caused investor sentiment to sour on this higher growth higher valuation business. The Fund sold this position during the year.

&nbsp;&nbsp;&nbsp;&nbsp; Ambarella Inc. reported "in-line" results and disappointing guidance due to supply chain issues in the first half of 2022. Specifically, Ambarella Inc.'s long time wafer supplier, Samsung Electronics Co Ltd. reported that Ambarella Inc.'s supply would be constrained in the second quarter and could not quantify the impact for the second half of the year making the near-term outlook for the company much less compelling. The Fund exited this position as a result.

&nbsp;&nbsp;&nbsp;&nbsp;Ranpak Holdings Corp faced headwinds due to enterprise software implementation downtime and supply chain bottlenecks. Subsequently, with roughly 40-45% of the company's sales coming from Europe, the fallout from the Ukraine war caused significant disruptions to the business. In an effort to reduce exposure to Europe the Fund exited this position.

&nbsp;&nbsp;&nbsp;&nbsp;The war in Ukraine continues to drive market uncertainty and persistent inflationary pressure. The U.S. Federal Reserve ("Fed") continues to raise interest rates to combat inflation, causing slowing in housing and tighter financial conditions. We expect the Fed will continue tightening despite a weakening economy. We anticipate earnings expectations to further decline in the new year, and our overall outlook remains bearish. In this environment, we have repositioned the Fund into high quality, stable revenue, and energy stocks and away from long duration growth and cyclical revenue stocks.

------

---

| | |
|:---|:---|
| ![](img_96c36ce7a29a4f3.jpg) | **JNL/JPMorgan Global Allocation Fund**<br>J.P. Morgan Investment Management Inc. *(Unaudited)*  |

---

#### JNL/JPMorgan Global Allocation Fund
![](img_fb13237d81bb4f3.jpg)

††60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg Global Aggregate Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -19.04 | % | 1 Year | -18.83% |
| 5 Year | 1.14 |  | 5 Year | 1.45 |
| Since Inception | 2.96 |  | Since Inception | 2.14 |
| *‡Inception date April 28, 2014* | *‡Inception date April 28, 2014* | *‡Inception date April 28, 2014* | *‡Inception date April 28, 2014* | *‡Inception date April 28, 2014* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*J.P. Morgan Investment Management Inc. assumed portfolio management responsibility on June 24, 2019.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | 19.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 15.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 11.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 9.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 8.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 8.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Short Term Investments | 9.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Collateral | 0.1 |
| **Net Long (Short) Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/JPMorgan Global Allocation Fund underperformed its primary benchmark by posting a return of -19.04% for Class A shares compared to -18.04% for the Morningstar Global Target Market Exposure Index (Net). The Fund underperformed its blended benchmark return of -17.14% for the 60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg Global Aggregate Index.

&nbsp;&nbsp;&nbsp;&nbsp;The objective of the Fund is to maximize long-term total return by using significant flexibility to invest in a broad range of equity, fixed income, and alternative asset classes in the U.S. and other markets throughout the world. Over the year asset allocation decisions detracted from returns. Manager alpha was positive contributor to performance.

&nbsp;&nbsp;&nbsp;&nbsp;2022 was a difficult year for markets. The Morningstar Global Markets NR was down -18.04%, and the Bloomberg Global Aggregate Index was down -16.25%, offering little room to hide. The war in Ukraine and central banks' battle against inflation have been the main sources of bond and equity markets' struggles.

&nbsp;&nbsp;&nbsp;&nbsp; Coming into 2022, the Fund was 65% equities reflecting a pro-risk view though this declined over the first half of the year, to end June at 52% equities. The Fund reduced risk as volatility increased and markets declined, beginning in the first quarter of 2022. Equity exposure rose to 56% by year end. Within equities, most of the reduction in equity exposure came from selling U.S. large cap equities, and European equities. Over the year the Fund's fixed income allocation rotated from 29% to 36%. Most of this came from adding to long duration government bonds.

&nbsp;&nbsp;&nbsp;&nbsp;There are some risks to both margins and earnings and major central banks should continue their path of tightening into the beginning of 2023 to curb inflation. However, the probability of a hard landing scenario for the U.S. economy has dropped on account of the U.S. Federal Reserve's communication on a less aggressive monetary tightening policy going forward. Moving into 2023, the Fund holds a balance between equities and fixed income. We remain active in our positioning and are assessing larger tilts as we continue to monitor developments in monetary policy and unresolved geopolitical conflicts.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund uses equity and fixed income futures for efficient Fund management. The Fund also invests in currency futures and FX forwards. Derivatives positions acted as expected during the year.

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives had a negative impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_cb74b2659f914f3.jpg) | **JNL/JPMorgan Hedged Equity Fund**<br>J.P. Morgan Investment Management Inc. *(Unaudited)*  |

---

#### JNL/JPMorgan Hedged Equity Fund
![](img_17e457b327734f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -8.44 | % | 1 Year | -8.12% |
| Since Inception | 5.64 |  | Since Inception | 5.96 |
| *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* |
| *†Inception date August 13, 2018* | *†Inception date August 13, 2018* | *†Inception date August 13, 2018* | *†Inception date August 13, 2018* | *†Inception date August 13, 2018* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 25.4% |
| Health Care | 15.8 |
| Financials | 11.2 |
| Consumer Discretionary | 11.1 |
| Industrials | 9.1 |
| Communication Services | 7.0 |
| Consumer Staples | 6.2 |
| Energy | 5.2 |
| Utilities | 3.2 |
| Real Estate | 2.6 |
| Materials | 2.6 |
| Other Short Term Investments | 0.6 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/JPMorgan Hedged Equity Fund outperformed its primary benchmark by posting a return of -8.44% for Class A shares compared to -11.37% for the CBOE S&P 500 BuyWrite Index.

&nbsp;&nbsp;&nbsp;&nbsp;The S&P 500 Index faced its worst year since 2008, returning -18.11% for the year. Communication services and consumer discretionary were the worst performing sectors in 2022, returning -39.89% and -37.03% respectively. Energy and utilities were the only sectors which closed in the green, returning 65.72% and 1.57% respectively.

&nbsp;&nbsp;&nbsp;&nbsp;True to form, the Fund performed as designed, participating in a portion of the market downside throughout the year, while acting with a muted beta and volatility profile versus the S&P 500 Total Return Index during periods of episodic volatility.

&nbsp;&nbsp;&nbsp;&nbsp; U.S. equity market valuations remain elevated, and consensus stands that volatility is likely to continue in 2023, given unanswered questions around inflation and the U.S. Federal Reserve. If U.S. equity markets are more sideways in 2023, this backdrop is constructive for the Fund. Each quarter, the Fund has the ability to participate in 3.50-5.50% of market upside. If the market is up moderately throughout the year, the Fund has the potential to capture a significant portion, if not all, of the market's upside quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;The tilt in the Fund today is well supported by inflation or interest rates potentially moving higher, since on the margin, our stock selection is geared toward names with pricing power. If volatility or interest rates remain elevated, these factors can be net tailwinds to the Fund. When volatility or interest rates rise, the Fund's quarterly upside cap can rise, indicating more potential upside with no change to the downside hedge. As a reminder, we use options purely for risk mitigation purposes in the Fund. By forgoing a portion of the market upside, we are able to provide our clients with an explicit downside hedge each and every quarter. In addition, we use futures in the Fund for cash management.

&nbsp;&nbsp;&nbsp;&nbsp;Given lower prospects for a traditional 60/40 portfolio over the next 5 to 15 years, we've seen many clients think about Hedged Equity as a way to get 60/40 like risk exposure, while adding more to equities and reducing some fixed income.

&nbsp;&nbsp;&nbsp;&nbsp; While the economy teeters on the edge of recession, we remain balanced and continue to monitor incremental risks that could represent headwinds for U.S. equities. Through the volatility, we continue to focus on high conviction stocks and take advantage of market dislocations for compelling stock selection opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives had a positive impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_04231462da934f3.jpg) | **JNL/JPMorgan MidCap Growth Fund**<br>J.P. Morgan Investment Management Inc. *(Unaudited)*  |

---

#### JNL/JPMorgan MidCap Growth Fund
![](img_9d2ccf781e6e4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -27.08 | % | 1 Year | -26.87% |
| 5 Year | 9.75 |  | 5 Year | 10.08 |
| 10 Year | 12.92 |  | 10 Year | 13.20 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Health Care | 25.3% |
| Information Technology | 22.4 |
| Industrials | 17.3 |
| Consumer Discretionary | 14.1 |
| Financials | 10.2 |
| Energy | 4.2 |
| Communication Services | 2.5 |
| Consumer Staples | 1.0 |
| Materials | 0.6 |
| Other Short Term Investments | 2.4 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/JPMorgan MidCap Growth Fund underperformed its primary benchmark by posting a return of -27.08% for Class A shares compared to -25.83% for the Morningstar U.S. Mid Cap Broad Growth Index.

&nbsp;&nbsp;&nbsp;&nbsp;Ultimately stock selection within health care was the primary contributor to performance in 2022. Stock selection within technology was the largest detractor for the year despite an underweight allocation which contributed.

&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. was the top contributor after benefitting from rising oil prices to start 2022 which was driven by recovering demand and a gradual return of OPEC+ production. We trimmed our position following the sharp appreciation in oil prices in the first half of the year. Quanta Services, Inc. also contributed after reporting strong quarterly results highlighting continued strength within utility infrastructure maintenance and expansion. The company remains a top holding.

&nbsp;&nbsp;&nbsp;&nbsp;An underweight position in Enphase Energy, Inc. was the top detractor in 2022 after the company posted strong third quarter results driven by increased European revenues due to rising energy costs. We initiated a position as we like the company's domestic focus, new product cycle and long term benefits from Inflation Reduction Act but remain underweight given heightened expectations. Marvell Technology, Inc. also detracted as higher multiple stocks, including semiconductors, came under pressure during the year with growing concern over sustainability of data center spending. While we remain constructive long term, we are being cautious and tracking inventory levels.

&nbsp;&nbsp;&nbsp;&nbsp; Positioning is skewed towards resilient, high quality growth franchises with strong financial characteristics, solid fundamentals and more reasonable expectations. While there are growing prospects within the higher growth segment of the market, notably within technology, the team is being very selective, only incrementally adding to names with strong financial profiles and underappreciated fundamental opportunities. The team continues to be cautious on companies that exhibit deep cyclicality and those with exposure to consumer end markets such as housing and autos. Health care and financials are the top overweights while technology and materials remain top underweights.

------

---

| | |
|:---|:---|
| ![](img_5206a767eb714f3.jpg) | **JNL/JPMorgan U.S. Government & Quality Bond Fund**<br>J.P. Morgan Investment Management Inc. *(Unaudited)*  |

---

#### JNL/JPMorgan U.S. Government & Quality Bond Fund
![](img_3eb60d9f2b3d4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -11.66 | % | 1 Year | -11.38% |
| 5 Year | -0.23 |  | 5 Year | 0.08 |
| 10 Year | 0.49 |  | 10 Year | 0.74 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| U.S. Government Agency MBS | 44.3% |
| Government Securities | 36.0 |
| Non-U.S. Government Agency ABS | 7.8 |
| Financials | 2.9 |
| Communication Services | 1.2 |
| Consumer Staples | 0.8 |
| Health Care | 0.7 |
| Utilities | 0.4 |
| Industrials | 0.3 |
| Consumer Discretionary | 0.2 |
| Energy | 0.2 |
| Real Estate | 0.1 |
| Materials | 0.1 |
| Other Short Term Investments | 5.0 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/JPMorgan U.S. Government & Quality Bond Fund outperformed its primary benchmark by posting a return of -11.66% for Class A shares compared to -12.32% for the Bloomberg U.S. Government Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp; We incorporate a bottom up, value oriented approach to fixed income investment management and central to this approach is: identifying securities that are priced inefficiently; making sector allocation decisions based on a broad sector outlook, utilizing expected return and valuation analysis; managing the yield curve, with an emphasis on evaluating relative risk/reward relationships along the yield curve; and managing Fund duration used primarily as a risk control measure.

&nbsp;&nbsp;&nbsp;&nbsp;After an exceptional 2021, 2022 was challenging for risk assets. Concerns over the economic implications of the Russian invasion of Ukraine and the potential need for a faster pace of interest rate hikes to combat higher inflation weighed on fixed income returns. Furthermore, a new round of Omicron cases in China weighed on activity. Volatility continued to be elevated due to the market's concerns that the central banks would be unable to walk the fine line of tightening monetary policy to a level that would bring down inflation, yet allow growth to remain positive, preventing a recession. Developed market central banks continued to tighten policy in their sustained effort to combat inflation. Though the pace of rate hikes has also slowed down, investors are finding the high level of yields one of the most attractive entry points for fixed income in over a decade.

&nbsp;&nbsp;&nbsp;&nbsp; Treasury yields were materially higher across the curve during 2022. The two-year yield increased by 3.69% to 4.43%, the 10-year yield increased by 2.36% to 3.87%, and the 30-year yield moved 2.06% higher to 3.96%. The spread between two- and 10- year Treasuries flattened 1.33% to finish the year at -0.55%. As a result, the Fund's duration posture and yield curve positioning were net positive for performance. The Fund finished the year underweight in the 5- to 7-year segment of the yield curve, overweight the 10 to 20 year segment, and underweight the 30-year bucket.

&nbsp;&nbsp;&nbsp;&nbsp;From a sector perspective, an underweight to Treasury debt was negative as spread sectors trailed comparable duration Treasuries. Specifically, the Fund's allocation to Agency mortgages was negative as the sector trailed benchmark Treasury debt. The Fund's allocation to commercial mortgage-backed securities was also negative.

&nbsp;&nbsp;&nbsp;&nbsp;We reduced the tail risks of above-trend growth (lowered from 5% to 0%) and crisis (lowered from 15% to 10%) to fund our higher conviction in recession. Peace across Europe and a widespread opening in China seem to be the minimum needed for a growth reacceleration, while the risks of a disorderly, hard landing should be mitigated by the approaching end to central bank rate hikes.

&nbsp;&nbsp;&nbsp;&nbsp;In regard to the Fund's outlook, the team will continue to manage conservatively adding high quality, liquid securities using our investment process built on bottom-up security selection. The team will take advantage of bouts of volatility, adding positions when valuations are attractive. Lastly, the team continues to target a long run duration of 5.0 to 5.75 years.

------

---

| | |
|:---|:---|
| ![](img_a279d2f0ca784f3.jpg) | **JNL/JPMorgan U.S. Value Fund**<br>J.P. Morgan Investment Management Inc. *(Unaudited)* |

---

#### JNL/JPMorgan U.S. Value Fund
![](img_101e9ce586c44f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -2.96 | % | 1 Year | -2.64% |
| 5 Year | 5.88 |  | 5 Year | 6.20 |
| 10 Year | 8.12 |  | 10 Year | 8.39 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*J.P. Morgan Investment Management Inc. assumed portfolio management responsibility on April 27, 2020.*

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Financials | 23.1% |
| Health Care | 18.7 |
| Industrials | 11.3 |
| Consumer Discretionary | 9.3 |
| Energy | 8.6 |
| Information Technology | 6.6 |
| Consumer Staples | 6.0 |
| Materials | 4.5 |
| Communication Services | 4.2 |
| Utilities | 3.9 |
| Real Estate | 1.1 |
| Other Equity Interests | - |
| Other Short Term Investments | 2.7 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/JPMorgan U.S. Value Fund outperformed its primary benchmark by posting a return of -2.96% for Class A shares compared to -6.93% for the Morningstar U.S. Large-Mid Cap Broad Value Index.

&nbsp;&nbsp;&nbsp;&nbsp;2022 was a rollercoaster ride for investors. For U.S. equities markets, despite some ups along the way, it marked the worst year since the Global Financial Crisis. While there were few places to hide, value & defensive stocks were in favor, protecting more on the downside versus other areas. Strong stock selection in healthcare and consumer discretionary contributed to outperformance, while financials and utilities served as detractors.

&nbsp;&nbsp;&nbsp;&nbsp;Health care has been at the forefront of the market rotation into more value oriented stocks. We had strong stock selection after adding to attractively valued pharmaceuticals like AbbVie Inc. in 2021. AbbVie Inc. saw a nice resurgence as fundamentals improved and investors showed optimism that next year's biosimilar impact on Humira will be more modest than originally expected. We appreciate the resiliency and defensive characteristics of the sector but are mindful that valuations have expanded. We have taken some profits in winners (Eli Lilly and Company) and have recycled proceeds into companies that have been penalized with more upside potential (Medtronic, Inc.).

&nbsp;&nbsp;&nbsp;&nbsp; Alternatively, our positioning in financials was the biggest detractor from performance, as our overweight hurt and stock selection was also challenged. BlackRock, Inc. ("BLK") served as a detractor as shares came under pressure with the market pullback, given BLK's equity sensitivity. Amidst an uncertain economic environment, our financials exposure provides us with diversification underneath the hood. Banks remain attractively valued, however the potential for increased capital requirements led us to trim positions that pose the greatest risks (Citigroup Inc.). Alternatively, asset managers have been overly penalized during the selloff, and we believe the best in class companies have an opportunity to rerate (BLK).

&nbsp;&nbsp;&nbsp;&nbsp;The consumer backdrop remains tricky, so we are not being too brave. We feel comfortable allocating to areas such as home improvement, affordable luxury to a budget conscious consumer (McDonald's Corporation), and companies where consumers can "trade down" but stay within the brand portfolio (The Procter & Gamble Company).

&nbsp;&nbsp;&nbsp;&nbsp;Energy has been the strongest performing sector this year and we continue to see upside given tight supply/demand dynamics. We maintain an overweight, but remain disciplined to trim winners (ConocoPhillips, EOG Resources, Inc.).

&nbsp;&nbsp;&nbsp;&nbsp; While the economy teeters on the edge of recession, we remain balanced and continue to monitor incremental risks that could represent headwinds for U.S. equities. Through the volatility, we continue to focus on high conviction stocks and take advantage of market dislocations for compelling stock selection opportunities.

------

---

| | |
|:---|:---|
| ![](img_3a3183393d7f4f3.jpg) | **JNL/Lazard International Strategic Equity Fund**<br>Lazard Asset Management LLC *(Unaudited)* |

---

#### JNL/Lazard International Strategic Equity Fund
![](img_940b4fd3b31c4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -17.09 | % | 1 Year | -16.85% |
| 5 Year | 1.79 |  | 5 Year | 2.09 |
| Since Inception | 4.89 |  | Since Inception | 3.29 |
| *‡Inception date April 29, 2013* | *‡Inception date April 29, 2013* | *‡Inception date April 29, 2013* | *‡Inception date April 29, 2013* | *‡Inception date April 29, 2013* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Industrials | 21.7% |
| Financials | 18.3 |
| Health Care | 10.5 |
| Consumer Discretionary | 9.6 |
| Consumer Staples | 9.0 |
| Information Technology | 7.7 |
| Materials | 5.7 |
| Communication Services | 5.4 |
| Utilities | 4.5 |
| Energy | 2.1 |
| Real Estate | 1.9 |
| Other Short Term Investments | 3.0 |
| Securities Lending Collateral | 0.6 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Lazard International Strategic Equity Fund underperformed its primary benchmark by posting a return of -17.09% for Class A shares compared to -14.31% for the Morningstar Developed Markets ex-North America Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp;Detractors from performance included Accenture Public Limited Company. The shares pulled back sharply early in the year during the most violent rotation from growth to value since 1999. Fundamentally, the company has been executing well over the course of the year. The company enjoys high financial productivity with a low risk business model, a good example of a high quality business with the shares now trading at a more attractive valuation. Akzo Nobel N.V. underperformed as rising commodity prices put pressure on margins. The industry has been raising prices collectively to offset raw material inflation but has struggled to keep up with the speed and magnitude of the moves in costs. We expect a more benign cost environment will help the group restore margins, which is not reflected in market expectations. Vonovia SE shares came under pressure as yields rose over the course of the year. Higher interest cost limited the ability of the group to invest in the asset base to drive rent increases across the property portfolio. It also put downward pressure on real estate value in general. We expect a greater commitment to dispose part of the asset at market prices will help close the discount to net asset value. Contributors to relative performance included Suncor Energy Inc., the Canadian energy stock. The shares performed well in a high oil price environment and reacted favorably to a disclosure that an activist investor had built a stake in the company to unlock value in the Fund. The prospects for Hensoldt AG, the German defense electronics company, changed dramatically as Germany made a historic commitment to change its stance on defense spending in response to the war in Ukraine. The shares reacted favorably to expectation of higher spending and broader interest in the sector among investors. Aon Public Limited Company, the global insurance broker, performed well. The resilience of the business model was proven out in a more volatile and inflationary environment. Healthy earnings growth at a reasonable valuation distinguished the shares in a challenging year.

&nbsp;&nbsp;&nbsp;&nbsp;We believe that our experiences with COVID-19 and geopolitical tensions will have lasting implications for us all. The sharp rise in energy prices has made clear that the energy transition is not only for the climate, but a geopolitical imperative. A reevaluation of economics versus certainty of supply is resulting in a shift to more regional supply chains – most notably for the semiconductor industry. The shift in the cost of capital exposed the fragile foundation for high growth companies with a yet to be proven financial model and reliance on cheap funding. Central banks determined to reign in inflationary pressures combined with pressure on disposable incomes, and a downward draft in asset prices, will certainly create a challenging economic backdrop for markets. The ability to achieve a "soft landing" will very likely determine the direction of markets in the year ahead. While the near-term outlook is uncertain, market volatility provides opportunities for stock pickers to invest in great businesses at more attractive prices.

&nbsp;&nbsp;&nbsp;&nbsp;The team is optimistic about the investment opportunity presented in today's market. Stock selection, not sector or regional allocation, has driven the long-term track record of the Fund. At the company level, we seek a balance between financial productivity (i.e., returns on capital), valuation, and sustainability of income generation. At the same time, we look for market inefficiencies, mispriced assets, improvers, and compounders, that are empirically validated sources of alpha.

&nbsp;&nbsp;&nbsp;&nbsp;The investment team continues to meet with company management teams and has resumed traveling to see them at their headquarters. These research trips help us build insights and perspective that are important in monitoring our investments and generating new investment ideas. By continuing to focus on stock selection, the Fund team remains confident that the strong long term track record of the Fund has the potential to continue.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund entered into forward foreign currency contracts to settle transactions denominated in foreign currencies. These derivative transactions did not have a meaningful impact on the Fund's performance.

------

---

| | |
|:---|:---|
| ![](img_55f3cc960bbc4f3.jpg) | **JNL/Loomis Sayles Global Growth Fund**<br>Loomis, Sayles & Company, L.P. *(Unaudited)*  |

---

#### JNL/Loomis Sayles Global Growth Fund
![](img_48d3cfd5ecd54f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -26.25 | % | 1 Year | -25.97% |
| Since Inception | 4.52 |  | Since Inception | 4.84 |
| *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* |
| *†Inception date August 13, 2018* | *†Inception date August 13, 2018* | *†Inception date August 13, 2018* | *†Inception date August 13, 2018* | *†Inception date August 13, 2018* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 24.6% |
| Consumer Discretionary | 19.8 |
| Health Care | 18.5 |
| Communication Services | 16.8 |
| Industrials | 12.1 |
| Consumer Staples | 6.6 |
| Financials | 1.0 |
| Other Short Term Investments | 0.6 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Loomis Sayles Global Growth Fund underperformed its primary benchmark by posting a return of -26.25% for Class A shares compared to -18.04% for the Morningstar Global Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc., Trip.com Group Limited and Vertex Pharmaceuticals Incorporated were the top contributors to performance during the year. Qualcomm Incorporated, Block, Inc. and Under Armour, Inc. were the largest detractors from performance during the year. Stock selection in healthcare, energy, consumer staples and financials as well as our allocation to healthcare contributed positively to relative performance. Stock selection in communication services, consumer discretionary and information technology ("IT") as well as our allocation to communication services, energy, consumer discretionary, financials, IT and consumer staples detracted from relative performance. Our investment process is characterized by bottom-up, fundamental research and a long-term investment time horizon. The nature of the process leads to lower turnover where sector positioning is the result of stock selection. Versus the benchmark, as of December 31, 2022, we are overweight in communication services, consumer discretionary, healthcare, IT, and industrials. We are underweight in financials and consumer staples. We have no holdings in energy, materials, utilities or real estate. All aspects of the team's quality growth valuation investment thesis must be present simultaneously for the team to make an investment. During the year we initiated new positions in Block, Inc., Doximity, Inc., Netflix, Inc., Shopify Inc. and Tesla Inc. We added to our existing positions in The Boeing Company, Meta Platforms, Inc. and Under Armour, Inc. as near-term price weaknesses created more attractive reward to risk opportunities. We trimmed our existing positions in Deere & Company, Nestle S.A., Novartis AG, Oracle Corporation, Reckitt Benckiser Group PLC, Roche Holding AG, Sodexo, Unilever PLC and Vertex Pharmaceuticals Incorporated. We sold our positions in Colgate-Palmolive Company, Core Laboratories N.V. and Schlumberger Limited. Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_235fbd1fe39b4f3.jpg) | **JNL/Lord Abbett Short Duration Income Fund**<br>Lord, Abbett & Co. LLC *(Unaudited)*  |

---

#### JNL/Lord Abbett Short Duration Income Fund
![](img_a219219d65f34f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -4.95 | % | 1 Year | -4.73% |
| Since Inception | -0.13 |  | Since Inception | 0.16 |
| *‡Inception date April 27, 2020* | *‡Inception date April 27, 2020* | *‡Inception date April 27, 2020* | *‡Inception date April 27, 2020* | *‡Inception date April 27, 2020* |
| *†Inception date April 27, 2020* | *†Inception date April 27, 2020* | *†Inception date April 27, 2020* | *†Inception date April 27, 2020* | *†Inception date April 27, 2020* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Non-U.S. Government Agency ABS | 35.5% |
| Financials | 20.7 |
| Government Securities | 8.7 |
| Energy | 6.3 |
| Utilities | 5.0 |
| Consumer Discretionary | 3.8 |
| Health Care | 3.3 |
| Communication Services | 2.6 |
| Materials | 2.3 |
| Consumer Staples | 1.8 |
| Industrials | 1.6 |
| Information Technology | 1.5 |
| Real Estate | 1.4 |
| U.S. Government Agency MBS | 0.7 |
| Other Short Term Investments | 4.7 |
| Securities Lending Collateral | 0.1 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Lord Abbett Short Duration Income Fund underperformed its primary benchmark by posting a return of -4.95% for Class A shares compared to -4.05% for the ICE BofA 1-3 Yr U.S. Corporate Index.

&nbsp;&nbsp;&nbsp;&nbsp;The year ending December 31, 2022 was full of challenges for U.S. markets as the world faced the emergence of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, less accommodative fiscal and monetary policy, and Russia's invasion of Ukraine. The major risk to assets proved to be inflationary pressures and an increasingly hawkish U.S. Federal Reserve.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund seeks to deliver a high level of current income consistent with the preservation of capital by investing in a variety of short maturity debt securities including, investment grade ("IG") and high yield ("HY") corporate bonds, U.S. government securities, and mortgage and other asset-backed debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;One of the largest detractors from the Fund's absolute return during the year was a sharply rising 2 year Treasury, which proved to be a significant headwind to performance as the portfolio is invested mainly at the 2 year part of the yield curve. The agency mortgage-backed securities ("MBS") allocation also detracted from performance. Security selection within IG corporate bonds contributed to relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;We focused on shifting the Fund's overall positioning to be higher in quality and liquidity. In an effort to do this, we reduced the Fund's exposure to bank loans, HY corporate bonds, and commercial MBS. We used the proceeds to increase the allocation to IG corporate bonds.

&nbsp;&nbsp;&nbsp;&nbsp;We believe the type of volatility currently being experienced in the fixed income markets, which is driven by macro uncertainty, creates an opportunity for active sector rotation for managers who have the flexibility of a multi sector approach.

&nbsp;&nbsp;&nbsp;&nbsp;Looking ahead, we think certain credit risk sectors may benefit from a decline in volatility, and those asset classes that have illiquidity premiums or are directly exposed to interest rate volatility should also do well as volatility declines in 2023.

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives had a negative impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_7ef0303702214f3.jpg) | **JNL/Mellon Funds**<br>Mellon Investments Corporation *(Unaudited)* |

---

#### JNL/Mellon Communication Services Sector Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Communication Services | 98.3% |
| Consumer Discretionary | 0.6 |
| Information Technology | 0.3 |
| Real Estate | 0.3 |
| Other Short Term Investments | 0.3 |
| Securities Lending Collateral | 0.2 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon Communication Services Sector Fund underperformed its primary benchmark by posting a return of -41.33% for Class A shares compared to -40.94% for the Morningstar U.S. Communication Services Sector Index.

&nbsp;&nbsp;&nbsp;&nbsp; The investment objective of the Fund is to track the performance of the Morningstar U.S. Communication Services Sector Index to provide total return through capital appreciation and dividend income.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund invests under normal circumstances at least 80% of its assets in the stocks in the Morningstar U.S. Communication Services Sector Index ("Index") in proportion to their market capitalization weighting in the Index. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing, which attempts to replicate the investment performance of the Index. Indexing may eliminate the chance that a Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long-term.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### JNL/Mellon Consumer Discretionary Sector Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Consumer Discretionary | 94.7% |
| Materials | 3.1 |
| Industrials | 1.3 |
| Consumer Staples | 0.3 |
| Information Technology | 0.1 |
| Communication Services | - |
| Financials | - |
| Securities Lending Collateral | 0.3 |
| Other Short Term Investments | 0.2 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon Consumer Discretionary Sector Fund underperformed its primary benchmark by posting a return of -35.94% for Class A shares compared to -35.52% for the Morningstar U.S. Consumer Cyclical Sector Index.

&nbsp;&nbsp;&nbsp;&nbsp; The investment objective of the Fund is to track the performance of the Morningstar U.S. Consumer Cyclical Sector Index to provide total return through capital appreciation and dividend income.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund invests under normal circumstances at least 80% of its assets in the stocks in the Morningstar U.S. Consumer Cyclical Sector Index ("Index") in proportion to their market capitalization weighting in the index. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing, which attempts to replicate the investment performance of the Index. Indexing may eliminate the chance that a Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long-term.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### JNL/Mellon Consumer Staples Sector Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Consumer Staples | 92.4% |
| Consumer Discretionary | 7.5 |
| Other Short Term Investments | 0.1 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon Consumer Staples Sector Fund underperformed its primary benchmark by posting a return of -3.20% for Class A shares compared to -2.61% for the Morningstar U.S. Consumer Defensive Sector Index.

&nbsp;&nbsp;&nbsp;&nbsp; The investment objective of the Fund is to track the performance of the Morningstar U.S. Consumer Defensive Sector Index to provide total return through capital appreciation and dividend income.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the stocks included in the Morningstar U.S. Consumer Defensive Sector Index ("Index") in proportion to their market capitalization weighting in the Index. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing, which attempts to replicate the investment performance of the Index. Indexing may eliminate the chance that the Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long-term.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### JNL/Mellon Dow <sup>SM</sup> Index Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Health Care | 21.2% |
| Information Technology | 18.1 |
| Financials | 15.9 |
| Industrials | 15.0 |
| Consumer Discretionary | 13.7 |
| Consumer Staples | 7.7 |
| Energy | 3.5 |
| Communication Services | 2.5 |
| Materials | 1.0 |
| Other Short Term Investments | 1.4 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon Dow Index Fund underperformed its primary benchmark by posting a return of -7.46% for Class A shares compared to -6.86% for the Dow Jones Industrial Average.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is total return through a combination of capital appreciation and dividend income.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund seeks to achieve its objective by investing at least 80% of its assets in the thirty securities which compromise the Dow Jones Industrial Average ("DJIA"), with the weight of each security in the Fund substantially corresponding to the weight of such security in the DJIA. The thirty securities are adjusted from time to time to conform to periodic changes to the identity and/or relative weightings in the DJIA.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### JNL/Mellon Energy Sector Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Energy | 98.6% |
| Utilities | 0.3 |
| Materials | 0.3 |
| Other Short Term Investments | 0.8 |
| Securities Lending Collateral | - |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon Energy Sector Fund underperformed its primary benchmark by posting a return of 61.35% for Class A shares compared to 62.50% for the Morningstar U.S. Energy Sector Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is total return through capital appreciation and dividend income.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund invests under normal circumstances at least 80% of its assets in the stocks in the Morningstar U.S. Energy Sector Index ("Index") in proportion to their market capitalization weighting in the Index. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing, which attempts to replicate the investment performance of the Index. Indexing may eliminate the chance that a Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long-term.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_bc52111ad1264f3.jpg) | **JNL/Mellon Funds**<br>Mellon Investments Corporation *(Unaudited)* |

---

#### JNL/Mellon Financial Sector Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Financials | 85.7% |
| Information Technology | 14.0 |
| Industrials | 0.1 |
| Health Care | - |
| Other Short Term Investments | 0.2 |
| Securities Lending Collateral | - |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon Financial Sector Fund underperformed its primary benchmark by posting a return of -12.89% for Class A shares compared to -12.34% for the Morningstar U.S. Financial Services Sector Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is total return through capital appreciation and dividend income.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund invests under normal circumstances at least 80% of its assets in the securities in the Morningstar U.S. Financial Services Sector Index ("Index") in proportion to their market capitalization weighting in the Index. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing, which attempts to replicate the investment performance of the Index. Indexing may eliminate the chance that a Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long-term.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### JNL/Mellon Healthcare Sector Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Health Care | 99.0% |
| Consumer Staples | 0.5 |
| Materials | 0.2 |
| Other Short Term Investments | 0.3 |
| Securities Lending Collateral | - |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon Healthcare Sector Fund underperformed its primary benchmark by posting a return of -5.78% for Class A shares compared to -5.18% for the Morningstar U.S. Healthcare Sector Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is total return through capital appreciation and dividend income.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund invests under normal circumstances at least 80% of its assets in the securities in the Morningstar U.S. Healthcare Sector Index ("Index") in proportion to their market capitalization weighting in the Index. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing, which attempts to replicate the investment performance of the Index. Indexing may eliminate the chance that a Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long-term.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### JNL/Mellon Industrials Sector Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Industrials | 91.5% |
| Information Technology | 6.2 |
| Consumer Discretionary | 0.8 |
| Materials | 0.7 |
| Consumer Staples | 0.1 |
| Health Care | 0.1 |
| Other Short Term Investments | 0.6 |
| Securities Lending Collateral | - |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon Industrials Sector Fund underperformed its primary benchmark by posting a return of -8.71% for Class A shares compared to -8.08% for the Morningstar U.S. Industrials Sector Index.

&nbsp;&nbsp;&nbsp;&nbsp; The investment objective of the Fund is total return through capital appreciation and dividend income.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the stocks included in the Morningstar U.S. Industrials Sector Index ("Index") in proportion to their market capitalization weighting in the Index. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing, which attempts to replicate the investment performance of the Index. Indexing may eliminate the chance that the Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long-term.

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### JNL/Mellon Information Technology Sector Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 97.3% |
| Industrials | 1.7 |
| Communication Services | 0.4 |
| Consumer Discretionary | 0.2 |
| Financials | 0.1 |
| Utilities | - |
| Other Short Term Investments | 0.2 |
| Securities Lending Collateral | 0.1 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon Information Technology Sector Fund underperformed its primary benchmark by posting a return of -31.99% for Class A shares compared to -31.55% for the Morningstar U.S. Technology Sector Index.

&nbsp;&nbsp;&nbsp;&nbsp; The investment objective of the Fund is total return though capital appreciation and dividend income.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund invests under normal circumstances at least 80% of its assets in the stocks in the Morningstar U.S. Technology Sector Index ("Index") in proportion to their market capitalization weighting in the Index. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing, which attempts to replicate the investment performance of the Index. Indexing may eliminate the chance that a Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long-term.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### JNL/Mellon Materials Sector Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Materials | 95.9% |
| Industrials | 1.7 |
| Health Care | 1.4 |
| Consumer Staples | 0.2 |
| Energy | 0.2 |
| Other Short Term Investments | 0.6 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon Materials Sector Fund underperformed its primary benchmark by posting a return of -11.92% for Class A shares compared to -11.41% for the Morningstar U.S. Basic Materials Sector Index.

&nbsp;&nbsp;&nbsp;&nbsp; The investment objective of the Fund is total return through capital appreciation and dividend income.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the stocks included in the Morningstar U.S. Basic Materials Sector Index ("Index") in proportion to their market capitalization weighting in the Index. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing, which attempts to replicate the investment performance of the Index. Indexing may eliminate the chance that the Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long-term.

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_5770fbb419a54f3.jpg) | **JNL/Mellon Funds**<br>Mellon Investments Corporation *(Unaudited)* |

---

#### JNL/Mellon Nasdaq 100 Index Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 49.2% |
| Communication Services | 15.9 |
| Consumer Discretionary | 14.1 |
| Health Care | 7.2 |
| Consumer Staples | 6.6 |
| Industrials | 3.9 |
| Utilities | 1.4 |
| Energy | 0.5 |
| Other Short Term Investments | 1.0 |
| Securities Lending Collateral | 0.2 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon Nasdaq 100 Index Fund underperformed its primary benchmark by posting a return of -32.82% for Class A shares compared to -32.38% for the Nasdaq 100 Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is total return.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund seeks to achieve its objective by investing in the securities which comprise the Nasdaq 100 Index ("Index"). The Fund seeks to invest under normal circumstances at least 80% of its assets in the stocks in the Index in proportion to their market capitalization weighting in the Index. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Fund attempts to replicate the Index by investing all or substantially all of its assets in the securities that make up the Index. The Index includes 100 of the largest non-financial domestic and international companies listed on the Nasdaq Stock Market. The Index reflects companies across high growth industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### JNL/Mellon Real Estate Sector Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Real Estate | 94.3% |
| Financials | 2.9 |
| Industrials | 2.5 |
| Securities Lending Collateral | 0.2 |
| Other Short Term Investments | 0.1 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon Real Estate Sector Fund underperformed its primary benchmark by posting a return of -26.09% for Class A shares compared to -25.55% for the Morningstar U.S. Real Estate Sector Index.

&nbsp;&nbsp;&nbsp;&nbsp; The investment objective of the Fund is total return through capital appreciation and dividend income.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the stocks included in the Morningstar U.S. Real Estate Sector Index ("Index") in proportion to their market capitalization weighting in the Index. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing, which attempts to replicate the investment performance of the Index. Indexing may eliminate the chance that the Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long-term.

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### JNL/Mellon S&P 500 Index Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 24.1% |
| Health Care | 14.8 |
| Financials | 10.9 |
| Consumer Discretionary | 9.2 |
| Industrials | 8.1 |
| Communication Services | 6.8 |
| Consumer Staples | 6.7 |
| Energy | 4.9 |
| Utilities | 3.0 |
| Materials | 2.6 |
| Real Estate | 2.5 |
| Securities Lending Collateral | 5.6 |
| Other Short Term Investments | 0.8 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon S&P 500 Index Fund underperformed its primary benchmark by posting a return of -18.53% for Class A shares compared to -18.11% for the S&P 500 Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is to track the performance of the S&P 500 Index ("Index"). The Fund is constructed to mirror the Index to provide long-term capital growth.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the stocks in the Index in proportion to their market capitalization weighting in the Index. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that make up the Index.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### JNL/Mellon U.S. Stock Market Index Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 24.8% |
| Health Care | 15.3 |
| Financials | 12.0 |
| Consumer Discretionary | 10.1 |
| Industrials | 9.5 |
| Communication Services | 6.7 |
| Consumer Staples | 6.6 |
| Energy | 5.2 |
| Real Estate | 3.2 |
| Utilities | 3.1 |
| Materials | 3.0 |
| Short Term Investments | 0.4 |
| Securities Lending Collateral | 0.1 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon U.S. Stock Market Index Fund underperformed its primary benchmark by posting a return of -19.92% for Class A shares compared to -19.43% for the Morningstar U.S. Market Index.

&nbsp;&nbsp;&nbsp;&nbsp; The investment objective of the Fund is to track the performance of the Index to provide long-term capital appreciation.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the securities in the Index.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### JNL/Mellon Utilities Sector Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Utilities | 99.3% |
| Energy | 0.2 |
| Other Short Term Investments | 0.5 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon Utilities Sector Fund underperformed its primary benchmark by posting a return of 0.80% for Class A shares compared to 1.65% for the Morningstar U.S. Utilities Sector Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is total return through capital appreciation and dividend income.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund invests, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the stocks included in the Morningstar U.S. Utilities Sector Index ("Index") in proportion to their market capitalization weighting in the Index. The Fund may concentrate in certain industries in the utilities to the extent such industries are represented in the Index. The Index measures the performance of the utilities of the U.S. equity market. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing, which

------

---

| | |
|:---|:---|
| ![](img_a85faf70e3604f3.jpg) | **JNL/Mellon Funds**<br>Mellon Investments Corporation *(Unaudited)* |

---

attempts to replicate the investment performance of the Index. Indexing may eliminate the chance that the Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long-term.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### JNL/Mellon World Index Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 19.5% |
| Financials | 14.3 |
| Health Care | 14.3 |
| Industrials | 10.6 |
| Consumer Discretionary | 9.9 |
| Consumer Staples | 7.8 |
| Communication Services | 6.1 |
| Energy | 5.4 |
| Materials | 4.4 |
| Utilities | 3.1 |
| Real Estate | 2.5 |
| Other Short Term Investments | 2.0 |
| Securities Lending Collateral | 0.1 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Mellon World Index Fund underperformed its primary benchmark by posting a return of -18.05% for Class A shares compared to -18.02% for the Morningstar Developed Markets Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp; The investment objective of the Fund is to track the performance of the Morningstar Developed Markets Target Market Exposure Index (Net) ("Index"). The Fund is constructed to mirror the Index to provide long-term capital growth.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the stocks in the Index in proportion to their market capitalization weighting in the Index. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that make up the Index.

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### JNL/Morningstar PitchBook Listed Private Equity Index Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Financials | 81.3% |
| Investment Companies | 10.7 |
| Industrials | 4.5 |
| Health Care | 1.4 |
| Real Estate | 1.1 |
| Communication Services | 1.0 |
| Consumer Discretionary | - |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Morningstar PitchBook Listed Private Equity Index Fund outperformed its primary benchmark by posting a return of -34.47% for Class A shares compared to -34.60% for the Morningstar PitchBook Listed Private Equity Index.

&nbsp;&nbsp;&nbsp;&nbsp; The investment objective of the Fund is to track the performance of the Morningstar PitchBook Developed Markets Listed Private Equity Index ("Index"). The Fund is constructed to mirror the Index to provide long-term capital growth.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the stocks in the Index in proportion to their market capitalization weighting in the Index. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that make up the Index.

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### JNL/Morningstar U.S. Sustainability Index Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 28.8% |
| Health Care | 15.9 |
| Consumer Discretionary | 12.2 |
| Financials | 11.6 |
| Industrials | 7.9 |
| Communication Services | 6.1 |
| Real Estate | 5.2 |
| Consumer Staples | 4.8 |
| Energy | 3.2 |
| Materials | 2.7 |
| Utilities | 1.6 |
| Securities Lending Collateral | - |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Morningstar U.S. Sustainability Index Fund underperformed its primary benchmark by posting a return of -19.99% for Class A shares compared to -18.90% for the Morningstar U.S. Sustainability Index (Total). Effective April 25, 2022, the MSCI KLD 400 Social Index (Gross) was replaced as the Fund's primary benchmark. The Fund outperformed that benchmark, which posted a return of -21.48%. The Fund underperformed its other benchmark return of -19.50% for the Morningstar U.S. Large-Mid Cap Index.

&nbsp;&nbsp;&nbsp;&nbsp; The investment objective of the Fund is to track the performance of the Morningstar US Sustainability Index ("Index"). The Fund is constructed to mirror the Index to provide long-term capital growth.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the stocks in the Index in proportion to their market capitalization weighting in the Index. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that make up the Index.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

#### JNL/Morningstar Wide Moat Index Fund

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 32.3% |
| Industrials | 18.1 |
| Health Care | 11.7 |
| Financials | 11.5 |
| Consumer Discretionary | 9.3 |
| Communication Services | 9.3 |
| Materials | 4.8 |
| Utilities | 1.3 |
| Consumer Staples | 1.2 |
| Other Short Term Investments | 0.5 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Morningstar Wide Moat Index Fund underperformed its primary benchmark by posting a return of -13.80% for Class A shares compared to -13.08% for the Morningstar Wide Moat Focus Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is to provide total return by tracking the performance, net of expenses, of the Morningstar Wide Moat Focus Index.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the securities in the Morningstar Wide Moat Focus Index. Indexing may offer a cost-effective investment approach to gaining diversified market exposure over the long-term.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_d53e91e273364f3.jpg) | **JNL/Mellon Funds**<br>Mellon Investments Corporation *(Unaudited)* |

---

#### JNL/Mellon Communication Services Sector Fund
![](img_bc9d08dcf3054f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -41.33 | % | 1 Year | -41.13% |
| 5 Year | 0.24 |  | 5 Year | 0.59 |
| 10 Year | 5.44 |  | 10 Year | 5.73 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/Mellon Consumer Discretionary Sector Fund
![](img_b5e468d9e8b74f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -35.94 | % | 1 Year | -35.72% |
| 5 Year | 7.66 |  | 5 Year | 8.03 |
| 10 Year | 11.99 |  | 10 Year | 12.30 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/Mellon Consumer Staples Sector Fund
![](img_5b66fa7d90e64f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -3.20 | % | 1 Year | -2.84% |
| 5 Year | 7.37 |  | 5 Year | 7.73 |
| Since Inception | 8.19 |  | Since Inception | 8.55 |
| *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

---

| | |
|:---|:---|
| ![](img_0db1148925594f3.jpg) | **JNL/Mellon Funds**<br>Mellon Investments Corporation *(Unaudited)* |

---

#### JNL/Mellon Dow Index Fund
![](img_a7b91ac8467f4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -7.46 | % | 1 Year | -7.15% |
| 5 Year | 7.68 |  | 5 Year | 8.06 |
| 10 Year | 11.79 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 9.81 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/Mellon Energy Sector Fund
![](img_dcdc627c46554f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | 61.35 | % | 1 Year | 61.88% |
| 5 Year | 7.42 |  | 5 Year | 7.79 |
| 10 Year | 4.29 |  | 10 Year | 4.58 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/Mellon Financial Sector Fund
![](img_99a1e18be8d64f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -12.89 | % | 1 Year | -12.56% |
| 5 Year | 4.35 |  | 5 Year | 4.71 |
| 10 Year | 10.57 |  | 10 Year | 10.87 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

---

| | |
|:---|:---|
| ![](img_49b4486eecdc4f3.jpg) | **JNL/Mellon Funds**<br>Mellon Investments Corporation *(Unaudited)* |

---

#### JNL/Mellon Healthcare Sector Fund
![](img_4a79582b02474f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -5.78 | % | 1 Year | -5.43% |
| 5 Year | 11.14 |  | 5 Year | 11.53 |
| 10 Year | 14.16 |  | 10 Year | 14.47 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/Mellon Industrials Sector Fund
![](img_d96b740a9aa84f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -8.71 | % | 1 Year | -8.35% |
| 5 Year | 6.88 |  | 5 Year | 7.26 |
| Since Inception | 7.84 |  | Since Inception | 8.20 |
| *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/Mellon Information Technology Sector Fund
![](img_ccf9535d9d9e4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -31.99 | % | 1 Year | -31.76% |
| 5 Year | 14.07 |  | 5 Year | 14.46 |
| 10 Year | 16.83 |  | 10 Year | 17.16 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

---

| | |
|:---|:---|
| ![](img_c4bb52bbadea4f3.jpg) | **JNL/Mellon Funds**<br>Mellon Investments Corporation *(Unaudited)* |

---

#### JNL/Mellon Materials Sector Fund
![](img_b6160c2c027c4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -11.92 | % | 1 Year | -11.57% |
| 5 Year | 6.07 |  | 5 Year | 6.45 |
| Since Inception | 7.08 |  | Since Inception | 7.45 |
| *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/Mellon Nasdaq 100 Index Fund
![](img_eec99eac25094f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -32.82 | % | 1 Year | -32.57% |
| 5 Year | 11.64 |  | 5 Year | 12.03 |
| 10 Year | 15.41 |  | 10 Year | 15.74 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/Mellon Real Estate Sector Fund
![](img_ae1cee8fb4bd4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -26.09 | % | 1 Year | -25.82% |
| 5 Year | 3.31 |  | 5 Year | 3.58 |
| Since Inception | 3.59 |  | Since Inception | 3.86 |
| *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

---

| | |
|:---|:---|
| ![](img_bc35e155abf34f3.jpg) | **JNL/Mellon Funds**<br>Mellon Investments Corporation *(Unaudited)* |

---

#### JNL/Mellon S&P 500 Index Fund
![](img_636963b5c1634f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -18.53 | % | 1 Year | -18.28% |
| 5 Year | 8.87 |  | 5 Year | 9.20 |
| 10 Year | 11.98 |  | 10 Year | 12.23 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/Mellon U.S. Stock Market Index Fund
![](img_78b5f33a662a4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -19.92 | % | 1 Year | -19.65% |
| 5 Year | 8.14 |  | 5 Year | 8.49 |
| Since Inception | 9.12 |  | Since Inception | 9.47 |
| *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*Mellon Investments Corporation assumed portfolio management responsibility on April 26, 2021.*

#### JNL/Mellon Utilities Sector Fund
![](img_ed6f263a1f204f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | 0.80 | % | 1 Year | 1.22% |
| 5 Year | 8.47 |  | 5 Year | 8.84 |
| Since Inception | 8.71 |  | Since Inception | 8.40 |
| *‡Inception date April 29, 2013* | *‡Inception date April 29, 2013* | *‡Inception date April 29, 2013* | *‡Inception date April 29, 2013* | *‡Inception date April 29, 2013* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

---

| | |
|:---|:---|
| ![](img_d20ee5414f424f3.jpg) | **JNL/Mellon Funds**<br>Mellon Investments Corporation *(Unaudited)* |

---

#### JNL/Mellon World Index Fund
![](img_8dc6d382ceb44f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -18.05 | % | 1 Year | -17.76% |
| 5 Year | 5.90 |  | 5 Year | 6.28 |
| 10 Year | 7.13 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 7.11 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/Morningstar PitchBook Listed Private Equity Index Fund
![](img_68c58e42e8ab4f3.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -34.47 | % | 1 Year | -34.30% |
| Since Inception | -12.99 |  | Since Inception | -12.73 |
| *‡Inception date April 26, 2021* | *‡Inception date April 26, 2021* | *‡Inception date April 26, 2021* | *‡Inception date April 26, 2021* | *‡Inception date April 26, 2021* |
| *†Inception date April 26, 2021* | *†Inception date April 26, 2021* | *†Inception date April 26, 2021* | *†Inception date April 26, 2021* | *†Inception date April 26, 2021* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

#### JNL/Morningstar U.S. Sustainability Index Fund
![](img_7bf9e7731d414f3.jpg)

¹Effective April 25, 2022, the Fund changed its primary benchmark from the MSCI KLD 400 Social Index (Gross) to the Morningstar U.S. Sustainability Index (Total) to reflect the Fund's strategy change.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -19.99 | % | 1 Year | -19.71% |
| 5 Year | 9.52 |  | 5 Year | 9.88 |
| Since Inception | 10.67 |  | Since Inception | 10.69 |
| *‡Inception date April 24, 2017* | *‡Inception date April 24, 2017* | *‡Inception date April 24, 2017* | *‡Inception date April 24, 2017* | *‡Inception date April 24, 2017* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

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| | |
|:---|:---|
| ![](img_827c3994bcf64f3.jpg) | **JNL/Mellon Funds**<br>Mellon Investments Corporation *(Unaudited)* |

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#### JNL/Morningstar Wide Moat Index Fund
![](img_6a64217ccbe54f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -13.80 | % | 1 Year | -13.52% |
| Since Inception | 10.07 |  | Since Inception | 10.42 |
| *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* | *‡Inception date August 13, 2018* |
| *†Inception date August 13, 2018* | *†Inception date August 13, 2018* | *†Inception date August 13, 2018* | *†Inception date August 13, 2018* | *†Inception date August 13, 2018* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

------

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| | |
|:---|:---|
| ![](img_fa807bec4b944f3.jpg) | **JNL/MFS Mid Cap Value Fund**<br>Massachusetts Financial Services Company *(Unaudited)* |

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#### JNL/MFS Mid Cap Value Fund
![](img_94a3f549db574f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -9.01 | % | 1 Year | -8.76% |
| 5 Year | 7.36 |  | 5 Year | 7.67 |
| 10 Year | 9.61 |  | 10 Year | 9.87 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*Massachusetts Financial Services Company assumed portfolio management responsibility on April 24, 2017.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Financials | 18.9% |
| Industrials | 16.5 |
| Consumer Discretionary | 10.7 |
| Materials | 9.4 |
| Utilities | 8.3 |
| Information Technology | 8.2 |
| Health Care | 7.3 |
| Energy | 7.2 |
| Real Estate | 6.6 |
| Consumer Staples | 4.3 |
| Communication Services | 1.0 |
| Other Short Term Investments | 1.6 |
| Securities Lending Collateral | - |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/MFS Mid Cap Value Fund underperformed its primary benchmark by posting a return of -9.01% for Class A shares compared to -6.57% for the Morningstar U.S. Mid Cap Broad Value Index.

&nbsp;&nbsp;&nbsp;&nbsp;During the year, markets continued to grapple with the strongest global inflationary pressures in decades along with signs of slowing economic growth. Intermittent COVID-19 flareups, particularly in China, where home grown vaccines have proved less effective than elsewhere, kept supply chains stretched for a considerable period. At the same time, the reopening of the economy in the parts of the world where the virus has been better contained has led to a shift in consumption patterns in favor of services, straining already tight labor markets in most developed economies, while reducing demand for manufactured goods, primarily from Asia. As a result of Russia's invasion of Ukraine, geopolitical considerations, such as sanctions and trade bans, have resulted in additional supply chain disruptions and volatile global energy prices. Taken together, these factors have contributed to market volatility.

&nbsp;&nbsp;&nbsp;&nbsp;The ripple effects from the Russian invasion further complicated the mission central banks must undertake to rein in surging inflation. Energy shocks have historically resulted in global growth slowdowns, if not pullbacks, so policymakers will find themselves in the difficult position of trying to restrain inflation without tipping economies into recession. Despite the challenging macroeconomic and geopolitical environment, policymakers remained focused on controlling inflation, although investors appeared to have expected varying degrees of action from the central banks. The U.S. Federal Reserve has been among the most aggressive developed market central banks, tightening policy at the fastest rate in decades, although it slowed its hiking pace at the end of the year, as did the European Central Bank.

&nbsp;&nbsp;&nbsp;&nbsp;Against an environment of still tight labor markets, tighter global financial conditions and volatile materials prices, investor anxiety appeared to have increased over the potential that corporate profit margins may be past peak for this cycle. That said, tentative signs that supply chain bottlenecks (particularly semiconductors) may be moderating, the easing of COVID-19 restrictions in China, low levels of unemployment across developed markets and hopes that inflation levels may be near a peak were supportive factors for the macroeconomic backdrop.

&nbsp;&nbsp;&nbsp;&nbsp;Stock selection in health care detracted from performance relative to the Morningstar US Mid Cap Broad Value index. Within this sector, not holding shares of health services and information technology company McKesson and holding shares in clinical research provider ICON Public Limited Company (Ireland) held back relative results.

&nbsp;&nbsp;&nbsp;&nbsp;Stocks in other sectors that also hindered relative results included the Fund's ownership in shares of automatic identification and data capture products manufacturer Zebra Technologies Corp., which was not a benchmark constituent during the year and holding shares of media company Liberty Broadband Corporation. Additionally, not owning shares of oil and gas exploration and production company Occidental Petroleum Corporation and energy company Philips 66, and the Fund's overweight positions in commercial banking services provider Signature Bank, self-storage real estate investment trust Life Storage Inc., power and hand tools provider Stanley Black & Decker, Inc. and financial services company SVB Financial Group, further weighed on relative returns.

&nbsp;&nbsp;&nbsp;&nbsp;Stock selection in consumer discretionary contributed to relative performance. Within this sector, the Fund's holdings of discount department stores Ross Stores, Inc. and not holding shares of online travel company Expedia Group, Inc. supported relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;Elsewhere, holding shares of independent oil and gas exploration and production company Pioneer Natural Resources Corporation, software company Amdocs Limited, engineering, procurement and construction company KBR, Inc. and aerospace and transportation engineering firm Howmet Aerospace, Inc. supported relative results. Additionally, the Fund's overweight positions in global integrated energy company Hess Corporation, utility company PG&E Corporation and insurance company Everest Re Group, Ltd, and not owning shares of developer and manufacturer of storage solutions Western Digital Corporation, further supported relative returns.

------

---

| | |
|:---|:---|
| ![](img_eba3591191f74f3.jpg) | **JNL/Neuberger Berman Commodity Strategy Fund**<br>Neuberger Berman Investment Advisers LLC *(Unaudited)* |

---

#### JNL/Neuberger Berman Commodity Strategy Fund
![](img_1cf1972a1bef4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | 21.55 | % | 1 Year | 21.99% |
| 5 Year | 8.79 |  | 5 Year | 9.11 |
| Since Inception | 0.59 |  | Since Inception | 9.68 |
| *‡Inception date April 28, 2014* | *‡Inception date April 28, 2014* | *‡Inception date April 28, 2014* | *‡Inception date April 28, 2014* | *‡Inception date April 28, 2014* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Financials | 33.7% |
| Non-U.S. Government Agency ABS | 19.9 |
| Consumer Discretionary | 5.3 |
| Utilities | 5.0 |
| Communication Services | 4.9 |
| Health Care | 4.7 |
| Industrials | 2.5 |
| Real Estate | 2.1 |
| Energy | 1.8 |
| Information Technology | 1.4 |
| Consumer Staples | 0.5 |
| Government Securities | 0.3 |
| Other Short Term Investments | 17.9 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Neuberger Berman Commodity Strategy Fund outperformed its primary benchmark by posting a return of 21.55% for Class A shares compared to 16.10% for the Bloomberg Commodity Index.

&nbsp;&nbsp;&nbsp;&nbsp;2022 was one of the most challenging years for markets in recent history. A painful concoction of spillover effects from Russia's war in Ukraine, unrelenting inflation, and the U.S. Federal Reserve's ("FED") resulting hawkish monetary policy challenged assets across the board. However, one bright spot in the markets during the year was commodities. True to form, commodities were able to diversify traditional assets like stocks and bonds and provide a much-needed inflation hedge.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund accesses all of the commodities in its investment universe through the use of exchange traded futures or London Metal Exchange forwards.

&nbsp;&nbsp;&nbsp;&nbsp;Energy commodities lead the way during the year with the Bloomberg Energy Subindex surging 36.22% as sanctions on Russian oil exports created supply disruptions. U.S. natural gas, which at its peak in the summer rose an astronomical +167%, quickly fell back to earth as it fell -55.26% in the remainder of the year. We believe this brings its price closer to fundamentals, natural gas exports remain at capacity and there is plentiful supply in the U.S. belying scarcity pricing. Over the year, the Fund's positioning in energy was positive from both an absolute and a relative perspective. Relative to the benchmark, the Fund's nearly double-digit underweight in natural gas was its largest contributor to outperformance and helped the Fund avoid natural gas' swift decline at year's end.

&nbsp;&nbsp;&nbsp;&nbsp;Industrial metals were lower on the year as China, the world's largest consumer of commodities, remained in lockdown as a result of the government's zero COVID policy. During the year industrial metals positioning was a slight detractor. Relative to the benchmark, positive performance from the Fund's overweight in nickel was eroded by negative performance from an overweight in zinc.

&nbsp;&nbsp;&nbsp;&nbsp;Precious metals were essentially flat during the year, gold and silver in particular, as the dollar continued to move lower off a multi decade high with investors assessing the pace of Fed rate hikes. Precious metals positioning detracted from overall Fund performance on the year due to the Fund's overweight in gold and out of benchmark position in palladium.

&nbsp;&nbsp;&nbsp;&nbsp; Agricultural commodities were the second-best sector in 2022 thanks to poor crop conditions and reduced supplies. The Fund's positioning in agriculture was additive—relative to the benchmark, the Fund benefited from overweights across the board in corn, Kansas wheat, soybean meal, and wheat.

&nbsp;&nbsp;&nbsp;&nbsp; Softs were negative during the year with coffee realizing the steepest decline of -21.9%. From a Fund perspective, this sector detracted from performance. The Fund performed in line relative to the benchmark as gains from an underweight in coffee were offset by losses from an overweight in cotton.

&nbsp;&nbsp;&nbsp;&nbsp; Finally, livestock was mixed in 2022 but was additive to the Fund. Relatively speaking, the Fund outperformed the benchmark due to an overweight in lean hogs.

&nbsp;&nbsp;&nbsp;&nbsp;Based on a number of policy pivots we've seen commence in the broader macro environment, we believe that markets are facing a prolonged period of shortages, and that is what establishes a prolonged supercycle. A supercycle is a sequence of price spikes, it is not a nice and steady upward trend in prices. Generally we observe spike after spike as was the case in the 1970s and 2000s. Because commodity markets have to balance supply against demand, when inventory buffers and spare capacity are depleted, prices have to spike to kill demand. In these wildly volatile environments, carry (i.e. scarcity premium) buffers spot losses via higher backwardation as we saw in previous cycles.

&nbsp;&nbsp;&nbsp;&nbsp;In 2023, we believe that prices are very likely to follow their structural underinvestment and policy pivot driven.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives had a positive impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_7e0c2344f05c4f3.jpg) | **JNL/Neuberger Berman Gold Plus Strategy Fund**<br>Neuberger Berman Investment Advisers LLC *(Unaudited)*  |

---

#### JNL/Neuberger Berman Gold Plus Strategy Fund
![](img_2fcad0de91ef4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| **Class A‡** |  |  | **Class I†** |  |
| Since Inception | -7.10 | % | Since Inception | -6.80% |
| *‡Inception date April 25, 2022* | *‡Inception date April 25, 2022* | *‡Inception date April 25, 2022* | *‡Inception date April 25, 2022* | *‡Inception date April 25, 2022* |
| *†Inception date April 25, 2022* | *†Inception date April 25, 2022* | *†Inception date April 25, 2022* | *†Inception date April 25, 2022* | *†Inception date April 25, 2022* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Government Securities | 30.0% |
| Financials | 13.9 |
| Communication Services | 3.4 |
| Health Care | 2.4 |
| Information Technology | 2.1 |
| Energy | 1.7 |
| Consumer Discretionary | 1.7 |
| Real Estate | 1.1 |
| Industrials | 0.8 |
| Utilities | 0.5 |
| Other Short Term Investments | 42.4 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the period April 25, 2022 through December 31, 2022, JNL/Neuberger Berman Gold Plus Strategy Fund underperformed its primary benchmark by posting a return of -7.10% for Class A shares compared to -5.97% for the Bloomberg Commodity Gold Total Return Subindex (Total).

&nbsp;&nbsp;&nbsp;&nbsp;2022 was one of the most challenging years for markets in recent history. A painful concoction of spillover effects from Russia's war in Ukraine, unrelenting inflation, and the U.S. Federal Reserve's ("Fed") resulting hawkish monetary policy challenged assets across the board. However, one bright spot in the markets during the year was commodities. True to form, commodities were able to diversify traditional assets like stocks and bonds and provide a much needed inflation hedge.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund invests in gold and other commodities, such as precious metals, through the use of exchange traded futures or London Metal Exchange forwards.

&nbsp;&nbsp;&nbsp;&nbsp;Precious metals were essentially flat during the year, gold and silver in particular, as the dollar continued to move lower off a multi decade high with investors assessing the pace of the Fed's rate hikes. In 2022, the Fund's diversified exposure to Bitcoin through futures drove underperformance versus the benchmark. With the news of FTX's fraud rocking crypto markets, the Bloomberg Galaxy Bitcoin Index was down -63.83% for the year. Over the long run we believe digital assets can provide diversification benefits to the broader precious metals portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;Based on a number of policy pivots we've seen commence in the broader macro environment, we believe that markets are facing a prolonged period of shortages, and that is what establishes a prolonged supercycle. A supercycle is a sequence of price spikes, it is not a nice and steady upward trend in prices. Generally we observe spike after spike as was the case in the 1970s and 2000s. Because commodity markets have to balance supply against demand, when inventory buffers and spare capacity are depleted, prices have to spike to kill demand. In these wildly volatile environments, carry (i.e. scarcity premium) buffers spot losses via higher backwardation as we saw in previous cycles.

&nbsp;&nbsp;&nbsp;&nbsp;In 2023, we believe that prices are very likely to follow their structural underinvestment and policy pivot driven demand trends. However, as of now, markets are very much priced for a steep recession, positioned firmly in a risk off stance, and not at all prepared for China's reopening, lower gas burden on European industry, and a more resilient than expected U.S. economy.

&nbsp;&nbsp;&nbsp;&nbsp;We believe the current environment can be a buying opportunity to gain exposure to this asset class which can strategically diversify a Fund's traditional investments in the long run, but also tactically enhance Fund returns through scarcity premia that will likely intensify in 2023. Don't get us wrong, in the near-term there are still lots of headwinds—e.g. rising COVID-19 cases, the digestion of large hikes—that will certainly create turbulence. Once the runway is clear, however, we think the asset class will lift off to higher highs.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives had a negative impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_ff1fcc9146564f3.jpg) | **JNL/Neuberger Berman Strategic Income Fund**<br>Neuberger Berman Investment Advisers LLC *(Unaudited)*  |

---

#### JNL/Neuberger Berman Strategic Income Fund
![](img_3cc6d05024d54f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -10.82 | % | 1 Year | -10.59% |
| 5 Year | 0.87 |  | 5 Year | 1.18 |
| 10 Year | 2.02 |  | 10 Year | 2.30 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| U.S. Government Agency MBS | 27.7% |
| Financials | 11.9 |
| Non-U.S. Government Agency ABS | 11.4 |
| Government Securities | 6.8 |
| Communication Services | 6.6 |
| Energy | 6.0 |
| Consumer Discretionary | 4.7 |
| Industrials | 3.8 |
| Investment Companies | 3.3 |
| Consumer Staples | 2.8 |
| Utilities | 2.3 |
| Health Care | 2.2 |
| Materials | 2.1 |
| Real Estate | 2.0 |
| Information Technology | 1.5 |
| Other Short Term Investments | 3.9 |
| Securities Lending Collateral | 1.0 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Neuberger Berman Strategic Income Fund outperformed its primary benchmark by posting a return of -10.82% for Class A shares compared to -13.01% for the Bloomberg U.S. Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;Throughout the year, the Fund maintained an emphasis on diversified exposure to spread sectors and maintaining positive duration.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's positioning in U.S. Treasury futures was the largest contributor to relative returns. The Fund's duration and yield curve positioning also contributed to relative returns in 2022 as U.S. rates sold off over the course of the year amidst a historic rise in interest rate policy in response to inflation. The majority of absolute and relative underperformance was derived from the Fund's exposure to U.S. mortgage-backed securities ("MBS") and U.S. corporate credit holdings. Underperformance was also impacted by macro driven credit spread widening as investor concerns surrounding overtightening of interest rates to blunt surging inflation raised recessionary risks.

&nbsp;&nbsp;&nbsp;&nbsp; There were several adjustments made to the Fund's portfolio during the year. The investment team was active in repositioning risk exposure in the Fund in an effort to take advantage of market opportunities. As mortgage rates rose through the year, we targeted higher coupon, new issue bonds in the Agency MBS sector. We rotated the Fund up in credit quality as inflation showed signs of peaking towards the end of the year. We reduced exposures to bank loans as we believed valuations were full and tactically added exposure in low dollar priced investment grade securities spurred by macro driven volatility. Looking ahead, we expect to remain focused on security selection in high quality securities with attractive yields and continue to tactically adjust exposures as opportunities present themselves.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund selectively utilized U.S. Treasury futures, interest rate futures and interest rate swaps throughout the year to help manage the duration and curve exposure of the Fund. Duration positioning was additive to relative performance throughout the year. The Fund entered into forward foreign currency contracts to gain directional exposure to currency and as a means of risk management/hedging.

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives had a positive impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_a46467ed5b5d4f3.jpg) | **JNL/Newton Equity Income Fund**<br>Newton Investment Management North America, LLC *(Unaudited)*  |

---

#### JNL/Newton Equity Income Fund
![](img_fca4ef3d74094f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | 3.80 | % | 1 Year | 4.11% |
| 5 Year | 10.42 |  | 5 Year | 10.76 |
| 10 Year | 12.89 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 11.95 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*Newton Investment Management North America, LLC assumed portfolio management responsibility on September 1, 2021.*

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Financials | 28.8% |
| Health Care | 17.7 |
| Energy | 11.0 |
| Industrials | 11.0 |
| Information Technology | 8.7 |
| Utilities | 4.9 |
| Communication Services | 4.8 |
| Consumer Discretionary | 3.6 |
| Materials | 1.9 |
| Consumer Staples | 1.8 |
| Other Short Term Investments | 5.8 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Newton Equity Income Fund outperformed its primary benchmark by posting a return of 3.80% for Class A shares compared to -6.93% for the Morningstar U.S. Large-Mid Cap Broad Value Index.

&nbsp;&nbsp;&nbsp;&nbsp;Equity markets ended a rollercoaster year in negative territory amid an increasingly challenging landscape for the capital markets. The Russia Ukraine war exacerbated investors' worries that were already high owing to decades high inflation and central bank tightening. Bond and equity markets posted losses, while commodities benefited from surging energy prices. Energy and utilities contributed the most to returns while the consumer staples sector lagged.

&nbsp;&nbsp;&nbsp;&nbsp;Both overweight positioning and effective stock selection in energy buoyed performance over the year as oil prices rose earlier in year. The Fund's major contributors were concentrated in the sector, including, ExxonMobil Corporation, Marathon Petroleum Corporation, Hess Corporation and Devon Energy Corporation. Stock selection in utilities also benefited returns during the year, as did an overweight to electric utilities.

&nbsp;&nbsp;&nbsp;&nbsp;An underweight to defensive consumer staples was the only relative detractor from sector performance during the year, particularly true in the tobacco and food products subsectors.

&nbsp;&nbsp;&nbsp;&nbsp;The U.S. Federal Reserve ("Fed") largely spent the second half of this year reiterating the importance of reining in inflation to more appropriate levels. In 2023, we expect the Fed to continue this steadfast commitment to raising interest rates and sustaining quantitative tightening until data shows a material deceleration in pricing pressures. Even when these inflationary pressures moderate, we believe they should remain above the trend of the last decade. More positively, the U.S. is experiencing continued robust employment trends and consumer savings appear strong, thanks to the fiscal stimulus measures of 2020 and 2021. However, the overall economic growth outlook appears increasingly challenged owing to the Fed's aggressive tightening stance.

&nbsp;&nbsp;&nbsp;&nbsp;These near-term economic pressures are likely to usher in a phase of reduced earnings expectations. However, value stocks widely protected investors in the challenged environment of 2022, and we think value oriented companies with better relative earnings trends are well positioned to outperform the broader market as we navigate onward to 2023.

&nbsp;&nbsp;&nbsp;&nbsp; Volatile macroeconomic and market dynamics can make it difficult for investors to find returns. We believe companies with strong balance sheets and cashflow generation, trading at attractive prices compared to their future cashflow generating power, can provide compelling investment opportunities. We also believe it is important to be effectively positioned for when this period of stifled economic growth eventually abates, and cyclical companies can take advantage of a potential upswing in the market. Such cyclical companies are well represented in the value space and have historically led in market upcycles following downturns.

&nbsp;&nbsp;&nbsp;&nbsp;Looking ahead, we expect segments of the market should continue to digest the pull forward of demand brought on by the pandemic. Furthermore, we anticipate 'old economy' investment strength, supported by several drivers including onshoring, automation, electrical infrastructure and efforts that alleviate supply constraints. This new market regime should place a greater emphasis on profitable and sound business models as investors hunt for returns. Finally, we expect 2023 to be a market conducive to our long-standing U.S. large cap value and income philosophy of focusing on opportunities at the intersection of valuation, fundamentals, and business momentum.

&nbsp;&nbsp;&nbsp;&nbsp;As always, we are actively using pockets of near-term volatility to try to identify attractive relative opportunities. We continue to be constructive on cyclical areas of the market that provide strong relative value and robust balance sheets through uncertain times. We are selectively finding cashflow stability at attractive valuations and catalyst driven business improvement.

------

---

| | |
|:---|:---|
| ![](img_5af265e6b79a4f3.jpg) | **JNL/PIMCO Income Fund**<br>Pacific Investment Management Company LLC *(Unaudited)*  |

---

#### JNL/PIMCO Income Fund
![](img_cd4f1cd572de4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -8.09 | % | 1 Year | -7.81% |
| 5 Year | 1.16 |  | 5 Year | 1.48 |
| Since Inception | 1.24 |  | Since Inception | 1.56 |
| *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Government Agency ABS | 28.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency MBS | 26.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | 17.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Equity Interests | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Short Term Investments | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Collateral | - |
| **Net Long (Short) Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/PIMCO Income Fund outperformed its primary benchmark by posting a return of -8.09% for Class A shares compared to -13.01% for the Bloomberg U.S. Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The primary investment objective of the Fund is to maximize current income. Long term capital appreciation is a secondary objective. Short exposure to U.K. and Japanese duration contributed to performance as rates rose globally. Exposure to a basket of emerging market currencies also contributed to performance over the year.

U.S. duration exposure detracted from performance as rates rose. Exposure to securitized credit, including agency and non-agency mortgage-backed securities, was negative for performance as spreads widened. Exposure to high yield and investment grade corporate credit, particularly within industrials and financials detracted from performance. Positions in emerging market debt, particularly Russian debt, detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives were used in the Fund and are instrumental in attaining specific exposures targeted to gain from anticipated market developments. The Fund's duration positioning was partly facilitated through interest rate swaps, options, and futures. The Fund's overall corporate exposure was partially obtained via credit default swaps and swaptions. The Fund's currency positioning was partly achieved through currency forward agreements.

&nbsp;&nbsp;&nbsp;&nbsp;Geopolitics took center stage as Russia invaded Ukraine. Most assets experienced elevated volatility over the year as the conflict added stress to fragile global supply chains and raised concerns over commodity supplies. This amplified inflationary fears and contributed to more hawkish stances from central banks, higher global yields, and flattening curves. Developed market central banks set their sights on combating historic levels of inflation, prompting the U.S. Federal Reserve ("Fed") to hike interest rates by 75 basis points in June, the first time since 1994. Despite weakening economic data and signs of slowing global growth heading into the second half of 2022, the Fed hiked its policy rate aggressively to address inflationary risks. Towards the end of the year, easing developed market inflation prints prompted optimism for relatively dovish global central bank messaging, contributing to gains in global risk assets. However, with labor market data exhibiting continued resilience, global central banks adopted more hawkish messaging than expected in December and the terminal rate projection advanced to 5.1% by the end of 2023.

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives had a positive impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_4a2a448f29e94f3.jpg) | **JNL/PIMCO Investment Grade Credit Bond Fund**<br>Pacific Investment Management Company LLC *(Unaudited)* |

---

#### JNL/PIMCO Investment Grade Credit Bond Fund
![](img_5d8a3b8b13a04f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -16.58 | % | 1 Year | -16.23% |
| 5 Year | 0.23 |  | 5 Year | 0.54 |
| 10 Year | 1.89 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 0.63 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Financials | 29.2% |
| Government Securities | 19.6 |
| U.S. Government Agency MBS | 6.2 |
| Non-U.S. Government Agency ABS | 6.0 |
| Consumer Discretionary | 5.8 |
| Utilities | 5.3 |
| Real Estate | 5.3 |
| Industrials | 4.3 |
| Information Technology | 4.3 |
| Energy | 4.2 |
| Communication Services | 3.8 |
| Consumer Staples | 2.0 |
| Health Care | 1.8 |
| Materials | 0.2 |
| Other Short Term Investments | 1.9 |
| Securities Lending Collateral | 0.1 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/PIMCO Investment Grade Credit Bond Fund underperformed its primary benchmark by posting a return of -16.58% for Class A shares compared to -15.26% for the Bloomberg U.S. Credit Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp; Tactical exposure to U.S. interest rates contributed to performance as rates rose then levelled off. Name selection within gaming also contributed. Positions in emerging market bonds, particularly in Russia, detracted from performance as sanctions were imposed. Overweights to financials and securitized credit detracted from performance over the year as spreads widened.

&nbsp;&nbsp;&nbsp;&nbsp;During the reporting year, the Fund bought and sold credit protection through credit default swaps and swaptions to manage exposure to the credit risk of the broader investment grade sector. The Fund's overall duration positioning, which was positive for returns, was partly facilitated through the use of interest rate swaps, options, and futures. The Fund traded forward foreign currency contracts to hedge the currency exposure associated with some or all of the Fund's securities, or as part of a tactical investment strategy.

&nbsp;&nbsp;&nbsp;&nbsp; The investment objective of the Fund is to seek maximum total return, consistent with preservation of capital and prudent investment management.

&nbsp;&nbsp;&nbsp;&nbsp;Geopolitics took center stage as Russia invaded Ukraine. Most assets experienced elevated volatility over the year as the conflict added stress to fragile global supply chains and raised concerns over commodity supplies. This amplified inflationary fears and contributed to more hawkish stances from central banks, higher global yields, and flattening curves. Developed market central banks set their sights on combating historic levels of inflation, prompting the U.S. Federal Reserve ("Fed") to hike interest rates by 75 basis points in June, the first time since 1994. Despite weakening economic data and signs of slowing global growth heading into the second half of 2022, the Fed hiked its policy rate aggressively to address inflationary risks. Towards the end of the year, easing developed market inflation prints prompted optimism for relatively dovish global central bank messaging, contributing to gains in global risk assets. However, with labor market data exhibiting continued resilience, global central banks adopted more hawkish messaging than expected in December and the terminal rate projection advanced to 5.1% by the end of 2023.

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives had a positive impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_6f2740afbcb24f3.jpg) | **JNL/PIMCO Real Return Fund**<br>Pacific Investment Management Company LLC *(Unaudited)*  |

---

#### JNL/PIMCO Real Return Fund
![](img_bf770ef1e5c34f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -11.79 | % | 1 Year | -11.55% |
| 5 Year | 1.89 |  | 5 Year | 2.20 |
| 10 Year | 0.80 |  | 10 Year | 1.06 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Government Securities<sup>††</sup> | 83.5% |
| Non-U.S. Government Agency ABS | 10.9 |
| U.S. Government Agency MBS | 4.7 |
| Financials | 0.8 |
| Consumer Discretionary | - |
| Industrials | - |
| Real Estate | - |
| Information Technology | - |
| Health Care | - |
| Utilities | - |
| Other Short Term Investments | 0.1 |
| **Total Investments** | **100.0%** |

---

*<sup>††</sup>The Fund's weightings in TIPS was 83.4% of net investments*

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/PIMCO Real Return Fund outperformed its primary benchmark by posting a return of -11.79% for Class A shares compared to -11.85% for the Bloomberg U.S. TIPS Index.

&nbsp;&nbsp;&nbsp;&nbsp; An overweight to Eurozone and U.S. breakeven inflation (the difference between nominal and real yields) added to performance as inflation expectations in the regions increased. Tactical exposure to U.S. interest rates contributed to performance as rates rose then levelled off.

&nbsp;&nbsp;&nbsp;&nbsp;Off benchmark exposure to non-agency mortgage-backed securities detracted from performance as spreads widened. Nominal curve positioning in Eurozone interest rates detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives were used in the Fund and were instrumental in attaining exposures targeted to gain from anticipated market developments. The Fund heavily utilized interest rate swaps to implement inflationary views, which were positive for performance. The Fund's U.S. interest rates, which were positive for returns, were partly facilitated through the use of interest rate swaps, options, and futures. The Fund's overall corporate exposure, which was neutral for performance, was partially obtained via the use of credit default swaps. The Fund traded forward foreign currency contracts to hedge the currency exposure associated with the Fund's securities and as part of a tactical investment strategy.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is to seek maximum real return, consistent with preservation of real capital and prudent investment management.

&nbsp;&nbsp;&nbsp;&nbsp;Geopolitics took center stage as Russia invaded Ukraine. Most assets experienced elevated volatility over the year as the conflict added stress to fragile global supply chains and raised concerns over commodity supplies. This amplified inflationary fears and contributed to more hawkish stances from central banks, higher global yields, and flattening curves. Developed market central banks set their sights on combating historic levels of inflation, prompting the U.S. Federal Reserve ("Fed") to hike interest rates by 75 basis points in June, the first time since 1994. Despite weakening economic data and signs of slowing global growth heading into the second half of 2022, the Fed hiked its policy rate aggressively to address inflationary risks. Towards the end of the year, easing developed market inflation prints prompted optimism for relatively dovish global central bank messaging, contributing to gains in global risk assets. However, with labor market data exhibiting continued resilience, global central banks adopted more hawkish messaging than expected in December and the terminal rate projection advanced to 5.1% by the end of 2023.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives had a positive impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_764dbc311fe64f3.jpg) | **JNL/PPM America Floating Rate Income Fund**<br>PPM America, Inc.<br>FIAM LLC *(Unaudited)* |

---

#### JNL/PPM America Floating Rate Income Fund
![](img_f7be2e105ee04f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -4.65 | % | 1 Year | -4.34% |
| 5 Year | 1.25 |  | 5 Year | 1.55 |
| 10 Year | 2.15 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 1.66 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*FIAM LLC was added as a Sub-Adviser on September 1, 2022.*

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Consumer Discretionary | 19.2% |
| Industrials | 15.7 |
| Information Technology | 11.7 |
| Communication Services | 11.5 |
| Health Care | 10.9 |
| Financials | 7.5 |
| Materials | 6.5 |
| Consumer Staples | 5.2 |
| Energy | 2.7 |
| Utilities | 1.0 |
| Real Estate | 0.1 |
| Other Equity Interests | - |
| Other Short Term Investments | 8.0 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/PPM America Floating Rate Income Fund posted a return of -4.65% compared to -0.60% for the S&P/LSTA Leveraged Loan Index.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund consists of two strategies managed by Sub-Advisers. Each Sub-Adviser may use different investment strategies in managing the Fund, acts independently from the others and uses its own methodology. The Adviser ("JNAM") is responsible for selecting the Fund's investment strategies and for determining the Fund assets allocated to each Sub-Adviser.

#### PPM America, Inc. ("PPM")
&nbsp;&nbsp;&nbsp;&nbsp;Overweight positioning in loans rated B/B- and an allocation to high yield ("HY") bonds detracted and drove the underperformance. An overweight to cash and underweight in CCC loans contributed positively to performance, while exchange traded fund and derivative positioning had no material impact. Within loan sectors, security selection in software and services detracted while security selection in technology hardware and equipment contributed more modestly.

&nbsp;&nbsp;&nbsp;&nbsp; The investment objective of the strategy is to seek to provide a high level of current income. We seek to add value over the long term primarily through security selection. The strategy actively invests primarily in income producing floating rate instruments and uses a credit intensive fundamental investment process. We may also invest in HY bonds and other asset classes. Quantitative and qualitative factors, such as economic and market factors, are considered in terms of how they could impact an individual company or a specific sector.

&nbsp;&nbsp;&nbsp;&nbsp;We made sector allocation changes during 2022, driven by bottom up loan selection. Materials and health care equipment and services remained the strategy's two largest overweight sectors relative to the benchmark on December 31, 2022, and retailing moved from an overweight to a slight underweight by yearend. In terms of other underweight sectors, consumer services went from the largest underweight a year ago to an overweight at the end of 2022. Software and services and insurance were the strategy's largest underweights relative to the benchmark at yearend. Approximately 5.91% of the strategy was comprised of HY bonds on December 31, 2022, a smaller allocation than the beginning of the year. Bonds provide opportunity to selectively add yield while managing duration.

&nbsp;&nbsp;&nbsp;&nbsp; In our opinion, the two primary risks for floating rate loans in 2023 are larger than expected defaults and a reduction in demand from collateralized loan obligations ("CLO"). Greater defaults would have a more significant impact on loan only capital structures, while loan market liquidity could be impacted by reduced CLO demand.

#### FIAM LLC ("Fidelity")
&nbsp;&nbsp;&nbsp;&nbsp;Effective September 1, 2022, Fidelity was added as a Sub-Adviser to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;For the period September 1, 2022, through December 31, 2022, the Fund posted a return of -0.91% for Class A shares compared to 0.41% for the S&P/LSTA Leveraged Loan Index.

&nbsp;&nbsp;&nbsp;&nbsp;Slowing inflation raised investor hopes at the end of a turbulent year that saw steep declines across most markets and asset classes. Within this environment, high-yield bank loans gained.

&nbsp;&nbsp;&nbsp;&nbsp; Security selection in the leisure goods/activities/movies and electronics/electrical sectors contributed the most to relative performance over the period, while holdings in the business equipment & services and food products detracted from relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;In leisure goods/activities/movies, the position in British cinema operator Cineworld Group PLC contributed to relative performance. In the electronics/electrical sector, the position in computer manufacturer Dell Technologies Inc. - Class C contributed to relative performance. Among individual names, the overweight position in footwear company Crocs, Inc. contributed to relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;In the business equipment & service sector the overweight position in research data provider NielsenIQ detracted from relative performance. Among names in the food products sector, the overweight position in beverage manufacturer Tropicana detracted from relative performance. Among individual names, the overweight position in health care company Accelerated Health Systems, LLC detracted from relative performance.

------

---

| | |
|:---|:---|
| ![](img_0be84da5170b4f3.jpg) | **JNL/PPM America High Yield Bond Fund**<br>PPM America, Inc. *(Unaudited)* |

---

#### JNL/PPM America High Yield Bond Fund
![](img_491c70952e5f4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -11.72 | % | 1 Year | -11.44% |
| 5 Year | 1.26 |  | 5 Year | 1.57 |
| 10 Year | 3.06 |  | 10 Year | 3.33 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Consumer Discretionary | 17.4% |
| Communication Services | 17.2 |
| Energy | 15.2 |
| Financials | 11.5 |
| Industrials | 9.9 |
| Health Care | 6.3 |
| Consumer Staples | 6.0 |
| Information Technology | 4.9 |
| Materials | 3.0 |
| Utilities | 1.9 |
| Investment Companies | 0.8 |
| Real Estate | 0.6 |
| Other Equity Interests | - |
| Other Short Term Investments | 3.8 |
| Securities Lending Collateral | 1.5 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/PPM America High Yield Bond Fund underperformed its primary benchmark by posting a return of -11.72% for Class A shares compared to -11.21% for the ICE Bank of America Merrill Lynch U.S. High Yield Constrained Index .

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is to maximize current income. As a secondary objective, the Fund seeks capital appreciation. The Fund seeks to add value over the long term primarily through security and sector selection. The Fund primarily invests in high yield, high risk debt securities and related investments using a credit research intensive investment process. The Fund also may purchase positions in floating rate bank loans, equities and foreign securities. During 2022, the Fund increased exposure to healthcare and banking and reduced exposure to media and basic industry. Relative to the benchmark on December 31, 2022, the Fund's largest overweight positions were in energy, financial services and telecommunications. For energy, we like the higher ratings mix and the outlook for commodity prices. The largest underweight positions on December 31, 2022, were in real estate, services and basic industry. The Fund modestly decreased exposure to bank loans during the year and held approximately 4.36% at yearend.

&nbsp;&nbsp;&nbsp;&nbsp;Security selection and the resulting overweight in media was the largest detractor. Security selection in leisure also detracted. Security selection and the resulting overweight to energy was the primary contributor, followed by cash holdings. The Fund holds cash to provide liquidity for new investments and to manage any outflows. Derivative positioning did not materially impact Fund performance.

&nbsp;&nbsp;&nbsp;&nbsp;The primary risks to the high yield bond market in 2023 are macro, in our opinion, led by a severe recession. We believe the U.S. high yield market is in the early stages of a "slow burn" credit cycle downgrades, distress and defaults are increasing, but at measured paces. A severe recession would likely result in much higher than expected defaults.

------

---

| | |
|:---|:---|
| ![](img_fb8b9e5fee1e4f3.jpg) | **JNL/PPM America Total Return Fund**<br>PPM America, Inc. *(Unaudited)*  |

---

#### JNL/PPM America Total Return Fund
![](img_f837398fff934f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I†** |  |
| 1 Year | -14.08 | % | 1 Year | -13.77% |
| 5 Year | 0.28 |  | 5 Year | 0.59 |
| 10 Year | 1.62 |  | 10 Year | N/A |
| Since Inception | N/A |  | Since Inception | 0.71 |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Government Securities | 20.9% |
| U.S. Government Agency MBS | 20.1 |
| Financials | 15.7 |
| Non-U.S. Government Agency ABS | 12.8 |
| Energy | 5.2 |
| Utilities | 5.1 |
| Consumer Discretionary | 3.8 |
| Health Care | 3.5 |
| Communication Services | 3.3 |
| Industrials | 2.9 |
| Consumer Staples | 2.3 |
| Real Estate | 1.1 |
| Materials | 0.7 |
| Information Technology | 0.6 |
| Other Short Term Investments | 1.6 |
| Securities Lending Collateral | 0.4 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/PPM America Total Return Fund underperformed its primary benchmark by posting a return of -14.08% for Class A shares compared to -13.01% for the Bloomberg U.S. Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is to seek to realize maximum total return, consistent with the preservation of capital and prudent investment management. The Fund primarily invests in a diversified portfolio of fixed income investments of U.S. and foreign issuers. The Fund invests in IG bonds across a broad range of sectors, including Treasury bonds, federal agency debt, corporate bonds, MBS and asset-backed securities ("ABS"). The Fund may also purchase high yield bonds on a tactical and strategic basis. Quantitative and qualitative factors, such as economic and market factors, are considered in terms of how they could impact an individual company or a specific sector.

&nbsp;&nbsp;&nbsp;&nbsp;An overweight to corporate bonds (both investment grade ("IG") and high yield ("HY")) detracted and drove the underperformance. While U.S. fixed income experienced broad declines in 2022, corporate bonds underperformed on a relative basis given both a selloff in U.S. Treasuries and spread widening. Treasury futures also detracted from performance. We typically use Treasury futures to hedge duration or to increase or decrease the Fund's exposure to interest rates or yield curve risk. Conversely, out of index positioning in floating rate loans positively contributed to performance. Given their floating rate nature, loans outperformed bonds over the year. Positioning in mortgage-backed securities ("MBS") also contributed.

&nbsp;&nbsp;&nbsp;&nbsp; Relative to the benchmark on December 31, 2022, the Fund held underweight positions in US Treasuries and MBS, overweight positions in investment grade corporate bonds and ABS, as well as an out-of-Index position in HY corporate bonds. Year-over-year, the Fund increased the overweight to ABS and decreased the overweight to HY. We believe the opportunity in HY is reduced as many names have been upgraded to IG and spreads have tightened.

&nbsp;&nbsp;&nbsp;&nbsp;The potential for a deep U.S. recession in 2023 is the largest risk to the Fund, in our opinion, given its overweight positioning in corporate bonds.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives had a negative impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_99fb534d8bc64f3.jpg) | **JNL/RAFI Fundamental U.S. Small Cap Fund**<br>Mellon Investments Corporation *(Unaudited)* |

---

#### JNL/RAFI Fundamental U.S. Small Cap Fund
![](img_c37b164167524f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -14.02 | % | 1 Year | -13.70% |
| 5 Year | 1.26 |  | 5 Year | 1.63 |
| 10 Year | 6.53 |  | 10 Year | 6.84 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Industrials | 18.9% |
| Financials | 14.8 |
| Consumer Discretionary | 13.0 |
| Information Technology | 11.9 |
| Real Estate | 9.9 |
| Health Care | 8.8 |
| Materials | 7.0 |
| Energy | 5.5 |
| Consumer Staples | 4.1 |
| Communication Services | 3.0 |
| Utilities | 2.9 |
| Securities Lending Collateral | 0.2 |
| Other Short Term Investments | - |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/RAFI Fundamental U.S. Small Cap Fund underperformed its primary benchmark by posting a return of -14.02% for Class A shares compared to -13.40% for the RAFI Fundamental U.S. Small Company Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp; The investment objective of the Fund is to track the performance of the RAFI Fundamental U.S. Small Company Index (Net) ("Index").

&nbsp;&nbsp;&nbsp;&nbsp;The Fund invests, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the component securities of the Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not component securities but which Mellon Investments Corporation believes will help the Fund track its Index. The Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that make up the Index. Indexing may offer a cost-effective investment approach to gaining diversified market exposure over the long-term.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_8593868932cd4f3.jpg) | **JNL/RAFI Multi-Factor U.S. Equity Fund**<br>Mellon Investments Corporation *(Unaudited)* |

---

#### JNL/RAFI Multi-Factor U.S. Equity Fund
![](img_422ab1f8e7d94f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -8.02 | % | 1 Year | -7.75% |
| 5 Year | 6.64 |  | 5 Year | 6.93 |
| 10 Year | 9.91 |  | 10 Year | 10.17 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Health Care | 18.4% |
| Consumer Staples | 15.5 |
| Information Technology | 12.5 |
| Industrials | 11.6 |
| Consumer Discretionary | 10.2 |
| Financials | 10.2 |
| Energy | 9.3 |
| Communication Services | 3.9 |
| Materials | 3.8 |
| Real Estate | 2.3 |
| Utilities | 2.2 |
| Securities Lending Collateral | 0.1 |
| Other Short Term Investments | - |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/RAFI Multi-Factor U.S. Equity Fund underperformed its primary benchmark by posting a return of -8.02% for Class A shares compared to -7.37% for the RAFI Multi-Factor U.S. Index.

&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Fund is to track the performance of the RAFI Multi-Factor U.S. Index ("Index").

&nbsp;&nbsp;&nbsp;&nbsp; The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets (net securities plus the amount of any borrowings made for investment purposes) in the component securities of the Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not component securities but which Mellon Investment Corporation believes will help the Fund track its Index. The Index is designed to provide long only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. The Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that make up the Index. Indexing may offer a cost-effective investment approach to gaining diversified market exposure over the long-term.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_76dbf1c990494f3.jpg) | **JNL/T. Rowe Price Balanced Fund**<br>T. Rowe Price Associates, Inc. *(Unaudited)* |

---

#### JNL/T. Rowe Price Balanced Fund
![](img_3abb8bd6563f4f3.jpg)

††45% S&P 500, 20% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net), 35% Bloomberg US Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -17.64 | % | 1 Year | -17.42% |
| 5 Year | 3.56 |  | 5 Year | 3.83 |
| Since Inception | 4.08 |  | Since Inception | 4.57 |
| *‡Inception date April 28, 2014* | *‡Inception date April 28, 2014* | *‡Inception date April 28, 2014* | *‡Inception date April 28, 2014* | *‡Inception date April 28, 2014* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

T. Rowe Price Associates, Inc. assumed portfolio management responsibility on August 13, 2018.

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 13.9% |
| Financials | 13.3 |
| Health Care | 11.2 |
| Government Securities | 9.2 |
| U.S. Government Agency MBS | 8.7 |
| Consumer Discretionary | 7.9 |
| Industrials | 6.2 |
| Communication Services | 5.7 |
| Consumer Staples | 5.0 |
| Materials | 4.2 |
| Energy | 4.2 |
| Non-U.S. Government Agency ABS | 2.8 |
| Real Estate | 2.8 |
| Utilities | 2.5 |
| Other Short Term Investments | 2.2 |
| Securities Lending Collateral | 0.2 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/T. Rowe Price Balanced Fund underperformed its primary benchmark by posting a return of -17.64% for Class A shares compared to -14.77% for the Morningstar Moderate Target Risk Index. The Fund underperformed its blended benchmark return of -15.28% for the 45% S&P 500, 20% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net), 35% Bloomberg US Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp; Security selection within U.S. large cap growth stocks was the leading detractor from relative results for the year. Selection within large cap value names and non U.S. equities also held back relative returns. Conversely, the inclusion of diversifying sectors had a positive impact and, in particular, diversifying exposure to real assets, though an underweight allocation early in the year offset this positive impact to some degree. Tactical allocation decisions contributed to relative returns for the year. An underweight allocation to both fixed income and equities and an overweight to cash was beneficial in a volatile investment environment. Over the course of 2022, value stocks outperformed their growth peers; consequently, an underweight allocation to U.S. large cap growth equities relative to large cap value had a positive impact on relative performance. An overweight allocation to inflation linked securities early in the year was also beneficial.

&nbsp;&nbsp;&nbsp;&nbsp;Major U.S. stock indexes fell sharply over the course of 2022. At the start of the year, fears related to persistent inflation and rising interest rates were compounded by Russia's invasion of Ukraine in February. As the year progressed, there were growing concerns that tightening action by central banks could push economies into recession in their fight against inflation. The U.S. Federal Reserve ("Fed") aggressively raised interest rates to curb the highest inflation in four decades. European stock markets also fell as broad economic sanctions and the Russia Ukraine conflict's significant impact on global supply chains took their toll. In developed Asian markets, stocks in Hong Kong fell but received a boost as China began reopening towards the end of the year. Within fixed income, global markets declined as interest rates in most developed countries increased amid elevated inflation. U.S. fixed income securities fell as Fed officials raised interest rates to keep inflation under control. High yield bonds, which have less sensitivity to rising interest rates than higher quality issues, held up relatively well, even though investors were concerned about weaker corporate earnings and a possible recession. Bonds in developed markets outside the U.S. fared poorly, as interest rates in many developed countries increased amid elevated inflation, and losses to U.S. investors were exacerbated by a stronger U.S. Dollar versus many other currencies.

&nbsp;&nbsp;&nbsp;&nbsp;During 2022 the Fund held interest rate futures, index credit default swaps, and currency forwards generating gross exposure of approximately 2.0%. The estimated return impact from employing currency forwards was negligible, -15 basis points from futures, a negligible return impact from rights and a negligible return impact from swaps for the year.

&nbsp;&nbsp;&nbsp;&nbsp;Capital markets appear to have priced in a significant slowdown in global economic growth heading into 2023, although the duration and magnitude remain uncertain as the world's major central banks continue efforts to bring inflation under control by hiking interest rates and draining liquidity from the markets. The Fed has signaled a potential shift to a more moderate pace of tightening but remains committed to taming inflation, particularly wage inflation, which it sees as a key driver of persistent inflation. Given the range of potential paths for growth and inflation, these conditions contribute to a less compelling risk reward tradeoff between stocks and bonds or cash in the near term, and we believe that a more modest allocation to equities may be prudent. Furthermore, fixed income yields, particularly for below investment grade issuers, have reached attractive levels, given what we expect to be a manageable outlook for credit downgrades and defaults. Key risks to global markets include central bank missteps, persistent inflation, the potential for a sharper slowdown in global growth, geopolitical tensions, and the need for China to strike a balance between containing the COVID-19 and economic growth. We believe these headwinds should peak and subsequently ease in the latter half of 2023 and potentially provide a more constructive environment.

------

---

| | |
|:---|:---|
| ![](img_443c0e9158234f3.jpg) | **JNL/T. Rowe Price Capital Appreciation Fund**<br>T. Rowe Price Associates, Inc. *(Unaudited)* |

---

#### JNL/T. Rowe Price Capital Appreciation Fund
![](img_191ecf1fd4414f3.jpg)

††60% S&P 500 Index, 40% Bloomberg U.S. Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -11.95 | % | 1 Year | -11.65% |
| 5 Year | 8.72 |  | 5 Year | 9.04 |
| Since Inception | 9.45 |  | Since Inception | 9.24 |
| *‡Inception date September 16, 2013* | *‡Inception date September 16, 2013* | *‡Inception date September 16, 2013* | *‡Inception date September 16, 2013* | *‡Inception date September 16, 2013* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 21.6% |
| Health Care | 17.8 |
| Financials | 13.1 |
| Industrials | 10.9 |
| Consumer Discretionary | 9.1 |
| Government Securities | 8.9 |
| Utilities | 3.5 |
| Communication Services | 3.4 |
| Energy | 1.6 |
| Materials | 1.0 |
| Consumer Staples | 0.6 |
| Real Estate | 0.2 |
| Non-U.S. Government Agency ABS | 0.1 |
| Investment Companies | - |
| Other Short Term Investments | 7.8 |
| Securities Lending Collateral | 0.4 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/T. Rowe Price Capital Appreciation Fund outperformed its primary benchmark by posting a return of -11.95% for Class A shares compared to -18.11% for the S&P 500 Index. The Fund outperformed its blended benchmark return of -15.79% for the 60% S&P 500 Index, 40% Bloomberg U.S. Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's equity holdings declined but outperformed the S&P 500 Index. The Fund's fixed income holdings also generated negative absolute returns but significantly outperformed it's blended benchmark. Among equity sectors, consumer discretionary contributed to relative results due to stock selection (Yum! Brands, Inc., Starbucks Corporation). Energy detracted from relative performance due to an underweight allocation.

&nbsp;&nbsp;&nbsp;&nbsp;The five largest net purchases during the year were Apple Inc., Fortive Corporation, TransUnion, NXP Semiconductors N.V. and Texas Instruments Incorporated. The five largest net sales during the year were Humana Inc., General Electric Company, Alphabet Inc., UnitedHealth Group Incorporated and Marsh & McClennan Companies, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;Our equity weight decreased over the year. Our largest increase in sector weighting relative to the benchmark was in information technology, while our most significant decrease in relative weighting was in utilities. Our overall fixed income weight increased. Our positions in government debt, high yield debt, and bank loans increased while our exposure to corporate bonds decreased.

&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the year end rally that pared earlier losses, U.S. equity markets suffered their worst decline in over a decade this calendar year. While myriad factors contributed to the global downturn, the linked pair of elevated inflation and rising interest rates were the primary culprits in the U.S. Even as the rate of inflation appeared to recede and the U.S. Federal Reserve began to moderate the pace of its rate hikes, markets pulled back on speculation of a seemingly inevitable tightening induced recession. And a recession remains a realistic outcome, although we believe this scenario would produce an unusual environment as pockets of the market are already at trough levels. At current levels, we have a more constructive outlook for markets, particularly over the intermediate term where recent dislocation has crated pockets of opportunity for long term investors. As a result, the Fund is positioned with a moderate overweight to equities.

&nbsp;&nbsp;&nbsp;&nbsp;During 2022, the Fund held equity options and currency forwards generating gross exposure of approximately 1.2%. During the year ending December 31, 2022, the covered call strategy represented, on average, 6.94% of the overall Fund and generated a return of approximately -18.00%. The covered call strategy's estimated contribution to the Fund's total return was -1.60%. The estimated return impact from employing options was 101 basis points for the year.

------

---

| | |
|:---|:---|
| ![](img_3ee5028b16ed4f3.jpg) | **JNL/T. Rowe Price Established Growth Fund**<br>T. Rowe Price Associates, Inc. *(Unaudited)* |

---

#### JNL/T. Rowe Price Established Growth Fund
![](img_c0885ee2679c4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -38.83 | % | 1 Year | -38.63% |
| 5 Year | 4.41 |  | 5 Year | 4.72 |
| 10 Year | 10.87 |  | 10 Year | 11.15 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Information Technology | 48.2% |
| Consumer Discretionary | 17.7 |
| Health Care | 14.2 |
| Communication Services | 11.2 |
| Industrials | 3.3 |
| Consumer Staples | 0.6 |
| Other Short Term Investments | 4.8 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/T. Rowe Price Established Growth Fund underperformed its primary benchmark by posting a return of -38.83% for Class A shares compared to -31.71% for the Morningstar U.S. Large-Mid Cap Broad Growth Index.

&nbsp;&nbsp;&nbsp;&nbsp; Overall, stock selection drove relative underperformance, but sector allocation also weighed on returns. Within the Fund, communication services detracted from relative results as unfavorable stock selection drove relative sector weakness (SEA Ltd., Snap Inc.). Consumer discretionary also hurt relative performance due to adverse stock choices and an overweight exposure (Rivian Automotive, Inc.). Conversely, security choices and an overweight position in health care assisted relative returns (Cigna Corporation, UnitedHealth Group Incorporated).

&nbsp;&nbsp;&nbsp;&nbsp;The five largest purchases during the year were UnitedHealth Group Incorporated, Rivian Automotive, Inc., NVIDIA Corporation, Apple Inc. and Atlassian Corporation. The five largest sales during the period were Meta Platforms, Inc., Amazon.com, Inc., Alphabet Inc., Tesla Inc. and Stryker Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;At the sector level, the largest increases in absolute weighting during the year were in information technology and health care. The most significant decreases were in communication services and consumer discretionary. Our sector weightings are residual of our bottom up stock selection process and typically reflect where the Fund manager is finding compelling growth opportunities at the individual company level rather than through a broader thematic approach.

&nbsp;&nbsp;&nbsp;&nbsp;Signs of cooling inflation are a welcomed sight, but labor markets remain tight, likely forcing the U.S. Federal Reserve ("Fed") to maintain a "higher for longer" posture. We expect continued volatility in 2023 as the effects of Fed actions take hold and they assess their course of action; however, with many of our companies already having taken their medicine in the form of earnings revisions and an eventual unwinding of economic tightening to come, the worst is likely behind us with better days ahead for growth stocks.

&nbsp;&nbsp;&nbsp;&nbsp;Finally, although permitted in accordance with Fund guidelines, derivative instruments are not used in the Fund.

------

---

| | |
|:---|:---|
| ![](img_43e98bb623084f3.jpg) | **JNL/T. Rowe Price Mid-Cap Growth Fund**<br>T. Rowe Price Associates, Inc. *(Unaudited)* |

---

#### JNL/T. Rowe Price Mid-Cap Growth Fund
![](img_8b7b09e62e524f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -22.07 | % | 1 Year | -21.83% |
| 5 Year | 6.87 |  | 5 Year | 7.19 |
| 10 Year | 11.68 |  | 10 Year | 11.96 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Health Care | 25.1% |
| Information Technology | 21.9 |
| Industrials | 16.2 |
| Consumer Discretionary | 13.2 |
| Financials | 6.5 |
| Materials | 5.5 |
| Communication Services | 2.7 |
| Energy | 2.6 |
| Consumer Staples | 2.4 |
| Other Short Term Investments | 3.9 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/T. Rowe Price Mid-Cap Growth Fund outperformed its primary benchmark by posting a return of -22.07% for Class A shares compared to -25.83% for the Morningstar U.S. Mid Cap Broad Growth Index.

&nbsp;&nbsp;&nbsp;&nbsp; Stock selection was responsible for excess returns at the overall level. Stock selection in consumer discretionary contributed to relative results. Shares of Dollar General Corporation were lifted by accelerating inflation. The company issued favorable full year guidance given the expectation of a renewed focus on discounted goods. We believe the company's innovative management team offers a strong value proposition of low prices and convenience and could vastly increase its store base over the long term. Shares of O'Reilly Automotive, Inc. advanced on solid results reflecting the company's pricing power. Demand remained strong despite inflationary pressures as investing in an existing vehicle is relatively more affordable than purchasing a new or used automobile.

&nbsp;&nbsp;&nbsp;&nbsp;An underweight in communication services added value. Stock selection within the sector was also positive. Shares of Liberty Media Corporation - Liberty Formula One, which controls the exclusive commercialization of the immensely popular Formula One motorsport races, declined but outpaced peers in a very challenging year for communication services. Liberty Media Corporation controls a rare asset with high barriers to entry and strong free cash flow generation, and we believe there is room for significant improvement in monetization under an experienced Liberty Media Corporation management team.

&nbsp;&nbsp;&nbsp;&nbsp;Stock choices in industrials and business services also aide performance. Textron Inc. is an industrial conglomerate and the manufacturer of Bell helicopters, Cessna business jets, and other specialized vehicles. Shares pulled back, but outperformed competitors in a challenging environment. Textron Inc. has a strong balance sheet, leverage to U.S. military upgrade cycles, and an updated line of business jets. Near the end of the year, the company won a significant contract with the U.S. Army.

&nbsp;&nbsp;&nbsp;&nbsp;An underweight in energy, the top performing sector, detracted. Shares in Pioneer Natural Resources Company, a U.S. based exploration and production company that owns high quality, contiguous acreage in the Permian Basin, advanced but trailed the broader sector.

&nbsp;&nbsp;&nbsp;&nbsp;Stock selection in materials weighed on performance. Shares of Ball Corporation, the leading global manufacturer of aluminum packaging products, declined on weaker results and lowered 2022 guidance due to numerous headwinds including inflationary pressures, a severe recession in Brazil, and the closure of its Russia based business.

&nbsp;&nbsp;&nbsp;&nbsp; Top purchases for the year were Synopsys, Inc., Pioneer Natural Resources Company, The Trade Desk, Inc., Cheniere Energy, Inc. and Fair Isaac Corporation. Top sales for the year were Entegris, Inc., Catalent, Inc., Terminix Global Holdings, Inc., Citrix Systems Inc. and Ceridian HCM Holding Inc.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not typically use derivative securities in the management of the strategy. Current market conditions do not expose the Fund to a particular or significant risk, in our view. During the year ended December 31, 2022, the Fund did not hold derivatives.

------

---

| | |
|:---|:---|
| ![](img_dc09c0f5223b4f3.jpg) | **JNL/T. Rowe Price Short-Term Bond Fund**<br>T. Rowe Price Associates, Inc. *(Unaudited)* |

---

#### JNL/T. Rowe Price Short-Term Bond Fund
![](img_72375ef4c6194f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -4.65 | % | 1 Year | -4.29% |
| 5 Year | 0.77 |  | 5 Year | 1.08 |
| 10 Year | 0.72 |  | 10 Year | 0.99 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Non-U.S. Government Agency ABS | 26.2% |
| Government Securities | 21.5 |
| Financials | 17.0 |
| U.S. Government Agency MBS | 4.8 |
| Consumer Discretionary | 4.5 |
| Health Care | 4.0 |
| Energy | 3.7 |
| Utilities | 3.2 |
| Information Technology | 3.1 |
| Communication Services | 2.9 |
| Materials | 2.5 |
| Consumer Staples | 2.2 |
| Industrials | 2.1 |
| Real Estate | 1.8 |
| Other Short Term Investments | 0.5 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/T. Rowe Price Short-Term Bond Fund underperformed its primary benchmark by posting a return of -4.65% for Class A shares compared to -3.69% for the Bloomberg 1-3 Year Government/Credit Index.

&nbsp;&nbsp;&nbsp;&nbsp; Sector allocation was the predominant detractor from the Fund's relative performance. Out of benchmark allocations to securitized sectors, including asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities ("RMBS"), hindered relative results amid interest rate volatility and periods of heavy new issuance. The Fund's allocation to RMBS was a prominent detractor, as the interest rate sensitive sector was dragged lower by concerns about the ramifications of tighter U.S. Federal Reserve ("Fed") policy, rising rates, and declining housing affordability. Conversely, an overweight to investment grade corporate bonds and a corresponding underweight to U.S. Treasuries helped relative performance as limited new supply, some encouraging corporate earnings reports, and more constructive risk sentiment fueled a late period rally among corporate bonds. Security selection within investment grade corporate bonds was also beneficial. Regarding yield curve positioning, modest underweights in the front end of the yield curve and a slight overweight in the intermediate portion aided relative results as the yield curve flattened, and, in certain portions of the yield curve, inverted.

&nbsp;&nbsp;&nbsp;&nbsp; As of December 31, 2022, the Fund held interest rate futures generating gross exposure of approximately 22.2% The estimated return impact from employing futures was -43 basis points for the year.

&nbsp;&nbsp;&nbsp;&nbsp; While there are signs that inflationary pressures have peaked, the outlook remains uncertain amid continued monetary policy tightening, mounting downside growth risks, and elevated volatility in risk assets. We believe the path of monetary tightening will be more important to focus on than the destination as the Fed continues to tighten policy despite slowing growth. With the range of economic outcomes now wider due to the speed at which the Fed has tightened monetary policy, we will continue to monitor the distribution of risks over the next year. Using the breadth and depth of our global research platform, we will look to selectively add to high conviction positions as volatility creates attractive entry points.

------

---

| | |
|:---|:---|
| ![](img_eb060e58fa714f3.jpg) | **JNL/T. Rowe Price U.S. High Yield Fund**<br>T. Rowe Price Associates, Inc. *(Unaudited)*  |

---

#### JNL/T. Rowe Price U.S. High Yield Fund
![](img_dc12f751d4a34f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -14.81 | % | 1 Year | -14.56% |
| 5 Year | -0.07 |  | 5 Year | 0.22 |
| Since Inception | 1.45 |  | Since Inception | 0.30 |
| *‡Inception date April 25, 2016* | *‡Inception date April 25, 2016* | *‡Inception date April 25, 2016* | *‡Inception date April 25, 2016* | *‡Inception date April 25, 2016* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

T. Rowe Price Associates, Inc. assumed portfolio management responsibility on April 27, 2020.

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Consumer Discretionary | 21.3% |
| Energy | 14.5 |
| Communication Services | 13.8 |
| Financials | 12.3 |
| Industrials | 10.7 |
| Materials | 5.7 |
| Consumer Staples | 5.4 |
| Health Care | 4.0 |
| Information Technology | 3.8 |
| Real Estate | 2.1 |
| Utilities | 1.5 |
| Warrants | - |
| Other Short Term Investments | 2.8 |
| Securities Lending Collateral | 2.1 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/T. Rowe Price U.S. High Yield Fund underperformed its primary benchmark by posting a return of -14.81% for Class A shares compared to -11.21% for the ICE Bank of America Merrill Lynch U.S. High Yield Constrained Index ..

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's weakest industry results were in media, basic industry, and automotive. Our overweight allocation to bonds rated CCC, coupled with security selection within the rating tier, also detracted from relative performance as strained liquidity and risk off sentiment weighed on CCC rated bonds, particularly in the second quarter and the back half of the year. The Fund's top relative performance contributors on an industry basis were energy, retail, and financial services. An out of benchmark allocation to leveraged loans, which we selectively and opportunistically allocate to give their relatively attractive yields and limited duration, was another contributor to relative performance as the asset class significantly outperformed high yield bonds amid rising rates.

&nbsp;&nbsp;&nbsp;&nbsp; We upgraded the credit quality of the fund during the year, largely by reducing our underweight to the BB ratings after BBs underperformed early in the year alongside an upward move in rates. We capitalized on this underperformance by investing in what we believe are good companies at attractive dollar prices, which has also worked to position the Fund more defensively. We increased our allocation to BBs from approximately 10% of the Fund's net assets at the start of the year to around 23% by year end, and we will likely continue to increase this allocation given our view that we are likely past peak Treasury rates. In addition, we decreased our allocation to B and CCC rated bonds over the year as part of our overall credit quality upgrade exercise. We are balancing this overall quality upgrade with what we view to be a potentially strong technical backdrop for CCCs that could play out in 2023, as a supply/demand imbalance should benefit cash bonds and lower rated bonds in particular. Within CCC ratings, we tend to tilt our positioning to the higher quality portion of the market and/or to issuers that we believe are mis-rated. As such, the names we do hold have been heavily researched and generally offer long maturity runways and healthy liquidity in our view.

&nbsp;&nbsp;&nbsp;&nbsp;Despite the year to date selloff and the increasing likelihood of a recession, we maintain a constructive outlook for high yield bonds. Spreads remain close to their historical averages, while defaults remain well below their long term averages as many companies have refinanced their debt and extended their maturity walls. While default rates may continue to tick somewhat higher from here due to slower economic growth and continued monetary tightening, we expect they will end 2023 in line with historical averages but fall short of recessionary averages, as the overall credit quality of the high yield index has improved in recent years and maturity walls have been extended to 2025 and 2026. In addition, technical conditions appear favorable as net supply has shrunk, which has created a supply/demand imbalance for cash bonds, particularly in the lower credit quality tiers in our market.

&nbsp;&nbsp;&nbsp;&nbsp;We believe we have seen peak inflation and Treasury rates but acknowledge that macro risks remain. Given continued risks around the potential and likelihood of a recession, we continue to stress test credits for resiliency in such an environment, and we have upgraded the overall credit quality of our Fund since the start of the year.

&nbsp;&nbsp;&nbsp;&nbsp; Historical periods of negative performance for the asset class have typically been followed by periods of outsized returns, and we believe there is considerable opportunity for future capital appreciation currently built into our market. Additionally, as rates rose materially in 2022, the yield profile on high yield bonds is attractive, and prospects for income have improved. Credit selection remains the cornerstone of our process and Fund construction, and we expect it will be the primary driver of alpha in the year ahead, as it has been for us over the long term.

------

---

| | |
|:---|:---|
| ![](img_86ddf1b4d7ee4f3.jpg) | **JNL/T. Rowe Price Value Fund**<br>T. Rowe Price Associates, Inc. *(Unaudited)* |

---

#### JNL/T. Rowe Price Value Fund
![](img_b286a0c93de34f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -11.51 | % | 1 Year | -11.27% |
| 5 Year | 7.59 |  | 5 Year | 7.91 |
| 10 Year | 11.20 |  | 10 Year | 11.48 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Financials | 21.8% |
| Health Care | 20.4 |
| Industrials | 11.0 |
| Consumer Staples | 10.7 |
| Information Technology | 8.5 |
| Utilities | 6.8 |
| Energy | 5.9 |
| Consumer Discretionary | 5.4 |
| Communication Services | 4.4 |
| Materials | 2.0 |
| Real Estate | 1.8 |
| Other Short Term Investments | 1.3 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/T. Rowe Price Value Fund underperformed its primary benchmark by posting a return of -11.51% for Class A shares compared to -6.93% for the Morningstar U.S. Large-Mid Cap Broad Value Index.

&nbsp;&nbsp;&nbsp;&nbsp;Energy was the primary detractor from relative performance due to an underweight allocation. Materials hindered relative returns due to stock choices (Nutrien LTD). Health care weighed on relative results due to security selection (Merck & Co., Inc.), but our overweight to the sector tempered losses. Financials was the leading contributor to relative results due to our stock holdings (Chubb Limited). Consumer discretionary supported relative performance due to stock selection (Dollar General Corporation).

&nbsp;&nbsp;&nbsp;&nbsp; The five largest purchases during the year were JPMorgan Chase & CO., Johnson & Johnson, Philip Morris International Inc., Exxon Mobil Corporation and Becton, Dickinson & Company. The five largest sales during the year were Microsoft Corporation, Alphabet Inc., American International Group, Inc., The Charles Schwab Corporation and Danaher Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;At the sector level, the most significant decrease in weighting relative to the benchmark was in materials. The largest increase in relative weighting was in consumer staples. Our sector weightings are residual of our bottom up stock selection process and typically reflect where the Fund manager is finding compelling valuation opportunities at the individual company level rather than through a broader thematic approach.

&nbsp;&nbsp;&nbsp;&nbsp; We remain cautious on the direction of the economy and believe there is a considerable likelihood of the U.S. Federal Reserve causing an economic slowdown or recession. While goods inflation seems to be peaking, services inflation remains high and will be challenging to tame due to structural imbalances in the labor market. While the market multiple has contracted during 2022, we see elevated risk in earnings estimates, which have yet to reflect a likely recession in 2023. As a result, we believe equity markets will remain choppy throughout the year, as expectations adjust to a slowing economy with tighter financial conditions. We believe a cautious stance remains appropriate, so we are looking to further emphasize company level fundamentals and quality while being positioned for a variety of market environments. We believe we will have ample opportunities to increase the risk we are taking on in the Fund, as valuations become more favorable. Overall, our focus continues to be on finding high quality companies that have attractive fundamentals and valuations. We believe this balanced approach should lead to a Fund that has the potential to serve our clients well.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_e6fdb6dff5284f3.jpg) | **JNL/WCM China Quality Growth Fund**<br>WCM Investment Management *(Unaudited)* |

---

#### JNL/WCM China Quality Growth Fund
![](img_eca2960815ea4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| **Class A‡** |  |  | **Class I†** |  |
| Since Inception | 4.10 | % | Since Inception | 4.20% |
| *‡Inception date April 25, 2022* | *‡Inception date April 25, 2022* | *‡Inception date April 25, 2022* | *‡Inception date April 25, 2022* | *‡Inception date April 25, 2022* |
| *†Inception date April 25, 2022* | *†Inception date April 25, 2022* | *†Inception date April 25, 2022* | *†Inception date April 25, 2022* | *†Inception date April 25, 2022* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Consumer Discretionary | 17.9% |
| Industrials | 14.2 |
| Consumer Staples | 14.1 |
| Financials | 12.5 |
| Information Technology | 10.9 |
| Health Care | 7.6 |
| Communication Services | 6.9 |
| Materials | 4.5 |
| Real Estate | 3.8 |
| Other Short Term Investments | 7.6 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the period April 25, 2022 through December 31, 2022, JNL/WCM China Quality Growth Fund outperformed its primary benchmark by posting a return of 4.10% for Class A shares compared to -0.68% for the Morningstar China Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp; Attribution analysis reveals that the majority of the Fund's outperformance can be attributed to sector allocation.

&nbsp;&nbsp;&nbsp;&nbsp;From a sector allocation perspective, consumer staples (overweight) was the largest positive contributor to our relative performance, followed by industrials (overweight) and consumer discretionary (underweight). On the other hand, financials (underweight) detracted from our relative performance, as did energy (no weight) and information technology ("IT") (overweight).

&nbsp;&nbsp;&nbsp;&nbsp;Looking at stock selection, financials (AIA Group Limited, Hong Kong Exchanges & Clearing Limited., Ping An Insurance (Group) Co of China, Ltd.) was the best performing sector relative to the benchmark, followed by industrials (Beijing United Information Technology Co., Ltd., Zhejiang Sanhua Intelligent Controls Co., Ltd., ZTO Express (Cayman), Inc.) and real estate (no exposure). Alternatively, health care (WuXi AppTec Co., Ltd., Wuxi Biologics Cayman Inc., Asymchem Laboratories (Tianjin) Co., Ltd) was the worst performing sector relative to the benchmark, followed by consumer discretionary (Shenzhou International Group Holdings Limited, Huali Industrial Group Co. Ltd., Changzhou Xingyu Automotive Lighting Systems Co., Ltd) and IT (Silergy Corp., Sangfor Technologies, Inc., Kingdee International Software Group Company Limited).

------

---

| | |
|:---|:---|
| ![](img_0ccdc68ac37e4f3.jpg) | **JNL/WCM Focused International Equity Fund**<br>WCM Investment Management *(Unaudited)* |

---

#### JNL/WCM Focused International Equity Fund
![](img_167b3ee4342e4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -28.69 | % | 1 Year | -28.50% |
| 5 Year | 6.59 |  | 5 Year | 6.90 |
| Since Inception | 7.74 |  | Since Inception | 7.48 |
| *‡Inception date September 16, 2013* | *‡Inception date September 16, 2013* | *‡Inception date September 16, 2013* | *‡Inception date September 16, 2013* | *‡Inception date September 16, 2013* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Health Care | 24.9% |
| Industrials | 20.3 |
| Information Technology | 20.2 |
| Consumer Discretionary | 13.1 |
| Financials | 8.9 |
| Consumer Staples | 5.3 |
| Materials | 5.0 |
| Other Short Term Investments | 2.3 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/WCM Focused International Equity Fund underperformed its primary benchmark by posting a return of -28.69% for Class A shares compared to -15.32% for the Morningstar Global ex-US Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp; Attribution analysis reveals that the majority of the Fund's underperformance can be attributed to stock selection.

&nbsp;&nbsp;&nbsp;&nbsp;From a sector allocation perspective, communication services (no weight) was the largest positive contributor to our relative performance, followed by health care (overweight) and real estate (no weight). On the other hand, information technology ("IT") (overweight) detracted from our relative performance, as did energy (no weight) and financials (underweight).

&nbsp;&nbsp;&nbsp;&nbsp;Looking at stock selection, financials (Aon Public Limited Company) was the best performing sector relative to the benchmark. Alternatively, IT (Atlassian Corporation, Shopify, Inc., EPAM Systems, Inc.) was the worst performing sector relative to the benchmark, followed by health care (Lonza Group AG, ICON Public Limited Company, Wuxi Biologics Cayman Inc.) and materials (Sika AG, Linde Public Limited Company).

&nbsp;&nbsp;&nbsp;&nbsp;From a region allocation perspective, Asia (underweight) was the largest positive contributor to our relative performance, followed by Pacific (overweight) and East Europe (no weight). On the other hand, South America (no weight) detracted from our relative performance, as did North America (overweight) and Middle East (no weight).

&nbsp;&nbsp;&nbsp;&nbsp; Looking at stock selection, there were no positive performing regions relative to the benchmark. On the flipside, West Europe (Sika AG, ASML Holding N.V., Accenture Public Limited Company) was the worst performing region relative to the benchmark, followed by North America (Shopify, Inc., EPAM Systems, Inc., Lululemon Athletica Canada Inc.) and Asia (Lasertec Co., Ltd., Shenzhou International Group Holdings Limited, Keyence Corporation).

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_32205e14ccfc4f3.jpg) | **JNL/Westchester Capital Event Driven Fund**<br>Westchester Capital Management, LLC *(Unaudited)*  |

---

#### JNL/Westchester Capital Event Driven Fund
![](img_7ebe6131f89d4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | -3.29 | % | 1 Year | -3.04% |
| 5 Year | 4.44 |  | 5 Year | 4.75 |
| Since Inception | 3.23 |  | Since Inception | 4.74 |
| *‡Inception date April 27, 2015* | *‡Inception date April 27, 2015* | *‡Inception date April 27, 2015* | *‡Inception date April 27, 2015* | *‡Inception date April 27, 2015* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 31.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 12.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 10.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Equity Interests | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | (0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Short Term Investments | 5.5 |
| **Net Long (Short) Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/Westchester Capital Event Driven Fund underperformed its primary benchmark by posting a return of -3.29% for Class A shares compared to -2.96% for the Wilshire Liquid Alternative Event Driven Index.

&nbsp;&nbsp;&nbsp;&nbsp; The level of merger and acquisition ("M&A") activity decreased during the second half of 2022 compared to the record setting levels of 2021 and still lofty levels of the first half. Aggressive interest rate hikes to fight inflation, a punishing market selloff, and a looming recession contributed to pro forma uncertainty for combined corporate entities. While activity declined, it remained robust, given the need for companies to find growth avenues, even in a weak economic environment. For the full year global M&A activity totaled $3.65 trillion. Even with macroeconomic headwinds, 39 deals worth over $10 billion were announced in 2022.

&nbsp;&nbsp;&nbsp;&nbsp;We remain comfortable that transaction activity will remain at historically elevated levels. We continue to see asset aggregation by acquirers seeking to grow through acquisition to grow top lines or even to increase market share and realize synergies. In the first two weeks of December alone, dealmakers inked nearly $70 billion of M&A: biotech giant Amgen Inc. announced on December 12, 2022 that it would buy Horizon Therapeutics Public Limited Company for $28 billion. Thoma Bravo announced a takeover of business-spend management platform Coupa Software Inc. for $8 billion in enterprise, Novozymes A/S said it would acquire fellow enzyme maker Chr. Hansen Holding A/S for about $12 billion in the biggest ever deal involving two Danish companies, to name a few.

&nbsp;&nbsp;&nbsp;&nbsp;While macro factors influence the Fund, our investment returns are primarily driven by outcomes of corporate events, with the goal of providing performance that is lightly correlated with equity and fixed income indices in all market environments. Although we are disappointed not to have provided a positive return for the year due to several surprise deal terminations and regulatory scares, we have preserved capital during this treacherous market environment. The top contributors were Xilinx Inc./Advanced Micro Devices Inc., Twitter Inc. and Bayer AG. During the year, the most significant losers were Rogers Corporation/DuPont de Nemours, Inc., WeWork Inc. and Heritage Power term loans. We ended the year approximately 125% invested.

&nbsp;&nbsp;&nbsp;&nbsp;Despite economic headwinds, M&A prospects remain promising. Transaction drivers underpinning M&A in recent years – such as digital transformation, supply chain disruption, strategy optimization, and ESG considerations – will remain influential in 2023. Moreover, for corporate buyers with a clear strategic agenda, M&A tends to be less cyclical. Now that valuations have become more affordable, strategic buyers should be able to take advantage of lower prices and lower multiple targets opportunistically. Among S&P 500 constituents, there is $1.7 trillion in cash and short term investments sitting on corporate balance sheets, according to Prequin. Similarly, private equity firms hold a record $2.5 trillion in "dry powder" globally ($1.2 trillion in North America alone) available for deal making. With commitment deployment pressure mounting, private equity and leveraged buyout firms will likely continue their own stream of acquisitions in 2023.

&nbsp;&nbsp;&nbsp;&nbsp;Additionally, activist campaigns are also expected to remain at high levels as they increase their focus on operational efficiency, fund optimization, and capital allocation. As such, we expect to see an increase in corporate separations and divestitures as the recent spike in the cost of capital incentivizes them to reevaluate their portfolios. We expect to see the spinoff pipeline increase compared to 2022, with an estimated 25 "mega-cap" breakups and asset sales scheduled to close in 2023, according to Citigroup.

&nbsp;&nbsp;&nbsp;&nbsp;The reference to derivatives refers to listed options such as calls and puts. We use derivatives to either hedge idiosyncratic exposure of individual long positions or arbitrage situations or to reduce market exposure of such positions via options on highly correlated indices or sector exchange traded funds ("ETFs"). We do not typically sell naked short options, nor do we speculate via long options. Hence, the positions generally reflect long equity positions with options written against them via long puts on the underlying or a highly correlated index/ETF.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_e7eb247ff3924f3.jpg) | **JNL/Western Asset Global Multi-Sector Bond Fund**<br>Western Asset Management Company *(Unaudited)*  |

---

#### JNL/Western Asset Global Multi-Sector Bond Fund
![](img_99a8197738324f3.jpg)

¹Effective April 25, 2022, the Fund changed its primary benchmark from the Bloomberg Multiverse Bond Index to the Bloomberg Global Aggregate Index (Unhedged) to reflect the Fund's strategy change.

††50% Bloomberg Global Aggregate Index (Unhedged), 25% JPMorgan Emerging Markets Bond Index Plus, 25% Bloomberg U.S. High Yield 2% Issuer Cap Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -5.72 | % | 1 Year | -5.50% |
| 5 Year | -3.06 |  | 5 Year | -2.78 |
| 10 Year | -0.95 |  | 10 Year | -0.70 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*Western Asset Management Company assumed portfolio management responsibility on April 25, 2022.*

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Government Securities | 27.9% |
| Financials | 13.2 |
| Energy | 11.8 |
| Communication Services | 9.6 |
| Consumer Discretionary | 8.8 |
| Industrials | 7.1 |
| Materials | 7.1 |
| Health Care | 3.9 |
| Consumer Staples | 3.8 |
| Non-U.S. Government Agency ABS | 1.9 |
| Utilities | 1.6 |
| U.S. Government Agency MBS | 0.8 |
| Real Estate | 0.6 |
| Information Technology | 0.3 |
| Other Short Term Investments | 1.4 |
| Securities Lending Collateral | 0.2 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective April 25, 2022, JNL/Franklin Templeton Global Multisector Bond Fund's name was changed to JNL/Western Asset Global Multi-Sector Bond Fund. For the year ended December 31, 2022, JNL/Western Asset Global Multi-Sector Bond Fund outperformed its primary benchmark by posting a return of -5.72% for Class A shares compared to -16.25% for the Bloomberg Global Aggregate Index (Unhedged). Effective April 25, 2022, the Bloomberg Multiverse Bond Index was replaced as the Fund's primary benchmark. The Fund outperformed that benchmark, which posted a return of -16.01%. The Fund outperformed its blended benchmark return of -17.07% for the 50% Bloomberg Global Aggregate Index (Unhedged), 25% JPMorgan Emerging Markets Bond Index Plus, 25% Bloomberg U.S. High Yield 2% Issuer Cap Index.

&nbsp;&nbsp;&nbsp;&nbsp; For the period January 1, 2022 through April 24, 2022, the Fund was Sub-Advised by Franklin Advisers, Inc. During the period, the Fund posted a return of -2.13% for Class A shares compared to -10.27% for the Bloomberg Global Aggregate Index.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's outperformance was primarily due to interest-rate strategies, overall credit exposures and currency positions. The Fund maintained a defensive approach regarding interest rates in developed markets, while holding duration exposures in select emerging markets. Its lack of duration exposure in the Euro area contributed to relative performance, as did underweighted duration exposures in the United States, the United Kingdom, Canada and Japan. Overweighted duration exposure in Argentina also contributed to relative results. Underweighted exposures to investment-grade corporate bonds and investment-grade sovereign credits contributed to relative return. Overweighted positions in the Brazilian Real and Chilean Peso contributed to relative performance, as did the Fund's underweighted exposure to the Euro. Its underweighted position in the Japanese Yen against the U.S. Dollar ("USD") also contributed to relative results, as did overweighted positions in the Canadian Dollar and Norwegian Krone against the Euro. However, overweighted positions in the Russian Ruble, Ghanaian Cedi and South Korean Won detracted from relative performance. The strategy uses derivatives, including interest-rate swaps and currency forwards.

&nbsp;&nbsp;&nbsp;&nbsp;Sovereign bond yields continued to rise across much of the world and inflation remained at multi-decade highs in multiple regions during the period and continued to trend higher in several countries as energy prices and other underlying price pressures persisted. The USD saw mixed trends during the first quarter but finished April having broadly strengthened against developed market and emerging market currencies. USD-denominated sovereign credit sectors broadly saw negative returns through the end of April on rising rate pressures and spread widening.

&nbsp;&nbsp;&nbsp;&nbsp;Effective April 25, 2022, Western Asset Management Company assumed management responsibility for the Fund. For the period April 25, 2022, through December 31, 2022, the Fund posted a return of -3.67% for Class A shares compared to -6.49% for the Bloomberg Global Aggregate Index.

&nbsp;&nbsp;&nbsp;&nbsp;U.S. interest rate risk was the largest detractor from performance as a result of rate exposures via U.S. Treasuries and non-government sectors including investment grade credit and high yield plus emerging market bonds. This was partially offset by income and exposure to USD denominated bank loans. Exposure to select local emerging market government bonds detracted as central banks increased interest rates, causing local yields to rise. This included local currency government bonds from South Africa, Indonesia and Poland. Overall FX positioning was a detractor from performance mainly due to exposure to emerging market currencies including the Polish Zloty, Indonesian Rupiah and the South African Rand which weakened versus U.S. Dollar over the period. The Fund used some derivative instruments to implement its positioning – namely Eurodollar futures, U.S. and Australian government bonds futures. U.S. government bond futures were used to manage duration/curve positioning and contributed to returns. Currency forwards and options were utilized to manage currency positioning and risk, which had mixed results.

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives had a negative impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_e6ef72b5d0bd4f3.jpg) | **JNL/William Blair International Leaders Fund**<br>William Blair Investment Management *(Unaudited)*  |

---

#### JNL/William Blair International Leaders Fund
![](img_52fb966170364f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -25.10 | % | 1 Year | -24.82% |
| 5 Year | -0.30 |  | 5 Year | 0.01 |
| 10 Year | 3.43 |  | 10 Year | 3.69 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*William Blair Investment Management assumed portfolio management responsibility on April 25, 2022*

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Industrials | 24.3% |
| Information Technology | 16.3 |
| Health Care | 15.1 |
| Financials | 14.5 |
| Consumer Discretionary | 13.3 |
| Energy | 8.4 |
| Materials | 3.6 |
| Consumer Staples | 3.2 |
| Real Estate | 0.7 |
| Other Short Term Investments | 0.6 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;Effective April 25, 2022, JNL/Invesco International Growth Fund's name was changed to JNL/William Blair International Leaders Fund.

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/William Blair International Leaders Fund underperformed its primary benchmark by posting a return of -25.10% for Class A shares compared to -15.32% for the Morningstar Global ex-US Target Market Exposure Index (Net).

&nbsp;&nbsp;&nbsp;&nbsp;For the period January 1, 2022 through April 24, 2022, the Fund was Sub-Advised by Invesco Advisers, Inc. During the period, the Fund posted a return of -16.12% for Class A shares compared to -9.49% for the Morningstar Global ex-US Target Market Exposure Index.

&nbsp;&nbsp;&nbsp;&nbsp;Global equity markets declined in the first quarter amid volatility sparked by Russia's invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia's invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008. Developed equity markets declined for the quarter, with value stocks outperforming growth stocks. Emerging market equities also declined, particularly China's equity markets, which suffered from a COVID-19 Omicron outbreak and resulting lockdowns, as well as broader geopolitical concerns. In this environment, developed equity markets outperformed emerging market equities for the quarter.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's information technology ("IT") holdings outperformed those of the benchmark, adding to relative return. An underweight in IT was also advantageous. Not owning select index stocks, including Canada-based Shopify, added to relative results. Stock selection and an overweight in financials added to relative results. Brazil-based B3 and Singapore-based United Overseas Bank were among the leading contributors. Geographically, stock selection in Brazil, China and Germany added to relative results. An overweight in Brazil, having no exposure in Russia and an underweight in Germany were also advantageous.

&nbsp;&nbsp;&nbsp;&nbsp;Conversely, the Fund's industrials holdings underperformed those of the benchmark, detracting from relative return. Sweden-based Sandvik and Husqvarna detracted from relative performance. Stock selection in materials detracted from relative results. Ireland-based CRH was a notable detractor. No exposure to utilities and energy hampered relative results as well. Geographically, stock selection in Japan, Sweden, Canada and Ireland detracted from relative return. An overweight in Ireland and Sweden negatively affected relative results as well.

&nbsp;&nbsp;&nbsp;&nbsp;Effective April 25, 2022, William Blair Investment Management assumed management responsibility for the Fund. For the period April 25, 2022, through December 31, 2022, the Fund posted a return of -10.70% for Class A shares compared to -6.45% for the Morningstar Global ex-US Target Market Exposure Index.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund is a focused portfolio of leading companies, seeking long term capital appreciation by investing in foreign companies with above average returns on equity, strong balance sheets and consistent, above average earnings growth.

&nbsp;&nbsp;&nbsp;&nbsp; Underperformance during the period was highly correlated to inflationary pressures and increasing interest rates, which has led to significant multiple contraction for growth companies in particular. Quality didn't help to offset the underperformance during the first half of the year amid the largely indiscriminate selloff in high growth, high multiple stocks. In the third quarter, the market started to reflect a slowdown in economic growth. Quality companies tend to outperform during economic slowdowns, and this time was no exception. However, the performance of low valuation stocks reaccelerated in November as equity markets rallied behind a more dovish outlook for U.S. Federal Reserve rate hikes and loosened COVID-19 restrictions in China, weighing on relative performance during the fourth quarter.

&nbsp;&nbsp;&nbsp;&nbsp; Looking forward, we believe there should be opportunities for growth equities from numerous sources. Marginal changes to growth rates, in both directions, will likely drive investment performance. Companies with superior capital allocation strategies should prove to be attractive. We believe the delivery of cash flows will likely be favored over promise of growth. Quality, cash flows, and predictability will be favored. "Old economy cyclicals" that were left for dead (commodities, financials) may continue their resurrection.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_1f83f9357d234f3.jpg) | **JNL/WMC Balanced Fund** <br>Wellington Management Company, LLP *(Unaudited)*  |

---

#### JNL/WMC Balanced Fund
![](img_22835909d7a84f3.jpg)

††65% S&P 500 Index, 35% Bloomberg U.S. Aggregate Bond Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -13.95 | % | 1 Year | -13.69% |
| 5 Year | 5.35 |  | 5 Year | 5.67 |
| 10 Year | 7.71 |  | 10 Year | 7.98 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Government Securities | 13.0% |
| Information Technology | 12.7 |
| Health Care | 11.7 |
| Financials | 10.8 |
| U.S. Government Agency MBS | 9.8 |
| Consumer Discretionary | 7.8 |
| Industrials | 6.6 |
| Consumer Staples | 4.9 |
| Energy | 4.3 |
| Communication Services | 4.0 |
| Utilities | 3.8 |
| Materials | 1.9 |
| Real Estate | 1.2 |
| Non-U.S. Government Agency ABS | 1.1 |
| Other Short Term Investments | 6.0 |
| Securities Lending Collateral | 0.4 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/WMC Balanced Fund outperformed its primary benchmark by posting a return of -13.95% for Class A shares compared to -18.11% for the S&P 500 Index. The Fund outperformed its blended benchmark return of -16.06% for the 65% S&P 500 Index, 35% Bloomberg U.S. Aggregate Bond Index.

&nbsp;&nbsp;&nbsp;&nbsp;Security selection was the primary driver of relative performance over the year. Security selection within consumer discretionary, information technology ("IT"), and utilities were the top contributors while weaker selection within energy, communication services, and consumer staples partially offset those effects. Sector allocation also added to relative returns. Our underweight exposure to IT and communication services as well as our overweight to health care were top contributors. In contrast, our underweight exposures to materials detracted from results.

&nbsp;&nbsp;&nbsp;&nbsp;Top contributors to relative performance within the Fund included not owning Tesla Inc. (consumer discretionary), an out of benchmark position in Shell PLC (energy), and an overweight position to The Progressive Corporation (financials). Top detractors within the Fund included an overweight position to Meta Platforms, Inc. (communication services), and not owning Exxon Mobil Corporation, (energy) and Chevron Corporation (energy).

&nbsp;&nbsp;&nbsp;&nbsp;We monitor the macro environment closely and continue to direct significant research efforts to company specific analysis where we believe our most differentiated insights are likely to lie. Our focus remains on companies that can deliver resilient results across economic and market environments and stock prices that trade at moderate valuations.

&nbsp;&nbsp;&nbsp;&nbsp;Over the course of the year, we initiated new positions in ConocoPhilips (energy), Honeywell International Inc. (industrials), Glencore PLC (materials) and 15 other businesses. ConocoPhilips is a low cost producer of oil and gas globally. We prefer ConocoPhillips over Total because of its U.S. domicile where the risk of windfall tax and/or disruption around the Russia Ukraine war is lower. Honeywell International Inc. is a well-managed industrial conglomerate with concentrations in aerospace and building controls. We believe their long term growth prospects are not fully reflected in today's valuation. Glencore PLC is a low cost producer of a range of metals, many of which will be necessary in the global energy transition away from combustible engine vehicles. We believe the supply side of metals production will remain constrained, causing sustainably high metals prices.

&nbsp;&nbsp;&nbsp;&nbsp; The fixed income sleeve posted negative total returns and underperformed the Bloomberg U.S. Aggregate Bond Index. Security selection within investment grade corporate credit was the primary detractor from relative returns. Selection within industrials (technology issuers) and financials (banking issuers) had a negative impact on relative returns while an overweight to utilities had a positive impact. In non-corporate credit, an overweight to and security selection within taxable municipals detracted. An underweight to and security selection within agency mortgage-backed securities ("MBS") contributed to relative returns. Within securitized sectors, overweights to asset-backed securities ("ABS") and commercial mortgage-backed securities ("CMBS"), as well as an out of benchmark allocation to non-agency MBS detracted from relative performance. The Fund's duration and yield curve positioning had a negative impact on relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;We maintain a modestly defensive stance in the fixed income sleeve as market volatility has remained elevated due to sustained inflation pressures, the U.S. Federal Reserve engaging in an aggressive tightening agenda, continued COVID-19 impacts, and ongoing geopolitical risks. Investment grade credit fundamentals are strong but have likely peaked. We believe the evolving macroeconomic landscape will result in more fundamental and performance dispersion which should create better security selection opportunities. The fixed income sleeve is currently neutral duration relative to the benchmark and maintains an underweight position in investment grade credit. Within securitized, we continue to hold exposure to non-agency MBS and moderate overweights to agency MBS, CMBS, and ABS.

&nbsp;&nbsp;&nbsp;&nbsp;The fixed income sleeve made modest use of bond futures and credit index derivatives for hedging purposes; these instruments did not have a meaningful impact on performance.

------

---

| | |
|:---|:---|
| ![](img_ecfeb186b25f4f3.jpg) | **JNL/WMC Equity Income Fund** <br>Wellington Management Company, LLP *(Unaudited)*  |

---

#### JNL/WMC Equity Income Fund
![](img_dbed921a145e4f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A‡** |  |  | **Class I†** |  |
| 1 Year | 0.50 | % | 1 Year | 0.81% |
| 5 Year | 8.44 |  | 5 Year | 8.76 |
| Since Inception | 9.33 |  | Since Inception | 9.68 |
| *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* | *‡Inception date September 25, 2017* |
| *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* | *†Inception date September 25, 2017* |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*Wellington Management Company, LLP assumed portfolio management responsibility on April 26, 2021.*

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Health Care | 18.7% |
| Financials | 17.0 |
| Consumer Staples | 11.2 |
| Information Technology | 10.4 |
| Industrials | 9.9 |
| Energy | 9.4 |
| Utilities | 8.2 |
| Consumer Discretionary | 5.9 |
| Materials | 4.2 |
| Real Estate | 2.2 |
| Communication Services | 1.5 |
| Other Short Term Investments | 1.2 |
| Securities Lending Collateral | 0.2 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/WMC Equity Income Fund outperformed its primary benchmark by posting a return of 0.50% for Class A shares compared to -3.88% for the Morningstar Dividend Composite Index.

&nbsp;&nbsp;&nbsp;&nbsp;Sector allocation, a result of our bottom up stock selection decisions, drove relative outperformance over the year. An underweight allocation to information technology ("IT") and overweight exposure to energy benefitted relative results, whereas overweight exposure to real estate and financials detracted. Strong security selection within industrials, financials, and utilities contributed to relative performance but was partially offset by weaker selection within energy and communication services.

&nbsp;&nbsp;&nbsp;&nbsp;Top relative contributors to performance during the year included an overweight position in ConocoPhillips (energy), not owning benchmark constituent Microsoft Corporation (IT), and an overweight position in Pioneer Natural Resources Company (energy). Top detractors from relative performance included not owning benchmark constituents Chevron Corporation (energy), AbbVie Inc. (health care) and AT&T Inc. (communication services).

&nbsp;&nbsp;&nbsp;&nbsp; The largest purchases during the year included a new position in EOG Resources, Inc. (energy) and increased exposure to JPMorgan Chase & Co. (financials) and Pfizer Inc. (health care). The largest sales during the year included eliminations in Pioneer Natural Resources Company (energy), Bank of America Corporation (financials), and Texas Instruments Incorporated (financials).

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's largest overweights at the end of the year were in health care and utilities, while the largest underweights were in IT and communication services. During the year, the Fund most notably increased its active weight to IT and real estate and reduced its active weight to consumer staples and financials.

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_2060db08d19e4f3.jpg) | **JNL/WMC Global Real Estate Fund** <br>Wellington Management Company, LLP *(Unaudited)*  |

---

#### JNL/WMC Global Real Estate Fund
![](img_7de32dd9d4e34f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -27.58 | % | 1 Year | -27.38% |
| 5 Year | -1.55 |  | 5 Year | -1.26 |
| 10 Year | 2.02 |  | 10 Year | 2.28 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

*Wellington Management Company, LLP assumed portfolio management responsibility on April 26, 2021.*

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Real Estate | 91.6% |
| Consumer Discretionary | 4.6 |
| Industrials | 1.0 |
| Communication Services | 0.8 |
| Other Short Term Investments | 2.0 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/WMC Global Real Estate Fund underperformed its primary benchmark by posting a return of -27.58% for Class A shares compared to -25.09% for the FTSE EPRA/NAREIT Developed Index.

&nbsp;&nbsp;&nbsp;&nbsp;Security selection was the driver to relative underperformance. Weak selection in real estate service company, warehouse/logistics, and home builder detracted from relative returns, but these effects were partially offset by strong selection in specialty finance, diversified, and retail shopping centers. Sector allocation, a result of our fundamental bottom up process, contributed to relative results. The Fund's underweight allocation to multifamily and overweight to retail shopping centers contributed to relative performance while an underweight to retail malls and healthcare real estate partially offset results.

&nbsp;&nbsp;&nbsp;&nbsp;Top detractors from relative performance were an overweight to Fastighets AB Balder (diversified), not owning Sun Hung Kai Properties Limited (home builder), and an underweight to Realty Income Corporation (specialty finance). Fastighets AB Balder was eliminated during the year. Top relative contributors to performance during the year included an overweight to Capitaland Investment Limited (specialty finance), an underweight to Vonovia SE (multifamily), and not owning Digital Realty Trust, Inc. (real estate technology). Vonovia SE was eliminated during the year.

&nbsp;&nbsp;&nbsp;&nbsp;The largest purchases during the year included new positions in Public Storage (self-storage facilities), Equity Residential (multifamily), and WP Carey (specialty finance). The largest sales were Extra Space Storage Inc. (self-storage facilities), UDR, Inc. (multifamily), and Invitation Homes Inc. (multifamily).

&nbsp;&nbsp;&nbsp;&nbsp;The Fund's largest overweight at the end of the year was in the diversified sector. During the year, the Fund most notably increased its active weight in the specialty finance, retail-shopping centers, and diversified sectors, and reduced active weight in the multifamily, warehouse/logistics, and real estate service company sectors. The Fund's largest underweight was office at the end of the year.

&nbsp;&nbsp;&nbsp;&nbsp;Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

---

| | |
|:---|:---|
| ![](img_5d28ef6ec5374f3.jpg) | **JNL/WMC Value Fund** <br>Wellington Management Company, LLP *(Unaudited)*  |

---

#### JNL/WMC Value Fund
![](img_a5f54db994a54f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **Class A** |  |  | **Class I** |  |
| 1 Year | -4.84 | % | 1 Year | -4.56% |
| 5 Year | 7.01 |  | 5 Year | 7.33 |
| 10 Year | 9.99 |  | 10 Year | 10.27 |

---

*The graph shows the change in value of an assumed $10,000 investment in the Fund's Class A shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.*

*Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance charges.* 

---

| | |
|:---|:---|
| **Composition as of December 31, 2022:** | **Composition as of December 31, 2022:** |
| Financials | 20.1% |
| Health Care | 18.3 |
| Information Technology | 12.5 |
| Industrials | 11.0 |
| Energy | 7.2 |
| Consumer Discretionary | 7.2 |
| Utilities | 5.6 |
| Consumer Staples | 5.5 |
| Real Estate | 5.2 |
| Communication Services | 4.7 |
| Materials | 2.2 |
| Other Short Term Investments | 0.5 |
| **Total Investments** | **100.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2022, JNL/WMC Value Fund outperformed its primary benchmark by posting a return of -4.84% for Class A shares compared to -6.93% for the Morningstar U.S. Large-Mid Cap Broad Value Index.

&nbsp;&nbsp;&nbsp;&nbsp;Stock selection drove relative outperformance over the year. Strong selection within financials, industrials, and real estate was partially offset by weaker selection in energy and materials. Sector allocation, a result of our bottom up stock selection strategy, detracted from relative results, due primarily to underweight exposures to consumer staples and energy. This was partially offset by overweight exposure to health care and underweight exposure to consumer discretionary.

&nbsp;&nbsp;&nbsp;&nbsp;Top relative contributors to performance during the year included an overweight position in ConocoPhillips (energy), not holding benchmark constituent Apple Inc (information technology), and an overweight position in Eli Lilly and Company (health care). Top detractors from relative performance during the year included not holding benchmark constituents Exxon Mobil Corporation (energy) and Chevron Corporation (energy), as well as an overweight position in Alphabet Inc. (communication services).

&nbsp;&nbsp;&nbsp;&nbsp;The largest purchases during the year included Coterra Energy Inc. (energy), Qualcomm Incorporated (information technology), and Duke Energy Corporation (utilities). The largest sells during the year included trimming our position in UnitedHealth Group Incorporated (health care), as well as eliminating our positions in Bank of America Corporation (financials) and Comcast Corporation (communication services).

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's largest overweights at the end of the year were in information technology and real estate, while the largest underweights were in consumer staples and communication services. During the year, the fund most notably increased its active weight to consumer staples, real estate, and consumer discretionary, and reduced its active weight to communication services, health care, and materials.

&nbsp;&nbsp;&nbsp;&nbsp; Derivatives did not have a meaningful impact on the Fund's performance during the year.

------

#### JNL Series Trust

#### Schedules of Investments (in thousands)
December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **JNL/American Funds Balanced Fund** | **JNL/American Funds Balanced Fund** | **JNL/American Funds Balanced Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Global Balanced 100.0%** | **Global Balanced 100.0%** | **Global Balanced 100.0%** |
| American Funds Insurance Series - Asset Allocation Fund - Class 1 (a) | 113627 | 2522526 |
| Total Investment Companies (cost $2,763,014) | Total Investment Companies (cost $2,763,014) | 2522526 |
| **Total Investments 100.0% (cost $2,763,014)** | **Total Investments 100.0% (cost $2,763,014)** | **2522526** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (847) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2521679** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Bond Fund of America Fund** | **JNL/American Funds Bond Fund of America Fund** | **JNL/American Funds Bond Fund of America Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 100.0%** | **Domestic Fixed Income 100.0%** | **Domestic Fixed Income 100.0%** |
| American Funds Insurance Series - The Bond Fund of America - Class 1 | 17958 | 168987 |
| Total Investment Companies (cost $186,421) | Total Investment Companies (cost $186,421) | 168987 |
| **Total Investments 100.0% (cost $186,421)** | **Total Investments 100.0% (cost $186,421)** | **168987** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (53) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **168934** |

---

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Capital Income Builder Fund** | **JNL/American Funds Capital Income Builder Fund** | **JNL/American Funds Capital Income Builder Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Global Balanced 100.0%** | **Global Balanced 100.0%** | **Global Balanced 100.0%** |
| American Funds Insurance Series - Capital Income Builder Fund - Class 1 (a) | 31970 | 351345 |
| Total Investment Companies (cost $347,698) | Total Investment Companies (cost $347,698) | 351345 |
| **Total Investments 100.0% (cost $347,698)** | **Total Investments 100.0% (cost $347,698)** | **351345** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (136) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **351209** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Capital World Bond Fund** | **JNL/American Funds Capital World Bond Fund** | **JNL/American Funds Capital World Bond Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Global Fixed Income 100.0%** | **Global Fixed Income 100.0%** | **Global Fixed Income 100.0%** |
| American Funds Insurance Series - Capital World Bond Fund - Class 1 (a) | 37150 | 354784 |
| Total Investment Companies (cost $440,264) | Total Investment Companies (cost $440,264) | 354784 |
| **Total Investments 100.0% (cost $440,264)** | **Total Investments 100.0% (cost $440,264)** | **354784** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (119) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **354665** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Global Growth Fund** | **JNL/American Funds Global Growth Fund** | **JNL/American Funds Global Growth Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Global Equity 100.0%** | **Global Equity 100.0%** | **Global Equity 100.0%** |
| American Funds Insurance Series - Global Growth Fund - Class 1 (a) | 23935 | 722368 |
| Total Investment Companies (cost $815,580) | Total Investment Companies (cost $815,580) | 722368 |
| **Total Investments 100.0% (cost $815,580)** | **Total Investments 100.0% (cost $815,580)** | **722368** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (270) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **722098** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Global Small Capitalization Fund** | **JNL/American Funds Global Small Capitalization Fund** | **JNL/American Funds Global Small Capitalization Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Global Equity 100.0%** | **Global Equity 100.0%** | **Global Equity 100.0%** |
| American Funds Insurance Series - Global Small Capitalization Fund - Class 1 (a) | 37984 | 616107 |
| Total Investment Companies (cost $840,291) | Total Investment Companies (cost $840,291) | 616107 |
| **Total Investments 100.0% (cost $840,291)** | **Total Investments 100.0% (cost $840,291)** | **616107** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (209) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **615898** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **JNL/American Funds Growth Fund** | **JNL/American Funds Growth Fund** | **JNL/American Funds Growth Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 100.0%** | **Domestic Equity 100.0%** | **Domestic Equity 100.0%** |
| American Funds Insurance Series - Growth Fund - Class 1 (a) | 44195 | 3371617 |
| Total Investment Companies (cost $4,174,081) | Total Investment Companies (cost $4,174,081) | 3371617 |
| **Total Investments 100.0% (cost $4,174,081)** | **Total Investments 100.0% (cost $4,174,081)** | **3371617** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(1000)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3370617** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Growth-Income Fund** | **JNL/American Funds Growth-Income Fund** | **JNL/American Funds Growth-Income Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 100.0%** | **Domestic Equity 100.0%** | **Domestic Equity 100.0%** |
| American Funds Insurance Series - Growth-Income Fund - Class 1 (a) | 170330 | 8552255 |
| Total Investment Companies (cost $8,377,787) | Total Investment Companies (cost $8,377,787) | 8552255 |
| **Total Investments 100.0% (cost $8,377,787)** | **Total Investments 100.0% (cost $8,377,787)** | **8552255** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(3108)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **8549147** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds International Fund** | **JNL/American Funds International Fund** | **JNL/American Funds International Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **International Equity 100.0%** | **International Equity 100.0%** | **International Equity 100.0%** |
| American Funds Insurance Series - International Fund - Class 1 (a) | 89495 | 1370167 |
| Total Investment Companies (cost $1,712,440) | Total Investment Companies (cost $1,712,440) | 1370167 |
| **Total Investments 100.0% (cost $1,712,440)** | **Total Investments 100.0% (cost $1,712,440)** | **1370167** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (517) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1369650** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds New World Fund** | **JNL/American Funds New World Fund** | **JNL/American Funds New World Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Emerging Markets Equity 100.0%** | **Emerging Markets Equity 100.0%** | **Emerging Markets Equity 100.0%** |
| American Funds Insurance Series - New World Fund - Class 1 (a) | 58803 | 1311314 |
| Total Investment Companies (cost $1,399,545) | Total Investment Companies (cost $1,399,545) | 1311314 |
| **Total Investments 100.0% (cost $1,399,545)** | **Total Investments 100.0% (cost $1,399,545)** | **1311314** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (549) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1310765** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Washington Mutual Investors Fund** | **JNL/American Funds Washington Mutual Investors Fund** | **JNL/American Funds Washington Mutual Investors Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 100.0%** | **Domestic Equity 100.0%** | **Domestic Equity 100.0%** |
| American Funds Insurance Series - Washington Mutual Investors Fund - Class 1 (a) | 275344 | 3494114 |
| Total Investment Companies (cost $3,709,570) | Total Investment Companies (cost $3,709,570) | 3494114 |
| **Total Investments 100.0% (cost $3,709,570)** | **Total Investments 100.0% (cost $3,709,570)** | **3494114** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(1372)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3492742** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/Mellon Bond Index Fund** | **JNL/Mellon Bond Index Fund** | **JNL/Mellon Bond Index Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 100.0%** | **Domestic Fixed Income 100.0%** | **Domestic Fixed Income 100.0%** |
| JNL Bond Index Fund - Class I (99.5%) (a) | 116190 | 1016662 |
| Total Investment Companies (cost $1,160,475) | Total Investment Companies (cost $1,160,475) | 1016662 |
| **Total Investments 100.0% (cost $1,160,475)** | **Total Investments 100.0% (cost $1,160,475)** | **1016662** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (201) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1016461** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3)

------

#### JNL Series Trust

#### Schedules of Investments (in thousands)
December 31, 2022

---

| | |
|:---|:---|
| **Shares** | **Value ($)** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2022 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/Mellon Emerging Markets Index Fund** | **JNL/Mellon Emerging Markets Index Fund** | **JNL/Mellon Emerging Markets Index Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Emerging Markets Equity 100.0%** | **Emerging Markets Equity 100.0%** | **Emerging Markets Equity 100.0%** |
| JNL Emerging Markets Index Fund - Class I (99.9%) (a) | 109001 | 817504 |
| Total Investment Companies (cost $1,083,469) | Total Investment Companies (cost $1,083,469) | 817504 |
| **Total Investments 100.0% (cost $1,083,469)** | **Total Investments 100.0% (cost $1,083,469)** | **817504** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (222) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **817282** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2022 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/Mellon International Index Fund** | **JNL/Mellon International Index Fund** | **JNL/Mellon International Index Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **International Equity 100.0%** | **International Equity 100.0%** | **International Equity 100.0%** |
| JNL International Index Fund - Class I (99.8%) (a) | 248173 | 2126846 |
| Total Investment Companies (cost $2,466,394) | Total Investment Companies (cost $2,466,394) | 2126846 |
| **Total Investments 100.0% (cost $2,466,394)** | **Total Investments 100.0% (cost $2,466,394)** | **2126846** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (451) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2126395** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2022 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/Mellon S&P 400 MidCap Index Fund** | **JNL/Mellon S&P 400 MidCap Index Fund** | **JNL/Mellon S&P 400 MidCap Index Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 100.0%** | **Domestic Equity 100.0%** | **Domestic Equity 100.0%** |
| JNL Mid Cap Index Fund - Class I (99.9%) (a) | 338099 | 3066561 |
| Total Investment Companies (cost $3,376,499) | Total Investment Companies (cost $3,376,499) | 3066561 |
| **Total Investments 100.0% (cost $3,376,499)** | **Total Investments 100.0% (cost $3,376,499)** | **3066561** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (523) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3066038** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2022 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/Mellon Small Cap Index Fund** | **JNL/Mellon Small Cap Index Fund** | **JNL/Mellon Small Cap Index Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 100.0%** | **Domestic Equity 100.0%** | **Domestic Equity 100.0%** |
| JNL Small Cap Index Fund - Class I (99.9%) (a) | 265842 | 2331437 |
| Total Investment Companies (cost $2,655,131) | Total Investment Companies (cost $2,655,131) | 2331437 |
| **Total Investments 100.0% (cost $2,655,131)** | **Total Investments 100.0% (cost $2,655,131)** | **2331437** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (401) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2331036** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2022 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 51.3%** | **Domestic Equity 51.3%** | **Domestic Equity 51.3%** |
| JNL Multi-Manager Mid Cap Fund - Class I (8.5%) (a) | 7101 | 121354 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (1.3%) (a) | 830 | 29415 |
| JNL Multi-Manager Small Cap Value Fund - Class I (2.5%) (a) | 2448 | 40313 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (20.6%) (a) | 7011 | 68573 |
| JNL/Baillie Gifford U.S. Equity Growth Fund - Class I (37.4%) (a) | 6223 | 24580 |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I (2.9%) (a) | 2831 | 51916 |
| JNL/JPMorgan U.S. Value Fund - Class I (4.9%) (a) | 5377 | 81187 |
|  | **Shares** | **Value ($)** |
| JNL/Morningstar Wide Moat Index Fund - Class I (9.8%) (a) | 7747 | 78088 |
| JNL/T. Rowe Price Established Growth Fund - Class I (0.5%) (a) | 823 | 41205 |
| JNL/T. Rowe Price Value Fund - Class I (1.6%) (a) | 3209 | 74545 |
| JNL/WMC Equity Income Fund - Class I (6.3%) (a) | 5035 | 81925 |
|  |  | 693101 |
| **International Equity 16.5%** | **International Equity 16.5%** | **International Equity 16.5%** |
| JNL Multi-Manager International Small Cap Fund - Class I (8.4%) (a) | 5383 | 49951 |
| JNL/Causeway International Value Select Fund - Class I (6.1%) (a) | 5395 | 84324 |
| JNL/WCM Focused International Equity Fund - Class I (6.6%) (a) | 6385 | 88948 |
|  |  | 223223 |
| **Alternative 10.1%** | **Alternative 10.1%** | **Alternative 10.1%** |
| JNL Multi-Manager Alternative Fund - Class I (1.9%) (a) | 1879 | 20180 |
| JNL/Blackrock Global Natural Resources Fund - Class I (1.1%) (a) | 1295 | 17269 |
| JNL/First Sentier Global Infrastructure Fund - Class I (4.5%) (a) | 2426 | 41313 |
| JNL/Heitman U.S. Focused Real Estate Fund - Class I (8.9%) (a) | 2259 | 20329 |
| JNL/Neuberger Berman Commodity Strategy Fund - Class I (7.1%) (a) | 1618 | 27376 |
| JNL/Westchester Capital Event Driven Fund - Class I (7.8%) (a) | 870 | 10280 |
|  |  | 136747 |
| **Global Equity 9.9%** | **Global Equity 9.9%** | **Global Equity 9.9%** |
| JNL/Harris Oakmark Global Equity Fund - Class I (10.4%) (a) | 6579 | 75129 |
| JNL/Loomis Sayles Global Growth Fund - Class I (11.0%) (a) | 4872 | 58269 |
|  |  | 133398 |
| **Emerging Markets Equity 6.2%** | **Emerging Markets Equity 6.2%** | **Emerging Markets Equity 6.2%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (3.4%) (a) | 4041 | 31563 |
| JNL/GQG Emerging Markets Equity Fund - Class I (8.1%) (a) | 4747 | 52789 |
|  |  | 84352 |
| **Domestic Fixed Income 6.0%** | **Domestic Fixed Income 6.0%** | **Domestic Fixed Income 6.0%** |
| JNL/DoubleLine Total Return Fund - Class I (2.3%) (a) | 4683 | 47437 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (3.0%) (a) | 3430 | 34030 |
|  |  | 81467 |
| Total Investment Companies (cost $1,323,245) | Total Investment Companies (cost $1,323,245) | 1352288 |
| **Total Investments 100.0% (cost $1,323,245)** | **Total Investments 100.0% (cost $1,323,245)** | **1352288** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (297) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1351991** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2022 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 65.7%** | **Domestic Fixed Income 65.7%** | **Domestic Fixed Income 65.7%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (2.2%) (a) | 4998 | 65121 |
| JNL/DoubleLine Total Return Fund - Class I (4.0%) (a) | 8176 | 82818 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (2.6%) (a) | 2963 | 34071 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (3.5%) (a) | 3973 | 39412 |
| JNL/PIMCO Income Fund - Class I (3.9%) (a) | 4692 | 49261 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (3.2%) (a) | 2634 | 29633 |
| JNL/PIMCO Real Return Fund - Class I (0.8%) (a) | 1069 | 11868 |
| JNL/PPM America Total Return Fund - Class I (3.4%) (a) | 3714 | 44426 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3)

------

#### JNL Series Trust

#### Schedules of Investments (in thousands)
December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (6.2%) (a) | 3187 | 32539 |
| | | 389149 |
| **Alternative 10.2%** | **Alternative 10.2%** | **Alternative 10.2%** |
| JNL Multi-Manager Alternative Fund - Class I (3.6%) (a) | 3615 | 38825 |
| JNL/First Sentier Global Infrastructure Fund - Class I (0.5%) (a) | 261 | 4438 |
| JNL/Heitman U.S. Focused Real Estate Fund - Class I (1.0%) (a) | 258 | 2326 |
| JNL/JPMorgan Hedged Equity Fund - Class I (1.0%) (a) | 609 | 7546 |
| JNL/Neuberger Berman Commodity Strategy Fund - Class I (2.0%) (a) | 446 | 7546 |
|  |  | 60681 |
| **Domestic Equity 8.9%** | **Domestic Equity 8.9%** | **Domestic Equity 8.9%** |
| JNL Multi-Manager Mid Cap Fund - Class I (0.5%) (a) | 432 | 7378 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (0.1%) (a) | 81 | 2878 |
| JNL Multi-Manager Small Cap Value Fund - Class I (0.3%) (a) | 270 | 4442 |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I (0.3%) (a) | 311 | 5713 |
| JNL/JPMorgan U.S. Value Fund - Class I (0.7%) (a) | 783 | 11821 |
| JNL/Morningstar Wide Moat Index Fund - Class I (1.1%) (a) | 865 | 8724 |
| JNL/WMC Equity Income Fund - Class I (0.9%) (a) | 729 | 11864 |
|  |  | 52820 |
| **International Equity 5.7%** | **International Equity 5.7%** | **International Equity 5.7%** |
| JNL/Blackrock Global Allocation Fund - Class I (0.9%) (a) | 1715 | 25204 |
| JNL/Causeway International Value Select Fund - Class I (0.2%) (a) | 191 | 2985 |
| JNL/WCM Focused International Equity Fund - Class I (0.4%) (a) | 417 | 5814 |
|  |  | 34003 |
| **Domestic Balanced 5.5%** | **Domestic Balanced 5.5%** | **Domestic Balanced 5.5%** |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I (0.3%) (a) | 1530 | 32597 |
| **Emerging Markets Fixed Income 3.0%** | **Emerging Markets Fixed Income 3.0%** | **Emerging Markets Fixed Income 3.0%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (3.1%) (a) | 1708 | 17731 |
| **Emerging Markets Equity 1.0%** | **Emerging Markets Equity 1.0%** | **Emerging Markets Equity 1.0%** |
| JNL/GQG Emerging Markets Equity Fund - Class I (0.9%) (a) | 533 | 5926 |
| Total Investment Companies (cost $636,422) | Total Investment Companies (cost $636,422) | 592907 |
| **Total Investments 100.0% (cost $636,422)** | **Total Investments 100.0% (cost $636,422)** | **592907** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (125) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **592782** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2022 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 42.6%** | **Domestic Equity 42.6%** | **Domestic Equity 42.6%** |
| JNL Multi-Manager Mid Cap Fund - Class I (15.6%) (a) | 13061 | 223212 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (2.5%) (a) | 1581 | 56036 |
| JNL Multi-Manager Small Cap Value Fund - Class I (4.9%) (a) | 4793 | 78948 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (33.2%) (a) | 11323 | 110738 |
| JNL/Baillie Gifford U.S. Equity Growth Fund - Class I (59.8%) (a) | 9954 | 39319 |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I (4.8%) (a) | 4572 | 83848 |
| JNL/JPMorgan U.S. Value Fund - Class I (8.3%) (a) | 9062 | 136841 |
| JNL/Morningstar Wide Moat Index Fund - Class I (17.3%) (a) | 13630 | 137395 |
| JNL/T. Rowe Price Established Growth Fund - Class I (1.1%) (a) | 1611 | 80652 |
| JNL/T. Rowe Price Value Fund - Class I (3.1%) (a) | 6217 | 144413 |
|  | **Shares** | **Value ($)** |
| JNL/WMC Equity Income Fund - Class I (10.8%) (a) | 8549 | 139095 |
|  |  | 1230497 |
| **Domestic Fixed Income 17.2%** | **Domestic Fixed Income 17.2%** | **Domestic Fixed Income 17.2%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (4.2%) (a) | 9272 | 120818 |
| JNL/DoubleLine Total Return Fund - Class I (8.1%) (a) | 16413 | 166260 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (9.0%) (a) | 10254 | 101723 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (4.6%) (a) | 3842 | 43219 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (12.3%) (a) | 6313 | 64459 |
|  |  | 496479 |
| **International Equity 15.7%** | **International Equity 15.7%** | **International Equity 15.7%** |
| JNL Multi-Manager International Small Cap Fund - Class I (15.1%) (a) | 9662 | 89666 |
| JNL/Causeway International Value Select Fund - Class I (13.2%) (a) | 11605 | 181387 |
| JNL/WCM Focused International Equity Fund - Class I (13.6%) (a) | 13149 | 183163 |
|  |  | 454216 |
| **Alternative 11.5%** | **Alternative 11.5%** | **Alternative 11.5%** |
| JNL Multi-Manager Alternative Fund - Class I (9.3%) (a) | 9418 | 101153 |
| JNL/Blackrock Global Natural Resources Fund - Class I (1.8%) (a) | 2225 | 29657 |
| JNL/First Sentier Global Infrastructure Fund - Class I (9.5%) (a) | 5199 | 88541 |
| JNL/Heitman U.S. Focused Real Estate Fund - Class I (15.9%) (a) | 4015 | 36135 |
| JNL/Neuberger Berman Commodity Strategy Fund - Class I (12.8%) (a) | 2912 | 49274 |
| JNL/Westchester Capital Event Driven Fund - Class I (21.7%) (a) | 2423 | 28634 |
|  |  | 333394 |
| **Global Equity 7.2%** | **Global Equity 7.2%** | **Global Equity 7.2%** |
| JNL/Harris Oakmark Global Equity Fund - Class I (15.7%) (a) | 9921 | 113299 |
| JNL/Loomis Sayles Global Growth Fund - Class I (18.0%) (a) | 7981 | 95450 |
|  |  | 208749 |
| **Emerging Markets Equity 4.8%** | **Emerging Markets Equity 4.8%** | **Emerging Markets Equity 4.8%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (5.7%) (a) | 6759 | 52785 |
| JNL/GQG Emerging Markets Equity Fund - Class I (13.0%) (a) | 7604 | 84561 |
|  |  | 137346 |
| **Emerging Markets Fixed Income 1.0%** | **Emerging Markets Fixed Income 1.0%** | **Emerging Markets Fixed Income 1.0%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (5.2%) (a) | 2867 | 29763 |
| Total Investment Companies (cost $2,958,703) | Total Investment Companies (cost $2,958,703) | 2890444 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Public Joint Stock Company Novolipetsk Metallurgical Works (b) (c) (d) | 193 |  |
| Public Joint Stock Society Inter RAO UES (b) (c) (d) | 4795 |  |
| Public Joint Stock Society Mining And Metallurgical Company Norilsk Nickel (b) (c) (d) | 2 |  |
| Publichnoe Aktsionernoe Obshchestvo Fosagro (b) (c) (d) |  |  |
| Publichnoe Aktsionernoe Obshchestvo Fosagro (b) (c) (d) | 18 |  |
| Publichnoe Aktsionernoe Obshchestvo Mobilnye Telesistemy - ADR (b) (c) (d) | 18 |  |
| Publichnoe Aktsionernoe Obshchestvo Severstal (b) (c) (d) | 27 |  |
| TCS Group Holding PLC - GDR (b) (c) (d) | 1 |  |
| Total Common Stocks (cost $2,484) | Total Common Stocks (cost $2,484) |  |
| **Total Investments 100.0% (cost $2,961,187)** | **Total Investments 100.0% (cost $2,961,187)** | **2890444** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (465) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2889979** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3)

------

#### JNL Series Trust

#### Schedules of Investments (in thousands)
December 31, 2022

---

| | |
|:---|:---|
| **Shares** | **Value ($)** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2022 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

(b) Security acquired as part of a reorganization. Due to sanctions imposed, the security is unable to be traded. See Note 7 and Note 10 in the Notes to Financial Statements.

(c) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(d) Non-income producing security.

---

| | | |
|:---|:---|:---|
| **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 47.8%** | **Domestic Fixed Income 47.8%** | **Domestic Fixed Income 47.8%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (5.2%) (a) | 11660 | 151932 |
| JNL/DoubleLine Total Return Fund - Class I (10.4%) (a) | 20960 | 212328 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (6.9%) (a) | 7875 | 90560 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (10.4%) (a) | 11822 | 117278 |
| JNL/PIMCO Income Fund - Class I (9.4%) (a) | 11242 | 118046 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (7.9%) (a) | 6617 | 74436 |
| JNL/PIMCO Real Return Fund - Class I (2.7%) (a) | 3742 | 41535 |
| JNL/PPM America Total Return Fund - Class I (8.9%) (a) | 9785 | 117035 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (17.1%) (a) | 8784 | 89680 |
|  |  | 1012830 |
| **Domestic Equity 19.2%** | **Domestic Equity 19.2%** | **Domestic Equity 19.2%** |
| JNL Multi-Manager Mid Cap Fund - Class I (4.4%) (a) | 3734 | 63807 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (0.9%) (a) | 588 | 20842 |
| JNL Multi-Manager Small Cap Value Fund - Class I (2.6%) (a) | 2582 | 42529 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (12.0%) (a) | 4100 | 40098 |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I (1.5%) (a) | 1409 | 25835 |
| JNL/JPMorgan U.S. Value Fund - Class I (3.9%) (a) | 4234 | 63931 |
| JNL/Morningstar Wide Moat Index Fund - Class I (7.7%) (a) | 6065 | 61133 |
| JNL/T. Rowe Price Established Growth Fund - Class I (0.4%) (a) | 595 | 29810 |
| JNL/WMC Equity Income Fund - Class I (4.6%) (a) | 3616 | 58836 |
|  |  | 406821 |
| **Alternative 11.2%** | **Alternative 11.2%** | **Alternative 11.2%** |
| JNL Multi-Manager Alternative Fund - Class I (11.7%) (a) | 11831 | 127070 |
| JNL/First Sentier Global Infrastructure Fund - Class I (4.6%) (a) | 2517 | 42858 |
| JNL/Heitman U.S. Focused Real Estate Fund - Class I (4.2%) (a) | 1054 | 9486 |
| JNL/JPMorgan Hedged Equity Fund - Class I (3.7%) (a) | 2181 | 27042 |
| JNL/Neuberger Berman Commodity Strategy Fund - Class I (8.3%) (a) | 1882 | 31837 |
|  |  | 238293 |
| **International Equity 7.8%** | **International Equity 7.8%** | **International Equity 7.8%** |
| JNL Multi-Manager International Small Cap Fund - Class I (2.7%) (a) | 1741 | 16161 |
| JNL/Blackrock Global Allocation Fund - Class I (2.2%) (a) | 4336 | 63744 |
| JNL/Causeway International Value Select Fund - Class I (3.2%) (a) | 2788 | 43576 |
| JNL/WCM Focused International Equity Fund - Class I (3.2%) (a) | 3067 | 42727 |
|  |  | 166208 |
|  | **Shares** | **Value ($)** |
| **Domestic Balanced 6.3%** | **Domestic Balanced 6.3%** | **Domestic Balanced 6.3%** |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I (1.2%) (a) | 6269 | 133533 |
| **Global Equity 2.7%** | **Global Equity 2.7%** | **Global Equity 2.7%** |
| JNL/Harris Oakmark Global Equity Fund - Class I (5.2%) (a) | 3264 | 37273 |
| JNL/Loomis Sayles Global Growth Fund - Class I (3.8%) (a) | 1696 | 20280 |
|  |  | 57553 |
| **Emerging Markets Fixed Income 2.5%** | **Emerging Markets Fixed Income 2.5%** | **Emerging Markets Fixed Income 2.5%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (9.4%) (a) | 5172 | 53683 |
| **Emerging Markets Equity 2.5%** | **Emerging Markets Equity 2.5%** | **Emerging Markets Equity 2.5%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (1.7%) (a) | 2085 | 16285 |
| JNL/GQG Emerging Markets Equity Fund - Class I (5.6%) (a) | 3291 | 36594 |
|  |  | 52879 |
| Total Investment Companies (cost $2,114,315) | Total Investment Companies (cost $2,114,315) | 2121800 |
| **Total Investments 100.0% (cost $2,114,315)** | **Total Investments 100.0% (cost $2,114,315)** | **2121800** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (508) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2121292** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2022 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 31.8%** | **Domestic Fixed Income 31.8%** | **Domestic Fixed Income 31.8%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (6.2%) (a) | 13846 | 180418 |
| JNL/DoubleLine Total Return Fund - Class I (12.5%) (a) | 25223 | 255506 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (11.8%) (a) | 13394 | 154034 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (15.1%) (a) | 17254 | 171159 |
| JNL/PIMCO Income Fund - Class I (9.1%) (a) | 10925 | 114714 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (8.1%) (a) | 6712 | 75513 |
| JNL/PIMCO Real Return Fund - Class I (2.4%) (a) | 3365 | 37347 |
| JNL/PPM America Total Return Fund - Class I (7.8%) (a) | 8558 | 102358 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (21.5%) (a) | 11026 | 112573 |
|  |  | 1203622 |
| **Domestic Equity 29.3%** | **Domestic Equity 29.3%** | **Domestic Equity 29.3%** |
| JNL Multi-Manager Mid Cap Fund - Class I (13.2%) (a) | 11067 | 189134 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (2.5%) (a) | 1561 | 55336 |
| JNL Multi-Manager Small Cap Value Fund - Class I (4.7%) (a) | 4606 | 75860 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I (34.2%) (a) | 11641 | 113845 |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I (3.6%) (a) | 3511 | 64391 |
| JNL/JPMorgan U.S. Value Fund - Class I (8.7%) (a) | 9469 | 142976 |
| JNL/Morningstar Wide Moat Index Fund - Class I (14.3%) (a) | 11260 | 113497 |
| JNL/T. Rowe Price Established Growth Fund - Class I (1.2%) (a) | 1765 | 88401 |
| JNL/T. Rowe Price Value Fund - Class I (2.9%) (a) | 5715 | 132760 |
| JNL/WMC Equity Income Fund - Class I (10.4%) (a) | 8219 | 133728 |
|  |  | 1109928 |
| **Alternative 13.4%** | **Alternative 13.4%** | **Alternative 13.4%** |
| JNL Multi-Manager Alternative Fund - Class I (17.6%) (a) | 17703 | 190135 |
| JNL/Blackrock Global Natural Resources Fund - Class I (1.8%) (a) | 2184 | 29116 |
| JNL/First Sentier Global Infrastructure Fund - Class I (10.3%) (a) | 5634 | 95941 |
| JNL/Heitman U.S. Focused Real Estate Fund - Class I (20.8%) (a) | 5260 | 47338 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3)

------

#### JNL Series Trust

#### Schedules of Investments (in thousands)
December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JNL/JPMorgan Hedged Equity Fund - Class I (7.8%) (a) | 4676 | 57979 |
| JNL/Neuberger Berman Commodity Strategy Fund - Class I (14.9%) (a) | 3380 | 57190 |
| JNL/Westchester Capital Event Driven Fund - Class I (21.7%) (a) | 2426 | 28670 |
| | | 506369 |
| **International Equity 10.7%** | **International Equity 10.7%** | **International Equity 10.7%** |
| JNL Multi-Manager International Small Cap Fund - Class I (9.8%) (a) | 6273 | 58213 |
| JNL/Causeway International Value Select Fund - Class I (12.7%) (a) | 11225 | 175445 |
| JNL/WCM Focused International Equity Fund - Class I (12.7%) (a) | 12305 | 171408 |
|  |  | 405066 |
| **Domestic Balanced 6.0%** | **Domestic Balanced 6.0%** | **Domestic Balanced 6.0%** |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I (2.1%) (a) | 10737 | 228703 |
| **Emerging Markets Equity 3.5%** | **Emerging Markets Equity 3.5%** | **Emerging Markets Equity 3.5%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (5.2%) (a) | 6226 | 48627 |
| JNL/GQG Emerging Markets Equity Fund - Class I (12.8%) (a) | 7478 | 83154 |
|  |  | 131781 |
| **Global Equity 3.3%** | **Global Equity 3.3%** | **Global Equity 3.3%** |
| JNL/Harris Oakmark Global Equity Fund - Class I (10.6%) (a) | 6663 | 76098 |
| JNL/Loomis Sayles Global Growth Fund - Class I (9.0%) (a) | 3992 | 47743 |
|  |  | 123841 |
| **Emerging Markets Fixed Income 2.0%** | **Emerging Markets Fixed Income 2.0%** | **Emerging Markets Fixed Income 2.0%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (13.4%) (a) | 7356 | 76357 |
| Total Investment Companies (cost $3,627,924) | Total Investment Companies (cost $3,627,924) | 3785667 |
| **Total Investments 100.0% (cost $3,627,924)** | **Total Investments 100.0% (cost $3,627,924)** | **3785667** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (882) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3784785** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2022 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 44.7%** | **Domestic Equity 44.7%** | **Domestic Equity 44.7%** |
| American Funds Insurance Series - Growth Fund - Class 1 | 5537 | 422446 |
| American Funds Investment Company of America Fund - Class R-6 | 13067 | 538902 |
| American Funds Washington Mutual Investors Fund - Class R-6 | 9603 | 499443 |
|  |  | 1460791 |
| **Global Equity 19.1%** | **Global Equity 19.1%** | **Global Equity 19.1%** |
| American Funds Insurance Series - Global Growth Fund - Class 1 (a) | 13462 | 406275 |
| American Funds SMALLCAP World Fund - Class R-6 | 3752 | 218481 |
|  |  | 624756 |
| **Domestic Fixed Income 17.9%** | **Domestic Fixed Income 17.9%** | **Domestic Fixed Income 17.9%** |
| American Funds Inflation Linked Bond Fund - Class R-6 | 4384 | 39979 |
| American Funds Insurance Series - American High-Income Trust - Class 1 (a) | 7687 | 65571 |
| American Funds Insurance Series - The Bond Fund of America - Class 1 | 24197 | 227692 |
| American Funds Short Term Bond Fund of America - Class R-6 | 9509 | 89862 |
| American Funds Strategic Bond Fund - Class R-6 | 17104 | 161294 |
|  |  | 584398 |
| **International Equity 9.2%** | **International Equity 9.2%** | **International Equity 9.2%** |
| American Funds EuroPacific Growth Fund - Class R-6 | 4580 | 224561 |
| American Funds International Growth and Income Fund - Class R-6 | 2415 | 76927 |
|  |  | 301488 |
|  | **Shares** | **Value ($)** |
| **Emerging Markets Equity 7.6%** | **Emerging Markets Equity 7.6%** | **Emerging Markets Equity 7.6%** |
| American Funds New World Fund - Class R-6 | 3747 | 248764 |
| **Emerging Markets Fixed Income 1.5%** | **Emerging Markets Fixed Income 1.5%** | **Emerging Markets Fixed Income 1.5%** |
| American Funds Emerging Markets Bond Fund - Class R-6 (a) | 6731 | 51085 |
| Total Investment Companies (cost $3,715,873) | Total Investment Companies (cost $3,715,873) | 3271282 |
| **Total Investments 100.0% (cost $3,715,873)** | **Total Investments 100.0% (cost $3,715,873)** | **3271282** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | **(1181)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3270101** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 36.1%** | **Domestic Fixed Income 36.1%** | **Domestic Fixed Income 36.1%** |
| American Funds Inflation Linked Bond Fund - Class R-6 | 3873 | 35325 |
| American Funds Insurance Series - American High-Income Trust - Class 1 (a) | 9146 | 78011 |
| American Funds Insurance Series - The Bond Fund of America - Class 1 | 43187 | 406393 |
| American Funds Short Term Bond Fund of America - Class R-6 | 11355 | 107302 |
| American Funds Strategic Bond Fund - Class R-6 | 25210 | 237727 |
|  |  | 864758 |
| **Domestic Equity 34.7%** | **Domestic Equity 34.7%** | **Domestic Equity 34.7%** |
| American Funds Insurance Series - Growth Fund - Class 1 | 2796 | 213318 |
| American Funds Investment Company of America Fund - Class R-6 | 8236 | 339635 |
| American Funds Washington Mutual Investors Fund - Class R-6 | 5368 | 279182 |
|  |  | 832135 |
| **Global Equity 13.6%** | **Global Equity 13.6%** | **Global Equity 13.6%** |
| American Funds Insurance Series - Global Growth Fund - Class 1 | 6834 | 206260 |
| American Funds SMALLCAP World Fund - Class R-6 | 2043 | 118976 |
|  |  | 325236 |
| **International Equity 8.4%** | **International Equity 8.4%** | **International Equity 8.4%** |
| American Funds EuroPacific Growth Fund - Class R-6 | 2727 | 133720 |
| American Funds International Growth and Income Fund - Class R-6 | 2148 | 68418 |
|  |  | 202138 |
| **Emerging Markets Equity 4.6%** | **Emerging Markets Equity 4.6%** | **Emerging Markets Equity 4.6%** |
| American Funds New World Fund - Class R-6 | 1649 | 109497 |
| **Emerging Markets Fixed Income 2.6%** | **Emerging Markets Fixed Income 2.6%** | **Emerging Markets Fixed Income 2.6%** |
| American Funds Emerging Markets Bond Fund - Class R-6 (a) | 8193 | 62185 |
| Total Investment Companies (cost $2,803,585) | Total Investment Companies (cost $2,803,585) | 2395949 |
| **Total Investments 100.0% (cost $2,803,585)** | **Total Investments 100.0% (cost $2,803,585)** | **2395949** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (884) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2395065** |

---

(a) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| **JNL/Goldman Sachs Managed Aggressive Growth Fund** | **JNL/Goldman Sachs Managed Aggressive Growth Fund** | **JNL/Goldman Sachs Managed Aggressive Growth Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 63.4%** | **Domestic Equity 63.4%** | **Domestic Equity 63.4%** |
| JNL Multi-Manager Mid Cap Fund - Class I (4.9%) (a) | 4105 | 70157 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (0.9%) (a) | 552 | 19558 |
| JNL Multi-Manager Small Cap Value Fund - Class I (2.4%) (a) | 2407 | 39643 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (5.2%) (a) | 3519 | 173164 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (14.6%) (a) | 12040 | 186018 |
| JNL/Invesco Diversified Dividend Fund - Class I (11.3%) (a) | 8793 | 120294 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3)

------

#### JNL Series Trust

#### Schedules of Investments (in thousands)
December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JNL/JPMorgan MidCap Growth Fund - Class I (1.8%) (a) | 949 | 49022 |
| JNL/JPMorgan U.S. Value Fund - Class I (2.4%) (a) | 2659 | 40148 |
| JNL/Newton Equity Income Fund - Class I (1.6%) (a) | 1130 | 29757 |
| JNL/T. Rowe Price Established Growth Fund - Class I (2.1%) (a) | 3189 | 159726 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I (0.4%) (a) | 309 | 20014 |
| JNL/T. Rowe Price Value Fund - Class I (5.0%) (a) | 9942 | 230956 |
| JNL/WMC Value Fund - Class I (8.0%) (a) | 3942 | 119588 |
| | | 1258045 |
| **International Equity 13.9%** | **International Equity 13.9%** | **International Equity 13.9%** |
| JNL/Causeway International Value Select Fund - Class I (6.0%) (a) | 5318 | 83127 |
| JNL/Lazard International Strategic Equity Fund - Class I (15.4%) (a) | 5288 | 71179 |
| JNL/WCM Focused International Equity Fund - Class I (6.0%) (a) | 5786 | 80597 |
| JNL/William Blair International Leaders Fund - Class I (4.7%) (a) | 3818 | 40164 |
|  |  | 275067 |
| **Alternative 6.1%** | **Alternative 6.1%** | **Alternative 6.1%** |
| JNL Multi-Manager Alternative Fund - Class I (5.5%) (a) | 5589 | 60031 |
| JNL/Blackrock Global Natural Resources Fund - Class I (1.9%) (a) | 2281 | 30406 |
| JNL/Neuberger Berman Commodity Strategy Fund - Class I (7.8%) (a) | 1779 | 30097 |
|  |  | 120534 |
| **Domestic Fixed Income 6.0%** | **Domestic Fixed Income 6.0%** | **Domestic Fixed Income 6.0%** |
| JNL/DoubleLine Total Return Fund - Class I (0.9%) (a) | 1877 | 19015 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I (1.2%) (a) | 1490 | 19832 |
| JNL/PPM America High Yield Bond Fund - Class I (1.2%) (a) | 1232 | 19932 |
| JNL/PPM America Total Return Fund - Class I (1.5%) (a) | 1665 | 19917 |
| JNL/T. Rowe Price Short-Term Bond Fund - Class I (2.2%) (a) | 3863 | 39674 |
|  |  | 118370 |
| **Global Equity 4.0%** | **Global Equity 4.0%** | **Global Equity 4.0%** |
| JNL/Invesco Global Growth Fund - Class I (5.5%) (a) | 4153 | 80396 |
| **Emerging Markets Equity 2.6%** | **Emerging Markets Equity 2.6%** | **Emerging Markets Equity 2.6%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (3.3%) (a) | 3971 | 31010 |
| JNL/GQG Emerging Markets Equity Fund - Class I (3.1%) (a) | 1791 | 19911 |
|  |  | 50921 |
| **Emerging Markets Fixed Income 2.0%** | **Emerging Markets Fixed Income 2.0%** | **Emerging Markets Fixed Income 2.0%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (7.2%) (a) | 3940 | 40900 |
| **Money Market 2.0%** | **Money Market 2.0%** | **Money Market 2.0%** |
| JNL/WMC Government Money Market Fund - Class I (1.2%) (a) | 39555 | 39555 |
| Total Investment Companies (cost $1,816,254) | Total Investment Companies (cost $1,816,254) | 1983788 |
| **Total Investments 100.0% (cost $1,816,254)** | **Total Investments 100.0% (cost $1,816,254)** | **1983788** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (315) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1983473** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2022 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/Goldman Sachs Managed Conservative Fund** | **JNL/Goldman Sachs Managed Conservative Fund** | **JNL/Goldman Sachs Managed Conservative Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 72.2%** | **Domestic Fixed Income 72.2%** | **Domestic Fixed Income 72.2%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (2.1%) (a) | 4580 | 59683 |
| JNL/DoubleLine Total Return Fund - Class I (3.7%) (a) | 7564 | 76622 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (4.6%) (a) | 5194 | 59727 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I (5.6%) (a) | 7061 | 93982 |
|  | **Shares** | **Value ($)** |
| JNL/Lord Abbett Short Duration Income Fund - Class I (5.3%) (a) | 6078 | 60290 |
| JNL/PIMCO Income Fund - Class I (3.4%) (a) | 4099 | 43041 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (4.4%) (a) | 3674 | 41327 |
| JNL/PIMCO Real Return Fund - Class I (2.2%) (a) | 3080 | 34186 |
| JNL/PPM America High Yield Bond Fund - Class I (0.5%) (a) | 527 | 8527 |
| JNL/PPM America Total Return Fund - Class I (4.5%) (a) | 4994 | 59731 |
| JNL/T. Rowe Price Short-Term Bond Fund - Class I (3.8%) (a) | 6706 | 68868 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (1.6%) (a) | 835 | 8529 |
|  |  | 614513 |
| **Domestic Equity 12.7%** | **Domestic Equity 12.7%** | **Domestic Equity 12.7%** |
| JNL Multi-Manager Mid Cap Fund - Class I (0.6%) (a) | 498 | 8513 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (0.4%) (a) | 233 | 8274 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (0.4%) (a) | 249 | 12274 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (0.7%) (a) | 539 | 8321 |
| JNL/DFA U.S. Core Equity Fund - Class I (1.6%) (a) | 984 | 20972 |
| JNL/Invesco Diversified Dividend Fund - Class I (1.6%) (a) | 1250 | 17097 |
| JNL/JPMorgan MidCap Growth Fund - Class I (0.3%) (a) | 162 | 8379 |
| JNL/T. Rowe Price Established Growth Fund - Class I (0.1%) (a) | 162 | 8105 |
| JNL/T. Rowe Price Value Fund - Class I (0.4%) (a) | 713 | 16571 |
|  |  | 108506 |
| **Alternative 5.1%** | **Alternative 5.1%** | **Alternative 5.1%** |
| JNL Multi-Manager Alternative Fund - Class I (2.4%) (a) | 2404 | 25823 |
| JNL/Blackrock Global Natural Resources Fund - Class I (1.1%) (a) | 1286 | 17145 |
|  |  | 42968 |
| **Global Fixed Income 4.0%** | **Global Fixed Income 4.0%** | **Global Fixed Income 4.0%** |
| JNL/Neuberger Berman Strategic Income Fund - Class I (5.2%) (a) | 3043 | 34173 |
| **Emerging Markets Fixed Income 2.0%** | **Emerging Markets Fixed Income 2.0%** | **Emerging Markets Fixed Income 2.0%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (3.0%) (a) | 1653 | 17156 |
| **Money Market 2.0%** | **Money Market 2.0%** | **Money Market 2.0%** |
| JNL/WMC Government Money Market Fund - Class I (0.5%) (a) | 17054 | 17054 |
| **Emerging Markets Equity 1.0%** | **Emerging Markets Equity 1.0%** | **Emerging Markets Equity 1.0%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (0.9%) (a) | 1102 | 8606 |
| **International Equity 1.0%** | **International Equity 1.0%** | **International Equity 1.0%** |
| JNL/Causeway International Value Select Fund - Class I (0.3%) (a) | 275 | 4302 |
| JNL/Lazard International Strategic Equity Fund - Class I (0.9%) (a) | 319 | 4288 |
|  |  | 8590 |
| Total Investment Companies (cost $874,177) | Total Investment Companies (cost $874,177) | 851566 |
| **Total Investments 100.0% (cost $874,177)** | **Total Investments 100.0% (cost $874,177)** | **851566** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (175) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **851391** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2022 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/Goldman Sachs Managed Growth Fund** | **JNL/Goldman Sachs Managed Growth Fund** | **JNL/Goldman Sachs Managed Growth Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 58.5%** | **Domestic Equity 58.5%** | **Domestic Equity 58.5%** |
| JNL Multi-Manager Mid Cap Fund - Class I (10.1%) (a) | 8490 | 145094 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (1.8%) (a) | 1130 | 40040 |
| JNL Multi-Manager Small Cap Value Fund - Class I (5.1%) (a) | 5024 | 82744 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3)

------

#### JNL Series Trust

#### Schedules of Investments (in thousands)
December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (9.0%) (a) | 6091 | 299738 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (27.1%) (a) | 22316 | 344785 |
| JNL/Invesco Diversified Dividend Fund - Class I (23.4%) (a) | 18180 | 248706 |
| JNL/JPMorgan MidCap Growth Fund - Class I (3.7%) (a) | 1965 | 101497 |
| JNL/JPMorgan U.S. Value Fund - Class I (5.0%) (a) | 5493 | 82939 |
| JNL/Newton Equity Income Fund - Class I (2.2%) (a) | 1568 | 41295 |
| JNL/T. Rowe Price Established Growth Fund - Class I (4.4%) (a) | 6642 | 332611 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I (0.8%) (a) | 639 | 41368 |
| JNL/T. Rowe Price Value Fund - Class I (8.9%) (a) | 17887 | 415519 |
| JNL/WMC Value Fund - Class I (15.2%) (a) | 7475 | 226799 |
| | | 2403135 |
| **Domestic Fixed Income 16.1%** | **Domestic Fixed Income 16.1%** | **Domestic Fixed Income 16.1%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (2.1%) (a) | 4749 | 61876 |
| JNL/DoubleLine Total Return Fund - Class I (6.0%) (a) | 12209 | 123675 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I (5.0%) (a) | 6219 | 82772 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (3.6%) (a) | 4133 | 41001 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (4.4%) (a) | 3693 | 41542 |
| JNL/PIMCO Real Return Fund - Class I (3.9%) (a) | 5497 | 61017 |
| JNL/PPM America High Yield Bond Fund - Class I (3.8%) (a) | 3803 | 61541 |
| JNL/PPM America Total Return Fund - Class I (7.8%) (a) | 8643 | 103367 |
| JNL/T. Rowe Price Short-Term Bond Fund - Class I (4.6%) (a) | 8039 | 82556 |
|  |  | 659347 |
| **International Equity 10.7%** | **International Equity 10.7%** | **International Equity 10.7%** |
| JNL/Causeway International Value Select Fund - Class I (9.3%) (a) | 8185 | 127938 |
| JNL/Lazard International Strategic Equity Fund - Class I (27.2%) (a) | 9346 | 125802 |
| JNL/WCM Focused International Equity Fund - Class I (7.7%) (a) | 7434 | 103556 |
| JNL/William Blair International Leaders Fund - Class I (9.7%) (a) | 7864 | 82726 |
|  |  | 440022 |
| **Alternative 6.1%** | **Alternative 6.1%** | **Alternative 6.1%** |
| JNL Multi-Manager Alternative Fund - Class I (11.5%) (a) | 11557 | 124120 |
| JNL/Blackrock Global Natural Resources Fund - Class I (3.9%) (a) | 4726 | 63001 |
| JNL/Neuberger Berman Commodity Strategy Fund - Class I (16.5%) (a) | 3735 | 63205 |
|  |  | 250326 |
| **Global Equity 2.5%** | **Global Equity 2.5%** | **Global Equity 2.5%** |
| JNL/Invesco Global Growth Fund - Class I (7.1%) (a) | 5349 | 103560 |
| **Emerging Markets Fixed Income 2.1%** | **Emerging Markets Fixed Income 2.1%** | **Emerging Markets Fixed Income 2.1%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (14.8%) (a) | 8121 | 84297 |
| **Emerging Markets Equity 2.0%** | **Emerging Markets Equity 2.0%** | **Emerging Markets Equity 2.0%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (4.6%) (a) | 5469 | 42711 |
| JNL/GQG Emerging Markets Equity Fund - Class I (6.4%) (a) | 3726 | 41434 |
|  |  | 84145 |
| **Money Market 2.0%** | **Money Market 2.0%** | **Money Market 2.0%** |
| JNL/WMC Government Money Market Fund - Class I (2.4%) (a) | 81625 | 81625 |
| Total Investment Companies (cost $3,793,119) | Total Investment Companies (cost $3,793,119) | 4106457 |
| **Total Investments 100.0% (cost $3,793,119)** | **Total Investments 100.0% (cost $3,793,119)** | **4106457** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (650) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4105807** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2022 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **JNL/Goldman Sachs Managed Moderate Fund** | **JNL/Goldman Sachs Managed Moderate Fund** | **JNL/Goldman Sachs Managed Moderate Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Fixed Income 54.3%** | **Domestic Fixed Income 54.3%** | **Domestic Fixed Income 54.3%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (2.7%) (a) | 6109 | 79600 |
| JNL/DoubleLine Total Return Fund - Class I (5.3%) (a) | 10763 | 109029 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (6.1%) (a) | 6932 | 79715 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I (10.2%) (a) | 12737 | 169535 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (8.8%) (a) | 10078 | 99972 |
| JNL/PIMCO Income Fund - Class I (6.4%) (a) | 7666 | 80491 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (8.5%) (a) | 7091 | 79770 |
| JNL/PIMCO Real Return Fund - Class I (3.8%) (a) | 5382 | 59742 |
| JNL/PPM America High Yield Bond Fund - Class I (2.5%) (a) | 2463 | 39856 |
| JNL/PPM America Total Return Fund - Class I (9.8%) (a) | 10834 | 129579 |
| JNL/T. Rowe Price Short-Term Bond Fund - Class I (6.7%) (a) | 11700 | 120161 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (5.7%) (a) | 2929 | 29901 |
|  |  | 1077351 |
| **Domestic Equity 27.7%** | **Domestic Equity 27.7%** | **Domestic Equity 27.7%** |
| JNL Multi-Manager Mid Cap Fund - Class I (2.8%) (a) | 2330 | 39828 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (0.9%) (a) | 548 | 19417 |
| JNL Multi-Manager Small Cap Value Fund - Class I (1.2%) (a) | 1214 | 19992 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (1.4%) (a) | 973 | 47873 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (5.4%) (a) | 4415 | 68204 |
| JNL/DFA U.S. Core Equity Fund - Class I (3.7%) (a) | 2302 | 49062 |
| JNL/Invesco Diversified Dividend Fund - Class I (6.6%) (a) | 5105 | 69843 |
| JNL/JPMorgan MidCap Growth Fund - Class I (0.7%) (a) | 380 | 19646 |
| JNL/T. Rowe Price Established Growth Fund - Class I (1.0%) (a) | 1508 | 75536 |
| JNL/T. Rowe Price Value Fund - Class I (2.4%) (a) | 4734 | 109982 |
| JNL/WMC Value Fund - Class I (2.0%) (a) | 979 | 29689 |
|  |  | 549072 |
| **International Equity 5.5%** | **International Equity 5.5%** | **International Equity 5.5%** |
| JNL/Causeway International Value Select Fund - Class I (2.2%) (a) | 1941 | 30334 |
| JNL/Lazard International Strategic Equity Fund - Class I (10.8%) (a) | 3724 | 50127 |
| JNL/WCM Focused International Equity Fund - Class I (0.7%) (a) | 708 | 9861 |
| JNL/William Blair International Leaders Fund - Class I (2.3%) (a) | 1872 | 19695 |
|  |  | 110017 |
| **Alternative 5.0%** | **Alternative 5.0%** | **Alternative 5.0%** |
| JNL Multi-Manager Alternative Fund - Class I (5.6%) (a) | 5611 | 60263 |
| JNL/Blackrock Global Natural Resources Fund - Class I (1.8%) (a) | 2258 | 30092 |
| JNL/Neuberger Berman Commodity Strategy Fund - Class I (2.6%) (a) | 586 | 9911 |
|  |  | 100266 |
| **Emerging Markets Fixed Income 2.0%** | **Emerging Markets Fixed Income 2.0%** | **Emerging Markets Fixed Income 2.0%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (7.0%) (a) | 3870 | 40169 |
| **Global Fixed Income 2.0%** | **Global Fixed Income 2.0%** | **Global Fixed Income 2.0%** |
| JNL/Neuberger Berman Strategic Income Fund - Class I (6.1%) (a) | 3557 | 39947 |
| **Money Market 2.0%** | **Money Market 2.0%** | **Money Market 2.0%** |
| JNL/WMC Government Money Market Fund - Class I (1.2%) (a) | 39073 | 39073 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3)

------

#### JNL Series Trust

#### Schedules of Investments (in thousands)
December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **Emerging Markets Equity 1.5%** | **Emerging Markets Equity 1.5%** | **Emerging Markets Equity 1.5%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (2.2%) (a) | 2584 | 20181 |
| JNL/GQG Emerging Markets Equity Fund - Class I (1.5%) (a) | 894 | 9936 |
|  |  | 30117 |
| Total Investment Companies (cost $1,982,741) | Total Investment Companies (cost $1,982,741) | 1986012 |
| **Total Investments 100.0% (cost $1,982,741)** | **Total Investments 100.0% (cost $1,982,741)** | **1986012** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (359) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1985653** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2022 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL/Goldman Sachs Managed Moderate Growth Fund** | **JNL/Goldman Sachs Managed Moderate Growth Fund** | **JNL/Goldman Sachs Managed Moderate Growth Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 43.1%** | **Domestic Equity 43.1%** | **Domestic Equity 43.1%** |
| JNL Multi-Manager Mid Cap Fund - Class I (8.5%) (a) | 7162 | 122405 |
| JNL Multi-Manager Small Cap Growth Fund - Class I (1.8%) (a) | 1112 | 39412 |
| JNL Multi-Manager Small Cap Value Fund - Class I (2.5%) (a) | 2478 | 40808 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I (4.7%) (a) | 3195 | 157232 |
| JNL/ClearBridge Large Cap Growth Fund - Class I (20.4%) (a) | 16823 | 259915 |
| JNL/Invesco Diversified Dividend Fund - Class I (15.4%) (a) | 11945 | 163403 |
| JNL/JPMorgan MidCap Growth Fund - Class I (2.9%) (a) | 1553 | 80215 |
| JNL/JPMorgan U.S. Value Fund - Class I (3.7%) (a) | 4048 | 61123 |
| JNL/Newton Equity Income Fund - Class I (2.1%) (a) | 1549 | 40785 |
| JNL/T. Rowe Price Established Growth Fund - Class I (3.6%) (a) | 5401 | 270464 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I (0.8%) (a) | 628 | 40680 |
| JNL/T. Rowe Price Value Fund - Class I (6.1%) (a) | 12315 | 286082 |
| JNL/WMC Value Fund - Class I (12.2%) (a) | 6019 | 182620 |
|  |  | 1745144 |
| **Domestic Fixed Income 36.2%** | **Domestic Fixed Income 36.2%** | **Domestic Fixed Income 36.2%** |
| JNL/DoubleLine Core Fixed Income Fund - Class I (4.2%) (a) | 9359 | 121953 |
| JNL/DoubleLine Total Return Fund - Class I (8.9%) (a) | 17939 | 181722 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I (7.8%) (a) | 8854 | 101816 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I (17.1%) (a) | 21380 | 284566 |
| JNL/Lord Abbett Short Duration Income Fund - Class I (7.2%) (a) | 8217 | 81511 |
| JNL/PIMCO Income Fund - Class I (6.5%) (a) | 7824 | 82156 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I (8.7%) (a) | 7234 | 81380 |
| JNL/PIMCO Real Return Fund - Class I (6.5%) (a) | 9130 | 101341 |
| JNL/PPM America High Yield Bond Fund - Class I (5.1%) (a) | 5006 | 80995 |
| JNL/PPM America Total Return Fund - Class I (13.9%) (a) | 15332 | 183372 |
| JNL/T. Rowe Price Short-Term Bond Fund - Class I (6.8%) (a) | 11886 | 122073 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I (7.8%) (a) | 3992 | 40756 |
|  |  | 1463641 |
| **International Equity 8.6%** | **International Equity 8.6%** | **International Equity 8.6%** |
| JNL/Causeway International Value Select Fund - Class I (7.6%) (a) | 6669 | 104231 |
| JNL/Lazard International Strategic Equity Fund - Class I (22.2%) (a) | 7650 | 102970 |
| JNL/WCM Focused International Equity Fund - Class I (7.6%) (a) | 7314 | 101889 |
| JNL/William Blair International Leaders Fund - Class I (4.8%) (a) | 3870 | 40708 |
|  |  | 349798 |
|  | **Shares** | **Value ($)** |
| **Alternative 5.1%** | **Alternative 5.1%** | **Alternative 5.1%** |
| JNL Multi-Manager Alternative Fund - Class I (11.3%) (a) | 11421 | 122661 |
| JNL/Blackrock Global Natural Resources Fund - Class I (2.5%) (a) | 3090 | 41195 |
| JNL/Neuberger Berman Commodity Strategy Fund - Class I (10.8%) (a) | 2443 | 41330 |
|  |  | 205186 |
| **Emerging Markets Fixed Income 2.0%** | **Emerging Markets Fixed Income 2.0%** | **Emerging Markets Fixed Income 2.0%** |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (14.5%) (a) | 7960 | 82627 |
| **Emerging Markets Equity 2.0%** | **Emerging Markets Equity 2.0%** | **Emerging Markets Equity 2.0%** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I (4.5%) (a) | 5323 | 41571 |
| JNL/GQG Emerging Markets Equity Fund - Class I (6.2%) (a) | 3648 | 40562 |
|  |  | 82133 |
| **Money Market 2.0%** | **Money Market 2.0%** | **Money Market 2.0%** |
| JNL/WMC Government Money Market Fund - Class I (2.4%) (a) | 81109 | 81109 |
| **Global Equity 1.0%** | **Global Equity 1.0%** | **Global Equity 1.0%** |
| JNL/Invesco Global Growth Fund - Class I (2.8%) (a) | 2101 | 40677 |
| Total Investment Companies (cost $3,892,555) | Total Investment Companies (cost $3,892,555) | 4050315 |
| **Total Investments 100.0% (cost $3,892,555)** | **Total Investments 100.0% (cost $3,892,555)** | **4050315** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (677) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4049638** |

---

(a) The Fund's percentage ownership of the underlying affiliated fund at December 31, 2022 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.

---

| | | |
|:---|:---|:---|
| **JNL iShares Tactical Growth Fund** | **JNL iShares Tactical Growth Fund** | **JNL iShares Tactical Growth Fund** |
| **INVESTMENT COMPANIES 98.5%** | **INVESTMENT COMPANIES 98.5%** | **INVESTMENT COMPANIES 98.5%** |
| **Domestic Equity 48.9%** | **Domestic Equity 48.9%** | **Domestic Equity 48.9%** |
| iShares Cohen & Steers REIT ETF | 113 | 6174 |
| iShares Core Dividend Growth ETF (a) | 446 | 22321 |
| iShares Core S&P 500 ETF | 73 | 28145 |
| iShares Core S&P Mid-Cap ETF | 123 | 29645 |
| iShares Core S&P Small Cap ETF | 152 | 14349 |
| iShares Morningstar Value ETF | 386 | 24395 |
| iShares MSCI USA Momentum Factor ETF | 77 | 11193 |
| iShares U.S. Technology ETF | 129 | 9586 |
|  |  | 145808 |
| **Domestic Fixed Income 21.4%** | **Domestic Fixed Income 21.4%** | **Domestic Fixed Income 21.4%** |
| BlackRock Ultra Short-Term Bond ETF | 121 | 6070 |
| iShares 0-5 Year High Yield Corporate Bond ETF (a) | 186 | 7584 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 86 | 4250 |
| iShares Core U.S. Aggregate Bond ETF | 250 | 24274 |
| iShares MBS ETF | 234 | 21679 |
|  |  | 63857 |
| **Global Equity 11.0%** | **Global Equity 11.0%** | **Global Equity 11.0%** |
| iShares Global Healthcare ETF (a) | 220 | 18712 |
| iShares Global Infrastructure ETF | 311 | 14243 |
|  |  | 32955 |
| **International Equity 10.3%** | **International Equity 10.3%** | **International Equity 10.3%** |
| iShares MSCI EAFE Value ETF (a) | 319 | 14657 |
| iShares MSCI Intl Quality Factor ETF (a) | 500 | 16207 |
|  |  | 30864 |
| **Emerging Markets Equity 5.9%** | **Emerging Markets Equity 5.9%** | **Emerging Markets Equity 5.9%** |
| iShares Core MSCI Emerging Markets ETF | 377 | 17590 |
| **Alternative 1.0%** | **Alternative 1.0%** | **Alternative 1.0%** |
| iShares U.S. ETF Trust iShares GSCI Commodity Dynamic Roll Strategy ETF (a) | 104 | 2941 |
| Total Investment Companies (cost $287,334) | Total Investment Companies (cost $287,334) | 294015 |
| **SHORT TERM INVESTMENTS 3.0%** | **SHORT TERM INVESTMENTS 3.0%** | **SHORT TERM INVESTMENTS 3.0%** |
| **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (b) (c) | 4661 | 4661 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3)

------

#### JNL Series Trust

#### Schedules of Investments (in thousands)
December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **Investment Companies 1.5%** | **Investment Companies 1.5%** | **Investment Companies 1.5%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (b) (c) | 4412 | 4412 |
| Total Short Term Investments (cost $9,073) | Total Short Term Investments (cost $9,073) | 9073 |
| **Total Investments 101.5% (cost $296,407)** | **Total Investments 101.5% (cost $296,407)** | **303088** |
| **Other Assets and Liabilities, Net (1.5)%** | **Other Assets and Liabilities, Net (1.5)%** | **(4542)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **298546** |

---

(a) All or a portion of the security was on loan as of December 31, 2022.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **JNL iShares Tactical Moderate Fund** | **JNL iShares Tactical Moderate Fund** | **JNL iShares Tactical Moderate Fund** |
| **INVESTMENT COMPANIES 96.5%** | **INVESTMENT COMPANIES 96.5%** | **INVESTMENT COMPANIES 96.5%** |
| **Domestic Fixed Income 58.6%** | **Domestic Fixed Income 58.6%** | **Domestic Fixed Income 58.6%** |
| BlackRock Ultra Short-Term Bond ETF | 154 | 7722 |
| iShares 0-5 Year High Yield Corporate Bond ETF (a) | 346 | 14139 |
| iShares 0-5 Year TIPS Bond ETF (a) | 72 | 7016 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 224 | 11066 |
| iShares Core U.S. Aggregate Bond ETF | 398 | 38599 |
| iShares MBS ETF | 368 | 34091 |
|  |  | 112633 |
| **Domestic Equity 22.4%** | **Domestic Equity 22.4%** | **Domestic Equity 22.4%** |
| iShares Cohen & Steers REIT ETF | 24 | 1303 |
| iShares Core Dividend Growth ETF | 151 | 7553 |
| iShares Core S&P 500 ETF | 16 | 5903 |
| iShares Core S&P Mid-Cap ETF | 42 | 10195 |
| iShares Core S&P Small Cap ETF | 47 | 4476 |
| iShares Morningstar Value ETF | 96 | 6080 |
| iShares MSCI USA Momentum Factor ETF | 27 | 3906 |
| iShares U.S. Technology ETF (a) | 49 | 3653 |
|  |  | 43069 |
| **Global Equity 6.2%** | **Global Equity 6.2%** | **Global Equity 6.2%** |
| iShares Global Healthcare ETF (a) | 90 | 7645 |
| iShares Global Infrastructure ETF | 96 | 4408 |
|  |  | 12053 |
| **International Equity 5.7%** | **International Equity 5.7%** | **International Equity 5.7%** |
| iShares MSCI EAFE Value ETF (a) | 100 | 4602 |
| iShares MSCI Intl Quality Factor ETF (a) | 196 | 6358 |
|  |  | 10960 |
| **Emerging Markets Equity 3.0%** | **Emerging Markets Equity 3.0%** | **Emerging Markets Equity 3.0%** |
| iShares Core MSCI Emerging Markets ETF | 123 | 5722 |
| **Alternative 0.6%** | **Alternative 0.6%** | **Alternative 0.6%** |
| iShares U.S. ETF Trust iShares GSCI Commodity Dynamic Roll Strategy ETF (a) | 40 | 1121 |
| Total Investment Companies (cost $196,705) | Total Investment Companies (cost $196,705) | 185558 |
| **SHORT TERM INVESTMENTS 8.9%** | **SHORT TERM INVESTMENTS 8.9%** | **SHORT TERM INVESTMENTS 8.9%** |
| **Securities Lending Collateral 5.7%** | **Securities Lending Collateral 5.7%** | **Securities Lending Collateral 5.7%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (b) (c) | 10977 | 10977 |
| **Investment Companies 3.2%** | **Investment Companies 3.2%** | **Investment Companies 3.2%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (b) (c) | 6047 | 6047 |
| Total Short Term Investments (cost $17,024) | Total Short Term Investments (cost $17,024) | 17024 |
| **Total Investments 105.4% (cost $213,729)** | **Total Investments 105.4% (cost $213,729)** | **202582** |
| **Other Assets and Liabilities, Net (5.4)%** | **Other Assets and Liabilities, Net (5.4)%** | **(10392)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **192190** |

---

(a) All or a portion of the security was on loan as of December 31, 2022.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **JNL iShares Tactical Moderate Growth Fund** | **JNL iShares Tactical Moderate Growth Fund** | **JNL iShares Tactical Moderate Growth Fund** |
| **INVESTMENT COMPANIES 98.1%** | **INVESTMENT COMPANIES 98.1%** | **INVESTMENT COMPANIES 98.1%** |
| **Domestic Fixed Income 40.9%** | **Domestic Fixed Income 40.9%** | **Domestic Fixed Income 40.9%** |
| BlackRock Ultra Short-Term Bond ETF | 185 | 9232 |
| iShares 0-5 Year High Yield Corporate Bond ETF (a) | 369 | 15103 |
| iShares 0-5 Year TIPS Bond ETF (a) | 68 | 6631 |
|  | **Shares** | **Value ($)** |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 239 | 11814 |
| iShares Core U.S. Aggregate Bond ETF | 430 | 41668 |
| iShares MBS ETF | 429 | 39791 |
|  |  | 124239 |
| **Domestic Equity 35.3%** | **Domestic Equity 35.3%** | **Domestic Equity 35.3%** |
| iShares Cohen & Steers REIT ETF | 76 | 4167 |
| iShares Core Dividend Growth ETF (a) | 348 | 17405 |
| iShares Core S&P 500 ETF | 54 | 20701 |
| iShares Core S&P Mid-Cap ETF | 89 | 21513 |
| iShares Core S&P Small Cap ETF | 114 | 10801 |
| iShares Morningstar Value ETF | 249 | 15736 |
| iShares MSCI USA Momentum Factor ETF | 63 | 9199 |
| iShares U.S. Technology ETF | 104 | 7766 |
|  |  | 107288 |
| **International Equity 8.9%** | **International Equity 8.9%** | **International Equity 8.9%** |
| iShares MSCI EAFE Value ETF (a) | 275 | 12607 |
| iShares MSCI Intl Quality Factor ETF (a) | 447 | 14492 |
|  |  | 27099 |
| **Global Equity 8.6%** | **Global Equity 8.6%** | **Global Equity 8.6%** |
| iShares Global Healthcare ETF (a) | 184 | 15641 |
| iShares Global Infrastructure ETF | 226 | 10376 |
|  |  | 26017 |
| **Emerging Markets Equity 3.6%** | **Emerging Markets Equity 3.6%** | **Emerging Markets Equity 3.6%** |
| iShares Core MSCI Emerging Markets ETF | 233 | 10857 |
| **Alternative 0.8%** | **Alternative 0.8%** | **Alternative 0.8%** |
| iShares U.S. ETF Trust iShares GSCI Commodity Dynamic Roll Strategy ETF | 85 | 2382 |
| Total Investment Companies (cost $298,235) | Total Investment Companies (cost $298,235) | 297882 |
| **SHORT TERM INVESTMENTS 3.6%** | **SHORT TERM INVESTMENTS 3.6%** | **SHORT TERM INVESTMENTS 3.6%** |
| **Investment Companies 2.0%** | **Investment Companies 2.0%** | **Investment Companies 2.0%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (b) (c) | 6079 | 6079 |
| **Securities Lending Collateral 1.6%** | **Securities Lending Collateral 1.6%** | **Securities Lending Collateral 1.6%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (b) (c) | 4935 | 4935 |
| Total Short Term Investments (cost $11,014) | Total Short Term Investments (cost $11,014) | 11014 |
| **Total Investments 101.7% (cost $309,249)** | **Total Investments 101.7% (cost $309,249)** | **308896** |
| **Other Assets and Liabilities, Net (1.7)%** | **Other Assets and Liabilities, Net (1.7)%** | **(5195)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **303701** |

---

(a) All or a portion of the security was on loan as of December 31, 2022.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **JNL/Vanguard Growth ETF Allocation Fund** | **JNL/Vanguard Growth ETF Allocation Fund** | **JNL/Vanguard Growth ETF Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 52.9%** | **Domestic Equity 52.9%** | **Domestic Equity 52.9%** |
| Vanguard Dividend Appreciation ETF (a) | 1002 | 152099 |
| Vanguard Growth ETF (a) | 721 | 153576 |
| Vanguard Mid-Cap ETF (a) | 470 | 95768 |
| Vanguard Real Estate ETF (a) | 584 | 48182 |
| Vanguard Small-Cap ETF | 549 | 100803 |
| Vanguard Total Stock Market ETF | 1299 | 248379 |
| Vanguard Value ETF | 1619 | 227182 |
|  |  | 1025989 |
| **International Equity 19.1%** | **International Equity 19.1%** | **International Equity 19.1%** |
| Vanguard FTSE All-World ex-US Small-Cap Index ETF (a) | 402 | 41346 |
| Vanguard FTSE Developed Markets ETF | 7870 | 330318 |
|  |  | 371664 |
| **Domestic Fixed Income 18.3%** | **Domestic Fixed Income 18.3%** | **Domestic Fixed Income 18.3%** |
| Vanguard Intermediate-Term Corporate Bond ETF | 715 | 55436 |
| Vanguard Mortgage-Backed Securities ETF | 1226 | 55816 |
| Vanguard Short-Term Corporate Bond ETF | 999 | 75106 |
| Vanguard Short-Term Inflation-Protected Securities ETF | 752 | 35120 |
| Vanguard Total Bond Market ETF | 1331 | 95646 |
| Vanguard Ultra-Short Bond ETF (a) | 790 | 38721 |
|  |  | 355845 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3)

------

#### JNL Series Trust

#### Schedules of Investments (in thousands)
December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value ($)** |
| **Emerging Markets Equity 8.2%** | **Emerging Markets Equity 8.2%** | **Emerging Markets Equity 8.2%** |
| Vanguard FTSE Emerging Markets ETF (a) | 4075 | 158841 |
| **Emerging Markets Fixed Income 1.5%** | **Emerging Markets Fixed Income 1.5%** | **Emerging Markets Fixed Income 1.5%** |
| Vanguard Emerging Markets Government Bond ETF | 485 | 29597 |
| Total Investment Companies (cost $2,169,943) | Total Investment Companies (cost $2,169,943) | 1941936 |
| **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** |
| **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** | **Securities Lending Collateral 0.8%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (b) (c) | 15138 | 15138 |
| Total Short Term Investments (cost $15,138) | Total Short Term Investments (cost $15,138) | 15138 |
| **Total Investments 100.8% (cost $2,185,081)** | **Total Investments 100.8% (cost $2,185,081)** | **1957074** |
| **Other Assets and Liabilities, Net (0.8)%** | **Other Assets and Liabilities, Net (0.8)%** | **(15555)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1941519** |

---

(a) All or a portion of the security was on loan as of December 31, 2022.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** | **JNL/Vanguard Moderate ETF Allocation Fund** |
| **INVESTMENT COMPANIES 99.9%** | **INVESTMENT COMPANIES 99.9%** | **INVESTMENT COMPANIES 99.9%** |
| **Domestic Fixed Income 55.6%** | **Domestic Fixed Income 55.6%** | **Domestic Fixed Income 55.6%** |
| Vanguard Intermediate-Term Corporate Bond ETF | 596 | 46173 |
| Vanguard Mortgage-Backed Securities ETF | 1248 | 56821 |
| Vanguard Short-Term Corporate Bond ETF | 799 | 60074 |
| Vanguard Short-Term Inflation-Protected Securities ETF | 329 | 15349 |
| Vanguard Total Bond Market ETF | 1142 | 82068 |
| Vanguard Ultra-Short Bond ETF | 459 | 22507 |
|  |  | 282992 |
| **Domestic Equity 27.0%** | **Domestic Equity 27.0%** | **Domestic Equity 27.0%** |
| Vanguard Dividend Appreciation ETF (a) | 185 | 28047 |
| Vanguard Growth ETF | 69 | 14797 |
| Vanguard Mid-Cap ETF | 72 | 14637 |
| Vanguard Real Estate ETF (a) | 54 | 4457 |
| Vanguard Small-Cap ETF | 53 | 9782 |
| Vanguard Total Stock Market ETF (a) | 237 | 45348 |
| Vanguard Value ETF | 144 | 20180 |
|  |  | 137248 |
| **International Equity 9.2%** | **International Equity 9.2%** | **International Equity 9.2%** |
| Vanguard FTSE All-World ex-US Small-Cap Index ETF (a) | 46 | 4685 |
| Vanguard FTSE Developed Markets ETF (a) | 1002 | 42056 |
|  |  | 46741 |
| **Emerging Markets Fixed Income 4.4%** | **Emerging Markets Fixed Income 4.4%** | **Emerging Markets Fixed Income 4.4%** |
| Vanguard Emerging Markets Government Bond ETF | 371 | 22597 |
| **Emerging Markets Equity 3.7%** | **Emerging Markets Equity 3.7%** | **Emerging Markets Equity 3.7%** |
| Vanguard FTSE Emerging Markets ETF (a) | 488 | 19034 |
| Total Investment Companies (cost $553,528) | Total Investment Companies (cost $553,528) | 508612 |
| **SHORT TERM INVESTMENTS 1.6%** | **SHORT TERM INVESTMENTS 1.6%** | **SHORT TERM INVESTMENTS 1.6%** |
| **Securities Lending Collateral 1.4%** | **Securities Lending Collateral 1.4%** | **Securities Lending Collateral 1.4%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (b) (c) | 7191 | 7191 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (b) (c) | 644 | 644 |
| Total Short Term Investments (cost $7,835) | Total Short Term Investments (cost $7,835) | 7835 |
| **Total Investments 101.5% (cost $561,363)** | **Total Investments 101.5% (cost $561,363)** | **516447** |
| **Other Assets and Liabilities, Net (1.5)%** | **Other Assets and Liabilities, Net (1.5)%** | **(7417)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **509030** |

---

(a) All or a portion of the security was on loan as of December 31, 2022.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **JNL/Vanguard Moderate Growth ETF Allocation Fund** | **JNL/Vanguard Moderate Growth ETF Allocation Fund** | **JNL/Vanguard Moderate Growth ETF Allocation Fund** |
| **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** | **INVESTMENT COMPANIES 100.0%** |
| **Domestic Equity 39.1%** | **Domestic Equity 39.1%** | **Domestic Equity 39.1%** |
| Vanguard Dividend Appreciation ETF (a) | 350 | 53131 |
| Vanguard Growth ETF | 232 | 49360 |
|  | **Shares** | **Value ($)** |
| Vanguard Mid-Cap ETF | 145 | 29536 |
| Vanguard Real Estate ETF | 187 | 15420 |
| Vanguard Small-Cap ETF | 150 | 27493 |
| Vanguard Total Stock Market ETF | 518 | 99076 |
| Vanguard Value ETF | 464 | 65155 |
|  |  | 339171 |
| **Domestic Fixed Income 37.7%** | **Domestic Fixed Income 37.7%** | **Domestic Fixed Income 37.7%** |
| Vanguard Intermediate-Term Corporate Bond ETF | 744 | 57679 |
| Vanguard Mortgage-Backed Securities ETF (a) | 1374 | 62541 |
| Vanguard Short-Term Corporate Bond ETF | 942 | 70846 |
| Vanguard Short-Term Inflation-Protected Securities ETF | 379 | 17699 |
| Vanguard Total Bond Market ETF | 1235 | 88718 |
| Vanguard Ultra-Short Bond ETF | 596 | 29197 |
|  |  | 326680 |
| **International Equity 14.0%** | **International Equity 14.0%** | **International Equity 14.0%** |
| Vanguard FTSE All-World ex-US Small-Cap Index ETF | 138 | 14181 |
| Vanguard FTSE Developed Markets ETF (a) | 2549 | 106975 |
|  |  | 121156 |
| **Emerging Markets Equity 6.2%** | **Emerging Markets Equity 6.2%** | **Emerging Markets Equity 6.2%** |
| Vanguard FTSE Emerging Markets ETF (a) | 1372 | 53499 |
| **Emerging Markets Fixed Income 3.0%** | **Emerging Markets Fixed Income 3.0%** | **Emerging Markets Fixed Income 3.0%** |
| Vanguard Emerging Markets Government Bond ETF (a) | 427 | 26057 |
| Total Investment Companies (cost $920,826) | Total Investment Companies (cost $920,826) | 866563 |
| **SHORT TERM INVESTMENTS 1.2%** | **SHORT TERM INVESTMENTS 1.2%** | **SHORT TERM INVESTMENTS 1.2%** |
| **Securities Lending Collateral 1.2%** | **Securities Lending Collateral 1.2%** | **Securities Lending Collateral 1.2%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (b) (c) | 10460 | 10460 |
| Total Short Term Investments (cost $10,460) | Total Short Term Investments (cost $10,460) | 10460 |
| **Total Investments 101.2% (cost $931,286)** | **Total Investments 101.2% (cost $931,286)** | **877023** |
| **Other Assets and Liabilities, Net (1.2)%** | **Other Assets and Liabilities, Net (1.2)%** | **(10432)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **866591** |

---

(a) All or a portion of the security was on loan as of December 31, 2022.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3)

------

***JNL Series Trust***

December 31, 2022

**Long Term Investments in Affiliates** 

The Funds of Funds, except for JNL/American Funds Funds of Funds, invested solely in shares of other affiliated Funds advised by Jackson National Asset Management, LLC. The JNL/American Funds Funds of Funds may invest in underlying funds that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities. Based on each Fund's relative ownership for all or some portion of the year ended December 31, 2022, certain Funds of Funds may be deemed an affiliated person thereof under the 1940 Act. JNL/American Funds Feeder Funds and JNL Mellon Feeder Funds invest primarily all of their investable assets in the respective Master Fund. Due to their ownership of more than 5% of the shares of the Master Fund, certain Feeder Funds may be deemed an affiliated person thereof under the Investment Company Act of 1940. The following table details each Fund's long term investments in affiliates held during the year ended December 31, 2022.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| **JNL/American Funds Balanced Fund** | | | | | | | | |
| American Funds Insurance Series - Asset Allocation Fund - Class 1 | 2839027 | 472681 | 86689 | 321265 | 3451 | (705944) | 2522526 | 100.0 |
|  | **2839027** | **472681** | **86689** | **321265** | **3451** | **(705944)** | **2522526** | 100.0 |
| **JNL/American Funds Capital Income Builder Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Capital Income Builder Fund - Class 1 | 282692 | 110844 | 10448 | 10189 | 905 | (32648) | 351345 | 100.0 |
|  | **282692** | **110844** | **10448** | **10189** | **905** | **(32648)** | **351345** | 100.0 |
| **JNL/American Funds Capital World Bond Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Capital World Bond Fund - Class 1 | 485980 | 12896 | 54092 | 7516 | (11942) | (78058) | 354784 | 100.0 |
|  | **485980** | **12896** | **54092** | **7516** | **(11942)** | **(78058)** | **354784** | 100.0 |
| **JNL/American Funds Global Growth Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Global Growth Fund - Class 1 | 1012642 | 130665 | 78960 | 93718 | 15950 | (357929) | 722368 | 100.0 |
|  | **1012642** | **130665** | **78960** | **93718** | **15950** | **(357929)** | **722368** | 100.0 |
| **JNL/American Funds Global Small Capitalization Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Global Small Capitalization Fund - Class 1 | 929192 | 253023 | 69244 | 225248 | (25531) | (471333) | 616107 | 100.0 |
|  | **929192** | **253023** | **69244** | **225248** | **(25531)** | **(471333)** | **616107** | 100.0 |
| **JNL/American Funds Growth Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Growth Fund - Class 1 | 4564070 | 937735 | 226676 | 529645 | 58789 | (1962301) | 3371617 | 100.0 |
|  | **4564070** | **937735** | **226676** | **529645** | **58789** | **(1962301)** | **3371617** | 100.0 |
| **JNL/American Funds Growth-Income Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Growth-Income Fund - Class 1 | 10618057 | 1085981 | 416144 | 1015106 | 85269 | (2820908) | 8552255 | 100.0 |
|  | **10618057** | **1085981** | **416144** | **1015106** | **85269** | **(2820908)** | **8552255** | 100.0 |
| **JNL/American Funds International Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - International Fund - Class 1 | 1846144 | 258758 | 120765 | 235461 | (34428) | (579542) | 1370167 | 100.0 |
|  | **1846144** | **258758** | **120765** | **235461** | **(34428)** | **(579542)** | **1370167** | 100.0 |
| **JNL/American Funds New World Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - New World Fund - Class 1 | 1773065 | 194218 | 118705 | 150110 | (1821) | (535443) | 1311314 | 100.0 |
|  | **1773065** | **194218** | **118705** | **150110** | **(1821)** | **(535443)** | **1311314** | 100.0 |
| **JNL/American Funds Washington Mutual Investors Fund** |  |  |  |  |  |  |  |  |
| American Funds Insurance Series - Washington Mutual Investors Fund - Class 1 | 4016089 | 957346 | 259625 | 885377 | (4785) | (1214911) | 3494114 | 100.0 |
|  | **4016089** | **957346** | **259625** | **885377** | **(4785)** | **(1214911)** | **3494114** | 100.0 |
| **JNL/Mellon Bond Index Fund** |  |  |  |  |  |  |  |  |
| JNL Bond Index Fund - Class I | 1320210 | 26924 | 163541 |  | (14228) | (152703) | 1016662 | 100.0 |
|  | **1320210** | **26924** | **163541** | **—** | **(14228)** | **(152703)** | **1016662** | 100.0 |
| **JNL/Mellon Emerging Markets Index Fund** |  |  |  |  |  |  |  |  |
| JNL Emerging Markets Index Fund - Class I | 1069188 | 27150 | 83215 |  | (21376) | (174243) | 817504 | 100.0 |
|  | **1069188** | **27150** | **83215** | **—** | **(21376)** | **(174243)** | **817504** | 100.0 |
| **JNL/Mellon International Index Fund** |  |  |  |  |  |  |  |  |
| JNL International Index Fund - Class I | 2645648 | 104869 | 185510 | 74127 | (24276) | (413885) | 2126846 | 100.0 |
|  | **2645648** | **104869** | **185510** | **74127** | **(24276)** | **(413885)** | **2126846** | 100.0 |
| **JNL/Mellon S&P 400 MidCap Index Fund** |  |  |  |  |  |  |  |  |
| JNL Mid Cap Index Fund - Class I | 3850651 | 53613 | 336181 |  | (28523) | (472999) | 3066561 | 100.0 |
|  | **3850651** | **53613** | **336181** | **—** | **(28523)** | **(472999)** | **3066561** | 100.0 |

---

See accompanying Notes to Financial Statements.

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| **JNL/Mellon Small Cap Index Fund** | | | | | | | | |
| JNL Small Cap Index Fund - Class I | 2981337 | 61494 | 235863 |  | (19650) | (455881) | 2331437 | 100.0 |
|  | **2981337** | **61494** | **235863** | **—** | **(19650)** | **(455881)** | **2331437** | 100.0 |
| **JNL Aggressive Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| JNL Multi-Manager Alternative Fund - Class I | 18252 | 4614 | 729 |  | 61 | (2018) | 20180 | 1.5 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 63094 | 4137 | 18394 | 3077 | (1943) | (15331) | 31563 | 2.3 |
| JNL Multi-Manager International Small Cap Fund - Class I | 82704 | 11260 | 12081 | 8243 | 2233 | (34165) | 49951 | 3.7 |
| JNL Multi-Manager Mid Cap Fund - Class I | 188696 | 106 | 38030 |  | 12935 | (42353) | 121354 | 9.0 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 48826 | 2397 | 7323 |  | 1388 | (15873) | 29415 | 2.2 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 59334 | 67 | 12291 |  | 2172 | (8969) | 40313 | 3.0 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I |  | 70115 |  |  |  | (1542) | 68573 | 5.1 |
| JNL/Baillie Gifford U.S. Equity Growth Fund - Class I | 64319 | 3962 | 9334 |  | (7860) | (26507) | 24580 | 1.8 |
| JNL/Blackrock Global Natural Resources Fund - Class I |  | 20097 | 3199 |  | (17) | 388 | 17269 | 1.3 |
| JNL/Causeway International Value Select Fund - Class I | 129459 | 7090 | 42703 | 1392 | (2002) | (7520) | 84324 | 6.2 |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I | 139201 | 455 | 60010 |  | 17742 | (45472) | 51916 | 3.8 |
| JNL/DoubleLine Total Return Fund - Class I | 54356 | 7608 | 8022 |  |  | (6505) | 47437 | 3.5 |
| JNL/First Sentier Global Infrastructure Fund - Class I | 51857 | 7825 | 16074 |  | 4907 | (7202) | 41313 | 3.0 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 67771 | 6336 | 7315 |  | 1708 | (15711) | 52789 | 3.9 |
| JNL/Harris Oakmark Global Equity Fund - Class I | 100836 | 4350 | 13863 | 1877 | 1393 | (17587) | 75129 | 5.6 |
| JNL/Heitman U.S. Focused Real Estate Fund - Class I | 38557 | 3739 | 10293 | 3365 | 2114 | (13788) | 20329 | 1.5 |
| JNL/JPMorgan U.S. Value Fund - Class I | 79154 | 16072 | 12784 |  | 4785 | (6040) | 81187 | 6.0 |
| JNL/Loomis Sayles Global Growth Fund - Class I | 107889 | 1143 | 23758 | 15 | 4805 | (31810) | 58269 | 4.3 |
| JNL/Lord Abbett Short Duration Income Fund - Class I |  | 37751 | 3264 | 285 | (36) | (421) | 34030 | 2.5 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 128471 | 17248 | 34467 | 17068 | 8721 | (41885) | 78088 | 5.8 |
| JNL/Neuberger Berman Commodity Strategy Fund - Class I |  | 31073 | 2116 |  | 51 | (1632) | 27376 | 2.0 |
| JNL/T. Rowe Price Established Growth Fund - Class I | 89435 | 2112 | 16851 |  | 3778 | (37269) | 41205 | 3.0 |
| JNL/T. Rowe Price Value Fund - Class I | 128710 | 228 | 40014 |  | 10753 | (25132) | 74545 | 5.5 |
| JNL/WCM Focused International Equity Fund - Class I | 174906 | 18184 | 39298 | 16308 | 8101 | (72945) | 88948 | 6.6 |
| JNL/Westchester Capital Event Driven Fund - Class I | 11793 | 920 | 2053 |  | 361 | (741) | 10280 | 0.8 |
| JNL/WMC Equity Income Fund - Class I |  | 82380 | 3388 |  | (66) | 2999 | 81925 | 6.1 |
|  | **1827620** | **361269** | **437654** | **51630** | **76084** | **(475031)** | **1352288** | 100.0 |
| **JNL Conservative Allocation Fund** |  |  |  |  |  |  |  |  |
| JNL Multi-Manager Alternative Fund - Class I | 54625 | 1614 | 11999 |  | 864 | (6279) | 38825 | 6.5 |
| JNL Multi-Manager Mid Cap Fund - Class I | 13729 | 1572 | 5869 |  | 2027 | (4081) | 7378 | 1.2 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 5872 | 1377 | 2675 |  | (367) | (1329) | 2878 | 0.5 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 7858 | 659 | 3283 |  | 530 | (1322) | 4442 | 0.7 |
| JNL/Blackrock Global Allocation Fund - Class I | 39070 | 2867 | 11072 |  | 425 | (6086) | 25204 | 4.3 |
| JNL/Causeway International Value Select Fund - Class I | 5887 | 874 | 3331 | 48 | 540 | (985) | 2985 | 0.5 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 91398 | 4549 | 19835 |  | (455) | (10536) | 65121 | 11.0 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 31187 | 1367 | 9873 |  | (1158) | (3792) | 17731 | 3.0 |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I | 17639 | 1876 | 10709 |  | 1805 | (4898) | 5713 | 1.0 |
| JNL/DoubleLine Total Return Fund - Class I | 114653 | 6374 | 24644 |  | (813) | (12752) | 82818 | 14.0 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I |  | 39578 | 4586 |  | (139) | (782) | 34071 | 5.7 |
| JNL/First Sentier Global Infrastructure Fund - Class I |  | 6074 | 1599 |  | (9) | (28) | 4438 | 0.7 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 9783 | 1434 | 3452 |  | 748 | (2587) | 5926 | 1.0 |
| JNL/Heitman U.S. Focused Real Estate Fund - Class I |  | 3616 | 363 | 382 | (13) | (914) | 2326 | 0.4 |
| JNL/JPMorgan Hedged Equity Fund - Class I | 13650 | 578 | 5443 | 42 | 705 | (1944) | 7546 | 1.3 |
| JNL/JPMorgan U.S. Value Fund - Class I | 9780 | 6787 | 4797 |  | 109 | (58) | 11821 | 2.0 |
| JNL/Loomis Sayles Global Growth Fund - Class I | 7853 | 1010 | 6849 |  | (1740) | (274) |  |  |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 35042 | 13545 | 7175 | 332 | (280) | (1720) | 39412 | 6.6 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 17612 | 3764 | 8983 | 1889 | 733 | (4402) | 8724 | 1.5 |
| JNL/Neuberger Berman Commodity Strategy Fund - Class I |  | 10009 | 2113 |  | 51 | (401) | 7546 | 1.3 |
| JNL/PIMCO Income Fund - Class I | 68343 | 1964 | 15780 |  | 156 | (5422) | 49261 | 8.3 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 42802 | 1740 | 8079 |  | (594) | (6236) | 29633 | 5.0 |
| JNL/PIMCO Real Return Fund - Class I | 15616 | 527 | 2601 |  | 296 | (1970) | 11868 | 2.0 |
| JNL/PPM America Total Return Fund - Class I | 71998 | 2169 | 20301 |  | 647 | (10087) | 44426 | 7.5 |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I | 39072 | 5604 | 7685 |  | 2552 | (6946) | 32597 | 5.5 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 50748 | 1514 | 12679 |  | 188 | (7232) | 32539 | 5.5 |
| JNL/WCM Focused International Equity Fund - Class I | 15692 | 4598 | 9241 | 1047 | 94 | (5329) | 5814 | 1.0 |
| JNL/WMC Equity Income Fund - Class I |  | 13113 | 1783 |  | 13 | 521 | 11864 | 2.0 |
|  | **779909** | **140753** | **226799** | **3740** | **6915** | **(107871)** | **592907** | 100.0 |
| **JNL Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| JNL Multi-Manager Alternative Fund - Class I | 81173 | 36735 | 7414 |  | 444 | (9785) | 101153 | 3.5 |

---

See accompanying Notes to Financial Statements.

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 74663 | 17246 | 15805 | 5110 | (21) | (23298) | 52785 | 1.8 |
| JNL Multi-Manager International Small Cap Fund - Class I | 109032 | 37588 | 6235 | 14766 | 323 | (51042) | 89666 | 3.1 |
| JNL Multi-Manager Mid Cap Fund - Class I | 237555 | 73702 | 43079 |  | 13317 | (58283) | 223212 | 7.7 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 67753 | 16324 | 5969 |  | 934 | (23006) | 56036 | 2.0 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 81183 | 19925 | 11811 |  | 1390 | (11739) | 78948 | 2.7 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I |  | 113227 |  |  |  | (2489) | 110738 | 3.8 |
| JNL/Baillie Gifford U.S. Equity Growth Fund - Class I | 73607 | 15037 | 5148 |  | (5866) | (38311) | 39319 | 1.4 |
| JNL/Blackrock Global Natural Resources Fund - Class I |  | 35181 | 6003 |  | 26 | 453 | 29657 | 1.0 |
| JNL/Causeway International Value Select Fund - Class I | 182835 | 66890 | 54003 | 2974 | (2783) | (11552) | 181387 | 6.3 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 54114 | 86784 | 14077 |  | 155 | (6158) | 120818 | 4.2 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 40622 | 15373 | 18821 |  | (1829) | (5582) | 29763 | 1.0 |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I | 169450 | 52957 | 94362 |  | 25538 | (69735) | 83848 | 2.9 |
| JNL/DoubleLine Total Return Fund - Class I | 142039 | 79254 | 36111 |  | 260 | (19182) | 166260 | 5.8 |
| JNL/First Sentier Global Infrastructure Fund - Class I | 75840 | 43968 | 26305 |  | 7658 | (12620) | 88541 | 3.1 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 87781 | 26250 | 9260 |  | 2225 | (22435) | 84561 | 2.9 |
| JNL/Harris Oakmark Global Equity Fund - Class I | 108404 | 42704 | 16817 | 2839 | 1517 | (22509) | 113299 | 3.9 |
| JNL/Heitman U.S. Focused Real Estate Fund - Class I | 42006 | 17916 | 4939 | 5978 | 793 | (19641) | 36135 | 1.3 |
| JNL/JPMorgan U.S. Value Fund - Class I | 97418 | 54470 | 13327 |  | 4998 | (6718) | 136841 | 4.7 |
| JNL/Loomis Sayles Global Growth Fund - Class I | 128144 | 41448 | 37040 | 24 | 6112 | (43214) | 95450 | 3.3 |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 33853 | 85764 | 14679 | 850 | (627) | (2588) | 101723 | 3.5 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 168671 | 88654 | 65014 | 29950 | 16329 | (71245) | 137395 | 4.8 |
| JNL/Neuberger Berman Commodity Strategy Fund - Class I |  | 55499 | 2825 |  | 118 | (3518) | 49274 | 1.7 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 47351 | 10478 | 6705 |  | 131 | (8036) | 43219 | 1.5 |
| JNL/T. Rowe Price Established Growth Fund - Class I | 107056 | 41690 | 19961 |  | 2113 | (50246) | 80652 | 2.8 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 64969 | 26433 | 15789 |  | (243) | (10911) | 64459 | 2.2 |
| JNL/T. Rowe Price Value Fund - Class I | 162553 | 53578 | 50177 |  | 13132 | (34673) | 144413 | 5.0 |
| JNL/WCM Focused International Equity Fund - Class I | 244101 | 108374 | 59344 | 33477 | 9598 | (119566) | 183163 | 6.3 |
| JNL/Westchester Capital Event Driven Fund - Class I | 27115 | 8898 | 6343 |  | 1127 | (2163) | 28634 | 1.0 |
| JNL/WMC Equity Income Fund - Class I |  | 141470 | 7676 |  | (117) | 5418 | 139095 | 4.8 |
|  | **2709288** | **1513817** | **675039** | **95968** | **96752** | **(754374)** | **2890444** | 100.0 |
| **JNL Moderate Allocation Fund** |  |  |  |  |  |  |  |  |
| JNL Multi-Manager Alternative Fund - Class I | 165281 | 3540 | 24494 |  | 1170 | (18427) | 127070 | 6.0 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 34663 | 1731 | 10505 | 1582 | 1556 | (11160) | 16285 | 0.8 |
| JNL Multi-Manager International Small Cap Fund - Class I | 33904 | 3806 | 9093 | 2646 | 1906 | (14362) | 16161 | 0.8 |
| JNL Multi-Manager Mid Cap Fund - Class I | 98169 | 4015 | 22660 |  | 5984 | (21701) | 63807 | 3.0 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 39401 | 3039 | 9357 |  | 2607 | (14848) | 20842 | 1.0 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 54515 | 1468 | 6978 |  | 1732 | (8208) | 42529 | 2.0 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I |  | 41000 |  |  |  | (902) | 40098 | 1.9 |
| JNL/Blackrock Global Allocation Fund - Class I | 110875 | 13 | 30972 |  | 536 | (16708) | 63744 | 3.0 |
| JNL/Causeway International Value Select Fund - Class I | 62608 | 12132 | 26561 | 721 | (795) | (3808) | 43576 | 2.0 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 178523 | 25796 | 31391 |  | 10 | (21006) | 151932 | 7.2 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 96216 | 924 | 28024 |  | (3245) | (12188) | 53683 | 2.5 |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I | 84231 | 533 | 41866 |  | 11201 | (28264) | 25835 | 1.2 |
| JNL/DoubleLine Total Return Fund - Class I | 288049 | 13970 | 56153 |  | 560 | (34098) | 212328 | 10.0 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I |  | 100493 | 7679 |  | (198) | (2056) | 90560 | 4.3 |
| JNL/First Sentier Global Infrastructure Fund - Class I | 56779 | 6161 | 18192 |  | 3546 | (5436) | 42858 | 2.0 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 41324 | 10526 | 6419 |  | 787 | (9624) | 36594 | 1.7 |
| JNL/Harris Oakmark Global Equity Fund - Class I | 55298 | 1174 | 10647 | 929 | 2304 | (10856) | 37273 | 1.8 |
| JNL/Heitman U.S. Focused Real Estate Fund - Class I | 35878 | 1961 | 21642 | 1572 | 4905 | (11616) | 9486 | 0.4 |
| JNL/JPMorgan Hedged Equity Fund - Class I | 41359 | 663 | 11301 | 148 | 1915 | (5594) | 27042 | 1.3 |
| JNL/JPMorgan U.S. Value Fund - Class I | 55976 | 27100 | 18408 |  | 278 | (1015) | 63931 | 3.0 |
| JNL/Loomis Sayles Global Growth Fund - Class I | 67073 | 1652 | 32644 | 5 | 6414 | (22215) | 20280 | 0.9 |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 96235 | 42041 | 15443 | 979 | (599) | (4956) | 117278 | 5.5 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 111072 | 14906 | 37721 | 13352 | 5730 | (32854) | 61133 | 2.9 |
| JNL/Neuberger Berman Commodity Strategy Fund - Class I |  | 36354 | 2816 |  | 45 | (1746) | 31837 | 1.5 |
| JNL/PIMCO Income Fund - Class I | 158961 | 453 | 29040 |  | 1471 | (13799) | 118046 | 5.6 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 109824 | 1166 | 19286 |  | (1406) | (15862) | 74436 | 3.5 |
| JNL/PIMCO Real Return Fund - Class I | 55411 | 614 | 8562 |  | 1318 | (7246) | 41535 | 2.0 |
| JNL/PPM America Total Return Fund - Class I | 164877 | 1681 | 27660 |  | 1162 | (23025) | 117035 | 5.5 |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I | 166280 | 376 | 14261 |  | 3758 | (22620) | 133533 | 6.3 |

---

See accompanying Notes to Financial Statements.

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL/T. Rowe Price Established Growth Fund - Class I | 67910 | 4880 | 16522 |  | 1965 | (28423) | 29810 | 1.4 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 131501 | 428 | 23939 |  | 1077 | (19387) | 89680 | 4.2 |
| JNL/WCM Focused International Equity Fund - Class I | 97298 | 8152 | 28253 | 7849 | 5569 | (40039) | 42727 | 2.0 |
| JNL/WMC Equity Income Fund - Class I |  | 61056 | 4772 |  | 13 | 2539 | 58836 | 2.8 |
|  | **2759491** | **433804** | **653261** | **29783** | **63276** | **(481510)** | **2121800** | 100.0 |
| **JNL Moderate Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| JNL Multi-Manager Alternative Fund - Class I | 251317 | 1046 | 36847 |  | 2385 | (27766) | 190135 | 5.0 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 99664 | 4810 | 28472 | 4740 | 2200 | (29575) | 48627 | 1.3 |
| JNL Multi-Manager International Small Cap Fund - Class I | 101765 | 11758 | 16288 | 9656 | 2518 | (41540) | 58213 | 1.5 |
| JNL Multi-Manager Mid Cap Fund - Class I | 319231 | 315 | 79537 |  | 23027 | (73902) | 189134 | 5.0 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 95894 | 3139 | 15638 |  | 3756 | (31815) | 55336 | 1.5 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 114449 |  | 25767 |  | 2973 | (15795) | 75860 | 2.0 |
| JNL Multi-Manager U.S. Select Equity Fund - Class I |  | 116406 |  |  |  | (2561) | 113845 | 3.0 |
| JNL/Blackrock Global Allocation Fund - Class I | 177095 |  | 150783 |  | (389) | (25923) |  |  |
| JNL/Blackrock Global Natural Resources Fund - Class I |  | 33821 | 5284 |  | 87 | 492 | 29116 | 0.8 |
| JNL/Causeway International Value Select Fund - Class I | 268648 | 18277 | 91715 | 2898 | (4366) | (15399) | 175445 | 4.6 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 225444 | 36861 | 56778 |  | 541 | (25650) | 180418 | 4.8 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 100235 | 14 | 9238 |  | (496) | (14158) | 76357 | 2.0 |
| JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I | 179156 | 22 | 79488 |  | 22584 | (57883) | 64391 | 1.7 |
| JNL/DoubleLine Total Return Fund - Class I | 325382 | 28836 | 61122 |  | 248 | (37838) | 255506 | 6.8 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I |  | 167716 | 11504 |  | (316) | (1862) | 154034 | 4.1 |
| JNL/First Sentier Global Infrastructure Fund - Class I | 129331 | 9000 | 38077 |  | 8910 | (13223) | 95941 | 2.5 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 113334 | 9549 | 16750 |  | 3695 | (26674) | 83154 | 2.2 |
| JNL/Harris Oakmark Global Equity Fund - Class I | 114868 | 1926 | 23021 | 1894 | 2092 | (19767) | 76098 | 2.0 |
| JNL/Heitman U.S. Focused Real Estate Fund - Class I | 65415 | 16718 | 10082 | 7855 | 1747 | (26460) | 47338 | 1.3 |
| JNL/JPMorgan Hedged Equity Fund - Class I | 75466 | 318 | 11428 | 318 | 2122 | (8499) | 57979 | 1.5 |
| JNL/JPMorgan U.S. Value Fund - Class I | 155628 | 23749 | 33380 |  | 439 | (3460) | 142976 | 3.8 |
| JNL/Loomis Sayles Global Growth Fund - Class I | 150485 | 95 | 64536 | 12 | 12449 | (50750) | 47743 | 1.3 |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 112243 | 92081 | 25801 | 1432 | (1069) | (6295) | 171159 | 4.5 |
| JNL/Morningstar Wide Moat Index Fund - Class I | 203588 | 24782 | 65744 | 24778 | 18031 | (67160) | 113497 | 3.0 |
| JNL/Neuberger Berman Commodity Strategy Fund - Class I |  | 65191 | 4122 |  | 139 | (4018) | 57190 | 1.5 |
| JNL/PIMCO Income Fund - Class I | 164087 | 1097 | 37896 |  | 2068 | (14642) | 114714 | 3.0 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 100297 | 1735 | 10363 |  | (793) | (15363) | 75513 | 2.0 |
| JNL/PIMCO Real Return Fund - Class I | 50588 | 510 | 8393 |  | 1276 | (6634) | 37347 | 1.0 |
| JNL/PPM America Total Return Fund - Class I | 150079 | 71 | 28201 |  | 1285 | (20876) | 102358 | 2.7 |
| JNL/T. Rowe Price Capital Appreciation Fund - Class I | 278462 | 11001 | 28344 |  | 10270 | (42686) | 228703 | 6.0 |
| JNL/T. Rowe Price Established Growth Fund - Class I | 185853 | 4248 | 31005 |  | 6335 | (77030) | 88401 | 2.3 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 176979 | 1906 | 42008 |  | 435 | (24739) | 112573 | 3.0 |
| JNL/T. Rowe Price Value Fund - Class I | 203569 | 1000 | 50053 |  | 14164 | (35920) | 132760 | 3.5 |
| JNL/WCM Focused International Equity Fund - Class I | 332050 | 31525 | 68900 | 31286 | 14403 | (137670) | 171408 | 4.5 |
| JNL/Westchester Capital Event Driven Fund - Class I | 35089 | 13 | 5371 |  | 600 | (1661) | 28670 | 0.8 |
| JNL/WMC Equity Income Fund - Class I |  | 135001 | 6813 |  | (90) | 5630 | 133728 | 3.5 |
|  | **5055691** | **854537** | **1278749** | **84869** | **153260** | **(999072)** | **3785667** | 100.0 |
| **JNL/American Funds Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| American Funds Emerging Markets Bond Fund - Class R-6 | 71781 | 4419 | 12429 | 4133 | (3791) | (8895) | 51085 | 1.6 |
| American Funds Insurance Series - American High-Income Trust - Class 1 | 62335 | 23966 | 8905 | 5399 | (954) | (10871) | 65571 | 2.0 |
| American Funds Insurance Series - Global Growth Fund - Class 1 | 539833 | 64225 | 14410 | 51092 | 3777 | (187150) | 406275 | 12.4 |
|  | **673949** | **92610** | **35744** | **60624** | **(968)** | **(206916)** | **522931** | 16.0 |
| **JNL/American Funds Moderate Growth Allocation Fund** |  |  |  |  |  |  |  |  |
| American Funds Emerging Markets Bond Fund - Class R-6 | 106615 | 5434 | 31914 | 5344 | (9437) | (8513) | 62185 | 2.6 |
| American Funds Insurance Series - American High-Income Trust - Class 1 | 93383 | 12077 | 12450 | 6441 | (1360) | (13639) | 78011 | 3.3 |
|  | **199998** | **17511** | **44364** | **11785** | **(10797)** | **(22152)** | **140196** | 5.9 |
| **JNL/Goldman Sachs Managed Aggressive Growth Fund** |  |  |  |  |  |  |  |  |
| JNL Multi-Manager Alternative Fund - Class I | 80771 | 33 | 12682 |  | 910 | (9001) | 60031 | 3.0 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 77214 | 6343 | 35688 | 3004 | (1720) | (15139) | 31010 | 1.6 |
| JNL Multi-Manager Mid Cap Fund - Class I | 85583 | 9000 | 9795 |  | 3377 | (18008) | 70157 | 3.5 |

---

See accompanying Notes to Financial Statements.

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 25952 | 3377 | 1420 |  | 496 | (8847) | 19558 | 1.0 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 56033 | 5 | 10107 |  | 1820 | (8108) | 39643 | 2.0 |
| JNL/Blackrock Global Natural Resources Fund - Class I |  | 31747 | 511 |  | (11) | (819) | 30406 | 1.5 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 225387 | 44518 | 9603 |  | 3973 | (91111) | 173164 | 8.7 |
| JNL/Causeway International Value Select Fund - Class I | 54339 | 64297 | 27035 | 1368 | (1967) | (6507) | 83127 | 4.2 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 199297 | 68150 | 11175 |  | 4773 | (75027) | 186018 | 9.4 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 40464 | 13322 | 6212 |  | (232) | (6442) | 40900 | 2.1 |
| JNL/DoubleLine Total Return Fund - Class I | 26745 | 39515 | 40824 |  | (4448) | (1973) | 19015 | 1.0 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 77175 | 100 | 47699 |  | 8198 | (17863) | 19911 | 1.0 |
| JNL/Invesco Diversified Dividend Fund - Class I | 156190 | 450 | 33778 |  | 9163 | (11731) | 120294 | 6.1 |
| JNL/Invesco Global Growth Fund - Class I | 194823 | 3741 | 61842 |  | 11525 | (67851) | 80396 | 4.1 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 75700 | 3579 | 11171 |  | 4698 | (23784) | 49022 | 2.5 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I |  | 19508 | 75 |  | 3 | 396 | 19832 | 1.0 |
| JNL/JPMorgan U.S. Value Fund - Class I | 56921 | 143 | 15459 |  | 5921 | (7378) | 40148 | 2.0 |
| JNL/Lazard International Strategic Equity Fund - Class I | 54200 | 43170 | 7469 | 4303 | 436 | (19158) | 71179 | 3.6 |
| JNL/Neuberger Berman Commodity Strategy Fund - Class I |  | 33405 | 374 |  | (8) | (2926) | 30097 | 1.5 |
| JNL/Newton Equity Income Fund - Class I |  | 29513 | 6 |  |  | 250 | 29757 | 1.5 |
| JNL/PPM America High Yield Bond Fund - Class I | 27066 | 121 | 4285 |  | 285 | (3255) | 19932 | 1.0 |
| JNL/PPM America Total Return Fund - Class I | 54026 | 29 | 26371 |  | (1291) | (6476) | 19917 | 1.0 |
| JNL/T. Rowe Price Established Growth Fund - Class I | 361219 | 6325 | 82819 |  | 25312 | (150311) | 159726 | 8.0 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I | 28466 | 48 | 2400 |  | 748 | (6848) | 20014 | 1.0 |
| JNL/T. Rowe Price Short-Term Bond Fund - Class I |  | 42575 | 2254 |  | (43) | (604) | 39674 | 2.0 |
| JNL/T. Rowe Price Value Fund - Class I | 400038 | 2898 | 130094 |  | 36953 | (78839) | 230956 | 11.6 |
| JNL/WCM Focused International Equity Fund - Class I | 198175 | 15621 | 65212 | 14793 | 13066 | (81053) | 80597 | 4.1 |
| JNL/William Blair International Leaders Fund - Class I | 54832 | 8069 | 2547 | 6793 | (273) | (19917) | 40164 | 2.0 |
| JNL/WMC Government Money Market Fund - Class I |  | 39585 | 30 | 193 |  |  | 39555 | 2.0 |
| JNL/WMC Value Fund - Class I | 172236 | 694 | 46657 |  | 11342 | (18027) | 119588 | 6.0 |
|  | **2782852** | **529881** | **705594** | **30454** | **133006** | **(756357)** | **1983788** | 100.0 |
| **JNL/Goldman Sachs Managed Conservative Fund** |  |  |  |  |  |  |  |  |
| JNL Multi-Manager Alternative Fund - Class I | 34781 | 267 | 5791 |  | 458 | (3892) | 25823 | 3.0 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 11263 | 2722 | 1783 | 830 | (598) | (2998) | 8606 | 1.0 |
| JNL Multi-Manager Mid Cap Fund - Class I | 11688 | 913 | 2301 |  | 814 | (2601) | 8513 | 1.0 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 10885 | 3824 | 2905 |  | 691 | (4221) | 8274 | 1.0 |
| JNL/Blackrock Global Natural Resources Fund - Class I |  | 20714 | 3033 |  | (239) | (297) | 17145 | 2.0 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 22922 | 4535 | 6592 |  | 701 | (9292) | 12274 | 1.4 |
| JNL/Causeway International Value Select Fund - Class I | 11640 | 1020 | 7266 | 70 | (838) | (254) | 4302 | 0.5 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 11552 | 2077 | 1496 |  | 627 | (4439) | 8321 | 1.0 |
| JNL/DFA U.S. Core Equity Fund - Class I | 29176 | 3303 | 7455 |  | 2508 | (6560) | 20972 | 2.5 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 80938 | 414 | 11623 |  | (235) | (9811) | 59683 | 7.0 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 57868 | 657 | 35187 |  | 1464 | (7646) | 17156 | 2.0 |
| JNL/DoubleLine Total Return Fund - Class I | 115529 | 6806 | 31029 |  | (1687) | (12997) | 76622 | 9.0 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 34680 | 43219 | 10547 |  | (98) | (7527) | 59727 | 7.0 |
| JNL/Invesco Diversified Dividend Fund - Class I | 23452 | 1036 | 7148 |  | 1257 | (1500) | 17097 | 2.0 |
| JNL/Invesco Global Growth Fund - Class I | 11463 | 1524 | 9558 |  | 791 | (4220) |  |  |
| JNL/JPMorgan MidCap Growth Fund - Class I | 11209 | 3180 | 2956 |  | 1089 | (4143) | 8379 | 1.0 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I | 63553 | 51314 | 12513 |  | (53) | (8319) | 93982 | 11.0 |
| JNL/Lazard International Strategic Equity Fund - Class I | 11459 | 976 | 5856 | 260 | (53) | (2238) | 4288 | 0.5 |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 46298 | 26772 | 10521 | 508 | 95 | (2354) | 60290 | 7.1 |
| JNL/Neuberger Berman Strategic Income Fund - Class I | 46376 | 60 | 7547 |  | 254 | (4970) | 34173 | 4.0 |
| JNL/PIMCO Income Fund - Class I | 58073 | 82 | 10653 |  | 509 | (4970) | 43041 | 5.1 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 127236 | 3048 | 66352 |  | (8267) | (14338) | 41327 | 4.9 |
| JNL/PIMCO Real Return Fund - Class I | 46515 | 377 | 7826 |  | 1275 | (6155) | 34186 | 4.0 |
| JNL/PPM America High Yield Bond Fund - Class I | 46490 | 202 | 34810 |  | 3464 | (6819) | 8527 | 1.0 |
| JNL/PPM America Total Return Fund - Class I | 80974 | 553 | 10899 |  | 358 | (11255) | 59731 | 7.0 |
| JNL/T. Rowe Price Established Growth Fund - Class I | 22499 | 4864 | 10862 |  | 2296 | (10692) | 8105 | 1.0 |
| JNL/T. Rowe Price Short-Term Bond Fund - Class I | 46241 | 45259 | 20929 |  | 1043 | (2746) | 68868 | 8.1 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 23244 | 175 | 12088 |  | (23) | (2779) | 8529 | 1.0 |
| JNL/T. Rowe Price Value Fund - Class I | 35105 | 1862 | 16603 |  | 5078 | (8871) | 16571 | 1.9 |
| JNL/WCM Focused International Equity Fund - Class I | 23096 | 2920 | 19931 |  | (744) | (5341) |  |  |
| JNL/WMC Government Money Market Fund - Class I |  | 17063 | 9 | 83 |  |  | 17054 | 2.0 |
|  | **1156205** | **251738** | **394069** | **1751** | **11937** | **(174245)** | **851566** | 100.0 |
| **JNL/Goldman Sachs Managed Growth Fund** |  |  |  |  |  |  |  |  |
| JNL Multi-Manager Alternative Fund - Class I | 171929 | 7 | 30763 |  | 2317 | (19370) | 124120 | 3.0 |

---

See accompanying Notes to Financial Statements.

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 135489 | 4776 | 68294 | 4179 | 6124 | (35384) | 42711 | 1.1 |
| JNL Multi-Manager Mid Cap Fund - Class I | 178248 | 18500 | 21134 |  | 4904 | (35424) | 145094 | 3.5 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 54258 | 9175 | 5634 |  | 1792 | (19551) | 40040 | 1.0 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 118189 |  | 22349 |  | 3883 | (16979) | 82744 | 2.0 |
| JNL/Blackrock Global Natural Resources Fund - Class I |  | 66739 | 1772 |  | (37) | (1929) | 63001 | 1.5 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 350636 | 112242 | 17951 |  | 6984 | (152173) | 299738 | 7.3 |
| JNL/Causeway International Value Select Fund - Class I | 85858 | 104926 | 49607 | 2113 | (1697) | (11542) | 127938 | 3.1 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 383433 | 96294 | 4001 |  | 1881 | (132822) | 344785 | 8.4 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 114447 | 232 | 38358 |  | (2969) | (11476) | 61876 | 1.5 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 114636 | 3378 | 17681 |  | (541) | (15495) | 84297 | 2.1 |
| JNL/DoubleLine Total Return Fund - Class I | 114123 | 66893 | 39004 |  | (3607) | (14730) | 123675 | 3.0 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 57416 | 92 | 49227 |  | (7410) | (871) |  |  |
| JNL/GQG Emerging Markets Equity Fund - Class I | 108133 | 2711 | 51672 |  | 9213 | (26951) | 41434 | 1.0 |
| JNL/Invesco Diversified Dividend Fund - Class I | 356604 |  | 103915 |  | 24789 | (28772) | 248706 | 6.1 |
| JNL/Invesco Global Growth Fund - Class I | 348132 | 5431 | 156853 |  | 31948 | (125098) | 103560 | 2.5 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 150780 | 8684 | 18347 |  | 7390 | (47010) | 101497 | 2.5 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I |  | 82046 | 958 |  | 40 | 1644 | 82772 | 2.0 |
| JNL/JPMorgan U.S. Value Fund - Class I | 118693 |  | 32707 |  | 12533 | (15580) | 82939 | 2.0 |
| JNL/Lazard International Strategic Equity Fund - Class I | 114140 | 60285 | 15415 | 7632 | 924 | (34132) | 125802 | 3.1 |
| JNL/Lord Abbett Short Duration Income Fund - Class I |  | 40842 | 27 | 342 |  | 186 | 41001 | 1.0 |
| JNL/Neuberger Berman Commodity Strategy Fund - Class I |  | 71005 | 1755 |  | (52) | (5993) | 63205 | 1.6 |
| JNL/Newton Equity Income Fund - Class I |  | 41000 | 53 |  | 1 | 347 | 41295 | 1.0 |
| JNL/PIMCO Income Fund - Class I | 57725 | 24 | 52222 |  | 39 | (5566) |  |  |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 114840 | 272 | 54049 |  | (5932) | (13589) | 41542 | 1.0 |
| JNL/PIMCO Real Return Fund - Class I | 58278 | 48672 | 35589 |  | (1239) | (9105) | 61017 | 1.5 |
| JNL/PPM America High Yield Bond Fund - Class I | 87058 |  | 16106 |  | 1125 | (10536) | 61541 | 1.5 |
| JNL/PPM America Total Return Fund - Class I | 171904 | 234 | 47888 |  | 3120 | (24003) | 103367 | 2.5 |
| JNL/T. Rowe Price Established Growth Fund - Class I | 749743 | 10455 | 164297 |  | 48347 | (311637) | 332611 | 8.1 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I | 58867 | 49 | 4860 |  | 1465 | (14153) | 41368 | 1.0 |
| JNL/T. Rowe Price Short-Term Bond Fund - Class I |  | 89570 | 5669 |  | (113) | (1232) | 82556 | 2.0 |
| JNL/T. Rowe Price Value Fund - Class I | 714328 |  | 224063 |  | 63920 | (138666) | 415519 | 10.1 |
| JNL/WCM Focused International Equity Fund - Class I | 294702 | 20180 | 111684 | 18968 | 21215 | (120857) | 103556 | 2.5 |
| JNL/William Blair International Leaders Fund - Class I | 116781 | 17966 | 9620 | 13977 | (773) | (41628) | 82726 | 2.0 |
| JNL/WMC Government Money Market Fund - Class I |  | 81640 | 15 | 399 |  |  | 81625 | 2.0 |
| JNL/WMC Value Fund - Class I | 299324 | 5500 | 64841 |  | 15152 | (28336) | 226799 | 5.5 |
|  | **5798694** | **1069820** | **1538380** | **47610** | **244736** | **(1468413)** | **4106457** | 100.0 |
| **JNL/Goldman Sachs Managed Moderate Fund** |  |  |  |  |  |  |  |  |
| JNL Multi-Manager Alternative Fund - Class I | 82376 | 2 | 14017 |  | 1134 | (9232) | 60263 | 3.0 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 53295 | 4799 | 28947 | 1948 | 7799 | (16765) | 20181 | 1.0 |
| JNL Multi-Manager Mid Cap Fund - Class I | 55680 | 33 | 7326 |  | 2653 | (11212) | 39828 | 2.0 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 26074 | 5001 | 3235 |  | 1088 | (9511) | 19417 | 1.0 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 27768 | 14 | 4704 |  | (177) | (2909) | 19992 | 1.0 |
| JNL/Blackrock Global Natural Resources Fund - Class I |  | 32080 | 1101 |  | (21) | (866) | 30092 | 1.5 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 54682 | 24335 | 5887 |  | 1032 | (26289) | 47873 | 2.4 |
| JNL/Causeway International Value Select Fund - Class I | 27640 | 13967 | 7921 | 498 | (586) | (2766) | 30334 | 1.5 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 68741 | 24891 | 2871 |  | 1253 | (23810) | 68204 | 3.4 |
| JNL/DFA U.S. Core Equity Fund - Class I | 55538 | 11412 | 8356 |  | 3329 | (12861) | 49062 | 2.5 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 109508 | 3 | 16593 |  | (73) | (13245) | 79600 | 4.0 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 109640 | 1 | 54679 |  | (2067) | (12726) | 40169 | 2.0 |
| JNL/DoubleLine Total Return Fund - Class I | 150391 | 7 | 23750 |  | 40 | (17659) | 109029 | 5.5 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 54765 | 49001 | 13528 |  | (329) | (10194) | 79715 | 4.0 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 26306 | 3 | 12481 |  | (1822) | (2070) | 9936 | 0.5 |
| JNL/Invesco Diversified Dividend Fund - Class I | 97639 | 7 | 26640 |  | 7546 | (8709) | 69843 | 3.5 |
| JNL/Invesco Global Growth Fund - Class I | 27249 | 1983 | 21228 |  | 2591 | (10595) |  |  |
| JNL/JPMorgan MidCap Growth Fund - Class I | 53920 | 2017 | 21866 |  | 5223 | (19648) | 19646 | 1.0 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I | 95738 | 102005 | 15141 |  | 91 | (13158) | 169535 | 8.6 |
| JNL/Lazard International Strategic Equity Fund - Class I | 54490 | 29058 | 17566 | 3022 | 1438 | (17293) | 50127 | 2.5 |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 109639 | 20345 | 24524 | 836 | 285 | (5773) | 99972 | 5.0 |
| JNL/Neuberger Berman Commodity Strategy Fund - Class I |  | 11021 | 130 |  |  | (980) | 9911 | 0.5 |
| JNL/Neuberger Berman Strategic Income Fund - Class I | 54973 |  | 9500 |  | 369 | (5895) | 39947 | 2.0 |

---

See accompanying Notes to Financial Statements.

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Realized Gain/Loss from Sales($)** | **Change in Unrealized Appreciation (Depreciation)($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| JNL/PIMCO Income Fund - Class I | 110169 |  | 21384 |  | 1240 | (9534) | 80491 | 4.1 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 219015 | 2005 | 103523 |  | (11800) | (25927) | 79770 | 4.0 |
| JNL/PIMCO Real Return Fund - Class I | 82760 | 3 | 14524 |  | 2410 | (10907) | 59742 | 3.0 |
| JNL/PPM America High Yield Bond Fund - Class I | 82727 | 1 | 35618 |  | 3448 | (10702) | 39856 | 2.0 |
| JNL/PPM America Total Return Fund - Class I | 191750 | 2 | 36604 |  | 1105 | (26674) | 129579 | 6.5 |
| JNL/T. Rowe Price Established Growth Fund - Class I | 188770 | 353 | 47680 |  | 13219 | (79126) | 75536 | 3.8 |
| JNL/T. Rowe Price Short-Term Bond Fund - Class I | 109459 | 56630 | 41824 |  | 2125 | (6229) | 120161 | 6.1 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 41357 | 1 | 5795 |  | 67 | (5729) | 29901 | 1.5 |
| JNL/T. Rowe Price Value Fund - Class I | 166941 | 28 | 39409 |  | 11411 | (28989) | 109982 | 5.6 |
| JNL/WCM Focused International Equity Fund - Class I | 82729 | 1897 | 50765 | 1797 | 5082 | (29082) | 9861 | 0.5 |
| JNL/William Blair International Leaders Fund - Class I | 27702 | 3334 | 1338 | 3298 | (16) | (9987) | 19695 | 1.0 |
| JNL/WMC Government Money Market Fund - Class I |  | 39073 |  | 191 |  |  | 39073 | 2.0 |
| JNL/WMC Value Fund - Class I | 41950 | 4 | 10601 |  | 2849 | (4513) | 29689 | 1.5 |
|  | **2741381** | **435316** | **751056** | **11590** | **61936** | **(501565)** | **1986012** | 100.0 |
| **JNL/Goldman Sachs Managed Moderate Growth Fund** |  |  |  |  |  |  |  |  |
| JNL Multi-Manager Alternative Fund - Class I | 169469 | 35 | 30179 |  | 2412 | (19076) | 122661 | 3.0 |
| JNL Multi-Manager Emerging Markets Equity Fund - Class I | 135647 | 5864 | 78200 | 4036 | 15181 | (36921) | 41571 | 1.0 |
| JNL Multi-Manager Mid Cap Fund - Class I | 172801 | 1471 | 25364 |  | 6442 | (32945) | 122405 | 3.0 |
| JNL Multi-Manager Small Cap Growth Fund - Class I | 54011 | 8462 | 5656 |  | 1859 | (19264) | 39412 | 1.0 |
| JNL Multi-Manager Small Cap Value Fund - Class I | 57602 |  | 10394 |  | 1828 | (8228) | 40808 | 1.0 |
| JNL/Blackrock Global Natural Resources Fund - Class I |  | 43428 | 945 |  | (16) | (1272) | 41195 | 1.0 |
| JNL/BlackRock Large Cap Select Growth Fund - Class I | 170137 | 71154 | 2541 |  | 1000 | (82518) | 157232 | 3.9 |
| JNL/Causeway International Value Select Fund - Class I | 56591 | 80695 | 22665 | 1719 | (657) | (9733) | 104231 | 2.6 |
| JNL/ClearBridge Large Cap Growth Fund - Class I | 256375 | 91551 | 4326 |  | 1947 | (85632) | 259915 | 6.4 |
| JNL/DoubleLine Core Fixed Income Fund - Class I | 196786 | 12 | 50599 |  | (3975) | (20271) | 121953 | 3.0 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I | 140916 | 2401 | 42935 |  | 60 | (17815) | 82627 | 2.1 |
| JNL/DoubleLine Total Return Fund - Class I | 224408 | 53054 | 64265 |  | (3451) | (28024) | 181722 | 4.5 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund - Class I | 112520 | 24004 | 18828 |  | 204 | (16084) | 101816 | 2.5 |
| JNL/GQG Emerging Markets Equity Fund - Class I | 81269 | 1496 | 30414 |  | 8154 | (19943) | 40562 | 1.0 |
| JNL/Invesco Diversified Dividend Fund - Class I | 230712 | 1 | 64696 |  | 16453 | (19067) | 163403 | 4.1 |
| JNL/Invesco Global Growth Fund - Class I | 169523 | 11721 | 89711 |  | 14105 | (64961) | 40677 | 1.0 |
| JNL/JPMorgan MidCap Growth Fund - Class I | 112433 | 11352 | 13230 |  | 5067 | (35407) | 80215 | 2.0 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I | 112249 | 210405 | 20220 |  | (725) | (17143) | 284566 | 7.0 |
| JNL/JPMorgan U.S. Value Fund - Class I | 86197 |  | 22798 |  | 8698 | (10974) | 61123 | 1.5 |
| JNL/Lazard International Strategic Equity Fund - Class I | 112518 | 57244 | 34523 | 6244 | 969 | (33238) | 102970 | 2.6 |
| JNL/Lord Abbett Short Duration Income Fund - Class I | 56264 | 40726 | 12798 | 682 | (478) | (2203) | 81511 | 2.0 |
| JNL/Neuberger Berman Commodity Strategy Fund - Class I |  | 45985 | 590 |  | (25) | (4040) | 41330 | 1.0 |
| JNL/Neuberger Berman Strategic Income Fund - Class I | 56589 |  | 49880 |  | (1470) | (5239) |  |  |
| JNL/Newton Equity Income Fund - Class I |  | 40504 | 62 |  | 1 | 342 | 40785 | 1.0 |
| JNL/PIMCO Income Fund - Class I | 141791 | 11 | 48386 |  | 2178 | (13438) | 82156 | 2.0 |
| JNL/PIMCO Investment Grade Credit Bond Fund - Class I | 224892 | 1511 | 106500 |  | (11867) | (26656) | 81380 | 2.0 |
| JNL/PIMCO Real Return Fund - Class I | 142085 | 17 | 26346 |  | 4436 | (18851) | 101341 | 2.5 |
| JNL/PPM America High Yield Bond Fund - Class I | 142139 | 27 | 47595 |  | 4350 | (17926) | 80995 | 2.0 |
| JNL/PPM America Total Return Fund - Class I | 281329 | 6 | 60492 |  | 1716 | (39187) | 183372 | 4.5 |
| JNL/T. Rowe Price Established Growth Fund - Class I | 645475 | 5 | 151181 |  | 44460 | (268295) | 270464 | 6.7 |
| JNL/T. Rowe Price Mid-Cap Growth Fund - Class I | 57292 |  | 4288 |  | (455) | (11869) | 40680 | 1.0 |
| JNL/T. Rowe Price Short-Term Bond Fund - Class I | 112238 | 80070 | 65830 |  | 1815 | (6220) | 122073 | 3.0 |
| JNL/T. Rowe Price U.S. High Yield Fund - Class I | 56845 | 4 | 8343 |  | 107 | (7857) | 40756 | 1.0 |
| JNL/T. Rowe Price Value Fund - Class I | 518188 | 19 | 176994 |  | 49554 | (104685) | 286082 | 7.1 |
| JNL/WCM Focused International Equity Fund - Class I | 286334 | 18658 | 109523 | 18658 | 24513 | (118093) | 101889 | 2.5 |
| JNL/William Blair International Leaders Fund - Class I | 57278 | 7711 | 3582 | 6872 | (189) | (20510) | 40708 | 1.0 |
| JNL/WMC Government Money Market Fund - Class I |  | 81191 | 82 | 397 |  |  | 81109 | 2.0 |
| JNL/WMC Value Fund - Class I | 231339 | 12500 | 50622 |  | 11891 | (22488) | 182620 | 4.5 |
|  | **5662242** | **1003295** | **1555583** | **38608** | **206092** | **(1265731)** | **4050315** | 100.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Growth Allocation Fund — Restricted Securities** | **JNL Growth Allocation Fund — Restricted Securities** | **JNL Growth Allocation Fund — Restricted Securities** | **JNL Growth Allocation Fund — Restricted Securities** | **JNL Growth Allocation Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Public Joint Stock Company Novolipetsk Metallurgical Works | 06/19/17 | 658 |  |  |
| Public Joint Stock Society Inter RAO UES | 12/12/16 | 331 |  |  |
| Public Joint Stock Society Mining And Metallurgical Company Norilsk Nickel | 04/18/19 | 522 |  |  |
| Publichnoe Aktsionernoe Obshchestvo Fosagro | 06/30/21 | 1 |  |  |

---

See accompanying Notes to Financial Statements.

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Growth Allocation Fund — Restricted Securities (continued)** | **JNL Growth Allocation Fund — Restricted Securities (continued)** | **JNL Growth Allocation Fund — Restricted Securities (continued)** | **JNL Growth Allocation Fund — Restricted Securities (continued)** | **JNL Growth Allocation Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Publichnoe Aktsionernoe Obshchestvo Fosagro | 07/01/21 | 266 |  |  |
| Publichnoe Aktsionernoe Obshchestvo Mobilnye Telesistemy | 11/16/20 | 143 |  |  |
| Publichnoe Aktsionernoe Obshchestvo Severstal | 06/25/21 | 463 |  |  |
| TCS Group Holding PLC | 01/10/22 | 100 |  |  |
|  |  | 2484 |  |  |

---

Topic 820, "Fair Value Measurement" establishes a single authoritative definition of fair value under U.S. GAAP, 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 a Fund's investments under FASB ASC Topic 820 guidance and are summarized into three broad categories. Level 1 includes valuations based on quoted prices of identical securities in active markets, including valuations for investments in mutual funds. Investments in the Underlying Funds and Master Funds are categorized as Level 1 within FASB ASC Topic 820 fair value hierarchy. The Level 1 valuation assets for the Funds can be referenced in the Schedules of Investments.

See accompanying Notes to Financial Statements.

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Bond Index Fund** | **JNL Bond Index Fund** | **JNL Bond Index Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 72.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 72.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 72.2%** |
| **U.S. Treasury Note 32.9%** | **U.S. Treasury Note 32.9%** | **U.S. Treasury Note 32.9%** |
| Treasury, United States Department of |  |  |
| 0.13%, 01/15/24 - 02/15/24 | 6355 | 6046 |
| 0.88%, 01/31/24 - 11/15/30 | 13870 | 11994 |
| 2.25%, 01/31/24 - 11/15/27 | 14295 | 13552 |
| 2.50%, 01/31/24 - 03/31/27 | 12966 | 12538 |
| 1.50%, 02/29/24 - 01/31/27 | 15675 | 14761 |
| 2.13%, 02/29/24 - 05/31/26 | 10466 | 10018 |
| 2.38%, 02/29/24 - 03/31/29 | 5639 | 5243 |
| 0.38%, 04/15/24 - 09/30/27 | 35814 | 32214 |
| 2.00%, 04/30/24 - 11/15/26 | 9284 | 8847 |
| 0.25%, 05/15/24 - 10/31/25 | 14010 | 12681 |
| 1.75%, 06/30/24 - 11/15/29 | 9525 | 9057 |
| 3.00%, 06/30/24 - 10/31/25 | 7535 | 7319 |
| 1.25%, 08/31/24 - 08/15/31 | 27565 | 23669 |
| 1.88%, 08/31/24 - 02/15/32 | 12125 | 10850 |
| 3.25%, 08/31/24 (a) | 1905 | 1866 |
| 4.25%, 09/30/24 (a) | 1835 | 1826 |
| 0.63%, 10/15/24 - 08/15/30 | 25711 | 21594 |
| 4.38%, 10/31/24 (a) | 1500 | 1496 |
| 0.75%, 11/15/24 - 01/31/28 | 14580 | 12947 |
| 4.50%, 11/30/24 (a) | 1760 | 1760 |
| 4.25%, 12/31/24 - 10/15/25 | 1900 | 1897 |
| 1.13%, 01/15/25 - 08/31/28 | 15305 | 13561 |
| 1.38%, 01/31/25 - 11/15/31 | 11701 | 10018 |
| 2.75%, 02/28/25 - 08/15/32 | 12797 | 12012 |
| 2.63%, 03/31/25 - 05/31/27 | 4510 | 4305 |
| 2.88%, 06/15/25 - 05/15/32 | 12137 | 11435 |
| 3.13%, 08/15/25 - 11/15/28 | 8895 | 8529 |
| 3.50%, 09/15/25 | 80 | 78 |
| 4.50%, 11/15/25 | 1675 | 1685 |
| 4.00%, 12/15/25 | 1670 | 1660 |
| 1.63%, 02/15/26 - 05/15/31 | 18377 | 16338 |
| 0.50%, 02/28/26 - 10/31/27 | 14295 | 12385 |
| 3.25%, 06/30/27 - 06/30/29 | 2485 | 2396 |
| 4.13%, 09/30/27 - 11/15/32 | 5210 | 5267 |
| 3.88%, 11/30/27 - 12/31/29 | 5055 | 5027 |
| 1.00%, 07/31/28 | 4310 | 3662 |
| 1.13%, 02/15/31 (b) | 6465 | 5266 |
|  |  | 335799 |
| **Mortgage-Backed Securities 27.7%** | **Mortgage-Backed Securities 27.7%** | **Mortgage-Backed Securities 27.7%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 4.50%, 05/01/23 - 09/01/52 | 2435 | 2385 |
| 3.50%, 10/01/23 - 05/01/52 | 7079 | 6591 |
| 3.00%, 02/01/24 - 04/01/52 | 10640 | 9634 |
| 4.00%, 02/01/24 - 07/01/52 | 5103 | 4893 |
| 5.00%, 03/01/26 - 10/01/49 | 823 | 834 |
| 2.50%, 08/01/27 - 05/01/52 | 19696 | 17037 |
| 6.50%, 07/01/28 - 03/01/39 | 82 | 88 |
| 5.50%, 11/01/28 - 02/01/40 | 359 | 366 |
| 2.00%, 01/01/29 - 03/01/52 | 28403 | 23691 |
| 6.00%, 02/01/29 - 05/01/40 | 239 | 250 |
| 1.50%, 02/01/36 - 03/01/52 | 7560 | 6101 |
| Federal National Mortgage Association, Inc. |  |  |
| 5.00%, 09/01/23 - 06/01/49 | 1257 | 1266 |
| 4.00%, 03/01/24 - 09/01/52 | 9167 | 8797 |
| 4.50%, 04/01/24 - 06/01/49 | 2596 | 2563 |
| 6.00%, 05/01/24 - 09/01/39 | 500 | 523 |
| 3.50%, 09/01/25 - 06/01/52 | 13920 | 12964 |
| 3.00%, 11/01/26 - 03/01/52 | 22076 | 19934 |
| 2.50%, 03/01/27 - 05/01/52 | 35202 | 30382 |
| 2.00%, 09/01/28 - 06/01/52 | 39285 | 32737 |
| 5.50%, 01/01/32 - 02/01/42 | 746 | 769 |
| 6.50%, 07/01/32 - 12/01/38 | 159 | 167 |
| 1.50%, 09/01/35 - 09/01/51 | 9668 | 7945 |
| 7.00%, 12/01/35 - 02/01/38 | 12 | 13 |
| TBA, 1.50%, 01/15/38 (c) | 1750 | 1519 |
| TBA, 2.00%, 01/15/38 - 01/15/53 (c) | 15575 | 12889 |
| TBA, 3.00%, 01/15/38 - 01/15/53 (c) | 1050 | 930 |
| TBA, 3.50%, 01/15/38 - 01/15/53 (c) | 1475 | 1358 |
| TBA, 4.00%, 01/15/38 - 02/15/53 (c) | 2450 | 2304 |
| TBA, 4.50%, 01/15/38 - 02/15/53 (c) | 5200 | 5018 |
| TBA, 2.50%, 01/15/53 (c) | 2850 | 2416 |
| TBA, 5.00%, 01/15/53 - 02/15/53 (c) | 3500 | 3452 |
| TBA, 5.50%, 01/15/53 - 02/15/53 (c) | 1400 | 1403 |
| TBA, 6.00%, 02/15/53 (c) | 25 | 25 |
| Government National Mortgage Association |  |  |
| 4.00%, 12/15/24 - 09/20/52 | 4343 | 4181 |
| 4.50%, 04/20/26 - 07/20/52 | 2227 | 2197 |
| 3.50%, 05/15/26 - 09/20/52 | 9525 | 8900 |
| 3.00%, 01/20/27 - 06/20/52 | 12988 | 11734 |
| 2.50%, 08/20/27 - 07/20/52 | 16829 | 14643 |
| 8.50%, 06/15/30 - 12/15/30 | 1 | 1 |
| 6.00%, 05/15/32 - 12/20/40 | 70 | 73 |
| 5.00%, 03/15/33 - 06/20/49 | 943 | 950 |
| 5.50%, 08/15/33 - 04/20/43 | 152 | 154 |
| 6.50%, 07/15/38 | 3 | 3 |
| 2.00%, 11/20/50 - 05/20/52 | 10990 | 9251 |
| TBA, 2.00%, 01/15/53 (c) | 5125 | 4300 |
| TBA, 2.50%, 01/15/53 (c) | 75 | 65 |
| TBA, 4.00%, 01/15/53 - 02/15/53 (c) | 1625 | 1539 |
| TBA, 4.50%, 01/15/53 - 02/15/53 (c) | 1900 | 1844 |
| TBA, 5.00%, 01/15/53 - 02/15/53 (c) | 1200 | 1189 |
| TBA, 5.50%, 01/15/53 - 02/15/53 (c) | 575 | 578 |
|  |  | 282846 |
| **U.S. Treasury Bond 7.4%** | **U.S. Treasury Bond 7.4%** | **U.S. Treasury Bond 7.4%** |
| Treasury, United States Department of |  |  |
| 5.25%, 11/15/28 | 637 | 674 |
| 4.50%, 02/15/36 - 08/15/39 | 1120 | 1190 |
| 4.75%, 02/15/37 - 02/15/41 | 2362 | 2571 |
| 4.25%, 05/15/39 | 970 | 998 |
| 4.38%, 11/15/39 - 05/15/41 | 1593 | 1656 |
| 4.63%, 02/15/40 | 40 | 43 |
| 1.13%, 05/15/40 - 08/15/40 | 3235 | 2024 |
| 3.88%, 08/15/40 | 963 | 939 |
| 1.38%, 11/15/40 - 08/15/50 | 5946 | 3443 |
| 1.88%, 02/15/41 - 11/15/51 | 7380 | 4834 |
| 2.25%, 05/15/41 - 02/15/52 | 9815 | 6974 |
| 1.75%, 08/15/41 | 795 | 544 |
| 3.75%, 08/15/41 - 11/15/43 | 2835 | 2672 |
| 3.13%, 11/15/41 - 05/15/48 | 4787 | 4072 |
| 2.38%, 02/15/42 - 05/15/51 | 6990 | 5163 |
| 3.25%, 05/15/42 | 765 | 671 |
| 2.75%, 08/15/42 - 11/15/47 | 2899 | 2284 |
| 3.38%, 08/15/42 - 11/15/48 | 3537 | 3126 |
| 4.00%, 11/15/42 (a) | 630 | 617 |
| 2.88%, 05/15/43 - 05/15/52 | 4832 | 3897 |
| 3.63%, 08/15/43 - 02/15/44 | 4746 | 4359 |
| 3.00%, 11/15/44 - 02/15/49 | 14846 | 12199 |
| 2.50%, 05/15/46 | 1955 | 1460 |
| 2.00%, 02/15/50 - 08/15/51 | 5304 | 3496 |
| 1.25%, 05/15/50 | 4047 | 2182 |
| 1.63%, 11/15/50 | 3940 | 2350 |
| 3.00%, 08/15/52 (a) | 910 | 753 |
| 4.00%, 11/15/52 | 880 | 884 |
|  |  | 76075 |
| **U.S. Government Agency Obligations 1.3%** | **U.S. Government Agency Obligations 1.3%** | **U.S. Government Agency Obligations 1.3%** |
| Federal Farm Credit Banks Consolidated Systemwide Bonds |  |  |
| 1.65%, 07/23/35 (d) | 225 | 155 |
| Federal Home Loan Mortgage Corporation |  |  |
| 0.38%, 07/21/25 (d) | 500 | 452 |
| 0.63%, 11/25/25 (d) | 750 | 671 |
| 0.80%, 10/27/26 (d) | 200 | 174 |
| 6.75%, 09/15/29 - 03/15/31 (d) | 180 | 210 |
| 6.25%, 07/15/32 (a) (d) | 605 | 705 |
| Federal National Mortgage Association, Inc. |  |  |
| 2.63%, 09/06/24 (d) | 900 | 874 |
| 1.63%, 10/15/24 (d) | 500 | 475 |
| 0.63%, 04/22/25 (d) | 1000 | 918 |
| 0.50%, 06/17/25 (d) | 1000 | 909 |
| 0.88%, 12/18/26 (d) | 225 | 196 |
| 7.25%, 05/15/30 (d) | 540 | 648 |
| 6.63%, 11/15/30 (d) | 631 | 733 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| FHLBanks Office of Finance |  |  |
| 2.50%, 02/13/24 (d) | 1000 | 978 |
| 2.13%, 02/28/24 (d) | 500 | 484 |
| 2.88%, 09/13/24 (d) | 1200 | 1164 |
| 0.50%, 04/14/25 (d) | 400 | 367 |
| 3.25%, 11/16/28 (d) | 1550 | 1489 |
| 5.50%, 07/15/36 (d) | 700 | 765 |
| Tennessee Valley Authority |  |  |
| 5.25%, 09/15/39 (d) | 200 | 207 |
| 5.38%, 04/01/56 (d) | 300 | 314 |
| | | 12888 |
| **Sovereign 1.2%** | **Sovereign 1.2%** | **Sovereign 1.2%** |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 4.13%, 08/25/27 | 500 | 480 |
| 6.55%, 03/14/37 | 250 | 263 |
| Gobierno De La Republica Oriental Del Uruguay |  |  |
| 4.38%, 10/27/27 | 190 | 192 |
| 4.13%, 11/20/45 | 200 | 185 |
| 5.10%, 06/18/50 | 100 | 99 |
| 4.98%, 04/20/55 | 100 | 96 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 3.75%, 01/11/28 | 400 | 378 |
| 8.30%, 08/15/31 | 300 | 351 |
| 4.75%, 04/27/32 - 03/08/44 | 856 | 730 |
| 4.28%, 08/14/41 | 500 | 387 |
| 5.55%, 01/21/45 (a) | 300 | 270 |
| 4.60%, 01/23/46 | 250 | 195 |
| 5.75%, 10/12/10 | 100 | 85 |
| Gouvernement de la Province de Quebec |  |  |
| 7.13%, 02/09/24 (a) | 250 | 256 |
| 2.88%, 10/16/24 | 300 | 291 |
| Government of Canada |  |  |
| 1.63%, 01/22/25 (a) | 200 | 190 |
| Government of the Republic of Panama |  |  |
| 6.40%, 02/14/35 | 200 | 204 |
| 6.70%, 01/26/36 | 400 | 420 |
| 4.50%, 04/16/50 | 600 | 456 |
| Israel, Government of |  |  |
| 5.50%, 04/26/24 | 142 | 143 |
| Japan Bank For International Cooperation |  |  |
| 0.50%, 04/15/24 | 500 | 473 |
| Koztarsasagi Elnoki Hivatal |  |  |
| 5.38%, 03/25/24 | 250 | 250 |
| 7.63%, 03/29/41 | 250 | 272 |
| Manitoba, Province of |  |  |
| 3.05%, 05/14/24 | 350 | 342 |
| Ministry of Defence State of Israel |  |  |
| 2.75%, 07/03/30 | 400 | 363 |
| 3.38%, 01/15/50 | 200 | 153 |
| 4.50%, 04/03/20 | 300 | 265 |
| Ontario, Government of |  |  |
| 3.20%, 05/16/24 | 300 | 294 |
| 0.63%, 01/21/26 | 300 | 267 |
| Presidencia de la Republica de Chile |  |  |
| 3.24%, 02/06/28 | 400 | 371 |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 5.38%, 06/15/33 | 200 | 191 |
| The Philippines, Government of |  |  |
| 4.20%, 01/21/24 | 250 | 247 |
| 9.50%, 02/02/30 | 400 | 508 |
| 1.65%, 06/10/31 | 300 | 239 |
| 6.38%, 01/15/32 | 500 | 556 |
| 3.70%, 03/01/41 | 300 | 244 |
| 5.95%, 10/13/47 | 200 | 214 |
| The Province of British Columbia, Government of |  |  |
| 6.50%, 01/15/26 | 70 | 74 |
| The Republic of Indonesia, The Government of |  |  |
| 2.85%, 02/14/30 | 600 | 537 |
| 5.35%, 02/11/49 | 200 | 195 |
| The Republic of Korea, Government of |  |  |
| 5.63%, 11/03/25 | 250 | 254 |
| Urzad Rady Ministrow |  |  |
| 5.50%, 11/16/27 | 300 | 307 |
| 5.75%, 11/16/32 | 300 | 318 |
|  |  | 12605 |
| **Commercial Mortgage-Backed Securities 0.9%** | **Commercial Mortgage-Backed Securities 0.9%** | **Commercial Mortgage-Backed Securities 0.9%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A2-K039, REMIC, 3.30%, 07/25/24 | 250 | 243 |
| Series A2-K046, REMIC, 3.21%, 03/25/25 | 200 | 192 |
| Series A2-K062, REMIC, 3.41%, 12/25/26 | 500 | 480 |
| Series A2-K082, REMIC, 3.92%, 09/25/28 (e) | 750 | 729 |
| Series A2-K087, REMIC, 3.77%, 12/25/28 | 500 | 481 |
| Series A2-K092, REMIC, 3.30%, 04/25/29 | 400 | 374 |
| Series A1-K099, REMIC, 2.26%, 06/25/29 | 370 | 339 |
| Series A1-K106, REMIC, 1.78%, 10/25/29 | 484 | 426 |
| Series A2-K103, REMIC, 2.65%, 11/25/29 | 600 | 535 |
| Series A2-K117, REMIC, 1.41%, 08/25/30 | 500 | 401 |
| Series A2-K126, REMIC, 2.07%, 01/25/31 | 400 | 336 |
| Series AM-K138, REMIC, 1.89%, 01/25/32 | 300 | 245 |
| Series K-A2-1516, REMIC, 1.72%, 05/25/35 | 750 | 544 |
| Series K-A2-1521, REMIC, 2.18%, 08/25/36 | 750 | 563 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2016-A2-M1, REMIC, 2.94%, 01/25/26 (e) | 617 | 589 |
| Series 2018-A2-M1, REMIC, 2.99%, 12/25/27 (e) | 360 | 337 |
| Series 2018-A2-M14, REMIC, 3.58%, 08/25/28 (e) | 478 | 458 |
| Series 2019-A2-M5, REMIC, 3.27%, 02/25/29 | 300 | 280 |
| Series 2019-A2-M12, REMIC, 2.89%, 06/25/29 | 500 | 454 |
| Series 2020-A2-M1, REMIC, 2.44%, 10/25/29 | 500 | 439 |
| Series 2020-A2-M8, REMIC, 1.82%, 02/25/30 | 300 | 253 |
| Series 2020-A2-M14, REMIC, 1.78%, 05/25/30 | 330 | 278 |
| Series 2022-A2-M1, REMIC, 1.67%, 10/25/31 (e) | 300 | 236 |
|  |  | 9212 |
| **Municipal 0.8%** | **Municipal 0.8%** | **Municipal 0.8%** |
| Atlanta, City of |  |  |
| 2.26%, 11/01/35 | 400 | 303 |
| Bay Area Toll Authority |  |  |
| 6.26%, 04/01/49 | 200 | 227 |
| California, State of |  |  |
| 3.50%, 04/01/28 | 80 | 75 |
| 7.55%, 04/01/39 | 300 | 375 |
| Chicago Transit Authority |  |  |
| 6.90%, 12/01/40 | 195 | 216 |
| Connecticut, State of |  |  |
| 5.85%, 03/15/32 | 125 | 132 |
| Cook, County of |  |  |
| 6.23%, 11/15/34 | 100 | 108 |
| Dallas Convention Center Hotel Development Corporation |  |  |
| 7.09%, 01/01/42 | 200 | 218 |
| Dallas County Hospital District |  |  |
| 5.62%, 08/15/44 | 300 | 318 |
| Dallas Independent School District |  |  |
| 6.45%, 02/15/35 | 300 | 301 |
| District of Columbia, Government of |  |  |
| 5.59%, 12/01/34 | 220 | 229 |
| Illinois, State of |  |  |
| 7.35%, 07/01/35 | 371 | 391 |
| Los Angeles Department of Water and Power |  |  |
| 5.72%, 07/01/39 | 245 | 262 |
| Los Angeles Unified School District |  |  |
| 5.76%, 07/01/29 | 200 | 207 |
| Massachusetts, Commonwealth of |  |  |
| 4.91%, 05/01/29 | 300 | 299 |
| Municipal Electric Authority of Georgia |  |  |
| 7.06%, 04/01/57 | 193 | 195 |
| New Jersey Economic Development Authority |  |  |
| 7.43%, 02/15/29 | 200 | 215 |
| New Jersey Turnpike Authority |  |  |
| 7.10%, 01/01/41 | 250 | 301 |
| New York City Municipal Water Finance Authority |  |  |
| 6.01%, 06/15/42 | 235 | 261 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| New York City Transitional Finance Authority |  |  |
| 5.77%, 08/01/36 | 250 | 259 |
| Pennsylvania Turnpike Commission |  |  |
| 5.51%, 12/01/45 | 300 | 301 |
| Rector and Visitors of the University of Virginia |  |  |
| 2.26%, 09/01/50 | 300 | 183 |
| San Diego County Water Authority |  |  |
| 6.14%, 05/01/49 | 260 | 288 |
| Texas A&M University |  |  |
| 3.66%, 07/01/47 | 100 | 82 |
| Texas Department of Transportation |  |  |
| 5.18%, 04/01/30 | 400 | 408 |
| Texas, State of |  |  |
| 5.52%, 04/01/39 | 200 | 211 |
| The Ohio State University |  |  |
| 4.91%, 06/01/40 | 200 | 201 |
| 3.80%, 12/01/46 | 500 | 419 |
| The Port Authority of New York and New Jersey |  |  |
| 6.04%, 12/01/29 | 200 | 211 |
| 4.46%, 10/01/62 | 300 | 260 |
| University of Pittsburgh - of The Commonwealth System of Higher Education |  |  |
| 3.56%, 09/15/19 | 300 | 183 |
| Wisconsin, State of |  |  |
| 5.70%, 05/01/26 | 350 | 356 |
| | | 7995 |
| Total Government And Agency Obligations (cost $825,328) | Total Government And Agency Obligations (cost $825,328) | 737420 |
| **CORPORATE BONDS AND NOTES 25.9%** | **CORPORATE BONDS AND NOTES 25.9%** | **CORPORATE BONDS AND NOTES 25.9%** |
| **Financials 8.9%** | **Financials 8.9%** | **Financials 8.9%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 3.88%, 01/23/28 | 300 | 271 |
| Ally Financial Inc. |  |  |
| 3.88%, 05/21/24 | 300 | 292 |
| 5.80%, 05/01/25 | 250 | 249 |
| American Express Company |  |  |
| 3.00%, 10/30/24 | 400 | 387 |
| 3.30%, 05/03/27 | 300 | 281 |
| 4.05%, 12/03/42 | 200 | 172 |
| American International Group, Inc. |  |  |
| 2.50%, 06/30/25 (a) | 234 | 220 |
| 4.75%, 04/01/48 | 60 | 54 |
| 4.38%, 06/30/50 | 350 | 298 |
| Aon Corporation |  |  |
| 3.75%, 05/02/29 | 300 | 278 |
| 2.80%, 05/15/30 | 350 | 299 |
| Arch Capital Group (U.S.) Inc. |  |  |
| 5.14%, 11/01/43 | 150 | 135 |
| Ares Capital Corporation |  |  |
| 4.25%, 03/01/25 | 300 | 285 |
| Arthur J. Gallagher & Co. |  |  |
| 3.50%, 05/20/51 | 45 | 31 |
| Asian Development Bank |  |  |
| 1.63%, 03/15/24 | 300 | 289 |
| 1.50%, 10/18/24 - 01/20/27 | 1150 | 1053 |
| 2.13%, 03/19/25 | 200 | 190 |
| 0.63%, 04/29/25 | 240 | 220 |
| 1.00%, 04/14/26 | 300 | 270 |
| 2.38%, 08/10/27 | 300 | 278 |
| 2.75%, 01/19/28 | 400 | 374 |
| 6.38%, 10/01/28 | 210 | 232 |
| 1.88%, 01/24/30 | 200 | 174 |
| Asian Infrastructure Investment Bank |  |  |
| 0.50%, 05/28/25 | 350 | 318 |
| Athene Holding Ltd |  |  |
| 3.95%, 05/25/51 (f) | 300 | 205 |
| Banco Santander, S.A. |  |  |
| 2.75%, 05/28/25 (g) | 400 | 375 |
| 5.15%, 08/18/25 (g) | 400 | 396 |
| 3.80%, 02/23/28 (g) | 400 | 363 |
| Bank of America Corporation |  |  |
| 4.00%, 04/01/24 - 01/22/25 | 450 | 442 |
| 4.20%, 08/26/24 | 750 | 739 |
| 3.46%, 03/15/25 | 400 | 390 |
| 2.46%, 10/22/25 | 400 | 378 |
| 1.32%, 06/19/26 | 165 | 149 |
| 4.83%, 07/22/26 | 300 | 297 |
| 1.20%, 10/24/26 | 300 | 267 |
| 3.59%, 07/21/28 | 750 | 690 |
| 6.20%, 11/10/28 | 400 | 413 |
| 3.97%, 03/05/29 | 150 | 139 |
| 4.27%, 07/23/29 | 170 | 159 |
| 3.19%, 07/23/30 | 300 | 258 |
| 2.88%, 10/22/30 | 400 | 336 |
| 2.50%, 02/13/31 | 185 | 150 |
| 2.59%, 04/29/31 | 250 | 204 |
| 1.90%, 07/23/31 | 150 | 115 |
| 1.92%, 10/24/31 | 300 | 229 |
| 2.69%, 04/22/32 | 255 | 204 |
| 2.30%, 07/21/32 | 200 | 154 |
| 2.57%, 10/20/32 | 300 | 235 |
| 2.97%, 02/04/33 - 07/21/52 | 500 | 368 |
| 6.11%, 01/29/37 | 250 | 254 |
| 3.85%, 03/08/37 | 200 | 165 |
| 4.24%, 04/24/38 | 120 | 102 |
| 2.68%, 06/19/41 | 165 | 111 |
| 3.31%, 04/22/42 | 195 | 143 |
| 4.44%, 01/20/48 | 120 | 102 |
| 3.95%, 01/23/49 | 75 | 59 |
| 4.33%, 03/15/50 | 300 | 247 |
| 2.83%, 10/24/51 | 200 | 124 |
| 3.48%, 03/13/52 | 55 | 39 |
| Bank of Montreal |  |  |
| 1.50%, 01/10/25 (g) | 300 | 280 |
| 0.95%, 01/22/27 | 600 | 530 |
| 4.70%, 09/14/27 (a) (g) | 100 | 99 |
| Banque Developpt Conseil Europe 9 |  |  |
| 1.38%, 02/27/25 | 300 | 281 |
| Barclays PLC |  |  |
| 3.65%, 03/16/25 (g) | 400 | 383 |
| 2.89%, 11/24/32 (g) | 200 | 152 |
| 5.25%, 08/17/45 | 250 | 223 |
| Berkshire Hathaway Finance Corporation |  |  |
| 4.30%, 05/15/43 | 200 | 181 |
| 4.20%, 08/15/48 | 135 | 119 |
| 2.85%, 10/15/50 | 200 | 135 |
| Berkshire Hathaway Inc. |  |  |
| 3.13%, 03/15/26 | 220 | 211 |
| BlackRock, Inc. |  |  |
| 2.40%, 04/30/30 | 200 | 171 |
| Blackstone Private Credit Fund |  |  |
| 2.70%, 01/15/25 | 400 | 368 |
| BNP Paribas |  |  |
| 4.25%, 10/15/24 | 250 | 244 |
| BPCE |  |  |
| 4.00%, 04/15/24 | 200 | 197 |
| Brookfield Corporation |  |  |
| 4.00%, 01/15/25 | 250 | 244 |
| Brookfield Financial, Inc. |  |  |
| 3.90%, 01/25/28 | 150 | 138 |
| Canadian Imperial Bank of Commerce |  |  |
| 2.25%, 01/28/25 (g) | 200 | 189 |
| 0.95%, 10/23/25 (g) | 300 | 269 |
| Capital One Financial Corporation |  |  |
| 4.20%, 10/29/25 | 500 | 485 |
| Caterpillar Financial Services Corporation |  |  |
| 2.15%, 11/08/24 | 300 | 286 |
| Chubb INA Holdings Inc. |  |  |
| 4.35%, 11/03/45 | 150 | 131 |
| CI Financial Corp. |  |  |
| 4.10%, 06/15/51 | 250 | 149 |
| Cincinnati Financial Corporation |  |  |
| 6.13%, 11/01/34 | 100 | 103 |
| Citigroup Inc. |  |  |
| 5.50%, 09/13/25 | 300 | 302 |
| 2.01%, 01/25/26 | 300 | 278 |
| 3.11%, 04/08/26 | 250 | 236 |
| 3.20%, 10/21/26 | 780 | 722 |
| 3.89%, 01/10/28 | 160 | 150 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 3.67%, 07/24/28 | 450 | 413 |
| 4.13%, 07/25/28 | 250 | 233 |
| 4.08%, 04/23/29 | 115 | 105 |
| 6.63%, 06/15/32 | 300 | 316 |
| 3.06%, 01/25/33 | 300 | 242 |
| 3.79%, 03/17/33 | 200 | 172 |
| 4.91%, 05/24/33 | 250 | 234 |
| 6.27%, 11/17/33 | 300 | 310 |
| 5.88%, 01/30/42 | 489 | 491 |
| 4.75%, 05/18/46 | 200 | 168 |
| 4.28%, 04/24/48 | 60 | 49 |
| 4.65%, 07/23/48 | 140 | 121 |
| Citizens Financial Group, Inc. |  |  |
| 2.64%, 09/30/32 | 300 | 222 |
| CME Group Inc. |  |  |
| 3.00%, 03/15/25 | 200 | 193 |
| Cooperatieve Rabobank U.A. |  |  |
| 3.88%, 08/22/24 | 400 | 393 |
| 4.38%, 08/04/25 | 250 | 244 |
| Corebridge Financial, Inc. |  |  |
| 3.65%, 04/05/27 (h) | 200 | 186 |
| 3.90%, 04/05/32 (h) | 200 | 175 |
| 4.40%, 04/05/52 (h) | 200 | 159 |
| Credit Suisse AG |  |  |
| 3.63%, 09/09/24 | 250 | 234 |
| 3.70%, 02/21/25 | 300 | 276 |
| 2.95%, 04/09/25 | 250 | 225 |
| Credit Suisse Group Funding (Guernsey) Limited |  |  |
| 4.88%, 05/15/45 | 350 | 242 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 2.55%, 01/07/28 (g) | 300 | 255 |
| 3.55%, 09/18/31 (g) | 300 | 240 |
| 3.73%, 01/14/32 (g) | 400 | 293 |
| Discover Bank |  |  |
| 4.25%, 03/13/26 | 200 | 191 |
| 2.70%, 02/06/30 | 250 | 200 |
| Equitable Holdings, Inc. |  |  |
| 4.35%, 04/20/28 | 85 | 81 |
| 5.00%, 04/20/48 | 100 | 88 |
| European Bank for Reconstruction and Development |  |  |
| 0.50%, 05/19/25 | 500 | 456 |
| European Investment Bank |  |  |
| 2.25%, 06/24/24 | 1300 | 1256 |
| 1.88%, 02/10/25 | 600 | 569 |
| 1.63%, 03/14/25 | 210 | 198 |
| 0.38%, 12/15/25 - 03/26/26 | 525 | 468 |
| Fifth Third Bancorp |  |  |
| 8.25%, 03/01/38 | 300 | 371 |
| FS KKR Capital Corp. |  |  |
| 3.40%, 01/15/26 | 400 | 355 |
| GE Capital International Funding Company Unlimited Company |  |  |
| 3.37%, 11/15/25 | 500 | 477 |
| 4.42%, 11/15/35 | 550 | 508 |
| HSBC Holdings PLC |  |  |
| 4.25%, 03/14/24 (g) | 150 | 147 |
| 3.80%, 03/11/25 (g) | 400 | 389 |
| 5.21%, 08/11/28 | 300 | 289 |
| 2.21%, 08/17/29 (g) | 400 | 324 |
| 3.97%, 05/22/30 | 300 | 262 |
| 4.76%, 03/29/33 (g) | 200 | 173 |
| 5.40%, 08/11/33 | 500 | 464 |
| 6.10%, 01/14/42 | 300 | 313 |
| ING Groep N.V. |  |  |
| 3.55%, 04/09/24 (g) | 300 | 294 |
| 4.25%, 03/28/33 (g) | 200 | 176 |
| Inter-American Development Bank |  |  |
| 2.63%, 01/16/24 | 500 | 489 |
| 2.13%, 01/15/25 | 500 | 477 |
| 1.75%, 03/14/25 | 160 | 151 |
| 0.63%, 07/15/25 | 500 | 455 |
| 1.50%, 01/13/27 | 750 | 675 |
| 1.13%, 01/13/31 | 300 | 240 |
| 4.38%, 01/24/44 | 100 | 99 |
| Intercontinental Exchange, Inc. |  |  |
| 2.10%, 06/15/30 | 400 | 326 |
| 4.60%, 03/15/33 | 250 | 240 |
| 4.25%, 09/21/48 | 75 | 63 |
| 3.00%, 09/15/60 | 85 | 53 |
| 5.20%, 06/15/62 | 250 | 238 |
| International Bank for Reconstruction and Development |  |  |
| 2.25%, 03/28/24 | 300 | 291 |
| 1.63%, 01/15/25 | 250 | 236 |
| 0.63%, 04/22/25 | 430 | 394 |
| 0.38%, 07/28/25 | 300 | 271 |
| 2.50%, 07/29/25 - 03/29/32 | 1640 | 1515 |
| 0.50%, 10/28/25 | 500 | 449 |
| 3.13%, 06/15/27 | 400 | 383 |
| 1.38%, 04/20/28 | 300 | 260 |
| 1.25%, 02/10/31 | 195 | 157 |
| International Finance Corporation |  |  |
| 3.63%, 09/15/25 | 400 | 392 |
| Japan Bank For International Cooperation |  |  |
| 2.13%, 02/10/25 | 250 | 237 |
| 2.25%, 11/04/26 | 400 | 366 |
| 2.00%, 10/17/29 | 400 | 339 |
| Jefferies Group LLC |  |  |
| 4.15%, 01/23/30 | 150 | 134 |
| John Deere Capital Corporation |  |  |
| 0.45%, 06/07/24 | 200 | 188 |
| 4.05%, 09/08/25 | 100 | 98 |
| 0.70%, 01/15/26 | 300 | 267 |
| 3.45%, 03/07/29 | 115 | 107 |
| 1.45%, 01/15/31 | 200 | 156 |
| JPMorgan Chase & Co. |  |  |
| 3.63%, 05/13/24 | 250 | 246 |
| 3.13%, 01/23/25 | 305 | 294 |
| 0.56%, 02/16/25 | 200 | 189 |
| 2.30%, 10/15/25 | 235 | 222 |
| 2.08%, 04/22/26 | 250 | 232 |
| 8.00%, 04/29/27 | 200 | 222 |
| 3.54%, 05/01/28 | 300 | 277 |
| 2.18%, 06/01/28 | 500 | 437 |
| 4.85%, 07/25/28 | 150 | 146 |
| 3.51%, 01/23/29 | 200 | 182 |
| 4.01%, 04/23/29 | 150 | 139 |
| 4.20%, 07/23/29 | 640 | 597 |
| 2.74%, 10/15/30 | 220 | 185 |
| 2.52%, 04/22/31 | 405 | 331 |
| 2.96%, 05/13/31 | 350 | 288 |
| 1.76%, 11/19/31 | 85 | 64 |
| 2.58%, 04/22/32 | 200 | 160 |
| 2.96%, 01/25/33 | 300 | 244 |
| 4.91%, 07/25/33 | 200 | 190 |
| 5.72%, 09/14/33 | 100 | 98 |
| 5.60%, 07/15/41 | 400 | 400 |
| 3.96%, 11/15/48 | 200 | 157 |
| 3.90%, 01/23/49 | 105 | 81 |
| 3.11%, 04/22/51 | 370 | 246 |
| 3.33%, 04/22/52 | 195 | 134 |
| KeyBank National Association |  |  |
| 4.15%, 08/08/25 | 250 | 244 |
| KeyCorp |  |  |
| 2.25%, 04/06/27 (a) | 250 | 221 |
| KfW |  |  |
| 2.50%, 11/20/24 | 800 | 770 |
| 2.00%, 05/02/25 | 680 | 644 |
| 0.38%, 07/18/25 | 275 | 249 |
| 0.63%, 01/22/26 | 300 | 269 |
| 0.00%, 06/29/37 (i) | 150 | 81 |
| Landwirtschaftliche Rentenbank |  |  |
| 2.50%, 11/15/27 | 400 | 370 |
| Lazard Group LLC |  |  |
| 4.38%, 03/11/29 | 300 | 277 |
| Lloyds Banking Group PLC |  |  |
| 3.90%, 03/12/24 (g) | 300 | 295 |
| 3.87%, 07/09/25 (g) | 250 | 243 |
| 4.34%, 01/09/48 | 500 | 366 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Markel Corporation |  |  |
| 4.15%, 09/17/50 | 300 | 229 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 4.90%, 03/15/49 | 65 | 60 |
| MetLife, Inc. |  |  |
| 3.60%, 04/10/24 | 250 | 246 |
| 5.70%, 06/15/35 | 100 | 105 |
| 6.40%, 12/15/36 | 100 | 97 |
| 5.88%, 02/06/41 | 300 | 307 |
| Mitsubishi UFJ Financial Group Inc |  |  |
| 3.85%, 03/01/26 | 500 | 479 |
| 3.84%, 04/17/26 | 300 | 289 |
| 4.08%, 04/19/28 | 300 | 283 |
| 5.02%, 07/20/28 | 300 | 293 |
| 5.35%, 09/13/28 | 300 | 297 |
| 4.32%, 04/19/33 | 300 | 271 |
| 4.29%, 07/26/38 | 300 | 260 |
| Mizuho Financial Group, Inc. |  |  |
| 4.02%, 03/05/28 | 500 | 470 |
| 2.20%, 07/10/31 | 200 | 156 |
| Moody's Corporation |  |  |
| 2.00%, 08/19/31 | 400 | 317 |
| Morgan Stanley |  |  |
| 3.70%, 10/23/24 | 500 | 488 |
| 4.00%, 07/23/25 | 750 | 733 |
| 0.86%, 10/21/25 | 300 | 275 |
| 6.25%, 08/09/26 | 200 | 208 |
| 4.35%, 09/08/26 | 300 | 291 |
| 3.63%, 01/20/27 | 600 | 566 |
| 1.59%, 05/04/27 | 195 | 171 |
| 1.51%, 07/20/27 | 200 | 174 |
| 2.70%, 01/22/31 | 185 | 153 |
| 2.24%, 07/21/32 | 200 | 153 |
| 2.51%, 10/20/32 | 130 | 102 |
| 2.94%, 01/21/33 | 300 | 243 |
| 4.89%, 07/20/33 | 500 | 470 |
| 6.34%, 10/18/33 | 130 | 136 |
| 3.22%, 04/22/42 | 110 | 81 |
| 4.38%, 01/22/47 | 200 | 171 |
| Nasdaq, Inc. |  |  |
| 1.65%, 01/15/31 (j) | 300 | 229 |
| 2.50%, 12/21/40 (j) | 100 | 65 |
| National Australia Bank Limited |  |  |
| 2.50%, 07/12/26 | 500 | 461 |
| National Rural Utilities Cooperative Finance Corporation |  |  |
| 2.95%, 02/07/24 | 400 | 391 |
| NatWest Group PLC |  |  |
| 4.27%, 03/22/25 (g) | 400 | 390 |
| 7.47%, 11/10/26 (g) | 400 | 416 |
| Nomura Holdings, Inc. |  |  |
| 2.65%, 01/16/25 | 200 | 189 |
| Northern Trust Corporation |  |  |
| 3.95%, 10/30/25 | 250 | 244 |
| ORIX Corporation |  |  |
| 3.70%, 07/18/27 | 200 | 187 |
| Owl Rock Capital Corporation |  |  |
| 3.40%, 07/15/26 | 400 | 350 |
| PNC Bank, National Association |  |  |
| 4.20%, 11/01/25 | 300 | 293 |
| Prospect Capital Corporation |  |  |
| 3.36%, 11/15/26 | 500 | 415 |
| Prudential Financial, Inc. |  |  |
| 5.20%, 03/15/44 | 250 | 238 |
| 3.91%, 12/07/47 | 313 | 251 |
| 4.35%, 02/25/50 | 300 | 257 |
| 3.70%, 03/13/51 | 300 | 229 |
| Royal Bank of Canada |  |  |
| 3.38%, 04/14/25 (g) | 300 | 290 |
| 3.63%, 05/04/27 (g) | 300 | 286 |
| 3.88%, 05/04/32 (a) (g) | 300 | 274 |
| S&P Global Inc. |  |  |
| 2.50%, 12/01/29 | 200 | 171 |
| Santander Holdings USA, Inc. |  |  |
| 4.50%, 07/17/25 | 500 | 490 |
| Santander UK Group Holdings PLC |  |  |
| 1.09%, 03/15/25 | 500 | 468 |
| 1.67%, 06/14/27 (g) | 500 | 424 |
| Signature Bank |  |  |
| 4.00%, 10/15/30 | 300 | 274 |
| State Street Corporation |  |  |
| 3.03%, 11/01/34 | 230 | 194 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 3.45%, 01/11/27 | 150 | 140 |
| 3.54%, 01/17/28 (a) | 200 | 186 |
| 3.04%, 07/16/29 | 300 | 260 |
| Synchrony Financial |  |  |
| 4.25%, 08/15/24 | 250 | 244 |
| The Bank of Nova Scotia |  |  |
| 3.45%, 04/11/25 (g) | 300 | 289 |
| 1.30%, 09/15/26 (g) | 200 | 175 |
| The Charles Schwab Corporation |  |  |
| 1.65%, 03/11/31 | 300 | 233 |
| The Export-Import Bank of Korea |  |  |
| 3.25%, 11/10/25 | 400 | 381 |
| The Goldman Sachs Group, Inc. |  |  |
| 1.76%, 01/24/25 | 300 | 287 |
| 3.75%, 05/22/25 | 1000 | 967 |
| 4.25%, 10/21/25 | 500 | 489 |
| 3.85%, 01/26/27 | 110 | 105 |
| 1.54%, 09/10/27 | 150 | 129 |
| 1.95%, 10/21/27 | 170 | 149 |
| 2.64%, 02/24/28 | 300 | 267 |
| 3.81%, 04/23/29 | 150 | 137 |
| 2.60%, 02/07/30 | 500 | 417 |
| 2.62%, 04/22/32 | 205 | 163 |
| 2.38%, 07/21/32 | 200 | 155 |
| 2.65%, 10/21/32 | 160 | 126 |
| 3.10%, 02/24/33 | 300 | 245 |
| 6.75%, 10/01/37 | 350 | 374 |
| 4.41%, 04/23/39 | 90 | 78 |
| 6.25%, 02/01/41 | 250 | 262 |
| 3.21%, 04/22/42 | 125 | 90 |
| 4.75%, 10/21/45 | 230 | 202 |
| The Hartford Financial Services Group, Inc. |  |  |
| 6.10%, 10/01/41 | 75 | 76 |
| The Korea Development Bank |  |  |
| 3.38%, 09/16/25 | 500 | 478 |
| The PNC Financial Services Group, Inc. |  |  |
| 3.15%, 05/19/27 | 400 | 374 |
| 3.45%, 04/23/29 | 200 | 183 |
| 2.55%, 01/22/30 | 400 | 340 |
| The Progressive Corporation |  |  |
| 4.35%, 04/25/44 | 200 | 172 |
| 4.13%, 04/15/47 | 50 | 42 |
| The Toronto-Dominion Bank |  |  |
| 0.75%, 09/11/25 (g) | 400 | 358 |
| 3.20%, 03/10/32 (g) | 200 | 173 |
| The Travelers Companies, Inc. |  |  |
| 6.38%, 03/15/33 | 200 | 220 |
| 4.00%, 05/30/47 | 100 | 81 |
| Toyota Motor Credit Corporation |  |  |
| 4.40%, 09/20/24 | 300 | 297 |
| 2.00%, 10/07/24 | 170 | 162 |
| 1.80%, 02/13/25 | 400 | 376 |
| 0.80%, 10/16/25 - 01/09/26 | 600 | 536 |
| 2.15%, 02/13/30 | 500 | 421 |
| 1.65%, 01/10/31 | 100 | 79 |
| Truist Bank |  |  |
| 3.63%, 09/16/25 | 500 | 479 |
| Truist Financial Corporation |  |  |
| 2.50%, 08/01/24 | 325 | 312 |
| U.S. Bancorp |  |  |
| 3.15%, 04/27/27 | 500 | 470 |
| 1.38%, 07/22/30 | 100 | 78 |
| U.S. Bank National Association |  |  |
| 2.80%, 01/27/25 | 500 | 482 |
| Unum Group |  |  |
| 4.50%, 12/15/49 | 300 | 213 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wells Fargo & Company |  |  |
| 3.00%, 02/19/25 - 10/23/26 | 1740 | 1625 |
| 2.16%, 02/11/26 | 160 | 149 |
| 4.10%, 06/03/26 | 200 | 194 |
| 4.54%, 08/15/26 | 200 | 196 |
| 3.58%, 05/22/28 | 250 | 232 |
| 4.15%, 01/24/29 | 130 | 122 |
| 2.57%, 02/11/31 | 360 | 298 |
| 4.90%, 07/25/33 | 400 | 378 |
| 3.07%, 04/30/41 | 600 | 429 |
| 5.61%, 01/15/44 | 350 | 337 |
| 4.90%, 11/17/45 | 250 | 219 |
| 4.75%, 12/07/46 | 200 | 167 |
| Westpac Banking Corporation |  |  |
| 2.85%, 05/13/26 | 90 | 84 |
| 2.70%, 08/19/26 | 250 | 232 |
| 4.11%, 07/24/34 (g) | 500 | 428 |
| 3.02%, 11/18/36 | 85 | 63 |
| 4.42%, 07/24/39 (g) | 50 | 41 |
| Willis North America Inc. |  |  |
| 3.88%, 09/15/49 | 300 | 213 |
| | | 91092 |
| **Health Care 2.8%** | **Health Care 2.8%** | **Health Care 2.8%** |
| Abbott Laboratories |  |  |
| 2.95%, 03/15/25 | 250 | 241 |
| 1.40%, 06/30/30 | 300 | 240 |
| 6.00%, 04/01/39 | 100 | 109 |
| 4.75%, 04/15/43 | 200 | 191 |
| AbbVie Inc. |  |  |
| 2.60%, 11/21/24 | 400 | 383 |
| 3.80%, 03/15/25 | 400 | 390 |
| 3.60%, 05/14/25 | 140 | 136 |
| 3.20%, 05/14/26 - 11/21/29 | 550 | 505 |
| 4.25%, 11/14/28 | 100 | 97 |
| 4.50%, 05/14/35 | 180 | 167 |
| 4.30%, 05/14/36 | 115 | 104 |
| 4.05%, 11/21/39 | 400 | 342 |
| 4.63%, 10/01/42 | 500 | 445 |
| 4.45%, 05/14/46 | 140 | 121 |
| 4.88%, 11/14/48 | 100 | 92 |
| Aetna Inc. |  |  |
| 6.63%, 06/15/36 | 150 | 160 |
| 4.13%, 11/15/42 | 200 | 164 |
| Amgen Inc. |  |  |
| 2.60%, 08/19/26 | 180 | 166 |
| 2.45%, 02/21/30 | 80 | 67 |
| 2.30%, 02/25/31 | 350 | 285 |
| 3.15%, 02/21/40 | 265 | 196 |
| 3.38%, 02/21/50 | 265 | 185 |
| 4.66%, 06/15/51 | 408 | 354 |
| 3.00%, 01/15/52 | 200 | 129 |
| AstraZeneca PLC |  |  |
| 3.38%, 11/16/25 | 115 | 111 |
| 1.38%, 08/06/30 | 80 | 63 |
| 6.45%, 09/15/37 | 250 | 282 |
| 4.38%, 11/16/45 - 08/17/48 | 130 | 116 |
| Baxalta Incorporated |  |  |
| 4.00%, 06/23/25 | 250 | 244 |
| 5.25%, 06/23/45 | 60 | 57 |
| Baxter International Inc. |  |  |
| 1.92%, 02/01/27 | 145 | 129 |
| 2.54%, 02/01/32 | 100 | 80 |
| Becton, Dickinson and Company |  |  |
| 3.73%, 12/15/24 | 193 | 188 |
| 3.70%, 06/06/27 | 300 | 284 |
| Biogen Inc. |  |  |
| 4.05%, 09/15/25 | 440 | 428 |
| Boston Scientific Corporation |  |  |
| 1.90%, 06/01/25 | 400 | 374 |
| Bristol-Myers Squibb Company |  |  |
| 2.90%, 07/26/24 | 270 | 262 |
| 3.90%, 02/20/28 | 200 | 193 |
| 3.40%, 07/26/29 | 75 | 70 |
| 1.45%, 11/13/30 | 90 | 71 |
| 2.95%, 03/15/32 | 85 | 74 |
| 4.13%, 06/15/39 | 100 | 89 |
| 3.55%, 03/15/42 | 60 | 49 |
| 4.35%, 11/15/47 | 70 | 62 |
| 4.55%, 02/20/48 | 70 | 63 |
| 4.25%, 10/26/49 | 190 | 164 |
| 2.55%, 11/13/50 | 85 | 54 |
| Cardinal Health, Inc. |  |  |
| 3.75%, 09/15/25 | 100 | 97 |
| 3.41%, 06/15/27 (a) | 200 | 187 |
| Centene Corporation |  |  |
| 2.45%, 07/15/28 | 365 | 308 |
| 2.63%, 08/01/31 | 305 | 240 |
| Cigna Corporation |  |  |
| 3.50%, 06/15/24 | 300 | 293 |
| 4.38%, 10/15/28 | 210 | 203 |
| 4.80%, 08/15/38 - 07/15/46 | 820 | 758 |
| 3.88%, 10/15/47 | 60 | 46 |
| 4.90%, 12/15/48 | 160 | 146 |
| Cottage Health |  |  |
| 3.30%, 11/01/49 | 300 | 213 |
| CVS Health Corporation |  |  |
| 4.10%, 03/25/25 | 400 | 394 |
| 2.88%, 06/01/26 | 200 | 187 |
| 4.30%, 03/25/28 | 620 | 600 |
| 3.25%, 08/15/29 | 600 | 536 |
| 1.75%, 08/21/30 | 95 | 75 |
| 2.70%, 08/21/40 | 70 | 48 |
| 5.13%, 07/20/45 | 200 | 183 |
| 5.05%, 03/25/48 | 470 | 424 |
| Elevance Health, Inc. |  |  |
| 2.25%, 05/15/30 | 350 | 291 |
| 4.38%, 12/01/47 | 80 | 69 |
| 3.60%, 03/15/51 | 70 | 53 |
| Eli Lilly and Company |  |  |
| 3.38%, 03/15/29 | 250 | 234 |
| 2.25%, 05/15/50 | 250 | 158 |
| 2.50%, 09/15/60 | 300 | 182 |
| Ge Healthcare Holding LLC |  |  |
| 5.65%, 11/15/27 (h) | 130 | 132 |
| 5.91%, 11/22/32 (h) | 100 | 104 |
| Gilead Sciences, Inc. |  |  |
| 3.65%, 03/01/26 | 750 | 724 |
| 2.95%, 03/01/27 | 550 | 512 |
| 1.20%, 10/01/27 | 210 | 178 |
| 1.65%, 10/01/30 | 400 | 317 |
| 2.60%, 10/01/40 | 100 | 70 |
| 4.15%, 03/01/47 | 150 | 125 |
| GlaxoSmithKline Capital Inc. |  |  |
| 3.88%, 05/15/28 | 120 | 115 |
| HCA Inc. |  |  |
| 5.00%, 03/15/24 | 350 | 348 |
| 4.13%, 06/15/29 | 100 | 91 |
| 5.13%, 06/15/39 | 50 | 45 |
| 5.50%, 06/15/47 | 300 | 268 |
| 5.25%, 06/15/49 | 100 | 86 |
| Hoag Memorial Hospital Presbyterian |  |  |
| 3.80%, 07/15/52 | 200 | 159 |
| Humana Inc. |  |  |
| 4.95%, 10/01/44 | 200 | 182 |
| Johnson & Johnson |  |  |
| 2.45%, 03/01/26 - 09/01/60 | 550 | 451 |
| 3.63%, 03/03/37 | 100 | 89 |
| 5.95%, 08/15/37 | 250 | 279 |
| 3.50%, 01/15/48 | 50 | 41 |
| MedStar Health, Inc. |  |  |
| 3.63%, 08/15/49 | 200 | 144 |
| Medtronic, Inc. |  |  |
| 4.38%, 03/15/35 | 200 | 190 |
| 4.63%, 03/15/45 | 284 | 266 |
| Memorial Sloan-Kettering Cancer Center |  |  |
| 4.13%, 07/01/52 | 150 | 125 |
| 4.20%, 07/01/55 | 250 | 207 |
| Merck & Co., Inc. |  |  |
| 2.15%, 12/10/31 | 120 | 98 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 3.90%, 03/07/39 | 50 | 44 |
| 2.35%, 06/24/40 | 55 | 38 |
| 3.70%, 02/10/45 | 250 | 206 |
| 4.00%, 03/07/49 | 80 | 69 |
| 2.45%, 06/24/50 | 70 | 45 |
| 2.90%, 12/10/61 | 160 | 103 |
| Mylan II B.V. |  |  |
| 5.25%, 06/15/46 | 85 | 64 |
| Northwell Health, Inc. |  |  |
| 3.98%, 11/01/46 | 500 | 384 |
| Novartis Capital Corporation |  |  |
| 2.00%, 02/14/27 | 400 | 364 |
| 2.20%, 08/14/30 (a) | 95 | 81 |
| 4.40%, 05/06/44 | 200 | 186 |
| 2.75%, 08/14/50 | 65 | 45 |
| Pfizer Inc. |  |  |
| 0.80%, 05/28/25 | 300 | 275 |
| 2.75%, 06/03/26 | 475 | 448 |
| 6.60%, 12/01/28 (k) | 50 | 55 |
| 4.20%, 09/15/48 | 50 | 45 |
| 4.00%, 03/15/49 | 65 | 56 |
| Providence St. Joseph Health |  |  |
| 3.74%, 10/01/47 | 350 | 272 |
| Quest Diagnostics Incorporated |  |  |
| 3.50%, 03/30/25 | 300 | 289 |
| Shire Acquisitions Investments Ireland Designated Activity Company |  |  |
| 3.20%, 09/23/26 | 500 | 470 |
| Stryker Corporation |  |  |
| 3.50%, 03/15/26 | 250 | 239 |
| 4.10%, 04/01/43 | 200 | 164 |
| The New York and Presbyterian Hospital |  |  |
| 4.06%, 08/01/56 | 300 | 239 |
| Thermo Fisher Scientific Inc. |  |  |
| 5.30%, 02/01/44 | 200 | 201 |
| Trinity Health Group, Ltd. |  |  |
| 4.13%, 12/01/45 | 250 | 210 |
| UnitedHealth Group Incorporated |  |  |
| 3.75%, 07/15/25 - 10/15/47 | 200 | 185 |
| 5.25%, 02/15/28 | 200 | 205 |
| 3.88%, 12/15/28 | 200 | 191 |
| 5.30%, 02/15/30 | 200 | 207 |
| 2.30%, 05/15/31 | 80 | 67 |
| 4.20%, 05/15/32 - 01/15/47 | 400 | 367 |
| 5.35%, 02/15/33 | 200 | 207 |
| 5.80%, 03/15/36 | 150 | 158 |
| 3.50%, 08/15/39 | 250 | 205 |
| 3.05%, 05/15/41 | 80 | 60 |
| 4.25%, 06/15/48 | 80 | 70 |
| 4.45%, 12/15/48 | 60 | 54 |
| 3.25%, 05/15/51 | 105 | 76 |
| 5.88%, 02/15/53 | 100 | 109 |
| 4.95%, 05/15/62 | 250 | 236 |
| 6.05%, 02/15/63 | 100 | 110 |
| Viatris Inc. |  |  |
| 2.70%, 06/22/30 | 90 | 71 |
| 3.85%, 06/22/40 | 80 | 54 |
| 4.00%, 06/22/50 | 110 | 68 |
| Wyeth LLC |  |  |
| 5.95%, 04/01/37 | 250 | 270 |
| Zoetis Inc. |  |  |
| 5.40%, 11/14/25 | 200 | 204 |
| 2.00%, 05/15/30 | 200 | 162 |
| 5.60%, 11/16/32 | 200 | 207 |
| | | 28182 |
| **Information Technology 2.2%** | **Information Technology 2.2%** | **Information Technology 2.2%** |
| Adobe Inc. |  |  |
| 2.30%, 02/01/30 | 200 | 171 |
| Analog Devices, Inc. |  |  |
| 4.25%, 10/01/32 | 100 | 94 |
| Apple Inc. |  |  |
| 1.80%, 09/11/24 | 135 | 129 |
| 1.13%, 05/11/25 | 250 | 230 |
| 0.70%, 02/08/26 | 255 | 227 |
| 2.45%, 08/04/26 | 320 | 297 |
| 3.35%, 02/09/27 | 400 | 383 |
| 3.20%, 05/11/27 | 150 | 143 |
| 3.00%, 11/13/27 | 620 | 579 |
| 2.20%, 09/11/29 | 300 | 259 |
| 1.65%, 05/11/30 - 02/08/31 | 445 | 362 |
| 3.35%, 08/08/32 (a) | 75 | 68 |
| 2.38%, 02/08/41 | 90 | 64 |
| 4.25%, 02/09/47 | 60 | 55 |
| 3.75%, 09/12/47 | 60 | 50 |
| 2.95%, 09/11/49 | 300 | 214 |
| 2.65%, 05/11/50 | 250 | 166 |
| 2.55%, 08/20/60 | 155 | 95 |
| 2.80%, 02/08/61 | 240 | 153 |
| 4.10%, 08/08/62 | 125 | 106 |
| Applied Materials, Inc. |  |  |
| 3.90%, 10/01/25 | 350 | 343 |
| Autodesk, Inc. |  |  |
| 4.38%, 06/15/25 | 500 | 494 |
| Broadcom Corporation |  |  |
| 3.50%, 01/15/28 | 300 | 274 |
| Broadcom Inc. |  |  |
| 3.15%, 11/15/25 | 100 | 95 |
| 4.75%, 04/15/29 | 200 | 191 |
| 5.00%, 04/15/30 | 250 | 237 |
| 4.15%, 11/15/30 | 100 | 90 |
| 3.47%, 04/15/34 (h) | 255 | 202 |
| 3.50%, 02/15/41 (h) | 300 | 215 |
| 3.75%, 02/15/51 (h) | 300 | 209 |
| Cisco Systems, Inc. |  |  |
| 3.63%, 03/04/24 | 300 | 296 |
| 3.50%, 06/15/25 | 100 | 97 |
| 2.50%, 09/20/26 | 400 | 373 |
| Corning Incorporated |  |  |
| 5.75%, 08/15/40 | 95 | 95 |
| 3.90%, 11/15/49 | 300 | 219 |
| 4.38%, 11/15/57 | 40 | 31 |
| Dell International L.L.C. |  |  |
| 5.85%, 07/15/25 (j) | 250 | 253 |
| 6.02%, 06/15/26 (j) | 425 | 434 |
| 6.20%, 07/15/30 (j) | 250 | 255 |
| 8.10%, 07/15/36 (j) | 79 | 89 |
| 8.35%, 07/15/46 (j) | 30 | 35 |
| 3.45%, 12/15/51 (h) | 60 | 37 |
| DXC Technology Company |  |  |
| 2.38%, 09/15/28 | 300 | 253 |
| Fidelity National Information Services, Inc. |  |  |
| 4.70%, 07/15/27 | 300 | 293 |
| Fiserv, Inc. |  |  |
| 2.75%, 07/01/24 | 190 | 183 |
| 3.50%, 07/01/29 | 190 | 171 |
| 4.40%, 07/01/49 | 100 | 81 |
| Hewlett Packard Enterprise Company |  |  |
| 4.90%, 10/15/25 (k) | 180 | 178 |
| 6.35%, 10/15/45 (k) | 90 | 90 |
| Intel Corporation |  |  |
| 2.88%, 05/11/24 | 100 | 97 |
| 3.70%, 07/29/25 | 500 | 488 |
| 3.15%, 05/11/27 | 150 | 141 |
| 2.45%, 11/15/29 | 250 | 215 |
| 2.80%, 08/12/41 | 300 | 209 |
| 4.25%, 12/15/42 | 200 | 170 |
| 4.10%, 05/11/47 (a) | 150 | 121 |
| 3.73%, 12/08/47 | 120 | 91 |
| 3.25%, 11/15/49 | 80 | 55 |
| 5.05%, 08/05/62 | 105 | 93 |
| International Business Machines Corporation |  |  |
| 3.00%, 05/15/24 | 300 | 292 |
| 4.00%, 07/27/25 - 06/20/42 | 500 | 461 |
| 7.00%, 10/30/25 | 200 | 212 |
| 3.50%, 05/15/29 | 210 | 193 |
| 5.88%, 11/29/32 | 100 | 107 |
| 4.15%, 05/15/39 | 250 | 215 |
| 4.25%, 05/15/49 | 150 | 124 |
| Keysight Technologies, Inc. |  |  |
| 4.55%, 10/30/24 | 300 | 296 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| KLA Corporation |  |  |
| 3.30%, 03/01/50 | 300 | 218 |
| MasterCard Incorporated |  |  |
| 3.85%, 03/26/50 | 300 | 252 |
| Microsoft Corporation |  |  |
| 3.13%, 11/03/25 | 680 | 657 |
| 2.53%, 06/01/50 | 377 | 252 |
| 2.92%, 03/17/52 | 210 | 150 |
| 3.95%, 08/08/56 | 524 | 448 |
| 2.68%, 06/01/60 | 179 | 115 |
| 3.04%, 03/17/62 | 220 | 153 |
| Motorola Solutions, Inc. |  |  |
| 4.60%, 05/23/29 | 300 | 285 |
| NVIDIA Corporation |  |  |
| 1.55%, 06/15/28 | 300 | 257 |
| 3.50%, 04/01/40 | 300 | 243 |
| Oracle Corporation |  |  |
| 2.65%, 07/15/26 | 500 | 460 |
| 3.25%, 11/15/27 | 210 | 193 |
| 2.88%, 03/25/31 | 230 | 191 |
| 6.25%, 11/09/32 (a) | 110 | 116 |
| 3.90%, 05/15/35 | 350 | 292 |
| 3.80%, 11/15/37 | 200 | 158 |
| 3.60%, 04/01/40 | 400 | 296 |
| 4.50%, 07/08/44 | 200 | 161 |
| 4.13%, 05/15/45 | 200 | 152 |
| 6.90%, 11/09/52 | 105 | 114 |
| 4.38%, 05/15/55 | 310 | 238 |
| 4.10%, 03/25/61 | 235 | 164 |
| PayPal Holdings, Inc. |  |  |
| 1.65%, 06/01/25 | 600 | 557 |
| 2.85%, 10/01/29 | 100 | 87 |
| 3.25%, 06/01/50 | 200 | 137 |
| Qualcomm Incorporated |  |  |
| 3.45%, 05/20/25 | 150 | 146 |
| 5.40%, 05/20/33 | 200 | 209 |
| 4.65%, 05/20/35 | 60 | 58 |
| 4.80%, 05/20/45 | 90 | 85 |
| 4.50%, 05/20/52 | 250 | 221 |
| 6.00%, 05/20/53 | 200 | 214 |
| Roper Technologies, Inc. |  |  |
| 1.40%, 09/15/27 | 300 | 254 |
| TD SYNNEX Corporation |  |  |
| 1.75%, 08/09/26 (j) | 200 | 170 |
| 2.65%, 08/09/31 (j) | 200 | 150 |
| Texas Instruments Incorporated |  |  |
| 1.90%, 09/15/31 | 300 | 243 |
| 4.15%, 05/15/48 | 75 | 67 |
| Visa Inc. |  |  |
| 3.15%, 12/14/25 | 305 | 294 |
| 1.10%, 02/15/31 | 300 | 231 |
| 2.70%, 04/15/40 | 400 | 302 |
| 3.65%, 09/15/47 | 45 | 37 |
| 2.00%, 08/15/50 | 280 | 166 |
| VMware, Inc. |  |  |
| 4.50%, 05/15/25 (j) | 250 | 245 |
| 4.70%, 05/15/30 (j) | 250 | 234 |
| | | 22910 |
| **Utilities 2.0%** | **Utilities 2.0%** | **Utilities 2.0%** |
| AEP Texas Inc. |  |  |
| 3.45%, 01/15/50 | 10 | 7 |
| Alabama Power Company |  |  |
| 6.00%, 03/01/39 | 250 | 261 |
| 3.70%, 12/01/47 | 200 | 155 |
| 3.13%, 07/15/51 | 200 | 138 |
| Ameren Illinois Company |  |  |
| 3.25%, 03/01/25 | 250 | 242 |
| American Water Capital Corp. |  |  |
| 3.75%, 09/01/47 | 100 | 78 |
| Appalachian Power Company |  |  |
| 3.70%, 05/01/50 | 400 | 293 |
| Arizona Public Service Company |  |  |
| 4.50%, 04/01/42 | 100 | 82 |
| Atmos Energy Corporation |  |  |
| 1.50%, 01/15/31 | 300 | 234 |
| Baltimore Gas and Electric Company |  |  |
| 2.25%, 06/15/31 | 300 | 243 |
| 3.50%, 08/15/46 | 160 | 120 |
| Berkshire Hathaway Energy Company |  |  |
| 3.25%, 04/15/28 | 200 | 185 |
| 6.13%, 04/01/36 | 400 | 420 |
| 3.80%, 07/15/48 | 100 | 77 |
| CenterPoint Energy Houston Electric, LLC |  |  |
| 4.45%, 10/01/32 | 100 | 96 |
| CenterPoint Energy, Inc. |  |  |
| 2.95%, 03/01/30 | 200 | 172 |
| CMS Energy Corporation |  |  |
| 4.75%, 06/01/50 | 300 | 261 |
| Consolidated Edison Company of New York, Inc. |  |  |
| 5.50%, 12/01/39 | 300 | 294 |
| 5.70%, 06/15/40 | 100 | 100 |
| 3.88%, 06/15/47 | 300 | 232 |
| Dominion Energy, Inc. |  |  |
| 2.85%, 08/15/26 | 350 | 323 |
| 3.38%, 04/01/30 | 250 | 220 |
| DTE Electric Company |  |  |
| 3.38%, 03/01/25 | 200 | 194 |
| 2.63%, 03/01/31 | 250 | 212 |
| 2.95%, 03/01/50 | 400 | 274 |
| Duke Energy Corporation |  |  |
| 2.45%, 02/01/30 - 06/01/30 | 800 | 675 |
| 5.30%, 02/15/40 | 300 | 296 |
| 3.70%, 12/01/47 | 200 | 154 |
| 3.20%, 08/15/49 | 500 | 352 |
| Duke Energy Florida, LLC |  |  |
| 3.40%, 10/01/46 | 60 | 43 |
| Duke Energy Indiana, LLC |  |  |
| 6.12%, 10/15/35 | 250 | 256 |
| Duke Energy Progress, LLC |  |  |
| 4.20%, 08/15/45 | 250 | 209 |
| Edison International |  |  |
| 6.95%, 11/15/29 | 200 | 210 |
| Eversource Energy |  |  |
| 2.90%, 10/01/24 | 300 | 289 |
| 3.30%, 01/15/28 | 200 | 184 |
| Exelon Corporation |  |  |
| 3.95%, 06/15/25 | 150 | 146 |
| 4.95%, 06/15/35 | 250 | 239 |
| Florida Power & Light Company |  |  |
| 3.70%, 12/01/47 | 40 | 32 |
| 4.13%, 06/01/48 | 600 | 512 |
| Iberdrola International B.V. |  |  |
| 6.75%, 07/15/36 | 150 | 159 |
| Kentucky Utilities Company |  |  |
| 5.13%, 11/01/40 | 150 | 142 |
| MidAmerican Energy Company |  |  |
| 3.50%, 10/15/24 (a) | 200 | 196 |
| 6.75%, 12/30/31 | 50 | 56 |
| 3.15%, 04/15/50 | 125 | 89 |
| National Fuel Gas Company |  |  |
| 3.95%, 09/15/27 (j) | 301 | 276 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 2.25%, 06/01/30 | 400 | 329 |
| NiSource Finance Corp. |  |  |
| 3.49%, 05/15/27 | 200 | 188 |
| NiSource Inc. |  |  |
| 0.95%, 08/15/25 | 600 | 541 |
| 1.70%, 02/15/31 | 500 | 381 |
| Northern States Power Company |  |  |
| 4.13%, 05/15/44 | 500 | 425 |
| NorthWestern Corporation |  |  |
| 4.18%, 11/15/44 | 150 | 122 |
| NSTAR Electric Company |  |  |
| 3.20%, 05/15/27 | 200 | 188 |
| 4.95%, 09/15/52 | 100 | 97 |
| Ohio Power Company |  |  |
| 2.60%, 04/01/30 | 200 | 170 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Oncor Electric Delivery Company LLC |  |  |
| 5.75%, 03/15/29 | 150 | 156 |
| 5.25%, 09/30/40 | 200 | 198 |
| 3.80%, 09/30/47 | 200 | 163 |
| Pacific Gas And Electric Company |  |  |
| 3.15%, 01/01/26 | 345 | 321 |
| 2.10%, 08/01/27 | 435 | 372 |
| 4.55%, 07/01/30 | 235 | 213 |
| 4.50%, 07/01/40 | 240 | 188 |
| 4.95%, 07/01/50 | 275 | 215 |
| 3.50%, 08/01/50 | 105 | 66 |
| PacifiCorp |  |  |
| 6.25%, 10/15/37 | 200 | 213 |
| PECO Energy Company |  |  |
| 4.15%, 10/01/44 | 250 | 213 |
| 2.85%, 09/15/51 | 500 | 332 |
| PG&E Wildfire Recovery Funding LLC |  |  |
| 5.21%, 12/01/47 | 100 | 97 |
| 5.10%, 06/01/52 | 225 | 216 |
| PPL Capital Funding, Inc. |  |  |
| 4.13%, 04/15/30 | 250 | 232 |
| PPL Electric Utilities Corporation |  |  |
| 3.95%, 06/01/47 | 200 | 163 |
| 3.00%, 10/01/49 | 250 | 169 |
| Progress Energy, Inc. |  |  |
| 7.75%, 03/01/31 | 300 | 340 |
| Public Service Electric And Gas Company |  |  |
| 3.00%, 05/15/27 | 200 | 187 |
| 5.50%, 03/01/40 | 200 | 203 |
| 2.05%, 08/01/50 | 300 | 168 |
| Public Service Enterprise Group Incorporated |  |  |
| 1.60%, 08/15/30 | 200 | 155 |
| Puget Energy, Inc. |  |  |
| 5.76%, 10/01/39 | 200 | 200 |
| 3.25%, 09/15/49 | 170 | 117 |
| San Diego Gas & Electric Company |  |  |
| 2.50%, 05/15/26 | 250 | 232 |
| 1.70%, 10/01/30 | 200 | 158 |
| Sempra Energy |  |  |
| 4.00%, 02/01/48 | 50 | 39 |
| Southern California Edison Company |  |  |
| 5.95%, 11/01/32 - 02/01/38 | 400 | 419 |
| 6.00%, 01/15/34 | 75 | 78 |
| 5.63%, 02/01/36 | 195 | 190 |
| 4.05%, 03/15/42 | 200 | 160 |
| Southern Company Gas Capital Corporation |  |  |
| 4.40%, 05/30/47 | 200 | 160 |
| 3.15%, 09/30/51 | 400 | 258 |
| The Cleveland Electric Illuminating Company |  |  |
| 5.95%, 12/15/36 | 250 | 248 |
| The Southern Company |  |  |
| 3.70%, 04/30/30 (g) | 250 | 225 |
| 4.40%, 07/01/46 | 400 | 335 |
| Union Electric Company |  |  |
| 3.65%, 04/15/45 | 350 | 269 |
| Virginia Electric and Power Company |  |  |
| 6.00%, 05/15/37 | 200 | 207 |
| 4.45%, 02/15/44 | 100 | 86 |
| 4.00%, 11/15/46 | 300 | 237 |
| Washington Gas Light Company |  |  |
| 3.80%, 09/15/46 | 200 | 150 |
| Wisconsin Electric Power Company |  |  |
| 4.75%, 09/30/32 | 100 | 98 |
| Xcel Energy Inc. |  |  |
| 2.60%, 12/01/29 | 300 | 256 |
| | | 20571 |
| **Communication Services 1.9%** | **Communication Services 1.9%** | **Communication Services 1.9%** |
| Alphabet Inc. |  |  |
| 0.45%, 08/15/25 | 250 | 225 |
| 2.00%, 08/15/26 | 300 | 276 |
| 1.10%, 08/15/30 | 280 | 220 |
| 2.25%, 08/15/60 | 225 | 128 |
| America Movil, S.A.B. De C.V. |  |  |
| 6.38%, 03/01/35 | 100 | 107 |
| 4.38%, 07/16/42 | 200 | 172 |
| AT&T Inc. |  |  |
| 2.30%, 06/01/27 (a) | 500 | 445 |
| 4.35%, 03/01/29 - 06/15/45 | 255 | 229 |
| 2.55%, 12/01/33 | 751 | 578 |
| 4.50%, 05/15/35 - 03/09/48 | 1606 | 1398 |
| 3.65%, 06/01/51 - 09/15/59 | 706 | 494 |
| British Telecommunications Public Limited Company |  |  |
| 9.63%, 12/15/30 (j) (k) | 250 | 300 |
| Charter Communications Operating, LLC |  |  |
| 4.91%, 07/23/25 | 640 | 627 |
| 5.38%, 04/01/38 | 400 | 334 |
| 6.48%, 10/23/45 | 210 | 190 |
| 5.75%, 04/01/48 | 100 | 82 |
| 4.80%, 03/01/50 | 200 | 146 |
| 5.25%, 04/01/53 | 200 | 156 |
| 4.40%, 12/01/61 | 75 | 48 |
| 5.50%, 04/01/63 | 300 | 230 |
| Comcast Corporation |  |  |
| 3.70%, 04/15/24 | 285 | 281 |
| 3.38%, 08/15/25 | 290 | 280 |
| 4.15%, 10/15/28 | 650 | 625 |
| 6.50%, 11/15/35 | 100 | 111 |
| 6.95%, 08/15/37 | 250 | 285 |
| 3.90%, 03/01/38 | 70 | 61 |
| 4.00%, 08/15/47 - 03/01/48 | 410 | 331 |
| 4.70%, 10/15/48 | 365 | 327 |
| 2.45%, 08/15/52 | 750 | 443 |
| Deutsche Telekom International Finance B.V. |  |  |
| 8.75%, 06/15/30 (j) (k) | 300 | 354 |
| Electronic Arts Inc. |  |  |
| 2.95%, 02/15/51 | 300 | 196 |
| Fox Corporation |  |  |
| 5.48%, 01/25/39 | 65 | 59 |
| 5.58%, 01/25/49 | 80 | 72 |
| Meta Platforms, Inc. |  |  |
| 3.85%, 08/15/32 | 130 | 114 |
| 4.65%, 08/15/62 | 175 | 140 |
| NBCUniversal Media, LLC |  |  |
| 6.40%, 04/30/40 | 250 | 273 |
| Omnicom Group Inc. |  |  |
| 2.60%, 08/01/31 | 375 | 307 |
| Orange |  |  |
| 5.38%, 01/13/42 | 100 | 97 |
| 5.50%, 02/06/44 (a) | 300 | 294 |
| Paramount Global |  |  |
| 7.88%, 07/30/30 | 125 | 133 |
| Rogers Communications Inc. |  |  |
| 3.63%, 12/15/25 | 300 | 288 |
| 3.70%, 11/15/49 | 250 | 171 |
| 4.55%, 03/15/52 (h) | 300 | 234 |
| Telefonica Emisiones, S.A.U. |  |  |
| 5.52%, 03/01/49 | 300 | 251 |
| Telefonica Europe B.V. |  |  |
| 8.25%, 09/15/30 | 250 | 278 |
| The Walt Disney Company |  |  |
| 1.75%, 08/30/24 (a) | 150 | 143 |
| 2.00%, 09/01/29 | 625 | 526 |
| 6.20%, 12/15/34 | 50 | 55 |
| 2.75%, 09/01/49 | 225 | 150 |
| 3.80%, 05/13/60 | 650 | 503 |
| T-Mobile USA, Inc. |  |  |
| 3.50%, 04/15/25 | 340 | 327 |
| 2.05%, 02/15/28 | 900 | 774 |
| 3.88%, 04/15/30 | 435 | 395 |
| 2.55%, 02/15/31 | 400 | 326 |
| 4.50%, 04/15/50 | 160 | 132 |
| 3.60%, 11/15/60 | 100 | 66 |
| 5.80%, 09/15/62 | 100 | 98 |
| TWDC Enterprises 18 Corp. |  |  |
| 7.00%, 03/01/32 | 50 | 57 |
| Verizon Communications Inc. |  |  |
| 3.38%, 02/15/25 | 223 | 216 |
| 1.45%, 03/20/26 | 325 | 292 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.13%, 03/16/27 | 300 | 292 |
| 4.33%, 09/21/28 | 400 | 386 |
| 4.02%, 12/03/29 | 982 | 920 |
| 1.75%, 01/20/31 | 130 | 101 |
| 2.36%, 03/15/32 | 250 | 199 |
| 2.65%, 11/20/40 | 180 | 122 |
| 3.40%, 03/22/41 | 215 | 162 |
| 3.70%, 03/22/61 | 405 | 284 |
| Vodafone Group Public Limited Company |  |  |
| 5.00%, 05/30/38 | 60 | 55 |
| 5.25%, 05/30/48 | 175 | 156 |
| 4.25%, 09/17/50 | 75 | 58 |
| 5.13%, 06/19/59 | 110 | 95 |
| | | 19280 |
| **Energy 1.8%** | **Energy 1.8%** | **Energy 1.8%** |
| Baker Hughes Holdings LLC |  |  |
| 3.34%, 12/15/27 | 400 | 370 |
| 4.49%, 05/01/30 | 500 | 477 |
| BP Capital Markets America Inc. |  |  |
| 3.63%, 04/06/30 | 750 | 688 |
| 2.94%, 06/04/51 | 85 | 56 |
| BP Capital Markets P.L.C. |  |  |
| 3.28%, 09/19/27 | 90 | 84 |
| Burlington Resources Finance Co |  |  |
| 7.20%, 08/15/31 | 100 | 113 |
| Canadian Natural Resources Limited |  |  |
| 5.85%, 02/01/35 | 150 | 145 |
| 6.25%, 03/15/38 | 150 | 149 |
| Cenovus Energy Inc. |  |  |
| 6.75%, 11/15/39 | 300 | 310 |
| Cheniere Corpus Christi Holdings, LLC |  |  |
| 5.88%, 03/31/25 | 180 | 181 |
| Chevron Corporation |  |  |
| 2.95%, 05/16/26 | 110 | 104 |
| 2.24%, 05/11/30 | 180 | 154 |
| Chevron U.S.A. Inc. |  |  |
| 3.90%, 11/15/24 | 35 | 34 |
| 2.34%, 08/12/50 (a) | 40 | 25 |
| Columbia Pipeline Group, Inc. |  |  |
| 5.80%, 06/01/45 | 100 | 97 |
| Conoco Funding Company |  |  |
| 7.25%, 10/15/31 | 75 | 86 |
| ConocoPhillips |  |  |
| 6.95%, 04/15/29 | 200 | 221 |
| ConocoPhillips Company |  |  |
| 3.76%, 03/15/42 | 300 | 249 |
| Devon Energy Corporation |  |  |
| 5.85%, 12/15/25 | 57 | 58 |
| Enable Midstream Partners, LP |  |  |
| 3.90%, 05/15/24 | 200 | 195 |
| 4.95%, 05/15/28 | 300 | 288 |
| Enbridge Energy Partners, L.P. |  |  |
| 7.50%, 04/15/38 | 200 | 220 |
| Energy Transfer LP |  |  |
| 4.75%, 01/15/26 | 350 | 341 |
| 4.95%, 06/15/28 | 300 | 289 |
| 3.75%, 05/15/30 | 250 | 220 |
| 7.50%, 07/01/38 | 200 | 213 |
| 6.50%, 02/01/42 | 150 | 148 |
| 5.00%, 05/15/50 | 200 | 161 |
| Enterprise Products Operating LLC |  |  |
| 3.70%, 02/15/26 | 350 | 338 |
| 2.80%, 01/31/30 | 250 | 213 |
| 6.88%, 03/01/33 | 25 | 27 |
| 6.45%, 09/01/40 | 100 | 105 |
| 4.45%, 02/15/43 | 150 | 126 |
| 4.95%, 10/15/54 | 300 | 254 |
| 3.95%, 01/31/60 | 100 | 73 |
| Equinor ASA |  |  |
| 3.70%, 03/01/24 | 200 | 197 |
| 3.13%, 04/06/30 | 300 | 270 |
| 3.95%, 05/15/43 | 300 | 252 |
| Exxon Mobil Corporation |  |  |
| 3.04%, 03/01/26 | 315 | 301 |
| 2.28%, 08/16/26 | 150 | 139 |
| 2.61%, 10/15/30 | 360 | 314 |
| 3.00%, 08/16/39 | 300 | 231 |
| 4.11%, 03/01/46 | 205 | 176 |
| 3.10%, 08/16/49 | 200 | 144 |
| Halliburton Company |  |  |
| 3.80%, 11/15/25 | 58 | 56 |
| 7.45%, 09/15/39 | 250 | 283 |
| 5.00%, 11/15/45 | 120 | 106 |
| Hess Corporation |  |  |
| 7.30%, 08/15/31 | 23 | 25 |
| 5.60%, 02/15/41 | 400 | 372 |
| Kinder Morgan Energy Partners, L.P. |  |  |
| 5.00%, 03/01/43 | 300 | 257 |
| 5.40%, 09/01/44 | 250 | 224 |
| Kinder Morgan, Inc. |  |  |
| 5.30%, 12/01/34 | 350 | 327 |
| 3.60%, 02/15/51 | 300 | 208 |
| Magellan Midstream Partners, L.P. |  |  |
| 3.25%, 06/01/30 | 250 | 218 |
| Marathon Petroleum Corporation |  |  |
| 6.50%, 03/01/41 | 300 | 309 |
| MPLX LP |  |  |
| 4.88%, 06/01/25 | 250 | 246 |
| 4.50%, 04/15/38 | 105 | 89 |
| 5.50%, 02/15/49 | 80 | 71 |
| 4.90%, 04/15/58 | 110 | 87 |
| ONEOK Partners, L.P. |  |  |
| 6.65%, 10/01/36 | 150 | 149 |
| ONEOK, Inc. |  |  |
| 4.00%, 07/13/27 | 200 | 188 |
| 4.55%, 07/15/28 | 50 | 47 |
| Ovintiv Canada ULC |  |  |
| 7.20%, 11/01/31 | 130 | 137 |
| Phillips 66 |  |  |
| 4.65%, 11/15/34 | 250 | 233 |
| 4.90%, 10/01/46 (h) | 150 | 133 |
| Plains All American Pipeline, L.P. |  |  |
| 4.30%, 01/31/43 | 200 | 146 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.75%, 05/15/24 | 300 | 300 |
| 5.00%, 03/15/27 | 100 | 98 |
| 4.20%, 03/15/28 | 300 | 282 |
| 4.50%, 05/15/30 | 250 | 232 |
| Shell International Finance B.V. |  |  |
| 3.25%, 05/11/25 - 04/06/50 | 480 | 404 |
| 2.75%, 04/06/30 | 250 | 220 |
| 4.13%, 05/11/35 | 200 | 185 |
| 6.38%, 12/15/38 | 200 | 221 |
| 4.00%, 05/10/46 | 155 | 127 |
| 3.13%, 11/07/49 | 200 | 142 |
| Suncor Energy Inc. |  |  |
| 4.00%, 11/15/47 | 340 | 258 |
| The Williams Companies, Inc. |  |  |
| 3.50%, 11/15/30 | 250 | 219 |
| Total Capital International |  |  |
| 3.75%, 04/10/24 | 500 | 493 |
| 3.46%, 07/12/49 | 50 | 38 |
| TransCanada PipeLines Limited |  |  |
| 4.88%, 01/15/26 - 05/15/48 | 410 | 401 |
| 4.10%, 04/15/30 | 250 | 229 |
| 6.20%, 10/15/37 | 100 | 102 |
| 5.00%, 10/16/43 | 150 | 133 |
| Transcontinental Gas Pipe Line Company, LLC |  |  |
| 3.25%, 05/15/30 | 250 | 218 |
| Williams Partners L.P. |  |  |
| 4.00%, 09/15/25 | 350 | 340 |
| 3.75%, 06/15/27 | 300 | 282 |
| 6.30%, 04/15/40 | 200 | 205 |
|  |  | 17876 |
| **Industrials 1.7%** | **Industrials 1.7%** | **Industrials 1.7%** |
| 3M Company |  |  |
| 2.00%, 02/14/25 | 345 | 327 |
| 2.38%, 08/26/29 | 690 | 586 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Air Lease Corporation |  |  |
| 0.70%, 02/15/24 | 400 | 378 |
| 3.25%, 03/01/25 | 300 | 285 |
| 2.20%, 01/15/27 | 200 | 175 |
| Allegion US Holding Company Inc. |  |  |
| 3.55%, 10/01/27 | 300 | 272 |
| Burlington Northern Santa FE, LLC |  |  |
| 6.15%, 05/01/37 | 100 | 109 |
| 5.75%, 05/01/40 | 400 | 419 |
| Canadian National Railway Company |  |  |
| 3.65%, 02/03/48 | 300 | 240 |
| Canadian Pacific Railway Limited |  |  |
| 6.13%, 09/15/15 | 90 | 91 |
| Carrier Global Corporation |  |  |
| 2.72%, 02/15/30 | 125 | 105 |
| 3.58%, 04/05/50 | 505 | 363 |
| Caterpillar Inc. |  |  |
| 3.40%, 05/15/24 | 500 | 490 |
| 2.60%, 04/09/30 | 250 | 218 |
| 3.25%, 04/09/50 | 250 | 190 |
| CSX Corporation |  |  |
| 3.80%, 03/01/28 | 300 | 287 |
| 5.50%, 04/15/41 | 205 | 206 |
| 4.30%, 03/01/48 | 50 | 43 |
| 3.95%, 05/01/50 | 300 | 241 |
| Cummins Inc. |  |  |
| 1.50%, 09/01/30 | 300 | 236 |
| 2.60%, 09/01/50 | 200 | 126 |
| Deere & Company |  |  |
| 3.90%, 06/09/42 | 200 | 178 |
| Dover Corporation |  |  |
| 5.38%, 03/01/41 | 150 | 145 |
| Eaton Corporation |  |  |
| 4.15%, 11/02/42 | 100 | 86 |
| Equifax Inc. |  |  |
| 3.10%, 05/15/30 | 250 | 211 |
| FedEx Corporation |  |  |
| 3.25%, 04/01/26 | 300 | 286 |
| 4.25%, 05/15/30 | 300 | 283 |
| 3.88%, 08/01/42 | 200 | 152 |
| 5.25%, 05/15/50 (a) | 100 | 92 |
| General Electric Company |  |  |
| 6.88%, 01/10/39 | 300 | 331 |
| Honeywell International Inc. |  |  |
| 1.10%, 03/01/27 (j) | 300 | 261 |
| 1.75%, 09/01/31 | 250 | 198 |
| 3.81%, 11/21/47 | 300 | 250 |
| Ingersoll-Rand Luxembourg Finance S.A. |  |  |
| 3.50%, 03/21/26 | 200 | 189 |
| 3.80%, 03/21/29 | 200 | 184 |
| 4.50%, 03/21/49 | 200 | 163 |
| Kansas City Southern |  |  |
| 3.50%, 05/01/50 | 300 | 214 |
| Kennametal Inc. |  |  |
| 4.63%, 06/15/28 | 100 | 94 |
| L3Harris Technologies, Inc. |  |  |
| 3.83%, 04/27/25 | 250 | 243 |
| 2.90%, 12/15/29 | 300 | 257 |
| 5.05%, 04/27/45 | 250 | 224 |
| Lockheed Martin Corporation |  |  |
| 3.55%, 01/15/26 | 100 | 97 |
| 4.50%, 05/15/36 | 105 | 100 |
| 4.07%, 12/15/42 | 243 | 210 |
| 4.09%, 09/15/52 | 107 | 91 |
| Norfolk Southern Corporation |  |  |
| 3.85%, 01/15/24 | 200 | 198 |
| 2.30%, 05/15/31 | 300 | 246 |
| 2.90%, 08/25/51 | 250 | 163 |
| Northrop Grumman Corporation |  |  |
| 3.25%, 01/15/28 | 150 | 139 |
| 4.75%, 06/01/43 | 155 | 143 |
| 3.85%, 04/15/45 | 250 | 200 |
| Otis Worldwide Corporation |  |  |
| 3.11%, 02/15/40 | 300 | 221 |
| Parker-Hannifin Corporation |  |  |
| 4.00%, 06/14/49 | 40 | 32 |
| Raytheon Technologies Corporation |  |  |
| 3.13%, 05/04/27 | 400 | 373 |
| 4.13%, 11/16/28 | 595 | 570 |
| 4.50%, 06/01/42 | 300 | 270 |
| 4.80%, 12/15/43 | 25 | 23 |
| 4.05%, 05/04/47 | 200 | 165 |
| 4.63%, 11/16/48 | 90 | 81 |
| Snap-on Incorporated |  |  |
| 3.25%, 03/01/27 | 250 | 236 |
| Southwest Airlines Co. |  |  |
| 5.25%, 05/04/25 | 300 | 301 |
| 5.13%, 06/15/27 | 200 | 198 |
| 2.63%, 02/10/30 | 600 | 498 |
| The Boeing Company |  |  |
| 4.88%, 05/01/25 (j) | 315 | 313 |
| 2.70%, 02/01/27 | 125 | 113 |
| 5.04%, 05/01/27 (j) | 100 | 99 |
| 2.95%, 02/01/30 | 125 | 106 |
| 5.15%, 05/01/30 (j) | 285 | 278 |
| 5.88%, 02/15/40 | 25 | 24 |
| 5.71%, 05/01/40 (j) | 800 | 763 |
| 3.90%, 05/01/49 | 40 | 28 |
| 3.95%, 08/01/59 | 125 | 84 |
| Union Pacific Corporation |  |  |
| 3.95%, 09/10/28 | 300 | 288 |
| 4.50%, 01/20/33 | 100 | 98 |
| 3.84%, 03/20/60 | 445 | 346 |
| 3.80%, 04/06/71 | 50 | 37 |
| 3.85%, 02/14/72 | 80 | 60 |
| United Parcel Service, Inc. |  |  |
| 6.20%, 01/15/38 | 350 | 389 |
| 3.75%, 11/15/47 | 70 | 58 |
| W. W. Grainger, Inc. |  |  |
| 4.60%, 06/15/45 | 200 | 183 |
| Waste Management, Inc. |  |  |
| 4.15%, 07/15/49 | 50 | 44 |
| | | 17294 |
| **Consumer Staples 1.5%** | **Consumer Staples 1.5%** | **Consumer Staples 1.5%** |
| Altria Group, Inc. |  |  |
| 4.80%, 02/14/29 | 180 | 173 |
| 5.80%, 02/14/39 | 110 | 101 |
| 4.50%, 05/02/43 | 200 | 151 |
| 5.95%, 02/14/49 | 400 | 358 |
| Anheuser-Busch Companies, LLC |  |  |
| 4.70%, 02/01/36 | 482 | 454 |
| 4.90%, 02/01/46 | 300 | 275 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 4.75%, 01/23/29 | 280 | 277 |
| 3.50%, 06/01/30 | 110 | 100 |
| 5.45%, 01/23/39 | 500 | 497 |
| 4.44%, 10/06/48 | 362 | 310 |
| 5.80%, 01/23/59 | 295 | 305 |
| Archer-Daniels-Midland Company |  |  |
| 2.50%, 08/11/26 | 300 | 279 |
| B. A. T. Capital Corporation |  |  |
| 3.22%, 09/06/26 | 250 | 231 |
| 2.73%, 03/25/31 | 300 | 234 |
| 4.39%, 08/15/37 | 150 | 116 |
| 4.54%, 08/15/47 | 150 | 107 |
| 3.98%, 09/25/50 | 200 | 132 |
| B.A.T. International Finance P.L.C. |  |  |
| 1.67%, 03/25/26 | 500 | 443 |
| California Institute of Technology |  |  |
| 4.32%, 08/01/45 | 40 | 35 |
| Campbell Soup Company |  |  |
| 4.15%, 03/15/28 | 300 | 287 |
| Church & Dwight Co., Inc. |  |  |
| 3.15%, 08/01/27 | 200 | 187 |
| 3.95%, 08/01/47 | 200 | 158 |
| Conagra Brands, Inc. |  |  |
| 1.38%, 11/01/27 (a) | 300 | 250 |
| 5.30%, 11/01/38 | 55 | 52 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.40%, 11/01/48 | 55 | 51 |
| Constellation Brands, Inc. |  |  |
| 3.15%, 08/01/29 | 400 | 351 |
| Costco Wholesale Corporation |  |  |
| 3.00%, 05/18/27 | 80 | 75 |
| 1.38%, 06/20/27 | 300 | 263 |
| General Mills, Inc. |  |  |
| 3.65%, 02/15/24 | 303 | 298 |
| 4.20%, 04/17/28 | 105 | 102 |
| GSK Consumer Healthcare Capital US LLC |  |  |
| 4.00%, 03/24/52 | 250 | 197 |
| Keurig Dr Pepper Inc. |  |  |
| 4.50%, 04/15/52 | 100 | 84 |
| Kraft Heinz Foods Company |  |  |
| 3.88%, 05/15/27 | 200 | 191 |
| 4.38%, 06/01/46 | 200 | 163 |
| Massachusetts Institute of Technology |  |  |
| 5.60%, 07/01/11 | 100 | 105 |
| 4.68%, 07/01/14 | 250 | 217 |
| McCormick & Company, Incorporated |  |  |
| 0.90%, 02/15/26 | 405 | 356 |
| 1.85%, 02/15/31 | 300 | 233 |
| Mead Johnson Nutrition Company |  |  |
| 4.60%, 06/01/44 | 200 | 179 |
| Molson Coors Beverage Company |  |  |
| 3.00%, 07/15/26 | 500 | 465 |
| PepsiCo, Inc. |  |  |
| 3.00%, 10/15/27 | 500 | 469 |
| 3.45%, 10/06/46 | 90 | 73 |
| 2.75%, 10/21/51 | 50 | 35 |
| 3.88%, 03/19/60 | 400 | 346 |
| Philip Morris International Inc. |  |  |
| 4.38%, 11/15/41 | 300 | 247 |
| RELX Capital Inc. |  |  |
| 4.00%, 03/18/29 | 300 | 278 |
| Reynolds American Inc. |  |  |
| 5.70%, 08/15/35 | 100 | 90 |
| Sysco Corporation |  |  |
| 5.95%, 04/01/30 (j) | 266 | 276 |
| The Board of Trustees of The Leland Stanford Junior University |  |  |
| 3.65%, 05/01/48 | 20 | 17 |
| The Coca-Cola Company |  |  |
| 2.13%, 09/06/29 | 250 | 214 |
| 1.38%, 03/15/31 | 300 | 235 |
| 2.25%, 01/05/32 | 350 | 294 |
| 3.00%, 03/05/51 | 300 | 219 |
| The Estee Lauder Companies Inc. |  |  |
| 2.00%, 12/01/24 | 30 | 29 |
| 3.13%, 12/01/49 | 225 | 163 |
| The J. M. Smucker Company |  |  |
| 3.50%, 03/15/25 | 300 | 290 |
| 3.38%, 12/15/27 | 250 | 231 |
| The Kroger Co. |  |  |
| 4.50%, 01/15/29 | 300 | 290 |
| 7.50%, 04/01/31 | 150 | 170 |
| 4.45%, 02/01/47 | 300 | 252 |
| Tyson Foods, Inc. |  |  |
| 5.15%, 08/15/44 | 200 | 185 |
| Unilever Capital Corporation |  |  |
| 1.38%, 09/14/30 | 500 | 390 |
| University of Notre Dame du Lac |  |  |
| 3.44%, 02/15/45 | 250 | 200 |
| University of Southern California |  |  |
| 3.03%, 10/01/39 | 450 | 353 |
| 5.25%, 10/01/11 | 20 | 20 |
| University of Washington |  |  |
| 3.52%, 04/15/54 | 100 | 79 |
| Walgreens Boots Alliance, Inc. |  |  |
| 3.80%, 11/18/24 | 200 | 195 |
| 4.10%, 04/15/50 | 400 | 295 |
| Walmart Inc. |  |  |
| 2.85%, 07/08/24 | 125 | 122 |
| 2.65%, 12/15/24 | 300 | 287 |
| 3.70%, 06/26/28 | 185 | 179 |
| 3.63%, 12/15/47 | 300 | 247 |
| 4.50%, 09/09/52 | 100 | 96 |
| | | 15708 |
| **Consumer Discretionary 1.5%** | **Consumer Discretionary 1.5%** | **Consumer Discretionary 1.5%** |
| Advance Auto Parts, Inc. |  |  |
| 1.75%, 10/01/27 | 400 | 337 |
| Amazon.com, Inc. |  |  |
| 3.30%, 04/13/27 | 165 | 157 |
| 3.15%, 08/22/27 | 740 | 697 |
| 1.65%, 05/12/28 | 400 | 344 |
| 1.50%, 06/03/30 | 130 | 104 |
| 3.60%, 04/13/32 | 135 | 124 |
| 3.88%, 08/22/37 | 170 | 151 |
| 2.50%, 06/03/50 | 200 | 127 |
| 4.25%, 08/22/57 | 320 | 276 |
| 2.70%, 06/03/60 | 55 | 33 |
| 3.25%, 05/12/61 | 240 | 166 |
| 4.10%, 04/13/62 | 160 | 133 |
| American Honda Finance Corporation |  |  |
| 1.20%, 07/08/25 | 400 | 366 |
| 1.00%, 09/10/25 | 300 | 271 |
| AutoNation, Inc. |  |  |
| 4.75%, 06/01/30 (j) | 350 | 312 |
| AutoZone, Inc. |  |  |
| 3.25%, 04/15/25 | 350 | 336 |
| 3.75%, 06/01/27 | 200 | 191 |
| Discovery Communications, LLC |  |  |
| 3.95%, 03/20/28 | 105 | 93 |
| 3.63%, 05/15/30 | 400 | 331 |
| 5.20%, 09/20/47 | 75 | 56 |
| 4.00%, 09/15/55 | 319 | 192 |
| Dollar Tree, Inc. |  |  |
| 4.20%, 05/15/28 | 90 | 86 |
| eBay Inc. |  |  |
| 1.40%, 05/10/26 | 300 | 266 |
| 3.65%, 05/10/51 | 15 | 11 |
| General Motors Company |  |  |
| 5.00%, 04/01/35 | 200 | 172 |
| 5.15%, 04/01/38 | 70 | 61 |
| 5.40%, 04/01/48 | 190 | 156 |
| General Motors Financial Company, Inc. |  |  |
| 4.00%, 01/15/25 | 200 | 194 |
| 2.90%, 02/26/25 | 200 | 190 |
| 1.25%, 01/08/26 | 200 | 176 |
| 2.40%, 04/10/28 | 300 | 253 |
| 2.35%, 01/08/31 | 400 | 301 |
| 2.70%, 06/10/31 | 400 | 308 |
| Hasbro, Inc. |  |  |
| 6.35%, 03/15/40 | 300 | 293 |
| Leggett & Platt, Incorporated |  |  |
| 4.40%, 03/15/29 | 200 | 189 |
| Lowe`s Companies, Inc. |  |  |
| 1.70%, 09/15/28 - 10/15/30 | 700 | 564 |
| 3.65%, 04/05/29 | 75 | 69 |
| 2.80%, 09/15/41 | 300 | 205 |
| 3.00%, 10/15/50 | 300 | 192 |
| 5.80%, 09/15/62 | 105 | 101 |
| Magallanes, Inc. |  |  |
| 3.76%, 03/15/27 (h) | 300 | 271 |
| 5.39%, 03/15/62 (h) | 300 | 220 |
| Marriott International, Inc. |  |  |
| 3.13%, 06/15/26 | 500 | 467 |
| McDonald's Corporation |  |  |
| 3.70%, 01/30/26 | 175 | 170 |
| 6.30%, 03/01/38 | 200 | 218 |
| 4.88%, 12/09/45 | 165 | 152 |
| 3.63%, 09/01/49 | 200 | 152 |
| NIKE, Inc. |  |  |
| 2.85%, 03/27/30 | 400 | 357 |
| O'Reilly Automotive, Inc. |  |  |
| 1.75%, 03/15/31 | 300 | 232 |
| PVH Corp. |  |  |
| 4.63%, 07/10/25 (j) | 400 | 386 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Spectrum Management Holding Company, LLC |  |  |
| 7.30%, 07/01/38 | 300 | 298 |
| 6.75%, 06/15/39 | 300 | 282 |
| Starbucks Corporation |  |  |
| 4.00%, 11/15/28 | 200 | 190 |
| 2.55%, 11/15/30 | 500 | 420 |
| 4.50%, 11/15/48 | 200 | 173 |
| 4.45%, 08/15/49 | 50 | 43 |
| Sumitomo Mitsui Banking Corporation |  |  |
| 3.40%, 07/11/24 | 500 | 485 |
| The Home Depot, Inc. |  |  |
| 3.00%, 04/01/26 | 500 | 476 |
| 1.38%, 03/15/31 | 300 | 232 |
| 4.50%, 09/15/32 | 200 | 196 |
| 5.88%, 12/16/36 | 600 | 642 |
| 3.13%, 12/15/49 | 200 | 142 |
| 4.95%, 09/15/52 | 150 | 145 |
| 3.50%, 09/15/56 | 200 | 150 |
| Toyota Motor Corporation |  |  |
| 3.67%, 07/20/28 | 200 | 189 |
| | | 15272 |
| **Real Estate 0.9%** | **Real Estate 0.9%** | **Real Estate 0.9%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| 3.45%, 04/30/25 | 200 | 193 |
| 4.50%, 07/30/29 | 250 | 236 |
| 4.85%, 04/15/49 | 300 | 255 |
| American Tower Corporation |  |  |
| 2.40%, 03/15/25 | 200 | 188 |
| 1.60%, 04/15/26 | 500 | 445 |
| 1.50%, 01/31/28 (a) | 500 | 415 |
| 3.80%, 08/15/29 | 90 | 82 |
| 2.70%, 04/15/31 | 375 | 305 |
| AvalonBay Communities, Inc. |  |  |
| 2.45%, 01/15/31 | 350 | 289 |
| Boston Properties Limited Partnership |  |  |
| 3.80%, 02/01/24 | 250 | 245 |
| 3.20%, 01/15/25 | 200 | 192 |
| 2.90%, 03/15/30 | 200 | 163 |
| Brandywine Operating Partnership, L.P. |  |  |
| 3.95%, 11/15/27 | 200 | 168 |
| Corporate Office Properties Trust |  |  |
| 2.00%, 01/15/29 | 450 | 347 |
| Crown Castle Inc. |  |  |
| 3.20%, 09/01/24 | 330 | 319 |
| 3.70%, 06/15/26 | 140 | 133 |
| 3.65%, 09/01/27 | 80 | 74 |
| 3.25%, 01/15/51 | 50 | 33 |
| Equinix, Inc. |  |  |
| 1.45%, 05/15/26 | 300 | 264 |
| 3.40%, 02/15/52 | 300 | 206 |
| ERP Operating Limited Partnership |  |  |
| 2.50%, 02/15/30 | 200 | 167 |
| Essex Portfolio, L.P. |  |  |
| 3.88%, 05/01/24 | 200 | 196 |
| Federal Realty Investment Trust |  |  |
| 4.50%, 12/01/44 | 100 | 79 |
| GLP Financing, LLC |  |  |
| 5.38%, 04/15/26 | 150 | 148 |
| 5.75%, 06/01/28 | 300 | 294 |
| Healthpeak Properties, Inc. |  |  |
| 6.75%, 02/01/41 | 200 | 206 |
| Kimco Realty Corporation |  |  |
| 2.70%, 10/01/30 | 200 | 163 |
| Mid-America Apartments, L.P. |  |  |
| 1.10%, 09/15/26 | 350 | 303 |
| National Retail Properties, Inc. |  |  |
| 3.10%, 04/15/50 | 200 | 124 |
| Omega Healthcare Investors, Inc. |  |  |
| 4.95%, 04/01/24 | 250 | 246 |
| ProLogis, L.P. |  |  |
| 2.13%, 04/15/27 | 100 | 90 |
| 2.25%, 04/15/30 | 175 | 146 |
| 4.63%, 01/15/33 | 100 | 97 |
| 3.00%, 04/15/50 | 35 | 24 |
| Public Storage, Inc. |  |  |
| 1.85%, 05/01/28 | 300 | 258 |
| Realty Income Corporation |  |  |
| 4.13%, 10/15/26 | 250 | 241 |
| Rexford Industrial Realty, L.P. |  |  |
| 2.15%, 09/01/31 | 500 | 383 |
| Simon Property Group, L.P. |  |  |
| 3.30%, 01/15/26 | 250 | 238 |
| 2.65%, 07/15/30 | 200 | 166 |
| 3.25%, 09/13/49 | 65 | 43 |
| 3.80%, 07/15/50 | 200 | 147 |
| Store Capital Corporation |  |  |
| 4.50%, 03/15/28 | 200 | 179 |
| Tanger Properties Limited Partnership |  |  |
| 2.75%, 09/01/31 | 400 | 290 |
| UDR, Inc. |  |  |
| 2.10%, 08/01/32 | 200 | 149 |
| Ventas Realty, Limited Partnership |  |  |
| 3.50%, 02/01/25 | 250 | 240 |
| 3.00%, 01/15/30 | 200 | 168 |
| Welltower OP LLC |  |  |
| 4.95%, 09/01/48 | 150 | 123 |
| Weyerhaeuser Company |  |  |
| 7.38%, 03/15/32 | 57 | 63 |
|  |  | 9523 |
| **Materials 0.7%** | **Materials 0.7%** | **Materials 0.7%** |
| Albemarle Corporation |  |  |
| 5.45%, 12/01/44 | 150 | 138 |
| DuPont de Nemours, Inc. |  |  |
| 4.73%, 11/15/28 | 200 | 197 |
| 5.32%, 11/15/38 | 90 | 87 |
| 5.42%, 11/15/48 | 115 | 110 |
| E. I. du Pont de Nemours and Company |  |  |
| 2.30%, 07/15/30 | 300 | 251 |
| Eastman Chemical Company |  |  |
| 3.80%, 03/15/25 | 189 | 183 |
| Ecolab Inc. |  |  |
| 1.30%, 01/30/31 | 300 | 229 |
| 2.13%, 08/15/50 | 200 | 112 |
| 2.75%, 08/18/55 | 75 | 45 |
| FMC Corporation |  |  |
| 4.50%, 10/01/49 | 300 | 239 |
| Freeport-McMoRan Inc. |  |  |
| 5.45%, 03/15/43 | 300 | 270 |
| Linde Inc. |  |  |
| 2.65%, 02/05/25 | 400 | 383 |
| LYB International Finance B.V. |  |  |
| 5.25%, 07/15/43 | 300 | 264 |
| LYB International Finance III, LLC |  |  |
| 3.80%, 10/01/60 | 200 | 130 |
| Martin Marietta Materials, Inc. |  |  |
| 3.50%, 12/15/27 | 300 | 278 |
| MOS Holdings Inc. |  |  |
| 4.88%, 11/15/41 | 20 | 17 |
| NewMarket Corporation |  |  |
| 2.70%, 03/18/31 | 400 | 313 |
| Newmont Corporation |  |  |
| 5.88%, 04/01/35 | 200 | 203 |
| Nucor Corporation |  |  |
| 2.70%, 06/01/30 | 300 | 255 |
| 2.98%, 12/15/55 | 200 | 124 |
| Nutrien Ltd. |  |  |
| 2.95%, 05/13/30 | 300 | 258 |
| 3.95%, 05/13/50 | 300 | 230 |
| PPG Industries, Inc. |  |  |
| 2.80%, 08/15/29 | 200 | 173 |
| 2.55%, 06/15/30 | 300 | 251 |
| Rio Tinto Alcan Inc. |  |  |
| 5.75%, 06/01/35 | 250 | 254 |
| Southern Copper Corporation |  |  |
| 7.50%, 07/27/35 | 150 | 174 |
| Steel Dynamics, Inc. |  |  |
| 3.25%, 10/15/50 | 115 | 75 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| The Dow Chemical Company |  |  |
| 4.63%, 10/01/44 | 250 | 208 |
| The Sherwin-Williams Company |  |  |
| 3.45%, 06/01/27 | 700 | 657 |
| 4.50%, 06/01/47 | 70 | 59 |
| Vale Overseas Ltd |  |  |
| 3.75%, 07/08/30 | 100 | 88 |
| 6.88%, 11/21/36 | 200 | 212 |
| Westlake Corporation |  |  |
| 3.38%, 08/15/61 | 200 | 119 |
| | | 6586 |
| Total Corporate Bonds And Notes (cost $318,425) | Total Corporate Bonds And Notes (cost $318,425) | 264294 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.4%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.4%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.4%** |
| American Express Credit Account Master Trust |  |  |
| Series 2021-A-1, 0.90%, 11/15/24 | 400 | 370 |
| BA Credit Card Trust |  |  |
| Series 2022-A1-A1, 3.53%, 06/16/25 | 200 | 195 |
| Bank 2017-BNK8 |  |  |
| Series 2017-A3-BNK8, REMIC, 3.23%, 10/15/27 | 137 | 125 |
| Bank 2019-BNK23 |  |  |
| Series 2019-A3-BN23, REMIC, 2.92%, 11/16/29 | 500 | 435 |
| Barclays Dryrock Issuance Trust |  |  |
| Series 2022-A-1, 3.07%, 04/15/25 | 300 | 289 |
| BBCMS Mortgage Trust 2022-C15 |  |  |
| Series 2022-A5-C15, REMIC, 3.66%, 03/17/32 (e) | 200 | 179 |
| Benchmark 2019-B10 Mortgage Trust |  |  |
| Series 2019-A4-B10, REMIC, 3.72%, 03/16/29 | 1200 | 1110 |
| Benchmark 2020-IG1 Mortgage Trust |  |  |
| Series 2020-A3-IG1, REMIC, 2.69%, 01/17/30 (e) | 400 | 329 |
| Benchmark 2021-B25 Mortgage Trust |  |  |
| Series 2021-A5-B25, REMIC, 2.58%, 04/17/31 | 300 | 250 |
| Benchmark 2022-B32 Mortgage Trust |  |  |
| Series 2022-A5-B32, REMIC, 3.00%, 01/16/32 (e) | 400 | 340 |
| Capital One Multi-Asset Execution Trust |  |  |
| Series 2021-A2-A2, 1.39%, 07/15/24 | 300 | 250 |
| Series 2021-A3-A3, 1.04%, 11/15/24 | 193 | 180 |
| CD 2017-CD5 Mortgage Trust |  |  |
| Series 2017-AS-CD5, REMIC, 3.68%, 07/16/27 (e) | 300 | 272 |
| CFCRE 2017-C8 Mortgage Trust |  |  |
| Series 2017-A4-C8, REMIC, 3.57%, 05/17/27 | 750 | 689 |
| Citigroup Commercial Mortgage Trust 2015-GC33 |  |  |
| Series 2015-A3-GC33, REMIC, 3.52%, 08/10/25 | 652 | 622 |
| Citigroup Commercial Mortgage Trust 2019-C7 |  |  |
| Series 2019-A4-C7, REMIC, 3.10%, 12/17/29 | 300 | 259 |
| Citigroup Commercial Mortgage Trust 2020-GC46 |  |  |
| Series 2020-AS-GC46, REMIC, 2.92%, 02/15/30 (e) | 500 | 411 |
| COMM 2014-UBS3 Mortgage Trust |  |  |
| Series 2014-A3-UBS3, REMIC, 3.55%, 04/12/24 | 477 | 462 |
| Series 2014-A4-UBS3, REMIC, 3.82%, 05/10/24 | 250 | 240 |
| COMM 2015-DC1 Mortgage Trust |  |  |
| Series 2015-A4-DC1, REMIC, 3.08%, 12/12/24 | 500 | 477 |
| COMM 2015-LC19 Mortgage Trust |  |  |
| Series 2015-A4-LC19, REMIC, 3.18%, 01/10/25 | 500 | 474 |
| GM Financial Automobile Leasing Trust 2022-2 |  |  |
| Series 2022-A3-2, REMIC, 3.42%, 06/20/25 | 300 | 292 |
| GM Financial Automobile Leasing Trust 2022-3 |  |  |
| Series 2022-A3-3, 4.01%, 10/21/24 | 200 | 196 |
| GS Mortgage Securities Trust 2019-GC42 |  |  |
| Series 2019-A4-GC42, REMIC, 3.00%, 09/12/29 | 200 | 174 |
| GS Mortgage Securities Trust 2019-GSA1 |  |  |
| Series 2019-A4-GSA1, REMIC, 3.05%, 10/15/29 | 100 | 87 |
| GS Mortgage Securities Trust 2020-GC45 |  |  |
| Series 2020-AS-GC45, REMIC, 3.17%, 12/14/29 | 300 | 255 |
| Hyundai Auto Receivables Trust 2020-A |  |  |
| Series 2020-A4-A, 1.72%, 06/15/26 | 200 | 192 |
| Hyundai Auto Receivables Trust 2022-A |  |  |
| Series 2022-A3-A, 2.22%, 10/15/26 | 400 | 381 |
| Hyundai Auto Receivables Trust 2022-B |  |  |
| Series 2022-A3-B, 3.72%, 11/16/26 | 200 | 196 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17 |  |  |
| Series 2014-A5-C17, REMIC, 3.74%, 07/17/24 | 250 | 241 |
| Morgan Stanley Capital I Trust 2017-H1 |  |  |
| Series 2017-A4-H1, REMIC, 3.26%, 03/17/27 | 500 | 458 |
| Morgan Stanley Capital I Trust 2018-H4 |  |  |
| Series 2018-A3-H4, REMIC, 4.04%, 10/17/28 | 300 | 282 |
| Santander Drive Auto Receivables Trust 2021-1 |  |  |
| Series 2021-D-1, 1.13%, 11/16/26 | 200 | 188 |
| SG Commercial Mortgage Securities Trust 2016-C5 |  |  |
| Series 2016-A4-C5, REMIC, 3.06%, 06/12/26 | 1000 | 915 |
| Synchrony Card Issuance Trust |  |  |
| Series 2022-A-A1, 3.37%, 04/15/25 | 200 | 192 |
| United Airlines 2014-2 Pass-Through Trust |  |  |
| Series 2014-A-2, 3.75%, 09/03/26 | 122 | 110 |
| United Airlines, Inc. |  |  |
| Series 2013-A-1, 4.30%, 08/15/25 | 151 | 141 |
| Verizon Master Trust |  |  |
| Series 2021-A-2, REMIC, 0.99%, 10/21/24 | 300 | 279 |
| Wells Fargo Commercial Mortgage Trust 2018-C44 |  |  |
| Series 2018-A5-C44, REMIC, 4.21%, 04/17/28 | 1000 | 948 |
| WFRBS Commercial Mortgage Trust 2014-C21 |  |  |
| Series 2014-A5-C21, REMIC, 3.68%, 07/17/24 | 500 | 479 |
| World Omni Auto Receivables Trust 2020-B |  |  |
| Series 2020-A4-B, 0.82%, 04/15/24 | 200 | 190 |
| World Omni Auto Receivables Trust 2021-C |  |  |
| Series 2021-A4-C, 0.64%, 09/15/27 | 250 | 228 |
| World Omni Auto Receivables Trust 2022-A |  |  |
| Series 2022-A3-A, 1.66%, 05/17/27 | 200 | 190 |
| World Omni Automobile Lease Securitization Trust 2022-A |  |  |
| Series 2022-A3-A, 3.21%, 02/18/25 | 200 | 196 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $16,577) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $16,577) | 14768 |
| **SHORT TERM INVESTMENTS 4.2%** | **SHORT TERM INVESTMENTS 4.2%** | **SHORT TERM INVESTMENTS 4.2%** |
| **Investment Companies 4.0%** | **Investment Companies 4.0%** | **Investment Companies 4.0%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (f) (l) | 41035 | 41035 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (f) (l) | 1636 | 1636 |
| Total Short Term Investments (cost $42,671) | Total Short Term Investments (cost $42,671) | 42671 |
| **Total Investments 103.7% (cost $1,203,001)** | **Total Investments 103.7% (cost $1,203,001)** | **1059153** |
| **Total Forward Sales Commitments (0.1)% (proceeds $1,142)** | **Total Forward Sales Commitments (0.1)% (proceeds $1,142)** | **(1128)** |
| **Other Assets and Liabilities, Net (3.6)%** | **Other Assets and Liabilities, Net (3.6)%** | **(36655)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1021370** |

---

(a) All or a portion of the security was on loan as of December 31, 2022.

(b) All or a portion of the security is pledged or segregated as collateral.

(c) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2022, the total payable for investments purchased on a delayed delivery basis was $41,315.

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

(e) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(f) Investment in affiliate.

(g) Convertible security.

(h) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $2,277 and 0.2% of the Fund.

(i) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(j) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(k) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(l) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **FORWARD SALES COMMITMENTS (0.1%)** | **FORWARD SALES COMMITMENTS (0.1%)** | **FORWARD SALES COMMITMENTS (0.1%)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS (0.1%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.1%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.1%)** |
| **Mortgage-Backed Securities (0.1%)** | **Mortgage-Backed Securities (0.1%)** | **Mortgage-Backed Securities (0.1%)** |
| Federal National Mortgage Association, Inc. |  |  |
| 2.50%, 01/15/38 | (400) | (367) |
| 2.50%, 02/15/38 | (75) | (69) |
| 1.50%, 01/15/53 | (275) | (212) |
| 1.50%, 02/15/53 | (100) | (77) |
| Government National Mortgage Association |  |  |
| 3.00%, 01/15/53 | (350) | (312) |
| 3.00%, 02/15/53 | (50) | (45) |
| Government National Mortgage Association |  |  |
| 3.50%, 01/15/53 | (50) | (46) |
| Total Government And Agency Obligations (proceeds $1,142) | Total Government And Agency Obligations (proceeds $1,142) | (1128) |
| **Total Forward Sales Commitments (0.1%) (proceeds $1,142)** | **Total Forward Sales Commitments (0.1%) (proceeds $1,142)** | **(1128)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Bond Index Fund — Long Term Investments in Affiliates** | **JNL Bond Index Fund — Long Term Investments in Affiliates** | **JNL Bond Index Fund — Long Term Investments in Affiliates** | **JNL Bond Index Fund — Long Term Investments in Affiliates** | **JNL Bond Index Fund — Long Term Investments in Affiliates** | **JNL Bond Index Fund — Long Term Investments in Affiliates** | **JNL Bond Index Fund — Long Term Investments in Affiliates** | **JNL Bond Index Fund — Long Term Investments in Affiliates** | **JNL Bond Index Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Athene Holding Ltd, 3.95%, 05/25/51 | 329 |  |  | 11 |  | (124) | 205 |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Bond Index Fund** | **JNL Bond Index Fund** | **JNL Bond Index Fund** | **JNL Bond Index Fund** | **JNL Bond Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 737420 |  | 737420 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 264294 |  | 264294 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 14768 |  | 14768 |
| &nbsp;&nbsp;Short Term Investments | 42671 |  |  | 42671 |
|  | 42671 | 1016482 |  | 1059153 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Government And Agency Obligations |  | (1128) |  | (1128) |
|  |  | (1128) |  | (1128) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** |
| **COMMON STOCKS 97.4%** | **COMMON STOCKS 97.4%** | **COMMON STOCKS 97.4%** |
| **China 28.9%** | **China 28.9%** | **China 28.9%** |
| 360 Security Technology Inc. - Class A | 66 | 62 |
| 3Peak Incorporated - Class A (a) | 1 | 36 |
| AAC Technologies Holdings Inc. (a) | 82 | 188 |
| AECC Aero-Engine Control Co., Ltd. - Class A | 11 | 39 |
| Agricultural Bank of China Limited - Class A | 1653 | 692 |
| Agricultural Bank of China Limited - Class H | 3558 | 1219 |
| Aima Technology Group Co., Ltd. - Class A | 4 | 26 |
| Alibaba Group Holding Limited (a) (b) | 1946 | 21290 |
| Alibaba Health Information Technology Limited (a) | 508 | 429 |
| Alumina Limited - Class A | 23 | 34 |
| Aluminum Corporation of China Limited - Class A | 143 | 92 |
| Aluminum Corporation of China Limited - Class H | 510 | 217 |
| Amlogic (Shanghai) Co., Ltd. - Class A (a) | 3 | 35 |
| Angel Yeast Co., Ltd. - Class A | 9 | 56 |
| Anhui Conch Cement Company Limited - Class A | 39 | 155 |
| Anhui Conch Cement Company Limited - Class H | 136 | 474 |
| Anhui Gujing Distillery Company Limited - Class A | 4 | 157 |
| Anhui Gujing Distillery Company Limited - Class B | 14 | 217 |
| Anhui Kouzi Distillery Co., Ltd. - Class A | 7 | 55 |
| Anhui Yingjia Distillery Co., Ltd. - Class A | 6 | 51 |
| ANTA Sports Products Limited | 133 | 1725 |
| Asymchem Laboratories (Tianjin) Co., Ltd. - Class A | 4 | 74 |
| Asymchem Laboratories (Tianjin) Co., Ltd. - Class H (b) | 3 | 43 |
| Autohome Inc. (b) (c) | 28 | 215 |
| Avary Holding (Shenzhen) Co., Limited - Class A | 20 | 80 |
| Avic Aerospace System Co., Ltd - Class A | 42 | 61 |
| Avic Capital Co., Ltd. - Class A | 97 | 46 |
| AviChina Industry & Technology Company Limited - Class H (c) | 257 | 116 |
| Avicopter PLC - Class A (d) | 6 | 43 |
| Baidu, Inc. - Class A (a) (b) | 278 | 3978 |
| Bank of Beijing Co., Ltd. - Class A | 210 | 130 |
| Bank of Changsha Co., Ltd. - Class A | 34 | 33 |
| Bank of Chengdu Co., Ltd. - Class A | 40 | 89 |
| Bank of China Limited - Class A | 762 | 347 |
| Bank of China Limited - Class H | 9451 | 3431 |
| Bank of Communications Co., Ltd. - Class A | 410 | 279 |
| Bank of Communications Co., Ltd. - Class H | 2674 | 1536 |
| Bank of Jiangsu Co., Ltd. - Class A | 153 | 160 |
| Bank of Nanjing Co., Ltd. - Class A | 108 | 162 |
| Bank of Ningbo Co., Ltd. - Class A | 65 | 300 |
| Bank of Shanghai Co., Ltd. - Class A | 147 | 125 |
| Baoshan Iron & Steel Co., Ltd. - Class A | 231 | 185 |
| Baotou Steel (Group) Co., Ltd - Class A | 473 | 131 |
| BBMG Corporation - Class A | 167 | 61 |
| BeiGene, Ltd. (a) (b) | 104 | 1777 |
| Beijing Dabeinong Technology Group Co., Ltd. - Class A (a) | 46 | 59 |
| Beijing Enterprises Holdings Limited | 58 | 185 |
| Beijing Enterprises Water Group Limited | 648 | 166 |
| Beijing Huaer Company Limited - Class A | 48 | 44 |
| Beijing Huafeng Test & Control Technology Co., Ltd. - Class A | 1 | 37 |
| Beijing Kingsoft Office Software Co., Ltd - Class A | 5 | 175 |
| Beijing New Building Material (Group) Co., Ltd. - Class A | 18 | 67 |
| Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - Class A | 20 | 97 |
| Beijing Shiji Information Technology Co., Ltd. - Class A | 24 | 52 |
| Beijing Tongrentang Co., Ltd. - Class A | 9 | 59 |
| Beijing United Information Technology Co., Ltd - Class A | 4 | 52 |
| Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. - Class A | 7 | 119 |
| Beijing Zhonggong Education Technology Co., Ltd. - Class A (a) | 25 | 16 |
| Bethel Automotive Safety Systems Co., Ltd - Class A | 4 | 41 |
| Bicycle Club Joint Venture, L.P. - Class A | 35 | 121 |
| Bloomage Biotechnology Corporation Limited - Class A | 2 | 46 |
| Blue Moon Group Holdings Limited (b) (c) | 159 | 106 |
| Bluestar Adisseo Co., Ltd - Class A | 24 | 29 |
| BOC Hong Kong (Holdings) Limited | 442 | 1505 |
| BOC International (China) Co., Ltd. - Class A | 25 | 38 |
| BOE Technology Group Co., Ltd. - Class A | 391 | 190 |
| BOE Technology Group Co., Ltd. - Class B | 113 | 50 |
| BYD Company Limited - Class A | 19 | 681 |
| BYD Company Limited - Class H | 106 | 2593 |
| BYD Electronic (International) Company Limited | 94 | 301 |
| Caida Securities Co., Ltd. - Class A | 33 | 36 |
| Caitong Securities Co., Ltd. - Class A | 50 | 51 |
| Cansino Biologics Inc. - Class A | 1 | 15 |
| Cansino Biologics Inc. - Class H (b) | 10 | 82 |
| CGN Power Co., Ltd. - Class A | 122 | 47 |
| CGN Power Co., Ltd. - Class H (b) | 1495 | 356 |
| Chacha Food Company, Limited - Class A | 5 | 39 |
| Changchun High And New Technology Industry (Group) Inc. - Class A | 4 | 103 |
| Changjiang Securities Co., Ltd. - Class A | 59 | 45 |
| Changzhou Xingyu Automotive Lighting Systems Co., Ltd. - Class A | 3 | 53 |
| Chengdu Westone Information Industry Inc. - Class A | 8 | 35 |
| China Aviation Power Co., Ltd. - Class A | 29 | 173 |
| China Baoan Group Co., Ltd. - Class A | 32 | 55 |
| China CITIC Bank Corporation Limited - Class H | 1186 | 525 |
| China Coal Energy Company Limited - Class A | 58 | 71 |
| China Coal Energy Company Limited - Class H | 256 | 208 |
| China Conch Venture Holdings Limited | 195 | 422 |
| China Construction Bank Corporation - Class A | 68 | 55 |
| China Construction Bank Corporation - Class H | 11989 | 7485 |
| China CSSC Holdings Limited - Class A | 41 | 131 |
| China Eastern Airlines Corporation Limited - Class A (a) | 150 | 119 |
| China Eastern Airlines Corporation Limited - Class H (a) (c) | 230 | 93 |
| China Energy Engineering Corporation Limited - Class A | 264 | 87 |
| China Energy Engineering Corporation Limited - Class H | 658 | 77 |
| China Everbright Bank Company Limited - Class A | 409 | 181 |
| China Everbright Bank Company Limited - Class H | 326 | 99 |
| China Evergrande Group (a) (d) | 567 | 134 |
| China Feihe Limited (b) | 396 | 335 |
| China Galaxy Securities Co., Ltd. - Class A | 58 | 77 |
| China Galaxy Securities Co., Ltd. - Class H | 399 | 195 |
| China Hongqiao Group Limited | 239 | 226 |
| China Huishan Dairy Holdings Company Limited (a) (d) | 946 |  |
| China International Capital Corporation Limited - Class A | 17 | 94 |
| China International Capital Corporation Limited - Class H (b) | 194 | 370 |
| China International Marine Containers (Group) Co., Ltd. - Class A | 30 | 30 |
| China Jushi Co., Ltd. - Class A | 41 | 81 |
| China Lesso Group Holdings Limited | 111 | 115 |
| China Life Insurance Company Limited - Class H | 916 | 1563 |
| China Literature Limited (a) (b) | 47 | 183 |
| China Longyuan Power Group Corporation Limited - Class H | 431 | 524 |
| China Medical System Holdings Limited | 148 | 232 |
| China Merchants Bank Co., Ltd. - Class A | 206 | 1102 |
| China Merchants Bank Co., Ltd. - Class H | 400 | 2223 |
| China Merchants Energy Shipping Co., Ltd. - Class A | 68 | 55 |
| China Merchants Expressway Network & Technology Holdings Co., Ltd. - Class A | 43 | 48 |
| China Merchants Port Group Co., Ltd. - Class A | 9 | 18 |
| China Merchants Port Holdings Company Limited | 158 | 231 |
| China Merchants Securities Co., Ltd. - Class A | 70 | 134 |
| China Merchants Securities Co., Ltd. - Class H (b) | 82 | 80 |
| China Merchants Shekou Industrial Zone Holdings Co., Ltd - Class A | 70 | 127 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| China Minsheng Banking Corporation Limited - Class A | 365 | 181 |
| China Minsheng Banking Corporation Limited - Class H | 773 | 268 |
| China Molybdenum Co., Ltd - Class A | 217 | 142 |
| China National Building Material Company Limited - Class H | 588 | 481 |
| China National Nuclear Power Co Ltd - Class A | 189 | 163 |
| China National Software and Service Company Limited - Class A | 6 | 49 |
| China Northern Rare Earth (Group) High-Tech Co., Ltd. - Class A | 38 | 135 |
| China Oilfield Services Limited - Class A | 22 | 52 |
| China Oilfield Services Limited - Class H | 214 | 258 |
| China Overseas Land & Investment Limited | 469 | 1230 |
| China Pacific Insurance (Group) Co., Ltd. - Class A | 75 | 265 |
| China Pacific Insurance (Group) Co., Ltd. - Class H | 285 | 632 |
| China Petroleum & Chemical Corporation - Class A | 315 | 198 |
| China Petroleum & Chemical Corporation - Class H | 3174 | 1528 |
| China Railway Group Limited - Class A | 173 | 138 |
| China Railway Group Limited - Class H | 546 | 287 |
| China Railway Signal & Communication Corporation Limited - Class A | 63 | 43 |
| China Railway Signal & Communication Corporation Limited - Class H | 178 | 58 |
| China Resources Beer (Holdings) Company Limited | 190 | 1321 |
| China Resources Gas Group Limited | 109 | 405 |
| China Resources Land Limited | 357 | 1620 |
| China Resources Microelectronics Limited - Class A | 10 | 79 |
| China Resources Mixc Lifestyle Services Limited (b) | 78 | 396 |
| China Resources Power Holdings Company Limited | 219 | 447 |
| China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. - Class A | 12 | 82 |
| China Shenhua Energy Company Limited - Class A | 84 | 334 |
| China Shenhua Energy Company Limited - Class H | 428 | 1237 |
| China Southern Airlines Company Limited - Class A (a) | 130 | 141 |
| China Southern Airlines Company Limited - Class H (a) (c) | 186 | 121 |
| China Southern Power Grid Co., Ltd. - Class A | 32 | 26 |
| China Suntien Green Energy Corporation Limited - Class A | 8 | 11 |
| China Suntien Green Energy Corporation Limited - Class H (c) | 198 | 82 |
| China Taiping Insurance Holdings Company Limited | 177 | 220 |
| China Three Gorges Corporation - Class A | 262 | 212 |
| China Tourism Group Duty Free Corporation Limited - Class A | 20 | 622 |
| China Tourism Group Duty Free Corporation Limited - Class H (a) | 6 | 179 |
| China Tower Corporation Limited - Class H (b) | 5876 | 631 |
| China Vanke Co., Ltd. - Class A | 104 | 270 |
| China Vanke Co., Ltd. - Class H | 237 | 478 |
| China Yangtze Power Co., Ltd. - Class A | 232 | 699 |
| China Zhenhua (Group) Science & Technology Co., Ltd. - Class A | 6 | 90 |
| China Zheshang Bank Co., Ltd. - Class A (a) | 149 | 63 |
| Chongqing Brewery Co., Ltd. - Class A | 5 | 95 |
| Chongqing Changan Automobile Company Limited - Class A | 87 | 154 |
| Chongqing Changan Automobile Company Limited - Class B | 179 | 84 |
| Chongqing Fuling Zhacai Group Co., Ltd. - Class A | 8 | 30 |
| Chongqing Rural Commercial Bank Co., Ltd. - Class A | 71 | 36 |
| Chongqing Rural Commercial Bank Co., Ltd. - Class H | 373 | 127 |
| CITIC Limited | 787 | 829 |
| Citic Pacific Special Steel Group - Class A | 40 | 98 |
| CITIC Securities Company Limited - Class A | 117 | 335 |
| CITIC Securities Company Limited - Class H | 172 | 348 |
| CNPC Capital Company Limited - Class A | 102 | 82 |
| Cosco Shipping Energy Transportation Co., Ltd. - Class A (a) | 36 | 61 |
| Country Garden Holdings Company Limited | 1097 | 373 |
| Country Garden Services Holdings Company Limited | 246 | 607 |
| CSC Financial Co., Ltd. - Class A | 34 | 116 |
| CSPC Pharmaceutical Group Limited | 1043 | 1089 |
| Dajin Heavy Industry Corporation - Class A | 7 | 42 |
| Daqin Railway Co., Ltd. - Class A | 115 | 111 |
| DaShenLin Pharmaceutical Group Co., Ltd. - Class A | 7 | 39 |
| Datang International Power Generation Co., Ltd. - Class A (a) | 46 | 18 |
| DHC Software Co., Ltd - Class A | 38 | 31 |
| Do-Fluoride New Materials Co., Ltd - Class A | 8 | 37 |
| Dongfang Electric Co., Ltd. - Class A | 34 | 101 |
| Dongxing Securities Co., Ltd. - Class A | 31 | 34 |
| Donlinks International Investment Co., Ltd. - Class A (a) | 10 | 39 |
| Eastern Air Logistics Co., Ltd. - Class A | 12 | 25 |
| Eastroc Beverage(Group) Co., Ltd. - Class A | 2 | 41 |
| Easyhome New Retail Group Corporation Limited - Class A | 69 | 41 |
| Ecovacs Robotics Co., Ltd. - Class A | 7 | 68 |
| ENN energy Holdings Limited | 93 | 1294 |
| Enn Natural Gas Co., Ltd. - Class A | 18 | 42 |
| Everbright Securities Company Limited - Class A | 27 | 58 |
| Everbright Securities Company Limited - Class H (b) (c) | 68 | 46 |
| Far East Horizon Limited | 254 | 198 |
| Faw Jiefang Group Co., Ltd - Class A | 33 | 36 |
| Flat Glass Group Co., Ltd. - Class A | 12 | 58 |
| Flat Glass Group Co., Ltd. - Class H (c) | 51 | 123 |
| Foshan Haitian Flavoring & Food Co., Ltd. - Class A | 47 | 530 |
| Fosun International Limited | 295 | 240 |
| Foxconn Industrial Internet Co., Ltd. - Class A | 134 | 177 |
| Fujian Anjing Food Co., Ltd. - Class A | 3 | 60 |
| Fujian Sunner Development Co., Ltd. - Class A | 14 | 46 |
| Full Truck Alliance Co. Ltd. - Class A - ADR (a) | 78 | 627 |
| Fuyao Glass Industry Group Co., Ltd. - Class A | 22 | 111 |
| Fuyao Glass Industry Group Co., Ltd. - Class H (b) | 75 | 313 |
| Fuzhou Tianyu Electric Co., Ltd. - Class A | 45 | 59 |
| Ganfeng Lithium Group Co., Ltd - Class A | 16 | 164 |
| Ganfeng Lithium Group Co., Ltd - Class H (b) (c) | 51 | 383 |
| G-Bits Network Technology (Xiamen) Co., Ltd. - Class A | 1 | 36 |
| GD Power Development Co., Ltd - Class A (a) | 188 | 115 |
| Geely Automobile Holdings Limited | 622 | 898 |
| GEM Co., Ltd. - Class A | 46 | 49 |
| Gemdale Corporation - Class A | 41 | 59 |
| GenScript Biotech Corporation (a) | 134 | 425 |
| GF Securities Co., Ltd. - Class A | 59 | 132 |
| GF Securities Co., Ltd. - Class H | 143 | 205 |
| GigaDevice Semiconductor Inc. - Class A | 7 | 103 |
| Glodon Company Limited - Class A | 13 | 111 |
| Goertek Inc. - Class A | 36 | 86 |
| Goodwe Technologies Co., Ltd. - Class A | 1 | 43 |
| Gotion High-Tech Co., Ltd. - Class A | 14 | 56 |
| Great Wall Motor Company Limited - Class A | 32 | 134 |
| Great Wall Motor Company Limited - Class H (c) | 365 | 471 |
| Greatwall Securities Co., Ltd. Beijing Haiying Road Stock Exchange - Class A | 31 | 36 |
| Gree Electric Appliances, Inc. of Zhuhai - Class A | 57 | 266 |
| GRG Banking Equipment Co., Ltd. - Class A | 25 | 36 |
| Guangdong Haid Group Co., Ltd. - Class A | 18 | 159 |
| Guangdong Investment Limited | 342 | 349 |
| Guangdong Kin Long Hardware Products Co., Ltd. - Class A | 4 | 52 |
| Guangdong Yangzhiguang Industrial Co., Ltd. - Class A (a) | 31 | 39 |
| Guangxi Guiguan Electric Power Co., Ltd. - Class A | 17 | 14 |
| Guangzhou Automobile Group Co., Ltd. - Class A | 69 | 110 |
| Guangzhou Automobile Group Co., Ltd. - Class H | 324 | 217 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. - Class A | 10 | 41 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. - Class H | 20 | 59 |
| Guangzhou Haige Communications Group Incorporated Company - Class A | 29 | 34 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Guangzhou Kingmed Diagnostics Group Co,.Ltd. - Class A | 5 | 55 |
| Guangzhou Ouxin Microelectronics Co., Ltd. - Class A | 9 | 172 |
| Guangzhou Shiyuan Electronic Technology Co., Ltd. - Class A | 7 | 61 |
| Guangzhou Tinci Materials Technology Co., Ltd. - Class A | 21 | 130 |
| Guangzhou Yuexiu Financial Holdings Group Co., Ltd. - Class A | 40 | 34 |
| Guolian Securities Co., Ltd. - Class A | 20 | 32 |
| Guolian Securities Co., Ltd. - Class H | 17 | 9 |
| Guosen Securities Co., Ltd. - Class A | 65 | 83 |
| Guotai Junan Securities Co., Ltd. - Class A | 79 | 155 |
| Guotai Junan Securities Co., Ltd. - Class H (b) | 94 | 106 |
| H World Group Limited | 175 | 752 |
| Haidilao International Holding Ltd. (a) (b) | 145 | 415 |
| Haier Smart Home Co., Ltd - Class A | 62 | 216 |
| Haier Smart Home Co., Ltd - Class H | 285 | 965 |
| Haisco Pharmaceutical Group Co., Ltd. - Class A | 7 | 21 |
| Haitian International Holdings Limited | 90 | 240 |
| Haitong Securities Co., Ltd. - Class A | 67 | 83 |
| Haitong Securities Co., Ltd. - Class H | 393 | 241 |
| Hangzhou Bank Co., Ltd. - Class A | 66 | 124 |
| Hangzhou Binjiang Real Estate Group Co., Ltd. - Class A | 30 | 38 |
| Hangzhou First Applied Material Co., Ltd. - Class A | 14 | 133 |
| Hangzhou Lion Microelectronics Co., Ltd. - Class A | 6 | 36 |
| Hangzhou Oxygen Plant Group Co., Ltd. - Class A | 8 | 44 |
| Hangzhou Robam Appliances Co., Ltd. - Class A | 10 | 39 |
| Hangzhou Silan Microelectronics Co., Ltd. - Class A | 14 | 64 |
| Han's Laser Technology Industry Group Co., Ltd. - Class A | 11 | 40 |
| Haohua Chemical Science & Technology Corp., Ltd. - Class A | 7 | 43 |
| Hebei Sinopack Electronic Technology Co., Ltd. - Class A | 2 | 21 |
| Hedy Holding Co., Ltd. - Class A | 156 | 150 |
| Heilongjiang Agriculture Company Limited - Class A | 21 | 41 |
| Henan Shuanghui Investment & Development Co., Ltd. - Class A | 32 | 120 |
| Hengan International Group Company Limited | 84 | 453 |
| Hengli Petrochemical (Dalian) Co., Ltd. - Class A | 65 | 146 |
| Hengsheng Chemical Industry Co., Ltd. - Class A | 22 | 106 |
| Hengtong Optic-Electric Co., Ltd. - Class A | 19 | 40 |
| Hengyi Petrochemical Co. Ltd - Class A | 39 | 39 |
| Hongfa Technology Co., Ltd. - Class A | 9 | 44 |
| Hoshizaki Corporation - Class A | 6 | 68 |
| Hua Xia Bank Co., Limited - Class A | 152 | 113 |
| Huadian Power International Corporation Limited - Class A | 65 | 55 |
| Huadong Medicine Co., Ltd - Class A | 18 | 120 |
| Huafon Chemical Co., Ltd. - Class A | 27 | 27 |
| Huaibei Mining Co., Ltd. - Class A | 21 | 38 |
| Hualan Biological Engineering, Inc. - Class A | 19 | 61 |
| Hualin Securities Co., Ltd. - Class A | 10 | 19 |
| Huaneng Lancang River Hydropower Inc. - Class A | 69 | 65 |
| Huaneng Power International, Inc. - Class A (a) | 97 | 106 |
| Huaneng Power International, Inc. - Class H (a) | 422 | 199 |
| Huatai Securities Co., Ltd. - Class A | 59 | 108 |
| Huatai Securities Co., Ltd. - Class H (b) | 218 | 248 |
| Huaxi Securities Co., Ltd. - Class A | 29 | 31 |
| Huaxin Cement Co., Ltd. - Class A | 19 | 40 |
| Huaxin Cement Co., Ltd. - Class H | 19 | 21 |
| Huayu Automotive Systems Co., Ltd. - Class A | 32 | 80 |
| Hubei Jumpcan Pharmaceutical Co., Ltd. - Class A | 9 | 35 |
| Hubei Xingfa Chemicals Group Co., Ltd. - Class A | 13 | 54 |
| Huizhou Desay SV Automotive Co., Ltd. - Class A | 6 | 83 |
| Humanwell Healthcare (Group) Co., Ltd - Class A | 17 | 58 |
| Hundsun Technologies Inc. - Class A | 20 | 115 |
| iFlytek Co., Ltd. - Class A | 23 | 110 |
| Industrial and Commercial Bank of China Limited - Class A | 1034 | 645 |
| Industrial and Commercial Bank of China Limited - Class H | 8589 | 4419 |
| Industrial Bank Co., Ltd. - Class A | 215 | 542 |
| Industrial Securities Co., Ltd. - Class A | 90 | 74 |
| Inner Mongolia Junzheng Energy And Chemical Group Co., Ltd. - Class A | 90 | 51 |
| Inner Mongolia Yili Industrial Group Co., Ltd. - Class A | 64 | 285 |
| Innovent Biologics, Inc. - Class B (a) (b) | 140 | 602 |
| Inspur Electronic Information Industry Co., Ltd. - Class A | 15 | 45 |
| IRAY Technology Company Limited - Class A | 1 | 44 |
| Ja Solar Technology Co., Ltd. - Class A | 23 | 195 |
| Jcet Group Co., Ltd. - Class A | 11 | 37 |
| JD Health International Inc. (a) (b) | 128 | 1159 |
| JD Logistics, Inc. (a) | 237 | 455 |
| JD.com, Inc. - Class A | 290 | 8070 |
| Jiangsu Cnano Technology Co. Limited - Class A | 2 | 22 |
| Jiangsu Eastern Shenghong Co., Ltd. - Class A | 46 | 86 |
| Jiangsu Expressway Company Limited - Class A | 29 | 34 |
| Jiangsu Expressway Company Limited - Class H | 129 | 118 |
| Jiangsu Hengli Hydraulic Technology Co., Ltd. - Class A | 12 | 112 |
| Jiangsu Hengrui Medicine Co., Ltd. - Class A | 66 | 365 |
| Jiangsu King'S Luck Brewery Joint-Stock Co., Ltd. - Class A | 14 | 99 |
| Jiangsu Siyang Yanghe Vintage Co., Ltd. - Class A | 14 | 324 |
| Jiangsu Yuyue Medical Equipment Co., Ltd. - Class A | 11 | 49 |
| Jiangsu Zhongtian Technology Co., Ltd. - Class A | 33 | 77 |
| Jiangxi Copper Company Limited - Class A | 12 | 31 |
| Jiangxi Copper Company Limited - Class H | 124 | 182 |
| Jiangxi Special Electric Motor Co., Ltd - Class A (a) | 15 | 38 |
| Jiugui Liquor Co., Ltd. - Class A | 3 | 57 |
| Joinn Laboratories (China) Co., Ltd. - Class A | 5 | 44 |
| Joinn Laboratories (China) Co., Ltd. - Class H (b) | 11 | 57 |
| Jointown Pharmaceutical Group Co., Ltd. - Class A | 20 | 37 |
| Jonjee Hi-Tech Industrial and Commercial Holding Co., Ltd. - Class A | 8 | 44 |
| Juewei Food Co., Ltd. - Class A | 7 | 58 |
| Kangmei Pharmaceutical Co., Ltd. - Class A (a) | 3 | 1 |
| Kanzhun Limited - ADR (a) | 26 | 525 |
| KBC Corporation, Ltd. - Class A | 1 | 35 |
| KE Holdings Inc. (a) | 246 | 1167 |
| Keboda Technology Co., Ltd. - Class A | 1 | 13 |
| KEDA Industrial Group Co., Ltd - Class A | 19 | 39 |
| Kingdee International Software Group Company Limited (a) | 352 | 746 |
| Kingsoft Corp Ltd | 116 | 387 |
| Kuaishou Technology (a) (b) | 238 | 2145 |
| Kuang-Chi Technologies Co., Ltd. - Class A | 16 | 39 |
| Kunlun Energy Company Limited | 500 | 355 |
| Kweichow Moutai Co., Ltd. - Class A | 12 | 3045 |
| LB Group Co., Ltd. - Class A | 22 | 58 |
| Lenovo Group Limited | 915 | 737 |
| Levima Advanced Materials Corporation - Class A | 9 | 40 |
| Li Auto Inc. (a) | 140 | 1402 |
| Li Ning Company Limited | 285 | 2463 |
| Liaoning Port Co., Ltd. - Class A | 185 | 43 |
| Liaoning Port Co., Ltd. - Class H | 444 | 39 |
| Lingyi Itech (Guangdong) Company - Class A (a) | 65 | 43 |
| Livzon Pharmaceutical Group Inc. - Class A | 11 | 51 |
| Livzon Pharmaceutical Group Inc. - Class H | 11 | 35 |
| Longfor Properties Co. Ltd. | 212 | 652 |
| LONGi Green Energy Technology Co., Ltd. - Class A | 79 | 477 |
| Lufax Holding Ltd - ADR | 86 | 167 |
| Luxshare Precision Industry (Kunshan) Co., Ltd. - Class A | 74 | 339 |
| Luzhou Lao Jiao Vintage Co., Ltd. - Class A | 14 | 462 |
| Meinian Onehealth Healthcare Holdings Co., Ltd. - Class A (a) | 42 | 37 |
| Meituan - Class B (a) (b) | 501 | 11082 |
| Metallurgical Corporation of China Ltd. - Class A | 220 | 100 |
| MicroPort Scientific Corporation (a) | 84 | 218 |
| Midea Group Co., Ltd. - Class A | 70 | 521 |
| Mingyang Smart Energy Group Co., Ltd. - Class A | 23 | 83 |
| Minth Group Limited | 94 | 254 |
| Montage Technology Co., Ltd. - Class A | 11 | 95 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Muyuan Foods Co., Ltd. - Class A | 51 | 359 |
| Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd - Class A | 13 | 33 |
| NARI Technology Co., Ltd. - Class A | 70 | 247 |
| Naura Technology Group Co., Ltd. - Class A | 5 | 172 |
| Navinfo Co., Ltd. - Class A | 19 | 30 |
| NetEase, Inc. | 224 | 3253 |
| New China Life Insurance Company Ltd. - Class A | 26 | 111 |
| New China Life Insurance Company Ltd. - Class H | 99 | 241 |
| New Hope Liuhe Co., Ltd. - Class A (a) | 47 | 88 |
| Ninestar Co., Ltd. - Class A | 12 | 89 |
| Ningbo Deye Technology Co., Ltd. - Class A | 2 | 110 |
| Ningbo Orient Wires & Cables Co., Ltd - Class A | 6 | 62 |
| Ningbo Ronbay New Energy Technology Co., Ltd. - Class A | 4 | 37 |
| Ningbo Shanshan Co., Ltd. - Class A | 16 | 42 |
| Ningbo Tuopu Group Co., Ltd. - Class A | 11 | 95 |
| Ningbo Zhoushan Port Group - Class A | 120 | 62 |
| Ningxia Baofeng Energy Group Shares Co., Ltd. - Class A | 62 | 108 |
| NIO, Inc. (a) | 174 | 1720 |
| Nongfu Spring Co., Ltd. - Class H (b) | 221 | 1247 |
| Oppein Home Group Inc. - Class A | 5 | 85 |
| Orient Securities Company Limited - Class A | 59 | 76 |
| Orient Securities Company Limited - Class H (b) | 89 | 43 |
| Pangang Group Steel Vanadium & Titanium Co., Ltd. - Class A (a) | 74 | 50 |
| Perfect World Co., Ltd. - Class A | 21 | 38 |
| PetroChina Company Limited - Class H | 2599 | 1185 |
| PICC Property and Casualty Company Limited - Class H | 857 | 810 |
| Pinduoduo Inc. - ADR (a) | 67 | 5453 |
| Ping An Bank Co., Ltd. - Class A | 203 | 383 |
| Ping An Healthcare and Technology Company Limited (a) (b) | 59 | 159 |
| Ping An Insurance (Group) Co of China Ltd - Class A | 110 | 739 |
| Ping An Insurance (Group) Co of China Ltd - Class H | 757 | 4971 |
| Poly Developments and Holdings Group Co., Ltd. - Class A | 125 | 271 |
| Postal Savings Bank of China Co., Ltd. - Class A | 348 | 230 |
| Postal Savings Bank of China Co., Ltd. - Class H (b) (c) | 996 | 616 |
| Power Construction Corporation of China - Class A | 128 | 130 |
| Proya Cosmetics Co., Ltd. - Class A | 3 | 64 |
| Pylon Technologies Co., Ltd. - Class A | 1 | 55 |
| Qingdao Port International Co., Ltd. - Class A | 46 | 37 |
| Qingdao Port International Co., Ltd. - Class H (b) | 71 | 34 |
| Qingdao Rural Commercial Bank Co., Ltd. - Class A | 67 | 28 |
| Qinghai Salt Lake Industry Co., Ltd - Class A (a) | 52 | 169 |
| Red Star Macalline Home Furnishing Group Co., Ltd. - Class A | 32 | 22 |
| Remegen, Ltd. - Class A (a) | 4 | 43 |
| Remegen, Ltd. - Class H (a) (b) | 16 | 115 |
| Rockchip Electronics Co., Ltd. - Class A | 4 | 37 |
| Rongsheng Petrochemical Co., Ltd. - Class A | 94 | 166 |
| S.F. Holding Co., Ltd - Class A | 49 | 405 |
| SAIC Motor Corporation Limited - Class A | 107 | 221 |
| SANY Heavy Industry Co., Ltd. - Class A | 90 | 204 |
| Satellite Chemical Co., Ltd. - Class A | 31 | 70 |
| Seazen Holdings Co., Ltd. - Class A (a) | 23 | 68 |
| Shaanxi Coal and Chemical Industry Group Co., Ltd. - Class A | 96 | 256 |
| Shan Xi Hua Yang Group New Energy Co., Ltd. - Class A | 20 | 40 |
| Shandong Energy Group Co., Ltd - Class A | 25 | 119 |
| Shandong Energy Group Co., Ltd - Class H | 180 | 551 |
| Shandong Gold Group Co., Ltd. - Class A | 43 | 118 |
| Shandong Gold Group Co., Ltd. - Class H (b) | 77 | 143 |
| Shandong Hi-Speed ??Group Co., Ltd. - Class A | 18 | 15 |
| Shandong Linglong Tyre Co., Ltd. - Class A | 14 | 41 |
| Shandong Nanshan Aluminium Co., Ltd. - Class A | 119 | 56 |
| Shandong Weigao Group Medical Polymer Company Limited - Class H | 294 | 482 |
| Shanghai Bairun Investment Holding Group Co., Ltd. - Class A | 10 | 51 |
| Shanghai Baosight Software Co., Ltd - Class A | 12 | 80 |
| Shanghai Baosight Software Co., Ltd - Class B | 58 | 181 |
| Shanghai Electric Group Company Limited - Class A (a) | 168 | 95 |
| Shanghai Electric Group Company Limited - Class H (a) | 312 | 70 |
| Shanghai Flyco Electrical Appliance Co., Ltd - Class A | 2 | 15 |
| Shanghai Fosun Pharmaceutical (Group) Co., Ltd. - Class A | 22 | 113 |
| Shanghai Fosun Pharmaceutical (Group) Co., Ltd. - Class H | 52 | 166 |
| Shanghai Friendess Electronic Technology Corporation Limited - Class A | 1 | 35 |
| Shanghai Fudan Microelectronics Group Co., Ltd. - Class A | 5 | 51 |
| Shanghai Fudan Microelectronics Group Co., Ltd. - Class H | 32 | 121 |
| Shanghai International Airport Co.Ltd. - Class A (a) | 25 | 209 |
| Shanghai International Port(Group) Co., Ltd - Class A | 197 | 151 |
| Shanghai Jiangong Tufang Construction Co., Ltd. - Class A | 118 | 44 |
| Shanghai Jin Jiang International Hotel Co., Ltd. - Class A | 10 | 84 |
| Shanghai Jin Jiang International Hotel Co., Ltd. - Class B | 27 | 55 |
| Shanghai Junshi Biosciences Co., Ltd. - Class A (a) | 6 | 55 |
| Shanghai Junshi Biosciences Co., Ltd. - Class H (a) (b) | 18 | 110 |
| Shanghai Lingang Holdings Co., Ltd - Class A | 18 | 31 |
| Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. - Class A | 19 | 27 |
| Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. - Class B | 120 | 97 |
| Shanghai M&G Stationery Inc - Class A | 10 | 77 |
| Shanghai Medicilon Inc. - Class A | 1 | 30 |
| Shanghai Pharmaceuticals Holding Co., Ltd. - Class A | 18 | 45 |
| Shanghai Pharmaceuticals Holding Co., Ltd. - Class H | 117 | 194 |
| Shanghai Pu Tai Lai New Energy Technology Co., Ltd. - Class A | 15 | 115 |
| Shanghai Pudong Development Bank Co., Ltd. - Class A | 308 | 322 |
| Shanghai RAAS blood products co., Ltd. - Class A | 67 | 61 |
| Shanghai Rural Commercial Bank Co., Ltd. - Class A | 35 | 30 |
| Shanghai Wingtech Electronics Technology Co., Ltd. - Class A | 13 | 100 |
| Shanghai Yto Express Co., Ltd. Dalian Branch - Class A | 32 | 92 |
| Shanghai Yuyuan Tourist Mart (Group) Co., Ltd - Class A | 41 | 45 |
| Shanxi Coking Coal Energy Group Co., Ltd. - Class A | 44 | 74 |
| Shanxi Lu'an Environmental Eneshanxi Lu'an Environmental Energy Development Co., Ltd. - Class A | 32 | 78 |
| Shanxi Xinghuacun Fenjiu Group., Ltd - Class A | 12 | 496 |
| Shengyi Technology Co., Ltd. - Class A | 24 | 50 |
| Shennan Circuits Co., Ltd. - Class A | 5 | 53 |
| Shenwan Hongyuan Group Co., Ltd. - Class A | 212 | 121 |
| Shenwan Hongyuan Group Co., Ltd. - Class H (b) (c) | 198 | 37 |
| Shenzhen Chengxin Lithium Group Co., Ltd. - Class A | 9 | 49 |
| Shenzhen Overseas Chinese Town Co., Ltd - Class A | 81 | 62 |
| Shenzhen Salubris Pharmaceuticals Co., Ltd. - Class A | 9 | 41 |
| Shenzhen SED Industry Co., Ltd. - Class A | 12 | 33 |
| Shenzhen Transsion Holdings Co., Ltd. - Class A | 8 | 95 |
| Shenzhou International Group Holdings Limited | 98 | 1096 |
| Shijiazhuang Yiling Pharmaceutical Co., Ltd. - Class A | 18 | 76 |
| Sichuan Chuantou Energy Co,.Ltd. - Class A | 49 | 85 |
| Sichuan Highway And Bridge Construction Group Co., Ltd. - Class A | 32 | 51 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sichuan Kelun Pharmaceutical Co., Ltd. - Class A | 15 | 56 |
| Sichuan New Energy Power Company Limited - Class A (a) | 17 | 43 |
| Sichuan Swellfun Co., Ltd. - Class A | 5 | 57 |
| Silergy Corp. | 41 | 582 |
| Sinoma Science & Technology Co., Ltd. - Class A | 19 | 57 |
| Sinomine Resource Group Co., Ltd. - Class A | 4 | 38 |
| Sinopec Oilfield Service Corporation - Class A (a) | 8 | 2 |
| Sinopec Oilfield Service Corporation - Class H (a) | 590 | 39 |
| Sinopec Shanghai Petrochemical Company Limited - Class A | 40 | 19 |
| Sinopec Shanghai Petrochemical Company Limited - Class H | 390 | 66 |
| SKSHU Paint Co., Ltd. - Class A (a) | 3 | 54 |
| Smoore International Holdings Limited (b) (c) | 212 | 326 |
| Soochow Securities Co., Ltd. - Class A | 55 | 52 |
| Southwest Securities Co., Ltd. - Class A | 82 | 44 |
| Starpower Semiconductor Ltd. - Class A | 2 | 80 |
| Sunny Optical Technology (Group) Company Limited | 90 | 1074 |
| Sunshine City Group Co., Ltd. - Class A | 71 | 92 |
| Suzhou Dongshan Precision Manufacturing Co., Ltd. - Class A | 18 | 62 |
| TBEA Co., Ltd. - Class A | 39 | 111 |
| TCL Technology Group Corporation - Class A | 149 | 79 |
| Tencent Holdings Limited | 742 | 31539 |
| Tencent Music Entertainment Group (a) | 148 | 619 |
| The People's Insurance Company (Group) of China Limited - Class H | 1024 | 339 |
| Tianjin Zhonghuan Semiconductor Co., Ltd. - Class A | 33 | 176 |
| Tianma Microelectronics Co., Ltd. - Class A | 29 | 36 |
| Tianqi Lithium Corporation - Class A (a) | 14 | 156 |
| Tianshan Aluminum Group Co., Ltd. - Class A | 37 | 41 |
| Tianshui Huatian Technology Co., Ltd. - Class A | 30 | 36 |
| Tingyi (Cayman Islands) Holding Corp. | 233 | 411 |
| Tongcheng-Elong Holdings Limited (a) (b) | 125 | 298 |
| Tongwei Co., Ltd. - Class A | 43 | 239 |
| Top Choice Medical Investment Co., Inc. - Class A (a) | 3 | 72 |
| Topsports International Holdings Limited (b) | 349 | 275 |
| Trip.com Group Limited (a) | 65 | 2287 |
| Tsingtao Brewery Co., Ltd. - Class A | 8 | 123 |
| Tsingtao Brewery Co., Ltd. - Class H | 68 | 672 |
| Uni-President China Holdings Ltd | 137 | 137 |
| Unisplendour Corporation Limited - Class A | 29 | 81 |
| Universal Scientific Industrial (Shanghai) Co., Ltd. - Class A | 17 | 39 |
| Vipshop (China) Co., Ltd. - ADR (a) | 46 | 627 |
| Wanda Film Holding Co., Ltd. - Class A (a) | 19 | 39 |
| Wanhua Chemical Group Co., Ltd. - Class A | 30 | 402 |
| Want Want China Holdings Limited | 636 | 425 |
| Weichai Power Co., Ltd. - Class A | 68 | 99 |
| Weichai Power Co., Ltd. - Class H | 252 | 336 |
| Western Securities Co., Ltd. - Class A | 53 | 46 |
| Western Superconducting Technologies Co., Ltd. - Class A | 5 | 63 |
| Will Semiconductor Co., Ltd. Shanghai - Class A | 10 | 114 |
| Wuhan Guide Infrared Co., Ltd. - Class A | 34 | 54 |
| Wuhu 37 Interactive Entertainment Network Technology Group Co., Ltd. - Class A | 23 | 60 |
| Wuliangye Yibin Co., Ltd. - Class A | 38 | 973 |
| WuXi AppTec Co., Ltd. - Class A | 27 | 307 |
| WuXi AppTec Co., Ltd. - Class H (b) | 48 | 497 |
| Wuxi Autowell Technology Co., Ltd. - Class A | 1 | 42 |
| Wuxi Shangji Automation Co., Ltd. - Class A | 4 | 55 |
| XCMG Construction Machinery Co., Ltd. - Class A | 78 | 56 |
| Xiamen C&D Inc. - Class A | 28 | 55 |
| Xiamen Faratronic Co., Ltd. - Class A | 2 | 41 |
| Xiamen Xiangyu Co., Ltd. - Class A | 26 | 39 |
| Xinjiang Goldwind Science Technology Co., Ltd. - Class A | 53 | 83 |
| Xinjiang Goldwind Science Technology Co., Ltd. - Class H | 83 | 74 |
| Xinyi Solar Holdings Limited | 586 | 645 |
| Xpeng Inc. (a) | 132 | 635 |
| Yadea Group Holdings Ltd (b) | 138 | 231 |
| Yifeng Pharmacy Chain Co., Ltd. - Class A | 7 | 68 |
| Yintai Gold Co., Ltd - Class A | 32 | 50 |
| Yongan Futures Co., Ltd. - Class A | 5 | 12 |
| Yongxing Special Materials Technology Co., Ltd. - Class A | 4 | 57 |
| Youngor Group Co., Ltd. - Class A | 47 | 43 |
| Yum China Holdings, Inc. | 51 | 2809 |
| Yunda Holding Co., Ltd. - Class A | 29 | 59 |
| Yunnan Baiyao Industrial Co., Ltd. - Class A | 19 | 146 |
| Yunnan Energy New Material Co., Ltd. - Class A | 9 | 176 |
| Yunnan Yuntianhua Co., Ltd - Class A (a) | 16 | 49 |
| Zangge Mining Company Limited - Class A (a) | 13 | 47 |
| Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. - Class A | 6 | 261 |
| Zhejiang Century Huatong Group Co., Ltd. - Class A (a) | 78 | 43 |
| Zhejiang CHINT Electrics Co., Ltd. - Class A | 23 | 91 |
| Zhejiang Dahua Technology Co., Ltd. - Class A | 31 | 50 |
| Zhejiang Grandwall Electric Science & Technology Co., Ltd. - Class A | 31 | 46 |
| Zhejiang Huahai Pharmaceutical Co., Ltd. - Class A | 16 | 49 |
| Zhejiang Huayou Cobalt Co., Ltd. - Class A | 17 | 133 |
| Zhejiang Jiuzhou Pharmaceutical Co., Ltd. - Class A | 8 | 49 |
| Zhejiang Juhua Co., Ltd. - Class A | 22 | 49 |
| Zhejiang NHU Company Ltd. - Class A | 31 | 84 |
| Zhejiang SUPCON Technology Co., Ltd. - Class A | 4 | 47 |
| Zhejiang Supor Co., Ltd. - Class A | 6 | 39 |
| Zhejiang Weiming Environment Protection Co., Ltd. - Class A | 17 | 45 |
| Zhejiang Yongtai Technology Co., Ltd. - Class A | 10 | 33 |
| Zheshang Securities Co., Ltd. - Class A | 38 | 54 |
| Zhongtai Securities Co., Ltd - Class A | 67 | 61 |
| Zhuzhou CRRC Times Electric Co., Ltd. - Class A | 4 | 33 |
| Zhuzhou CRRC Times Electric Co., Ltd. - Class H | 64 | 316 |
| Zijin Mining Group Co., Ltd. - Class A | 188 | 269 |
| Zijin Mining Group Co., Ltd. - Class H | 712 | 960 |
| Zoomlion Heavy Industry Science and Technology Co., Ltd. - Class A | 80 | 63 |
| ZTE Corporation - Class A | 33 | 123 |
| ZTE Corporation - Class H | 112 | 246 |
| ZTO Express (Cayman) Inc. (b) (c) | 51 | 1394 |
| | | 236776 |
| **India 16.9%** | **India 16.9%** | **India 16.9%** |
| ABB India Limited | 6 | 193 |
| ACC Limited | 10 | 295 |
| Adani Enterprises Limited | 33 | 1550 |
| Adani Gas Limited | 35 | 1542 |
| Adani Green Energy (UP) Limited (a) | 43 | 1001 |
| Adani Ports and Special Economic Zone Limited | 89 | 887 |
| Adani Power Limited (a) | 94 | 341 |
| Adani Transmission Limited (a) | 34 | 1071 |
| Adani Wilmar Limited (a) | 18 | 137 |
| Alkem Laboratories Limited | 5 | 167 |
| Ambuja Cements Limited | 92 | 586 |
| Apollo Hospitals Enterprise Limited | 13 | 681 |
| Ashok Leyland Limited | 190 | 330 |
| Asian Paints Limited | 55 | 2059 |
| AU Small Finance Bank Limited (b) | 41 | 325 |
| Aurobindo Pharma Ltd | 37 | 199 |
| Avenue Supermarts Limited (a) (b) | 18 | 904 |
| Axis Bank Limited | 279 | 3147 |
| Bajaj Auto Limited | 8 | 363 |
| Bajaj Finance Limited | 32 | 2583 |
| Bajaj Finserv Limited | 47 | 883 |
| Bajaj Holdings & Investment Limited. | 3 | 216 |
| Balkrishna Industries Limited | 11 | 279 |
| Bandhan Bank Limited (a) (b) | 97 | 275 |
| Bank of Baroda | 121 | 272 |
| Berger Paints India Limited | 33 | 233 |
| Bharat Electronics Limited | 472 | 572 |
| Bharat Forge Ltd | 33 | 356 |
| Bharat Petroleum Corporation Limited | 109 | 436 |
| Bharti Airtel Limited | 297 | 2899 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Biocon Limited | 59 | 186 |
| Bosch Limited | 1 | 236 |
| Britannia Industries Ltd | 15 | 758 |
| Canara Bank | 39 | 158 |
| Cholamandalam Investment and Finance Company Limited | 47 | 414 |
| Cipla Limited | 68 | 885 |
| Coal India Ltd Govt Of India Undertaking | 267 | 728 |
| Colgate-Palmolive (India) Limited | 16 | 300 |
| Container Corporation | 37 | 330 |
| Dabur India Limited | 76 | 515 |
| Divis Laboratories Limited | 16 | 670 |
| DLF Limited | 74 | 335 |
| Dr. Reddy's Laboratories Limited | 15 | 778 |
| Eicher Motors Limited | 18 | 690 |
| Embassy Office Parks Private Limited | 65 | 263 |
| FSN E-Commerce Ventures Private Limited (a) | 23 | 43 |
| GAIL (India) Limited | 288 | 336 |
| Gland Pharma Ltd (a) | 8 | 160 |
| Godrej Consumer Products Limited (a) | 47 | 494 |
| Godrej Properties Limited (a) | 14 | 206 |
| Grasim Industries Ltd | 48 | 993 |
| Havells India Limited | 32 | 419 |
| HCL Technologies Limited | 129 | 1618 |
| HDFC Life Insurance Company Limited (b) | 116 | 795 |
| HDFC Asset Management Company Limited | 9 | 236 |
| HDFC Bank Limited | 504 | 9943 |
| Hero MotoCorp Limited | 16 | 537 |
| Hindalco Industries Limited | 180 | 1035 |
| Hindustan Aeronautics Limited | 10 | 302 |
| Hindustan Petroleum Corporation Limited | 84 | 238 |
| Hindustan Unilever Limited | 108 | 3357 |
| Housing Development Finance Corporation Limited | 223 | 7108 |
| ICICI Bank Limited | 633 | 6838 |
| ICICI Lombard General Insurance Company Limited (b) | 29 | 441 |
| ICICI Prudential Life Insurance Company Limited (b) | 45 | 248 |
| Indian Oil Corporation Limited | 438 | 407 |
| Indian Railway Catering And Tourism Corporation Limited | 33 | 255 |
| Indraprastha Gas Limited | 47 | 237 |
| Indus Towers Limited | 96 | 221 |
| IndusInd Bank Ltd. | 72 | 1068 |
| Info Edge (India) Limited | 9 | 448 |
| Infosys Limited | 449 | 8190 |
| Interglobe Aviation Limited (a) (b) | 13 | 315 |
| ITC Limited | 364 | 1460 |
| Jindal Steel & Power Limited | 47 | 330 |
| JSW Energy Limited | 50 | 173 |
| JSW Steel Limited | 117 | 1084 |
| Jubilant Foodworks Limited | 48 | 298 |
| Kotak Mahindra Bank Limited | 134 | 2952 |
| L&T Technology Services Limited | 3 | 148 |
| Larsen and Toubro Limited | 84 | 2121 |
| LIC Housing Finance Ltd | 41 | 204 |
| LTIMindtree Limited (b) | 6 | 303 |
| Lupin Limited | 32 | 284 |
| Macrotech Developers Limited (a) | 11 | 140 |
| Mahindra and Mahindra Limited | 116 | 1755 |
| Marico Limited | 70 | 433 |
| Maruti Suzuki India Limited | 17 | 1680 |
| Mphasis Limited | 10 | 230 |
| MRF Limited |  | 297 |
| Muthoot Finance Limited | 12 | 152 |
| Nestle India Limited | 4 | 1060 |
| NMDC Limited (a) (d) | 125 | 56 |
| NMDC Limited | 125 | 186 |
| NTPC Limited | 569 | 1146 |
| Oil and Natural Gas Corporation Limited | 486 | 865 |
| One 97 Communications Limited (a) | 9 | 59 |
| Oracle Financial Services Software Limited | 3 | 118 |
| Page Industries Limited | 1 | 396 |
| Patanjali Foods Limited | 8 | 109 |
| Petronet LNG Limited | 104 | 270 |
| PI Industries Limited | 11 | 443 |
| Pidilite Industries Limited | 19 | 589 |
| Piramal Enterprises Limited | 17 | 169 |
| Power Finance Corporation Limited | 155 | 265 |
| Power Grid Corporation of India Limited | 412 | 1064 |
| Procter & Gamble Hygiene and Health Care Limited | 1 | 168 |
| Punjab National Bank | 277 | 190 |
| REC Limited | 167 | 236 |
| Reliance Industries Limited | 424 | 13066 |
| Samvardhana Motherson International Limited | 241 | 217 |
| SBI Cards and Payment Services Private Limited | 37 | 353 |
| SBI Life Insurance Company Limited (b) | 57 | 843 |
| Shree Cement Limited | 1 | 364 |
| Shriram Finance Limited | 25 | 418 |
| Siemens Limited | 11 | 369 |
| Sona BLW Precision Forgings Limited | 23 | 117 |
| SRF Limited | 18 | 489 |
| Star Health and Allied Insurance Company Limited (a) | 8 | 54 |
| State Bank of India | 224 | 1661 |
| Steel Authority of India Limited | 194 | 194 |
| Sun Pharma Advanced Research Company Limited | 133 | 1612 |
| Sundaram Finance Limited | 9 | 259 |
| Tata Consultancy Services Limited | 125 | 4939 |
| Tata Consumer Products Limited | 69 | 641 |
| Tata Elxsi Limited | 4 | 338 |
| Tata Motors Limited (a) | 210 | 991 |
| Tata Motors Limited (a) | 65 | 161 |
| Tata Steel Limited | 999 | 1365 |
| Tech Mahindra Limited | 74 | 913 |
| The Indian Hotels Company Limited | 98 | 379 |
| The Tata Power Company Limited | 213 | 537 |
| Titan Company Limited | 52 | 1634 |
| Torrent Pharmaceuticals Ltd | 13 | 243 |
| Tube Investments of India Limited | 12 | 414 |
| TVS Motor Company Limited | 29 | 386 |
| UltraTech Cement Limited | 14 | 1152 |
| United Breweries Limited | 10 | 201 |
| United Spirits Limited (a) | 38 | 408 |
| UPL Limited | 65 | 564 |
| Varun Beverages Limited | 27 | 441 |
| Vedanta Limited | 134 | 501 |
| Voltas Limited | 27 | 258 |
| Wipro Limited | 183 | 873 |
| Yes Bank Limited (a) | 361 | 90 |
| Zomato Limited (a) | 600 | 432 |
| Zydus Lifesciences Limited | 33 | 169 |
| | | 137995 |
| **Taiwan 12.8%** | **Taiwan 12.8%** | **Taiwan 12.8%** |
| Accton Technology Corporation | 62 | 472 |
| Acer Inc. | 413 | 316 |
| Advanced Energy Solution Holding Co., Ltd. | 4 | 84 |
| Advantech Co., Ltd. | 58 | 625 |
| Airtac International Group | 18 | 541 |
| ASE Technology Holding Co., Ltd. | 426 | 1295 |
| Asia Cement Corporation | 316 | 421 |
| ASUSTeK Computer Inc. | 89 | 776 |
| AUO Corporation | 886 | 432 |
| Catcher Technology Co., Ltd. | 93 | 511 |
| Cathay Financial Holding Co., Ltd. | 1187 | 1543 |
| Chailease Holding Company Limited | 188 | 1322 |
| Chang Hwa Commercial Bank, Ltd. | 809 | 451 |
| Cheng Shin Rubber Ind. Co., Ltd. | 249 | 275 |
| Chicony Electronics Co., Ltd | 91 | 255 |
| China Airlines, Ltd. | 355 | 220 |
| China Development Financial Holding Corporation | 1978 | 810 |
| China Steel Corporation | 1574 | 1524 |
| Chunghwa Telecom Co., Ltd. | 477 | 1752 |
| Compal Electronics Inc. | 471 | 353 |
| CTBC Financial Holding Co., Ltd. | 2348 | 1684 |
| Delta Electronics, Inc. | 233 | 2162 |
| E Ink Holdings Inc. | 112 | 587 |
| E.Sun Financial Holding Company, Ltd. | 1690 | 1322 |
| Eclat Textile Corporation Ltd. | 27 | 435 |
| eMemory Technology Inc. | 7 | 304 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| EVA Airways Corporation | 318 | 292 |
| Evergreen Marine Corp. (Taiwan) Ltd. | 121 | 638 |
| Far Eastern New Century Corporation | 483 | 501 |
| Far EasTone Telecommunications Co., Ltd. | 189 | 405 |
| Feng Tay Enterprises Co., Ltd. | 73 | 490 |
| First Financial Holding Co., Ltd. | 1269 | 1093 |
| Formosa Chemicals & Fibre Corporation | 501 | 1148 |
| Formosa Petrochemical Corporation | 208 | 543 |
| Formosa Plastics Corporation | 511 | 1442 |
| Formosa Taffeta Co., Ltd. | 131 | 114 |
| FOXCONN Technology Co., Ltd. | 136 | 229 |
| Fubon Financial Holding Co., Ltd. | 957 | 1752 |
| Giant Manufacturing Co., Ltd. | 44 | 284 |
| GlobalWafers Co., Ltd. | 24 | 334 |
| Highwealth Construction Corp. | 154 | 202 |
| HIWIN Technologies Corp. | 36 | 215 |
| Hon Hai Precision Industry Co., Ltd. | 1473 | 4788 |
| Hotai Motor Co., Ltd. | 45 | 860 |
| Hua Nan Financial Holdings Co., Ltd. | 1313 | 959 |
| Innolux Corporation | 1159 | 415 |
| Inventec Corporation | 385 | 328 |
| Kinsus Interconnect Technology Corp. | 33 | 112 |
| Largan Precision Co., Ltd. | 12 | 798 |
| Lite-On Technology Corporation | 279 | 579 |
| Macronix International Co., Ltd. | 248 | 273 |
| MediaTek Inc. | 195 | 3963 |
| Mega Financial Holding Co., Ltd. | 1311 | 1294 |
| Merida Industry Co., Ltd. | 22 | 120 |
| Micro-Star International Co., Ltd. | 85 | 330 |
| Momo.Com Inc. | 10 | 213 |
| Nan Ya P.C.B. Service Company | 28 | 207 |
| Nan Ya Plastics Corporation | 677 | 1563 |
| Nanya Technology Corporation | 158 | 263 |
| Nien Made Enterprise Co., Ltd. | 23 | 219 |
| Novatek Microelectronics Corp. | 67 | 684 |
| Oneness Biotech Co., Ltd. (a) | 32 | 256 |
| Parade Technologies, Ltd. | 9 | 226 |
| PEGATRON Corporation | 275 | 567 |
| PharmaEssentia Corp. (a) | 30 | 463 |
| Phison Electronics Corporation | 18 | 184 |
| Polaris Group (a) | 38 | 110 |
| Pou Chen Corporation | 337 | 375 |
| Powerchip Semiconductor Manufacturing Corp. | 358 | 371 |
| Powertech Technology Inc. | 84 | 217 |
| President Chain Store Corporation | 70 | 619 |
| Quanta Computer Inc. | 349 | 819 |
| Radiant Opto-Electronics Corporation | 64 | 219 |
| Realtek Semiconductor Corporation | 60 | 548 |
| Ruentex Development Co., Ltd. | 271 | 381 |
| Ruentex Industries Limited | 96 | 203 |
| Shin Kong Financial Holding Co., Ltd. | 1949 | 554 |
| Simplo Technology Co., Ltd. | 24 | 223 |
| Sino-American Silicon Products Inc. | 69 | 314 |
| SinoPac Financial Holdings Company Limited | 1442 | 785 |
| Synnex Technology International Corporation | 154 | 296 |
| Taishin Financial Holding Co., Ltd. | 1452 | 713 |
| Taiwan Business Bank, Ltd. | 808 | 340 |
| Taiwan Cement Corporation | 792 | 867 |
| Taiwan Cooperative Bank, Ltd. | 1247 | 1053 |
| Taiwan Fertilizer Co., Ltd. | 103 | 179 |
| Taiwan Glass Industry Corporation | 144 | 100 |
| Taiwan High Speed Rail Corporation | 276 | 258 |
| Taiwan Mobile Co., Ltd. | 216 | 666 |
| Taiwan Semiconductor Manufacturing Company Limited | 2327 | 33839 |
| Tatung Co. (a) | 227 | 255 |
| TECO Electric & Machinery Co., Ltd. | 161 | 144 |
| The Shanghai Commercial & Savings Bank, Ltd. | 595 | 850 |
| Tripod Technology Corporation | 53 | 162 |
| Unimicron Technology Corp. | 153 | 599 |
| Uni-President Enterprises Corp. | 592 | 1282 |
| United Microelectronics Corporation | 1401 | 1849 |
| Vanguard International Semiconductor Corporation | 98 | 247 |
| Voltronic Power Technology Corporation | 9 | 452 |
| Walsin Lihwa Corporation | 305 | 470 |
| Wan Hai Lines Ltd. | 166 | 431 |
| WIN Semiconductors Corp. | 49 | 218 |
| Winbond Electronics Corp. | 310 | 197 |
| Wistron Corporation | 341 | 326 |
| Wiwynn Corporation | 12 | 311 |
| WPG Holdings Limited | 192 | 300 |
| Yageo Corporation | 43 | 630 |
| Yang Ming Marine Transport Corporation | 214 | 456 |
| Yuanta Financial Holding Co., Ltd | 1460 | 1030 |
| Yulon Nissan Motor Co., Ltd | 4 | 25 |
| Zhen Ding Technology Holding Limited | 83 | 283 |
| | | 104384 |
| **South Korea 11.1%** | **South Korea 11.1%** | **South Korea 11.1%** |
| Amorepacific Corporation | 4 | 410 |
| Amorepacific Corporation | 4 | 121 |
| BGFretail Co., Ltd. | 1 | 209 |
| BNK Financial Group Inc. | 40 | 207 |
| Celltrion Healthcare Co. Ltd. | 13 | 610 |
| Celltrion Inc. | 13 | 1651 |
| Cheil Worldwide Inc. | 9 | 167 |
| CJ CheilJedang Corp. | 1 | 288 |
| Cj Corporation | 1 | 90 |
| CJ Logistics Corporation (a) | 1 | 88 |
| Coway Co., Ltd. | 7 | 328 |
| Daewoo Shipbuilding & Marine Engineering Co., Ltd. (a) | 5 | 77 |
| DB Insurance Co., Ltd. | 7 | 354 |
| Dong Suh Corp. | 7 | 112 |
| Doosan Bobcat Inc. | 7 | 181 |
| Doosan Enerbility Co Ltd (a) | 52 | 644 |
| Ecopro BM Co., Ltd. (c) | 7 | 477 |
| E-MART Inc. | 3 | 207 |
| F&F Holdings Co., Ltd. | 2 | 246 |
| GS Holdings Corp. | 12 | 430 |
| GS Retail Co., Ltd. | 4 | 83 |
| Hana Financial Group Inc. | 36 | 1198 |
| Hanjin Kal Corp. (a) | 3 | 76 |
| Hankook Tire & Technology Co,. Ltd. | 9 | 218 |
| Hanmi Science | 4 | 113 |
| Hanmi Science Co., Ltd. | 1 | 201 |
| Hanon Systems | 21 | 136 |
| Hanwha Aerospace CO., LTD. | 4 | 222 |
| Hanwha Corporation | 7 | 142 |
| Hanwha Solutions Corporation (a) | 15 | 514 |
| HD Hyundai Co., Ltd. (a) | 2 | 212 |
| HD Hyundai Co., Ltd. | 5 | 229 |
| HLB Co., Ltd (a) | 14 | 312 |
| Hmm Co., Ltd. | 45 | 706 |
| Hotel Shilla Co., Ltd. | 4 | 286 |
| HYBE Co., Ltd. (a) | 2 | 329 |
| Hyundai Engineering & Construction Co., Ltd. | 9 | 235 |
| Hyundai Glovis Co., Ltd. | 3 | 335 |
| Hyundai Heavy Industries Co., Ltd. (a) | 6 | 331 |
| Hyundai Marine & Fire Insurance Co., Ltd. | 8 | 186 |
| Hyundai Mobis Co., Ltd. | 8 | 1260 |
| Hyundai Motor Company | 17 | 2053 |
| Hyundai Rotem Company (a) | 10 | 218 |
| Hyundai Steel Company | 11 | 277 |
| Iljin Materials Co,. Ltd. | 3 | 107 |
| Industrial Bank of Korea | 30 | 233 |
| Kakao Corp. | 38 | 1603 |
| Kakao Games Corp. (a) | 5 | 192 |
| Kakao Pay Corp. (a) | 3 | 131 |
| KakaoBank Corp. (a) | 38 | 747 |
| Kangwon Land, Inc. (a) | 13 | 237 |
| KB Financial Group Inc. | 48 | 1814 |
| KCC Corporation | 1 | 83 |
| KIA Corporation | 33 | 1528 |
| Korea Aerospace Industries, Ltd. | 9 | 376 |
| Korea Electric Power Corp (a) | 31 | 531 |
| Korea Gas Corporation | 4 | 110 |
| Korea Investment Holdings Co., Ltd. | 6 | 234 |
| Korea Zinc Co., Ltd. | 2 | 702 |
| Korean Air Lines Co., Ltd. (a) | 23 | 425 |
| KT Corp | 16 | 439 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| KT&G Corporation | 13 | 961 |
| Kumho Petrochemical Co., Ltd. | 2 | 238 |
| L&F Co., Ltd. (a) | 3 | 403 |
| LG Chem, Ltd. (a) | 5 | 1777 |
| LG Chem, Ltd. | 6 | 2746 |
| LG Corp. | 17 | 1038 |
| LG Display Co., Ltd. | 30 | 293 |
| LG Electronics Inc. | 14 | 930 |
| LG H&H Co., Ltd. | 1 | 626 |
| LG Innotek Co., Ltd. | 2 | 369 |
| LG Uplus Corp. | 27 | 236 |
| LOTTE Chemical Corporation | 2 | 256 |
| Lotte Confectionery Co., Ltd. | 4 | 103 |
| Lotte Shopping Co., Ltd. | 2 | 114 |
| Meritz Financial Group Inc. | 3 | 99 |
| Meritz Fire & Marine Insurance Co., Ltd. | 5 | 185 |
| MERITZ Securities Co. Ltd. | 24 | 118 |
| Mirae Asset Securities Co., Ltd. | 39 | 188 |
| NAVER Corporation | 18 | 2570 |
| Ncsoft Corporation | 2 | 679 |
| Netmarble Corp. | 3 | 165 |
| NH Investment & Securities Co., Ltd. | 19 | 134 |
| Orion Incorporation | 3 | 315 |
| Pan Ocean Co., Ltd. | 32 | 147 |
| Pearl Abyss Corp. (a) | 5 | 163 |
| POSCO Chemical Co., Ltd. | 4 | 542 |
| POSCO Holdings Inc. | 9 | 1923 |
| Posco International Corporation | 6 | 113 |
| S-1 Corporation | 2 | 112 |
| Samsung Biologics Co., Ltd (a) | 2 | 1590 |
| Samsung C&T Corporation | 11 | 1017 |
| Samsung Card Co., Ltd. | 3 | 77 |
| Samsung Electro-Mechanics Co., Ltd. | 7 | 677 |
| Samsung Electronics Co Ltd | 631 | 27661 |
| Samsung Engineering Co., Ltd. (a) | 17 | 301 |
| Samsung Fire & Marine Insurance Co., Ltd. | 4 | 610 |
| Samsung Heavy Industries Co., Ltd (a) | 91 | 367 |
| Samsung Life Insurance Co., Ltd. | 11 | 625 |
| Samsung SDI Co., Ltd. | 7 | 3148 |
| Samsung SDS Co., Ltd. | 5 | 518 |
| Samsung Securities Co., Ltd. | 8 | 212 |
| SD Biosensor, Inc. | 5 | 127 |
| Shinhan Financial Group Co., Ltd. | 63 | 1736 |
| SHINSEGAE Inc. | 1 | 155 |
| SK Biopharmaceuticals Co., Ltd. (a) | 3 | 195 |
| SK Bioscience Co., Ltd. (a) | 3 | 189 |
| SK Hynix Inc. | 66 | 3926 |
| SK ie Technology Co., Ltd. (a) | 4 | 155 |
| SK Inc. | 5 | 709 |
| SK innovation Co., Ltd. (a) | 6 | 781 |
| SK Square Co., Ltd. (a) | 12 | 310 |
| SK Telecom Co., Ltd. | 13 | 487 |
| SKC Co., Ltd. | 2 | 173 |
| S-Oil Corporation | 6 | 376 |
| Ssangyong C&E Co., Ltd. | 15 | 69 |
| Woori Financial Group Inc. | 79 | 717 |
| Yuhan Corporation | 7 | 313 |
| | | 91025 |
| **Brazil 3.8%** | **Brazil 3.8%** | **Brazil 3.8%** |
| Alupar Investimento S.A. | 16 | 87 |
| American Beverage Co Ambev | 531 | 1453 |
| Americanas SA | 77 | 139 |
| Atacadao S/A | 64 | 179 |
| B3 S.A. - Brasil, Bolsa, Balcao | 759 | 1893 |
| Banco Bradesco S.A. | 197 | 500 |
| Banco BTG Pactual S/A | 142 | 642 |
| Banco do Brasil S.A | 173 | 1119 |
| BB Seguridade Participacoes S/A | 80 | 510 |
| Caixa Seguridade Participacoes S/A | 66 | 105 |
| CCR S.A. | 148 | 302 |
| Centrais Eletricas Brasileiras S/A | 160 | 1273 |
| Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP | 40 | 429 |
| Companhia Energetica De Minas Gerais-Cemig | 48 | 144 |
| Companhia Paranaense De Energia | 27 | 194 |
| Companhia Siderurgica Nacional | 81 | 222 |
| Cosan S.A. | 148 | 478 |
| CPFL Energia S/A | 24 | 153 |
| Diagnosticos Da America S.A . | 7 | 17 |
| Energisa S/A | 33 | 273 |
| ENGIE Brasil Energia S.A. | 33 | 238 |
| Equatorial Energia S.A | 110 | 561 |
| Hapvida Participacoes E Investimentos S/A (b) | 574 | 548 |
| Hypera S.A. | 53 | 448 |
| Itausa Investimentos Itau S.A. | 178 | 299 |
| JBS S.A. | 84 | 349 |
| Klabin S.A. | 98 | 368 |
| Localiza Rent A Car S/A | 96 | 961 |
| Lojas Renner S/A. | 120 | 443 |
| Magazine Luiza S.A. | 362 | 186 |
| Natura & Co Holding SA | 111 | 242 |
| Neoenergia S/A | 33 | 95 |
| Petro Rio S.A. (a) | 76 | 535 |
| Petroleo Brasileiro S/A Petrobras. | 454 | 2401 |
| Porto Seguro S/A | 25 | 109 |
| Raia Drogasil S.A. | 136 | 610 |
| Rede D'or Sao Luiz S.A. | 110 | 614 |
| Rumo S.A | 138 | 483 |
| Sendas Distribuidora S/A | 109 | 400 |
| Suzano S.A. | 95 | 871 |
| Telefonica Brasil S.A. | 55 | 400 |
| TIM S.A | 107 | 251 |
| Transmissora Alianca De Energia Eletrica S/A | 24 | 157 |
| Vale S.A. | 474 | 8036 |
| Vibra Energia S/A | 133 | 389 |
| Weg SA | 185 | 1336 |
|  |  | 31442 |
| **Saudi Arabia 3.6%** | **Saudi Arabia 3.6%** | **Saudi Arabia 3.6%** |
| Advanced Petrochemical Company | 17 | 197 |
| Al Nahdi Medical Co (a) | 4 | 158 |
| Al Rajhi Banking and Investment Corporation | 240 | 4824 |
| Alamar Foods Company | 1 | 45 |
| Al-Elm Information Security Company | 3 | 269 |
| Alinma Bank | 118 | 1024 |
| Almarai Company | 31 | 445 |
| Arabian Internet & Communications Services Co. Ltd | 3 | 191 |
| Bank AlBilad | 63 | 752 |
| Bank Aljazira | 49 | 248 |
| Banque Saudi Fransi | 73 | 785 |
| Dr Sulaiman Al Habib For Medical Service Group Company (Closed Joint Stock) | 10 | 601 |
| Etihad Etisalat Company | 49 | 457 |
| International Company For Water and Power Projects | 16 | 638 |
| Jarir Marketing Company | 8 | 302 |
| Rabigh Refining and Petrochemical Company (a) | 23 | 65 |
| Riyad Bank | 184 | 1559 |
| Santana Mining Inc. (a) | 101 | 1749 |
| Saudi Arabian Fertilizer Company | 28 | 1110 |
| Saudi Arabian Oil Company | 275 | 2353 |
| Saudi Basic Industries Corporation | 109 | 2601 |
| Saudi British Bank | 47 | 493 |
| Saudi Electricity Company | 100 | 614 |
| Saudi Industrial Investment Group | 46 | 270 |
| Saudi International Petrochemical Company (Sipchem) | 46 | 415 |
| Saudi Kayan Petrochemical Company (a) | 90 | 327 |
| Saudi Tadawul Group Holding Company | 6 | 270 |
| Saudi Telecom Company | 217 | 2119 |
| Savola Group | 35 | 255 |
| The Saudi Investment Bank | 60 | 279 |
| The Saudi National Bank | 268 | 3621 |
| Yanbu National Petrochemical Co. | 34 | 382 |
|  |  | 29418 |
| **South Africa 3.5%** | **South Africa 3.5%** | **South Africa 3.5%** |
| ABSA Group Ltd | 100 | 1142 |
| African Rainbow Minerals | 15 | 264 |
| Anglo American Platinum | 7 | 569 |
| AngloGold Ashanti | 51 | 993 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Aspen Pharmacare Holdings | 49 | 398 |
| Bid Corporation (Pty) Ltd | 41 | 790 |
| Capitec Bank Holdings | 12 | 1320 |
| Clicks Group | 33 | 523 |
| Discovery (a) | 57 | 418 |
| Exxaro Resources Limited | 29 | 375 |
| Firstrand Ltd | 678 | 2480 |
| Gold Fields Limited | 109 | 1135 |
| Growthpoint Properties Ltd | 341 | 292 |
| Impala Platinum Holdings | 106 | 1333 |
| Kumba Iron Ore Ltd (b) | 6 | 166 |
| Life Healthcare Group Holdings | 210 | 209 |
| Mr Price Group | 33 | 313 |
| MTN Group | 111 | 837 |
| Multichoice Group | 56 | 385 |
| Naspers Ltd - Class N | 27 | 4435 |
| Nedbank Group | 59 | 740 |
| Northam Platinum (a) | 35 | 385 |
| OM Residual UK Ltd | 591 | 365 |
| Pepkor Holdings (b) | 164 | 193 |
| Pick N Pay Stores | 43 | 144 |
| Rand Merchant Investment Holdings Limited | 116 | 216 |
| Remgro Ltd | 70 | 546 |
| Sanlam | 226 | 651 |
| Santam Limited | 4 | 62 |
| Sasol | 70 | 1117 |
| Shoprite Holdings | 61 | 812 |
| Sibanye Stillwater | 353 | 935 |
| Standard Bank Group Limited | 167 | 1649 |
| The Bidvest Group | 41 | 519 |
| The SPAR Group Ltd | 26 | 174 |
| Tiger Brands Limited | 20 | 253 |
| Vodacom Group Limited | 90 | 654 |
| Woolworths Holdings Limited | 129 | 502 |
| | | 28294 |
| **United Arab Emirates 2.5%** | **United Arab Emirates 2.5%** | **United Arab Emirates 2.5%** |
| Abu Dhabi Commercial Bank PJSC | 339 | 831 |
| Abu Dhabi Islamic Bank Public Joint Stock Company | 179 | 444 |
| Abu Dhabi National Oil Company | 346 | 415 |
| Abu Dhabi Ports Company PJSC (a) | 102 | 160 |
| Adnoc Drilling Company PJSC | 300 | 243 |
| Al Qudra Holding PJSC (a) | 259 | 282 |
| ALDAR Properties PJSC | 457 | 552 |
| Alpha Dhabi Holding PJSC (a) | 173 | 1273 |
| Dubai Electricity and Water Authority | 1077 | 680 |
| Dubai Islamic Bank (P S C) Br. | 361 | 559 |
| Emaar Development LLC (a) | 105 | 126 |
| Emaar Properties PJSC | 739 | 1180 |
| Emirates NBD Bank PJSC | 316 | 1118 |
| Emirates Telecommunication Group Company Etisalat Group PJSC | 426 | 2653 |
| Fertiglobe plc | 145 | 167 |
| First Abu Dhabi Bank P.J.S.C. | 545 | 2540 |
| International Holdings Limited (a) | 58 | 6525 |
| Multiply Marketing Consultancy LLC (a) | 412 | 521 |
| Salik Co. P.J.S.C (a) | 178 | 120 |
|  |  | 20389 |
| **Indonesia 2.3%** | **Indonesia 2.3%** | **Indonesia 2.3%** |
| Aneka Tambang (Persero), PT TBK | 1124 | 144 |
| FORTEBANK, AO (a) | 360 | 41 |
| Goto Gojek Tokopedia Tbk, PT (a) | 115630 | 676 |
| Mayora Indah, Pt Tbk | 280 | 45 |
| PT Adaro Minerals Indonesia Tbk (a) | 861 | 94 |
| PT Astra International Tbk | 2523 | 920 |
| PT Avia Avian Tbk | 2033 | 82 |
| PT Bank Jago TBK (a) | 461 | 110 |
| PT Bank Mandiri (Persero) Tbk. | 2750 | 1747 |
| PT Barito Pacific Tbk | 3703 | 179 |
| PT Bukalapak.com (a) | 6749 | 114 |
| PT Bukit Asam TBK | 524 | 125 |
| PT Capital Financial Indonesia Tbk. (a) | 1560 | 72 |
| PT Chandra Asri Petrochemical TBK | 2887 | 476 |
| PT Dayamitra Telekomunikasi | 2128 | 110 |
| PT Gudang Garam Tbk | 41 | 47 |
| PT Indocement Tunggal Prakarsa TBK | 234 | 149 |
| PT Indofood CBP Sukses Makmur TBK | 239 | 154 |
| PT Indofood Sukses Makmur Tbk | 511 | 220 |
| PT Kalbe Farma Tbk | 2510 | 336 |
| PT Merdeka Copper Gold, Tbk. (a) | 1723 | 458 |
| PT Mitra Keluarga Karyasehat Tbk | 614 | 126 |
| Pt Mnc Digital Entertainment Tbk (a) | 199 | 62 |
| PT Sarana Menara Nusantara Tbk | 2834 | 200 |
| PT Semen Indonesia (Persero) Tbk | 408 | 173 |
| PT Telkom Indonesia (Persero) Tbk | 5641 | 1357 |
| PT Tower Bersama Infrastructure Tbk | 530 | 78 |
| PT Transcoal Pacific Tbk | 110 | 56 |
| PT Unilever Indonesia, Tbk. | 729 | 220 |
| PT United Tractors Tbk | 178 | 299 |
| PT Vale Indonesia Tbk (a) | 208 | 96 |
| PT. Adaro Energy Indonesia Tbk | 1855 | 460 |
| PT. Bank Central Asia Tbk | 6826 | 3733 |
| Pt. Bank Negara Indonesia (Persero) Tbk. | 975 | 576 |
| PT. Bank Rakyat Indonesia (Persero) Tbk. | 8744 | 2762 |
| PT. Bayan Resources, Tbk (a) | 913 | 1235 |
| PT. Charoen Pokphand Indonesia, Tbk. | 909 | 330 |
| PT. Elang Mahkota Teknologi Tbk. | 5036 | 334 |
| PT. Indah Kiat Pulp & Paper Tbk | 344 | 193 |
| PT. Sumber Alfaria Trijaya, Tbk | 2488 | 424 |
|  |  | 19013 |
| **Thailand 2.2%** | **Thailand 2.2%** | **Thailand 2.2%** |
| Advanced Info Service PLC. - NVDR | 125 | 704 |
| Airports of Thailand Public Company Limited - NVDR (a) | 518 | 1122 |
| Asset World Corp Public Company Limited - NVDR | 864 | 157 |
| B.Grimm Power Public Company Limited - NVDR (c) | 118 | 135 |
| Bangkok Bank Public Company Limited - NVDR | 73 | 312 |
| Bangkok Bank Public Company Limited | 8 | 33 |
| Bangkok Dusit Medical Services Public Company Limited. - NVDR | 536 | 449 |
| Bangkok Expressway and Metro Public Company Limited - NVDR | 1009 | 286 |
| Bank of Ayudhya Public Company Limited - NVDR | 189 | 168 |
| Banpu Public Company Limited - NVDR | 348 | 138 |
| Berli Jucker Public Company Limited - NVDR | 122 | 125 |
| BTS Group Holdings Public Company Limited - NVDR | 963 | 234 |
| Bumrungrad Hospital Public Company Limited - NVDR | 44 | 272 |
| Carabao Group Public Co., Ltd. - NVDR (c) | 51 | 142 |
| Central Pattana Public Company Limited - NVDR | 157 | 322 |
| Central Retail Corporation Public Company Limited - NVDR | 70 | 94 |
| Central Retail Corporation Public Company Limited | 293 | 391 |
| Charoen Pokphand Foods Public Company Limited - NVDR | 395 | 283 |
| CP ALL Public Company Limited - NVDR | 530 | 1044 |
| Delta Electronics (Thailand) Public Company Ltd. - NVDR | 55 | 1326 |
| Electricity Generating Public Company Limited - NVDR (c) | 30 | 151 |
| Energy Absolute Public Company Limited - NVDR | 219 | 613 |
| Global Power Synergy Public Company Limited - NVDR | 100 | 211 |
| Gulf Energy Development Public Company Limited - NVDR | 697 | 1109 |
| Home Product Center Public Company Limited - NVDR | 426 | 191 |
| Indorama Ventures Public Company Limited - NVDR | 220 | 259 |
| Intouch Holdings Public Company Limited - NVDR (c) | 124 | 277 |
| IRPC Public Company Limited - NVDR (c) | 1111 | 97 |
| JMT Network Services Public Company Limited - NVDR | 74 | 147 |
| KASIKORNBANK Public Company Limited - NVDR | 141 | 600 |
| Krung Thai Bank Public Company Limited - NVDR | 455 | 232 |
| Krungthai Card Public Company Limited - NVDR | 146 | 248 |
| Land and Houses Public Company Limited - NVDR | 469 | 134 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Minor International Public Company Limited - NVDR (a) | 54 | 50 |
| Minor International Public Company Limited (a) | 260 | 241 |
| Muangthai Capital Public Company Limited - NVDR | 92 | 101 |
| Ngern Tid Lor Public Company Limited - NVDR | 101 | 86 |
| Osotspa Public Company Limited - NVDR | 164 | 134 |
| PTT Exploration And Production Public Company Limited | 174 | 888 |
| PTT Global Chemical Public Company Limited | 215 | 293 |
| PTT Oil And Retail Business Public Company Limited - NVDR | 383 | 263 |
| PTT Public Company Limited | 828 | 795 |
| PTT Public Company Limited - NVDR | 205 | 197 |
| RATCH Group Public Company Limited - NVDR | 79 | 98 |
| SCG Paper Public Company Limited - NVDR | 162 | 266 |
| Siam Commercial Bank Public Company Limited - NVDR | 68 | 209 |
| Siam Commercial Bank Public Company Limited | 29 | 88 |
| Siam Global House Public Company Limited - NVDR | 224 | 145 |
| Siam Makro Public Company Limited - NVDR | 162 | 188 |
| Srisawad Corporation Public Company Limited - NVDR (c) | 94 | 133 |
| Thai Life Insurance Public Company Limited - NVDR (a) | 270 | 116 |
| Thai Oil Public Company Limited - NVDR | 116 | 189 |
| Thai Union Group Public Company Limited - NVDR | 340 | 166 |
| The Siam Cement Public Company Limited - NVDR (c) | 40 | 395 |
| TISCO Financial Group Public Company Limited - NVDR | 53 | 152 |
| TMB Bank Thanachart Public Company Limited - NVDR (c) | 5777 | 235 |
| TOA Paint (Thailand) Company Limited - NVDR | 45 | 43 |
| Total Access Communication Public Company Limited - NVDR | 112 | 151 |
| True Corporation Public Company Limited - NVDR | 2181 | 305 |
| | | 17933 |
| **Mexico 2.0%** | **Mexico 2.0%** | **Mexico 2.0%** |
| America Movil, S.A.B. De C.V. | 2333 | 2117 |
| Arca Continental S.A.B. de C.V. | 56 | 454 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver | 365 | 430 |
| Becle, S.A. de C.V. | 63 | 136 |
| CEMEX S.A.B. de C.V. (a) | 1861 | 752 |
| Coca-Cola FEMSA, S.A.B. de C.V. | 63 | 427 |
| El Puerto De Liverpool, S.A.B. De C.V. (c) | 26 | 154 |
| Fomento Economico Mexicano, S.A. B. De C.V. | 224 | 1744 |
| Gmexico Transportes, S.A.B. De C.V. | 43 | 83 |
| GRUMA, S.A.B. de C.V. - Class B | 25 | 328 |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. | 46 | 652 |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Class B | 23 | 537 |
| Grupo Bimbo S.A.B. de C.V. - Class A | 174 | 735 |
| Grupo Carso, S.A.B. De C.V. | 57 | 238 |
| Grupo Elektra S.A.B. de C.V. (c) | 8 | 440 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 303 | 2176 |
| Grupo Financiero Inbursa, S.A.B. de C.V. | 260 | 438 |
| Grupo Mexico, S.A.B. de C.V. - Class B | 371 | 1303 |
| Industrias Bachoco SAB S.A De C.V - Class B | 8 | 35 |
| Industrias CH, S.A.B. de C.V. - Class B (a) | 8 | 92 |
| Industrias Penoles, S.A.B. de C.V. (a) | 21 | 262 |
| Kimberly - Clark De Mexico S.A.B. De C.V. - Class A | 170 | 289 |
| Operadora de Sites Mexicanos, S.A. de C.V. (a) (c) | 102 | 101 |
| Orbia Advance Corporation, S.A.B. de C.V. | 136 | 241 |
| Promotora y Operadora de Infraestructura, S.A.B. de C.V. | 30 | 243 |
| Wal - Mart de Mexico, S.A.B. de C.V. | 622 | 2199 |
|  |  | 16606 |
| **Malaysia 1.8%** | **Malaysia 1.8%** | **Malaysia 1.8%** |
| Ammb Holdings Berhad | 247 | 232 |
| Axiata Group Berhad | 623 | 437 |
| CIMB Group Holdings Berhad | 907 | 1194 |
| Dialog Group Berhad | 573 | 320 |
| DiGi.com Berhad | 430 | 391 |
| Fraser & Neave Holdings Bhd | 18 | 90 |
| Gamuda Berhad | 284 | 242 |
| Genting Berhad | 281 | 286 |
| Genting Malaysia Berhad | 397 | 243 |
| Hap Seng Consolidated Berhad | 89 | 129 |
| Hartalega Holdings Berhad | 217 | 84 |
| Hong Leong Bank Berhad | 97 | 452 |
| Hong Leong Financial Group Berhad | 38 | 158 |
| IHH Healthcare Berhad | 411 | 580 |
| IOI Corporation Berhad | 403 | 372 |
| Kuala Lumpur Kepong Berhad | 76 | 387 |
| Kumpulan Sime Darby Berhad | 333 | 174 |
| Malayan Banking Berhad | 869 | 1716 |
| Malaysia Airports Holdings Berhad (a) | 117 | 175 |
| Maxis Communications Berhad | 289 | 252 |
| MISC Berhad | 170 | 290 |
| Mr D.I.Y. Group (M) Berhad | 318 | 144 |
| My E.G. Services Berhad | 581 | 115 |
| Nestle (Malaysia) Berhad | 7 | 232 |
| Petronas Chemicals Group Berhad | 353 | 690 |
| PETRONAS Dagangan Berhad | 41 | 211 |
| PETRONAS Gas Berhad | 90 | 351 |
| PPB Group Berhad | 94 | 373 |
| Press Metal Berhad | 443 | 491 |
| Public Bank Berhad | 1807 | 1771 |
| QL Resources Berhad | 149 | 186 |
| RHB Bank Berhad | 436 | 573 |
| Sime Darby Plantation Berhad | 405 | 427 |
| Telekom Malaysia Berhad | 214 | 262 |
| Tenaga Nasional Berhad | 341 | 745 |
| Top Glove Corporation Bhd | 635 | 131 |
| Westports Holdings Berhad | 128 | 110 |
|  |  | 15016 |
| **Hong Kong 1.0%** | **Hong Kong 1.0%** | **Hong Kong 1.0%** |
| BBMG Corporation - Class H (c) | 273 | 35 |
| Bosideng International Holdings Limited | 388 | 184 |
| China Everbright Environment Group Limited | 412 | 183 |
| China Gas Holdings Limited | 372 | 539 |
| China International Marine Containers (Group) Co., Ltd. - Class H (c) | 44 | 33 |
| China Mengniu Dairy Company Limited | 368 | 1667 |
| China Molybdenum Co., Ltd - Class H | 431 | 198 |
| China Resources Cement Holdings Limited | 234 | 124 |
| Chow Tai Fook Jewellery Group Limited | 279 | 566 |
| Cosco Shipping Energy Transportation Co., Ltd. - Class H (a) (c) | 168 | 129 |
| COSCO Shipping Holdings Co., Ltd - Class H (c) | 421 | 428 |
| Dali Foods Group Company Limited (b) | 297 | 136 |
| Datang International Power Generation Co., Ltd. - Class H (a) | 364 | 59 |
| Dongfang Electric Co., Ltd. - Class H (c) | 40 | 68 |
| GCL Technology Holdings Limited (a) | 2312 | 585 |
| Hanergy Thin Film Power Group Limited (a) (d) | 3098 |  |
| Hansoh Pharmaceutical Group Company Limited (b) | 122 | 231 |
| Hopson Development Holdings Limited | 109 | 107 |
| Huadian Power International Corporation Limited - Class H (c) | 182 | 75 |
| Kingboard Holdings Limited | 84 | 268 |
| Kingboard Laminates Holdings Limited | 83 | 91 |
| Metallurgical Corporation of China Ltd. - Class H | 215 | 48 |
| Nine Dragons Paper (Holdings) Limited | 195 | 178 |
| Orient Overseas (International) Limited | 17 | 298 |
| Sino Biopharmaceutical Limited | 1276 | 745 |
| Sinotruk (Hong Kong) Limited | 92 | 129 |
| Super Hi International Holding Ltd. (a) (c) | 15 | 19 |
| Xinyi Glass Holdings Limited | 331 | 613 |
| Zhongsheng Group Holdings Limited | 72 | 366 |
| Zoomlion Heavy Industry Science and Technology Co., Ltd. - Class H | 158 | 75 |
|  |  | 8177 |
| **Qatar 1.0%** | **Qatar 1.0%** | **Qatar 1.0%** |
| Barwa Real Estate Company Q.P.S.C | 242 | 191 |
| Industries Qatar Q.S.C. | 253 | 892 |
| Masraf Al Rayan | 788 | 687 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Mesaieed Petrochemical Holding Company Q.P.S.C. | 586 | 342 |
| Ooredoo Q.P.S.C | 105 | 265 |
| Qatar Electricity & Water Company | 71 | 346 |
| Qatar Fuel (WOQOD) | 75 | 369 |
| Qatar Gas Transport Company Ltd. | 338 | 339 |
| Qatar International Islamic Bank | 122 | 348 |
| Qatar Islamic Bank S.A.Q. | 210 | 1071 |
| Qatar National Bank (Q.P.S.C.) | 540 | 2682 |
| The Commercial Bank (P.S.Q.C.) | 382 | 525 |
| | | 8057 |
| **Kuwait 0.9%** | **Kuwait 0.9%** | **Kuwait 0.9%** |
| Agility Public Warehousing Company KSCP | 204 | 484 |
| Ahli United Bank K.S.C.P | 89 | 83 |
| Boubyan Bank K.S.C.P | 140 | 365 |
| Gulf Bank K.S.C.P. | 272 | 280 |
| Kuwait Finance House K.S.C.P. | 939 | 2538 |
| Mabanee Company (K.P.S.C) | 74 | 206 |
| Mobile Telecommunications Company K.S.C. P | 259 | 479 |
| National Bank of Kuwait S.A.K.P. | 925 | 3264 |
|  |  | 7699 |
| **Philippines 0.9%** | **Philippines 0.9%** | **Philippines 0.9%** |
| Aboitiz Equity Ventures, Inc. | 293 | 303 |
| Aboitiz Power Corporation | 159 | 98 |
| AC Energy Corporation | 944 | 130 |
| Alliance Global Group, Inc. | 360 | 77 |
| Ayala Corporation | 31 | 386 |
| Ayala Land Inc. | 715 | 395 |
| Bank of The Philippine Islands | 224 | 411 |
| BDO Unibank, Inc. | 275 | 523 |
| Converge Information and Communications Technology Solutions, Inc. (a) | 218 | 63 |
| Emperador Inc. | 246 | 91 |
| Globe Telecom, Inc. | 4 | 149 |
| GT Capital Holdings, Inc. | 10 | 79 |
| International Container Terminal Services, Inc. | 92 | 329 |
| JG Summit Holdings, Inc. | 403 | 365 |
| Jollibee Foods Corporation | 58 | 240 |
| LT Group, Inc. | 324 | 54 |
| Manila Electric Company | 31 | 168 |
| Metro Pacific Investments Corporation | 1684 | 103 |
| Metropolitan Bank & Trust Company | 226 | 220 |
| Monde Nissin Corporation | 896 | 179 |
| PLDT Inc. | 10 | 247 |
| Puregold Price Club, Inc. | 147 | 92 |
| San Miguel Corporation | 45 | 76 |
| San Miguel Food and Beverage, Inc. - Class B | 81 | 56 |
| SM Investments Corporation | 60 | 975 |
| SM Prime Holdings, Inc. | 1457 | 929 |
| Universal Robina Corporation | 106 | 259 |
|  |  | 6997 |
| **Turkey 0.8%** | **Turkey 0.8%** | **Turkey 0.8%** |
| Akbank T.A.S - Class A | 395 | 416 |
| Arcelik A.S. - Class A | 22 | 134 |
| Aselsan Inc. - Class A | 69 | 228 |
| BIM Birlesik Magazalar A.S. - Class A | 60 | 438 |
| Can 2 Termik AS (a) | 9 | 63 |
| Coca-Cola Icecek Anonim Sirketi - Class A | 7 | 79 |
| Enka Insaat Ve Sanayi Anonim Sirketi - Class A | 224 | 398 |
| Eregli Demir Ve Celik Fabrikalari Turk Anonim Sirketi - Class A | 176 | 389 |
| Ford Otomotiv Sanayi Anonim Sirketi - Class A | 9 | 253 |
| Haci Omer Sabanci Holding A.S. - Class A | 170 | 413 |
| Hektas Ticaret Turk Anonim Sirketinin - Class A (a) | 128 | 258 |
| KOC Holding Anonim Sirketi - Class A | 137 | 616 |
| Petkim Petrokimya Holding A.S - Class A (a) | 134 | 144 |
| SASA Polyester Sanayi A.S. - Class A (a) | 53 | 310 |
| Tofas Turk Otomobil Fabrikasi Anonim Sirketi - Class A | 12 | 108 |
| Turk Hava Yollari A.O. - Class A (a) | 84 | 637 |
| Turk Telekomunikasyon Anonim Sirketi - Class A | 57 | 78 |
| Turkcell Iletisim Hizmetleri Anonim Sirketi - Class A | 145 | 294 |
| Turkiye Garanti Bankasi A.S. - Class A | 77 | 125 |
| Turkiye Is Bankasi Anonim Sirketi - Class C | 395 | 271 |
| Turkiye Petrol Rafinerileri Anonim Sirketi Tupras - Class A (a) | 15 | 425 |
| Turkiye Sise ve Cam Fabrikalari Anonim Sirketi - Class A | 163 | 375 |
| Yapi ve Kredi Bankasi A.S. - Class A | 351 | 223 |
|  |  | 6675 |
| **Chile 0.4%** | **Chile 0.4%** | **Chile 0.4%** |
| Banco de Chile | 5338 | 554 |
| Banco De Credito E Inversiones S.A. | 8 | 235 |
| Banco Santander-Chile | 8321 | 333 |
| Cencosud S.A. | 151 | 248 |
| Cencosud Shopping S.A. | 62 | 98 |
| Compania Cervecerias Unidas S.A. | 13 | 86 |
| Compania Sud Americana de Vapores S.A. (a) | 1985 | 158 |
| Empresas CMPC S.A. | 147 | 247 |
| Empresas Copec S.A. | 46 | 341 |
| Enel Americas S.A. | 2399 | 321 |
| Enel Chile S.A. | 2807 | 130 |
| Quinenco S.A. | 40 | 136 |
| S.A.C.I.Falabella | 97 | 191 |
|  |  | 3078 |
| **Greece 0.2%** | **Greece 0.2%** | **Greece 0.2%** |
| Eurobank Ergasias Services And Holdings S.A - Class R (a) | 324 | 366 |
| Greek Organisation of Football Prognostics S.A. - Class R | 21 | 303 |
| Hellenic Duty Free Shops Single Member S.A. - Class R (a) (d) | 9 |  |
| Hellenic Telecommunications Organization S.A. - Class R | 24 | 381 |
| HELLENiQ ENERGY Holdings Societe Anonyme - Class R | 7 | 53 |
| Jumbo S.A. - Class R | 14 | 240 |
| Motor Oil (Hellas) Corinth Refineries S.A. - Class R | 7 | 171 |
| National Bank of Greece SA - Class R (a) | 70 | 283 |
|  |  | 1797 |
| **Hungary 0.2%** | **Hungary 0.2%** | **Hungary 0.2%** |
| MOL Hungarian Oil and Gas Public Limited Company | 58 | 406 |
| OTP Bank Nyrt. | 28 | 766 |
| Richter Gedeon Vegyeszeti Gyar Nyilvanosan Mukodo Rt. | 16 | 360 |
|  |  | 1532 |
| **Colombia 0.2%** | **Colombia 0.2%** | **Colombia 0.2%** |
| Banco de Bogota S.A. | 12 | 95 |
| Bancolombia SA | 34 | 304 |
| Ecopetrol S.A. | 633 | 329 |
| Grupo Argos S A | 46 | 89 |
| Grupo de Inversiones Suramericana S.A. | 13 | 110 |
| Grupo Energia Bogota S.A. ESP | 349 | 121 |
| Grupo Nutresa S.A. | 17 | 156 |
| Interconexion Electrica S.A. E.S.P. | 59 | 255 |
|  |  | 1459 |
| **Bermuda 0.1%** | **Bermuda 0.1%** | **Bermuda 0.1%** |
| Credicorp Ltd. | 8 | 1127 |
| **Czech Republic 0.1%** | **Czech Republic 0.1%** | **Czech Republic 0.1%** |
| CEZ, a. s. | 20 | 695 |
| Komercni banka, a.s. | 10 | 278 |
| MONETA Money Bank, a.s. (b) | 43 | 146 |
|  |  | 1119 |
| **Egypt 0.1%** | **Egypt 0.1%** | **Egypt 0.1%** |
| Commercial International Bank (Egypt) S.A.E. | 305 | 513 |
| **Luxembourg 0.1%** | **Luxembourg 0.1%** | **Luxembourg 0.1%** |
| Reinet Investments S.C.A. | 18 | 342 |
| **Singapore 0.0%** | **Singapore 0.0%** | **Singapore 0.0%** |
| BOC Aviation Limited (b) | 26 | 215 |
| **Australia 0.0%** | **Australia 0.0%** | **Australia 0.0%** |
| Yancoal Australia Ltd | 36 | 144 |
| **Peru 0.0%** | **Peru 0.0%** | **Peru 0.0%** |
| Inretail Peru Corp. (b) | 4 | 121 |
| **Pakistan 0.0%** | **Pakistan 0.0%** | **Pakistan 0.0%** |
| Oil & Gas Development Company Limited | 80 | 28 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Bank VTB (Public Joint Stock Company) (a) (b) (d) | 680515 |  |
| Joint Stock Company Alrosa (Public Joint Stock Company) (a) (b) (d) | 346 |  |
| Public Joint Stock Company Federal Hydrogenerating Company - Rushydro (a) (b) (d) | 13159 |  |
| Public Joint Stock Company Gazprom (a) (b) (d) | 1618 |  |
| Public Joint Stock Company Magnet (a) (b) (d) | 10 |  |
| Public Joint Stock Company Magnet - GDR (a) (b) (d) |  |  |
| Public Joint Stock Company Novatek (a) (b) (d) | 131 |  |
| Public Joint Stock Company Novolipetsk Metallurgical Works (a) (b) (d) | 167 |  |
| Public Joint Stock Company Oil Company Rosneft (a) (b) (d) | 301 |  |
| Public Joint Stock Company PIK-Specialized Homebuilder (a) (b) (d) | 15 |  |
| Public Joint Stock Company Polyus (a) (b) (d) | 4 |  |
| Public Joint Stock Company Sberbank of Russia (a) (b) (d) | 1458 |  |
| Public Joint Stock Company Surgutneftegaz (a) (b) (d) | 1157 |  |
| Public Joint Stock Company Tatneft Named After V.D. Shashin (a) (b) (d) | 220 |  |
| Public Joint Stock Society Inter RAO UES (a) (b) (d) | 4398 |  |
| Public Joint Stock Society Mining And Metallurgical Company Norilsk Nickel (a) (b) (d) | 8 |  |
| Public Joint Stock Society Moscow Exchange MICEX-RTS (a) (b) (d) | 189 |  |
| Public Joint Stock Society Oil Company Lukoil (a) (b) (d) | 49 |  |
| Publichnoe Aktsionernoe Obshchestvo Fosagro (a) (b) (d) | 6 |  |
| Publichnoe Aktsionernoe Obshchestvo Fosagro (a) (b) (d) |  |  |
| Publichnoe Aktsionernoe Obshchestvo Magnitogorski Metallurgicheski Kombinat (a) (b) (d) | 241 |  |
| Publichnoe Aktsionernoe Obshchestvo Mobilnye Telesistemy (a) (b) (d) | 115 |  |
| Publichnoe Aktsionernoe Obshchestvo Severstal (a) (b) (d) | 27 |  |
| Publichnoye Aktsionernoye Obshchestvo Rostelekom (a) (b) (d) | 157 |  |
| United Company RUSAL PLC (a) (b) (d) | 320 |  |
| Total Common Stocks (cost $971,236) | Total Common Stocks (cost $971,236) | 797371 |
| **PREFERRED STOCKS 2.0%** | **PREFERRED STOCKS 2.0%** | **PREFERRED STOCKS 2.0%** |
| **Brazil 1.2%** | **Brazil 1.2%** | **Brazil 1.2%** |
| Banco Bradesco S.A. (e) | 636 | 1826 |
| Braskem S.A - Series A | 26 | 115 |
| Centrais Eletricas Brasileiras S/A | 30 | 246 |
| Companhia Energetica De Minas Gerais-Cemig | 140 | 296 |
| Gerdau S.A. | 128 | 712 |
| Itau Unibanco Holding S.A. (e) | 583 | 2759 |
| Itausa Investimentos Itau S.A. | 624 | 1006 |
| Petroleo Brasileiro S/A Petrobras. (e) | 567 | 2629 |
|  |  | 9589 |
| **South Korea 0.6%** | **South Korea 0.6%** | **South Korea 0.6%** |
| Amorepacific Corporation | 1 | 45 |
| CJ CheilJedang Corp. |  | 34 |
| Hyundai Motor Company, 1.00% (f) | 3 | 164 |
| Hyundai Motor Company, 2.00% (f) | 5 | 278 |
| Kumho Petrochemical Co., Ltd. |  | 19 |
| LG Chem, Ltd., 1.00% (f) | 1 | 228 |
| LG Electronics Inc. | 2 | 77 |
| LG H&H Co., Ltd., 1.00% (f) |  | 68 |
| Mirae Asset Securities Co., Ltd., 2.70% (f) | 15 | 43 |
| Samsung Electronics Co Ltd, 1.00% (f) | 100 | 4002 |
| Samsung Fire & Marine Insurance Co., Ltd. |  | 39 |
| Samsung SDI Co., Ltd., 1.00% (f) |  | 43 |
|  |  | 5040 |
| **Chile 0.2%** | **Chile 0.2%** | **Chile 0.2%** |
| Sociedad Quimica Y Minera De Chile S.A. - Preferred Class B | 17 | 1383 |
| **Colombia 0.0%** | **Colombia 0.0%** | **Colombia 0.0%** |
| Bancolombia SA | 54 | 374 |
| Grupo Aval Acciones y Valores S.A. | 508 | 60 |
| Grupo de Inversiones Suramericana S.A. | 15 | 41 |
|  |  | 475 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Public Joint Stock Company Sberbank of Russia (a) (b) (d) | 126 |  |
| Public Joint Stock Company Surgutneftegaz (a) (b) (d) | 1025 |  |
| Public Joint Stock Company Tatneft Named After V.D. Shashin (a) (b) (d) | 9 |  |
| Total Preferred Stocks (cost $21,258) | Total Preferred Stocks (cost $21,258) | 16487 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| **United States of America 0.0%** | **United States of America 0.0%** | **United States of America 0.0%** |
| LOTTE Chemical Corporation (a) (g) |  | 10 |
| Total Rights (cost $0) | Total Rights (cost $0) | 10 |
| **CORPORATE BONDS AND NOTES 0.0%** | **CORPORATE BONDS AND NOTES 0.0%** | **CORPORATE BONDS AND NOTES 0.0%** |
| **India 0.0%** | **India 0.0%** | **India 0.0%** |
| Britannia Industries Ltd |  |  |
| 5.50%, 06/03/24, INR | 17 |  |
| Total Corporate Bonds And Notes (cost $0) | Total Corporate Bonds And Notes (cost $0) |  |
| **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (h) (i) | 5014 | 5014 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (h) (i) | 1844 | 1844 |
| Total Short Term Investments (cost $6,858) | Total Short Term Investments (cost $6,858) | 6858 |
| **Total Investments 100.2% (cost $999,352)** | **Total Investments 100.2% (cost $999,352)** | **820726** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (145) |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | **(1651)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **818930** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) All or a portion of the security was on loan as of December 31, 2022.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(e) Convertible security.

(f) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(g) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(h) Investment in affiliate.

(i) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Emerging Markets Index Fund — Restricted Securities** | **JNL Emerging Markets Index Fund — Restricted Securities** | **JNL Emerging Markets Index Fund — Restricted Securities** | **JNL Emerging Markets Index Fund — Restricted Securities** | **JNL Emerging Markets Index Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Alibaba Group Holding Limited | 04/26/21 | 38092 | 21290 | 2.6 |
| Asymchem Laboratories (Tianjin) Co., Ltd. - Class H | 06/17/22 | 42 | 43 |  |
| AU Small Finance Bank Limited | 04/28/21 | 307 | 325 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Emerging Markets Index Fund — Restricted Securities (continued)** | **JNL Emerging Markets Index Fund — Restricted Securities (continued)** | **JNL Emerging Markets Index Fund — Restricted Securities (continued)** | **JNL Emerging Markets Index Fund — Restricted Securities (continued)** | **JNL Emerging Markets Index Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Autohome Inc. | 06/18/21 | 372 | 215 |  |
| Avenue Supermarts Limited | 04/28/21 | 722 | 904 | 0.1 |
| Baidu, Inc. - Class A | 06/18/21 | 6460 | 3978 | 0.5 |
| Bandhan Bank Limited | 04/28/21 | 414 | 275 |  |
| Bank VTB (Public Joint Stock Company) | 04/26/21 | 600 |  |  |
| BeiGene, Ltd. | 04/26/21 | 2239 | 1777 | 0.2 |
| Blue Moon Group Holdings Limited | 06/18/21 | 183 | 106 |  |
| BOC Aviation Limited | 04/26/21 | 200 | 215 |  |
| Cansino Biologics Inc. - Class H | 06/18/21 | 408 | 82 |  |
| CGN Power Co., Ltd. - Class H | 04/26/21 | 462 | 356 | 0.1 |
| China Feihe Limited | 04/26/21 | 1007 | 335 | 0.1 |
| China International Capital Corporation Limited - Class H | 04/26/21 | 415 | 370 | 0.1 |
| China Literature Limited | 04/26/21 | 434 | 183 |  |
| China Merchants Securities Co., Ltd. - Class H | 04/26/21 | 116 | 80 |  |
| China Resources Mixc Lifestyle Services Limited | 06/18/21 | 466 | 396 | 0.1 |
| China Tower Corporation Limited - Class H | 04/26/21 | 973 | 631 | 0.1 |
| Dali Foods Group Company Limited | 04/26/21 | 214 | 136 |  |
| Everbright Securities Company Limited - Class H | 01/11/22 | 54 | 46 |  |
| Fuyao Glass Industry Group Co., Ltd. - Class H | 04/26/21 | 324 | 313 |  |
| Ganfeng Lithium Group Co., Ltd - Class H | 04/26/21 | 592 | 383 | 0.1 |
| Guotai Junan Securities Co., Ltd. - Class H | 04/26/21 | 135 | 106 |  |
| Haidilao International Holding Ltd. | 04/26/21 | 610 | 415 | 0.1 |
| Hansoh Pharmaceutical Group Company Limited | 04/26/21 | 591 | 231 |  |
| Hapvida Participacoes E Investimentos S/A | 04/26/21 | 1347 | 548 | 0.1 |
| HDFC Life Insurance Company Limited | 04/28/21 | 1074 | 795 | 0.1 |
| Huatai Securities Co., Ltd. - Class H | 04/26/21 | 446 | 248 |  |
| ICICI Lombard General Insurance Company Limited | 04/28/21 | 569 | 441 | 0.1 |
| ICICI Prudential Life Insurance Company Limited | 04/28/21 | 322 | 248 |  |
| Innovent Biologics, Inc. - Class B | 04/26/21 | 703 | 602 | 0.1 |
| Inretail Peru Corp. | 05/19/21 | 150 | 121 |  |
| Interglobe Aviation Limited | 04/28/21 | 287 | 315 |  |
| JD Health International Inc. | 06/18/21 | 1444 | 1159 | 0.2 |
| Joinn Laboratories (China) Co., Ltd. - Class H | 06/18/21 | 117 | 57 |  |
| Joint Stock Company Alrosa (Public Joint Stock Company) | 04/26/21 | 532 |  |  |
| Kuaishou Technology | 06/18/21 | 3971 | 2145 | 0.3 |
| Kumba Iron Ore Ltd | 04/26/21 | 198 | 166 |  |
| LTIMindtree Limited | 04/28/21 | 301 | 303 |  |
| Meituan - Class B | 04/26/21 | 10788 | 11082 | 1.4 |
| MONETA Money Bank, a.s. | 04/26/21 | 148 | 146 |  |
| Nongfu Spring Co., Ltd. - Class H | 04/26/21 | 1226 | 1247 | 0.2 |
| Orient Securities Company Limited - Class H | 05/20/21 | 57 | 43 |  |
| Pepkor Holdings | 04/26/21 | 204 | 193 |  |
| Ping An Healthcare and Technology Company Limited | 04/26/21 | 672 | 159 |  |
| Postal Savings Bank of China Co., Ltd. - Class H | 04/26/21 | 606 | 616 | 0.1 |
| Public Joint Stock Company Federal Hydrogenerating Company - Rushydro | 04/26/21 | 143 |  |  |
| Public Joint Stock Company Gazprom | 08/27/21 | 3743 |  |  |
| Public Joint Stock Company Magnet | 04/26/21 | 1595 |  |  |
| Public Joint Stock Company Magnet | 08/25/22 |  |  |  |
| Public Joint Stock Company Novatek | 04/26/21 | 1740 |  |  |
| Public Joint Stock Company Novolipetsk Metallurgical Works | 04/26/21 | 361 |  |  |
| Public Joint Stock Company Oil Company Rosneft | 04/26/21 | 1923 |  |  |
| Public Joint Stock Company PIK-Specialized Homebuilder | 12/17/21 | 222 |  |  |
| Public Joint Stock Company Polyus | 04/26/21 | 454 |  |  |
| Public Joint Stock Company Sberbank of Russia | 04/26/21 | 481 |  |  |
| Public Joint Stock Company Sberbank of Russia | 04/26/21 | 4445 |  |  |
| Public Joint Stock Company Surgutneftegaz | 04/26/21 | 563 |  |  |
| Public Joint Stock Company Surgutneftegaz | 04/26/21 | 561 |  |  |
| Public Joint Stock Company Tatneft Named After V.D. Shashin | 04/26/21 | 66 |  |  |
| Public Joint Stock Company Tatneft Named After V.D. Shashin | 04/26/21 | 1466 |  |  |
| Public Joint Stock Society Inter RAO UES | 04/26/21 | 271 |  |  |
| Public Joint Stock Society Mining And Metallurgical Company Norilsk Nickel | 04/26/21 | 1209 |  |  |
| Public Joint Stock Society Moscow Exchange MICEX-RTS | 04/26/21 | 375 |  |  |
| Public Joint Stock Society Oil Company Lukoil | 04/26/21 | 3119 |  |  |
| Publichnoe Aktsionernoe Obshchestvo Fosagro | 07/01/21 | 1 |  |  |
| Publichnoe Aktsionernoe Obshchestvo Fosagro | 05/19/21 | 322 |  |  |
| Publichnoe Aktsionernoe Obshchestvo Magnitogorski Metallurgicheski Kombinat | 04/26/21 | 225 |  |  |
| Publichnoe Aktsionernoe Obshchestvo Mobilnye Telesistemy | 04/26/21 | 568 |  |  |
| Publichnoe Aktsionernoe Obshchestvo Severstal | 06/25/21 | 411 |  |  |
| Publichnoye Aktsionernoye Obshchestvo Rostelekom | 04/26/21 | 207 |  |  |
| Qingdao Port International Co., Ltd. - Class H | 04/26/21 | 45 | 34 |  |
| Remegen, Ltd. - Class H | 12/16/22 | 111 | 115 |  |
| SBI Life Insurance Company Limited | 04/28/21 | 727 | 843 | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Emerging Markets Index Fund — Restricted Securities (continued)** | **JNL Emerging Markets Index Fund — Restricted Securities (continued)** | **JNL Emerging Markets Index Fund — Restricted Securities (continued)** | **JNL Emerging Markets Index Fund — Restricted Securities (continued)** | **JNL Emerging Markets Index Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Shandong Gold Group Co., Ltd. - Class H | 04/26/21 | 162 | 143 |  |
| Shanghai Junshi Biosciences Co., Ltd. - Class H | 06/18/21 | 126 | 110 |  |
| Shenwan Hongyuan Group Co., Ltd. - Class H | 05/20/21 | 58 | 37 |  |
| Smoore International Holdings Limited | 04/26/21 | 1531 | 326 |  |
| Tongcheng-Elong Holdings Limited | 04/26/21 | 238 | 298 |  |
| Topsports International Holdings Limited | 04/26/21 | 416 | 275 |  |
| United Company RUSAL PLC | 04/26/21 | 230 |  |  |
| WuXi AppTec Co., Ltd. - Class H | 04/26/21 | 427 | 497 | 0.1 |
| Yadea Group Holdings Ltd | 12/16/22 | 231 | 231 |  |
| ZTO Express (Cayman) Inc. | 06/21/21 | 1501 | 1394 | 0.2 |
|  |  | 111868 | 58128 | 7.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL Emerging Markets Index Fund — Futures Contracts** | **JNL Emerging Markets Index Fund — Futures Contracts** | **JNL Emerging Markets Index Fund — Futures Contracts** | **JNL Emerging Markets Index Fund — Futures Contracts** | **JNL Emerging Markets Index Fund — Futures Contracts** | **JNL Emerging Markets Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| MSCI Emerging Markets Index | 189 | March 2023 | 9149 | (145) | (82) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** | **JNL Emerging Markets Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 32726 | 764412 | 233 | 797371 |
| &nbsp;&nbsp;Preferred Stocks | 16487 |  |  | 16487 |
| &nbsp;&nbsp;Rights |  | 10 |  | 10 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 6858 |  |  | 6858 |
|  | 56071 | 764422 | 233 | 820726 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (82) |  |  | (82) |
|  | (82) |  |  | (82) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL International Index Fund** | **JNL International Index Fund** | **JNL International Index Fund** |
| **COMMON STOCKS 97.1%** | **COMMON STOCKS 97.1%** | **COMMON STOCKS 97.1%** |
| **Japan 23.4%** | **Japan 23.4%** | **Japan 23.4%** |
| ABC-Mart, Inc. | 5 | 271 |
| ACOM Co., Ltd. | 60 | 143 |
| Advance Residence Investment Corp. |  | 541 |
| Advantest Corporation | 26 | 1693 |
| Aeon Co., Ltd. | 122 | 2580 |
| AGC Inc. (a) | 31 | 1037 |
| Aisin Corporation | 27 | 722 |
| Ajinomoto Co., Inc. | 76 | 2310 |
| ANA Holdings Inc. (a) (b) | 24 | 513 |
| Asahi Group Holdings, Ltd. | 71 | 2204 |
| Asahi Intecc Co., Ltd. | 34 | 557 |
| Asahi Kasei Corporation | 201 | 1428 |
| ASICS Corporation | 26 | 559 |
| Astellas Pharma Inc. | 263 | 4007 |
| Bandai Namco Holdings Inc. | 32 | 2012 |
| Bridgestone Corporation (a) | 87 | 3069 |
| Brother Industries, Ltd. | 39 | 596 |
| Canon Inc. (a) | 150 | 3229 |
| Capcom Co., Ltd. | 24 | 751 |
| Central Japan Railway Company | 29 | 3586 |
| Chubu Electric Power Co., Inc. | 108 | 1117 |
| Chugai Pharmaceutical Co., Ltd. | 90 | 2287 |
| Concordia Financial Group, Ltd. | 183 | 764 |
| COSMOS Pharmaceutical Corporation | 3 | 334 |
| CyberAgent, Inc. | 61 | 538 |
| Dai Nippon Printing Co., Ltd. | 37 | 737 |
| Daifuku Co., Ltd. | 18 | 840 |
| Dai-ichi Life Holdings, Inc. | 148 | 3350 |
| Daiichi Sankyo Company, Ltd | 276 | 8855 |
| Daikin Industries, Ltd. | 42 | 6326 |
| Daito Trust Construction Co., Ltd. | 9 | 941 |
| Daiwa House Industry Co., Ltd | 97 | 2219 |
| Daiwa House REIT Investment Corporation |  | 672 |
| Daiwa Securities Group Inc. | 203 | 895 |
| DENSO Corporation | 72 | 3530 |
| DISCO Corporation | 4 | 1140 |
| East Japan Railway Company | 53 | 3036 |
| Eisai Co., Ltd. | 41 | 2734 |
| ENEOS Holdings, Inc. | 464 | 1582 |
| FANUC Corporation | 27 | 4039 |
| Fast Retailing Co., Ltd. | 9 | 5372 |
| Fuji Electric Co., Ltd. | 22 | 834 |
| FUJIFILM Holdings Corporation | 58 | 2885 |
| Fujitsu Limited | 26 | 3389 |
| Fukuoka Financial Group, Inc. | 29 | 663 |
| GLP J-REIT | 1 | 749 |
| GMO Payment Gateway, Inc. | 6 | 531 |
| Hakuhodo DY Holdings Inc. | 45 | 455 |
| Hamamatsu Photonics K.K. | 20 | 956 |
| Hankyu Hanshin Holdings, Inc. | 36 | 1057 |
| HASEKO Corporation | 28 | 316 |
| Hikari Tsushin,Inc. | 3 | 422 |
| Hirose Electric Co., Ltd. | 5 | 612 |
| Hitachi Construction Machinery Co., Ltd. | 15 | 335 |
| Hitachi, Ltd. | 138 | 6947 |
| Honda Motor Co., Ltd. | 243 | 5531 |
| Hoshizaki Corporation | 18 | 633 |
| Hoya Corporation | 50 | 4826 |
| Hulic Co., Ltd. | 82 | 645 |
| IBIDEN Co., Ltd. | 20 | 722 |
| Idemitsu Kosan Co., Ltd. | 32 | 761 |
| Iida Group Holdings Co., Ltd. | 28 | 422 |
| Inpex Corporation (a) | 148 | 1589 |
| Isuzu Motors Limited | 89 | 1035 |
| ITOCHU Corporation | 208 | 6550 |
| ITOCHU Techno-Solutions Corporation | 14 | 320 |
| Japan Airlines Co., Ltd. (b) | 22 | 445 |
| Japan Airport Terminal Co., Ltd. (b) | 13 | 630 |
| Japan Exchange Group, Inc. | 77 | 1104 |
| Japan Metropolitan Fund Investment Corporation | 1 | 836 |
| Japan Post Bank Co., Ltd. | 63 | 539 |
| Japan Post Holdings Co., Ltd. | 345 | 2917 |
| Japan Post Insurance Co., Ltd. | 30 | 531 |
| Japan Prime Realty Investment Corporation |  | 406 |
| Japan Real Estate Investment Corporation |  | 817 |
| Japan Tobacco Inc. (a) | 158 | 3180 |
| JFE Holdings, Inc. | 76 | 890 |
| JSR Corporation | 32 | 627 |
| Kajima Corporation | 67 | 775 |
| Kakaku.com, Inc. | 19 | 305 |
| Kansai Paint Co., Ltd | 39 | 472 |
| Kao Corporation (a) | 66 | 2623 |
| Kawasaki Heavy Industries, Ltd. | 25 | 590 |
| KDDI Corporation | 224 | 6769 |
| Keio Corporation | 18 | 670 |
| Keisei Electric Railway Co., Ltd. | 24 | 669 |
| Keyence Corporation | 28 | 10992 |
| Kikkoman Corporation | 27 | 1428 |
| Kintetsu Group Holdings Co., Ltd. | 26 | 872 |
| Kirin Holdings Company, Ltd | 116 | 1764 |
| Kobayashi Pharmaceutical Co., Ltd. | 8 | 570 |
| Kobe Bussan Co., Ltd. | 18 | 525 |
| Koei Tecmo Holdings Co., Ltd. | 17 | 314 |
| Koito Manufacturing Co., Ltd. | 38 | 572 |
| Komatsu Ltd. | 137 | 2965 |
| Konami Holdings Corporation | 15 | 683 |
| Kose Corporation (a) | 5 | 564 |
| Kubota Corporation | 165 | 2223 |
| Kurita Water Industries Ltd. | 16 | 663 |
| KYOCERA Corporation | 50 | 2493 |
| Kyowa Kirin Co., Ltd. | 34 | 786 |
| Kyushu Railway Company | 24 | 530 |
| Lasertec Co., Ltd. | 11 | 1743 |
| Lawson, Inc. | 7 | 256 |
| Lion Corporation | 38 | 437 |
| LIXIL Corporation | 44 | 654 |
| M3, Inc. | 62 | 1691 |
| Makita Corporation | 40 | 932 |
| Marubeni Corporation | 247 | 2829 |
| Marui Group Co.Ltd. | 29 | 478 |
| Matsuki Yokokokara & Company Co., Ltd. | 20 | 1001 |
| Mazda Motor Corporation | 90 | 688 |
| McDonald's Holdings Company (Japan), Ltd. | 14 | 525 |
| Medipal Holdings Corporation | 32 | 420 |
| Meiji Holdings Co., Ltd. | 21 | 1052 |
| Minebeamitsumi Inc. | 57 | 834 |
| MISUMI Group Inc. | 39 | 839 |
| Mitsubishi Chemical Group Corporation | 194 | 1001 |
| Mitsubishi Corporation | 210 | 6824 |
| Mitsubishi Electric Corporation | 309 | 3060 |
| Mitsubishi Estate Co., Ltd. | 188 | 2462 |
| Mitsubishi Gas Chemical Company, Inc. | 31 | 427 |
| Mitsubishi HC Capital Inc. | 104 | 513 |
| Mitsubishi Heavy Industries, Ltd. | 48 | 1920 |
| Mitsubishi Motors Corporation (b) | 90 | 339 |
| Mitsubishi UFJ Financial Group Inc | 1799 | 12141 |
| Mitsui & Co., Ltd. | 226 | 6593 |
| Mitsui Chemicals, Inc. | 31 | 686 |
| Mitsui Fudosan Co., Ltd. | 135 | 2461 |
| Mitsui O.S.K. Lines, Ltd. (a) | 52 | 1297 |
| Mizuho Bank, Ltd. | 33 | 1037 |
| Mizuho Financial Group, Inc. | 363 | 5113 |
| MonotaRO Co., Ltd. | 37 | 518 |
| MS&AD Insurance Group Holdings, Inc. | 65 | 2086 |
| Murata Manufacturing Co., Ltd. | 90 | 4475 |
| Nagoya Railroad Co., Ltd. | 30 | 492 |
| Nec Corporation | 39 | 1371 |
| NEXON Co., Ltd. | 63 | 1414 |
| NGK Insulators, Ltd. | 41 | 522 |
| NGK Spark Plug Co.Ltd. | 26 | 476 |
| Nidec Corporation | 76 | 3924 |
| Nihon M&A Center Holdings Inc. | 44 | 541 |
| Nikon Corporation | 53 | 468 |
| Nintendo Co., Ltd. | 166 | 6969 |
| Nippon Building Fund Inc. (a) |  | 1057 |
| Nippon Express Co., Ltd. (a) | 12 | 662 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Nippon Paint Holdings Co., Ltd. | 153 | 1201 |
| Nippon Prologis REIT, Inc. |  | 905 |
| Nippon Sanso Holdings Corporation | 32 | 461 |
| Nippon Shinyaku Co., Ltd. | 9 | 522 |
| Nippon Steel Corporation | 138 | 2391 |
| Nippon Telegraph and Telephone Corporation | 169 | 4834 |
| Nippon Yusen Kabushiki Kaisha (a) | 73 | 1698 |
| Nissan Motor Co., Ltd. | 333 | 1042 |
| Nisshin Seifun Group Inc. | 40 | 497 |
| Nissin Chemical Corporation | 19 | 845 |
| Nissin Food Holdings Co., Ltd. | 11 | 863 |
| Nitori Holdings Co., Ltd. | 12 | 1550 |
| Nitto Denko Corporation | 22 | 1250 |
| Nomura Holdings, Inc. | 422 | 1559 |
| Nomura Real Estate Holdings, Inc. | 17 | 363 |
| Nomura Real Estate Master Fund, Inc. | 1 | 875 |
| Nomura Research Institute Ltd | 61 | 1470 |
| Nsk Ltd. | 74 | 392 |
| NTT DATA Corporation | 91 | 1321 |
| Obayashi Corporation | 96 | 728 |
| OBIC Co., Ltd. | 9 | 1366 |
| Odakyu Electric Railway Co., Ltd. | 49 | 631 |
| Oji Holdings Corporation | 152 | 612 |
| Olympus Corporation | 183 | 3240 |
| OMRON Corporation | 29 | 1428 |
| Ono Pharmaceutical Co., Ltd. | 68 | 1586 |
| Open House Group Co., Ltd. | 11 | 392 |
| Oracle Corporation Japan | 5 | 298 |
| Oriental Land Co., Ltd. | 33 | 4781 |
| ORIX Corporation | 167 | 2676 |
| ORIX JREIT Inc. |  | 595 |
| Osaka Gas Co., Ltd. | 56 | 905 |
| Otsuka Corporation | 17 | 520 |
| Otsuka Holdings Co., Ltd. | 79 | 2608 |
| Pan Pacific International Holdings Corporation | 79 | 1466 |
| Panasonic Holdings Corporation | 328 | 2740 |
| Persol Holdings Co., Ltd. | 29 | 614 |
| Rakuten Group, Inc. (a) | 132 | 584 |
| Recruit Holdings Co., Ltd. | 242 | 7737 |
| Renesas Electronics Corporation (b) | 195 | 1735 |
| Resona Holdings, Inc. | 331 | 1816 |
| Ricoh Company, Ltd. | 87 | 663 |
| Rinnai Corporation | 6 | 437 |
| ROHM Co., Ltd. | 13 | 944 |
| Santen Pharmaceutical Co., Ltd. | 60 | 488 |
| SBI Holdings, Inc. | 37 | 696 |
| SCSK Corporation | 23 | 350 |
| Secom Co., Ltd. | 31 | 1766 |
| Sega Sammy Holdings, Inc. | 27 | 405 |
| Seibu Holdings Inc. | 41 | 445 |
| Seiko Epson Corporation. | 42 | 608 |
| Sekisui Chemical Co., Ltd. | 60 | 841 |
| Sekisui House, Ltd. | 98 | 1731 |
| Seven & I Holdings Co., Ltd. | 114 | 4896 |
| SG Holdings Co., Ltd. | 68 | 944 |
| Sharp Corporation | 29 | 206 |
| Shimadzu Corporation | 39 | 1115 |
| Shimano Inc. | 12 | 1839 |
| Shimizu Corporation | 105 | 560 |
| Shin-Etsu Chemical Co., Ltd. | 59 | 7218 |
| Shinsei Bank, Limited | 8 | 133 |
| Shionogi & Co., Ltd. | 41 | 2024 |
| Shiseido Company, Limited | 56 | 2744 |
| Showa Denko K.K. (a) | 23 | 344 |
| SMC Corporation | 9 | 3604 |
| Softbank Corp. | 391 | 4424 |
| SoftBank Group Corp | 168 | 7098 |
| Sojitz Corporation | 33 | 638 |
| Sompo Holdings, Inc. | 50 | 2197 |
| Sony Group Corporation | 179 | 13543 |
| Square Enix Holdings Co., Ltd. | 13 | 591 |
| Stanley Electric Co., Ltd. | 23 | 433 |
| Subaru Corporation. | 89 | 1330 |
| SUMCO Corporation | 45 | 597 |
| Sumitomo Chemical Company, Limited | 248 | 887 |
| Sumitomo Corporation | 178 | 2965 |
| Sumitomo Dainippon Pharma Co., Ltd. | 26 | 198 |
| Sumitomo Electric Industries, Ltd. | 108 | 1223 |
| Sumitomo Metal Mining Co., Ltd. | 38 | 1331 |
| Sumitomo Mitsui Financial Group, Inc. | 195 | 7848 |
| Sumitomo Mitsui Trust Bank, Limited | 52 | 1817 |
| Sumitomo Realty & Development Co., Ltd. | 69 | 1615 |
| Suntory Beverage & Food Limited | 19 | 653 |
| Suzuki Motor Corporation | 68 | 2185 |
| Sysmex Corporation | 25 | 1497 |
| T&D Holdings, lnc. | 80 | 1154 |
| Taisei Corporation | 28 | 895 |
| Taisho Pharmaceutical Holdings Co., Ltd. | 9 | 373 |
| Takeda Pharmaceutical Co Ltd | 225 | 7019 |
| TDK Corporation | 56 | 1828 |
| Terumo Corporation | 109 | 3097 |
| The Bank of Kyoto, Ltd. | 11 | 511 |
| The Chiba Bank, Ltd. | 97 | 708 |
| The Kansai Electric Power Company, Incorporated | 112 | 1087 |
| TIS Inc. | 30 | 800 |
| TOBU Railway Co., LTD. | 29 | 670 |
| Toho Co., Ltd. | 18 | 689 |
| Tokio Marine Holdings, Inc. | 288 | 6171 |
| Tokyo Century Corporation | 6 | 185 |
| Tokyo Electric Power Company Holdings, Inc. (b) | 112 | 403 |
| Tokyo Electron Limited | 22 | 6542 |
| Tokyo Gas Co., Ltd. | 58 | 1137 |
| Tokyu Corporation | 84 | 1063 |
| Tokyu Fudosan Holdings Corporation | 84 | 397 |
| Toppan Inc. | 53 | 777 |
| Toray Industries, Inc. | 220 | 1227 |
| Toshiba Corporation | 62 | 2137 |
| Tosoh Corporation | 49 | 580 |
| TOTO Ltd. | 24 | 808 |
| Toyo Suisan Kaisha, Ltd. | 13 | 517 |
| Toyota Industries Corporation | 29 | 1578 |
| Toyota Motor Corporation | 1785 | 24300 |
| Toyota Tsusho Corporation | 33 | 1195 |
| Trend Micro Incorporated (a) | 21 | 975 |
| Unicharm Corporation | 61 | 2353 |
| United Urban Investment Corporation |  | 542 |
| USS Co., Ltd. | 34 | 532 |
| Welcia Holdings Co., Ltd. | 16 | 364 |
| West Japan Railway Company | 35 | 1533 |
| Yakult Honsha Co., Ltd. | 23 | 1482 |
| Yamaha Corporation | 25 | 917 |
| Yamaha Motor Co., Ltd. (a) | 47 | 1070 |
| Yamato Holdings Co., Ltd. | 48 | 766 |
| Yaskawa Electric Corporation | 38 | 1222 |
| Yokogawa Electric Corporation | 36 | 571 |
| Z Holdings Corporation | 382 | 960 |
| ZOZO, Inc. | 13 | 326 |
| | | 497897 |
| **United Kingdom 13.8%** | **United Kingdom 13.8%** | **United Kingdom 13.8%** |
| 3i Group plc | 141 | 2299 |
| abrdn plc | 284 | 654 |
| Admiral Group PLC | 39 | 997 |
| Anglo American PLC | 190 | 7424 |
| Ashtead Group Public Limited Company | 64 | 3691 |
| Associated British Foods PLC | 53 | 1017 |
| AstraZeneca PLC | 220 | 30024 |
| Auto Trader Group PLC | 131 | 823 |
| AVEVA Group plc | 17 | 670 |
| Aviva PLC | 406 | 2194 |
| B&M European Value Retail S.A. | 123 | 614 |
| BAE Systems PLC | 458 | 4741 |
| Barclays PLC | 2117 | 4058 |
| Barratt Developments P L C | 152 | 736 |
| BP P.L.C. | 2598 | 14918 |
| British American Tobacco P.L.C. | 319 | 12686 |
| BT Group PLC | 998 | 1358 |
| Bunzl Public Limited Company | 46 | 1549 |
| Burberry Group PLC | 55 | 1355 |
| Centrica PLC | 884 | 1033 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Coca-Cola Europacific Partners PLC | 28 | 1558 |
| Compass Group PLC | 251 | 5872 |
| Convatec Group PLC (c) | 211 | 595 |
| Croda International Public Limited Company | 21 | 1657 |
| DCC Public Limited Company | 15 | 748 |
| Dechra Pharmaceuticals PLC | 17 | 529 |
| Diageo PLC | 332 | 14741 |
| Direct Line Insurance Group PLC | 186 | 497 |
| DS Smith PLC | 205 | 805 |
| easyJet PLC (b) | 76 | 299 |
| Entain PLC | 81 | 1298 |
| Evraz PLC (d) | 82 |  |
| Experian PLC | 139 | 4761 |
| Ferguson PLC | 30 | 3784 |
| Fiat Chrysler Automobiles N.V. | 307 | 4378 |
| GSK PLC | 569 | 9912 |
| Haleon PLC (b) | 722 | 2843 |
| Halma Public Limited Company | 55 | 1314 |
| Harbour Energy PLC | 67 | 248 |
| Hargreaves Lansdown PLC | 48 | 500 |
| Hikma Pharmaceuticals Public Limited Company | 24 | 453 |
| Hiscox Ltd. | 46 | 601 |
| Howden Joinery Group PLC | 87 | 597 |
| HSBC Holdings PLC | 2837 | 17720 |
| Imperial Brands PLC | 136 | 3410 |
| Informa Jersey Limited | 207 | 1557 |
| InterContinental Hotels Group PLC | 27 | 1543 |
| Intermediate Capital Group PLC | 42 | 594 |
| Intertek Group Plc | 23 | 1139 |
| Intu Properties PLC (b) (d) | 156 |  |
| ITV PLC | 543 | 497 |
| J Sainsbury PLC | 258 | 681 |
| JD Sports Fashion PLC | 321 | 492 |
| Johnson Matthey PLC | 30 | 765 |
| Kingfisher PLC | 288 | 825 |
| Land Securities Group PLC | 112 | 846 |
| Legal & General Group PLC | 833 | 2532 |
| Lloyds Banking Group PLC | 9509 | 5238 |
| London Stock Exchange Group PLC | 49 | 4262 |
| M&G PLC | 337 | 768 |
| Melrose Holdings Limited | 558 | 917 |
| Mondi plc | 70 | 1197 |
| National Grid PLC | 548 | 6598 |
| NatWest Group PLC | 707 | 2283 |
| Next PLC | 19 | 1347 |
| Ocado Group PLC (b) | 105 | 786 |
| Pearson PLC | 103 | 1182 |
| Pepco Group N.V. (b) (c) | 22 | 201 |
| Persimmon Public Limited Company | 44 | 648 |
| Phoenix Group Holdings PLC | 123 | 907 |
| Prudential Public Limited Company (e) | 394 | 5399 |
| Reckitt Benckiser Group PLC | 105 | 7298 |
| Relx PLC | 282 | 7806 |
| Rentokil Initial PLC | 362 | 2228 |
| Rightmove PLC | 123 | 772 |
| Rio Tinto PLC | 151 | 10592 |
| Rolls-Royce PLC (b) | 1157 | 1311 |
| Schroders PLC | 119 | 631 |
| SEGRO Public Limited Company | 174 | 1607 |
| Severn Trent PLC | 36 | 1158 |
| Smith & Nephew PLC | 128 | 1723 |
| Smiths Group PLC | 52 | 1017 |
| Spirax-Sarco Engineering PLC | 10 | 1304 |
| SSE PLC | 147 | 3050 |
| St. James's Place PLC | 81 | 1072 |
| Standard Chartered PLC | 346 | 2617 |
| Tate & Lyle Public Limited Company | 52 | 444 |
| Taylor Wimpey PLC | 545 | 675 |
| Tesco PLC | 1068 | 2901 |
| The Berkeley Group Holdings PLC | 16 | 731 |
| The British Land Company Public Limited Company | 140 | 672 |
| The Sage Group PLC. | 156 | 1408 |
| Unilever PLC | 373 | 18914 |
| United Utilities PLC | 102 | 1222 |
| Vodafone Group Public Limited Company | 3771 | 3848 |
| Weir Group PLC(The) | 34 | 696 |
| Whitbread PLC | 30 | 942 |
| Wise PLC - Class A (b) | 59 | 402 |
| WPP 2012 Limited | 157 | 1563 |
| | | 293769 |
| **France 10.2%** | **France 10.2%** | **France 10.2%** |
| Adevinta ASA - Class B (b) (c) | 42 | 283 |
| Aeroports de Paris (b) | 4 | 493 |
| Alstom | 43 | 1055 |
| Amundi (c) | 9 | 519 |
| AXA | 282 | 7869 |
| Biomerieux SA | 6 | 654 |
| BNP Paribas | 162 | 9239 |
| Bollore SE | 137 | 767 |
| Bouygues | 30 | 913 |
| Bureau Veritas | 39 | 1034 |
| Capgemini | 22 | 3744 |
| Carrefour | 87 | 1451 |
| Compagnie De Saint-Gobain | 74 | 3626 |
| Compagnie Generale des Etablissements Michelin | 101 | 2826 |
| Credit Agricole SA | 198 | 2088 |
| Danone | 91 | 4799 |
| Dassault Aviation | 3 | 551 |
| Dassault Systemes | 98 | 3514 |
| EDENRED | 36 | 1953 |
| Eiffage | 11 | 1068 |
| Electricite de France | 89 | 1144 |
| Engie | 260 | 3727 |
| EssilorLuxottica | 43 | 7891 |
| Gecina | 8 | 826 |
| Getlink S.E. | 57 | 919 |
| Hermes International | 5 | 7685 |
| IPSEN | 6 | 596 |
| Kering | 10 | 5247 |
| L'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 74 | 10573 |
| Legrand | 38 | 3040 |
| L'Oreal | 36 | 12822 |
| LVMH Moet Hennessy Louis Vuitton | 37 | 27138 |
| Orange | 267 | 2651 |
| Pernod Ricard | 29 | 5709 |
| Publicis Groupe SA | 33 | 2136 |
| Safran | 50 | 6237 |
| Sanofi | 164 | 15795 |
| Sartorius Stedim Biotech | 3 | 1120 |
| Schneider Electric SE | 81 | 11408 |
| Societe d'exploitation Hoteliere (a) | 12 | 1178 |
| Societe Generale | 111 | 2812 |
| Teleperformance SE | 9 | 2044 |
| Thales | 15 | 1928 |
| TotalEnergies SE (a) | 350 | 22000 |
| Veolia Environnement-VE | 92 | 2368 |
| VINCI | 77 | 7693 |
| Vivendi SE | 119 | 1138 |
| Worldline (b) (c) | 35 | 1394 |
|  |  | 217665 |
| **Switzerland 8.6%** | **Switzerland 8.6%** | **Switzerland 8.6%** |
| ABB Ltd - Class N | 241 | 7334 |
| Alcon AG | 71 | 4895 |
| Baloise Holding AG - Class N | 6 | 997 |
| Barry Callebaut AG - Class N | 1 | 1040 |
| Chocoladefabriken Lindt & Sprungli AG - Class N |  | 1544 |
| Coca-Cola HBC AG | 31 | 738 |
| Compagnie Financiere Richemont SA | 75 | 9712 |
| Credit Suisse Group AG - Class N | 464 | 1391 |
| EMS-Chemie Holding AG | 1 | 615 |
| Geberit AG - Class N | 5 | 2411 |
| Givaudan SA - Class N | 1 | 3447 |
| Glencore PLC | 1720 | 11607 |
| Julius Bar Gruppe AG - Class N | 30 | 1775 |
| Kuhne & Nagel International AG | 8 | 1908 |
| Lafarge | 81 | 4211 |
| Lonza Group AG | 10 | 5156 |
| Nestle S.A. - Class N | 391 | 45256 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Novartis AG - Class N | 342 | 30906 |
| Partners Group Holding AG | 3 | 2903 |
| Roche Holding AG | 4 | 1474 |
| Schindler Holding AG - Class N | 3 | 529 |
| SGS SA - Class N | 1 | 2007 |
| Sika AG | 22 | 5287 |
| Sonova Holding AG | 7 | 1736 |
| STMicroelectronics N.V. | 93 | 3290 |
| Straumann Holding AG - Class N | 17 | 1915 |
| Swiss Life Holding AG - Class N | 4 | 2233 |
| Swiss Re AG | 41 | 3860 |
| Swisscom AG - Class N | 4 | 1972 |
| The Swatch Group AG | 4 | 1126 |
| The Swatch Group AG - Class N | 9 | 460 |
| UBS Group AG | 498 | 9281 |
| Zurich Insurance Group AG - Class N | 21 | 10281 |
| | | 183297 |
| **Australia 7.7%** | **Australia 7.7%** | **Australia 7.7%** |
| Ampol Limited | 32 | 624 |
| ANZ Group Holdings Limited (a) (b) | 428 | 6881 |
| Aristocrat Leisure Limited | 93 | 1923 |
| ASX Limited | 28 | 1296 |
| Atlas Arteria Limited | 175 | 787 |
| Aurizon Holdings Limited | 252 | 640 |
| Australian Pipeline Trust | 176 | 1288 |
| Bendigo and Adelaide Bank Limited | 80 | 536 |
| BHP Group Limited | 720 | 22288 |
| BlueScope Steel Limited | 64 | 738 |
| Brambles Limited | 196 | 1613 |
| Challenger Limited | 71 | 366 |
| Cochlear Limited | 9 | 1303 |
| Coles Group Limited | 193 | 2195 |
| Commonwealth Bank of Australia | 241 | 16824 |
| Computershare Limited | 85 | 1517 |
| CSL Limited | 69 | 13437 |
| Dexus Property Trust | 152 | 800 |
| Domino's Pizza Enterprises Limited | 9 | 428 |
| Endeavour Group Limited | 184 | 801 |
| Fortescue Metals Group Ltd | 242 | 3383 |
| Goodman Funding Pty Ltd | 240 | 2842 |
| GPT Management Holdings Limited | 269 | 767 |
| Harvey Norman Holdings Limited (a) | 74 | 208 |
| IDP Education Limited (a) | 30 | 558 |
| IGO Limited | 97 | 896 |
| Incitec Pivot Limited | 294 | 754 |
| Insurance Australia Group Limited | 370 | 1195 |
| Lendlease Corporation Limited | 103 | 551 |
| Macquarie Group Limited | 52 | 5874 |
| Medibank Private Limited | 361 | 725 |
| Mineral Resources Limited | 24 | 1269 |
| Mirvac Limited | 594 | 860 |
| National Australia Bank Limited | 447 | 9161 |
| Newcrest Mining Limited | 122 | 1716 |
| Northern Star Resources Ltd | 173 | 1287 |
| Orica Limited | 62 | 633 |
| Origin Energy Limited | 242 | 1274 |
| Pilbara Minerals Limited (b) | 373 | 957 |
| Qantas Airways Limited (b) | 140 | 570 |
| QBE Insurance Group Limited | 212 | 1934 |
| Ramsay Health Care Limited | 25 | 1109 |
| REA Group Ltd | 8 | 567 |
| Reece Limited | 30 | 292 |
| Rio Tinto Limited | 53 | 4241 |
| Santos Limited | 480 | 2380 |
| Scentre Group Limited | 739 | 1450 |
| SEEK Limited | 53 | 753 |
| Seven Group Holdings Limited | 23 | 327 |
| Sonic Healthcare Limited | 69 | 1402 |
| South32 Limited | 634 | 1754 |
| Stockland Corporation Ltd | 320 | 792 |
| Suncorp Group Limited | 177 | 1451 |
| Telstra Group Limited | 582 | 1581 |
| The Lottery Corporation Limited (b) | 315 | 961 |
| TPG Corporation Limited | 57 | 191 |
| Transurban Holdings Limited | 432 | 3819 |
| Treasury Wine Estates Limited | 100 | 926 |
| Vicinity Centres RE Ltd | 526 | 716 |
| Washington H. Soul Pattinson and Company Limited | 35 | 668 |
| Wesfarmers Limited | 160 | 4993 |
| Westpac Banking Corporation | 496 | 7886 |
| WiseTech Global Limited | 25 | 861 |
| Woodside Energy Group Ltd | 270 | 6565 |
| Woolworths Group Limited | 174 | 3980 |
| Worley Limited | 49 | 498 |
|  |  | 163862 |
| **Germany 7.0%** | **Germany 7.0%** | **Germany 7.0%** |
| Adidas AG - Class N | 26 | 3508 |
| Allianz SE | 58 | 12522 |
| BASF SE - Class N | 130 | 6501 |
| Bayer Aktiengesellschaft - Class N | 141 | 7319 |
| Bayerische Motoren Werke Aktiengesellschaft | 45 | 4082 |
| Beiersdorf Aktiengesellschaft | 14 | 1623 |
| Brenntag SE - Class N | 22 | 1435 |
| Carl Zeiss Meditec AG | 5 | 672 |
| Commerzbank Aktiengesellschaft (b) | 152 | 1441 |
| Continental Aktiengesellschaft | 16 | 941 |
| Covestro AG (c) | 28 | 1089 |
| Daimler Truck Holding AG (b) | 71 | 2223 |
| Delivery Hero SE (b) (c) | 27 | 1304 |
| Deutsche Bank Aktiengesellschaft - Class N | 291 | 3288 |
| Deutsche Borse Aktiengesellschaft - Class N | 27 | 4678 |
| Deutsche Lufthansa Aktiengesellschaft (b) | 86 | 722 |
| Deutsche Post AG - Class N | 142 | 5374 |
| Deutsche Telekom AG - Class N | 496 | 9908 |
| DW Property Invest GmbH | 6 | 122 |
| E.ON SE - Class N | 317 | 3182 |
| Evonik Industries AG | 25 | 476 |
| Fresenius SE & Co. KGaA | 58 | 1643 |
| GEA Group Aktiengesellschaft | 22 | 911 |
| Hannover Ruck SE - Class N | 8 | 1661 |
| HeidelbergCement AG | 20 | 1154 |
| Henkel AG & Co. KGaA | 15 | 960 |
| Infineon Technologies AG - Class N | 186 | 5683 |
| Mercedes-Benz Group AG - Class N | 110 | 7277 |
| Merck Kommanditgesellschaft auf Aktien | 18 | 3577 |
| MTU Aero Engines AG - Class N | 8 | 1658 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 20 | 6567 |
| Puma SE | 14 | 856 |
| RWE Aktiengesellschaft | 96 | 4295 |
| SAP SE | 155 | 16077 |
| Siemens Aktiengesellschaft - Class N | 106 | 14831 |
| Siemens Energy AG | 55 | 1037 |
| Siemens Healthineers AG (c) | 40 | 2016 |
| Symrise AG | 19 | 2038 |
| Talanx Aktiengesellschaft | 7 | 331 |
| Telefonica Deutschland Holding AG | 139 | 343 |
| Vantage Towers AG | 13 | 463 |
| Vonovia SE | 112 | 2648 |
| Zalando SE (b) (c) | 33 | 1158 |
|  |  | 149594 |
| **Netherlands 6.2%** | **Netherlands 6.2%** | **Netherlands 6.2%** |
| Adyen B.V. (b) (c) | 4 | 6054 |
| Aegon N.V. (a) | 211 | 1071 |
| Airbus SE | 87 | 10418 |
| Akzo Nobel N.V. | 26 | 1773 |
| argenx SE (b) | 8 | 3009 |
| ASM International N.V. | 7 | 1681 |
| ASML Holding N.V. | 58 | 31382 |
| CNH Industrial N.V. | 138 | 2225 |
| HAL Trust | 12 | 1586 |
| Heineken Holding N.V. | 15 | 1165 |
| Heineken N.V. | 33 | 3136 |
| ING Groep N.V. | 539 | 6577 |
| JDE Peet's N.V. | 19 | 541 |
| Koninklijke Ahold Delhaize N.V. | 148 | 4276 |
| Koninklijke DSM N.V. | 25 | 3017 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Koninklijke KPN N.V. | 452 | 1399 |
| Koninklijke Philips N.V. | 127 | 1908 |
| NN Group N.V. | 43 | 1763 |
| Prosus N.V. - Class N | 166 | 11501 |
| Randstad N.V. | 17 | 1022 |
| Shell PLC - Class A | 1010 | 28549 |
| Unibail-Rodamco-Westfield SE (b) | 15 | 793 |
| Universal Music Group N.V. | 110 | 2660 |
| Wolters Kluwer N.V. - Class C | 37 | 3870 |
| | | 131376 |
| **Sweden 3.2%** | **Sweden 3.2%** | **Sweden 3.2%** |
| AB Sagax - Class B | 24 | 550 |
| Aktiebolaget Electrolux - Class B (a) | 38 | 513 |
| Aktiebolaget Industrivarden - Class A | 28 | 674 |
| Aktiebolaget Industrivarden - Class C | 25 | 614 |
| Aktiebolaget SKF - Class A | 2 | 35 |
| Aktiebolaget SKF - Class B | 54 | 819 |
| Aktiebolaget Volvo - Class A | 28 | 539 |
| Aktiebolaget Volvo - Class B | 228 | 4123 |
| Alfa Laval AB | 41 | 1188 |
| Assa Abloy AB - Class B | 140 | 3017 |
| Atlas Copco Aktiebolag - Class A | 359 | 4262 |
| Atlas Copco Aktiebolag - Class B | 227 | 2428 |
| Axfood Aktiebolag | 16 | 437 |
| Boliden AB | 38 | 1438 |
| Castellum Aktiebolag (a) | 41 | 498 |
| Deca Games Holding AB - Class B (a) (b) | 120 | 545 |
| Epiroc Aktiebolag - Class A | 89 | 1625 |
| Epiroc Aktiebolag - Class B | 59 | 942 |
| EQT AB (c) | 48 | 1023 |
| Essity Aktiebolag (publ) - Class A | 3 | 91 |
| Essity Aktiebolag (publ) - Class B | 86 | 2266 |
| Evolution AB (publ) (c) | 27 | 2679 |
| Fastighets AB Balder - Class B (b) | 91 | 426 |
| G&L Beijer Ref AB - Class B | 36 | 506 |
| Getinge AB - Class B | 33 | 680 |
| H & M Hennes & Mauritz AB - Class B | 99 | 1070 |
| Hexagon Aktiebolag - Class B | 298 | 3124 |
| Holmen Aktiebolag - Class B | 12 | 477 |
| Husqvarna Aktiebolag - Class B | 62 | 436 |
| Indutrade Aktiebolag | 35 | 717 |
| Investment Ab Latour - Class B | 17 | 323 |
| Investor Aktiebolag - Class A | 78 | 1459 |
| Investor Aktiebolag - Class B | 263 | 4763 |
| Kinnevik AB - Class B (b) | 34 | 474 |
| L E Lundbergforetagen AB (publ) - Class B | 9 | 374 |
| Lifco Ab (Publ) - Class B | 27 | 448 |
| NIBE Industrier AB - Class B | 219 | 2052 |
| Nordnet AB | 16 | 237 |
| Saab AB - Class B | 10 | 412 |
| Sandvik Aktiebolag | 154 | 2782 |
| Securitas AB - Class B | 71 | 595 |
| Skandinaviska Enskilda Banken AB - Class A | 234 | 2696 |
| Skanska AB - Class B | 57 | 906 |
| SSAB AB - Class A | 31 | 168 |
| SSAB AB - Class B | 95 | 496 |
| Svenska Cellulosa Aktiebolaget SCA - Class A (a) | 4 | 47 |
| Svenska Cellulosa Aktiebolaget SCA - Class B | 89 | 1133 |
| Svenska Handelsbanken AB - Class A | 216 | 2177 |
| Svenska Handelsbanken AB - Class B | 6 | 70 |
| Swedbank AB - Class A | 135 | 2293 |
| Swedish Orphan Biovitrum AB (Publ) (b) | 29 | 595 |
| Tele2 AB - Class B | 75 | 612 |
| Telefonaktiebolaget LM Ericsson - Class A | 8 | 48 |
| Telefonaktiebolaget LM Ericsson - Class B | 441 | 2581 |
| Telia Company AB | 368 | 939 |
| Trelleborg AB - Class B | 36 | 842 |
| Volvo Car AB - Class B (a) (b) | 77 | 351 |
|  |  | 67615 |
| **Denmark 2.8%** | **Denmark 2.8%** | **Denmark 2.8%** |
| A.P. Moller - Maersk A/S - Class A |  | 992 |
| A.P. Moller - Maersk A/S - Class B | 1 | 1775 |
| Carlsberg A/S - Class B | 14 | 1841 |
| Chr. Hansen Holding A/S | 14 | 1005 |
| Coloplast A/S - Class B | 17 | 2019 |
| Danske Bank A/S | 98 | 1929 |
| Demant A/S (b) | 12 | 339 |
| DSV A/S | 27 | 4338 |
| Genmab A/S (b) | 9 | 3909 |
| Novo Nordisk A/S - Class B | 233 | 31457 |
| Novozymes A/S - Class B | 30 | 1531 |
| Orsted A/S (c) | 26 | 2410 |
| Pandora A/S | 14 | 1007 |
| Tryg A/S | 52 | 1228 |
| Vestas Wind Systems A/S | 143 | 4182 |
|  |  | 59962 |
| **Hong Kong 2.7%** | **Hong Kong 2.7%** | **Hong Kong 2.7%** |
| AIA Group Limited | 1680 | 18530 |
| Budweiser Brewing Company APAC Limited (c) | 246 | 770 |
| CK Asset Holdings Limited | 285 | 1753 |
| CK Hutchison Holdings Limited | 385 | 2329 |
| CK Infrastructure Holdings Limited | 84 | 440 |
| CLP Holdings Limited | 242 | 1766 |
| DFI Retail Group Holding Limited | 38 | 112 |
| ESR Cayman Limited (c) | 378 | 792 |
| Galaxy Entertainment Group Limited | 296 | 1941 |
| Hang Lung Properties Limited | 231 | 450 |
| Hang Seng Bank, Limited | 102 | 1690 |
| Henderson Land Development Company Limited | 170 | 591 |
| HK Electric Investments Limited (a) | 319 | 212 |
| HKT Trust | 488 | 598 |
| Hong Kong And China Gas Company Limited - The- | 1497 | 1423 |
| Hong Kong Exchanges and Clearing Limited | 168 | 7235 |
| Jardine Matheson Holdings Limited | 35 | 1761 |
| Link Real Estate Investment Trust | 296 | 2170 |
| MTR Corporation Limited | 231 | 1223 |
| New World Development Company Limited | 189 | 531 |
| Power Assets Holdings Limited | 197 | 1079 |
| Sino Land Company Limited | 471 | 588 |
| Sun Hung Kai Properties Limited | 215 | 2933 |
| Swire Pacific Limited - Class A | 60 | 522 |
| Swire Pacific Limited - Class B | 115 | 156 |
| Swire Properties Limited | 146 | 369 |
| Techtronic Industries Company Limited | 262 | 2915 |
| The Wharf (Holdings) Limited | 198 | 582 |
| WH Group Limited (c) | 1051 | 610 |
| Wharf Real Estate Investment Company Limited | 229 | 1333 |
|  |  | 57404 |
| **Spain 2.3%** | **Spain 2.3%** | **Spain 2.3%** |
| Acciona,S.A. | 3 | 593 |
| ACS, Actividades de Construccion y Servicios, S.A. | 37 | 1057 |
| AENA, S.M.E., S.A. (b) (c) | 10 | 1298 |
| Amadeus IT Group, S.A. (b) (c) | 64 | 3319 |
| Banco Bilbao Vizcaya Argentaria, S.A. | 857 | 5178 |
| Banco Santander, S.A. | 2386 | 7179 |
| CaixaBank, S.A. | 611 | 2409 |
| Cellnex Telecom, S.A. (c) | 81 | 2689 |
| Corporacion Acciona Energias Renovables, S.A. | 6 | 236 |
| Endesa, S.A. | 43 | 815 |
| Ferrovial, S.A. | 70 | 1850 |
| Grifols, S.A. - Class A | 39 | 452 |
| Iberdrola, Sociedad Anonima | 823 | 9627 |
| Industria de Diseno Textil, S.A. | 159 | 4252 |
| MAPFRE, S.A. | 128 | 249 |
| Naturgy Energy Group, S.A. | 26 | 685 |
| Red Electrica Corporacion, S.A. | 60 | 1047 |
| Repsol, S.A. | 206 | 3298 |
| Telefonica, S.A. | 812 | 2946 |
|  |  | 49179 |
| **Italy 2.0%** | **Italy 2.0%** | **Italy 2.0%** |
| A2a S.P.A. | 237 | 317 |
| Amplifon S.p.A | 12 | 344 |
| Assicurazioni Generali S.P.A. | 176 | 3130 |
| Banca Mediolanum SpA | 32 | 268 |
| Banco BPM Societa' Per Azioni | 196 | 699 |
| Buzzi Unicem S.p.A - Senza Vincoli Di Rappresentazione Grafica | 10 | 198 |
| Davide Campari-Milano N.V. | 72 | 736 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| DiaSorin S.p.A. | 4 | 540 |
| Enel S.p.A | 1108 | 5978 |
| Eni S.p.A. | 359 | 5113 |
| Ferrari N.V. | 18 | 3900 |
| Finecobank Banca Fineco SPA | 85 | 1409 |
| Hera S.p.A. | 120 | 323 |
| Infrastrutture Wireless Italiane S.p.A. (c) | 46 | 465 |
| Intesa Sanpaolo SPA | 2452 | 5456 |
| Leonardo S.p.A. | 53 | 459 |
| Mediobanca Banca di Credito Finanziario Societa' Per Azioni | 88 | 849 |
| Moncler S.p.A. | 30 | 1585 |
| Nexi S.p.A. (b) | 126 | 995 |
| Pirelli & C. S.p.A. (c) | 67 | 289 |
| Poste Italiane SPA (c) | 69 | 672 |
| Prysmian S.p.A. | 38 | 1422 |
| Recordati Industria Chimica E Farmaceutica S.P.A. In Breve Recordati S.P.A. | 13 | 548 |
| Snam S.P.A. | 301 | 1462 |
| Telecom Italia SPA | 1506 | 349 |
| Terna – Rete Elettrica Nazionale S.p.A. | 210 | 1552 |
| UniCredit S.p.A. | 289 | 4125 |
| UnipolSai Assicurazioni S.p.A. | 58 | 143 |
| | | 43326 |
| **Singapore 1.4%** | **Singapore 1.4%** | **Singapore 1.4%** |
| Ascendas Real Estate Investment Trust | 475 | 973 |
| Capitaland Group Pte. Ltd. | 737 | 1125 |
| Capitaland Investment Limited | 373 | 1031 |
| City Developments Limited | 69 | 426 |
| DBS Group Holdings Ltd | 257 | 6502 |
| Genting Singapore Limited | 797 | 568 |
| Great Eastern Holdings Limited | 7 | 99 |
| Jardine Cycle & Carriage Limited | 13 | 275 |
| Keppel Corporation Limited | 215 | 1165 |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. (c) | 305 | 381 |
| Olam Group Limited | 88 | 96 |
| Oversea-Chinese Banking Corporation Limited | 577 | 5239 |
| Singapore Airlines Limited | 176 | 726 |
| Singapore Exchange Limited | 123 | 823 |
| Singapore Technologies Engineering Ltd | 224 | 562 |
| Singapore Telecommunications Limited | 1033 | 1985 |
| United Overseas Bank Limited | 220 | 5022 |
| UOL Group Limited | 65 | 328 |
| Venture Corporation Limited | 34 | 434 |
| Wilmar International Limited | 464 | 1446 |
|  |  | 29206 |
| **Finland 1.3%** | **Finland 1.3%** | **Finland 1.3%** |
| Elisa Oyj | 20 | 1059 |
| Fortum Oyj | 65 | 1084 |
| Huhtamaki Oyj | 12 | 423 |
| Kesko Oyj - Class A | 14 | 313 |
| Kesko Oyj - Class B | 39 | 864 |
| Kone Corporation - Class B | 57 | 2967 |
| Metso Outotec Oyj | 96 | 992 |
| Neste Oyj | 63 | 2895 |
| Nokia Oyj | 767 | 3566 |
| Nordea Bank Abp | 469 | 5037 |
| Orion Oyj - Class A | 3 | 170 |
| Orion Oyj - Class B | 16 | 877 |
| Sampo Oyj - Class A | 70 | 3666 |
| Stora Enso Oyj - Class R | 92 | 1294 |
| UPM-Kymmene Oyj | 78 | 2909 |
| Wartsila Oyj Abp | 73 | 615 |
|  |  | 28731 |
| **Belgium 1.0%** | **Belgium 1.0%** | **Belgium 1.0%** |
| Ackermans | 3 | 486 |
| ageas SA/NV | 25 | 1114 |
| Anheuser-Busch InBev | 142 | 8527 |
| Azelis Group | 10 | 282 |
| D'Ieteren Group | 3 | 662 |
| Elia Group | 5 | 718 |
| Etablissements Fr. Colruyt - Etablissementen Fr. Colruyt | 6 | 148 |
| Groupe Bruxelles Lambert - Groep Brussel Lambert | 15 | 1168 |
| KBC Groep | 49 | 3172 |
| Proximus | 23 | 219 |
| Sofina | 2 | 436 |
| Solvay | 10 | 1012 |
| UCB | 17 | 1372 |
| Umicore | 30 | 1101 |
| Warehouses De Pauw | 20 | 581 |
|  |  | 20998 |
| **Norway 0.9%** | **Norway 0.9%** | **Norway 0.9%** |
| Aker ASA | 3 | 229 |
| Aker BP ASA | 44 | 1359 |
| DNB Bank ASA | 132 | 2630 |
| Equinor ASA | 149 | 5388 |
| Gjensidige Forsikring ASA | 24 | 480 |
| Kongsberg Gruppen ASA | 11 | 483 |
| Leroy Seafood Group ASA | 43 | 242 |
| Mowi ASA | 63 | 1072 |
| Norsk Hydro ASA | 188 | 1414 |
| Orkla ASA | 111 | 804 |
| SalMar ASA | 8 | 322 |
| Schibsted ASA - Class A | 10 | 199 |
| Schibsted ASA - Class B | 14 | 248 |
| Storebrand ASA | 74 | 650 |
| Telenor ASA | 96 | 900 |
| TOMRA Systems ASA | 34 | 571 |
| Var Energi ASA | 66 | 226 |
| Yara International ASA | 23 | 1029 |
|  |  | 18246 |
| **Ireland 0.6%** | **Ireland 0.6%** | **Ireland 0.6%** |
| CRH Public Limited Company | 110 | 4368 |
| Flutter Entertainment Public Limited Company (b) | 22 | 2942 |
| James Hardie Industries Public Limited Company - CDI | 66 | 1193 |
| Kerry Group Public Limited Company - Class A | 22 | 1962 |
| Kingspan Group Public Limited Company | 23 | 1255 |
| Smurfit Kappa Funding Designated Activity Company | 37 | 1398 |
|  |  | 13118 |
| **Israel 0.5%** | **Israel 0.5%** | **Israel 0.5%** |
| Azrieli Group Ltd. | 5 | 332 |
| Bank Hapoalim Ltd | 179 | 1612 |
| Bank Leumi le-Israel B.M. | 223 | 1862 |
| Bezeq The Israel Telecommunication Corp., Limited | 270 | 466 |
| Elbit Systems Ltd. | 4 | 612 |
| Icl Group Ltd | 100 | 721 |
| Israel Discount Bank Limited | 174 | 917 |
| Mizrahi-Tefahot Bank Ltd. | 21 | 666 |
| Nice Ltd (b) | 9 | 1695 |
| Teva Pharmaceutical Industries Ltd (b) | 156 | 1434 |
|  |  | 10317 |
| **Austria 0.3%** | **Austria 0.3%** | **Austria 0.3%** |
| Andritz AG | 11 | 621 |
| BAWAG Group AG (c) | 13 | 700 |
| Erste Group Bank AG | 52 | 1658 |
| EVN AG | 5 | 85 |
| OMV Aktiengesellschaft | 20 | 1014 |
| Raiffeisen Bank International AG (b) | 19 | 307 |
| Strabag SE | 2 | 70 |
| Telekom Austria Aktiengesellschaft | 18 | 110 |
| Verbund AG | 5 | 390 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 5 | 108 |
| voestalpine AG | 16 | 418 |
|  |  | 5481 |
| **Poland 0.2%** | **Poland 0.2%** | **Poland 0.2%** |
| Allegro.eu (b) (c) | 52 | 299 |
| Bank Polska Kasa Opieki - Spolka Akcyjna | 22 | 439 |
| Dino Polska Spolka Akcyjna (b) (c) | 7 | 592 |
| ING Bank Slaski S.A. | 3 | 101 |
| KGHM Polska Miedz Spolka Akcyjna | 18 | 526 |
| LPP Spolka Akcyjna |  | 390 |
| Polski Koncern Naftowy Orlen Spolka Akcyjna | 80 | 1179 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 119 | 823 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 74 | 604 |
| Santander Bank Polska S.A. | 5 | 288 |
| | | 5241 |
| **Portugal 0.2%** | **Portugal 0.2%** | **Portugal 0.2%** |
| Banco Espirito Santo S.A. (b) (d) | 413 |  |
| EDP - Energias de Portugal, S.A. | 415 | 2072 |
| EDP Renovaveis, S.A. | 33 | 738 |
| Galp Energia, SGPS, S.A. | 68 | 926 |
| Jeronimo Martins, SGPS, S.A. | 39 | 842 |
|  |  | 4578 |
| **Luxembourg 0.2%** | **Luxembourg 0.2%** | **Luxembourg 0.2%** |
| ArcelorMittal | 82 | 2150 |
| Eurofins Scientific SE | 18 | 1312 |
| Tenaris S.A. | 62 | 1097 |
|  |  | 4559 |
| **New Zealand 0.2%** | **New Zealand 0.2%** | **New Zealand 0.2%** |
| Auckland International Airport Limited (b) | 179 | 888 |
| Contact Energy Limited | 115 | 566 |
| Fisher & Paykel Healthcare Corporation Limited | 79 | 1124 |
| Mercury NZ Limited | 86 | 305 |
| Meridian Energy Limited | 154 | 509 |
| Spark New Zealand Limited | 279 | 958 |
|  |  | 4350 |
| **China 0.2%** | **China 0.2%** | **China 0.2%** |
| Wuxi Biologics Cayman Inc (b) (c) | 496 | 3763 |
| **United States of America 0.1%** | **United States of America 0.1%** | **United States of America 0.1%** |
| Qiagen N.V. (b) | 33 | 1668 |
| **Macau 0.1%** | **Macau 0.1%** | **Macau 0.1%** |
| Sands China Ltd. (b) | 325 | 1071 |
| **Chile 0.0%** | **Chile 0.0%** | **Chile 0.0%** |
| Antofagasta PLC | 52 | 974 |
| **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** |
| Mediclinic International PLC | 63 | 380 |
| NMC Health PLC (d) | 12 |  |
| **Mexico 0.0%** | **Mexico 0.0%** | **Mexico 0.0%** |
| Fresnillo PLC | 24 | 264 |
| **Bermuda 0.0%** | **Bermuda 0.0%** | **Bermuda 0.0%** |
| Autostore Holdings Ltd (a) (b) (c) | 128 | 235 |
| Total Common Stocks (cost $1,990,247) | Total Common Stocks (cost $1,990,247) | 2068126 |
| **PREFERRED STOCKS 2.0%** | **PREFERRED STOCKS 2.0%** | **PREFERRED STOCKS 2.0%** |
| **Switzerland 1.6%** | **Switzerland 1.6%** | **Switzerland 1.6%** |
| Chocoladefabriken Lindt & Sprungli AG |  | 1469 |
| Roche Holding AG | 100 | 31364 |
| Schindler Holding AG | 6 | 1099 |
|  |  | 33932 |
| **Germany 0.4%** | **Germany 0.4%** | **Germany 0.4%** |
| Bayerische Motoren Werke Aktiengesellschaft | 8 | 684 |
| Henkel AG & Co. KGaA (f) | 26 | 1797 |
| Porsche Automobil Holding SE (f) | 22 | 1214 |
| Sartorius Aktiengesellschaft | 4 | 1538 |
| Volkswagen Aktiengesellschaft (f) | 26 | 3283 |
|  |  | 8516 |
| **Spain 0.0%** | **Spain 0.0%** | **Spain 0.0%** |
| Grifols, S.A. | 39 | 330 |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia SPA | 883 | 197 |
| Total Preferred Stocks (cost $42,051) | Total Preferred Stocks (cost $42,051) | 42975 |
| **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** | **SHORT TERM INVESTMENTS 0.7%** |
| **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (e) (g) | 9860 | 9860 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (e) (g) | 5152 | 5152 |
| Total Short Term Investments (cost $15,012) | Total Short Term Investments (cost $15,012) | 15012 |
| **Total Investments 99.8% (cost $2,047,310)** | **Total Investments 99.8% (cost $2,047,310)** | **2126113** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **236** |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **3033** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2129382** |

---

(a) All or a portion of the security was on loan as of December 31, 2022.

(b) Non-income producing security.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(e) Investment in affiliate.

(f) Convertible security.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL International Index Fund — Long Term Investments in Affiliates** | **JNL International Index Fund — Long Term Investments in Affiliates** | **JNL International Index Fund — Long Term Investments in Affiliates** | **JNL International Index Fund — Long Term Investments in Affiliates** | **JNL International Index Fund — Long Term Investments in Affiliates** | **JNL International Index Fund — Long Term Investments in Affiliates** | **JNL International Index Fund — Long Term Investments in Affiliates** | **JNL International Index Fund — Long Term Investments in Affiliates** | **JNL International Index Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Prudential Public Limited Company | 6593 | 157 |  | 72 |  | (1351) | 5399 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL International Index Fund — Restricted Securities** | **JNL International Index Fund — Restricted Securities** | **JNL International Index Fund — Restricted Securities** | **JNL International Index Fund — Restricted Securities** | **JNL International Index Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adevinta ASA - Class B | 04/26/21 | 596 | 283 |  |
| Adyen B.V. | 04/26/21 | 8215 | 6054 | 0.3 |
| AENA, S.M.E., S.A. | 04/26/21 | 1428 | 1298 | 0.1 |
| Allegro.eu | 06/18/21 | 833 | 299 |  |
| Amadeus IT Group, S.A. | 04/26/21 | 3277 | 3319 | 0.2 |
| Amundi | 04/26/21 | 795 | 519 |  |
| Autostore Holdings Ltd | 12/17/21 | 480 | 235 |  |
| BAWAG Group AG | 04/26/21 | 661 | 700 |  |
| Budweiser Brewing Company APAC Limited | 04/26/21 | 911 | 770 |  |
| Cellnex Telecom, S.A. | 04/26/21 | 3763 | 2689 | 0.1 |
| Convatec Group PLC | 04/26/21 | 607 | 595 |  |
| Covestro AG | 04/26/21 | 2060 | 1089 | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL International Index Fund — Restricted Securities (continued)** | **JNL International Index Fund — Restricted Securities (continued)** | **JNL International Index Fund — Restricted Securities (continued)** | **JNL International Index Fund — Restricted Securities (continued)** | **JNL International Index Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Delivery Hero SE | 04/26/21 | 2650 | 1304 | 0.1 |
| Dino Polska Spolka Akcyjna | 06/18/21 | 496 | 592 |  |
| EQT AB | 04/26/21 | 1158 | 1023 | 0.1 |
| ESR Cayman Limited | 04/26/21 | 1205 | 792 | 0.1 |
| Evolution AB (publ) | 04/26/21 | 2836 | 2679 | 0.1 |
| Infrastrutture Wireless Italiane S.p.A. | 04/26/21 | 515 | 465 |  |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. | 04/26/21 | 531 | 381 |  |
| Orsted A/S | 04/26/21 | 2094 | 2410 | 0.1 |
| Pepco Group N.V. | 12/17/21 | 210 | 201 |  |
| Pirelli & C. S.p.A. | 04/26/21 | 399 | 289 |  |
| Poste Italiane SPA | 04/26/21 | 606 | 672 |  |
| Siemens Healthineers AG | 06/18/21 | 2386 | 2016 | 0.1 |
| WH Group Limited | 04/26/21 | 900 | 610 |  |
| Worldline | 04/26/21 | 2666 | 1394 | 0.1 |
| Wuxi Biologics Cayman Inc | 12/17/21 | 5442 | 3763 | 0.2 |
| Zalando SE | 04/26/21 | 2156 | 1158 | 0.1 |
|  |  | 49876 | 37599 | 1.8 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL International Index Fund — Futures Contracts** | **JNL International Index Fund — Futures Contracts** | **JNL International Index Fund — Futures Contracts** | **JNL International Index Fund — Futures Contracts** | **JNL International Index Fund — Futures Contracts** | **JNL International Index Fund — Futures Contracts** | **JNL International Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Euro STOXX 50 Price Index | 99 | March 2023 | EUR | 3784 | (79) | (40) |
| FTSE 100 Index | 20 | March 2023 | GBP | 1493 | (9) | 1 |
| S&P/ASX 200 Index | 11 | March 2023 | AUD | 1952 | 10 | (20) |
| Topix Index | 25 | March 2023 | JPY | 475634 | 18 | (21) |
|  |  |  |  |  | (60) | (80) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL International Index Fund — Forward Foreign Currency Contracts** | **JNL International Index Fund — Forward Foreign Currency Contracts** | **JNL International Index Fund — Forward Foreign Currency Contracts** | **JNL International Index Fund — Forward Foreign Currency Contracts** | **JNL International Index Fund — Forward Foreign Currency Contracts** | **JNL International Index Fund — Forward Foreign Currency Contracts** | **JNL International Index Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| AUD/USD | SCB | 03/15/23 | AUD | 3661 | 2500 | 7 |
| EUR/USD | HSB | 03/15/23 | EUR | 7011 | 7541 | 92 |
| GBP/USD | BMO | 03/15/23 | GBP | 669 | 811 | (15) |
| GBP/USD | HSB | 03/15/23 | GBP | 1600 | 1938 | 9 |
| JPY/USD | BOA | 03/15/23 | JPY | 575719 | 4429 | 185 |
| JPY/USD | HSB | 03/15/23 | JPY | 350000 | 2693 | 18 |
|  |  |  |  |  | 19912 | 296 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL International Index Fund** | **JNL International Index Fund** | **JNL International Index Fund** | **JNL International Index Fund** | **JNL International Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 12685 | 2055441 |  | 2068126 |
| &nbsp;&nbsp;Preferred Stocks | 42975 |  |  | 42975 |
| &nbsp;&nbsp;Short Term Investments | 15012 |  |  | 15012 |
|  | 70672 | 2055441 |  | 2126113 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1 |  |  | 1 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 311 |  | 311 |
|  | 1 | 311 |  | 312 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (81) |  |  | (81) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (15) |  | (15) |
|  | (81) | (15) |  | (96) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** |
| **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** |
| **Industrials 19.6%** | **Industrials 19.6%** | **Industrials 19.6%** |
| Acuity Brands, Inc. | 48 | 7947 |
| AECOM | 207 | 17589 |
| AGCO Corporation | 91 | 12617 |
| ASGN Incorporated (a) | 74 | 6063 |
| Avis Budget Group, Inc. (a) | 37 | 6048 |
| Axon Enterprise, Inc. (a) | 100 | 16629 |
| Builders FirstSource, Inc. (a) | 218 | 14137 |
| Caci International Inc. - Class A (a) | 34 | 10345 |
| Carlisle Companies Incorporated | 77 | 18061 |
| Chart Industries, Inc. (a) | 60 | 6964 |
| Clean Harbors, Inc. (a) | 74 | 8436 |
| Crane Holdings, Co. | 70 | 6999 |
| Curtiss-Wright Corporation | 57 | 9435 |
| Donaldson Company, Inc. | 182 | 10691 |
| Dycom Industries, Inc. (a) | 44 | 4078 |
| EMCOR Group, Inc. | 71 | 10532 |
| EnerSys | 60 | 4399 |
| ESAB Corporation | 75 | 3516 |
| Flowserve Corporation | 192 | 5893 |
| Fluor Corporation (a) | 209 | 7232 |
| Fortune Brands Innovations, Inc. | 185 | 10577 |
| FTI Consulting, Inc. (a) | 51 | 8069 |
| GATX Corporation | 52 | 5559 |
| Graco Inc. | 248 | 16704 |
| GXO Logistics Inc. (a) | 175 | 7475 |
| Hexcel Corporation | 124 | 7273 |
| Hubbell Incorporated | 80 | 18727 |
| IAA Spinco Inc. (a) | 197 | 7875 |
| Insperity, Inc. | 53 | 5970 |
| ITT Inc. | 124 | 10040 |
| JetBlue Airways Corporation (a) | 473 | 3064 |
| KBR, Inc. | 204 | 10774 |
| Kennametal Inc. | 119 | 2864 |
| Kirby Corporation (a) | 88 | 5633 |
| Knight-Swift Transportation Holdings Inc. - Class A | 236 | 12366 |
| Landstar System, Inc. | 53 | 8696 |
| Lennox International Inc. | 48 | 11467 |
| Lincoln Electric Holdings, Inc. | 85 | 12280 |
| ManpowerGroup Inc. | 75 | 6282 |
| MasTec, Inc. (a) | 87 | 7448 |
| MDU Resources Group, Inc. | 299 | 9068 |
| Mercury Systems, Inc. (a) | 85 | 3825 |
| Mine Safety Appliances Company, LLC | 54 | 7787 |
| MSC Industrial Direct Co., Inc. - Class A | 69 | 5643 |
| Nvent Electric Public Limited Company | 244 | 9405 |
| Oshkosh Corporation | 97 | 8523 |
| Owens Corning | 139 | 11826 |
| Regal Beloit Corporation | 98 | 11716 |
| RXO Inc. (a) | 173 | 2972 |
| Ryder System, Inc. | 74 | 6165 |
| Saia, Inc. (a) | 39 | 8158 |
| Science Applications International Corporation | 82 | 9115 |
| Simpson Manufacturing Co., Inc. | 64 | 5643 |
| Stericycle, Inc. (a) | 136 | 6791 |
| SunPower Corporation (a) | 124 | 2240 |
| Sunrun Inc. (a) | 313 | 7530 |
| Terex Corporation | 100 | 4277 |
| Tetra Tech, Inc. | 78 | 11378 |
| The Brink's Company | 70 | 3745 |
| The Middleby Corporation (a) | 79 | 10591 |
| The Timken Company | 99 | 6984 |
| The Toro Company | 154 | 17398 |
| Trex Company, Inc. (a) | 161 | 6819 |
| Univar Solutions Inc. (a) | 244 | 7750 |
| Valmont Industries, Inc. | 32 | 10431 |
| Vicor Corporation (a) | 32 | 1731 |
| Watsco, Inc. | 49 | 12226 |
| Watts Water Technologies, Inc. - Class A | 40 | 5899 |
| Werner Enterprises, Inc. | 87 | 3500 |
| Woodward, Inc. | 90 | 8679 |
| XPO, Inc. (a) | 169 | 5640 |
|  |  | 600209 |
| **Financials 15.0%** | **Financials 15.0%** | **Financials 15.0%** |
| Affiliated Managers Group, Inc. | 56 | 8935 |
| American Financial Group, Inc. | 104 | 14232 |
| Annaly Capital Management, Inc. | 692 | 14585 |
| Associated Banc-Corp | 220 | 5070 |
| Bank of Hawaii Corporation | 60 | 4632 |
| Bank OZK | 164 | 6584 |
| Brighthouse Financial, Inc. (a) | 105 | 5364 |
| Cadence Bank | 268 | 6600 |
| Cathay General Bancorp | 109 | 4434 |
| CNO Financial Group, Inc. | 170 | 3875 |
| Commerce Bancshares, Inc. | 168 | 11416 |
| Cullen/Frost Bankers, Inc. | 96 | 12789 |
| East West Bancorp, Inc. | 207 | 13649 |
| Essent Group Ltd. | 160 | 6215 |
| Evercore Inc. - Class A | 53 | 5742 |
| F.N.B. Corporation | 513 | 6692 |
| Federated Hermes, Inc. - Class B | 123 | 4462 |
| First American Financial Corporation | 153 | 7991 |
| First Financial Bankshares, Inc. | 194 | 6658 |
| First Horizon Corporation | 795 | 19474 |
| FirstCash Holdings, Inc. | 55 | 4809 |
| Fulton Financial Corporation | 245 | 4127 |
| Glacier Bancorp, Inc. | 162 | 8025 |
| Hancock Whitney Corporation | 127 | 6130 |
| Home BancShares, Inc. | 279 | 6370 |
| Interactive Brokers Group, Inc. - Class A | 152 | 10966 |
| International Bancshares Corporation | 77 | 3539 |
| Janus Henderson Group PLC | 195 | 4580 |
| Jefferies Financial Group Inc. | 272 | 9340 |
| Kinsale Capital Group, Inc. | 32 | 8289 |
| MGIC Investment Corporation | 449 | 5835 |
| Navient Corporation | 157 | 2583 |
| New York Community Bancorp, Inc. - Series A | 1009 | 8677 |
| Old National Bancorp | 436 | 7843 |
| Old Republic International Corporation | 422 | 10191 |
| PacWest Bancorp | 175 | 4006 |
| Pinnacle Financial Partners, Inc. | 113 | 8285 |
| Primerica, Inc. | 55 | 7766 |
| Prosperity Bancshares, Inc. | 136 | 9919 |
| Reinsurance Group of America, Incorporated | 98 | 13984 |
| RenaissanceRe Holdings Ltd | 64 | 11834 |
| RLI Corp. | 60 | 7863 |
| SEI Investments Company | 152 | 8882 |
| Selective Insurance Group, Inc. | 88 | 7837 |
| SLM Corporation | 366 | 6075 |
| Stifel Financial Corp. | 158 | 9216 |
| Synovus Financial Corp. | 215 | 8057 |
| Texas Capital Bancshares, Inc. (a) | 73 | 4432 |
| The Hanover Insurance Group, Inc. | 53 | 7103 |
| UMB Financial Corporation | 64 | 5357 |
| Umpqua Holdings Corporation | 317 | 5664 |
| United Bankshares, Inc. | 199 | 8045 |
| Unum Group | 276 | 11326 |
| Valley National Bancorp | 616 | 6971 |
| Voya Financial, Inc. (b) | 145 | 8899 |
| Washington Federal, Inc. | 97 | 3265 |
| Webster Financial Corporation | 258 | 12234 |
| Wintrust Financial Corporation | 90 | 7589 |
| Zurich American Corporation | 94 | 4601 |
|  |  | 459913 |
| **Consumer Discretionary 13.9%** | **Consumer Discretionary 13.9%** | **Consumer Discretionary 13.9%** |
| Adient Public Limited Company (a) | 139 | 4831 |
| AutoNation, Inc. (a) | 51 | 5428 |
| Boyd Gaming Corporation | 117 | 6368 |
| Brunswick Corporation | 108 | 7803 |
| Capri Holdings Limited (a) | 192 | 11017 |
| Carter's, Inc. | 58 | 4308 |
| Choice Hotels International, Inc. | 41 | 4624 |
| Churchill Downs Incorporated | 48 | 10231 |
| Columbia Sportswear Company | 51 | 4510 |
| Cracker Barrel Old Country Store, Inc. | 34 | 3198 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Crocs, Inc. (a) | 91 | 9885 |
| Dana Incorporated | 184 | 2790 |
| Deckers Outdoor Corporation (a) | 39 | 15564 |
| Dick's Sporting Goods, Inc. | 82 | 9870 |
| Five Below, Inc. (a) | 82 | 14478 |
| Foot Locker, Inc. | 116 | 4384 |
| Fox Factory Holding Corp. (a) | 62 | 5682 |
| GameStop Corp. - Class A (a) (b) | 371 | 6857 |
| Gentex Corporation | 345 | 9396 |
| Graham Holdings Co., Ltd. - Class B | 6 | 3401 |
| Grand Canyon Education, Inc. (a) | 46 | 4836 |
| H & R Block, Inc. | 230 | 8389 |
| Hanesbrands Inc. | 526 | 3342 |
| Harley-Davidson, Inc. | 195 | 8116 |
| Helen of Troy Limited (a) | 35 | 3871 |
| KB Home | 126 | 4007 |
| Kohl's Corporation | 173 | 4374 |
| Lear Corporation | 87 | 10818 |
| Leggett & Platt, Incorporated | 196 | 6326 |
| Light & Wonder, Inc. (a) | 138 | 8104 |
| Lithia Motors, Inc. - Class A | 40 | 8268 |
| Macy's, Inc. | 403 | 8318 |
| Marriott Vacations Worldwide Corporation | 57 | 7618 |
| Mattel, Inc. (a) | 519 | 9261 |
| Murphy USA Inc. | 31 | 8560 |
| Nordstrom, Inc. (b) | 167 | 2698 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 85 | 3984 |
| Papa John's International, Inc. | 47 | 3861 |
| PENN Entertainment, Inc. (a) | 233 | 6909 |
| Polaris Inc. | 81 | 8166 |
| PVH Corp. | 98 | 6917 |
| RH (a) | 29 | 7718 |
| Service Corporation International | 228 | 15761 |
| Skechers U.S.A., Inc. - Class A (a) | 197 | 8260 |
| Taylor Morrison Home II Corporation - Class A (a) | 159 | 4816 |
| Tempur Sealy International, Inc. | 252 | 8647 |
| Texas Roadhouse, Inc. - Class A | 100 | 9049 |
| The Gap, Inc. | 316 | 3570 |
| The Goodyear Tire & Rubber Company (a) | 418 | 4243 |
| The Wendy's Company | 251 | 5674 |
| Thor Industries, Inc. | 79 | 5996 |
| Toll Brothers, Inc. | 156 | 7779 |
| TopBuild Corp. (a) | 47 | 7397 |
| Topgolf Callaway Brands Corp. (a) | 203 | 4004 |
| Travel + Leisure Co. | 121 | 4390 |
| Under Armour, Inc. - Class A (a) | 283 | 2870 |
| Under Armour, Inc. - Class C (a) | 289 | 2576 |
| Victoria's Secret & Co. (a) | 119 | 4257 |
| Visteon Corporation (a) | 41 | 5425 |
| Williams-Sonoma, Inc. | 99 | 11372 |
| Wingstop Inc. | 44 | 6080 |
| Wyndham Hotels & Resorts, Inc. | 130 | 9291 |
| YETI Holdings, Inc. (a) | 126 | 5205 |
| | | 425748 |
| **Information Technology 11.9%** | **Information Technology 11.9%** | **Information Technology 11.9%** |
| ACI Worldwide, Inc. (a) | 166 | 3809 |
| Allegro Microsystems Inc. (a) | 96 | 2885 |
| Amkor Technology, Inc. | 146 | 3494 |
| Arrow Electronics, Inc. (a) | 91 | 9550 |
| Avnet, Inc. | 134 | 5580 |
| Belden Inc. | 64 | 4597 |
| Blackbaud, Inc. (a) | 66 | 3903 |
| Calix, Inc. (a) | 83 | 5695 |
| Ciena Corporation (a) | 220 | 11203 |
| Cirrus Logic, Inc. (a) | 82 | 6097 |
| Cognex Corporation | 255 | 11996 |
| Coherent Corp. (a) | 206 | 7232 |
| CommVault Systems, Inc. (a) | 66 | 4144 |
| Concentrix Corporation | 62 | 8305 |
| Dynatrace, Inc. (a) | 296 | 11343 |
| Emersub CX, Inc. (a) | 43 | 8848 |
| Envestnet, Inc. (a) | 82 | 5070 |
| Euronet Worldwide, Inc. (a) | 69 | 6486 |
| ExlService Holdings, Inc. (a) | 49 | 8275 |
| Fair Isaac Corporation (a) | 37 | 22064 |
| Genpact Limited | 248 | 11474 |
| IPG Photonics Corporation (a) | 48 | 4553 |
| Jabil Inc. | 200 | 13637 |
| Kyndryl Holdings, Inc. (a) | 301 | 3349 |
| Lattice Semiconductor Corporation (a) | 202 | 13133 |
| Littelfuse, Inc. | 36 | 8032 |
| Lumentum Holdings Inc. (a) | 102 | 5345 |
| MACOM Technology Solutions Holdings, Inc. (a) | 74 | 4677 |
| Manhattan Associates, Inc. (a) | 92 | 11190 |
| MAXIMUS, Inc. | 89 | 6554 |
| MKS Instruments, Inc. | 85 | 7195 |
| National Instruments Corporation | 194 | 7176 |
| NCR Corporation (a) | 202 | 4721 |
| Novanta Inc. (a) | 53 | 7155 |
| Paylocity Holding Corporation (a) | 61 | 11866 |
| Power Integrations, Inc. | 85 | 6071 |
| Qualys, Inc. (a) | 52 | 5799 |
| Silicon Laboratories Inc. (a) | 50 | 6810 |
| Sitime Corporation (a) | 24 | 2395 |
| Super Micro Computer, Inc. (a) | 68 | 5577 |
| Synaptics Incorporated (a) | 59 | 5611 |
| TD SYNNEX Corporation | 62 | 5902 |
| Teradata Corporation (a) | 149 | 5013 |
| The Western Union Company | 571 | 7866 |
| Universal Display Corporation | 64 | 6899 |
| ViaSat, Inc. (a) | 111 | 3519 |
| Vishay Intertechnology, Inc. | 193 | 4159 |
| Vontier Corporation | 228 | 4413 |
| Wex, Inc. (a) | 65 | 10616 |
| Wolfspeed, Inc. (a) (b) | 184 | 12700 |
| Xerox Holdings Corporation | 166 | 2425 |
|  |  | 366408 |
| **Health Care 10.1%** | **Health Care 10.1%** | **Health Care 10.1%** |
| Acadia Healthcare Company, Inc. (a) | 134 | 11052 |
| Amedisys, Inc. (a) | 47 | 3966 |
| Arrowhead Pharmaceuticals Inc (a) | 157 | 6385 |
| Azenta, Inc. (a) | 110 | 6381 |
| Bruker Corporation | 147 | 10077 |
| Chemed Corporation | 22 | 11152 |
| Coronado Topco, Inc. (a) | 80 | 6877 |
| Encompass Health Corporation | 147 | 8789 |
| Enovis Corporation (a) | 71 | 3789 |
| Envista Holdings Corporation (a) | 243 | 8174 |
| Exelixis, Inc. (a) | 475 | 7625 |
| Globus Medical, Inc. - Class A (a) | 115 | 8552 |
| Haemonetics Corporation (a) | 75 | 5912 |
| Halozyme Therapeutics, Inc. (a) | 199 | 11340 |
| HealthEquity, Inc. (a) | 126 | 7775 |
| ICU Medical, Inc. (a) | 29 | 4606 |
| Inari Medical, Inc. (a) | 71 | 4498 |
| Integra LifeSciences Holdings Corporation (a) | 107 | 6016 |
| Jazz Pharmaceuticals Public Limited Company (a) | 93 | 14747 |
| Lantheus Holdings, Inc. (a) | 102 | 5206 |
| LHC Group, Inc. (a) | 46 | 7410 |
| LivaNova PLC (a) | 80 | 4429 |
| Masimo Corporation (a) | 72 | 10644 |
| Medpace Holdings, Inc. (a) | 37 | 7928 |
| Neogen Corporation (a) | 317 | 4824 |
| Neurocrine Biosciences, Inc. (a) | 143 | 17025 |
| Omnicell, Inc. (a) | 67 | 3373 |
| Option Care Health, Inc. (a) | 227 | 6836 |
| Patterson Companies, Inc. | 129 | 3604 |
| Penumbra, Inc. (a) | 56 | 12544 |
| Perrigo Company Public Limited Company | 197 | 6715 |
| Progyny, Inc. (a) | 111 | 3469 |
| R1 RCM Inc. (a) | 201 | 2196 |
| Repligen Corporation (a) | 77 | 12952 |
| Shockwave Medical, Inc. (a) | 54 | 11002 |
| Sotera Health LLC (a) | 144 | 1199 |
| STAAR Surgical Company (a) | 72 | 3472 |
| Syneos Health, Inc. - Class A (a) | 150 | 5494 |
| Tandem Diabetes Care, Inc. (a) | 95 | 4248 |
| Tenet Healthcare Corporation (a) | 158 | 7708 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| United Therapeutics Corporation (a) | 67 | 18762 |
| | | 308753 |
| **Real Estate 8.0%** | **Real Estate 8.0%** | **Real Estate 8.0%** |
| Apartment Income REIT Corp. | 226 | 7767 |
| Brixmor Property Group Inc. | 440 | 9985 |
| Corporate Office Properties Trust | 164 | 4263 |
| Cousins Properties Incorporated | 221 | 5593 |
| Cubesmart, L.P. | 325 | 13068 |
| Douglas Emmett, Inc. | 255 | 4006 |
| EastGroup Properties, Inc. | 64 | 9516 |
| EPR Properties | 111 | 4198 |
| First Industrial Realty Trust, Inc. | 197 | 9526 |
| Healthcare Realty Trust Incorporated - Class A | 566 | 10909 |
| Highwoods Properties, Inc. | 157 | 4397 |
| Independence Realty Trust, Inc. | 330 | 5559 |
| JBG Smith Properties | 150 | 2841 |
| Jones Lang LaSalle Incorporated (a) | 70 | 11224 |
| Kilroy Realty Corporation | 154 | 5967 |
| Kite Realty Naperville, LLC | 326 | 6870 |
| Lamar Advertising Company - Class A | 130 | 12227 |
| Life Storage Inc. | 126 | 12430 |
| Medical Properties Trust, Inc. | 878 | 9780 |
| National Retail Properties, Inc. | 266 | 12170 |
| National Storage Affiliates Trust | 125 | 4513 |
| Omega Healthcare Investors, Inc. | 348 | 9740 |
| Park Hotels & Resorts Inc. | 325 | 3833 |
| Pebblebrook Hotel Trust | 197 | 2633 |
| Physicians Realty Trust | 342 | 4951 |
| PotlatchDeltic Corporation | 118 | 5198 |
| Rayonier Inc. | 215 | 7093 |
| Rexford Industrial Realty, Inc. | 272 | 14869 |
| Sabra Health Care REIT, Inc. | 345 | 4291 |
| SL Green Realty Corp. | 94 | 3172 |
| Spirit Realty Capital, Inc. | 208 | 8314 |
| Store Capital Corporation | 395 | 12679 |
| The Macerich Company | 319 | 3593 |
|  |  | 247175 |
| **Materials 6.5%** | **Materials 6.5%** | **Materials 6.5%** |
| Alcoa Corporation | 260 | 11830 |
| AptarGroup, Inc. | 96 | 10588 |
| Ashland Global Holdings Inc. | 74 | 7919 |
| Avient Corporation | 124 | 4189 |
| Cabot Corporation | 83 | 5531 |
| Cleveland-Cliffs Inc. (a) | 765 | 12324 |
| Commercial Metals Company | 173 | 8346 |
| Eagle Materials Inc. | 56 | 7406 |
| Greif, Inc. - Class A | 38 | 2543 |
| Ingevity Corporation (a) | 53 | 3764 |
| Louisiana-Pacific Corporation | 108 | 6375 |
| MP Materials Corp. - Class A (a) | 136 | 3297 |
| NewMarket Corporation | 10 | 3107 |
| Olin Corporation | 189 | 9991 |
| Reliance Steel & Aluminum Co. | 87 | 17544 |
| Royal Gold, Inc. | 98 | 11001 |
| RPM International Inc. | 191 | 18633 |
| Sensient Technologies Corporation | 62 | 4528 |
| Silgan Holdings Inc. | 124 | 6415 |
| Sonoco Products Company | 143 | 8670 |
| The Chemours Company | 224 | 6863 |
| The Scotts Miracle-Gro Company (b) | 59 | 2857 |
| United States Steel Corporation (b) | 347 | 8685 |
| Valvoline, Inc. | 262 | 8559 |
| Westlake Corporation | 51 | 5250 |
| Worthington Industries, Inc. | 45 | 2230 |
|  |  | 198445 |
| **Utilities 4.0%** | **Utilities 4.0%** | **Utilities 4.0%** |
| ALLETE, Inc. | 84 | 5402 |
| Black Hills Corporation | 96 | 6752 |
| Essential Utilities, Inc. | 356 | 16999 |
| Hawaiian Electric Industries, Inc. | 160 | 6692 |
| IDACORP, Inc. | 74 | 8014 |
| National Fuel Gas Company | 135 | 8549 |
| New Jersey Resources Corporation | 143 | 7079 |
| NorthWestern Corporation | 86 | 5118 |
| OGE Energy Corp. | 296 | 11705 |
| One Gas, Inc. | 81 | 6111 |
| Ormat Technologies, Inc. | 72 | 6266 |
| PNM Resources, Inc. | 126 | 6148 |
| Portland General Electric Company (b) | 131 | 6415 |
| Southwest Gas Holdings, Inc. | 92 | 5694 |
| Spire Inc. | 78 | 5357 |
| UGI Corporation | 307 | 11394 |
|  |  | 123695 |
| **Consumer Staples 4.0%** | **Consumer Staples 4.0%** | **Consumer Staples 4.0%** |
| Bellring Intermediate Holdings, Inc. (a) | 199 | 5108 |
| BJ's Wholesale Club Holdings, Inc. (a) | 199 | 13137 |
| Casey's General Stores, Inc. | 55 | 12395 |
| Celsius Holdings, Inc. (a) | 59 | 6183 |
| Coca-Cola Consolidated, Inc. | 7 | 3409 |
| Coty Inc. - Class A (a) | 533 | 4561 |
| Darling Ingredients Inc. (a) | 236 | 14753 |
| Energizer Holdings, Inc. | 98 | 3287 |
| Flowers Foods, Inc. | 281 | 8078 |
| Grocery Outlet Holding Corp. (a) | 130 | 3806 |
| Ingredion Incorporated | 98 | 9551 |
| Lancaster Colony Corporation | 29 | 5793 |
| Performance Food Group Company (a) | 231 | 13497 |
| Pilgrim's Pride Corporation (a) | 67 | 1598 |
| Post Holdings, Inc. (a) | 80 | 7257 |
| Sprouts Farmers Market, Inc. (a) | 159 | 5152 |
| The Boston Beer Company, Inc. - Class A (a) | 14 | 4629 |
|  |  | 122194 |
| **Energy 3.9%** | **Energy 3.9%** | **Energy 3.9%** |
| Antero Midstream Corporation | 493 | 5323 |
| Antero Resources Corporation (a) | 408 | 12646 |
| ChampionX Corporation | 298 | 8646 |
| CNX Resources Corporation (a) | 268 | 4506 |
| DT Midstream, Inc. | 142 | 7824 |
| Equitrans Midstream Corporation | 641 | 4292 |
| HF Sinclair Corporation | 199 | 10331 |
| Matador Resources Company | 165 | 9434 |
| Murphy Oil Corporation | 216 | 9296 |
| Nov Inc. | 576 | 12032 |
| PBF Energy Inc. - Class A | 169 | 6900 |
| PDC Energy, Inc. | 136 | 8661 |
| Range Resources Corporation | 357 | 8928 |
| Southwestern Energy Company (a) | 1633 | 9551 |
|  |  | 118370 |
| **Communication Services 2.0%** | **Communication Services 2.0%** | **Communication Services 2.0%** |
| Cable One, Inc. | 7 | 5099 |
| Frontier Communications Parent, Inc. (a) | 330 | 8412 |
| Iridium Communications Inc. | 186 | 9553 |
| John Wiley & Sons, Inc. - Class A | 62 | 2500 |
| Nexstar Media Group, Inc. - Class A | 56 | 9754 |
| TEGNA Inc. | 331 | 7017 |
| The New York Times Company - Class A | 245 | 7961 |
| TripAdvisor, Inc. (a) | 155 | 2791 |
| World Wrestling Entertainment, Inc. - Class A | 64 | 4392 |
| Ziff Davis, Inc. (a) | 69 | 5474 |
|  |  | 62953 |
| Total Common Stocks (cost $3,462,951) | Total Common Stocks (cost $3,462,951) | 3033863 |
| **SHORT TERM INVESTMENTS 1.2%** | **SHORT TERM INVESTMENTS 1.2%** | **SHORT TERM INVESTMENTS 1.2%** |
| **Investment Companies 1.0%** | **Investment Companies 1.0%** | **Investment Companies 1.0%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 30703 | 30703 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (c) (d) | 6464 | 6464 |
| Total Short Term Investments (cost $37,167) | Total Short Term Investments (cost $37,167) | 37167 |
| **Total Investments 100.1% (cost $3,500,118)** | **Total Investments 100.1% (cost $3,500,118)** | **3071030** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (210) |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(1460)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3069360** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL Mid Cap Index Fund — Futures Contracts** | **JNL Mid Cap Index Fund — Futures Contracts** | **JNL Mid Cap Index Fund — Futures Contracts** | **JNL Mid Cap Index Fund — Futures Contracts** | **JNL Mid Cap Index Fund — Futures Contracts** | **JNL Mid Cap Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Midcap 400 Index | 153 | March 2023 | 37786 | (210) | (414) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** | **JNL Mid Cap Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 3033863 |  |  | 3033863 |
| &nbsp;&nbsp;Short Term Investments | 37167 |  |  | 37167 |
|  | 3071030 |  |  | 3071030 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (414) |  |  | (414) |
|  | (414) |  |  | (414) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** |
| **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** |
| **Financials 18.2%** | **Financials 18.2%** | **Financials 18.2%** |
| ADS Alliance Data Systems, Inc. | 133 | 5017 |
| Ambac Financial Group, Inc. (a) | 120 | 2087 |
| American Equity Investment Life Holding Company | 185 | 8423 |
| Ameris Bancorp | 173 | 8177 |
| Amerisafe, Inc. | 51 | 2650 |
| Apollo Commercial Real Estate Finance, Inc. (b) | 342 | 3680 |
| ARMOUR Residential REIT, Inc. (c) | 338 | 1906 |
| Assured Guaranty Ltd. | 160 | 9954 |
| Axos Financial, Inc. (a) | 143 | 5447 |
| B. Riley & Co., LLC (c) | 42 | 1453 |
| Banc of California, Inc. | 146 | 2322 |
| BancFirst Corporation | 47 | 4120 |
| BankUnited, Inc. | 205 | 6965 |
| Banner Corporation | 91 | 5730 |
| Berkshire Hills Bancorp, Inc. | 120 | 3574 |
| Blucora, Inc. (a) | 127 | 3235 |
| Brightsphere Investment Group Inc. | 87 | 1791 |
| Brookline Bancorp, Inc. | 204 | 2884 |
| Capitol Federal Financial | 342 | 2961 |
| Central Pacific Financial Corp. | 73 | 1486 |
| City Holding Company | 39 | 3660 |
| Columbia Banking System, Inc. | 210 | 6314 |
| Community Bank System, Inc. | 142 | 8937 |
| Customers Bancorp, Inc. (a) | 81 | 2309 |
| CVB Financial Corp. | 350 | 9012 |
| Dime Community Bancshares, Inc. | 88 | 2811 |
| Donnelley Financial Solutions, Inc. (a) | 67 | 2573 |
| Eagle Bancorp, Inc. | 86 | 3773 |
| Ellington Financial Inc. (c) | 150 | 1851 |
| Employers Holdings, Inc. | 72 | 3091 |
| Encore Capital Group, Inc. (a) (c) | 62 | 2980 |
| Enova International, Inc. (a) | 83 | 3203 |
| EZCORP, Inc. - Class A (a) | 141 | 1152 |
| FB Financial Corporation | 94 | 3406 |
| First Bancorp | 95 | 4078 |
| First Bancorp. | 491 | 6245 |
| First Commonwealth Financial Corporation | 244 | 3411 |
| First Financial Bancorp. | 252 | 6116 |
| First Hawaiian, Inc. | 339 | 8818 |
| Franklin BSP Realty Trust, Inc. (c) | 221 | 2857 |
| Genworth Financial, Inc. - Class A (a) | 1324 | 7004 |
| Granite Point Mortgage Trust Inc. | 144 | 772 |
| Green Dot Corporation - Class A (a) | 124 | 1954 |
| Hanmi Financial Corporation | 80 | 1986 |
| HCI Group, Inc. (c) | 19 | 756 |
| Heritage Financial Corporation | 94 | 2888 |
| Hilltop Holdings Inc. | 123 | 3687 |
| HomeStreet, Inc. | 48 | 1337 |
| Hope Bancorp, Inc. | 314 | 4025 |
| Horace Mann Educators Corporation | 108 | 4030 |
| Independent Bank Corp. | 122 | 10269 |
| Independent Bank Group, Inc. | 94 | 5646 |
| Invesco Mortgage Capital Inc. (c) | 90 | 1148 |
| James River Group, Inc. | 101 | 2112 |
| KKR Real Estate Finance Trust Inc. | 153 | 2129 |
| Lakeland Financial Corporation | 68 | 4939 |
| LendingTree, Inc. (a) | 29 | 629 |
| Mercury General Corporation | 71 | 2432 |
| Mr. Cooper Group Inc. (a) | 188 | 7533 |
| National Bank Holdings Corporation - Class A | 98 | 4141 |
| NBT Bancorp Inc. | 113 | 4917 |
| New York Mortgage Trust, Inc. (c) | 1002 | 2566 |
| NMI Holdings, Inc. - Class A (a) | 222 | 4635 |
| Northfield Bancorp Inc. | 115 | 1804 |
| Northwest Bancshares, Inc. | 334 | 4668 |
| OFG Bancorp | 125 | 3446 |
| Pacific Premier Bancorp, Inc. | 252 | 7952 |
| Palomar Holdings, Inc. (a) | 67 | 3045 |
| Park National Corporation | 39 | 5427 |
| Pathward Financial, Inc. | 76 | 3293 |
| PennyMac Mortgage Investment Trust (c) | 239 | 2960 |
| Piper Sandler Companies | 37 | 4864 |
| PRA Group, Inc. (a) | 104 | 3527 |
| Preferred Bank | 35 | 2624 |
| ProAssurance Corporation | 142 | 2473 |
| PROG Holdings, Inc. (a) | 131 | 2221 |
| Provident Financial Services, Inc. | 201 | 4302 |
| Ready Capital Corporation (c) | 262 | 2916 |
| Redwood Trust, Inc. | 304 | 2058 |
| Renasant Corporation | 149 | 5608 |
| S & T Bancorp, Inc. | 104 | 3557 |
| Safety Insurance Group, Inc. | 39 | 3258 |
| Seacoast Banking Corporation of Florida | 187 | 5823 |
| ServisFirst Bancshares, Inc. | 130 | 8952 |
| Simmons First National Corporation - Class A | 336 | 7251 |
| SiriusPoint Ltd (a) | 225 | 1327 |
| Southside Bancshares, Inc. | 81 | 2919 |
| Stellar Bancorp, Inc. | 118 | 3468 |
| Stewart Information Services Corporation | 71 | 3048 |
| StoneX Group Inc. (a) | 46 | 4385 |
| The Bancorp, Inc. (a) | 149 | 4225 |
| Tompkins Financial Corporation | 33 | 2545 |
| Triumph Bancorp, Inc. (a) | 62 | 3009 |
| Trupanion, Inc. (a) (c) | 93 | 4411 |
| Trustco Bank Corp N Y | 51 | 1929 |
| Trustmark Corporation | 162 | 5653 |
| Two Harbors Investment Corp. | 230 | 3631 |
| United Community Banks, Inc. | 282 | 9526 |
| United Fire Group, Inc. | 59 | 1610 |
| Universal Insurance Holdings, Inc. | 71 | 750 |
| Veritex Holdings, Inc. | 144 | 4030 |
| Virtus Investment Partners, Inc. | 18 | 3451 |
| Walker & Dunlop, Inc. | 81 | 6393 |
| Westamerica Bancorporation | 71 | 4192 |
| WisdomTree, Inc. | 293 | 1596 |
| World Acceptance Corporation (a) | 9 | 578 |
| WSFS Financial Corporation | 165 | 7463 |
|  |  | 424162 |
| **Industrials 16.9%** | **Industrials 16.9%** | **Industrials 16.9%** |
| AAON, Inc. | 111 | 8388 |
| AAR Corp. (a) | 88 | 3929 |
| ABM Industries Incorporated | 176 | 7821 |
| Aerojet Rocketdyne Holdings, Inc. (a) | 201 | 11256 |
| AeroVironment, Inc. (a) | 67 | 5717 |
| Alamo Group Inc. | 28 | 3901 |
| Albany International Corp. - Class A | 83 | 8171 |
| Allegiant Travel Company (a) | 41 | 2801 |
| American Woodmark Corporation (a) | 45 | 2176 |
| Apogee Enterprises, Inc. | 59 | 2619 |
| Applied Industrial Technologies, Inc. | 102 | 12917 |
| Arcbest Corporation | 65 | 4528 |
| Arcosa, Inc. | 128 | 6973 |
| Astec Industries, Inc. | 61 | 2461 |
| Atlas Air Worldwide Holdings, Inc. (a) | 68 | 6883 |
| AZZ Inc. | 65 | 2633 |
| Barnes Group Inc. | 133 | 5436 |
| Boise Cascade Company | 105 | 7183 |
| Brady Corporation - Class A | 123 | 5811 |
| CIRCOR International, Inc. (a) | 55 | 1328 |
| Comfort Systems USA, Inc. | 95 | 10966 |
| CoreCivic, Inc. (a) | 306 | 3535 |
| Deluxe Corporation | 116 | 1964 |
| DXP Enterprises, Inc. (a) | 43 | 1173 |
| Encore Wire Corporation | 49 | 6732 |
| Enerpac Tool Group Corp. - Class A | 151 | 3837 |
| EnPro Industries, Inc. | 55 | 6006 |
| ESCO Technologies Inc. | 69 | 6026 |
| Exponent, Inc. | 135 | 13340 |
| Federal Signal Corporation | 161 | 7474 |
| Forrester Research, Inc. (a) | 29 | 1048 |
| Forward Air Corporation | 71 | 7426 |
| Franklin Electric Co., Inc. | 103 | 8247 |
| Gibraltar Industries, Inc. (a) | 82 | 3782 |
| GMS Inc. (a) | 113 | 5623 |
| Granite Construction Incorporated | 116 | 4071 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Griffon Corporation | 125 | 4476 |
| Harsco Corporation (a) | 206 | 1298 |
| Hawaiian Holdings, Inc. (a) | 138 | 1418 |
| Healthcare Services Group, Inc. | 194 | 2333 |
| Heartland Express, Inc. | 122 | 1875 |
| Heidrick & Struggles International, Inc. | 53 | 1481 |
| Hillenbrand, Inc. | 185 | 7882 |
| HNI Corporation | 111 | 3159 |
| Hub Group, Inc. - Class A (a) | 87 | 6940 |
| Insteel Industries, Inc. | 52 | 1428 |
| Interface, Inc. - Class A | 159 | 1567 |
| John Bean Technologies Corporation | 84 | 7707 |
| Kaman Corporation | 75 | 1662 |
| KAR Auction Services, Inc. (a) | 289 | 3777 |
| Kelly Services, Inc. - Class A | 93 | 1571 |
| Korn Ferry | 142 | 7179 |
| Lindsay Corporation | 29 | 4752 |
| Marten Transport, Ltd. | 154 | 3044 |
| Masterbrand, Inc. (a) (c) | 340 | 2568 |
| Matson Intermodal - Paragon, Inc. | 100 | 6276 |
| Matthews International Corporation - Class A | 82 | 2490 |
| Millerknoll, Inc. | 199 | 4184 |
| Moog Inc. - Class A | 77 | 6729 |
| Mueller Industries, Inc. | 151 | 8903 |
| MYR Group Inc. (a) | 44 | 4059 |
| National Presto Industries, Inc. | 14 | 952 |
| Now, Inc. (a) | 293 | 3719 |
| NV5 Global, Inc. (a) | 33 | 4383 |
| Park Aerospace Technologies Corp. | 54 | 722 |
| PGT Innovations, Inc. (a) | 159 | 2856 |
| Pitney Bowes Inc. | 436 | 1658 |
| Powell Industries, Inc. | 23 | 822 |
| Proto Labs, Inc. (a) | 73 | 1860 |
| Quanex Building Products Corporation | 87 | 2064 |
| Resideo Technologies, Inc. (a) | 385 | 6339 |
| Resources Connection, Inc. | 85 | 1563 |
| SkyWest, Inc. (a) | 132 | 2187 |
| SPX Technologies, Inc. (a) | 120 | 7884 |
| Standex International Corporation | 32 | 3288 |
| Sun Country Airlines Holdings, Inc. (a) | 87 | 1384 |
| Tennant Company | 49 | 3043 |
| The GEO Group, Inc. (a) | 327 | 3578 |
| The Greenbrier Companies, Inc. | 88 | 2943 |
| Titan International, Inc. (a) | 136 | 2081 |
| Trinity Industries, Inc. | 215 | 6364 |
| Triumph Group, Inc. (a) | 174 | 1830 |
| TrueBlue, Inc. (a) | 86 | 1692 |
| UFP Industries, Inc. | 164 | 13000 |
| Unifirst Corporation | 40 | 7724 |
| Veritiv Corporation | 36 | 4380 |
| Viad Corp (a) | 57 | 1378 |
| Wabash National Corporation | 128 | 2888 |
| | | 395522 |
| **Information Technology 13.0%** | **Information Technology 13.0%** | **Information Technology 13.0%** |
| 3D Systems Corporation (a) (c) | 346 | 2557 |
| 8X8, Inc. (a) (c) | 294 | 1264 |
| A10 Networks, Inc. | 170 | 2833 |
| Adeia Inc. | 282 | 2670 |
| Adtran Holdings, Inc. | 189 | 3556 |
| Advanced Energy Industries, Inc. | 99 | 8523 |
| Agilysys, Inc. (a) | 52 | 4149 |
| Alarm.Com Holdings, Inc. (a) | 132 | 6540 |
| Alpha and Omega Semiconductor Limited (a) | 59 | 1692 |
| Arlo Technologies, Inc. (a) | 232 | 814 |
| Avid Technology, Inc. (a) | 88 | 2352 |
| Axcelis Technologies, Inc. (a) | 87 | 6937 |
| Badger Meter, Inc. | 78 | 8484 |
| Benchmark Electronics, Inc. | 94 | 2516 |
| Cerence Inc. (a) | 106 | 1971 |
| CEVA Inc. (a) | 62 | 1586 |
| Clearfield, Inc. (a) | 30 | 2844 |
| Cohu, Inc. (a) | 127 | 4059 |
| Comtech Telecommunications Corp. | 72 | 877 |
| Consensus Cloud Solutions, Inc. (a) | 46 | 2479 |
| Corsair Gaming, Inc. (a) (c) | 100 | 1353 |
| CSG Systems International, Inc. | 81 | 4617 |
| CTS Corporation | 84 | 3305 |
| Digi International Inc. (a) | 94 | 3422 |
| Digital Turbine USA, Inc. (a) | 240 | 3660 |
| Diodes Incorporated (a) | 121 | 9192 |
| Ebix, Inc. | 61 | 1221 |
| ePlus inc. (a) | 71 | 3142 |
| EVERTEC, Inc. | 173 | 5594 |
| Extreme Networks, Inc. (a) | 348 | 6363 |
| Fabrinet (a) | 97 | 12484 |
| FARO Technologies, Inc. (a) | 49 | 1444 |
| Formfactor, Inc. (a) | 204 | 4529 |
| Harmonic, Inc. (a) | 282 | 3694 |
| Ichor Holdings, Ltd. (a) | 78 | 2079 |
| Insight Enterprises, Inc. (a) | 81 | 8093 |
| InterDigital, Inc. | 79 | 3934 |
| Itron, Inc. (a) | 121 | 6107 |
| Knowles Corporation (a) | 241 | 3959 |
| Kulicke and Soffa Industries, Inc. | 154 | 6829 |
| LivePerson, Inc. (a) | 188 | 1911 |
| LiveRamp Holdings, Inc. (a) | 176 | 4129 |
| MaxLinear, Inc. (a) | 193 | 6541 |
| Methode Electronics, Inc. | 98 | 4338 |
| NETGEAR, Inc. (a) | 77 | 1395 |
| NetScout Systems, Inc. (a) | 182 | 5925 |
| Onespan, Inc. (a) | 96 | 1080 |
| Onto Innovation Inc. (a) | 132 | 8958 |
| Osi Systems, Inc. (a) | 42 | 3302 |
| Payoneer Global Inc. (a) | 528 | 2888 |
| PC Connection, Inc. | 29 | 1373 |
| PDF Solutions, Inc. (a) | 78 | 2223 |
| Perficient, Inc. (a) | 92 | 6400 |
| Photronics, Inc. (a) | 164 | 2758 |
| Plexus Corp. (a) | 74 | 7589 |
| Progress Software Corporation | 115 | 5780 |
| Rambus Inc. (a) | 286 | 10237 |
| Rogers Corporation (a) | 50 | 5986 |
| Sabre Corporation (a) (c) | 877 | 5421 |
| Sanmina Corporation (a) | 153 | 8777 |
| ScanSource, Inc. (a) | 67 | 1950 |
| Semtech Corporation (a) | 166 | 4773 |
| SMART Global Holdings, Inc. (a) | 128 | 1910 |
| SPS Commerce, Inc. (a) | 96 | 12319 |
| TTEC Holdings, Inc. | 51 | 2239 |
| TTM Technologies, Inc. (a) | 271 | 4088 |
| Ultra Clean Holdings, Inc. (a) | 121 | 3998 |
| Unisys Corporation (a) | 182 | 931 |
| Veeco Instruments Inc. (a) | 135 | 2511 |
| Viavi Solutions Inc. (a) | 600 | 6308 |
| Xperi Inc. (a) | 113 | 970 |
|  |  | 302732 |
| **Consumer Discretionary 12.5%** | **Consumer Discretionary 12.5%** | **Consumer Discretionary 12.5%** |
| Abercrombie & Fitch Co. - Class A (a) | 131 | 3009 |
| Academy Sports & Outdoors, Inc. | 212 | 11158 |
| Adtalem Global Education Inc. (a) | 121 | 4300 |
| American Axle & Manufacturing Holdings, Inc. (a) | 304 | 2376 |
| American Eagle Outfitters, Inc. | 461 | 6439 |
| America's Car Mart, Inc. (a) | 15 | 1095 |
| Asbury Automotive Group, Inc. (a) | 59 | 10547 |
| Bed Bath & Beyond Inc. (a) (c) | 210 | 527 |
| Big Lots, Inc. | 76 | 1124 |
| BJ's Restaurants, Inc. (a) | 63 | 1652 |
| Bloomin' Brands, Inc. (c) | 233 | 4685 |
| Boot Barn Holdings, Inc. (a) | 79 | 4916 |
| Brinker International, Inc. (a) | 117 | 3741 |
| Caleres, Inc. | 95 | 2122 |
| Cavco Industries, Inc. (a) | 22 | 4948 |
| Century Communities, Inc. (c) | 76 | 3785 |
| Chico's FAS, Inc. (a) | 332 | 1634 |
| Chuy's Holdings, Inc. (a) | 48 | 1372 |
| Dave & Buster's Entertainment, Inc. (a) | 111 | 3937 |
| Designer Brands Inc. - Class A | 134 | 1312 |
| Dine Brands Global, Inc. | 41 | 2659 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Dorman Products, Inc. (a) | 75 | 6061 |
| El Pollo Loco Holdings, Inc. | 54 | 533 |
| Ethan Allen Interiors Inc. | 61 | 1613 |
| Frontdoor, Inc. (a) | 217 | 4516 |
| Genesco Inc. (a) | 33 | 1515 |
| Gentherm Incorporated (a) | 88 | 5730 |
| G-III Apparel Group, Ltd. (a) | 113 | 1545 |
| Golden Entertainment, Inc. (a) | 58 | 2163 |
| Green Brick Partners, Inc. (a) (c) | 72 | 1733 |
| Group 1 Automotive, Inc. | 39 | 7011 |
| Guess ?, Inc. (c) | 81 | 1683 |
| Haverty Furniture Companies, Inc. | 35 | 1037 |
| Hibbett Inc. | 35 | 2356 |
| Installed Building Products, Inc. | 62 | 5309 |
| iRobot Corporation (a) (c) | 73 | 3506 |
| Jack in the Box Inc. | 55 | 3778 |
| Kontoor Brands, Inc. | 130 | 5213 |
| La-Z-Boy Incorporated | 115 | 2619 |
| LCI Industries | 67 | 6234 |
| Leslie's, Inc. (a) | 396 | 4836 |
| LGI Homes, Inc. (a) | 54 | 5014 |
| Liquidity Services, Inc. (a) | 75 | 1052 |
| M.D.C. Holdings, Inc. | 152 | 4792 |
| M/I Homes, Inc. (a) | 72 | 3338 |
| MarineMax, Inc. (a) | 56 | 1762 |
| Meritage Homes Corporation (a) | 97 | 8956 |
| Mister Car Wash, Inc. (a) (c) | 211 | 1947 |
| Monarch Casino & Resort, Inc. (a) | 35 | 2722 |
| Monro, Inc. | 83 | 3768 |
| Motorcar Parts of America, Inc. (a) | 51 | 610 |
| Movado Group, Inc. | 43 | 1376 |
| National Vision Holdings, Inc. (a) | 210 | 8124 |
| Oxford Industries, Inc. | 39 | 3674 |
| Patrick Industries, Inc. | 57 | 3453 |
| Perdoceo Education Corporation (a) | 176 | 2449 |
| PetMed Express, Inc. | 55 | 972 |
| Rent-A-Center, Inc. | 133 | 3000 |
| Ruth's Hospitality Group, Inc. | 82 | 1266 |
| Sally Beauty Holdings, Inc. (a) | 287 | 3590 |
| Shake Shack, Inc. - Class A (a) | 98 | 4090 |
| Shoe Carnival, Inc. | 47 | 1116 |
| Signet Jewelers Limited | 123 | 8358 |
| Six Flags Operations Inc. (a) | 198 | 4604 |
| Sleep Number Corporation (a) | 59 | 1532 |
| Sonic Automotive, Inc. - Class A | 45 | 2201 |
| Sonos, Inc. (a) | 336 | 5681 |
| Standard Motor Products, Inc. | 49 | 1705 |
| Steven Madden, Ltd. | 195 | 6217 |
| Strategic Education, Inc. | 59 | 4638 |
| Stride, Inc. (a) | 109 | 3405 |
| Sturm, Ruger & Company, Inc. | 46 | 2346 |
| The Aaron's Company, Inc. | 81 | 972 |
| The Buckle, Inc. | 78 | 3549 |
| The Cheesecake Factory Incorporated (c) | 127 | 4013 |
| The Children's Place, Inc. (a) | 34 | 1249 |
| The ODP Corporation (a) | 107 | 4891 |
| TRI Pointe Homes Holdings, Inc. (a) | 268 | 4973 |
| Universal Electronics Inc. (a) | 34 | 707 |
| Urban Outfitters, Inc. (a) | 159 | 3799 |
| Vista Outdoor Inc. (a) | 151 | 3678 |
| Winnebago Industries, Inc. | 81 | 4272 |
| Wolverine World Wide, Inc. | 211 | 2304 |
| WW International, Inc. (a) | 145 | 560 |
| XPEL, Inc. (a) | 52 | 3148 |
| Zumiez Inc. (a) (c) | 42 | 909 |
| | | 293111 |
| **Health Care 11.1%** | **Health Care 11.1%** | **Health Care 11.1%** |
| AdaptHealth LLC - Class A (a) | 203 | 3895 |
| Addus HomeCare Corporation (a) | 43 | 4250 |
| Agiliti, Inc. (a) | 84 | 1375 |
| Allscripts Healthcare Solutions, Inc. (a) | 290 | 5119 |
| AMN Healthcare Services, Inc. (a) | 115 | 11836 |
| Amphastar Pharmaceuticals, Inc. (a) | 99 | 2784 |
| AngioDynamics, Inc. (a) | 105 | 1447 |
| ANI Pharmaceuticals, Inc. (a) | 33 | 1312 |
| Anika Therapeutics, Inc. (a) | 39 | 1141 |
| Apollo Medical Holdings, Inc. (a) (b) | 105 | 3106 |
| Arcus Biosciences, Inc. (a) | 139 | 2865 |
| Artivion, Inc. (a) | 107 | 1301 |
| Avanos Medical, Inc. (a) | 125 | 3381 |
| BioLife Solutions, Inc. (a) | 91 | 1649 |
| Cara Therapeutics, Inc. (a) | 121 | 1298 |
| Cardiovascular Systems, Inc. (a) | 110 | 1503 |
| Catalyst Pharmaceuticals, Inc. (a) | 254 | 4720 |
| Coherus Biosciences, Inc. (a) (c) | 172 | 1362 |
| Collegium Pharmaceutical, Inc. (a) | 89 | 2074 |
| Community Health Systems, Inc. (a) | 328 | 1418 |
| Computer Programs and Systems, Inc. (a) | 40 | 1089 |
| CONMED Corporation | 81 | 7205 |
| Corcept Therapeutics Incorporated (a) | 255 | 5187 |
| CorVel Corporation (a) | 24 | 3528 |
| Cross Country Healthcare, Inc. (a) | 94 | 2489 |
| Cutera, Inc. (a) | 47 | 2098 |
| Cytokinetics, Incorporated (a) | 252 | 11540 |
| Dynavax Technologies Corporation (a) | 313 | 3328 |
| Eagle Pharmaceuticals, Inc. (a) | 28 | 829 |
| Embecta Corp. | 154 | 3901 |
| Emergent BioSolutions Inc. (a) | 120 | 1418 |
| Enanta Pharmaceuticals, Inc. (a) | 52 | 2415 |
| Enhabit Inc. (a) | 132 | 1736 |
| Fulgent Genetics, Inc. (a) (c) | 52 | 1540 |
| Glaukos Corporation (a) | 126 | 5524 |
| Harmony Biosciences Holdings Inc. (a) | 79 | 4326 |
| Healthstream, Inc. (a) | 65 | 1617 |
| Heska Corporation (a) | 27 | 1704 |
| Innoviva, Inc. (a) | 168 | 2223 |
| Inogen, Inc. (a) | 60 | 1182 |
| Integer Holdings Corporation (a) | 88 | 6003 |
| Ironwood Pharmaceuticals, Inc. - Class A (a) | 353 | 4368 |
| Iteos Therapeutics Inc. (a) | 65 | 1267 |
| LeMaitre Vascular, Inc. | 53 | 2417 |
| Ligand Pharmaceuticals Incorporated (a) | 43 | 2882 |
| Meridian Bioscience, Inc. (a) | 116 | 3850 |
| Merit Medical Systems, Inc. (a) | 151 | 10653 |
| Mesa Laboratories, Inc. | 13 | 2231 |
| ModivCare Inc. (a) | 34 | 3039 |
| Myriad Genetics, Inc. (a) | 216 | 3131 |
| Nektar Therapeutics (a) | 504 | 1139 |
| Neogenomics, Inc. (a) | 338 | 3121 |
| NextGen Healthcare, Inc. (a) | 144 | 2703 |
| NuVasive, Inc. (a) | 137 | 5641 |
| OmniAb, Inc. (a) (d) | 16 |  |
| OmniAb, Inc. (a) (d) | 16 |  |
| OptimizeRX Corporation (a) | 45 | 754 |
| Orasure Technologies, Inc. (a) | 194 | 933 |
| Organogenesis Holdings Inc. - Class A (a) | 187 | 504 |
| Orthofix Medical Inc. (a) | 53 | 1087 |
| Owens & Minor, Inc. (a) | 203 | 3973 |
| Pacira Pharmaceuticals, Inc. (a) | 121 | 4677 |
| Pediatrix Medical Group, Inc. (a) | 217 | 3224 |
| Phibro Animal Health Corporation - Class A | 55 | 731 |
| Pphm, Inc. (a) (c) | 167 | 2298 |
| Prestige Consumer Healthcare Inc. (a) | 131 | 8224 |
| RadNet, Inc. (a) | 130 | 2447 |
| Regenxbio Inc. (a) | 100 | 2274 |
| Select Medical Holdings Corporation (c) | 277 | 6866 |
| Simulations Plus, Inc. | 42 | 1541 |
| Supernus Pharmaceuticals, Inc. (a) | 144 | 5135 |
| Surmodics, Inc. (a) | 39 | 1325 |
| The Ensign Group, Inc. | 147 | 13943 |
| The Joint Corp (a) | 40 | 553 |
| The Pennant Group, Inc. (a) | 77 | 842 |
| U. S. Physical Therapy, Inc. | 34 | 2792 |
| uniQure N.V. (a) | 110 | 2485 |
| Vanda Pharmaceuticals Inc. (a) | 152 | 1123 |
| Varex Imaging Corporation (a) | 107 | 2179 |
| Vericel Corporation (a) | 127 | 3336 |
| VIR Biotechnology, Inc. (a) | 201 | 5087 |
| Xencor, Inc. (a) | 159 | 4132 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| ZimVie Inc. (a) | 57 | 532 |
| Zynex, Inc. (c) | 58 | 812 |
| | | 258969 |
| **Real Estate 7.8%** | **Real Estate 7.8%** | **Real Estate 7.8%** |
| Acadia Realty Trust | 249 | 3576 |
| Agree Realty Corporation | 234 | 16618 |
| Alexander & Baldwin, Inc. | 195 | 3649 |
| American Assets Trust, Inc. | 140 | 3702 |
| Armada Hoffler Properties, Inc. | 183 | 2103 |
| Brandywine Realty Trust | 458 | 2814 |
| Caretrust REIT, Inc. | 256 | 4764 |
| CENTERSPACE | 40 | 2326 |
| Chatham Lodging Trust | 129 | 1580 |
| Community Healthcare Trust Incorporated | 64 | 2290 |
| Cushman & Wakefield PLC (a) | 426 | 5309 |
| DiamondRock Alpharetta Tenant, LLC | 555 | 4545 |
| Douglas Elliman Inc. | 191 | 778 |
| Dwight A. Walker Real Estate, Inc. - Class A | 50 | 936 |
| Easterly Government Properties, Inc. | 242 | 3451 |
| ELME Communities | 233 | 4150 |
| Essential Properties Realty Trust, Inc. | 379 | 8888 |
| Four Corners Property Trust, Inc. | 220 | 5711 |
| Franklin Street Properties Corp. (c) | 249 | 679 |
| Getty Realty Corp. | 112 | 3807 |
| Global Net Lease, Inc. | 275 | 3452 |
| Hersha Hospitality Trust - Class A | 86 | 735 |
| Hudson Pacific Properties, Inc. | 340 | 3310 |
| Industrial Logistics Properties Trust | 175 | 571 |
| Innovative Industrial Properties, Inc. | 74 | 7522 |
| iStar Inc. (c) | 225 | 1718 |
| LTC Properties, Inc. | 108 | 3822 |
| LXP Industrial Trust | 732 | 7337 |
| Marcus & Millichap Company | 66 | 2288 |
| NexPoint Residential Trust, Inc. | 61 | 2640 |
| Office Properties Income Trust | 131 | 1746 |
| Orion Office REIT Inc. (c) | 154 | 1313 |
| OUTFRONT Media Inc. | 387 | 6422 |
| Realogy Holdings Corp. (a) | 291 | 1858 |
| Retail Opportunity Investments Corp. | 327 | 4909 |
| RPT Realty | 228 | 2290 |
| Safehold Inc. | 63 | 1791 |
| Saul Centers, Inc. | 35 | 1429 |
| Service Properties Trust | 439 | 3198 |
| SITE Centers Corp. | 489 | 6685 |
| Summit Hotel TRS 005, LLC | 282 | 2036 |
| Sunstone Hotel Investors, Inc. | 558 | 5391 |
| Tanger Factory Outlet Centers, Inc. | 277 | 4966 |
| The St. Joe Company | 91 | 3504 |
| Uniti Group Inc. | 634 | 3507 |
| Universal Health Realty Income Trust | 34 | 1621 |
| Urban Edge Properties | 310 | 4368 |
| Urstadt Biddle Properties Inc. - Class A | 82 | 1548 |
| Veris Residential, Inc (a) | 212 | 3379 |
| Whitestone REIT | 127 | 1227 |
| Xenia Hotels & Resorts, Inc. | 302 | 3976 |
|  |  | 182235 |
| **Materials 5.6%** | **Materials 5.6%** | **Materials 5.6%** |
| AdvanSix Inc. | 74 | 2799 |
| American Vanguard Corporation | 72 | 1573 |
| Arconic Corporation (a) | 270 | 5710 |
| ATI Inc. (a) | 345 | 10287 |
| Balchem Corporation | 85 | 10431 |
| Carpenter Technology Corporation | 128 | 4745 |
| Century Aluminum Company (a) | 136 | 1113 |
| Clearwater Paper Corporation (a) | 45 | 1692 |
| Compass Minerals International, Inc. | 91 | 3725 |
| FutureFuel Corp. | 66 | 540 |
| H.B. Fuller Company | 142 | 10140 |
| Hawkins, Inc. | 52 | 1989 |
| Haynes International, Inc. | 33 | 1494 |
| Innospec Inc. | 66 | 6759 |
| Kaiser Aluminum Corporation | 42 | 3190 |
| Koppers Holdings Inc. | 56 | 1585 |
| Livent Corporation (a) | 476 | 9462 |
| Materion Corporation | 54 | 4755 |
| MATIV Holdings, Inc. | 146 | 3048 |
| Mercer International Inc. | 107 | 1249 |
| Minerals Technologies Inc. | 86 | 5231 |
| Myers Industries, Inc. | 97 | 2152 |
| O-I Glass, Inc. (a) | 413 | 6837 |
| Olympic Steel, Inc. (c) | 25 | 827 |
| Quaker Chemical Corporation | 36 | 6070 |
| Rayonier Advanced Materials Inc. (a) | 167 | 1604 |
| Stepan Company | 56 | 5968 |
| SunCoke Energy, Inc. | 225 | 1944 |
| Sylvamo Corporation | 88 | 4254 |
| TimkenSteel Corporation (a) | 106 | 1920 |
| Tredegar Corporation (c) | 66 | 677 |
| Trinseo Public Limited Company | 93 | 2120 |
| Warrior Met Coal, Inc. | 137 | 4732 |
|  |  | 130622 |
| **Consumer Staples 5.2%** | **Consumer Staples 5.2%** | **Consumer Staples 5.2%** |
| B&G Foods, Inc. (c) | 190 | 2124 |
| Calavo Growers, Inc. | 46 | 1362 |
| Cal-Maine Foods, Inc. | 101 | 5504 |
| Central Garden & Pet Company (a) | 27 | 1005 |
| Central Garden & Pet Company - Class A (a) | 110 | 3921 |
| Del Monte Fresh Produce Company | 80 | 2095 |
| e.l.f. Beauty, Inc. (a) | 133 | 7357 |
| Edgewell Personal Care Colombia S A S | 137 | 5285 |
| Hostess Brands, Inc. - Class A (a) | 356 | 7999 |
| Inter Parfums, Inc. | 47 | 4552 |
| J & J Snack Foods Corp. | 40 | 5988 |
| John B. Sanfilippo & Son, Inc. | 24 | 1959 |
| Medifast, Inc. | 29 | 3337 |
| MGPI Processing, Inc. | 41 | 4327 |
| National Beverage Corp. (a) | 62 | 2866 |
| Nu Skin Enterprises, Inc. - Class A | 131 | 5540 |
| PriceSmart, Inc. | 67 | 4045 |
| Seneca Foods Corporation - Class A (a) | 14 | 852 |
| Spartannash Company | 94 | 2830 |
| The Andersons, Inc. | 83 | 2899 |
| The Chefs' Warehouse, Inc. (a) | 91 | 3032 |
| The Hain Celestial Group, Inc. (a) | 236 | 3811 |
| The Simply Good Foods Company (a) | 224 | 8512 |
| Tootsie Roll Industries, Inc. | 47 | 2013 |
| Treehouse Foods, Inc. (a) | 134 | 6618 |
| United Natural Foods, Inc. (a) | 154 | 5976 |
| Universal Corporation | 65 | 3423 |
| USANA Health Sciences, Inc. (a) | 30 | 1595 |
| Vector Group Ltd. | 349 | 4140 |
| WD-40 Company | 36 | 5810 |
|  |  | 120777 |
| **Energy 4.6%** | **Energy 4.6%** | **Energy 4.6%** |
| Archrock, Inc. | 354 | 3175 |
| Bristow Holdings U.S. Inc. (a) | 63 | 1713 |
| Callon Petroleum Company (a) | 137 | 5073 |
| Civitas Resources, Inc. | 139 | 8038 |
| CONSOL Energy Inc. | 87 | 5646 |
| Core Laboratories N.V. | 122 | 2475 |
| DMC Global Inc. (a) | 51 | 992 |
| Dorian LPG Ltd. | 82 | 1560 |
| Dril-Quip, Inc. (a) | 90 | 2448 |
| Green Plains Inc. (a) | 157 | 4797 |
| Helix Energy Solutions Group, Inc. (a) | 382 | 2819 |
| Helmerich & Payne, Inc. | 280 | 13886 |
| Laredo Petroleum, Inc. (a) (c) | 44 | 2278 |
| Nabors Industries Ltd (a) | 24 | 3653 |
| Oceaneering International, Inc. (a) | 266 | 4646 |
| Oil States International, Inc. (a) | 174 | 1295 |
| Par Pacific Holdings, Inc. (a) | 147 | 3422 |
| Patterson-UTI Energy, Inc. | 575 | 9684 |
| Propetro Holding Corp. (a) | 252 | 2616 |
| Ranger Oil Corporation - Class A | 51 | 2079 |
| REX American Resources Corporation (a) (c) | 41 | 1300 |
| RPC, Inc. | 215 | 1915 |
| SM Energy Company | 326 | 11367 |
| Talos Energy Inc. (a) | 173 | 3262 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| U.S. Silica Holdings, Inc. (a) | 202 | 2525 |
| World Fuel Services Corporation | 163 | 4468 |
| | | 107132 |
| **Utilities 2.5%** | **Utilities 2.5%** | **Utilities 2.5%** |
| American States Water Company | 98 | 9102 |
| Avista Corporation | 196 | 8693 |
| California Water Service Group | 146 | 8828 |
| Chesapeake Utilities Corporation | 47 | 5606 |
| Middlesex Water Company | 47 | 3679 |
| Northwest Natural Holding Company | 93 | 4413 |
| SJW Group | 70 | 5681 |
| South Jersey Industries, Inc. | 325 | 11564 |
| Unitil Corporation | 43 | 2202 |
|  |  | 59768 |
| **Communication Services 1.9%** | **Communication Services 1.9%** | **Communication Services 1.9%** |
| AMC Networks, Inc. - Class A (a) | 75 | 1176 |
| ATN International, Inc. | 29 | 1323 |
| Cars.com Inc. (a) | 164 | 2260 |
| Cinemark Holdings, Inc. (a) | 285 | 2468 |
| Cogent Communications Holdings, Inc. | 114 | 6513 |
| Consolidated Communications Holdings, Inc. (a) | 196 | 700 |
| Gannett Co., Inc. (a) | 394 | 800 |
| Intelsat Inflight LLC (a) | 171 | 2526 |
| QuinStreet, Inc. (a) (c) | 133 | 1908 |
| Scholastic Corporation | 79 | 3105 |
| Shenandoah Telecommunications Company | 136 | 2152 |
| Shutterstock, Inc. | 64 | 3368 |
| TechTarget, Inc. (a) | 71 | 3123 |
| Telephone and Data Systems, Inc. | 266 | 2789 |
| The E.W. Scripps Company - Class A (a) | 156 | 2055 |
| The Marcus Corporation | 62 | 890 |
| Thryv Holdings, Inc. (a) | 80 | 1518 |
| Yelp Inc. (a) | 185 | 5045 |
|  |  | 43719 |
| Total Common Stocks (cost $2,749,643) | Total Common Stocks (cost $2,749,643) | 2318749 |
| **INVESTMENT COMPANIES 0.3%** | **INVESTMENT COMPANIES 0.3%** | **INVESTMENT COMPANIES 0.3%** |
| iShares Core S&P Small Cap ETF | 62 | 5875 |
| Total Investment Companies (cost $5,969) | Total Investment Companies (cost $5,969) | 5875 |
| **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (b) (e) | 5239 | 5239 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (b) (e) | 2862 | 2862 |
| Total Short Term Investments (cost $8,101) | Total Short Term Investments (cost $8,101) | 8101 |
| **Total Investments 99.9% (cost $2,763,713)** | **Total Investments 99.9% (cost $2,763,713)** | **2332725** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (40) |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **2332** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2335017** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) All or a portion of the security was on loan as of December 31, 2022.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Small Cap Index Fund — Long Term Investments in Affiliates** | **JNL Small Cap Index Fund — Long Term Investments in Affiliates** | **JNL Small Cap Index Fund — Long Term Investments in Affiliates** | **JNL Small Cap Index Fund — Long Term Investments in Affiliates** | **JNL Small Cap Index Fund — Long Term Investments in Affiliates** | **JNL Small Cap Index Fund — Long Term Investments in Affiliates** | **JNL Small Cap Index Fund — Long Term Investments in Affiliates** | **JNL Small Cap Index Fund — Long Term Investments in Affiliates** | **JNL Small Cap Index Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Apollo Commercial Real Estate Finance, Inc. | 4707 |  | 175 | 492 | (61) | (791) | 3680 | 0.2 |
| Apollo Medical Holdings, Inc. | 7622 | 222 | 171 |  | (23) | (4544) | 3106 | 0.1 |
|  | 12329 | 222 | 346 | 492 | (84) | (5335) | 6786 | 0.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL Small Cap Index Fund — Futures Contracts** | **JNL Small Cap Index Fund — Futures Contracts** | **JNL Small Cap Index Fund — Futures Contracts** | **JNL Small Cap Index Fund — Futures Contracts** | **JNL Small Cap Index Fund — Futures Contracts** | **JNL Small Cap Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Russell 2000 Index | 128 | March 2023 | 11595 | (40) | (262) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** | **JNL Small Cap Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 2318749 |  |  | 2318749 |
| &nbsp;&nbsp;Investment Companies | 5875 |  |  | 5875 |
| &nbsp;&nbsp;Short Term Investments | 8101 |  |  | 8101 |
|  | 2332725 |  |  | 2332725 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (262) |  |  | (262) |
|  | (262) |  |  | (262) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** |
| **COMMON STOCKS 47.6%** | **COMMON STOCKS 47.6%** | **COMMON STOCKS 47.6%** |
| **Financials 11.2%** | **Financials 11.2%** | **Financials 11.2%** |
| 7 Acquisition Corporation - Class A (a) | 14 | 145 |
| A SPAC II Acquisition Corp (a) | 13 | 136 |
| ABG Acquisition Corp. I - Class A (a) | 19 | 189 |
| Adara Acquisition Corp. - Class A (a) | 11 | 112 |
| African Gold Acquisition Corp. (a) | 2 | 18 |
| African Gold Acquisition Corp. - Class A (a) | 49 | 495 |
| AfterNext HealthTech Acquisition Corp. - Class A (a) | 39 | 391 |
| Agile Growth Corp. (a) | 13 | 130 |
| Ahren Acquisition Corp - Class A (a) | 10 | 105 |
| Alpha Partners Technology Merger Corp. (a) |  | 5 |
| Alpha Partners Technology Merger Corp. - Class A (a) | 21 | 210 |
| ALSP Orchid Acquisition Corporation I - Class A (a) | 31 | 319 |
| Altenergy Acquisition Corp. (a) | 6 | 61 |
| Altimar Acquisition Corp. III (a) | 8 | 69 |
| Altimar Acquisition Corp. III - Class A (a) | 8 | 84 |
| American International Group, Inc. | 55 | 3476 |
| Andretti Acquisition Corp. - Class A (a) | 6 | 66 |
| Anthemis Digital Acquisitions I Corp. - Class A (a) | 18 | 182 |
| Anzu Special Acquisition Corp I - Class A (a) | 22 | 218 |
| AON Public Limited Company - Class A | 7 | 2243 |
| Apollo Strategic Growth Capital II (a) (b) | 2 | 22 |
| Arctos Northstar Acquisition Corp. - Class A (a) | 23 | 235 |
| Ares Acquisition Corp. (a) | 5 | 54 |
| Ares Acquisition Corp. - Class A (a) | 95 | 955 |
| Arrowroot Acquisition Corp. - Class A (a) | 35 | 354 |
| Artemis Strategic Investment Corp. - Class A (a) | 20 | 209 |
| ARYA Sciences Acquisition Corp IV - Class A (a) | 5 | 52 |
| Arya Sciences Acquisition Corp. - Class A (a) | 19 | 194 |
| Ascendant Digital Acquisition Corp. III - Class A (a) | 39 | 407 |
| Atlantic Coastal Acquisition Corp. - Class A (a) | 50 | 503 |
| Atlantic Coastal Acquisition Corp. II (a) | 5 | 46 |
| Ault Disruptive Technologies Corporation (a) | 11 | 113 |
| Aura Fat Projects Acquisition Corp. (a) | 17 | 172 |
| Aurora Acquisition Corp. - Class A (a) | 7 | 71 |
| Axonprime Infrastructure Acquisition Corporation - Class A (a) |  |  |
| B. Riley Principal 250 Merger Corp. - Class A (a) | 17 | 167 |
| Bank of Hawaii Corporation | 32 | 2482 |
| Bannix Acquisition Corp. (a) | 1 | 9 |
| Bilander Acquisition Corp. - Class A (a) | 21 | 206 |
| Biotech Acquisition Company - Class A (a) | 20 | 206 |
| Bleuacacia Ltd - Class A (a) | 50 | 504 |
| Blue Whale Acquisition Corp I - Class A (a) | 13 | 127 |
| Blueriver Acquisition Corp. - Class A (a) | 27 | 274 |
| Builder Acquisition Corp. - Class A (a) | 5 | 54 |
| Bullpen Parlay Acquisition Company - Class A (a) | 13 | 130 |
| Burtech Acquisition Corp. - Class A (a) | 41 | 416 |
| BYTE Acquisition Corp. - Class A (a) | 10 | 100 |
| C5 Acquisition Corporation (a) | 3 | 36 |
| Canna-Global Acquisition Corp. - Class A (a) | 5 | 49 |
| CapitalWorks Emerging Markets Acquisition Corp. - Class A (a) | 3 | 31 |
| Cartesian Growth Corporation II (a) | 10 | 99 |
| Cartica Acquisition Corp. - Class A (a) | 7 | 72 |
| Catalyst Partners Acquisition Corp. - Class A (a) | 45 | 455 |
| CC Neuberger Principal Holdings III - Class A (a) | 56 | 565 |
| CF Acquisition Corp. VII - Class A (a) |  |  |
| Chain Bridge I - Class A (a) | 11 | 111 |
| Churchill Capital Corp VII (a) | 8 | 80 |
| Churchill Capital Corp VII - Class A (a) | 84 | 832 |
| CIIG Capital Partners II, Inc. (a) |  |  |
| CIIG Capital Partners II, Inc. - Class A (a) | 38 | 387 |
| Citigroup Inc. | 46 | 2089 |
| Coliseum Acquisition Corp. - Class A (a) | 13 | 130 |
| Colonnade Acquisition Corp. II - Class A (a) | 50 | 507 |
| Concessionaria Auto Raposo Tavares S/A - Class A (a) | 11 | 108 |
| Concord Acquisition Corp. II - Class A (a) | 45 | 449 |
| Consilium Acquisition Corp I Ltd - Class A (a) | 8 | 81 |
| Constellation Acquisition Corp I - Class A (a) | 27 | 270 |
| Conyers Park III Acquisition Corp. - Class A (a) | 41 | 400 |
| Corazon Capital V838 Monoceros Corp - Class A (a) | 29 | 298 |
| Core Parenterals Limited - Class A (a) | 9 | 85 |
| Cowen Inc. - Class A | 11 | 427 |
| DA32 Life Science Tech Acquisition Corp. - Class A (a) | 7 | 73 |
| Data Knights Acquisition Corporation - Class A (a) | 6 | 64 |
| DBS Group Holdings Ltd | 80 | 2016 |
| Decarbonization Plus Acquisition Corporation IV - Class A (a) | 29 | 301 |
| Deep Lake Capital Acquisition Corp. - Class A (a) | 14 | 143 |
| DHC Acquisition Corporation - Class A (a) | 30 | 301 |
| Diamondhead Holdings Corp. - Class A (a) | 33 | 334 |
| Digital Transformation Opportunities Corp. - Class A (a) | 30 | 297 |
| Disruptive Acquisition Corporation I (a) | 13 | 135 |
| Disruptive Acquisition Corporation I - Class A (a) | 16 | 161 |
| dMY Technology Group, Inc. VI - Class A (a) | 43 | 434 |
| DP Cap Acquisition Corp I - Class A (a) | 14 | 140 |
| Dragoneer Growth Opportunities Corp. III - Class A (a) | 62 | 610 |
| Elliott Opportunity II Corp. (a) | 3 | 33 |
| Elliott Opportunity II Corp. - Class A (a) | 50 | 509 |
| Embrace Change Acquisition Corp. (a) | 9 | 90 |
| Enphys Acquisition Corp. - Class A (a) | 171 | 1719 |
| Enterprise 4.0 Technology Acquisition Corp. (a) | 6 | 61 |
| Enterprise 4.0 Technology Acquisition Corp. - Class A (a) | 9 | 90 |
| ESGEN Acquisition Corp (a) |  |  |
| ESGEN Acquisition Corp - Class A (a) | 25 | 258 |
| ESM Acquisition Corporation (a) |  |  |
| EVe Mobility Acquisition Corp - Class A (a) | 18 | 183 |
| ExcelFin Acquisition Corp. (a) | 6 | 61 |
| ExcelFin Acquisition Corp. - Class A (a) | 18 | 184 |
| Far Peak Acquisition Corp. - Class A (a) | 68 | 686 |
| Fat Projects Acquisition Corp - Class A (a) | 28 | 288 |
| Fifth Wall Acquisition Corp. III - Class A (a) | 24 | 245 |
| Finnovate Acquisition Corporation - Class A (a) | 1 | 10 |
| Finserv Acquisition Corp. II - Class A (a) | 7 | 72 |
| FinTech Evolution Acquisition Group - Class A (a) | 9 | 91 |
| First Horizon Corporation (c) | 281 | 6889 |
| Flame Acquisition Corp. - Class A (a) | 26 | 268 |
| Focus Impact Acquisition Corp. - Class A (a) | 12 | 119 |
| Forest Road Acquisition Corp. II - Class A (a) | 15 | 157 |
| Forum Merger IV Corporation - Class A (a) | 19 | 192 |
| Freedom Acquisition I Corp. - Class A (a) | 20 | 200 |
| Frontier Acquisition Corp. - Class A (a) | 11 | 110 |
| FTAC Athena Acquisition Corp. - Class A (a) | 20 | 203 |
| FTAC Hera Acquisition Corp. (a) | 1 | 14 |
| FTAC Hera Acquisition Corp. - Class A (a) | 46 | 469 |
| FTAC Parnassus Acquisition Corp. - Class A (a) | 45 | 451 |
| FTAC Zeus Acquisition Corp. - Class A (a) | 53 | 535 |
| Fusion Acquisition Corp. II (a) | 12 | 118 |
| Fusion Acquisition Corp. II - Class A (a) | 5 | 54 |
| G Squared Ascend I Inc. - Class A (a) | 43 | 434 |
| G Squared Ascend II, Inc. (a) | 7 | 73 |
| G Squared Ascend II, Inc. - Class A (a) | 7 | 71 |
| Games & Esports Experience Acquisition Corp. - Class A (a) | 11 | 110 |
| Gesher I Acquisition Corp - Class A (a) | 11 | 109 |
| Global Partner Acquisition Corporation II (a) | 5 | 51 |
| Global Partner Acquisition Corporation II - Class A (a) | 22 | 224 |
| Goal Acquisitions Corp. (a) | 47 | 477 |
| Golden Arrow Merger Corp. - Class A (a) | 13 | 135 |
| Gores Holdings IX, Inc. - Class A (a) | 64 | 636 |
| Green Visor Financial Technology Acquisition Corp. I - Class A (a) | 28 | 293 |
| Groupe Bruxelles Lambert - Groep Brussel Lambert | 26 | 2042 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 202 | 1451 |
| GSR II Meteora Acquisition Corp. - Class A (a) |  |  |
| GX Acquisition Corp. II - Class A (a) | 26 | 261 |
| Hainan Manaslu Acquisition Corp. (a) | 30 | 305 |
| HCM Acquisition Corp - Class A (a) | 21 | 218 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Heliogen, Inc. - Class A (a) | 10 | 98 |
| Hennessy Capital Investment Corp. VI - Class A (a) | 22 | 222 |
| HH&L Acquisition Co. - Class A (a) | 42 | 426 |
| Home Plate Acquisition Corporation - Class A (a) | 15 | 149 |
| Ibere Pharmaceuticals - Class A (a) | 9 | 87 |
| Iconic Sports Acquisition Corp. - Class A (a) | 7 | 75 |
| Independence Holdings Corp. - Class A (a) | 10 | 105 |
| Infinite Acquisition Corp. (a) | 5 | 50 |
| Infinite Acquisition Corp. - Class A (a) | 1 | 14 |
| Inflection Point Acquisition Corp. - Class A (a) | 51 | 507 |
| Innovative International Acquisition Corp. - Class A (a) | 15 | 157 |
| Investcorp Europe Acquisition Corp I - Class A (a) | 10 | 103 |
| Investcorp India Acquisition Corp. - Class A (a) | 12 | 120 |
| Itiquira Acquisition Corp. - Class A (a) | 27 | 270 |
| Jack Creek Investment Corp. - Class A (a) | 23 | 228 |
| JATT Acquisition Corp - Class A (a) | 11 | 109 |
| Jaws Hurricane Acquisition Corp - Class A (a) | 40 | 403 |
| Jaws Juggernaut Acquisition Corp. (a) | 12 | 120 |
| Jaws Juggernaut Acquisition Corp. - Class A (a) | 33 | 328 |
| Jaws Mustang Acquisition Corp. - Class A (a) | 135 | 1369 |
| Jefferies Financial Group Inc. | 61 | 2083 |
| Kadem Sustainable Impact Corporation - Class A (a) | 11 | 115 |
| Kensington Capital Acquisition Corp. V (a) | 33 | 342 |
| Kensington Capital Acquisition Corp. V - Class A (a) | 18 | 180 |
| Kernel Group Holdings, Inc. - Class A (a) | 18 | 179 |
| Khosla Ventures Acquisition Co III - Class A (a) | 25 | 251 |
| Khosla Ventures Acquisition Co. - Class A (a) | 37 | 372 |
| Kiatnakin Phatra Bank Public Company Limited - NVDR | 999 | 2130 |
| Kismet Acquisition Three Corp. (a) (d) | 13 | 134 |
| Kismet Acquisition Three Corp. - Class A (a) (d) | 25 | 254 |
| Kismet Acquisition Two Corp. - Class A (a) | 3 | 30 |
| L Catterton Asia Acquisition Corp - Class A (a) | 20 | 204 |
| LAMF Global Ventures Corp. I - Class A (a) | 15 | 149 |
| LAVA Medtech Acquisition Corp. - Class A (a) | 10 | 103 |
| Lazard Growth Acquisition Corp. I (a) |  | 4 |
| Lazard Growth Acquisition Corp. I (a) | 63 | 636 |
| LDH Growth Corp I - Class A (a) | 21 | 208 |
| Lead Edge Growth Opportunities, Ltd (a) | 1 | 12 |
| Lead Edge Growth Opportunities, Ltd - Class A (a) | 69 | 700 |
| Legato Merger Corp. II (a) | 19 | 188 |
| Live Oak Crestview Climate Acquisition Corp. (a) | 21 | 202 |
| Live Oak Mobility Acquisition Corp. - Class A (a) | 21 | 215 |
| Logistics Innovation Technologies Corp. - Class A (a) | 30 | 302 |
| LPL Financial Holdings Inc. | 16 | 3296 |
| M3-Brigade Acquisition II Corp. (a) | 12 | 117 |
| M3-Brigade Acquisition II Corp. - Class A (a) | 17 | 173 |
| M3-Brigade Acquisition III Corp. - Class A (a) | 19 | 190 |
| Macondray Capital Acquisition Corp. I (a) | 19 | 189 |
| Macondray Capital Acquisition Corp. I - Class A (a) | 20 | 209 |
| Magnum Opus Acquisition Limited - Class A (a) | 17 | 174 |
| MarketWise, Inc. - Class A (a) | 7 | 12 |
| Mason Industrial Technology, Inc. (a) | 27 | 267 |
| Medicus Sciences Acquisition Corp. - Class A (a) | 15 | 155 |
| MELI Kaszek Pioneer Corp - Class A (a) | 8 | 84 |
| Metals Acquisition Corp. - Class A (a) | 6 | 60 |
| Mizrahi-Tefahot Bank Ltd. | 23 | 740 |
| Moody's Corporation | 12 | 3266 |
| Moringa Acquisition Corp. - Class A (a) | 3 | 33 |
| Motive Capital Corp II - Class A (a) | 10 | 98 |
| Mountain & Co I Acquisition Corp - Class A (a) | 26 | 273 |
| MSD Acquisition Corp. - Class A (a) | 74 | 743 |
| Newcourt Acquisition Corp. (a) | 8 | 82 |
| Northern Genesis Acquisition Corp. III (a) | 18 | 177 |
| Northern Star Investment Corp. III - Class A (a) | 66 | 663 |
| Northern Star Investment Corp. IV - Class A (a) | 59 | 587 |
| Onyx Acquisition Co. I - Class A (a) | 10 | 100 |
| Orion Biotech Opportunities Corp. - Class A (a) | 1 | 9 |
| Oxus Acquisition Corp - Class A (a) | 6 | 66 |
| PB Fintech Limited (a) | 153 | 831 |
| Pegasus Digital Mobility Acquisition Corp. - Class A (a) | 5 | 50 |
| Pepperlime Health Acquisition Corp. - Class A (a) | 25 | 252 |
| Peridot Acquisition Corp. II (a) | 8 | 77 |
| Peridot Acquisition Corp. II - Class A (a) | 33 | 337 |
| Pine Technology Acquisition Corp. - Class A (a) (e) | 13 | 127 |
| Plum Acquisition Corp. I (a) | 10 | 105 |
| Plum Acquisition Corp. I - Class A (a) | 9 | 93 |
| Pono Capital Corp. - Class A (a) | 10 | 104 |
| Pontem Corp - Class A (a) | 92 | 927 |
| Portage Fintech Acquisition Corporation - Class A (a) | 27 | 267 |
| Post Holdings Partnering Corporation - Series A (a) | 34 | 340 |
| Power & Digital Infrastructure Acquisition II Corp. - Class A (a) | 2 | 18 |
| Powered Brands - Class A (a) |  |  |
| PowerUp Acquisition Corp. (a) | 1 | 7 |
| PowerUp Acquisition Corp. - Class A (a) | 13 | 132 |
| Primerica, Inc. | 47 | 6594 |
| Priveterra Acquisition Corp. - Class A (a) | 20 | 201 |
| Project Energy Reimagined Acquisition Corp. - Class A (a) | 15 | 149 |
| PROOF Acquisition Corp I (a) | 16 | 159 |
| PT Bank Mandiri (Persero) Tbk. | 4226 | 2685 |
| Pyrophyte Acquisition Corp. (a) | 8 | 80 |
| Pyrophyte Acquisition Corp. - Class A (a) | 22 | 225 |
| RCF Acquisition Corp. - Class A (a) | 8 | 81 |
| Rigel Resource Acquisition Corp. - Class A (a) | 2 | 20 |
| RMG Acquisition Corp. III - Class A (a) | 21 | 209 |
| Rocket Internet Growth Opportunities Corp. - Class A (a) | 26 | 265 |
| Ross Acquisition Corp. II (a) | 2 | 25 |
| Ross Acquisition Corp. II - Class A (a) | 45 | 456 |
| Ryan Specialty Group Holdings, Inc. - Class A (a) | 130 | 5377 |
| ScION Tech Growth II - Class A (a) | 31 | 314 |
| Screaming Eagle Acquisition Corp. - Class A (a) | 60 | 592 |
| Seaport Calibre Materials Acquisition Corp. - Class A (a) | 9 | 97 |
| SEI Investments Company (c) | 38 | 2187 |
| Semper Paratus Acquisition Corp. (a) | 8 | 81 |
| Semper Paratus Acquisition Corp. - Class A (a) | 35 | 365 |
| Shelter Acquisition Corporation I (a) (d) | 2 |  |
| Signature Bank | 1 | 106 |
| Silver Spike Acquisition Corp II - Class A (a) | 1 | 14 |
| SilverSPAC Inc. - Class A (a) | 12 | 121 |
| Sizzle Acquisition Corp. (a) | 27 | 280 |
| Skydeck Acquisition Corp. - Class A (a) | 19 | 190 |
| Slam Corp. (a) | 8 | 78 |
| Slam Corp. - Class A (a) | 62 | 629 |
| Social Capital Suvretta Holdings Corp. II - Class A (a) | 53 | 535 |
| Social Capital Suvretta Holdings Corp. IV - Class A (a) | 44 | 442 |
| Southport Acquisition Corporation - Class A (a) |  |  |
| Spree Acquisition Corp. 1 Limited - Class A (a) | 30 | 303 |
| Spring Valley Acquisition Corp. II (a) | 4 | 37 |
| StoneBridge Acquisition Corporation - Class A (a) | 24 | 247 |
| Stratim Cloud Acquisition Corp. (a) | 7 | 73 |
| Stratim Cloud Acquisition Corp. - Class A (a) | 7 | 68 |
| Supernova Partners Acquisition Company III, Ltd. - Class A (a) | 77 | 781 |
| Sustainable Development Acquisition I Corp. - Class A (a) | 18 | 182 |
| SVF Investment Corp. - Class A (a) | 70 | 710 |
| SVF Investment Corp. 2 - Class A (a) | 33 | 333 |
| Tailwind International Acquisition Corp. - Class A (a) | 42 | 426 |
| Talon 1 Acquisition Corp. - Class A (a) | 26 | 274 |
| Target Global Acquisition I Corp. (a) | 18 | 182 |
| TCV Acquisition Corp. - Class A (a) | 38 | 381 |
| TenX Keane Acquisition (a) | 11 | 108 |
| Thanachart Capital Public Company Limited | 190 | 233 |
| Thrive Acquisition Corporation - Class A (a) | 28 | 289 |
| Thunder Bridge Capital Partners IV, Inc. - Class A (a) | 23 | 229 |
| Tio Tech A (a) | 3 | 32 |
| Tio Tech A - Class A (a) | 31 | 316 |
| TKB Critical Technologies 1 - Class A (a) | 27 | 277 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| TLGY Acquisition Corporation - Class A (a) | 30 | 309 |
| TortoiseEcofin Acquisition Corp. III - Class A (a) | 33 | 329 |
| TPG Pace Beneficial II Corp. - Class A (a) | 32 | 318 |
| Twelve Seas Investment Company II (a) | 13 | 130 |
| Twelve Seas Investment Company II - Class A (a) | 28 | 278 |
| Twin Ridge Capital Acquisition Corp. - Class A (a) | 5 | 55 |
| Two - Class A (a) |  | 2 |
| TZP Strategies Acquisition Corp. - Class A (a) | 59 | 596 |
| United Overseas Bank Limited | 67 | 1534 |
| UTA Acquisition Corp - Class A (a) | 22 | 228 |
| Valor Latitude Acquisition Corp. - Class A (a) | 33 | 330 |
| Valuence Merger Corp. I - Class A (a) | 2 | 19 |
| Vector Acquisition Corp. II - Class A (a) | 68 | 691 |
| Viscogliosi Brothers Acquisition Corp. (a) | 6 | 60 |
| VPC Impact Acquisition Holdings II - Class A (a) | 28 | 287 |
| W. R. Berkley Corporation | 56 | 4097 |
| Warburg Pincus Capital Corporation I-A - Class A (a) | 36 | 365 |
| Warburg Pincus Capital Corporation I-B - Class A (a) | 29 | 297 |
| Waverley Capital Acquisition Corp. 1 - Class A (a) | 9 | 86 |
| Wells Fargo & Company | 51 | 2115 |
| World Quantum Growth Acquisition Corp. - Class A (a) | 35 | 359 |
| Worldwide Webb Acquisition Corporation - Class A (a) | 11 | 113 |
| XPAC Acquisition Corp. - Class A (a) | 5 | 52 |
| Zimmer Energy Transition Acquisition Corp. - Class A (a) | 12 | 119 |
| | | 120705 |
| **Information Technology 8.8%** | **Information Technology 8.8%** | **Information Technology 8.8%** |
| Accton Technology Corporation | 459 | 3495 |
| Adyen B.V. (a) (f) | 3 | 3712 |
| Analog Devices, Inc. | 20 | 3268 |
| Asia Vital Components Co., Ltd. | 32 | 117 |
| Block, Inc. - Class A (a) (c) | 45 | 2824 |
| Broadcom Inc. | 3 | 1941 |
| CDW Corp. | 23 | 4061 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 243 | 4556 |
| Coupa Software Incorporated (a) | 12 | 918 |
| Delta Electronics, Inc. | 56 | 520 |
| EVERTEC, Inc. | 170 | 5510 |
| EVO Payments, Inc. - Class A (a) | 63 | 2119 |
| Intuit Inc. | 6 | 2486 |
| Jack Henry & Associates, Inc. | 17 | 2986 |
| Knowbe4, Inc. - Class A (a) | 13 | 313 |
| Lotes Co., Ltd | 60 | 1606 |
| MoneyGram International, Inc. (a) | 111 | 1210 |
| Nanya Technology Corporation | 225 | 375 |
| nCino, Inc. (a) | 123 | 3262 |
| NXP Semiconductors N.V. | 7 | 1053 |
| Oracle Corporation (c) | 140 | 11440 |
| Riverbed Restructure (a) (d) | 6 | 4 |
| Rogers Corporation (a) (g) | 5 | 575 |
| Salesforce, Inc. (a) (c) | 35 | 4619 |
| Sierra Wireless, Inc. (a) (c) | 58 | 1667 |
| Silicon Motion, Inc. - ADR | 36 | 2310 |
| SK Hynix Inc. | 79 | 4694 |
| TE Connectivity Ltd. (f) | 24 | 2785 |
| Tower Semiconductor Ltd. (a) | 23 | 1007 |
| Visa Inc. - Class A (c) | 61 | 12768 |
| VMware, Inc. - Class A (a) (c) | 43 | 5250 |
| Wiwynn Corporation | 44 | 1141 |
|  |  | 94592 |
| **Health Care 5.9%** | **Health Care 5.9%** | **Health Care 5.9%** |
| 1Life Healthcare, Inc. (a) (c) | 230 | 3845 |
| Bangkok Dusit Medical Services Public Company Limited. | 1311 | 1099 |
| Bumrungrad Hospital Public Company Limited | 135 | 826 |
| Doximity, Inc. - Class A (a) (c) | 97 | 3259 |
| Horizon Therapeutics Public Limited Company (a) | 48 | 5496 |
| Icon Public Limited Company (a) | 3 | 587 |
| LHC Group, Inc. (a) (c) | 38 | 6141 |
| Life Healthcare Group Holdings | 153 | 152 |
| Novartis AG - ADR (c) | 94 | 8530 |
| Novo Nordisk A/S - ADR (c) | 28 | 3765 |
| Osstem Implant Co., Ltd. (e) | 20 | 2133 |
| Oyster Point Pharma, Inc. (a) | 152 | 1696 |
| Regeneron Pharmaceuticals, Inc. (a) (c) | 12 | 8832 |
| Richter Gedeon Vegyeszeti Gyar Nyilvanosan Mukodo Rt. | 36 | 795 |
| Signify Health, Inc. - Class A (a) (c) | 87 | 2482 |
| Silk Road Medical, Inc. (a) | 53 | 2780 |
| The Cooper Companies, Inc. | 11 | 3513 |
| Vertex Pharmaceuticals Incorporated (a) (c) | 19 | 5621 |
| Zoetis Inc. - Class A | 15 | 2215 |
|  |  | 63767 |
| **Communication Services 5.9%** | **Communication Services 5.9%** | **Communication Services 5.9%** |
| Activision Blizzard, Inc. | 57 | 4350 |
| Alphabet Inc. - Class A (a) (c) | 112 | 9929 |
| Alphabet Inc. - Class C (a) | 113 | 9933 |
| Bharti Airtel Limited | 8 | 43 |
| Bharti Airtel Limited | 64 | 626 |
| Charter Communications, Inc. - Class A (a) | 5 | 1725 |
| Comcast Corporation - Class A | 92 | 3205 |
| Eletromidia S.A. (a) | 700 | 1357 |
| Intelsat Jackson Holdings, Ltd. (a) (d) | 3 | 74 |
| JYP Entertainment Corporation | 4 | 188 |
| Mediaalpha, Inc. - Class A (a) | 185 | 1836 |
| Meta Platforms, Inc. - Class A (a) | 107 | 12864 |
| MGM Holdings, Inc. - Class A (a) (d) | 6 | 25 |
| Netflix, Inc. (a) (c) | 30 | 8728 |
| NEXON Co., Ltd. (e) | 26 | 578 |
| Nintendo Co., Ltd. | 15 | 645 |
| Shaw Communications Inc. - Class B | 110 | 3174 |
| TEGNA Inc. | 95 | 2021 |
| The Trade Desk, Inc. - Class A (a) | 47 | 2099 |
|  |  | 63400 |
| **Industrials 5.0%** | **Industrials 5.0%** | **Industrials 5.0%** |
| Aerojet Rocketdyne Holdings, Inc. (a) | 13 | 730 |
| Altra Industrial Motion Corp. (c) | 16 | 943 |
| Atlas Air Worldwide Holdings, Inc. (a) | 48 | 4808 |
| Atlas Corp. (c) | 114 | 1753 |
| China State Construction Engineering Corporation Limited - Class A | 2730 | 2131 |
| Expeditors International of Washington, Inc. (c) | 9 | 920 |
| Ferguson PLC | 9 | 1148 |
| Howmet Aerospace Inc. | 31 | 1212 |
| IAA Spinco Inc. (a) | 1 | 31 |
| Korean Air Lines Co., Ltd. (a) | 21 | 387 |
| Lennox International Inc. | 11 | 2558 |
| LG Corp. | 19 | 1181 |
| LIG Nex1 Co., Ltd. | 12 | 853 |
| Localiza Rent A Car S/A |  | 3 |
| Maxar Technologies Inc. | 13 | 674 |
| Old Dominion Freight Line, Inc. | 15 | 4153 |
| Power Construction Corporation of China - Class A | 826 | 839 |
| Safran | 12 | 1524 |
| Samsung C&T Corporation | 9 | 813 |
| Shanghai Yto Express Co., Ltd. Dalian Branch - Class A | 981 | 2834 |
| Singapore Airlines Limited (e) | 47 | 192 |
| TangShan Port Group Co., Ltd. - Class A | 665 | 262 |
| The Boeing Company (a) (c) | 78 | 14785 |
| TransUnion | 38 | 2141 |
| Uber Technologies, Inc. (a) | 23 | 559 |
| Univar Solutions Inc. (a) | 44 | 1400 |
| Verisk Analytics, Inc. | 21 | 3725 |
| Voltronic Power Technology Corporation | 2 | 100 |
| Westinghouse Air Brake Technologies Corporation | 11 | 1117 |
| Xiamen Xiangyu Co., Ltd. - Class A | 170 | 251 |
|  |  | 54027 |
| **Consumer Discretionary 4.2%** | **Consumer Discretionary 4.2%** | **Consumer Discretionary 4.2%** |
| Alibaba Group Holding Limited (a) (f) | 37 | 406 |
| Alibaba Group Holding Limited - ADR (a) (c) | 30 | 2669 |
| Amazon.com, Inc. (a) (c) | 125 | 10520 |
| Bajaj Auto Limited | 18 | 787 |
| CarMax, Inc. (a) | 20 | 1197 |
| Cazoo Group Ltd - Class A (a) | 31 | 5 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Compagnie Financiere Richemont SA | 9 | 1134 |
| CW Travel Holdings (a) (d) | 2 | 10 |
| Delivery Hero SE (a) (f) | 7 | 345 |
| Entain PLC | 20 | 313 |
| Fix Price Group Ltd - GDR (a) (d) (f) | 38 |  |
| Hankook Tire & Technology Co,. Ltd. | 90 | 2213 |
| Hl Mando Corporation | 23 | 731 |
| Hyundai Mobis Co., Ltd. | 3 | 533 |
| iRobot Corporation (a) | 3 | 161 |
| Jumbo S.A. - Class R | 29 | 501 |
| Just Eat Takeaway.Com N.V. (a) (f) | 12 | 265 |
| Marriott International, Inc. - Class A | 7 | 968 |
| Maruti Suzuki India Limited | 12 | 1246 |
| Naspers Ltd - Class N | 7 | 1219 |
| Pool Corporation | 9 | 2848 |
| Poshmark, Inc. - Class A (a) | 14 | 252 |
| Sportsman's Warehouse Holdings, Inc. (a) | 12 | 112 |
| Tesla Inc. (a) (c) | 54 | 6684 |
| The Home Depot, Inc. | 13 | 4111 |
| The Indian Hotels Company Limited | 202 | 780 |
| Under Armour, Inc. - Class A (a) (c) | 300 | 3049 |
| Yum China Holdings, Inc. | 41 | 2218 |
| | | 45277 |
| **Consumer Staples 3.6%** | **Consumer Staples 3.6%** | **Consumer Staples 3.6%** |
| American Beverage Co Ambev - ADR (c) | 1472 | 4003 |
| Arca Continental S.A.B. de C.V. | 244 | 1979 |
| Dino Polska Spolka Akcyjna (a) (f) | 20 | 1740 |
| Grupo Bimbo S.A.B. de C.V. - Class A | 185 | 782 |
| Guangdong Wens Foodstuff Group Co., Ltd. - Class A | 1112 | 3137 |
| Herbalife Nutrition Ltd. (a) | 21 | 313 |
| ITC Limited | 201 | 805 |
| JDE Peet's N.V. | 52 | 1513 |
| Lamb Weston Holdings, Inc. | 75 | 6723 |
| Minerva S.A. | 118 | 289 |
| Monster Beverage 1990 Corporation (a) (c) | 102 | 10345 |
| Muyuan Foods Co., Ltd. - Class A | 211 | 1482 |
| Orion Incorporation | 6 | 644 |
| Proya Cosmetics Co., Ltd. - Class A | 45 | 1086 |
| Sendas Distribuidora S/A | 557 | 2053 |
| Shoprite Holdings | 46 | 619 |
| Tech-Bank Food Co., Ltd. - Class A (a) | 1657 | 1456 |
| TPCO Holding Corp. - Class A (a) | 25 | 4 |
|  |  | 38973 |
| **Materials 1.4%** | **Materials 1.4%** | **Materials 1.4%** |
| Fufeng Group Limited | 601 | 364 |
| Glencore PLC | 319 | 2152 |
| HeidelbergCement AG | 13 | 751 |
| International Flavors & Fragrances Inc. | 23 | 2453 |
| Lafarge | 74 | 3864 |
| Rianlon Corporation - Class A | 211 | 1658 |
| The Scotts Miracle-Gro Company | 35 | 1716 |
| Yamana Gold Inc. (c) | 356 | 1978 |
|  |  | 14936 |
| **Real Estate 1.2%** | **Real Estate 1.2%** | **Real Estate 1.2%** |
| AP (Thailand) Public Company Limited - NVDR | 2933 | 983 |
| Bluerock Homes Trust, Inc. - Class A (a) | 1 | 30 |
| Lamar Advertising Company - Class A | 49 | 4631 |
| Store Capital Corporation (g) | 175 | 5597 |
| Supalai Public Company Limited - NVDR | 2180 | 1531 |
| Swire Pacific Limited - Class A | 50 | 442 |
| Vornado Realty Trust | 11 | 236 |
|  |  | 13450 |
| **Energy 0.3%** | **Energy 0.3%** | **Energy 0.3%** |
| Berry Corporation (Bry) | 4 | 29 |
| Euronav | 61 | 1040 |
| Gulfport Energy Operating Corporation (a) | 7 | 501 |
| Kinder Morgan, Inc. | 68 | 1231 |
| McDermott International, Inc. (a) (d) | 459 | 147 |
| McDermott International, Inc. (a) (d) | 52 | 17 |
|  |  | 2965 |
| **Utilities 0.1%** | **Utilities 0.1%** | **Utilities 0.1%** |
| FirstEnergy Corp. | 29 | 1216 |
| PG&E Corporation (a) | 17 | 272 |
|  |  | 1488 |
| Total Common Stocks (cost $512,159) | Total Common Stocks (cost $512,159) | 513580 |
| **CORPORATE BONDS AND NOTES 26.5%** | **CORPORATE BONDS AND NOTES 26.5%** | **CORPORATE BONDS AND NOTES 26.5%** |
| **Health Care 4.2%** | **Health Care 4.2%** | **Health Care 4.2%** |
| 1Life Healthcare, Inc. |  |  |
| 3.00%, 06/15/25 (h) | 1422 | 1369 |
| Apellis Pharmaceuticals, Inc. |  |  |
| 3.50%, 09/15/26 (c) (h) | 1571 | 2422 |
| Aurora Cannabis Inc. |  |  |
| 5.50%, 02/28/24 (c) (h) | 872 | 835 |
| Avadel Finance Cayman Limited |  |  |
| 4.50%, 02/01/23 (c) (h) | 1013 | 1016 |
| 4.50%, 10/02/23 (h) | 888 | 853 |
| Bausch Health Companies Inc. |  |  |
| 6.25%, 02/15/29 (i) | 620 | 300 |
| 7.25%, 05/30/29 (i) | 220 | 106 |
| 5.25%, 01/30/30 (i) | 1020 | 493 |
| Coherus Biosciences, Inc. |  |  |
| 1.50%, 04/15/26 (c) (h) | 2517 | 1623 |
| Collegium Pharmaceutical, Inc. |  |  |
| 2.63%, 02/15/26 (c) (h) | 1790 | 1808 |
| CommonSpirit Health |  |  |
| 4.35%, 11/01/42 | 130 | 108 |
| 3.82%, 10/01/49 | 60 | 45 |
| Community Health Systems, Inc. |  |  |
| 6.88%, 04/15/29 (i) | 135 | 70 |
| Cutera, Inc. |  |  |
| 2.25%, 03/15/26 (c) (h) | 463 | 688 |
| 2.25%, 06/01/28 (c) (h) (i) | 2041 | 2183 |
| 4.00%, 06/01/29 (c) (h) (i) | 279 | 285 |
| Dynavax Technologies Corporation |  |  |
| 2.50%, 05/15/26 (c) (h) | 2765 | 3472 |
| Endo Luxembourg Finance Company I S.a r.l. |  |  |
| 0.00%, 04/01/29 (a) (i) (j) | 175 | 133 |
| Gossamer Bio, Inc. |  |  |
| 5.00%, 06/01/27 (c) (h) | 1206 | 381 |
| Hackensack Meridian Health, Inc. |  |  |
| 4.21%, 07/01/48 | 90 | 76 |
| Halozyme Therapeutics, Inc. |  |  |
| 1.00%, 08/15/28 (c) (h) (i) | 719 | 849 |
| HCA Inc. |  |  |
| 7.69%, 06/15/25 | 50 | 52 |
| 5.63%, 09/01/28 | 10 | 10 |
| 3.50%, 09/01/30 | 40 | 34 |
| 7.50%, 11/15/95 | 170 | 184 |
| Health Catalyst, Inc. |  |  |
| 2.50%, 04/15/25 (c) (h) | 1396 | 1211 |
| Innoviva, Inc. |  |  |
| 2.13%, 03/15/28 (c) (h) (i) | 2103 | 1705 |
| Inotiv, Inc. |  |  |
| 3.25%, 10/15/27 (c) (h) | 1015 | 420 |
| Insmed Incorporated |  |  |
| 0.75%, 06/01/28 (c) (h) | 2386 | 1935 |
| Intercept Pharmaceuticals, Inc. |  |  |
| 3.50%, 02/15/26 (c) (h) | 252 | 256 |
| Ionis Pharmaceuticals, Inc. |  |  |
| 0.00%, 04/01/26 (c) (h) (k) | 398 | 369 |
| Karyopharm Therapeutics Inc. |  |  |
| 3.00%, 10/15/25 (c) (h) | 1658 | 1279 |
| MannKind Corporation |  |  |
| 2.50%, 03/01/26 (c) (h) | 3979 | 4791 |
| NextGen Healthcare, Inc. |  |  |
| 3.75%, 11/15/27 (c) (h) (i) | 1440 | 1495 |
| NuVasive, Inc. |  |  |
| 1.00%, 06/01/23 (c) (h) | 1765 | 1722 |
| 0.38%, 03/15/25 (c) (h) | 424 | 370 |
| Omeros Corporation |  |  |
| 5.25%, 02/15/26 (c) (h) | 26 | 13 |
| Pacira Pharmaceuticals, Inc. |  |  |
| 0.75%, 08/01/25 (c) (h) | 374 | 338 |
| PetIQ, Inc. |  |  |
| 4.00%, 06/01/26 (c) (h) | 1422 | 1191 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Pharming Group N.V. |  |  |
| 3.00%, 01/21/25, EUR (f) (h) | 1200 | 1134 |
| Radiology Partners, Inc. |  |  |
| 9.25%, 02/01/28 (i) | 230 | 129 |
| Revance Therapeutics, Inc. |  |  |
| 1.75%, 02/15/27 (c) (h) | 1589 | 1479 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| 2.80%, 07/21/23 | 30 | 29 |
| 7.13%, 01/31/25 | 297 | 295 |
| 3.15%, 10/01/26 | 278 | 243 |
| 5.13%, 05/09/29 (l) | 560 | 501 |
| 4.10%, 10/01/46 | 1531 | 940 |
| Teva Pharmaceutical Finance, LLC |  |  |
| 6.15%, 02/01/36 | 195 | 173 |
| Travere Therapeutics, Inc. |  |  |
| 2.25%, 03/01/29 (c) (h) | 1739 | 1580 |
| Varex Imaging Corporation |  |  |
| 4.00%, 06/01/25 (c) (h) | 2397 | 2782 |
| Willis-Knighton Medical Center |  |  |
| 4.81%, 09/01/48 | 60 | 53 |
| | | 45828 |
| **Consumer Discretionary 4.2%** | **Consumer Discretionary 4.2%** | **Consumer Discretionary 4.2%** |
| Airbnb, Inc. |  |  |
| 0.00%, 03/15/26 (c) (h) (k) | 1343 | 1116 |
| Alibaba Group Holding Limited |  |  |
| 3.25%, 02/09/61 | 200 | 120 |
| Amazon.com, Inc. |  |  |
| 4.95%, 12/05/44 | 40 | 40 |
| 4.05%, 08/22/47 | 80 | 69 |
| 3.10%, 05/12/51 | 220 | 158 |
| 4.10%, 04/13/62 | 390 | 325 |
| Burlington Stores, Inc. |  |  |
| 2.25%, 04/15/25 (c) (h) | 2098 | 2406 |
| Carnival Corporation |  |  |
| 7.63%, 03/01/26 (i) | 130 | 104 |
| 5.75%, 03/01/27 (i) | 120 | 86 |
| 5.75%, 12/01/27 (c) (h) (i) | 979 | 877 |
| 10.50%, 06/01/30 (i) | 300 | 245 |
| CWT Travel Group Incorporated |  |  |
| 8.50%, 11/19/26 (i) | 52 | 44 |
| Dealer Tire, LLC |  |  |
| 8.00%, 02/01/28 (i) | 235 | 200 |
| Delivery Hero SE |  |  |
| 1.00%, 04/30/26, EUR (h) | 1100 | 881 |
| 1.00%, 01/23/27, EUR (f) (h) | 1300 | 1102 |
| 1.50%, 01/15/28, EUR (f) (h) | 1200 | 879 |
| ETSY, Inc. |  |  |
| 0.25%, 06/15/28 (c) (h) | 722 | 627 |
| Fisker Group Inc. |  |  |
| 2.50%, 09/15/26 (c) (h) (i) | 2430 | 1147 |
| Fiverr International Ltd |  |  |
| 0.00%, 11/01/25 (c) (h) (k) | 2518 | 2028 |
| Ford Motor Company |  |  |
| 0.00%, 03/15/26 (c) (h) (k) | 1622 | 1527 |
| 6.10%, 08/19/32 | 270 | 250 |
| GOL Equity Finance |  |  |
| 3.75%, 07/15/24 (c) (h) (i) | 2769 | 1261 |
| Groupon, Inc. |  |  |
| 1.13%, 03/15/26 (c) (h) | 1624 | 945 |
| Grubhub Holdings Inc. |  |  |
| 5.50%, 07/01/27 (i) | 1048 | 759 |
| Guess ?, Inc. |  |  |
| 2.00%, 04/15/24 (c) (h) | 2938 | 3076 |
| Hawaiian Brand Intellectual Property, Ltd. |  |  |
| 5.75%, 01/20/26 (i) | 10 | 9 |
| Just Eat Takeaway.Com N.V. |  |  |
| 1.25%, 04/30/26, EUR (f) (h) | 800 | 669 |
| Las Vegas Sands Corp. |  |  |
| 3.20%, 08/08/24 | 120 | 113 |
| 2.90%, 06/25/25 | 10 | 9 |
| Li Auto Inc. |  |  |
| 0.25%, 05/01/28 (c) (h) | 2830 | 2860 |
| Lucid Group, Inc. |  |  |
| 1.25%, 12/15/26 (c) (h) (i) | 2149 | 1122 |
| Luminar Technologies, Inc. |  |  |
| 1.25%, 12/15/26 (c) (h) (i) | 432 | 242 |
| Magallanes, Inc. |  |  |
| 5.14%, 03/15/52 (i) | 280 | 206 |
| 5.39%, 03/15/62 (i) | 360 | 264 |
| Marriott Vacations Worldwide Corporation |  |  |
| 3.25%, 12/15/27 (c) (h) (i) | 556 | 547 |
| Mileage Plus Holdings, LLC |  |  |
| 6.50%, 06/20/27 (i) | 54 | 54 |
| National Vision Holdings, Inc. |  |  |
| 2.50%, 05/15/25 (c) (h) | 2231 | 3074 |
| NCL Corporation Ltd. |  |  |
| 5.38%, 08/01/25 (c) (h) | 723 | 737 |
| 1.13%, 02/15/27 (c) (h) | 1612 | 1103 |
| 2.50%, 02/15/27 (c) (h) (i) | 1399 | 1013 |
| NIO, Inc. |  |  |
| 0.00%, 02/01/26 (c) (h) (k) | 1285 | 1110 |
| Nissan Motor Co., Ltd. |  |  |
| 4.81%, 09/17/30 (i) | 330 | 280 |
| Park River Holdings, Inc. |  |  |
| 5.63%, 02/01/29 (i) | 50 | 34 |
| PetSmart, Inc. |  |  |
| 7.75%, 02/15/29 (i) | 250 | 233 |
| Porch Group Inc |  |  |
| 0.75%, 09/15/26 (c) (h) (i) | 2113 | 1159 |
| Premier Entertainment Sub, LLC |  |  |
| 5.63%, 09/01/29 (i) | 110 | 81 |
| 5.88%, 09/01/31 (i) | 85 | 60 |
| PT Gajah Tunggal Tbk |  |  |
| 8.95%, 06/23/26 (f) | 200 | 152 |
| Royal Caribbean Cruises Ltd. |  |  |
| 6.00%, 08/15/25 (c) (h) (i) | 2994 | 3720 |
| 5.50%, 08/31/26 (i) | 70 | 59 |
| 5.38%, 07/15/27 (i) | 230 | 187 |
| Sands China Ltd. |  |  |
| 5.63%, 08/08/25 (l) (m) | 400 | 387 |
| 2.80%, 03/08/27 (l) (m) | 200 | 170 |
| Shift Technologies, Inc. |  |  |
| 4.75%, 05/15/26 (c) (h) (i) | 1305 | 214 |
| SkyMiles IP Ltd. |  |  |
| 4.50%, 10/20/25 (i) | 140 | 136 |
| 4.75%, 10/20/28 (i) | 110 | 104 |
| Spectrum Management Holding Company, LLC |  |  |
| 7.30%, 07/01/38 | 20 | 20 |
| Spirit Airlines, Inc. |  |  |
| 8.00%, 09/20/25 (i) | 48 | 48 |
| SWF Escrow Issuer Corporation |  |  |
| 6.50%, 10/01/29 (i) | 205 | 119 |
| TKC Holdings, Inc. |  |  |
| 10.50%, 05/15/29 (i) | 140 | 79 |
| VOC Escrow Ltd. |  |  |
| 5.00%, 02/15/28 (i) | 80 | 69 |
| Wayfair Inc. |  |  |
| 0.63%, 10/01/25 (e) (h) | 1159 | 748 |
| 0.63%, 10/01/25 (c) (h) | 953 | 615 |
| 1.00%, 08/15/26 (c) (h) | 1547 | 892 |
| 1.00%, 08/15/26 (h) | 57 | 33 |
| 3.25%, 09/15/27 (c) (h) (i) | 722 | 554 |
| Wheel Pros, Inc. |  |  |
| 6.50%, 05/15/29 (i) | 295 | 111 |
| Xometry, Inc. |  |  |
| 1.00%, 02/01/27 (c) (h) (i) | 1444 | 1219 |
|  |  | 44887 |
| **Information Technology 3.8%** | **Information Technology 3.8%** | **Information Technology 3.8%** |
| 8X8, Inc. |  |  |
| 4.00%, 02/01/28 (c) (h) | 1290 | 1038 |
| Affirm Holdings, Inc. |  |  |
| 0.00%, 11/15/26 (c) (h) (k) | 952 | 529 |
| Altair Engineering Inc. |  |  |
| 1.75%, 06/15/27 (c) (h) (i) | 1004 | 912 |
| Alteryx, Inc. |  |  |
| 0.50%, 08/01/24 (c) (h) | 261 | 241 |
| AMS-Osram AG |  |  |
| 2.13%, 11/03/27, EUR (f) (h) | 1900 | 1403 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bentley Systems, Incorporated |  |  |
| 0.38%, 07/01/27 (c) (h) | 860 | 696 |
| Blackline, Inc. |  |  |
| 0.00%, 03/15/26 (c) (h) (k) | 1553 | 1324 |
| Castle United States Holding Corporation |  |  |
| 9.50%, 02/15/28 (i) | 365 | 144 |
| Cloudflare, Inc. |  |  |
| 0.00%, 08/15/26 (c) (h) (k) | 849 | 693 |
| Confluent, Inc. |  |  |
| 0.00%, 01/15/27 (h) (i) (k) | 1667 | 1277 |
| Coupa Software Incorporated |  |  |
| 0.13%, 06/15/25 (c) (h) | 1679 | 1629 |
| 0.13%, 06/15/25 (h) | 486 | 472 |
| 0.38%, 06/15/26 (c) (h) | 560 | 540 |
| 0.38%, 06/15/26 (h) | 970 | 936 |
| DigitalOcean Holdings, Inc. |  |  |
| 0.00%, 12/01/26 (c) (h) (k) | 2378 | 1786 |
| Dye & Durham Limited |  |  |
| 3.75%, 03/01/26, CAD (h) (i) | 2265 | 1271 |
| Endure Digital, Inc. |  |  |
| 6.00%, 02/15/29 (i) | 370 | 241 |
| Envestnet, Inc. |  |  |
| 0.75%, 08/15/25 (c) (h) | 607 | 546 |
| Guidewire Software, Inc. |  |  |
| 1.25%, 03/15/25 (c) (h) | 1399 | 1300 |
| I3 Verticals, LLC |  |  |
| 1.00%, 02/15/25 (c) (h) | 1012 | 902 |
| Infinera Corporation |  |  |
| 3.75%, 08/01/28 (c) (f) (h) | 298 | 368 |
| Mitek Systems, Inc. |  |  |
| 0.75%, 02/01/26 (c) (h) | 1520 | 1250 |
| MoneyGram International, Inc. |  |  |
| 5.38%, 08/01/26 (i) | 1937 | 1960 |
| Okta, Inc. |  |  |
| 0.13%, 09/01/25 (c) (h) | 1818 | 1610 |
| 0.38%, 06/15/26 (c) (h) | 839 | 705 |
| Palo Alto Networks, Inc. |  |  |
| 0.75%, 07/01/23 (c) (h) | 1399 | 2209 |
| PAR Technology Corporation |  |  |
| 1.50%, 10/15/27 (c) (h) | 1313 | 939 |
| Repay Holdings Corporation |  |  |
| 0.00%, 02/01/26 (c) (h) (i) (k) | 1817 | 1327 |
| RingCentral, Inc. |  |  |
| 0.00%, 03/01/25 - 03/15/26 (c) (h) (k) | 2194 | 1829 |
| Semtech Corporation |  |  |
| 1.63%, 11/01/27 (c) (h) (i) | 1440 | 1469 |
| Shift4 Payments, LLC |  |  |
| 0.00%, 12/15/25 (c) (h) (k) | 2093 | 2071 |
| Shopify Inc. |  |  |
| 0.13%, 11/01/25 (c) (h) | 1842 | 1566 |
| Unity Software Inc. |  |  |
| 0.00%, 11/15/26 (c) (h) (k) | 1539 | 1150 |
| Veeco Instruments Inc. |  |  |
| 3.75%, 06/01/27 (c) (h) | 2184 | 3318 |
| Veritone, Inc. |  |  |
| 1.75%, 11/15/26 (c) (h) | 273 | 161 |
| Virtusa Corporation |  |  |
| 7.13%, 12/15/28 (i) | 195 | 150 |
| Vishay Intertechnology, Inc. |  |  |
| 2.25%, 06/15/25 (c) (h) | 1003 | 972 |
| Wolfspeed, Inc. |  |  |
| 1.88%, 12/01/29 (c) (h) (i) | 85 | 77 |
| | | 41011 |
| **Industrials 3.1%** | **Industrials 3.1%** | **Industrials 3.1%** |
| American Airlines Group Inc. |  |  |
| 6.50%, 07/01/25 (c) (h) | 1679 | 1773 |
| Ardagh Packaging Finance Public Limited Company |  |  |
| 5.25%, 08/15/27 (i) | 210 | 158 |
| Array Tech, Inc. |  |  |
| 1.00%, 12/01/28 (c) (h) | 1687 | 1706 |
| Artera Services, LLC |  |  |
| 9.03%, 12/04/25 (i) | 80 | 67 |
| Axon Enterprise, Inc. |  |  |
| 0.50%, 12/15/27 (c) (h) (i) | 418 | 415 |
| Bloom Energy Corporation |  |  |
| 2.50%, 08/15/25 (c) (h) | 2157 | 2897 |
| Cathay Pacific Airways Limited |  |  |
| 2.75%, 02/05/26, HKD (f) (h) | 18000 | 2485 |
| Copa Holdings, S.A. |  |  |
| 4.50%, 04/15/25 (c) (h) | 3724 | 6362 |
| Delta Air Lines, Inc. |  |  |
| 2.90%, 10/28/24 | 120 | 114 |
| 7.00%, 05/01/25 (i) | 300 | 307 |
| Desktop Metal Operating, Inc. |  |  |
| 6.00%, 05/15/27 (c) (h) (i) | 878 | 828 |
| Eagle Bulk Shipping Inc. |  |  |
| 5.00%, 08/01/24 (c) (h) | 1976 | 3180 |
| Elance, Inc. |  |  |
| 0.25%, 08/15/26 (c) (h) | 1439 | 1076 |
| Fideicomiso F/80460 |  |  |
| 5.50%, 07/31/47 (f) | 400 | 305 |
| Granite Construction Incorporated |  |  |
| 2.75%, 11/01/24 (c) (h) | 1274 | 1564 |
| Granite US Holdings Corporation |  |  |
| 11.00%, 10/01/27 (i) | 400 | 421 |
| H&E Equipment Services, Inc. |  |  |
| 3.88%, 12/15/28 (i) | 10 | 9 |
| IAA Spinco Inc. |  |  |
| 5.50%, 06/15/27 (i) | 479 | 466 |
| JetBlue Airways Corporation |  |  |
| 0.50%, 04/01/26 (c) (h) | 1539 | 1127 |
| Kaman Corporation |  |  |
| 3.25%, 05/01/24 (c) (h) | 3049 | 2838 |
| Park Aerospace Holdings Limited |  |  |
| 4.50%, 03/15/23 (i) | 20 | 20 |
| 5.50%, 02/15/24 (i) | 50 | 49 |
| Plug Power Inc. |  |  |
| 3.75%, 06/01/25 (c) (h) | 796 | 1986 |
| Simpar Europe |  |  |
| 5.20%, 01/26/31 (f) | 200 | 151 |
| Stevens Holding Co., Inc. |  |  |
| 6.13%, 10/01/26 (i) | 393 | 396 |
| The Boeing Company |  |  |
| 3.25%, 02/01/35 | 90 | 69 |
| 3.55%, 03/01/38 | 20 | 15 |
| 5.71%, 05/01/40 (l) | 80 | 76 |
| 5.81%, 05/01/50 (l) | 20 | 19 |
| 5.93%, 05/01/60 (l) | 30 | 27 |
| The Greenbrier Companies, Inc. |  |  |
| 2.88%, 04/15/28 (c) (h) | 1119 | 996 |
| TransDigm Inc. |  |  |
| 5.50%, 11/15/27 | 75 | 70 |
| Triumph Group, Inc. |  |  |
| 6.25%, 09/15/24 (i) | 185 | 175 |
| 7.75%, 08/15/25 | 75 | 64 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.38%, 04/15/26 (i) | 370 | 345 |
| 4.63%, 04/15/29 (i) | 130 | 113 |
| Virgin Galactic Holdings, Inc. |  |  |
| 2.50%, 02/01/27 (c) (h) (i) | 253 | 114 |
| XPO Cnw, Inc. |  |  |
| 6.70%, 05/01/34 | 120 | 109 |
| XPO, Inc. |  |  |
| 6.25%, 05/01/25 (i) | 5 | 5 |
| ZTO Express (Cayman) Inc. |  |  |
| 1.50%, 09/01/27 (c) (h) (i) | 839 | 884 |
|  |  | 33781 |
| **Communication Services 3.0%** | **Communication Services 3.0%** | **Communication Services 3.0%** |
| Altice France Holding S.A. |  |  |
| 5.50%, 01/15/28 (i) | 200 | 157 |
| Avaya Inc. |  |  |
| 8.00%, 12/15/27 (c) (h) (i) | 2555 | 898 |
| Bandwidth Inc. |  |  |
| 0.50%, 04/01/28 (c) (h) | 1613 | 1003 |
| CCO Holdings, LLC |  |  |
| 4.50%, 08/15/30 (i) | 10 | 8 |
| 4.75%, 02/01/32 (i) | 10 | 8 |
| 4.25%, 01/15/34 (i) | 190 | 141 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Cengage Learning, Inc. |  |  |
| 9.50%, 06/15/24 (i) | 205 | 195 |
| Charter Communications Operating, LLC |  |  |
| 5.05%, 03/30/29 | 110 | 103 |
| 5.38%, 04/01/38 | 60 | 50 |
| 3.50%, 03/01/42 | 30 | 19 |
| 4.80%, 03/01/50 | 10 | 7 |
| Cinemark Holdings, Inc. |  |  |
| 4.50%, 08/15/25 (c) (h) | 2798 | 2666 |
| Commscope, Inc. |  |  |
| 4.75%, 09/01/29 (i) | 10 | 8 |
| CSC Holdings, LLC |  |  |
| 5.75%, 01/15/30 (i) | 200 | 113 |
| 4.13%, 12/01/30 (i) | 280 | 198 |
| Dish Network Corporation |  |  |
| 2.38%, 03/15/24 (h) | 580 | 525 |
| 0.00%, 12/15/25 (c) (h) (k) | 748 | 483 |
| 3.38%, 08/15/26 (c) (h) | 1399 | 879 |
| fuboTV Inc. |  |  |
| 3.25%, 02/15/26 (c) (h) | 667 | 310 |
| Liberty Broadband Corporation |  |  |
| 1.25%, 09/30/50 (c) (h) (i) | 1759 | 1708 |
| 2.75%, 09/30/50 (c) (h) (i) | 2071 | 2039 |
| Liberty Media Corporation |  |  |
| 4.00%, 11/15/29 (c) (h) | 1865 | 635 |
| 3.75%, 02/15/30 (c) (h) | 2564 | 864 |
| 2.13%, 03/31/48 (c) (h) (i) | 2246 | 2121 |
| 2.75%, 12/01/49 (c) (h) (i) | 2771 | 2559 |
| Lumen Technologies Inc. |  |  |
| 8.00%, 06/01/36 | 370 | 172 |
| Magnite, Inc. |  |  |
| 0.25%, 03/15/26 (c) (h) | 533 | 409 |
| Match Group FinanceCo 2, Inc. |  |  |
| 0.88%, 06/15/26 (c) (h) (i) | 2098 | 1863 |
| MVC Acquisition Corp. |  |  |
| 5.75%, 08/01/28 (i) | 170 | 143 |
| OI S.A. - In Judicial Reorganization |  |  |
| 10.00%, 07/27/25 (n) | 400 | 68 |
| Radius Global Infrastructure, Inc. |  |  |
| 2.50%, 09/15/26 (c) (h) (i) | 1728 | 1530 |
| Sea Limited |  |  |
| 2.38%, 12/01/25 (c) (h) | 1399 | 1375 |
| 0.25%, 09/15/26 (c) (h) | 1412 | 1041 |
| Snap Inc. |  |  |
| 0.13%, 03/01/28 (c) (h) (i) | 3537 | 2398 |
| Spotify USA Inc. |  |  |
| 0.00%, 03/15/26 (c) (h) (k) | 1461 | 1176 |
| TechTarget, Inc. |  |  |
| 0.00%, 12/15/26 (c) (h) (i) (k) | 1003 | 766 |
| TEGNA Inc. |  |  |
| 4.63%, 03/15/28 | 1206 | 1145 |
| Telesat Canada |  |  |
| 5.63%, 12/06/26 (i) | 155 | 72 |
| Tencent Holdings Limited |  |  |
| 3.24%, 06/03/50 (f) | 200 | 127 |
| The Marcus Corporation |  |  |
| 5.00%, 09/15/25 (c) (h) (i) | 1220 | 1768 |
| T-Mobile USA, Inc. |  |  |
| 2.25%, 02/15/26 | 10 | 9 |
| 2.63%, 02/15/29 | 40 | 34 |
| 2.88%, 02/15/31 | 80 | 66 |
| 3.50%, 04/15/31 | 60 | 52 |
| Virgin Media Secured Finance PLC |  |  |
| 5.50%, 05/15/29 (i) | 210 | 189 |
| VTR Finance N.V. |  |  |
| 6.38%, 07/15/28 (f) | 250 | 98 |
| | | 32198 |
| **Financials 2.6%** | **Financials 2.6%** | **Financials 2.6%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 3.30%, 01/30/32 | 150 | 117 |
| Alpha Holding, S.A. de C.V |  |  |
| 0.00%, 02/10/25 (a) (i) (j) | 236 | 5 |
| Arbor Realty Trust, Inc. |  |  |
| 7.50%, 08/01/25 (c) (h) (i) | 1469 | 1438 |
| ASP AMC Merger Sub, Inc. |  |  |
| 8.00%, 05/15/25 (i) | 375 | 21 |
| BAC Capital Trust XIV |  |  |
| 5.17%, (3 Month USD LIBOR + 0.40%), (100, 01/26/23) (o) (p) | 610 | 471 |
| Banco Davivienda S.A. |  |  |
| 6.65%, (100, 04/22/31) (f) (p) | 200 | 154 |
| 6.65%, (100, 04/22/31) (i) (p) | 200 | 154 |
| Banco GNB Sudameris S.A. |  |  |
| 7.50%, 04/16/31 (i) | 150 | 109 |
| Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 6.63%, (100, 01/24/32) (i) (p) | 250 | 207 |
| 7.63%, (100, 01/10/28) (i) (p) | 200 | 187 |
| Bank of America Corporation |  |  |
| 6.25%, (100, 09/05/24) (p) | 100 | 96 |
| Barclays PLC |  |  |
| 7.75%, (100, 09/15/23) (h) (p) | 240 | 233 |
| Citigroup Inc. |  |  |
| 5.95%, (100, 05/15/25) (p) | 950 | 869 |
| 8.13%, 07/15/39 | 201 | 248 |
| Credit Agricole SA |  |  |
| 7.50%, (100, 06/23/26), GBP (f) (h) (p) | 240 | 281 |
| 8.13%, (100, 12/23/25) (h) (i) (p) | 200 | 202 |
| Credit Suisse Group AG |  |  |
| 5.25%, (100, 02/11/27) (i) (p) | 1010 | 663 |
| 7.50%, (100, 07/17/23) (i) (p) | 210 | 169 |
| 9.75%, (100, 06/23/27) (i) (p) | 680 | 598 |
| 4.19%, 04/01/31 (h) (i) | 250 | 194 |
| 9.02%, 11/15/33 (h) (i) | 250 | 257 |
| Credivalores - Crediservicios S.A. |  |  |
| 8.88%, 02/07/25 (i) | 200 | 47 |
| Docuformas, S.A.P.I. de C.V. |  |  |
| 10.25%, 07/24/24 (i) | 200 | 44 |
| European Bank for Reconstruction and Development |  |  |
| 5.00%, 10/06/26, IDR | 3761000 | 231 |
| EZCORP, Inc. |  |  |
| 2.88%, 07/01/24 (c) (h) | 973 | 1009 |
| 3.75%, 12/15/29 (c) (h) (i) | 994 | 975 |
| Ford Motor Credit Company LLC |  |  |
| 4.13%, 08/17/27 | 200 | 179 |
| 2.90%, 02/10/29 | 200 | 160 |
| Highlands Holdings Bond Issuer Limited |  |  |
| 7.63%, 10/15/25 (i) (m) (n) | 560 | 521 |
| Hope Bancorp, Inc. |  |  |
| 2.00%, 05/15/38 (c) (h) | 3382 | 3298 |
| HSBC Holdings PLC |  |  |
| 4.58%, 06/19/29 (h) | 200 | 184 |
| KKR Real Estate Finance Trust Inc. |  |  |
| 6.13%, 05/15/23 (c) (h) | 581 | 582 |
| LendingTree, Inc. |  |  |
| 0.50%, 07/15/25 (c) (h) | 2077 | 1509 |
| Lloyds Banking Group PLC |  |  |
| 7.50%, (100, 06/27/24) (h) (p) | 200 | 195 |
| NatWest Group PLC |  |  |
| 4.52%, 06/25/24 (h) | 200 | 198 |
| Operadora de Servicios Mega SA de CV SOFOM ER. |  |  |
| 8.25%, 02/11/25 (i) | 200 | 100 |
| PRA Group, Inc. |  |  |
| 3.50%, 06/01/23 (c) (h) | 3004 | 2999 |
| PT ABM Investama Tbk. |  |  |
| 9.50%, 08/05/26 (i) | 200 | 178 |
| Redwood Trust, Inc. |  |  |
| 4.75%, 08/15/23 (c) (h) | 4298 | 4222 |
| 7.75%, 06/15/27 (c) (h) (i) | 898 | 765 |
| Teachers Insurance & Annuity Association of America |  |  |
| 4.90%, 09/15/44 (i) | 70 | 64 |
| The Goldman Sachs Group, Inc. |  |  |
| 5.53%, (3 Month USD LIBOR + 0.77%), (100, 02/10/23) (o) (p) | 8 | 6 |
| 6.75%, 10/01/37 | 120 | 128 |
| 5.15%, 05/22/45 | 280 | 255 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| The Vanguard Group, Inc. |  |  |
| 3.05%, 08/22/50 (d) | 250 | 161 |
| Tong Yang Life Insurance Co., Ltd. |  |  |
| 5.25%, (100, 09/22/25) (f) (p) | 200 | 159 |
| Two Harbors Investment Corp. |  |  |
| 6.25%, 01/15/26 (c) (h) | 1749 | 1481 |
| UBS Group Funding (Switzerland) AG |  |  |
| 7.00%, (100, 02/19/25) (f) (h) (p) | 200 | 197 |
| Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R. |  |  |
| 0.00%, (100, 01/29/25) (a) (f) (j) (l) (p) | 200 | 1 |
| Upstart Holdings, Inc. |  |  |
| 0.25%, 08/15/26 (c) (h) | 1468 | 781 |
| Wells Fargo & Company |  |  |
| 5.88%, (100, 06/15/25) (p) | 101 | 98 |
| Zip Co Limited |  |  |
| 0.00%, 04/23/28, AUD (f) (h) (k) | 1200 | 193 |
| | | 27593 |
| **Energy 1.8%** | **Energy 1.8%** | **Energy 1.8%** |
| AI Candelaria (Spain), S.L.U |  |  |
| 5.75%, 06/15/33 (i) | 250 | 191 |
| Apache Corporation |  |  |
| 7.75%, 12/15/29 | 610 | 636 |
| 6.00%, 01/15/37 | 40 | 37 |
| 5.10%, 09/01/40 | 210 | 174 |
| 4.25%, 01/15/44 | 90 | 63 |
| 5.35%, 07/01/49 | 80 | 65 |
| Cheniere Energy Partners, L.P. |  |  |
| 3.25%, 01/31/32 | 50 | 40 |
| Cheniere Energy, Inc. |  |  |
| 4.63%, 10/15/28 | 30 | 27 |
| Continental Resources, Inc. |  |  |
| 5.75%, 01/15/31 (i) | 90 | 84 |
| 4.90%, 06/01/44 | 100 | 74 |
| DCP Midstream, LLC |  |  |
| 6.45%, 11/03/36 (i) | 40 | 39 |
| DCP Midstream, LP |  |  |
| 6.75%, 09/15/37 (i) | 130 | 133 |
| Devon Energy Corporation |  |  |
| 8.25%, 08/01/23 | 150 | 153 |
| 5.85%, 12/15/25 | 20 | 20 |
| 5.25%, 10/15/27 | 32 | 32 |
| 5.88%, 06/15/28 | 39 | 39 |
| 4.50%, 01/15/30 | 26 | 24 |
| 7.95%, 04/15/32 | 30 | 34 |
| 5.00%, 06/15/45 | 150 | 130 |
| Devon Financing Corporation, U.L.C. |  |  |
| 7.88%, 09/30/31 | 80 | 90 |
| Ecopetrol S.A. |  |  |
| 5.38%, 06/26/26 | 50 | 47 |
| 5.88%, 05/28/45 - 11/02/51 | 500 | 346 |
| Energy Transfer LP |  |  |
| 6.50%, (100, 08/15/26) (p) | 340 | 295 |
| 6.63%, (100, 02/15/28) (p) | 320 | 234 |
| 6.75%, (100, 05/15/25) (p) | 270 | 234 |
| 7.13%, (100, 05/15/30) (p) | 400 | 334 |
| 6.50%, 02/01/42 | 60 | 59 |
| 6.00%, 06/15/48 | 20 | 18 |
| Energy Transfer Operating, L.P. |  |  |
| 6.25%, 04/15/49 | 20 | 19 |
| Enterprise Products Operating LLC |  |  |
| 4.15%, 10/16/28 | 20 | 19 |
| 6.13%, 10/15/39 | 60 | 61 |
| 5.95%, 02/01/41 | 140 | 140 |
| EQT Corporation |  |  |
| 3.13%, 05/15/26 (i) | 110 | 101 |
| 7.00%, 02/01/30 (l) (m) | 200 | 207 |
| 3.63%, 05/15/31 (i) | 50 | 42 |
| Gran Tierra Energy Inc. |  |  |
| 7.75%, 05/23/27 (f) | 200 | 163 |
| 7.75%, 05/23/27 (i) | 200 | 163 |
| Gulfport Energy Operating Corporation |  |  |
| 8.00%, 05/17/26 (e) | 6 | 6 |
| Helix Energy Solutions Group, Inc. |  |  |
| 6.75%, 02/15/26 (c) (h) | 2067 | 2835 |
| Kinder Morgan Energy Partners, L.P. |  |  |
| 3.50%, 09/01/23 | 60 | 59 |
| 6.95%, 01/15/38 | 10 | 11 |
| Kosmos Energy Ltd. |  |  |
| 7.50%, 03/01/28 (f) | 200 | 161 |
| MC Brazil Downstream Trading S.a r.l. |  |  |
| 7.25%, 06/30/31 (f) | 400 | 330 |
| MPLX LP |  |  |
| 4.70%, 04/15/48 | 70 | 56 |
| NGD Holdings B.V. |  |  |
| 6.75%, 12/31/26 (f) | 100 | 45 |
| NGL Energy Operating LLC |  |  |
| 7.50%, 02/01/26 (i) | 340 | 303 |
| Northern Oil and Gas Incorporated |  |  |
| 8.13%, 03/01/28 (i) | 60 | 58 |
| Occidental Petroleum Corporation |  |  |
| 5.55%, 03/15/26 | 50 | 50 |
| 3.20%, 08/15/26 | 80 | 74 |
| 6.13%, 01/01/31 | 490 | 496 |
| 0.00%, 10/10/36 (k) | 2110 | 1061 |
| 4.63%, 06/15/45 | 360 | 292 |
| 6.60%, 03/15/46 | 150 | 154 |
| 4.40%, 04/15/46 | 190 | 150 |
| 4.10%, 02/15/47 | 50 | 38 |
| 4.20%, 03/15/48 | 250 | 191 |
| Peabody Energy Corporation |  |  |
| 3.25%, 03/01/28 (c) (h) (i) | 2475 | 3776 |
| Petrobras Global Finance B.V. |  |  |
| 7.38%, 01/17/27 | 120 | 125 |
| 6.00%, 01/27/28 | 50 | 50 |
| 6.90%, 03/19/49 | 180 | 162 |
| 5.50%, 06/10/51 | 150 | 115 |
| 6.85%, 06/05/15 | 150 | 127 |
| Petroleos del Peru - Petroperu S.A. |  |  |
| 5.63%, 06/19/47 (f) | 400 | 264 |
| Petroleos Mexicanos |  |  |
| 6.38%, 01/23/45 | 380 | 236 |
| 6.75%, 09/21/47 | 250 | 160 |
| Plains All American Pipeline, L.P. |  |  |
| 8.72%, (3 Month USD LIBOR + 4.11%), (100, 02/10/23) (o) (p) | 90 | 78 |
| 6.70%, 05/15/36 | 50 | 49 |
| PT Pertamina (Persero) |  |  |
| 4.15%, 02/25/60 (f) | 200 | 143 |
| Range Resources Corporation |  |  |
| 8.25%, 01/15/29 | 100 | 103 |
| Sierracol Energy Andina, LLC |  |  |
| 6.00%, 06/15/28 (f) | 200 | 154 |
| 6.00%, 06/15/28 (i) | 250 | 193 |
| Southwestern Energy Company |  |  |
| 4.75%, 02/01/32 | 620 | 529 |
| Sunoco Logistics Partners Operations L.P. |  |  |
| 6.85%, 02/15/40 | 40 | 38 |
| 6.10%, 02/15/42 | 40 | 37 |
| 5.40%, 10/01/47 | 60 | 51 |
| Targa Resources Partners LP |  |  |
| 5.50%, 03/01/30 | 20 | 19 |
| 4.88%, 02/01/31 | 40 | 36 |
| 4.00%, 01/15/32 | 10 | 8 |
| Tecila Sociedad Anonima |  |  |
| 8.50%, 06/27/29 (f) | 50 | 38 |
| 7.00%, 12/15/47 (f) | 350 | 200 |
| Thaioil Treasury Center Company Limited |  |  |
| 3.75%, 06/18/50 (f) | 200 | 126 |
| The Williams Companies, Inc. |  |  |
| 7.50%, 01/15/31 | 40 | 43 |
| 8.75%, 03/15/32 | 140 | 165 |
| 5.75%, 06/24/44 | 70 | 67 |
| Transcontinental Gas Pipe Line Company, LLC |  |  |
| 7.85%, 02/01/26 | 70 | 75 |
| Tullow Oil PLC |  |  |
| 10.25%, 05/15/26 (i) | 200 | 160 |
| UEP Penonome II S.A. |  |  |
| 6.50%, 10/01/38 (i) | 185 | 135 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Western Midstream Operating, LP |  |  |
| 3.35%, 02/01/25 (l) (m) | 30 | 28 |
| 3.95%, 06/01/25 | 50 | 47 |
| 4.65%, 07/01/26 | 10 | 9 |
| 4.50%, 03/01/28 | 100 | 92 |
| 5.45%, 04/01/44 | 200 | 165 |
| 5.30%, 03/01/48 | 80 | 66 |
| 5.50%, 08/15/48 | 80 | 66 |
| 5.50%, 02/01/50 (l) (m) | 610 | 504 |
| Williams Partners L.P. |  |  |
| 6.30%, 04/15/40 | 70 | 72 |
| 5.10%, 09/15/45 | 120 | 105 |
| YPF S.A. |  |  |
| 8.50%, 07/28/25 (i) | 240 | 202 |
| | | 19755 |
| **Materials 1.4%** | **Materials 1.4%** | **Materials 1.4%** |
| Amyris, Inc. |  |  |
| 1.50%, 11/15/26 (c) (h) | 2062 | 652 |
| Aris Mining Corporation |  |  |
| 6.88%, 08/08/26 (f) | 200 | 157 |
| Braskem Idesa, S.A.P.I. |  |  |
| 6.99%, 02/20/32 (i) | 300 | 214 |
| Cap S.A. |  |  |
| 3.90%, 04/27/31 (f) | 200 | 157 |
| Century Aluminum Company |  |  |
| 2.75%, 05/01/28 (c) (h) | 815 | 585 |
| Danimer Scientific, Inc. |  |  |
| 3.25%, 12/15/26 (c) (h) (i) | 763 | 288 |
| Freeport-McMoRan Inc. |  |  |
| 4.63%, 08/01/30 | 20 | 19 |
| Illuminate Buyer LLC |  |  |
| 9.00%, 07/01/28 (i) | 235 | 198 |
| Lithium Americas Corp. |  |  |
| 1.75%, 01/15/27 (h) (i) | 1048 | 839 |
| Livent Corporation |  |  |
| 4.13%, 07/15/25 (c) (h) | 1541 | 3690 |
| MP Materials Corp. |  |  |
| 0.25%, 04/01/26 (c) (h) (i) | 1399 | 1230 |
| OCP S.A. |  |  |
| 5.13%, 06/23/51 (f) | 450 | 341 |
| Resolute Forest Products Inc. |  |  |
| 4.88%, 03/01/26 (i) | 362 | 356 |
| Turquoise Hill Resources Ltd |  |  |
| 2.50%, 04/15/26 (c) (h) (i) | 937 | 1147 |
| Unifrax Escrow Issuer Corporation |  |  |
| 7.50%, 09/30/29 (i) | 135 | 86 |
| United States Steel Corporation |  |  |
| 5.00%, 11/01/26 (c) (h) | 2015 | 3967 |
| UPL Corporation Limited |  |  |
| 5.25%, (100, 02/27/25) (f) (p) | 400 | 277 |
| Vedanta Resources Finance II PLC |  |  |
| 9.25%, 04/23/26 (i) | 200 | 129 |
| Vedanta Resources Limited |  |  |
| 6.13%, 08/09/24 (f) | 200 | 126 |
| Vibrantz Technologies Inc. |  |  |
| 9.00%, 02/15/30 (i) | 145 | 110 |
| Yamana Gold Inc. |  |  |
| 4.63%, 12/15/27 | 80 | 75 |
|  |  | 14643 |
| **Real Estate 1.3%** | **Real Estate 1.3%** | **Real Estate 1.3%** |
| Braemar Hotel & Resorts Inc. |  |  |
| 4.50%, 06/01/26 (c) (h) | 998 | 931 |
| CTR Partnership, L.P. |  |  |
| 3.88%, 06/30/28 (i) | 30 | 25 |
| Hat Holdings I LLC |  |  |
| 0.00%, 05/01/25 (c) (h) (i) (k) | 1433 | 1310 |
| iStar Inc. |  |  |
| 4.75%, 10/01/24 | 1338 | 1329 |
| 4.25%, 08/01/25 | 662 | 650 |
| 5.50%, 02/15/26 | 452 | 452 |
| Open Doors Technology Inc. |  |  |
| 0.25%, 08/15/26 (c) (h) (i) | 2770 | 1098 |
| Pebblebrook Hotel Trust |  |  |
| 1.75%, 12/15/26 (c) (h) | 2647 | 2167 |
| PennyMac Corp. |  |  |
| 5.50%, 11/01/24 - 03/15/26 (c) (h) | 3641 | 3084 |
| PT Kawasan Industri Jababeka Tbk |  |  |
| 7.00%, 12/15/27 (i) (m) | 140 | 84 |
| Realogy Group LLC |  |  |
| 0.25%, 06/15/26 (c) (h) | 1695 | 1179 |
| Redfin Corporation |  |  |
| 0.00%, 10/15/25 (c) (h) (k) | 125 | 73 |
| 0.50%, 04/01/27 (c) (h) | 1842 | 854 |
| RKP Overseas Finance 2016 (A) Limited |  |  |
| 7.95%, (100, 02/17/23) (f) (p) | 200 | 92 |
| Ronshine China Holdings Limited |  |  |
| 6.75%, 08/05/24 (f) | 200 | 14 |
| StorageVault Canada Inc. |  |  |
| 5.00%, 03/31/28, CAD (h) | 167 | 123 |
| Summit Hotel TRS 005, LLC |  |  |
| 1.50%, 02/15/26 (c) (h) | 645 | 552 |
| Theta Capital Pte. Ltd. |  |  |
| 6.75%, 10/31/26 (f) | 200 | 130 |
| Yuzhou Group Holdings Company Limited |  |  |
| 0.00%, 05/27/25 (a) (f) (j) | 200 | 18 |
| Zillow Group, Inc. |  |  |
| 2.75%, 05/15/25 (h) | 23 | 22 |
| 1.38%, 09/01/26 (e) (h) | 164 | 166 |
|  |  | 14353 |
| **Consumer Staples 0.8%** | **Consumer Staples 0.8%** | **Consumer Staples 0.8%** |
| Altria Group, Inc. |  |  |
| 4.40%, 02/14/26 | 21 | 21 |
| 2.45%, 02/04/32 | 10 | 8 |
| 5.80%, 02/14/39 | 80 | 73 |
| 5.95%, 02/14/49 | 10 | 9 |
| 6.20%, 02/14/59 | 161 | 150 |
| Avid SPV, LLC |  |  |
| 1.25%, 03/15/26 (c) (h) (i) | 1716 | 1626 |
| B. A. T. Capital Corporation |  |  |
| 3.56%, 08/15/27 | 110 | 101 |
| 4.54%, 08/15/47 | 70 | 50 |
| BRF S.A. |  |  |
| 5.75%, 09/21/50 (f) | 400 | 285 |
| California Institute of Technology |  |  |
| 3.65%, 09/01/19 | 90 | 58 |
| Camposol SA |  |  |
| 6.00%, 02/03/27 (f) | 350 | 210 |
| Coruripe Netherlands B.V. |  |  |
| 10.00%, 02/10/27 (f) | 200 | 161 |
| Coty Inc. |  |  |
| 6.50%, 04/15/26 (i) | 35 | 34 |
| Frigorifico Concepcion S.A. |  |  |
| 7.70%, 07/21/28 (i) | 250 | 202 |
| Herbalife Nutrition Ltd. |  |  |
| 2.63%, 03/15/24 (c) (h) | 574 | 534 |
| 7.88%, 09/01/25 (i) | 112 | 99 |
| 4.25%, 06/15/28 (c) (h) (i) | 780 | 817 |
| Kronos Acquisition Holdings Inc |  |  |
| 7.00%, 12/31/27 (i) | 330 | 271 |
| Movida Europe S.A. |  |  |
| 5.25%, 02/08/31 (f) | 200 | 150 |
| PECF USS Intermediate Holding III Corporation |  |  |
| 8.00%, 11/15/29 (i) | 120 | 78 |
| Post Holdings, Inc. |  |  |
| 2.50%, 08/15/27 (c) (h) (i) | 575 | 601 |
| Pyxus International, Inc. |  |  |
| 10.00%, 08/24/24 | 97 | 76 |
| The Beauty Health Company |  |  |
| 1.25%, 10/01/26 (c) (h) (i) | 1776 | 1341 |
| The Chefs' Warehouse, Inc. |  |  |
| 2.38%, 12/15/28 (c) (h) (i) | 1474 | 1501 |
| Treehouse Foods, Inc. |  |  |
| 4.00%, 09/01/28 | 517 | 441 |
| Triton Water Holdings Incorporated |  |  |
| 6.25%, 04/01/29 (i) | 140 | 113 |
| United Rentals (North America), Inc. |  |  |
| 3.88%, 11/15/27 | 20 | 18 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wesleyan University |  |  |
| 4.78%, 07/01/16 | 60 | 48 |
| | | 9076 |
| **Utilities 0.3%** | **Utilities 0.3%** | **Utilities 0.3%** |
| Cameron LNG, LLC |  |  |
| 3.30%, 01/15/35 (i) | 20 | 16 |
| Empresa Electrica Guacolda S.A. |  |  |
| 4.56%, 04/30/25 (f) | 250 | 65 |
| Empresas Publicas de Medellin E.S.P. |  |  |
| 4.38%, 02/15/31 (f) | 350 | 272 |
| Enel Finance International SA |  |  |
| 6.00%, 10/07/39 (i) | 150 | 137 |
| Enfragen Energia Sur SA. |  |  |
| 5.38%, 12/30/30 (f) | 400 | 280 |
| FEL Energy VI S.a r.l. |  |  |
| 5.75%, 12/01/40 (f) | 185 | 158 |
| Instituto Costarricense de Electricidad |  |  |
| 6.38%, 05/15/43 (f) | 200 | 158 |
| LLPL Capital Pte. Ltd. |  |  |
| 6.88%, 02/04/39 (f) | 213 | 186 |
| Minejesa Capital B.V. |  |  |
| 5.63%, 08/10/37 (f) | 450 | 352 |
| Pacific Gas And Electric Company |  |  |
| 3.30%, 08/01/40 | 20 | 14 |
| Sunnova Energy International Inc. |  |  |
| 2.63%, 02/15/28 (c) (h) (i) | 1294 | 1049 |
|  |  | 2687 |
| Total Corporate Bonds And Notes (cost $322,446) | Total Corporate Bonds And Notes (cost $322,446) | 285812 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 11.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 11.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 11.2%** |
| Ace Securities Corp. Home Equity Loan Trust, Series 2006-CW1 |  |  |
| Series 2006-A2C-CW1, REMIC, 4.67%, (1 Month USD LIBOR + 0.28%), 07/25/36 (m) (o) | 2014 | 1540 |
| AGL CLO 6 LTD |  |  |
| Series 2020-ER-6A, 10.74%, (3 Month USD LIBOR + 6.50%), 07/20/34 (o) | 210 | 187 |
| ALEN 2021-ACEN Mortgage Trust |  |  |
| Series 2021-E-ACEN, REMIC, 8.32%, (1 Month USD LIBOR + 4.00%), 04/17/23 (o) | 819 | 611 |
| AMSR 2020-SFR4 Trust |  |  |
| Series 2020-G2-SFR4, REMIC, 4.87%, 11/19/25 | 3700 | 3334 |
| AMSR 2020-SFR5 Trust |  |  |
| Series 2020-G-SFR5, REMIC, 4.11%, 11/19/25 | 5000 | 4458 |
| Apidos CLO XXIV |  |  |
| Series 2016-DR-24A, 10.04%, (3 Month USD LIBOR + 5.80%), 10/21/30 (o) | 500 | 418 |
| Arbor Multifamily Mortgage Securities Trust 2021-MF3 |  |  |
| Series 2021-E-MF3, REMIC, 2.00%, 10/16/54 | 273 | 158 |
| AREIT 2019-CRE3 Trust |  |  |
| Series 2019-D-CRE3, 7.09%, (1 Month Term SOFR + 2.76%), 09/15/36 (m) (o) | 350 | 327 |
| Bain Capital Credit CLO |  |  |
| Series 2021-E-4A, 9.21%, (3 Month USD LIBOR + 6.50%), 10/20/34 (o) | 300 | 248 |
| Bain Capital Credit CLO 2019-3, Limited |  |  |
| Series 2019-ER-3A, 11.38%, (3 Month USD LIBOR + 7.10%), 10/23/34 (o) | 500 | 415 |
| Bain Capital Credit CLO 2022-3, Limited |  |  |
| Series 2022-E-3A, 11.21%, (3 Month Term SOFR + 7.35%), 07/17/35 (o) | 500 | 428 |
| Bank 2019-BNK17 |  |  |
| Interest Only, Series 2019-XG-BN17, REMIC, 1.50%, 04/17/52 | 1978 | 131 |
| Bank 2021-BNK32 |  |  |
| Interest Only, Series 2021-XA-BN32, REMIC, 0.78%, 04/17/54 (o) | 1116 | 48 |
| Barings CLO Ltd 2018-III |  |  |
| Series 2018-E-3A, 9.99%, (3 Month USD LIBOR + 5.75%), 07/20/29 (o) | 500 | 416 |
| BBCMS Trust 2018-CBM |  |  |
| Series 2018-E-CBM, REMIC, 7.87%, (1 Month USD LIBOR + 3.55%), 07/15/37 (m) (o) | 470 | 440 |
| Benchmark 2018-B4 Mortgage Trust |  |  |
| Series 2018-D-B4, REMIC, 2.80%, 07/17/28 (o) | 377 | 263 |
| Benchmark 2019-B14 Mortgage Trust |  |  |
| Interest Only, Series 2019-XA-B14, REMIC, 0.78%, 12/15/62 (o) | 17458 | 551 |
| Benchmark 2020-B18 Mortgage Trust |  |  |
| Series 2020-AGNE-B18, REMIC, 3.76%, 08/15/25 | 343 | 285 |
| Benchmark 2021-B31 Mortgage Trust |  |  |
| Series 2021-E-B31, REMIC, 2.25%, 12/17/54 | 617 | 303 |
| BHP Trust 2019-BXHP |  |  |
| Series 2019-E-BXHP, REMIC, 6.89%, (1 Month USD LIBOR + 2.57%), 08/15/36 (o) | 132 | 123 |
| BRAVO Residential Funding Trust 2022-RPL1 |  |  |
| Series 2022-A-R1, 3.13%, 01/29/25 | 319 | 283 |
| BSREP Commercial Mortgage Trust 2021-DC |  |  |
| Series 2021-G-DC, REMIC, 8.17%, (1 Month USD LIBOR + 3.85%), 08/15/23 (o) | 350 | 297 |
| BX Commercial Mortgage Trust 2019-IMC |  |  |
| Series 2019-G-IMC, REMIC, 7.92%, (1 Month USD LIBOR + 3.60%), 04/17/34 (o) | 481 | 447 |
| BX Trust 2017-APPL |  |  |
| Series 2017-F-APPL, REMIC, 8.57%, (1 Month USD LIBOR + 4.25%), 07/15/34 (m) (o) | 330 | 325 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-E-OC11, REMIC, 3.94%, 12/11/29 (o) | 252 | 190 |
| BX Trust 2021-ARIA |  |  |
| Series 2021-G-ARIA, REMIC, 7.46%, (1 Month USD LIBOR + 3.14%), 10/16/23 (o) | 260 | 230 |
| Canyon Capital CLO 2014-1 Ltd |  |  |
| Series 2014-DR-1A, 9.91%, (3 Month USD LIBOR + 5.50%), 01/30/31 (o) | 700 | 506 |
| Carlyle Global Market Strategies CLO 2014-2-R Limited |  |  |
| Series 2014-D-2RA, 9.96%, (3 Month USD LIBOR + 5.35%), 05/15/31 (o) | 1000 | 799 |
| Carlyle US CLO 2020-2, Ltd. |  |  |
| Series 2020-DR-2A, 11.06%, (3 Month USD LIBOR + 6.70%), 01/25/35 (o) | 1500 | 1323 |
| Cascade MH Asset Trust 2019-MH1 |  |  |
| Series 2019-M-MH1, REMIC, 5.99%, 10/25/24 | 4100 | 3739 |
| Castlelake Aircraft Securitization Trust 2018-1 |  |  |
| Series 2018-C-1, 6.63%, 06/15/25 (m) | 1290 | 591 |
| CF 2019-CF2 Mortgage Trust |  |  |
| Interest Only, Series 2019-XG-CF2, REMIC, 0.94%, 11/18/52 (o) | 3080 | 143 |
| Chenango Park CLO, Ltd |  |  |
| Series 2018-D-1A, 9.88%, (3 Month USD LIBOR + 5.80%), 04/15/30 (o) | 1000 | 797 |
| Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-2A |  |  |
| Series 2004-B1-2A, REMIC, 3.93%, 05/25/35 (o) | 204 | 159 |
| CHL Mortgage Pass-Through Trust 2007-13 |  |  |
| Series 2007-A1-13, REMIC, 6.00%, 08/25/37 | 976 | 518 |
| CIFC Funding 2021-I Ltd |  |  |
| Series 2021-E-1A, 10.36%, (3 Month USD LIBOR + 6.00%), 04/25/33 (o) | 500 | 454 |
| Citigroup Commercial Mortgage Trust 2015-GC27 |  |  |
| Series 2015-D-GC27, REMIC, 4.42%, 01/10/25 (o) | 291 | 255 |
| Citigroup Commercial Mortgage Trust 2018-B2 |  |  |
| Interest Only, Series 2018-XF-B2, REMIC, 1.42%, 03/10/51 (o) | 2522 | 145 |
| Citigroup Commercial Mortgage Trust 2018-TBR |  |  |
| Series 2018-F-TBR, REMIC, 7.97%, (1 Month USD LIBOR + 3.65%), 12/15/36 (o) | 524 | 489 |
| Citigroup Commercial Mortgage Trust 2020-555 |  |  |
| Series 2020-G-555, REMIC, 3.62%, 12/12/29 (o) | 500 | 323 |
| Citigroup Mortgage Loan Trust Series 2007 AHL3 |  |  |
| Series 2007-A3A-AHL3, REMIC, 4.45%, (1 Month USD LIBOR + 0.06%), 07/25/45 (m) (o) | 2548 | 1809 |
| Clas 2019-1 Limited |  |  |
| Series 2019-E-1A, 0.00%, 04/15/39 (d) (o) | 1000 | 70 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Cologix Data Centers US Issuer LLC |  |  |
| Series 2021-C-1A, 5.99%, 12/28/26 | 1500 | 1250 |
| COMM 2018-HCLV Mortgage Trust |  |  |
| Series 2018-D-HCLV, REMIC, 6.49%, (1 Month USD LIBOR + 2.28%), 09/15/33 (o) | 1000 | 858 |
| Conseco Finance Corp. |  |  |
| Series 1996-M1-4, REMIC, 7.75%, 06/15/27 | 99 | 98 |
| CSAIL 2016-C5 Commercial Mortgage Trust |  |  |
| Series 2016-C-C5, REMIC, 4.64%, 11/18/25 (o) | 344 | 308 |
| CSAIL 2016-C6 Commercial Mortgage Trust |  |  |
| Series 2016-D-C6, REMIC, 4.92%, 05/15/26 (o) | 1000 | 776 |
| CSMC 2016-NXSR Commercial Mortgage Trust |  |  |
| Series 2019-B-RIO, REMIC, 11.33%, (1 Month USD LIBOR + 7.00%), 02/15/23 (o) | 555 | 544 |
| CSMC 2021-B33 |  |  |
| Series 2021-C-B33, REMIC, 3.64%, 10/10/31 (o) | 338 | 257 |
| CWABS Asset-Backed Certificates Trust 2006-12 |  |  |
| Series 2006-1A-12, REMIC, 4.65%, (1 Month USD LIBOR + 0.26%), 12/25/36 (m) (o) | 252 | 220 |
| CWABS, Inc. |  |  |
| Series 2003-3A-2, REMIC, 4.89%, (1 Month USD LIBOR + 0.50%), 08/26/33 (m) (o) | 79 | 76 |
| DOLP Trust 2021-NYC |  |  |
| Series 2021-F-NYC, REMIC, 3.70%, 05/12/31 | 375 | 212 |
| Series 2021-G-NYC, REMIC, 3.70%, 05/12/31 | 375 | 196 |
| Dryden 40 Senior Loan Fund |  |  |
| Series 2015-ER-40A, 10.36%, (3 Month USD LIBOR + 5.75%), 08/15/31 (i) (o) | 500 | 397 |
| Dryden 95 CLO Ltd |  |  |
| Series 2021-SUB-95A, 0.00%, 08/21/34 (o) | 520 | 374 |
| Elmwood CLO II Ltd |  |  |
| Series 2019-SUB-2A, 0.00%, 04/21/31 (o) | 650 | 499 |
| Elmwood CLO IX Ltd |  |  |
| Series 2021-E-2A, 10.19%, (3 Month USD LIBOR + 5.95%), 07/20/34 (o) | 500 | 454 |
| Fountainbleu Miami Beach Trust |  |  |
| Series 2019-H-FBLU, REMIC, 3.96%, 12/12/24 (o) | 99 | 87 |
| FREMF 2018-KF56 Mortgage Trust |  |  |
| Series 2018-C-KF56, REMIC, 9.94%, (1 Month USD LIBOR + 5.80%), 11/25/28 (o) | 376 | 342 |
| Galaxy XIX CLO, Ltd. |  |  |
| Series 2015-D1R-19A, 10.85%, (3 Month USD LIBOR + 6.53%), 07/24/30 (o) | 500 | 411 |
| Gilbert Park CLO, Ltd. |  |  |
| Series 2017-E-1A, 10.48%, (3 Month USD LIBOR + 6.40%), 10/15/30 (o) | 500 | 415 |
| GoldenTree Loan Management US CLO 8, Ltd. |  |  |
| Series 2020-FR-8A, 12.29%, (3 Month USD LIBOR + 8.05%), 10/20/34 (o) | 300 | 249 |
| GreenPoint Mortgage Funding, Inc. |  |  |
| Series 2005-2A1-AR5, REMIC, 4.95%, (1 Month USD LIBOR + 0.56%), 11/25/45 (m) (o) | 364 | 256 |
| GS Mortgage Securities Corp Trust 2018-SRP5 |  |  |
| Series 2018-C-SRP5, REMIC, 8.57%, (1 Month USD LIBOR + 4.25%), 09/15/31 (m) (o) | 653 | 261 |
| GS Mortgage Securities Corporation Trust 2021-ARDN |  |  |
| Series 2021-H-ARDN, REMIC, 10.25%, (1 Month USD LIBOR + 5.93%), 11/15/23 (o) | 500 | 443 |
| GS Mortgage Securities Corporation Trust 2021-IP |  |  |
| Series 2021-F-IP, REMIC, 8.87%, (1 Month USD LIBOR + 4.55%), 10/15/36 (o) | 500 | 465 |
| GS Mortgage Securities Trust 2014-GC26 |  |  |
| Series 2014-D-GC26, REMIC, 4.52%, 11/13/47 (o) | 346 | 223 |
| GS Mortgage Securities Trust 2015-GC28 |  |  |
| Series 2015-D-GC28, REMIC, 4.31%, 02/12/48 (o) | 800 | 697 |
| GS Mortgage Securities Trust 2018-GS9 |  |  |
| Series 2018-D-GS9, REMIC, 3.00%, 03/10/28 | 1000 | 676 |
| GS Mortgage Securities Trust 2021-GSA3 |  |  |
| Interest Only, Series 2021-XF-GSA3, REMIC, 1.41%, 12/17/54 (o) | 3608 | 303 |
| GSAA Home Equity Trust 2007-9 |  |  |
| Series 2007-A2A-9, REMIC, 6.50%, 10/25/37 | 1643 | 979 |
| Hawaii Hotel Trust 2019-MAUI |  |  |
| Series 2019-F-MAUI, REMIC, 7.07%, (1 Month USD LIBOR + 2.75%), 05/17/38 (m) (o) | 493 | 468 |
| Hayfin US XII Ltd |  |  |
| Series 2021-E-14A, 11.42%, (3 Month USD LIBOR + 7.18%), 07/20/34 (o) | 490 | 450 |
| Homeward Opportunities Fund Trust 2020-BPL1 |  |  |
| Series 2020-A2-BPL1, 5.44%, 08/25/23 (m) | 1421 | 1418 |
| Horizon Aircraft Finance I Limited |  |  |
| Series 2018-C-1, 6.66%, 12/15/25 | 1034 | 438 |
| HPS Loan Management 13-2018 Ltd |  |  |
| Series 13A-E-18, 9.58%, (3 Month USD LIBOR + 5.50%), 10/15/30 (o) | 900 | 733 |
| HPS Loan Management 2013-2, Ltd. |  |  |
| Series 2013-DR-2A, 10.84%, (3 Month USD LIBOR + 6.60%), 10/22/29 (o) | 1000 | 803 |
| HPS Loan Management 4-2014, Ltd. |  |  |
| Series 6A-DR-2015, 9.63%, (3 Month USD LIBOR + 5.10%), 02/05/31 (i) (o) | 1000 | 813 |
| IndyMac ABS, Inc. |  |  |
| Series 2005-M2-C, REMIC, 5.14%, (1 Month USD LIBOR + 0.75%), 10/25/35 (m) (o) | 235 | 222 |
| J.P. Morgan Chase Commercial Mortgage Securities Corp. |  |  |
| Series 2019-C-UES, REMIC, 4.34%, 05/07/24 | 83 | 77 |
| Series 2019-D-UES, REMIC, 4.45%, 05/07/24 (o) | 85 | 78 |
| Series 2019-E-UES, REMIC, 4.45%, 05/07/24 (o) | 99 | 90 |
| Series 2019-F-UES, REMIC, 4.45%, 05/07/24 (o) | 104 | 95 |
| Series 2019-G-UES, REMIC, 4.45%, 05/07/24 (o) | 114 | 102 |
| Series 2011-E-C3, REMIC, 5.53%, 02/16/46 (o) | 334 | 122 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust |  |  |
| Series 2021-F-HTL5, 8.58%, (1 Month USD LIBOR + 4.27%), 11/15/23 (o) | 140 | 127 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-MFP |  |  |
| Interest Only, Series 2019-XG-MFP, REMIC, 0.50%, 07/15/36 (o) | 347 | 3 |
| Series 2019-F-MFP, REMIC, 7.32%, (1 Month USD LIBOR + 3.00%), 07/15/36 (o) | 582 | 533 |
| Series 2019-G-MFP, REMIC, 8.37%, (1 Month USD LIBOR + 4.05%), 07/15/36 (o) | 347 | 315 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-NYAH |  |  |
| Series 2021-F-NYAH, REMIC, 6.07%, 06/15/38 (o) | 136 | 127 |
| JPMBB Commercial Mortgage Securities Trust 2014-C23 |  |  |
| Series 2014-E-C23, REMIC, 3.36%, 10/18/24 (o) | 650 | 536 |
| JPMBB Commercial Mortgage Securities Trust 2014-C24 |  |  |
| Interest Only, Series 2014-XA-C24, REMIC, 0.86%, 11/18/47 (o) | 10054 | 108 |
| JPMBB Commercial Mortgage Securities Trust 2014-C26 |  |  |
| Series 2014-D-C26, REMIC, 3.87%, 12/17/24 (o) | 348 | 290 |
| JPMBB Commercial Mortgage Securities Trust 2015-C31 |  |  |
| Interest Only, Series 2015-XA-C32, REMIC, 1.11%, 11/18/48 (o) | 20246 | 356 |
| Keycorp Student Loan Trust 200 |  |  |
| Series 2005-2C-A, 6.02%, (3 Month USD LIBOR + 1.30%), 12/27/38 (o) | 349 | 326 |
| LCM XVII Limited Partnership |  |  |
| Series ER-17A, 10.08%, (3 Month USD LIBOR + 6.00%), 10/15/31 (o) | 500 | 367 |
| LCM XX Limited Partnership |  |  |
| Series ER-20A, 9.69%, (3 Month USD LIBOR + 5.45%), 10/20/27 (o) | 500 | 448 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Legacy Mortgage Asset Trust 2019-GS7 |  |  |
| Series 2019-A2-GS7, REMIC, 4.50%, 11/25/59 (m) | 4153 | 3803 |
| Lehman Mortgage Trust 2006-5 |  |  |
| Series 2006-1A6-5, REMIC, 4.89%, (1 Month USD LIBOR + 0.50%), 09/25/36 (o) | 689 | 288 |
| Lehman Mortgage Trust 2007-2 |  |  |
| Interest Only, Series 2007-2A13-2, REMIC, 2.30%, (6.69% - (1 Month USD LIBOR \* 1)), 03/25/37 (o) | 10859 | 1190 |
| Series 2007-2A1-2, REMIC, 4.70%, (1 Month USD LIBOR + 0.31%), 03/25/37 (o) | 10755 | 2161 |
| Madison Park Funding XIV, Ltd. |  |  |
| Series 2014-ER-14A, 10.12%, (3 Month USD LIBOR + 5.80%), 10/22/30 (o) | 500 | 431 |
| Madison Park Funding XLV Ltd |  |  |
| Series 2020-ER-45A, 10.43%, (3 Month USD LIBOR + 6.35%), 07/17/34 (o) | 500 | 455 |
| Madison Park Funding XLVIII Ltd |  |  |
| Series 2021-E-48A, 10.48%, (3 Month USD LIBOR + 6.25%), 04/19/33 (o) | 1000 | 920 |
| Madison Park Funding XXII Ltd |  |  |
| Series 2016-ER-22A, 10.78%, (3 Month USD LIBOR + 6.70%), 01/15/33 (o) | 500 | 435 |
| Madison Park Funding XXVI, Ltd. |  |  |
| Series 2017-ER-26A, 10.91%, (3 Month USD LIBOR + 6.50%), 07/29/30 (o) | 500 | 452 |
| MED Trust 2021-MDLN |  |  |
| Series 2021-G-MDLN, REMIC, 9.57%, (1 Month USD LIBOR + 5.25%), 11/15/23 (o) | 550 | 497 |
| Milos CLO, Ltd. |  |  |
| Series 2017-ER-1A, 10.39%, (3 Month USD LIBOR + 6.15%), 10/21/30 (o) | 500 | 433 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 |  |  |
| Series 2016-D-C31, REMIC, 3.00%, 10/19/26 | 569 | 380 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34 |  |  |
| Series 2017-D-C34, REMIC, 2.70%, 10/15/27 | 350 | 241 |
| Morgan Stanley Capital I Trust 2016-UBS11 |  |  |
| Interest Only, Series 2016-XA-UB11, REMIC, 1.44%, 08/17/49 (o) | 15383 | 637 |
| Morgan Stanley Capital I Trust 2018-H4 |  |  |
| Series 2018-D-H4, REMIC, 3.00%, 12/15/28 | 550 | 366 |
| Morgan Stanley Mortgage Loan Trust 2006-13ARX |  |  |
| Series 2006-A1-13AX, REMIC, 4.57%, (1 Month USD LIBOR + 0.18%), 10/25/36 (m) (o) | 4350 | 1329 |
| Mosaic Solar Loan Trust 2020-1 |  |  |
| Series 2020-R-1A, 0.00%, 04/20/46 | 543 | 448 |
| Myers Park CLO, Ltd. |  |  |
| Series 2018-E-1A, 9.74%, (3 Month USD LIBOR + 5.50%), 10/21/30 (o) | 1000 | 858 |
| Natixis Commercial Mortgage Securities Trust 2019-FAME |  |  |
| Series 2019-D-FAME, REMIC, 4.54%, 08/15/24 (o) | 420 | 366 |
| Navient Private Education Loan Trust 2020-A |  |  |
| Series 2020-B-A, 3.16%, 11/15/68 | 200 | 166 |
| Navigator Aircraft ABS Ltd |  |  |
| Series 2021-B-1, 3.57%, 11/15/28 (m) | 279 | 201 |
| Neuberger Berman Loan Advisers CLO 37 Ltd |  |  |
| Series 2020-ER-37A, 9.99%, (3 Month USD LIBOR + 5.75%), 07/21/31 (o) | 500 | 464 |
| Neuberger Berman Loan Advisers CLO 44, Ltd. |  |  |
| Series 2021-E-44A, 10.08%, (3 Month USD LIBOR + 6.00%), 10/16/34 (o) | 940 | 827 |
| Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR4 |  |  |
| Series 2006-5A1-AR1, REMIC, 4.93%, (1 Month USD LIBOR + 0.54%), 02/25/36 (m) (o) | 6915 | 959 |
| Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-WF1 |  |  |
| Series 2006-A5-WF1, REMIC, 6.26%, 06/25/36 (m) | 2998 | 825 |
| NovaStar Mortgage Funding Trust, Series 2006-3 |  |  |
| Series 2006-A2C-3, REMIC, 4.71%, (1 Month USD LIBOR + 0.32%), 10/25/36 (m) (o) | 3545 | 1819 |
| Octagon 57 Ltd |  |  |
| Series 2021-E-1A, 10.68%, (3 Month USD LIBOR + 6.60%), 10/16/34 (o) | 1500 | 1348 |
| Octagon Investment Partners 20-R, Ltd. |  |  |
| Series 2019-E-4A, 11.45%, (3 Month USD LIBOR + 6.80%), 05/12/31 (o) | 500 | 415 |
| Octagon Investment Partners 40 Ltd. |  |  |
| Series 2019-ER-1A, 11.24%, (3 Month USD LIBOR + 7.00%), 01/20/35 (o) | 1000 | 889 |
| Octagon Investment Partners XVI, Ltd. |  |  |
| Series 2013-ER-1A, 9.83%, (3 Month USD LIBOR + 5.75%), 07/17/30 (o) | 500 | 402 |
| Series 2013-SUB-1A, REMIC, 0.00%, 07/17/30 (i) (o) | 1500 | 244 |
| OHA Credit Funding 3 Ltd. |  |  |
| Series 2019-ER-3A, 10.49%, (3 Month USD LIBOR + 6.25%), 07/02/35 (o) | 1000 | 905 |
| Pagaya AI Debt Selection Trust 2021-5 |  |  |
| Series 2021-CERT-5, 0.00%, 08/15/29 | 750 | 613 |
| Palmer Square Loan Funding 2022-3 Ltd |  |  |
| Series 2022-C-3A, 9.54%, (3 Month Term SOFR + 5.40%), 11/15/23 (o) | 250 | 242 |
| Peace Park CLO Ltd |  |  |
| Series 2021-E-1A, 8.71%, (3 Month USD LIBOR + 6.00%), 10/20/34 (o) | 360 | 315 |
| Pioneer Aircraft Finance Limited |  |  |
| Series 2019-C-1, 6.90%, 06/15/26 | 1040 | 479 |
| PRKCM 2022-AFC2 Trust |  |  |
| Series 2022-M1-AFC2, REMIC, 6.23%, 08/25/26 (o) | 2000 | 1809 |
| Progress Residential 2021-SFR2 Trust |  |  |
| Series 2021-G-SFR2, REMIC, 4.25%, 04/17/26 | 4000 | 3398 |
| Progress Residential 2021-SFR9 Trust |  |  |
| Series 2021-F-SFR9, REMIC, 4.05%, 11/17/28 | 5000 | 3950 |
| PRPM 2022-5, LLC |  |  |
| Series 2022-A1-5, REMIC, 6.90%, 09/25/25 (m) | 3460 | 3334 |
| RAMP Series 2006-RZ3 Trust |  |  |
| Series 2006-M1-RZ3, REMIC, 4.91%, (1 Month USD LIBOR + 0.53%), 08/25/36 (m) (o) | 175 | 166 |
| RBSSP Resecuritization Trust 2010-4 |  |  |
| Series 2010-6A2-4, REMIC, 5.83%, 02/26/36 (m) | 183 | 174 |
| Reese Park CLO, Ltd. |  |  |
| Series 2020-ER-1A, 10.58%, (3 Month USD LIBOR + 6.50%), 10/16/34 (o) | 500 | 407 |
| Rockland Park Limited |  |  |
| Series 2021-E-1A, 10.49%, (3 Month USD LIBOR + 6.25%), 04/20/34 (o) | 500 | 442 |
| RR 18 Ltd |  |  |
| Series 2021-D-18A, 8.76%, (3 Month USD LIBOR + 6.25%), 10/16/34 (o) | 360 | 322 |
| SG Residential Mortgage Trust 2021-2 |  |  |
| Series 2021-B2-2, REMIC, 4.04%, 10/25/23 (o) | 4191 | 2429 |
| SMB Private Education Loan Trust 2021-A |  |  |
| Series 2021-R-A, 0.00%, 01/15/53 |  | 1072 |
| Series 2021-D2-A, 3.86%, 01/15/53 | 290 | 267 |
| SMR 2022-IND Mortgage Trust |  |  |
| Series 2022-F-IND, REMIC, 10.34%, (1 Month Term SOFR + 6.00%), 02/15/24 (o) | 123 | 115 |
| Series 2022-G-IND, REMIC, 11.84%, (1 Month Term SOFR + 7.50%), 02/15/24 (o) | 965 | 898 |
| SoFi Professional Loan Program 2016-F LLC |  |  |
| Series 2016-R-F, 0.00%, 02/27/40 (o) (q) | 100 | 507 |
| SoFi Professional Loan Program 2018-A LLC |  |  |
| Series 2018-R1-A, 0.00%, 02/25/42 (i) (q) | 21 | 376 |
| Series 2018-R2-A, 0.00%, 02/25/42 (q) | 6 | 111 |
| SoFi Professional Loan Program 2018-C Trust |  |  |
| Series 2018-R1-C, REMIC, 0.00%, 01/25/48 (q) | 50 | 702 |
| Sound Point CLO XXIII |  |  |
| Series 2019-ER-2A, 10.55%, (3 Month USD LIBOR + 6.47%), 07/17/34 (o) | 500 | 398 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sound Point CLO XXXII Ltd |  |  |
| Series 2021-E-4A, 11.06%, (3 Month USD LIBOR + 6.70%), 10/25/34 (o) | 500 | 393 |
| Spruce Hill Mortgage Loan Trust 2020-SH1 |  |  |
| Series 2020-B2-SH1, REMIC, 4.68%, 02/29/24 (o) | 1200 | 985 |
| SREIT Commercial Mortgage Trust 2021-MFP2 |  |  |
| Series 2021-J-MFP2, REMIC, 8.23%, (1 Month USD LIBOR + 3.92%), 11/16/26 (o) | 400 | 369 |
| Starwood Mortgage Residential Trust 2021-4 |  |  |
| Series 2021-B2-4, REMIC, 3.96%, 08/25/56 (o) | 3767 | 2310 |
| Structured Adjustable Rate Mortgage Loan Trust 2005-3XS |  |  |
| Series 2004-2A2-19, REMIC, 3.91%, 01/25/35 (o) | 1276 | 1108 |
| THL Credit Wind River 2014-3 CLO Ltd |  |  |
| Series 2014-ER2-3A, 10.54%, (3 Month USD LIBOR + 6.22%), 10/22/31 (o) | 500 | 383 |
| THL Credit Wind River 2018-2 CLO Ltd. |  |  |
| Series 2018-E-2A, 9.83%, (3 Month USD LIBOR + 5.75%), 07/15/30 (o) | 500 | 409 |
| THL Credit Wind River 2018-3 CLO Ltd. |  |  |
| Series 2018-D-3A, 7.19%, (3 Month USD LIBOR + 2.95%), 01/21/31 (o) | 1000 | 857 |
| Tricon American Homes 2020-SFR1 Trust |  |  |
| Series 2020-F-SFR1, REMIC, 4.88%, 07/17/26 | 5000 | 4575 |
| TSTAT 2022-2 Ltd |  |  |
| Series 2022-C-2A, 9.19%, (SOFR 90-Day Average + 4.80%), 01/21/31 (o) | 250 | 245 |
| TTAN 2021-MHC |  |  |
| Series 2021-G-MHC, REMIC, 8.52%, (1 Month USD LIBOR + 4.20%), 03/15/24 (o) | 493 | 455 |
| TVC Mortgage Trust 2020-RTL1 |  |  |
| Series 2020-M-RTL1, REMIC, 5.19%, 09/25/24 (m) | 2400 | 2304 |
| UBS Commercial Mortgage Trust 2018-C9 |  |  |
| Series 2018-C-C9, REMIC, 4.95%, 03/17/28 (o) | 353 | 295 |
| Unity-Peace Park CLO Ltd |  |  |
| Series 2022-E-1A, 11.14%, (3 Month Term SOFR + 7.18%), 04/20/35 (o) | 500 | 440 |
| Upstart Pass-Through Trust Series 2021-ST9 |  |  |
| Series 2021-CERT-ST9, 0.00%, 11/20/29 | 1500 | 406 |
| Velocity Commercial Capital Loan Trust 2018-2 |  |  |
| Series 2018-M4-2, REMIC, 5.32%, 03/25/26 | 264 | 219 |
| Series 2018-M5-2, REMIC, 6.36%, 06/25/26 | 150 | 121 |
| Series 2018-M6-2, REMIC, 7.05%, 08/25/27 | 348 | 275 |
| Velocity Commercial Capital Loan Trust 2019-1 |  |  |
| Series 2019-M4-1, REMIC, 4.61%, 03/25/27 (o) | 454 | 399 |
| Series 2019-M5-1, REMIC, 5.70%, 08/25/27 (o) | 246 | 220 |
| Series 2019-M6-1, REMIC, 6.79%, 08/25/28 (o) | 424 | 358 |
| Velocity Commercial Capital Loan Trust 2020-2 |  |  |
| Series 2020-A2-2, REMIC, 5.00%, 12/25/25 (o) | 1800 | 1731 |
| Volt XCII, LLC |  |  |
| Series 2021-A2-NPL1, 4.95%, 01/25/24 (m) | 2000 | 1511 |
| Voya CLO Ltd |  |  |
| Series 2019-E-2A, 10.84%, (3 Month USD LIBOR + 6.60%), 07/20/32 (o) | 500 | 442 |
| Wells Fargo & Company |  |  |
| Series 2016-D-C33, REMIC, 3.12%, 03/17/26 | 470 | 371 |
| Series 2016-C-C34, REMIC, 5.06%, 04/17/26 (o) | 838 | 738 |
| Wells Fargo Commercial Mortgage Trust 2015-NXS4 |  |  |
| Series 2015-D-NXS4, REMIC, 3.69%, 11/18/25 (o) | 293 | 250 |
| Wells Fargo Commercial Mortgage Trust 2017-RC1 |  |  |
| Series 2017-D-RC1, REMIC, 3.25%, 03/17/27 | 484 | 349 |
| Willis Engine Structured Trust IV |  |  |
| Series 2018-A-A, 4.75%, 09/15/26 (i) (m) | 748 | 587 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $152,259) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $152,259) | 121132 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 9.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 9.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 9.2%** |
| **U.S. Treasury Note 2.3%** | **U.S. Treasury Note 2.3%** | **U.S. Treasury Note 2.3%** |
| Treasury, United States Department of |  |  |
| 0.50%, 04/30/27 (c) | 750 | 646 |
| 4.13%, 10/31/27 (c) | 8600 | 8630 |
| 4.13%, 11/15/32 | 15600 | 15912 |
|  |  | 25188 |
| **U.S. Treasury Bond 2.3%** | **U.S. Treasury Bond 2.3%** | **U.S. Treasury Bond 2.3%** |
| Treasury, United States Department of |  |  |
| 1.13%, 08/15/40 | 610 | 379 |
| 2.25%, 05/15/41 - 08/15/49 | 1300 | 958 |
| 1.75%, 08/15/41 | 3280 | 2246 |
| 2.00%, 11/15/41 - 08/15/51 | 3790 | 2628 |
| 3.63%, 08/15/43 | 30 | 28 |
| 3.00%, 05/15/45 | 1480 | 1219 |
| 2.88%, 05/15/49 | 260 | 209 |
| 1.25%, 05/15/50 (c) | 4520 | 2437 |
| 1.38%, 08/15/50 | 560 | 312 |
| 1.63%, 11/15/50 | 1190 | 710 |
| 1.88%, 02/15/51 - 11/15/51 | 10873 | 6912 |
| 2.38%, 05/15/51 | 90 | 65 |
| 4.00%, 11/15/52 | 6730 | 6760 |
|  |  | 24863 |
| **Sovereign 2.0%** | **Sovereign 2.0%** | **Sovereign 2.0%** |
| Cabinet of Ministers of Ukraine |  |  |
| 0.00%, 03/15/35 (a) (f) (j) | 300 | 57 |
| Commonwealth of Australia |  |  |
| 2.75%, 05/21/41, AUD (f) | 560 | 303 |
| 3.00%, 03/21/47, AUD (f) | 2010 | 1085 |
| Gabon, Government of |  |  |
| 7.00%, 11/24/31 (i) | 350 | 287 |
| Gobierno de la Provincia de Buenos Aires |  |  |
| 5.25%, 09/01/37 (i) (m) | 925 | 323 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 7.75%, 11/13/42, MXN | 64330 | 2901 |
| 8.00%, 11/07/47, MXN | 22050 | 1010 |
| 4.40%, 02/12/52 | 300 | 221 |
| Government of the Republic of Panama |  |  |
| 3.87%, 07/23/60 | 200 | 130 |
| Kenya, Government of |  |  |
| 7.25%, 02/28/28 (f) | 240 | 210 |
| Ministry of Finance of the Russian Federation |  |  |
| 0.00%, 02/03/27 - 03/16/39, RUB (a) (f) (j) (q) | 420829 | 1541 |
| Nigeria, Federal Government of |  |  |
| 6.13%, 09/28/28 (f) | 200 | 154 |
| Presidence de la Republique de Cote d'Ivoire |  |  |
| 4.88%, 01/30/32, EUR (i) | 290 | 243 |
| 6.13%, 06/15/33 (i) | 200 | 178 |
| Presidencia Da Republica Federativa Do Brasil |  |  |
| 10.00%, 01/01/27, BRL | 601 | 105 |
| 5.00%, 01/27/45 | 830 | 616 |
| 4.75%, 01/14/50 (l) | 500 | 349 |
| Presidencia De La Nacion |  |  |
| 1.00%, 07/09/29 | 95 | 26 |
| 0.50%, 07/09/30 (m) | 599 | 165 |
| 3.88%, 01/09/38 (m) | 308 | 98 |
| Presidencia de la Republica de Colombia |  |  |
| 4.13%, 02/22/42 | 200 | 125 |
| 5.00%, 06/15/45 | 200 | 137 |
| Presidencia de la Republica Dominicana |  |  |
| 5.30%, 01/21/41 (f) | 150 | 116 |
| 6.40%, 06/05/49 (i) | 200 | 162 |
| 5.88%, 01/30/60 (i) | 210 | 154 |
| South Africa, Parliament of |  |  |
| 5.65%, 09/27/47 | 350 | 257 |
| The Arab Republic of Egypt |  |  |
| 5.25%, 10/06/25 (f) | 230 | 206 |
| The Central People's Government of the People's Republic of China |  |  |
| 3.38%, 11/21/24, CNH | 500 | 73 |
| 3.31%, 11/30/25, CNY | 2000 | 293 |
| 3.48%, 06/29/27, CNH | 4000 | 591 |
| 4.29%, 05/22/29, CNH | 1000 | 155 |
| The Republic of Indonesia, The Government of |  |  |
| 8.38%, 09/15/26 - 04/15/39, IDR | 24235000 | 1706 |
| 7.00%, 05/15/27 - 02/15/33, IDR | 37322000 | 2432 |
| 8.25%, 05/15/29 - 05/15/36, IDR | 18764000 | 1299 |
| 6.50%, 02/15/31, IDR | 21167000 | 1325 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 7.38%, 05/15/48, IDR | 30000 | 2 |
| Urzad Rady Ministrow |  |  |
| 1.75%, 04/25/32, PLN | 15280 | 2289 |
| | | 21324 |
| **Collateralized Mortgage Obligations 1.7%** | **Collateralized Mortgage Obligations 1.7%** | **Collateralized Mortgage Obligations 1.7%** |
| Connecticut Avenue Securities Trust 2021-R01 |  |  |
| Series 2022-1B2-R01, REMIC, 9.93%, (SOFR 30-Day Average + 6.00%), 12/26/41 (o) | 1250 | 1069 |
| Connecticut Avenue Securities Trust 2022-R03 |  |  |
| Series 2022-1B2-R03, REMIC, 13.78%, (SOFR 30-Day Average + 9.85%), 03/25/42 (o) | 1000 | 982 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series SW-4170, REMIC, 0.18%, (4.05% - (1 Month USD LIBOR \* 1)), 01/15/33 (o) | 636 | 540 |
| Series 2021-B1-DNA5, REMIC, 6.98%, (SOFR 30-Day Average + 3.05%), 01/25/34 (o) | 250 | 228 |
| Interest Only, Series SG-3972, REMIC, 1.58%, (5.90% - (1 Month USD LIBOR \* 1)), 12/15/41 (o) | 3773 | 337 |
| Series MS-4096, REMIC, 0.22%, (2.57% - (1 Month USD LIBOR \* 0.57)), 08/15/42 (o) | 129 | 71 |
| Series SB-4118, REMIC, 0.16%, (2.63% - (1 Month USD LIBOR \* 0.57)), 10/15/42 (o) | 77 | 39 |
| Series SJ-4141, REMIC, 0.00%, (4.80% - (1 Month USD LIBOR \* 1.5)), 12/15/42 (o) | 92 | 43 |
| Series ST-4666, REMIC, 0.41%, (7.00% - (1 Month USD LIBOR \* 1.75)), 12/15/42 (o) | 119 | 91 |
| Series 2019-B1-DNA3, REMIC, 7.64%, (1 Month USD LIBOR + 3.25%), 07/26/49 (o) | 1400 | 1401 |
| Series 2020-B1-DNA3, REMIC, 9.49%, (1 Month USD LIBOR + 5.10%), 06/27/50 (o) | 199 | 207 |
| Interest Only, Series TI-5057, REMIC, 3.00%, 11/25/50 | 3788 | 600 |
| Series 2020-B1-DNA6, REMIC, 6.93%, (SOFR 30-Day Average + 3.00%), 12/27/50 (o) | 250 | 235 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2019-1B1-R05, REMIC, 8.49%, (1 Month USD LIBOR + 4.10%), 07/25/39 (o) | 110 | 112 |
| Series 2020-1M2-R01, REMIC, 6.44%, (1 Month USD LIBOR + 2.05%), 01/25/40 (o) | 116 | 115 |
| Series 2012-GS-125, REMIC, 0.27%, (2.63% - (1 Month USD LIBOR \* 0.57)), 11/25/42 (o) | 811 | 466 |
| Series 2015-HZ-23, REMIC, 3.00%, 04/25/45 | 315 | 280 |
| Interest Only, Series 2018-SA-54, REMIC, 1.86%, (6.25% - (1 Month USD LIBOR \* 1)), 08/25/48 (o) | 2931 | 253 |
| Interest Only, Series 2020-AS-54, REMIC, 1.76%, (6.15% - (1 Month USD LIBOR \* 1)), 08/25/50 (o) | 2605 | 304 |
| Interest Only, Series 2020-SA-74, REMIC, 0.17%, (4.10% - (SOFR 30-Day Average \* 1)), 10/25/50 (o) | 5816 | 316 |
| Interest Only, Series 2020-SA-77, REMIC, 0.58%, (4.10% - (SOFR 30-Day Average \* 1)), 11/25/50 (o) | 7749 | 430 |
| Interest Only, Series 2020-SB-77, REMIC, 0.58%, (4.10% - (SOFR 30-Day Average \* 1)), 11/25/50 (o) | 5491 | 304 |
| Interest Only, Series 2021-S-82, REMIC, 0.23%, (3.75% - (SOFR 30-Day Average \* 1)), 01/25/51 (o) | 7607 | 242 |
| Interest Only, Series 2021-WI-56, REMIC, 2.50%, 09/25/51 | 4848 | 591 |
| Freddie Mac MSCR Trust MN1 |  |  |
| Series 2021-M2-MN1, REMIC, 7.68%, (SOFR 30-Day Average + 3.75%), 01/25/51 (o) | 500 | 446 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2013-SA-195, REMIC, 0.00%, 01/20/42 (o) | 4856 | 105 |
| Interest Only, Series 2018-HS-97, REMIC, 1.85%, (6.20% - (1 Month USD LIBOR \* 1)), 07/20/48 (o) | 227 | 22 |
| Interest Only, Series 2018-SD-91, REMIC, 1.85%, (6.20% - (1 Month USD LIBOR \* 1)), 07/20/48 (o) | 1705 | 156 |
| Interest Only, Series 2018-SA-111, REMIC, 0.20%, (4.55% - (1 Month USD LIBOR \* 1)), 08/20/48 (o) | 2659 | 109 |
| Interest Only, Series 2018-SH-105, REMIC, 1.90%, (6.25% - (1 Month USD LIBOR \* 1)), 08/20/48 (o) | 1599 | 149 |
| Interest Only, Series 2018-SK-124, REMIC, 1.85%, (6.20% - (1 Month USD LIBOR \* 1)), 09/20/48 (o) | 2080 | 195 |
| Interest Only, Series 2018-SA-166, REMIC, 1.80%, (6.15% - (1 Month USD LIBOR \* 1)), 12/20/48 (o) | 1883 | 168 |
| Interest Only, Series 2019-SH-92, REMIC, 1.75%, (6.10% - (1 Month USD LIBOR \* 1)), 07/20/49 (o) | 1782 | 155 |
| Interest Only, Series 2020-SA-115, REMIC, 0.00%, (4.20% - (1 Month USD LIBOR \* 1)), 08/20/50 (o) | 4447 | 216 |
| Interest Only, Series 2020-SC-115, REMIC, 0.00%, (4.20% - (1 Month USD LIBOR \* 1)), 08/20/50 (o) | 4576 | 208 |
| Interest Only, Series 2020-BS-112, REMIC, 1.90%, (6.25% - (1 Month USD LIBOR \* 1)), 08/20/50 (o) | 3723 | 407 |
| Interest Only, Series 2020-SH-146, REMIC, 1.95%, (6.30% - (1 Month USD LIBOR \* 1)), 10/20/50 (o) | 2706 | 341 |
| Interest Only, Series 2020-SD-167, REMIC, 1.95%, (6.30% - (1 Month USD LIBOR \* 1)), 11/20/50 (o) | 2873 | 365 |
| Interest Only, Series 2020-KI-175, REMIC, 2.50%, 11/20/50 | 6156 | 830 |
| Interest Only, Series 2020-SU-189, REMIC, 1.95%, (6.30% - (1 Month USD LIBOR \* 1)), 12/20/50 (o) | 2622 | 338 |
| Interest Only, Series 2021-SA-97, REMIC, 0.00%, (2.60% - (SOFR 30-Day Average \* 1)), 06/20/51 (o) | 10324 | 138 |
| Interest Only, Series 2021-SB-107, REMIC, 0.00%, (3.10% - (SOFR 30-Day Average \* 1)), 06/20/51 (o) | 7109 | 162 |
| Interest Only, Series 2021-SB-97, REMIC, 0.00%, (3.75% - (1 Month USD LIBOR \* 1)), 06/20/51 (o) | 4119 | 148 |
| Interest Only, Series 2021-IP-160, REMIC, 2.50%, 06/20/51 | 4649 | 544 |
| Interest Only, Series 2021-SL-196, REMIC, 0.00%, (2.65% - (SOFR 30-Day Average \* 1)), 11/20/51 (o) | 17419 | 125 |
| Interest Only, Series 2021-SC-221, REMIC, 0.00%, (3.80% - (SOFR 30-Day Average \* 1)), 12/20/51 (o) | 10568 | 192 |
| Interest Only, Series 2021-SN-213, REMIC, 0.00%, (3.20% - (SOFR 30-Day Average \* 1)), 12/20/51 (o) | 9208 | 213 |
| Interest Only, Series 2020-HI-H11, REMIC, 0.17%, 06/19/70 (o) | 5597 | 389 |
| Interest Only, Series 2020-AI-H18, REMIC, 0.39%, 09/20/70 (o) | 5658 | 412 |
| Interest Only, Series 2020-BI-H19, REMIC, 0.64%, 11/20/70 (o) | 4478 | 424 |
| Interest Only, Series 2021-QI-H08, REMIC, 1.06%, 05/20/71 (o) | 20905 | 520 |
| Interest Only, Series 2021-AI-H19, REMIC, 1.89%, 11/20/71 (o) | 7584 | 599 |
| The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities |  |  |
| Interest Only, Series 2020-SD-142, REMIC, 1.95%, (6.30% - (1 Month USD LIBOR \* 1)), 09/20/50 (o) | 3004 | 383 |
| Interest Only, Series 2021-SA-158, REMIC, 0.00%, (3.70% - (SOFR 30-Day Average \* 1)), 09/20/51 (o) | 5652 | 224 |
|  |  | 17939 |
| **Commercial Mortgage-Backed Securities 0.5%** | **Commercial Mortgage-Backed Securities 0.5%** | **Commercial Mortgage-Backed Securities 0.5%** |
| Federal National Mortgage Association, Inc. |  |  |
| Interest Only, Series 2015-XE-M2, REMIC, 0.39%, 12/25/24 (o) | 242639 | 1748 |
| Interest Only, Series 2020-X9-M10, REMIC, 0.80%, 12/25/27 (o) | 9985 | 259 |
| Interest Only, Series 2019-X-M5, REMIC, 0.50%, 02/25/29 (o) | 13165 | 306 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Interest Only, Series 2019-X-M7, REMIC, 0.33%, 05/25/29 (o) | 9714 | 159 |
| Interest Only, Series 2019-X-M12, REMIC, 0.57%, 06/25/29 (o) | 8315 | 218 |
| Interest Only, Series 2019-X-M25, REMIC, 0.13%, 11/25/29 (o) | 27049 | 184 |
| Interest Only, Series 2022-X2-M4, REMIC, 0.18%, 05/25/30 (o) | 34805 | 423 |
| Interest Only, Series 2020-X2-M13, REMIC, 1.23%, 09/25/30 (o) | 3630 | 202 |
| Interest Only, Series 2019-X2-M21, REMIC, 1.30%, 02/25/31 (o) | 3696 | 284 |
| Interest Only, Series 2019-2XA-M24, REMIC, 1.14%, 03/25/31 (o) | 3792 | 250 |
| Interest Only, Series 2021-X1-M23, REMIC, 0.60%, 11/25/31 (o) | 12739 | 403 |
| Interest Only, Series 2020-X4-M10, REMIC, 0.88%, 07/25/32 (o) | 11942 | 483 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2020-IA-168, REMIC, 0.97%, 12/16/62 (o) | 4826 | 318 |
| Interest Only, Series 2021-IO-52, REMIC, 0.72%, 04/16/63 (o) | 4732 | 251 |
| Interest Only, Series 2022-IO-48, REMIC, 0.71%, 01/16/64 (o) | 7820 | 464 |
| | | 5952 |
| **Mortgage-Backed Securities 0.4%** | **Mortgage-Backed Securities 0.4%** | **Mortgage-Backed Securities 0.4%** |
| Federal National Mortgage Association, Inc. |  |  |
| 3.26%, 01/01/28 | 1479 | 1405 |
| 3.40%, 03/01/30 | 1500 | 1403 |
| 3.24%, 01/01/33 | 1155 | 1046 |
|  |  | 3854 |
| **Municipal 0.0%** | **Municipal 0.0%** | **Municipal 0.0%** |
| Detroit, City of |  |  |
| 4.00%, 04/01/44 (m) | 60 | 43 |
| Illinois, State of |  |  |
| 5.10%, 06/01/33 | 150 | 144 |
| The Regents of the University of California |  |  |
| 3.71%, 05/15/20 | 20 | 13 |
|  |  | 200 |
| **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** |
| Presidencia Da Republica Federativa Do Brasil |  |  |
| 6.00%, 05/15/23, BRL (r) | 98 | 75 |
| Total Government And Agency Obligations (cost $129,773) | Total Government And Agency Obligations (cost $129,773) | 99395 |
| **SENIOR FLOATING RATE INSTRUMENTS 1.1%** | **SENIOR FLOATING RATE INSTRUMENTS 1.1%** | **SENIOR FLOATING RATE INSTRUMENTS 1.1%** |
| **Communication Services 0.3%** | **Communication Services 0.3%** | **Communication Services 0.3%** |
| Cengage Learning, Inc. |  |  |
| 2021 Term Loan B, 7.81%, (6 Month USD LIBOR + 4.75%), 06/29/26 (o) | 183 | 164 |
| Charter Communications Operating, LLC |  |  |
| 2019 Term Loan B1, 5.83%, (1 Month USD LIBOR + 1.75%), 04/30/25 (o) | 138 | 137 |
| Cyxtera DC Holdings, Inc. |  |  |
| Term Loan B, 7.36%, (3 Month USD LIBOR + 3.00%), 03/15/24 (o) | 157 | 132 |
| Intelsat Jackson Holdings S.A. |  |  |
| 2021 Exit Term Loan B, 7.44%, (SOFR + 4.50%), 01/25/29 (o) | 189 | 182 |
| Level 3 Financing Inc. |  |  |
| 2019 Term Loan B, 5.82%, (1 Month USD LIBOR + 1.75%), 03/01/27 (o) | 54 | 51 |
| Maxar Technologies Ltd. |  |  |
| 2022 Term Loan B, 0.00%, (1 Month Term SOFR + 4.25%), 06/09/29 (o) (s) | 2100 | 2098 |
| Solis IV BV |  |  |
| USD Term Loan B1, 7.86%, (3 Month Term SOFR + 3.50%), 02/09/29 (o) | 199 | 174 |
| Univision Communications Inc. |  |  |
| 2021 First Lien Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 03/15/26 (o) | 154 | 151 |
| Virgin Media Bristol LLC |  |  |
| USD Term Loan N, 6.82%, (1 Month USD LIBOR + 2.50%), 10/03/27 (o) | 45 | 44 |
|  |  | 3133 |
| **Financials 0.3%** | **Financials 0.3%** | **Financials 0.3%** |
| Astra Acquisition Corp. |  |  |
| 2021 1st Lien Term Loan, 9.32%, (1 Month USD LIBOR + 5.25%), 10/20/28 (o) | 143 | 126 |
| 2021 2nd Lien Term Loan, 12.95%, (1 Month USD LIBOR + 8.88%), 10/22/29 (d) (o) | 520 | 463 |
| Asurion LLC |  |  |
| 2018 Term Loan B7, 7.07%, (1 Month USD LIBOR + 3.00%), 11/15/24 (o) | 48 | 47 |
| 2021 2nd Lien Term Loan B3, 9.32%, (1 Month USD LIBOR + 5.25%), 02/05/28 (o) | 65 | 50 |
| Byju's Alpha, Inc. |  |  |
| Term Loan B, 10.70%, (1 Month USD LIBOR + 6.00%), 11/05/26 (o) | 173 | 137 |
| Edelman Financial Center, LLC |  |  |
| 2021 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 03/15/28 (o) | 29 | 27 |
| Granite Holdings US Acquisition Co. |  |  |
| 2021 Term Loan B, 0.00%, (3 Month USD LIBOR + 4.00%), 09/30/26 (o) (s) | 119 | 119 |
| Gulf Finance, LLC |  |  |
| 2021 Term Loan, 10.83%, (1 Month USD LIBOR + 6.75%), 08/25/26 (o) | 75 | 71 |
| 2021 Term Loan, 10.97%, (1 Month USD LIBOR + 6.75%), 08/25/26 (o) | 133 | 124 |
| Jane Street Group, LLC |  |  |
| 2021 Term Loan, 6.82%, (1 Month USD LIBOR + 2.75%), 01/21/28 (o) | 29 | 28 |
| Lealand Finance Company B.V. |  |  |
| 2020 Make Whole Term Loan, 7.07%, (1 Month USD LIBOR + 3.00%), 06/28/24 (o) | 7 | 4 |
| 2020 Letter Of Credit Term Loan, 7.67%, (3 Month USD LIBOR + 4.00%), 06/28/24 (o) | 484 | 266 |
| 2020 Take Back Term Loan, 5.07%, (3 Month USD LIBOR + 3.00%), 06/30/25 (n) (o) | 386 | 202 |
| Sweetwater Borrower, LLC |  |  |
| Term Loan B, 8.38%, (1 Month USD LIBOR + 4.25%), 12/31/24 (o) | 79 | 73 |
| Travelport Finance (Luxembourg) S.a.r.l. |  |  |
| 2020 Super Priority Term Loan, 12.42%, (3 Month USD LIBOR + 7.25%), 02/28/25 (n) (o) | 353 | 353 |
| Zephyrus Capital Aviation Partners 2018-1 LLC |  |  |
| Term Loan, 4.61%, 10/15/38 | 767 | 648 |
|  |  | 2738 |
| **Information Technology 0.2%** | **Information Technology 0.2%** | **Information Technology 0.2%** |
| Applied Systems, Inc. |  |  |
| 2022 Extended 2nd Lien Term Loan, 9.17%, (3 Month Term SOFR + 6.75%), 09/19/27 (o) | 340 | 336 |
| Blackhawk Network Holdings, Inc |  |  |
| 2018 2nd Lien Term Loan, 10.94%, (3 Month USD LIBOR + 7.00%), 06/15/26 (o) | 55 | 47 |
| Constant Contact Inc |  |  |
| Second Lien Term Loan, 11.41%, (3 Month USD LIBOR + 7.50%), 02/10/29 (o) | 360 | 271 |
| Cornerstone OnDemand, Inc. |  |  |
| 2021 Term Loan, 0.00%, (1 Month USD LIBOR + 3.75%), 09/08/26 (o) (s) | 33 | 29 |
| DCert Buyer, Inc. |  |  |
| 2021 2nd Lien Term Loan, 11.70%, (6 Month USD LIBOR + 7.00%), 02/16/29 (o) | 200 | 182 |
| Finastra USA, Inc. |  |  |
| USD 1st Lien Term Loan, 6.87%, (3 Month USD LIBOR + 3.50%), 04/26/24 (o) | 134 | 118 |
| USD 2nd Lien Term Loan , 10.62%, (3 Month USD LIBOR + 7.25%), 04/27/25 (o) | 190 | 141 |
| Grab Holdings Inc |  |  |
| Term Loan B, 8.57%, (1 Month USD LIBOR + 4.50%), 01/20/26 (o) | 275 | 270 |
| Riverbed Technology, Inc. |  |  |
| 2021 PIK Exit Term Loan, 12.54%, (3 Month USD LIBOR + 2.00%), 11/17/28 (n) (o) | 664 | 275 |
| Ultimate Software Group Inc (The) |  |  |
| 2021 2nd Lien Term Loan, 9.00%, (1 Month USD LIBOR + 5.25%), 05/03/27 (o) | 400 | 366 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Vision Solutions, Inc. |  |  |
| 2021 Incremental Term Loan, 0.00%, (3 Month USD LIBOR + 4.00%), 04/24/28 (o) (s) | 33 | 27 |
| | | 2062 |
| **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** |
| Alterra Mountain Company |  |  |
| 2021 Series B-2 Consenting Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 07/30/28 (o) | 29 | 29 |
| American Tire Distributors Holdings, Inc. |  |  |
| 2021 Term Loan B, 10.61%, (3 Month USD LIBOR + 6.25%), 10/07/28 (o) | 239 | 217 |
| Caesars Resort Collection, LLC |  |  |
| 2017 1st Lien Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 12/23/24 (o) | 65 | 64 |
| Farfetch US Holdings, Inc |  |  |
| Term Loan, 10.18%, (3 Month Term SOFR + 6.25%), 09/20/27 (o) | 256 | 230 |
| Hilton Domestic Operating Company, Inc. |  |  |
| 2019 Term Loan B2, 6.17%, (3 Month USD LIBOR + 1.75%), 10/25/23 (o) | 11 | 11 |
| LSF9 Atlantis Holdings, LLC |  |  |
| 2022 Term Loan B, 10.80%, (3 Month Term SOFR + 7.25%), 03/31/29 (o) | 125 | 121 |
| Travel Leaders Group, LLC |  |  |
| 2018 Term Loan B, 8.07%, (1 Month USD LIBOR + 4.00%), 01/25/24 (o) | 435 | 397 |
|  |  | 1069 |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| Air Methods Corporation |  |  |
| 2017 Term Loan B, 7.17%, (3 Month USD LIBOR + 3.50%), 04/12/24 (o) | 416 | 232 |
| Aveanna Healthcare, LLC |  |  |
| 2021 2nd Lien Term Loan, 11.39%, (3 Month USD LIBOR + 7.00%), 12/08/29 (d) (o) | 455 | 250 |
| Envision Healthcare Corporation |  |  |
| 2022 Third Out Term Loan, 7.87%, (3 Month Term SOFR + 3.75%), 03/31/27 (n) (o) | 524 | 131 |
| 2022 Second Out Term Loan, 8.37%, (3 Month Term SOFR + 4.25%), 03/31/27 (n) (o) | 214 | 73 |
| Team Health Holdings, Inc. |  |  |
| 1st Lien Term Loan, 6.82%, (1 Month USD LIBOR + 2.75%), 01/12/24 (o) | 296 | 252 |
|  |  | 938 |
| **Industrials 0.1%** | **Industrials 0.1%** | **Industrials 0.1%** |
| DG Investment Intermediate Holdings 2, Inc. |  |  |
| 2021 2nd Lien Term Loan, 10.82%, (1 Month USD LIBOR + 6.75%), 03/18/29 (o) | 190 | 167 |
| Kenan Advantage Group, Inc. |  |  |
| 2021 2nd Lien Term Loan, 11.32%, (1 Month USD LIBOR + 7.25%), 12/31/24 (o) | 100 | 92 |
| Minotaur Acquisition, Inc. |  |  |
| Term Loan B, 8.94%, (1 Month Term SOFR + 4.75%), 02/27/26 (o) | 233 | 223 |
| Viad Corp |  |  |
| Initial Term Loan, 9.07%, (1 Month USD LIBOR + 5.00%), 12/31/24 (o) | 168 | 158 |
|  |  | 640 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| Atlas Purchaser, Inc. |  |  |
| 2021 Term Loan, 9.81%, (3 Month USD LIBOR + 5.25%), 12/31/24 (o) | 379 | 265 |
| Granite Holdings US Acquisition Co. |  |  |
| 2021 Term Loan B, 7.67%, (3 Month USD LIBOR + 4.00%), 09/30/26 (o) | 117 | 117 |
|  |  | 382 |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| Edgewater Generation, L.L.C. |  |  |
| Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 11/29/25 (o) | 125 | 118 |
| Waterbridge Midstream Operating LLC |  |  |
| Term Loan B, 9.13%, (3 Month USD LIBOR + 5.75%), 06/22/26 (o) | 254 | 243 |
|  |  | 361 |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| Vantage Specialty Chemicals, Inc. |  |  |
| 2017 1st Lien Term Loan, 7.17%, (3 Month USD LIBOR + 3.50%), 10/20/24 (o) | 129 | 126 |
| 2017 1st Lien Term Loan, 7.91%, (3 Month USD LIBOR + 3.50%), 10/20/24 (o) | 123 | 120 |
|  |  | 246 |
| **Consumer Staples 0.0%** | **Consumer Staples 0.0%** | **Consumer Staples 0.0%** |
| Prime Security Services Borrower, LLC |  |  |
| 2021 Term Loan, 6.50%, (3 Month USD LIBOR + 2.75%), 09/23/26 (o) | 129 | 127 |
| Rentpath, Inc. |  |  |
| 2021 Stub Current Face Term Loan, 0.00%, 12/31/24 (a) (d) (j) | 114 | 1 |
|  |  | 128 |
| Total Senior Floating Rate Instruments (cost $13,861) | Total Senior Floating Rate Instruments (cost $13,861) | 11697 |
| **OTHER EQUITY INTERESTS 0.6%** | **OTHER EQUITY INTERESTS 0.6%** | **OTHER EQUITY INTERESTS 0.6%** |
| Altaba Inc. (a) (d) (t) | 1829 | 6851 |
| Altaba Inc. (a) (d) (f) (t) | 250 |  |
| Altaba Inc. (a) (d) (i) (t) | 250 |  |
| Gulfport Energy Operating Corporation (a) (d) (t) | 85 |  |
| Gulfport Energy Operating Corporation (a) (d) (t) | 89 |  |
| Gulfport Energy Operating Corporation (a) (d) (t) | 93 |  |
| Gulfport Energy Operating Corporation (a) (d) (t) | 180 |  |
| Intelsat Jackson Holdings S.A. (a) (d) (t) | 320 |  |
| Pershing Square Tontine Holdings, Ltd. (a) (d) (t) | 31 | 4 |
| Total Other Equity Interests (cost $7,268) | Total Other Equity Interests (cost $7,268) | 6855 |
| **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** |
| **Information Technology 0.1%** | **Information Technology 0.1%** | **Information Technology 0.1%** |
| Samsung Electronics Co Ltd, 1.00% (p) | 28 | 1104 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| Gulfport Energy Operating Corporation, 10.00%, (100, 2/9/23) (a) (d) (n) (p) |  | 7 |
| McDermott International, Inc. (d) |  | 164 |
|  |  | 171 |
| Total Preferred Stocks (cost $1,176) | Total Preferred Stocks (cost $1,176) | 1275 |
| **INVESTMENT COMPANIES 0.0%** | **INVESTMENT COMPANIES 0.0%** | **INVESTMENT COMPANIES 0.0%** |
| Jasmine Broadband Internet Infrastructure Fund | 1108 | 257 |
| Total Investment Companies (cost $381) | Total Investment Companies (cost $381) | 257 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Achari Ventures Holdings Corp. I (a) | 6 |  |
| Akazoo Internet and Digital Appliances Enterprises Services SA (a) (d) | 83 |  |
| Amprius Technologies, Inc. (a) | 15 | 4 |
| Arrowroot Acquisition Corp. (a) | 14 |  |
| Athena Consumer Acquisition Corp. (a) | 2 |  |
| Atlantic Coastal Acquisition Corp. (a) | 5 |  |
| BigBear.ai Holdings, LLC (a) | 3 |  |
| biote Corp. (a) | 5 | 1 |
| Burtech Acquisition Corp. (a) | 14 |  |
| Cazoo Group Ltd (a) | 31 |  |
| CIIG Capital Partners II, Inc. (a) | 7 | 1 |
| Colonnade Acquisition Corp. II (a) | 3 |  |
| Compagnie Financiere Richemont SA (a) | 31 | 25 |
| DHC Acquisition Corporation (a) | 2 |  |
| Digital Transformation Opportunities Corp. (a) |  |  |
| ECARX Holdings Inc (a) | 2 |  |
| EG Acquisition Corp. (a) | 6 | 1 |
| ESGEN Acquisition Corp (a) | 3 |  |
| Flame Acquisition Corp. (a) | 7 | 4 |
| Forest Road Acquisition Corp. II (a) | 3 | 1 |
| G Squared Ascend I Inc. (a) | 3 |  |
| GCM Grosvenor Inc. (a) | 40 | 18 |
| Gesher I Acquisition Corp (a) | 3 | 1 |
| Getaround, Inc. (a) | 1 |  |
| Goal Acquisitions Corp. (a) | 45 | 2 |
| Golden Arrow Merger Corp. (a) | 4 |  |
| Grove Collaborative Holdings, Inc. (a) | 4 |  |
| GSR II Meteora Acquisition Corp. (a) |  |  |
| GX Acquisition Corp. II (a) | 2 | 2 |
| Heliogen, Inc. (a) | 1 |  |
| HPX Corp. (a) | 21 | 7 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Interprivate IV Infratech Partners Inc. (a) | 2 |  |
| Kaixin Auto Holdings (a) | 65 | 2 |
| KLDiscovery (a) | 35 | 1 |
| Kludein I Acquisition Corp. (a) | 10 | 1 |
| Landcadia Holdings IV Inc. (a) | 3 |  |
| Legacy EJY Subsidiary LLC (a) | 1 |  |
| MariaDB Public Limited Company (a) | 3 | 1 |
| Metals Acquisition Corp. (a) | 2 | 1 |
| Moneylion Technologies Inc. (a) | 40 | 2 |
| Northern Star Investment Corp. II (a) | 1 |  |
| Northern Star Investment Corp. III (a) | 1 |  |
| Northern Star Investment Corp. IV (a) | 1 |  |
| Phoenix Biotech Acquisition Corp. (a) | 3 |  |
| Pine Technology Acquisition Corp. (a) | 4 |  |
| Prenetics Global Limited (a) |  |  |
| Q-Si Operations Inc. (a) | 13 | 3 |
| Rocket Internet Growth Opportunities Corp. (a) (d) | 2 |  |
| Screaming Eagle Acquisition Corp. (a) | 12 | 3 |
| Shapeways Holdings, Inc. (a) | 61 | 1 |
| Silver Spike Acquisition Corp II (a) |  |  |
| Slam Corp. (a) | 5 |  |
| Supernova Partners Acquisition Company III, Ltd. (a) | 6 |  |
| SWVL Holdings Corp. (a) |  |  |
| Thunder Bridge Capital Partners III, Inc. (a) | 4 |  |
| TLG Acquisition One Corp. (a) | 4 |  |
| Virgin Orbit Holdings, Inc. (a) | 1 |  |
| Whole Earth Brands, Inc. (a) | 26 | 6 |
| Total Warrants (cost $382) | Total Warrants (cost $382) | 88 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| ABIOMED, Inc. (a) (d) | 2 | 3 |
| Akouos, Inc. (a) (d) | 14 | 11 |
| Bristol-Myers Squibb Company (a) (d) | 25 | 25 |
| Flexion Therapeutics, Inc. (a) (d) | 50 | 34 |
| Intelsat Jackson Holdings, Ltd. (a) (d) |  | 2 |
| Intelsat Jackson Holdings, Ltd. (a) (d) |  | 2 |
| Localiza Rent A Car S/A (a) |  |  |
| Total Rights (cost $1,164) | Total Rights (cost $1,164) | 77 |
| **SHORT TERM INVESTMENTS 16.6%** | **SHORT TERM INVESTMENTS 16.6%** | **SHORT TERM INVESTMENTS 16.6%** |
| **Investment Companies 14.0%** | **Investment Companies 14.0%** | **Investment Companies 14.0%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (b) (u) | 150931 | 150931 |
| **U.S. Treasury Bill 2.4%** | **U.S. Treasury Bill 2.4%** | **U.S. Treasury Bill 2.4%** |
| Treasury, United States Department of |  |  |
| 3.77%, 01/19/23 | 26300 | 26256 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (b) (u) | 1590 | 1590 |
| Total Short Term Investments (cost $178,772) | Total Short Term Investments (cost $178,772) | 178777 |
| **Total Investments 112.9% (cost $1,319,641)** | **Total Investments 112.9% (cost $1,319,641)** | **1218945** |
| **Total Securities Sold Short (19.8)% (proceeds $217,595)** | **Total Securities Sold Short (19.8)% (proceeds $217,595)** | **(214375)** |
| **Total Purchased Options 0.1% (cost $1,424)** | **Total Purchased Options 0.1% (cost $1,424)** | **682** |
| **Other Derivative Instruments 0.1%** | **Other Derivative Instruments 0.1%** | **843** |
| **Other Assets and Liabilities, Net 6.7%** | **Other Assets and Liabilities, Net 6.7%** | **73917** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1080012** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) All or a portion of the security is pledged or segregated as collateral.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(e) All or a portion of the security was on loan as of December 31, 2022.

(f) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(g) All or a portion of the security is subject to a written call option.

(h) Convertible security.

(i) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $88,117 and 8.2% of the Fund.

(j) As of December 31, 2022, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(k) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(l) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(m) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(n) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(o) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(p) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(q) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(r) Treasury inflation indexed note, par amount is not adjusted for inflation.

(s) This senior floating rate interest will settle after December 31, 2022. If a reference rate and spread is presented, it will go into effect upon settlement.

(t) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(u) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **SECURITIES SOLD SHORT (19.8%)** | **SECURITIES SOLD SHORT (19.8%)** | **SECURITIES SOLD SHORT (19.8%)** |
| **COMMON STOCKS (15.6%)** | **COMMON STOCKS (15.6%)** | **COMMON STOCKS (15.6%)** |
| **Consumer Discretionary (4.3%)** | **Consumer Discretionary (4.3%)** | **Consumer Discretionary (4.3%)** |
| Airbnb, Inc. - Class A |  | (32) |
| AutoZone, Inc. | (1) | (3413) |
| Best Buy Co., Inc. | (75) | (6014) |
| Boot Barn Holdings, Inc. | (21) | (1340) |
| Burlington Stores, Inc. | (6) | (1205) |
| Carnival Corporation | (61) | (489) |
| D.R. Horton, Inc. | (12) | (1102) |
| Delivery Hero SE (a) | (8) | (377) |
| ETSY, Inc. | (2) | (216) |
| Fisker Group Inc. - Class A | (56) | (405) |
| Fiverr International Ltd |  | (4) |
| Ford Motor Company | (50) | (581) |
| Groupon, Inc. | (9) | (75) |
| Guess ?, Inc. | (58) | (1197) |
| H & R Block, Inc. | (65) | (2365) |
| Just Eat Takeaway.Com N.V. (a) | (2) | (44) |
| Lennar Corporation - Class A | (11) | (1029) |
| Li Auto Inc. - ADR | (65) | (1320) |
| Lucid Group, Inc. | (15) | (100) |
| Luminar Technologies, Inc. - Class A | (11) | (55) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| Marriott Vacations Worldwide Corporation | (2) | (242) |
| National Vision Holdings, Inc. | (59) | (2272) |
| Norwegian Cruise Line Holdings Ltd. | (79) | (969) |
| Pool Corporation | (16) | (4923) |
| Porch Group Inc - Class A | (12) | (23) |
| RH | (17) | (4478) |
| Royal Caribbean Cruises Ltd. | (47) | (2344) |
| Snap One Holdings Corp. | (57) | (421) |
| The Home Depot, Inc. | (19) | (6162) |
| The ODP Corporation | (36) | (1637) |
| Toll Brothers, Inc. | (20) | (1021) |
| Wayfair Inc. - Class A | (14) | (473) |
| Xometry, Inc. - Class A | (17) | (555) |
| | | (46883) |
| **Information Technology (3.2%)** | **Information Technology (3.2%)** | **Information Technology (3.2%)** |
| 8X8, Inc. | (144) | (621) |
| Adeia Inc. | (108) | (1022) |
| Altair Engineering Inc. - Class A | (8) | (385) |
| AMS-Osram AG | (20) | (146) |
| ASML Holding N.V. - ADR | (5) | (2934) |
| Avaya Holdings Corp. | (488) | (96) |
| Bentley Systems, Incorporated - Class B | (4) | (165) |
| Blackline, Inc. | (1) | (100) |
| Broadcom Inc. | (5) | (3013) |
| Cloudflare, Inc. - Class A | (2) | (81) |
| Confluent, Inc. - Class A | (6) | (135) |
| Coupa Software Incorporated | (2) | (121) |
| CrowdStrike Holdings, Inc. - Class A | (28) | (2922) |
| DigitalOcean Holdings, Inc. | (2) | (52) |
| Dye & Durham Limited | (6) | (70) |
| Envestnet, Inc. | (2) | (128) |
| Guidewire Software, Inc. | (1) | (77) |
| I3 Verticals, Inc. - Class A | (12) | (302) |
| Infinera Corporation | (38) | (260) |
| KLA Corporation | (8) | (2935) |
| MaxLinear, Inc. | (14) | (468) |
| Mitek Systems, Inc. | (36) | (350) |
| NetApp, Inc. | (73) | (4385) |
| Okta, Inc. - Class A | (3) | (172) |
| Palo Alto Networks, Inc. | (15) | (2116) |
| PAR Technology Corporation | (9) | (222) |
| Repay Holdings Corporation - Class A | (15) | (122) |
| Seagate Technology Holdings Public Limited Company | (88) | (4650) |
| Semtech Corporation | (28) | (793) |
| Shift4 Payments, LLC - Class A | (15) | (855) |
| Shopify Inc. - Class A | (1) | (35) |
| Unity Software Inc. |  | (11) |
| Veeco Instruments Inc. | (136) | (2523) |
| Veritone, Inc. | (4) | (20) |
| Vishay Intertechnology, Inc. | (7) | (146) |
| Wolfspeed, Inc. | (1) | (36) |
| Zscaler, Inc. | (14) | (1601) |
|  |  | (34070) |
| **Industrials (2.5%)** | **Industrials (2.5%)** | **Industrials (2.5%)** |
| ACCO Brands Corporation | (200) | (1116) |
| Allison Systems, Inc. | (41) | (1699) |
| American Airlines Group Inc. | (72) | (911) |
| Arcbest Corporation | (19) | (1318) |
| Array Tech, Inc. | (62) | (1189) |
| Axon Enterprise, Inc. | (1) | (197) |
| Bloom Energy Corporation - Class A | (106) | (2023) |
| Cathay Pacific Airways Limited | (1544) | (1683) |
| Copa Holdings, S.A. - Class A | (65) | (5412) |
| Deluxe Corporation | (78) | (1327) |
| Desktop Metal Operating, Inc. - Class A | (469) | (638) |
| Eagle Bulk Shipping Inc. | (57) | (2847) |
| Elance, Inc. | (4) | (38) |
| Gol Linhas Aereas Inteligentes S.A. - ADR | (22) | (59) |
| Granite Construction Incorporated | (29) | (1034) |
| JetBlue Airways Corporation | (17) | (108) |
| Masco Corporation | (32) | (1506) |
| Plug Power Inc. | (150) | (1856) |
| Ritchie Bros. Auctioneers Incorporated |  | (26) |
| The Greenbrier Companies, Inc. | (12) | (403) |
| Virgin Galactic Holdings, Inc. - Class A | (19) | (67) |
| Werner Enterprises, Inc. | (35) | (1422) |
| ZTO Express (Cayman) Inc. - Class A-ADR | (18) | (496) |
|  |  | (27375) |
| **Health Care (2.0%)** | **Health Care (2.0%)** | **Health Care (2.0%)** |
| Apellis Pharmaceuticals, Inc. | (33) | (1705) |
| Avadel Pharmaceuticals Public Limited Company - ADR | (37) | (264) |
| Coherus Biosciences, Inc. | (74) | (586) |
| Collegium Pharmaceutical, Inc. | (44) | (1022) |
| Cutera, Inc. | (47) | (2060) |
| DexCom, Inc. | (28) | (3207) |
| Dynavax Technologies Corporation | (202) | (2146) |
| Gossamer Bio, Inc. | (74) | (161) |
| Halozyme Therapeutics, Inc. | (10) | (580) |
| Health Catalyst, Inc. | (11) | (115) |
| Innoviva, Inc. | (39) | (523) |
| Inotiv, Inc. | (11) | (54) |
| Insmed Incorporated | (55) | (1105) |
| Intercept Pharmaceuticals, Inc. | (7) | (91) |
| Ionis Pharmaceuticals, Inc. | (4) | (151) |
| Karyopharm Therapeutics Inc. | (47) | (160) |
| MannKind Corporation | (585) | (3082) |
| NextGen Healthcare, Inc. | (37) | (704) |
| NuVasive, Inc. | (1) | (39) |
| Omeros Corporation | (1) | (2) |
| Pacira Pharmaceuticals, Inc. | (2) | (70) |
| PetIQ, Inc. - Class A | (16) | (150) |
| Pharming Group N.V. | (198) | (230) |
| Pphm, Inc. | (51) | (705) |
| Revance Therapeutics, Inc. | (33) | (618) |
| Travere Therapeutics, Inc. | (42) | (894) |
| Varex Imaging Corporation | (85) | (1722) |
|  |  | (22146) |
| **Materials (1.1%)** | **Materials (1.1%)** | **Materials (1.1%)** |
| Agnico Eagle Mines Limited | (13) | (697) |
| Amyris, Inc. | (117) | (179) |
| Antofagasta PLC | (8) | (145) |
| Century Aluminum Company | (32) | (261) |
| Danimer Scientific, Inc. - Class A | (25) | (45) |
| Lithium Americas Corp. | (14) | (257) |
| Livent Corporation | (166) | (3301) |
| MP Materials Corp. - Class A | (19) | (465) |
| Pan American Silver Corp. | (57) | (930) |
| The Sherwin-Williams Company | (4) | (950) |
| Turquoise Hill Resources Ltd - Class A | (102) | (806) |
| United States Steel Corporation | (136) | (3415) |
|  |  | (11451) |
| **Energy (0.6%)** | **Energy (0.6%)** | **Energy (0.6%)** |
| Frontline Ltd. | (105) | (1277) |
| Helix Energy Solutions Group, Inc. | (236) | (1739) |
| Peabody Energy Corporation | (114) | (3017) |
|  |  | (6033) |
| **Consumer Staples (0.5%)** | **Consumer Staples (0.5%)** | **Consumer Staples (0.5%)** |
| Central Garden & Pet Company - Class A | (34) | (1223) |
| Herbalife Nutrition Ltd. | (36) | (543) |
| Post Holdings, Inc. | (4) | (336) |
| The Beauty Health Company - Class A | (16) | (149) |
| The Chefs' Warehouse, Inc. | (25) | (829) |
| United Natural Foods, Inc. | (72) | (2796) |
|  |  | (5876) |
| **Financials (0.5%)** | **Financials (0.5%)** | **Financials (0.5%)** |
| AON Public Limited Company - Class A | (2) | (740) |
| Arbor Realty Trust, Inc. | (36) | (474) |
| EZCORP, Inc. - Class A | (121) | (984) |
| Focus Financial Partners Inc. - Class A | (40) | (1486) |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | (6) | (161) |
| PennyMac Mortgage Investment Trust | (33) | (414) |
| PRA Group, Inc. | (7) | (221) |
| Redwood Trust, Inc. | (39) | (262) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| Two Harbors Investment Corp. | (9) | (144) |
| | | (4886) |
| **Communication Services (0.4%)** | **Communication Services (0.4%)** | **Communication Services (0.4%)** |
| Bandwidth Inc. - Class A | (4) | (83) |
| Cinemark Holdings, Inc. | (107) | (930) |
| Dish Network Corporation - Class A | (18) | (248) |
| fuboTV Inc. | (1) | (2) |
| Magnite, Inc. | (3) | (29) |
| Match Group, Inc. | (10) | (398) |
| Radius Global Infrastructure, Inc. - Class A | (38) | (451) |
| Sea Limited - Class A-ADR | (8) | (433) |
| Sirius XM Holdings Inc. | (90) | (526) |
| Snap Inc. - Class A | (20) | (175) |
| TechTarget, Inc. | (3) | (122) |
| The Marcus Corporation | (98) | (1405) |
|  |  | (4802) |
| **Real Estate (0.4%)** | **Real Estate (0.4%)** | **Real Estate (0.4%)** |
| Braemar Hotel & Resorts Inc. | (99) | (408) |
| Compass, Inc. - Class A | (578) | (1347) |
| Open Doors Technology Inc. - Class A | (35) | (41) |
| Pebblebrook Hotel Trust | (57) | (760) |
| Realogy Holdings Corp. | (22) | (139) |
| Redfin Corporation | (2) | (7) |
| Retail Opportunity Investments Corp. | (84) | (1257) |
| StorageVault Canada Inc. | (7) | (32) |
| Summit Hotel TRS 005, LLC | (30) | (215) |
|  |  | (4206) |
| **Utilities (0.1%)** | **Utilities (0.1%)** | **Utilities (0.1%)** |
| Sunnova Energy International Inc. | (31) | (551) |
| Total Common Stocks (proceeds $170,460) | Total Common Stocks (proceeds $170,460) | (168279) |
| **INVESTMENT COMPANIES (2.6%)** | **INVESTMENT COMPANIES (2.6%)** | **INVESTMENT COMPANIES (2.6%)** |
| Invesco QQQ Trust - Series 1 |  | (77) |
| iShares iBoxx $ High Yield Corporate Bond ETF | (128) | (9449) |
| SPDR S&P 500 ETF Trust | (35) | (13496) |
| VanEck Semiconductor ETF | (25) | (5088) |
| Total Investment Companies (proceeds $29,152) | Total Investment Companies (proceeds $29,152) | (28110) |
| **SHORT TERM INVESTMENTS (1.6%)** | **SHORT TERM INVESTMENTS (1.6%)** | **SHORT TERM INVESTMENTS (1.6%)** |
| **Treasury Securities (1.6%)** | **Treasury Securities (1.6%)** | **Treasury Securities (1.6%)** |
| Treasury, United States Department of |  |  |
| 3.76%, 01/10/23 | (18000) | (17986) |
| Total Short Term Investments (proceeds $17,983) | Total Short Term Investments (proceeds $17,983) | (17986) |
| **Total Securities Sold Short (19.8%) (proceeds $217,595)** | **Total Securities Sold Short (19.8%) (proceeds $217,595)** | **(214375)** |

---

(a) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Alternative Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases/**<br>**Covers($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Apollo Commercial Real Estate Finance, Inc., 08/23/22 | 542 |  | 541 | 7 | (1) |  |  |  |
| Apollo Commercial Real Estate Finance, Inc. | (9) | 8 |  |  | 2 | (1) |  |  |
| Apollo Strategic Growth Capital | 14 |  | 13 |  | (6) | 5 |  |  |
| Apollo Strategic Growth Capital - Class A | 176 |  | 178 |  | 11 | (9) |  |  |
| Apollo Strategic Growth Capital II | 22 |  |  |  |  |  | 22 |  |
|  | 745 | 8 | 732 | 7 | 6 | (5) | 22 |  |

---

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 78.1% |
| **China** | 2.2 |
| **Switzerland** | 2.0 |
| **South Korea** | 1.5 |
| **Canada** | 1.5 |
| **Cayman Islands** | 1.2 |
| **Indonesia** | 1.0 |
| **Netherlands** | 1.0 |
| **Brazil** | 1.0 |
| **Mexico** | 0.9 |
| **Taiwan** | 0.9 |
| **Panama** | 0.8 |
| **Thailand** | 0.7 |
| **Singapore** | 0.6 |
| **Israel** | 0.6 |
| **United Kingdom** | 0.6 |
| **India** | 0.5 |
| **Germany** | 0.4 |
| **Poland** | 0.4 |
| **Liberia** | 0.4 |
| **Denmark** | 0.4 |
| **Hong Kong** | 0.3 |
| **Marshall Islands** | 0.3 |
| **Bermuda** | 0.3 |
| **Belgium** | 0.3 |
| **South Africa** | 0.2 |
| **France** | 0.2 |
| **Luxembourg** | 0.2 |
| **Australia** | 0.2 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **Russian Federation** | 0.2 |
| **Japan** | 0.1 |
| **Austria** | 0.1 |
| **Colombia** | 0.1 |
| **Argentina** | 0.1 |
| **Jersey** | 0.1 |
| **Hungary** | 0.1 |
| **Ireland** | 0.1 |
| **Macau** | 0.1 |
| **Greece** | 0.1 |
| **Peru** | 0.1 |
| **Spain** | 0.1 |
| **Dominican Republic** |  |
| **Cote D'Ivoire** |  |
| **Oman** |  |
| **Morocco** |  |
| **Gabon** |  |
| **Mauritius** |  |
| **Chile** |  |
| **Kenya** |  |
| **Egypt** |  |
| **Paraguay** |  |
| **Costa Rica** |  |
| **Nigeria** |  |
| **Italy** |  |
| **United Arab Emirates** |  |
| **Virgin Islands (British)** |  |
| **Kazakhstan** |  |
| **Ukraine** |  |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Restricted Securities** | **JNL Multi-Manager Alternative Fund — Restricted Securities** | **JNL Multi-Manager Alternative Fund — Restricted Securities** | **JNL Multi-Manager Alternative Fund — Restricted Securities** | **JNL Multi-Manager Alternative Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adyen B.V. | 06/13/18 | 1582 | 3712 | 0.4 |
| Alibaba Group Holding Limited | 04/07/21 | 835 | 406 | 0.1 |
| Altaba Inc. (callable at 100, 02/10/23) | 09/30/22 |  |  |  |
| AMS-Osram AG, 2.13%, 11/03/27 | 02/09/21 | 2037 | 1403 | 0.2 |
| Aris Mining Corporation, 6.88%, 08/08/26 | 09/07/22 | 160 | 157 |  |
| Banco Davivienda S.A., 6.65% (callable at 100, 04/22/31) | 07/28/22 | 152 | 154 |  |
| BRF S.A., 5.75%, 09/21/50 | 07/22/22 | 266 | 285 |  |
| Cabinet of Ministers of Ukraine, 0.00%, 03/15/35 | 03/19/21 | 304 | 57 |  |
| Camposol SA, 6.00%, 02/03/27 | 08/09/21 | 357 | 210 |  |
| Cap S.A., 3.90%, 04/27/31 | 12/07/21 | 189 | 157 |  |
| Cathay Pacific Airways Limited, 2.75%, 02/05/26 | 12/29/21 | 2332 | 2485 | 0.3 |
| Commonwealth of Australia, 2.75%, 05/21/41 | 09/02/22 | 322 | 303 |  |
| Commonwealth of Australia, 3.00%, 03/21/47 | 04/29/21 | 1280 | 1085 | 0.1 |
| Coruripe Netherlands B.V., 10.00%, 02/10/27 | 06/09/22 | 181 | 161 |  |
| Credit Agricole SA, 7.50% (callable at 100, 06/23/26) | 11/10/20 | 371 | 281 |  |
| Delivery Hero SE | 01/21/22 | 190 | (32) |  |
| Delivery Hero SE, 1.00%, 01/23/27 | 03/10/22 | 1092 | 1102 | 0.1 |
| Delivery Hero SE, 1.50%, 01/15/28 | 02/04/21 | 1532 | 879 | 0.1 |
| Dino Polska Spolka Akcyjna | 10/05/22 | 1273 | 1740 | 0.2 |
| Empresa Electrica Guacolda S.A., 4.56%, 04/30/25 | 06/16/20 | 226 | 65 |  |
| Empresas Publicas de Medellin E.S.P., 4.38%, 02/15/31 | 08/24/21 | 346 | 272 |  |
| Enfragen Energia Sur SA., 5.38%, 12/30/30 | 05/06/22 | 283 | 280 |  |
| FEL Energy VI S.a r.l., 5.75%, 12/01/40 | 09/06/22 | 140 | 158 |  |
| Fideicomiso F/80460, 5.50%, 07/31/47 | 05/24/22 | 300 | 305 |  |
| Fix Price Group Ltd | 03/05/21 | 317 |  |  |
| Gran Tierra Energy Inc., 7.75%, 05/23/27 | 10/08/21 | 182 | 163 |  |
| Infinera Corporation, 3.75%, 08/01/28 | 08/04/22 | 323 | 368 | 0.1 |
| Instituto Costarricense de Electricidad, 6.38%, 05/15/43 | 10/07/21 | 174 | 158 |  |
| Just Eat Takeaway.Com N.V. | 03/12/21 | 979 | 221 |  |
| Just Eat Takeaway.Com N.V., 1.25%, 04/30/26 | 03/10/21 | 957 | 669 | 0.1 |
| Kenya, Government of, 7.25%, 02/28/28 | 07/28/22 | 175 | 210 |  |
| Kosmos Energy Ltd., 7.50%, 03/01/28 | 06/07/22 | 190 | 161 |  |
| LLPL Capital Pte. Ltd., 6.88%, 02/04/39 | 04/22/22 | 210 | 186 |  |
| MC Brazil Downstream Trading S.a r.l., 7.25%, 06/30/31 | 03/16/22 | 350 | 330 | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Restricted Securities (continued)** | **JNL Multi-Manager Alternative Fund — Restricted Securities (continued)** | **JNL Multi-Manager Alternative Fund — Restricted Securities (continued)** | **JNL Multi-Manager Alternative Fund — Restricted Securities (continued)** | **JNL Multi-Manager Alternative Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Minejesa Capital B.V., 5.63%, 08/10/37 | 06/11/21 | 430 | 352 | 0.1 |
| Ministry of Finance of the Russian Federation, 0.00%, 02/03/27 | 09/29/16 | 791 | 182 |  |
| Ministry of Finance of the Russian Federation, 0.00%, 05/23/29 | 09/04/20 | 1442 | 382 | 0.1 |
| Ministry of Finance of the Russian Federation, 0.00%, 04/10/30 | 06/19/19 | 460 | 107 |  |
| Ministry of Finance of the Russian Federation, 0.00%, 03/23/33 | 06/18/19 | 1025 | 236 |  |
| Ministry of Finance of the Russian Federation, 0.00%, 05/10/34 | 06/19/19 | 1229 | 290 |  |
| Ministry of Finance of the Russian Federation, 0.00%, 03/16/39 | 01/16/20 | 1652 | 344 | 0.1 |
| Movida Europe S.A., 5.25%, 02/08/31 | 02/09/22 | 174 | 150 |  |
| NGD Holdings B.V., 6.75%, 12/31/26 | 07/26/21 | 97 | 45 |  |
| Nigeria, Federal Government of, 6.13%, 09/28/28 | 08/02/22 | 147 | 154 |  |
| OCP S.A., 5.13%, 06/23/51 | 04/14/22 | 353 | 341 | 0.1 |
| Petroleos del Peru - Petroperu S.A., 5.63%, 06/19/47 | 03/30/22 | 334 | 264 |  |
| Pharming Group N.V., 3.00%, 01/21/25 | 11/17/20 | 1241 | 1134 | 0.1 |
| Presidencia de la Republica Dominicana, 5.30%, 01/21/41 | 10/07/21 | 149 | 116 |  |
| PT Gajah Tunggal Tbk, 8.95%, 06/23/26 | 05/17/22 | 155 | 152 |  |
| PT Pertamina (Persero), 4.15%, 02/25/60 | 04/09/21 | 195 | 143 |  |
| RKP Overseas Finance 2016 (A) Limited, 7.95% (callable at 100, 02/17/23) | 12/06/19 | 192 | 92 |  |
| Ronshine China Holdings Limited, 6.75%, 08/05/24 | 09/15/20 | 198 | 14 |  |
| Sierracol Energy Andina, LLC, 6.00%, 06/15/28 | 07/28/22 | 146 | 154 |  |
| Simpar Europe, 5.20%, 01/26/31 | 03/21/22 | 172 | 151 |  |
| TE Connectivity Ltd. | 09/28/17 | 2362 | 2785 | 0.3 |
| Tecila Sociedad Anonima, 8.50%, 06/27/29 | 05/12/22 | 37 | 38 |  |
| Tecila Sociedad Anonima, 7.00%, 12/15/47 | 04/22/22 | 214 | 200 |  |
| Tencent Holdings Limited, 3.24%, 06/03/50 | 11/23/22 | 120 | 127 |  |
| Thaioil Treasury Center Company Limited, 3.75%, 06/18/50 | 12/01/22 | 129 | 126 |  |
| The Arab Republic of Egypt, 5.25%, 10/06/25 | 08/01/22 | 187 | 206 |  |
| Theta Capital Pte. Ltd., 6.75%, 10/31/26 | 08/03/22 | 145 | 130 |  |
| Tong Yang Life Insurance Co., Ltd., 5.25% (callable at 100, 09/22/25) | 11/18/22 | 145 | 159 |  |
| UBS Group Funding (Switzerland) AG, 7.00% (callable at 100, 02/19/25) | 04/28/15 | 203 | 197 |  |
| Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R., 0.00% (callable at 100, 01/29/25) | 06/04/19 | 181 | 1 |  |
| UPL Corporation Limited, 5.25% (callable at 100, 02/27/25) | 08/19/22 | 307 | 277 |  |
| Vedanta Resources Limited, 6.13%, 08/09/24 | 07/06/22 | 117 | 126 |  |
| VTR Finance N.V., 6.38%, 07/15/28 | 04/22/22 | 233 | 98 |  |
| Yuzhou Group Holdings Company Limited, 0.00%, 05/27/25 | 02/06/20 | 203 | 18 |  |
| Zip Co Limited, 0.00%, 04/23/28 | 08/06/21 | 839 | 193 |  |
|  |  | 35611 | 27575 | 2.6 |

---

---

| | | |
|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund – Unfunded Commitments** |  |  |
|  | **Unfunded Commitment ($)**  | **Unrealized Appreciation/(Depreciation) ($)**  |
| Lealand Finance Company B.V. - Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Futures Contracts** | **JNL Multi-Manager Alternative Fund — Futures Contracts** | **JNL Multi-Manager Alternative Fund — Futures Contracts** | **JNL Multi-Manager Alternative Fund — Futures Contracts** | **JNL Multi-Manager Alternative Fund — Futures Contracts** | **JNL Multi-Manager Alternative Fund — Futures Contracts** | **JNL Multi-Manager Alternative Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| 3 Month SOFR Index | 24 | September 2023 |  | 5793 | (2) | (91) |
| 3M EURIBOR | 100 | December 2023 | EUR | 24265 | (15) | (173) |
| 3M SOFR Index | 60 | March 2025 |  | 14525 | 5 | (26) |
| 90 Day Eurodollar | 25 | March 2023 |  | 5942 | (1) | (9) |
| 90 Day Eurodollar | 171 | September 2023 |  | 42026 | (19) | (1446) |
| 90 Day Eurodollar | 34 | December 2023 |  | 8226 | (4) | (133) |
| AUD/USD Spot Rate | 116 | March 2023 |  | 7945 | 27 | (24) |
| CAD/USD Spot Rate | 43 | March 2023 |  | 3181 |  | (2) |
| EUR/USD Spot Rate | 19 | March 2023 |  | 2545 | 5 | 9 |
| Euro Bund | 138 | March 2023 | EUR | 19273 | (157) | (989) |
| JPY/USD Spot Rate | 114 | March 2023 |  | 10668 | 157 | 315 |
| Long Gilt | 21 | March 2023 | GBP | 2213 | 3 | (141) |
| MXN/USD Spot Rate | 129 | March 2023 |  | 3218 | (17) | 47 |
| United States 10 Year Note | 1020 | March 2023 |  | 115766 | (169) | (1223) |
| United States Long Bond | 418 | March 2023 |  | 53882 | (79) | (1489) |
| United States Ultra Bond | 35 | March 2023 |  | 4913 | (56) | (212) |
|  |  |  |  |  | (322) | (5587) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| 30 Day Fed Funds Rate | (497) | February 2023 |  | (198121) |  | (11) |
| 3M SOFR Index | (107) | March 2024 |  | (25644) | 12 | 106 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Futures Contracts (continued)** | **JNL Multi-Manager Alternative Fund — Futures Contracts (continued)** | **JNL Multi-Manager Alternative Fund — Futures Contracts (continued)** | **JNL Multi-Manager Alternative Fund — Futures Contracts (continued)** | **JNL Multi-Manager Alternative Fund — Futures Contracts (continued)** | **JNL Multi-Manager Alternative Fund — Futures Contracts (continued)** | **JNL Multi-Manager Alternative Fund — Futures Contracts (continued)** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| GBP/USD Spot Rate | (29) | March 2023 |  | (2238) | 2 | 48 |
| Japan 10 Year Bond | (24) | March 2023 | JPY | (3540411) | 14 | 372 |
| United States 10 Year Ultra Bond | (544) | March 2023 |  | (64683) | 34 | 338 |
| United States 2 Year Note | (71) | April 2023 |  | (14615) | 11 | 55 |
| United States 5 Year Note | (375) | April 2023 |  | (40686) | 38 | 212 |
|  |  |  |  |  | 111 | 1120 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL Multi-Manager Alternative Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL Multi-Manager Alternative Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL Multi-Manager Alternative Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL Multi-Manager Alternative Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL Multi-Manager Alternative Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL Multi-Manager Alternative Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL Multi-Manager Alternative Fund — Centrally Cleared Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| 28-Day MEXIBOR (M) | Paying | 9.26<br> (M) | 10/25/32 | MXN | 42409 | (10) | 75 |
| 3M LIBOR (Q) | Paying | 0.82<br> (S) | 06/04/24 |  | 2647 | (1) | (105) |
| 3M LIBOR (Q) | Paying | 1.41<br> (S) | 03/01/25 |  | 83433 | (58) | (2029) |
| 3M LIBOR (Q) | Paying | 1.52<br> (S) | 06/21/25 |  | 30918 | (7) | (643) |
| U.K. Retail Price Index (A) | Paying | 4.50<br> (A) | 10/15/26 | GBP | 1620 | (3) | (152) |
| U.S. SOFR (A) | Receiving | 1.22<br> (A) | 08/15/28 |  | 5455 | 9 | 695 |
| U.S. SOFR (A) | Receiving | 2.85<br> (A) | 02/15/29 |  | 1898 | 3 | 77 |
| U.S. SOFR (A) | Receiving | 3.27<br> (A) | 04/30/29 |  | 14929 | 26 | 320 |
| U.S. SOFR (A) | Receiving | 3.85<br> (A) | 06/30/29 |  | 9387 | 17 | (105) |
| U.S. SOFR (A) | Receiving | 2.00<br> (A) | 03/18/32 |  | 1354 | 3 | 154 |
| U.S. SOFR (A) | Receiving | 3.22<br> (A) | 05/15/32 |  | 17456 | 36 | 215 |
| U.S. SOFR (A) | Receiving | 0.56<br> (A) | 07/20/45 |  | 2232 | 5 | 961 |
| U.S. SOFR (A) | Receiving | 1.65<br> (A) | 08/15/47 |  | 688 | 2 | 123 |
| U.S. SOFR (A) | Receiving | 2.62<br> (A) | 02/15/48 |  | 3151 | 11 | 436 |
| U.S. SOFR (A) | Receiving | 2.51<br> (A) | 02/15/48 |  | 3929 | 13 | 531 |
| U.S. SOFR (A) | Receiving | 2.60<br> (A) | 02/15/48 |  | 11380 | 39 | 809 |
| U.S. SOFR (A) | Receiving | 3.15<br> (A) | 05/15/48 |  | 1365 | 5 | 42 |
| U.S. SOFR (A) | Receiving | 2.50<br> (A) | 04/21/52 |  | 990 | 4 | 131 |
| U.S. SOFR (A) | Paying | 1.40<br> (A) | 10/13/25 |  | 17351 | 2 | (302) |
|  |  |  |  |  |  | 96 | 1233 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL Multi-Manager Alternative Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL Multi-Manager Alternative Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL Multi-Manager Alternative Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL Multi-Manager Alternative Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL Multi-Manager Alternative Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL Multi-Manager Alternative Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL Multi-Manager Alternative Fund — Centrally Cleared Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| CDX.NA.HY.39 (Q) | 4.85 | 5.00 | 12/20/27 | (4830) | 28 | (3) | (29) |
| CDX.NA.IG.39 (Q) | 0.82 | 1.00 | 12/20/27 | (32150) | 256 | (2) | 154 |
| Teva Pharmaceutical Industries Ltd (Q) | 3.07 | 1.00 | 06/20/26 | (296) | (19) | 1 | 11 |
|  |  |  |  |  | 265 | (4) | 136 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Exchange Traded Futures Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Futures Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Futures Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Futures Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Futures Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Futures Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Futures Options** |
| **Reference Entity** | **Purchased**<br>(Written)<br>**Contracts<sup>1</sup>** | **Exercise**<br>**Price** | **Exercise**<br>**Price** | **Expiration** | **Variation**<br>**Margin Receivable (Payable) ($)** | **Unrealized**<br>**Appreciation (Depreciation) ($)** |
| **Interest Options** |  |  |  |  |  |  |
| Euro Bund Future, Feb. 2023 | 9 | EUR | 133.50 | 01/27/23 | (5) | (3) |
| Euro Bund Future, Feb. 2023 | (33) | EUR | 135.00 | 01/27/23 | 7 | 12 |
| Euro Bund Future, Feb. 2023 | 4 | EUR | 134.00 | 01/27/23 | (2) | (2) |
| Euro Bund Future, Feb. 2023 | (5) | EUR | 135.00 | 01/27/23 | (4) | (8) |
| Euro Bund Future, Feb. 2023 | (9) | EUR | 138.00 | 01/27/23 | (9) | (36) |
| Euro Bund Future, Feb. 2023 | (20) | EUR | 136.00 | 01/27/23 | 5 | 12 |
| Euro Bund Future, Feb. 2023 | (18) | EUR | 141.00 | 01/27/23 |  | 21 |
| Euro Bund Future, Feb. 2023 | (55) | EUR | 140.00 | 01/27/23 | 2 | 60 |
| Euro Bund Future, Feb. 2023 | (55) | EUR | 139.00 | 01/27/23 | 4 | 56 |
| Euro Bund Future, Feb. 2023 | (9) | EUR | 138.00 | 01/27/23 | 1 | 9 |
| Euro Bund Future, Feb. 2023 | (42) | EUR | 137.00 | 01/27/23 | 8 | 47 |
|  |  |  |  |  | 7 | 168 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/**<br>**Swaption Rate (%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Exchange Traded Futures Options** | **Exchange Traded Futures Options** | **Exchange Traded Futures Options** | **Exchange Traded Futures Options** | **Exchange Traded Futures Options** | **Exchange Traded Futures Options** |
| 90 Day Eurodollar Future, Dec. 2023 | Call | 97.13 | 12/18/23 | 487 | 110 |
| AUD/USD Spot Rate Future, Mar. 2023 | Call | 0.68 | 02/03/23 | 4 | 6 |
| EUR/USD Spot Rate Future, Mar. 2023 | Call | 1.06 | 01/06/23 | 4 | 8 |
| EUR/USD Spot Rate Future, Mar. 2023 | Put | 1.04 | 01/06/23 | 9 |  |
| JPY/USD Spot Rate Future, Mar. 2023 | Call | 0.73 | 01/06/23 | 13 | 66 |
| United States 10 Year Note Future, Mar. 2023 | Call | 112.75 | 01/27/23 | 16 | 12 |
| United States 10 Year Note Future, Mar. 2023 | Call | 112.50 | 01/27/23 | 36 | 32 |
| United States 10 Year Note Future, Mar. 2023 | Call | 112.25 | 01/27/23 | 18 | 18 |
| United States 10 Year Note Future, Mar. 2023 | Put | 113.00 | 01/27/23 | 11 | 14 |
| United States 10 Year Note Future, Mar. 2023 | Put | 112.00 | 01/27/23 | 38 | 30 |
| United States 10 Year Note Future, Mar. 2023 | Put | 112.25 | 01/27/23 | 14 | 13 |
| United States 5 Year Note Future, Mar. 2023 | Call | 108.00 | 01/27/23 | 38 | 22 |
| United States 5 Year Note Future, Mar. 2023 | Call | 109.50 | 01/27/23 | 44 | 6 |
| United States 5 Year Note Future, Mar. 2023 | Call | 108.25 | 01/27/23 | 43 | 21 |
| United States 5 Year Note Future, Mar. 2023 | Call | 108.75 | 01/27/23 | 28 | 8 |
| United States Long Bond Future, Mar. 2023 | Call | 129.00 | 01/27/23 | 5 | 3 |
| United States Long Bond Future, Mar. 2023 | Call | 131.00 | 01/27/23 | 13 | 4 |
| United States Long Bond Future, Mar. 2023 | Call | 126.00 | 01/27/23 | 14 | 22 |
| United States Long Bond Future, Mar. 2023 | Call | 125.50 | 01/27/23 | 1 | 2 |
| United States Long Bond Future, Mar. 2023 | Call | 125.00 | 01/27/23 | 9 | 19 |
|  |  |  |  |  | 416 |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| 8X8, Inc. | Put | 2.50 | 01/20/23 | 115 |  |
| American Airlines Group Inc. | Put | 13.00 | 01/20/23 | 85 | 6 |
| American Airlines Group Inc. | Put | 12.00 | 01/20/23 | 56 | 2 |
| American Airlines Group Inc. | Put | 10.00 | 01/20/23 | 54 |  |
| Amyris, Inc. | Put | 2.00 | 01/20/23 | 170 | 11 |
| Cinemark Holdings, Inc. | Call | 15.00 | 01/20/23 | 99 |  |
| Cinemark Holdings, Inc. | Call | 10.00 | 01/20/23 | 56 | 1 |
| Cinemark Holdings, Inc. | Call | 12.50 | 02/17/23 | 140 | 2 |
| Danimer Scientific, Inc. | Put | 2.50 | 01/20/23 | 104 | 9 |
| Gol Linhas Aereas Inteligentes S.A. | Call | 5.00 | 01/20/23 | 103 |  |
| Gol Linhas Aereas Inteligentes S.A. | Call | 4.00 | 04/21/23 | 50 | 1 |
| Gol Linhas Aereas Inteligentes S.A. | Put | 3.00 | 01/20/23 | 115 | 5 |
| Guess ?, Inc. | Put | 18.00 | 01/20/23 | 56 | 1 |
| Health Catalyst, Inc. | Call | 12.50 | 01/20/23 | 28 | 1 |
| Invesco QQQ Trust | Call | 273.00 | 12/30/22 | 351 |  |
| Invesco QQQ Trust | Call | 274.00 | 02/17/23 | 157 | 127 |
| iShares Russell 2000 ETF | Call | 184.00 | 02/17/23 | 157 | 46 |
| Li Auto Inc. | Put | 17.50 | 01/20/23 | 56 | 3 |
| Norwegian Cruise Line Holdings Ltd. | Put | 12.50 | 01/20/23 | 84 | 7 |
| Norwegian Cruise Line Holdings Ltd. | Put | 12.00 | 02/03/23 | 84 | 7 |
| Royal Caribbean Cruises Ltd. | Put | 47.00 | 01/20/23 | 22 | 3 |
| Shift Technologies, Inc. | Put | 2.50 | 01/20/23 | 26 | 6 |
| Shift Technologies, Inc. | Put | 2.50 | 02/17/23 | 130 | 28 |
| Sirius XM Holdings Inc. | Call | 6.75 | 01/20/23 | 39 |  |
|  |  |  |  |  | 266 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** |
| 90 Day Eurodollar Future, Dec. 2023 | Call | 98.00 | 12/18/23 | 734 | (83) |
| 90 Day Eurodollar Future, Dec. 2023 | Call | 97.00 | 12/18/23 | 141 | (36) |
| 90 Day Eurodollar Future, Dec. 2023 | Call | 97.88 | 12/18/23 | 240 | (30) |
| AUD/USD Spot Rate Future, Mar. 2023 | Call | 0.68 | 01/06/23 | 4 | (3) |
| AUD/USD Spot Rate Future, Mar. 2023 | Call | 0.68 | 01/06/23 | 8 | (8) |
| AUD/USD Spot Rate Future, Mar. 2023 | Call | 0.69 | 02/03/23 | 15 | (15) |
| AUD/USD Spot Rate Future, Mar. 2023 | Call | 0.69 | 02/03/23 | 9 | (7) |
| AUD/USD Spot Rate Future, Mar. 2023 | Call | 0.68 | 02/03/23 | 10 | (16) |
| AUD/USD Spot Rate Future, Mar. 2023 | Call | 0.67 | 02/03/23 | 10 | (18) |
| AUD/USD Spot Rate Future, Mar. 2023 | Put | 0.68 | 01/06/23 | 10 | (4) |
| CAD/USD Spot Rate Future, Mar. 2023 | Call | 0.75 | 02/03/23 | 25 | (11) |
| EUR/USD Spot Rate Future, Mar. 2023 | Call | 1.05 | 01/06/23 | 18 | (58) |
| EUR/USD Spot Rate Future, Mar. 2023 | Call | 1.04 | 01/06/23 | 8 | (36) |
| EUR/USD Spot Rate Future, Mar. 2023 | Put | 1.03 | 01/06/23 | 9 |  |
| GBP/USD Spot Rate Future, Mar. 2023 | Put | 1.23 | 01/06/23 | 8 | (12) |
| JPY/USD Spot Rate Future, Mar. 2023 | Call | 0.75 | 01/06/23 | 16 | (44) |
| JPY/USD Spot Rate Future, Mar. 2023 | Put | 0.76 | 02/03/23 | 24 | (25) |
| United States 10 Year Note Future, Mar. 2023 | Call | 115.50 | 01/27/23 | 247 | (26) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options (continued)** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options (continued)** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options (continued)** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options (continued)** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options (continued)** | **JNL Multi-Manager Alternative Fund — Exchange Traded Written Options (continued)** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| United States 10 Year Note Future, Mar. 2023 | Call | 114.00 | 01/27/23 | 37 | (12) |
| United States 10 Year Note Future, Mar. 2023 | Call | 116.00 | 01/27/23 | 70 | (6) |
| United States 10 Year Note Future, Mar. 2023 | Call | 115.00 | 01/27/23 | 34 | (5) |
| United States 10 Year Note Future, Mar. 2023 | Call | 113.75 | 01/27/23 | 38 | (14) |
| United States 10 Year Note Future, Mar. 2023 | Call | 113.50 | 01/27/23 | 56 | (24) |
| United States 10 Year Note Future, Mar. 2023 | Call | 114.50 | 01/27/23 | 54 | (10) |
| United States 10 Year Note Future, Mar. 2023 | Call | 114.25 | 01/27/23 | 19 | (5) |
| United States 10 Year Note Future, Mar. 2023 | Put | 114.00 | 01/27/23 | 29 | (58) |
| United States 5 Year Note Future, Mar. 2023 | Call | 109.00 | 01/27/23 | 38 | (8) |
| United States 5 Year Note Future, Mar. 2023 | Call | 110.00 | 01/27/23 | 38 | (2) |
| United States 5 Year Note Future, Mar. 2023 | Call | 108.50 | 01/27/23 | 71 | (28) |
| United States 5 Year Note Future, Mar. 2023 | Call | 109.75 | 01/27/23 | 47 | (4) |
| United States 5 Year Note Future, Mar. 2023 | Put | 109.00 | 01/27/23 | 57 | (75) |
| United States Long Bond 1st Week Future, Mar. 2023 | Call | 128.00 | 01/06/23 | 9 | (2) |
| United States Long Bond Future, Mar. 2023 | Call | 132.00 | 01/27/23 | 57 | (12) |
| United States Long Bond Future, Mar. 2023 | Call | 133.00 | 01/27/23 | 9 | (2) |
| United States Long Bond Future, Mar. 2023 | Call | 130.00 | 01/27/23 | 5 | (2) |
| United States Long Bond Future, Mar. 2023 | Call | 127.50 | 01/27/23 | 28 | (28) |
| United States Long Bond Future, Mar. 2023 | Call | 128.00 | 01/27/23 | 62 | (52) |
|  |  |  |  |  | (781) |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| 1Life Healthcare, Inc. | Call | 17.50 | 01/20/23 | 39 |  |
| Activision Blizzard, Inc. | Call | 75.00 | 01/20/23 | 113 | (33) |
| Activision Blizzard, Inc. | Call | 77.50 | 01/20/23 | 40 | (6) |
| Activision Blizzard, Inc. | Call | 80.00 | 01/20/23 | 61 | (3) |
| Activision Blizzard, Inc. | Call | 67.50 | 01/20/23 | 52 | (48) |
| Activision Blizzard, Inc. | Call | 70.00 | 01/20/23 | 55 | (37) |
| Activision Blizzard, Inc. | Call | 72.50 | 01/20/23 | 65 | (31) |
| Aerojet Rocketdyne Holdings, Inc. | Call | 57.50 | 01/20/23 | 80 | (1) |
| Coupa Software Incorporated | Call | 80.00 | 01/20/23 | 115 |  |
| Horizon Therapeutics Public Limited Company | Call | 115.00 | 01/20/23 | 250 | (6) |
| Invesco QQQ Trust | Put | 254.00 | 02/17/23 | 157 | (88) |
| iShares Russell 2000 ETF | Put | 164.00 | 02/17/23 | 157 | (38) |
| Maxar Technologies Inc. | Call | 50.00 | 01/20/23 | 130 | (26) |
| Rogers Corporation | Call | 120.00 | 01/20/23 | 3 | (1) |
| Sirius XM Holdings Inc. | Put | 6.75 | 01/20/23 | 522 | (52) |
| Store Capital Corporation | Call | 32.50 | 01/20/23 | 50 | (1) |
|  |  |  |  |  | (371) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — OTC Written Options** | **JNL Multi-Manager Alternative Fund — OTC Written Options** | **JNL Multi-Manager Alternative Fund — OTC Written Options** | **JNL Multi-Manager Alternative Fund — OTC Written Options** | **JNL Multi-Manager Alternative Fund — OTC Written Options** | **JNL Multi-Manager Alternative Fund — OTC Written Options** | **JNL Multi-Manager Alternative Fund — OTC Written Options** | **JNL Multi-Manager Alternative Fund — OTC Written Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** |
| USD/AUD Spot Rate | MSC | Put | AUD | 0.70 | 03/29/23 | 950000 | (14) |
| USD/BRL Spot Rate | JPM | Call | BRL | 5.44 | 01/26/23 | 1100000 | (13) |
| USD/BRL Spot Rate | MSC | Call | BRL | 5.29 | 03/02/23 | 926423 | (34) |
| USD/BRL Spot Rate | JPM | Put | BRL | 5.44 | 01/26/23 | 1100000 | (39) |
| USD/BRL Spot Rate | MSC | Put | BRL | 5.29 | 03/02/23 | 926423 | (25) |
| USD/BRL Spot Rate | MSC | Put | BRL | 5.00 | 03/21/23 | 950000 | (10) |
| USD/CNY Spot Rate | JPM | Call | CNY | 7.27 | 02/06/23 | 1910000 | (1) |
| USD/JPY Spot Rate | BOA | Put | JPY | 140.03 | 02/10/23 | 1000000 | (76) |
| USD/JPY Spot Rate | JPM | Put | JPY | 141.90 | 01/11/23 | 1090000 | (93) |
| USD/MXN Spot Rate | MSC | Put | MXN | 19.25 | 03/06/23 | 943124 | (7) |
|  |  |  |  |  |  |  | (312) |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Dufry AG | JPM | Call | CHF | 40.00 | 03/17/23 | 96 | (13) |
| Dufry AG | JPM | Call | CHF | 40.00 | 03/17/23 | 75 | (11) |
|  |  |  |  |  |  |  | (24) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| AUD/USD | MSC | 01/18/23 | AUD | 1602 | 1091 | 57 |
| BRL/USD | JPM | 01/18/23 | BRL | 21824 | 4121 | 37 |
| CAD/USD | SSB | 01/09/23 | CAD | 167 | 123 |  |
| CAD/USD | MSC | 01/18/23 | CAD | 4219 | 3116 | 27 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Alternative Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| CNY/USD | JPM | 01/18/23 | CNY | 4761 | 686 | 19 |
| CNY/USD | JPM | 02/08/23 | CNY | 4090 | 590 | 18 |
| EUR/USD | JPM | 01/18/23 | EUR | 284 | 304 | 18 |
| EUR/USD | MSC | 01/18/23 | EUR | 4430 | 4746 | 232 |
| GBP/USD | JPM | 01/17/23 | GBP | 167 | 202 | (2) |
| GBP/USD | GSC | 01/18/23 | GBP | 211 | 255 | (7) |
| GBP/USD | GSC | 01/18/23 | GBP | 3257 | 3940 | 213 |
| GBP/USD | MSC | 01/18/23 | GBP | 213 | 258 | 1 |
| IDR/USD | JPM | 01/18/23 | IDR | 36260390 | 2329 | 16 |
| INR/USD | JPM | 01/18/23 | INR | 80026 | 966 | 4 |
| JPY/USD | GSC | 01/18/23 | JPY | 24434 | 186 | 12 |
| KRW/USD | GSC | 01/18/23 | KRW | 614469 | 486 | 26 |
| MXN/USD | BOA | 01/18/23 | MXN | 1235 | 63 |  |
| MXN/USD | JPM | 01/18/23 | MXN | 10329 | 528 | 4 |
| NOK/USD | MSC | 01/18/23 | NOK | 1639 | 167 | 14 |
| PLN/USD | MSC | 01/18/23 | PLN | 1886 | 429 | 33 |
| USD/AUD | MSC | 01/18/23 | AUD | (1418) | (966) | (18) |
| USD/AUD | SSB | 03/29/23 | AUD | (824) | (563) | (9) |
| USD/BRL | JPM | 01/18/23 | BRL | (1762) | (333) | (6) |
| USD/BRL | JPM | 01/18/23 | BRL | (2305) | (435) | 8 |
| USD/BRL | MSC | 01/18/23 | BRL | (5620) | (1061) | (17) |
| USD/CAD | JPM | 02/22/23 | CAD | (1027) | (758) | (4) |
| USD/CAD | JPM | 02/22/23 | CAD | (1174) | (867) | 9 |
| USD/CAD | JPM | 03/15/23 | CAD | (1397) | (1032) | (1) |
| USD/CAD | JPM | 03/15/23 | CAD | (3086) | (2281) | 3 |
| USD/CAD | SSB | 03/29/23 | CAD | (1854) | (1370) | (11) |
| USD/CNY | JPM | 01/18/23 | CNY | (27824) | (4007) | (103) |
| USD/CNY | MSC | 01/18/23 | CNY | (20005) | (2881) | (93) |
| USD/CNY | JPM | 02/08/23 | CNY | (4090) | (590) | (17) |
| USD/COP | GSC | 01/18/23 | COP | (2033730) | (418) | (1) |
| USD/COP | MSC | 01/18/23 | COP | (2035849) | (419) | 28 |
| USD/EUR | CIT | 01/18/23 | EUR | (195) | (209) | (18) |
| USD/EUR | GSC | 01/18/23 | EUR | (1348) | (1445) | (63) |
| USD/EUR | JPM | 01/18/23 | EUR | (191) | (205) | (3) |
| USD/EUR | MSC | 01/18/23 | EUR | (5727) | (6137) | (329) |
| USD/EUR | JPM | 02/15/23 | EUR | (571) | (613) | (48) |
| USD/EUR | JPM | 03/15/23 | EUR | (411) | (442) | (14) |
| USD/EUR | JPM | 03/15/23 | EUR | (6) | (6) |  |
| USD/EUR | SSB | 03/29/23 | EUR | (3753) | (4041) | (33) |
| USD/GBP | JPM | 01/17/23 | GBP | (167) | (202) | (12) |
| USD/GBP | GSC | 01/18/23 | GBP | (267) | (322) | (11) |
| USD/GBP | JPM | 01/18/23 | GBP | (548) | (663) | (53) |
| USD/GBP | MSC | 01/18/23 | GBP | (2333) | (2822) | (13) |
| USD/GBP | MSC | 01/18/23 | GBP | (82) | (99) |  |
| USD/GBP | JPM | 02/02/23 | GBP | (3058) | (3700) | 97 |
| USD/GBP | GSC | 03/10/23 | GBP | (570) | (690) | (16) |
| USD/GBP | JPM | 03/10/23 | GBP | (1131) | (1370) | (8) |
| USD/GBP | JPM | 03/10/23 | GBP | (15) | (19) |  |
| USD/GBP | JPM | 03/28/23 | GBP | (514) | (623) | 3 |
| USD/HKD | SSB | 03/29/23 | HKD | (3719) | (477) | 1 |
| USD/IDR | JPM | 01/18/23 | IDR | (101172486) | (6498) | 129 |
| USD/JPY | CIT | 01/18/23 | JPY | (10227) | (78) | (9) |
| USD/JPY | GSC | 01/18/23 | JPY | (29254) | (223) | (15) |
| USD/JPY | JPM | 01/18/23 | JPY | (664607) | (5075) | (433) |
| USD/MXN | BOA | 01/18/23 | MXN | (54296) | (2778) | (113) |
| USD/MXN | BOA | 01/18/23 | MXN | (6085) | (311) | 1 |
| USD/MXN | JPM | 01/18/23 | MXN | (279) | (14) |  |
| USD/PLN | MSC | 01/18/23 | PLN | (16627) | (3790) | (508) |
| USD/PLN | MSC | 01/18/23 | PLN | (739) | (168) |  |
| USD/RUB | GSC | 09/20/23 | RUB | (16230) | (195) | 28 |
| USD/TWD | JPM | 01/18/23 | TWD | (59330) | (1934) | 7 |
| USD/ZAR | GSC | 01/18/23 | ZAR | (1717) | (101) | (2) |
| USD/ZAR | MSC | 01/18/23 | ZAR | (2501) | (147) | (9) |
| ZAR/USD | GSC | 01/18/23 | ZAR | 29964 | 1761 | 97 |
|  |  |  |  |  | (37031) | (857) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — OTC Interest Rate Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Interest Rate Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Interest Rate Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Interest Rate Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Interest Rate Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Interest Rate Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Interest Rate Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Interest Rate Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying/**<br>**Receiving**<br>**Floating Rate** | **Counterparty** | **Fixed**<br>**Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Premiums Paid**<br>(Received) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| BRAZIBOR (A)  | Paying  | BOA  | 11.99 <br> (A) | 01/04/27  | BRL  | 22445  |  | (71)  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Financing Fee<sup>2</sup>** | **Expiration** | **Contracts<sup>1</sup>**<br>**Long**<br>(Short) | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Unrealized Appreciation (Depreciation) ($)** |
| Acer Inc. (M) | MSC | Federal Funds Effective Rate -4.75% (M) | TBD | (1300000) |  | (1001) | 4 |
| Advanced Wireless Semiconductor Company (MT) | GSC | Federal Funds Effective Rate -9.75% (M) | TBD | (254000) |  | (622) | 57 |
| Airtac International Group (MT) | GSC | Federal Funds Effective Rate -4.25% (M) | TBD | (17000) |  | (542) | 27 |
| Al Rajhi Banking and Investment Corporation (MT) | GSC | Federal Funds Effective Rate +0.96% (M) | TBD | 12012 |  | 246 | (6) |
| Alibaba Group Holding Limited (M) | GSC | 1M HIBOR +0.50% (M) | TBD | 34400 | HKD | 3187 | (29) |
| Alibaba Group Holding Limited (M) | GSC | Federal Funds Effective Rate +0.51% (M) | TBD | 9063 |  | 820 | (23) |
| Alpha and Omega Semiconductor Limited (MT) | GSC | Federal Funds Effective Rate -0.25% (M) | TBD | (22994) |  | (763) | 108 |
| Amorepacific Corporation (M) | GSC | Federal Funds Effective Rate -0.50% (M) | TBD | (10479) |  | (1131) | (7) |
| Antofagasta PLC (MT) | GSC | SONIA -0.40% (M) | TBD | (24632) | GBP | (356) | (29) |
| ASMedia Technology Inc. (MT) | GSC | Federal Funds Effective Rate -16.00% (M) | TBD | (42000) |  | (1032) | 110 |
| Aspen Pharmacare Holdings (MT) | MSC | South African Johannesburg Interbank Agreed Rate +0.75% (M) | TBD | 105013 | ZAR | 14968 | (43) |
| ASUSTeK Computer Inc. (M) | GSC | Federal Funds Effective Rate -1.50% (M) | TBD | (119000) |  | (1106) | 68 |
| B3 S.A. - Brasil, Bolsa, Balcao (M) | BOA | Federal Funds Effective Rate -0.40% (M) | TBD | (73900) |  | (172) | (13) |
| Banco do Brasil S.A (MT) | MSC | Federal Funds Effective Rate +0.45% (M) | TBD | 560900 |  | 3814 | (102) |
| Banco Santander-Chile (M) | MSC | Federal Funds Effective Rate +0.55% (M) | TBD | 57495 |  | 915 | (7) |
| Bilibili Inc. (M) | GSC | Federal Funds Effective Rate -1.32% (M) | TBD | (28145) |  | (554) | (112) |
| Camtek Ltd. (MT) | GSC | Federal Funds Effective Rate -1.50% (M) | TBD | (12579) |  | (302) | 26 |
| Capitec Bank Holdings (MT) | GSC | South African Johannesburg Interbank Agreed Rate -0.75% (M) | TBD | (7872) | ZAR | (14905) | 19 |
| CEMEX S.A.B. de C.V. (MT) | GSC | Federal Funds Effective Rate -0.50% (M) | TBD | (125549) |  | (529) | 22 |
| CEMEX S.A.B. de C.V. (MT) | BOA | Federal Funds Effective Rate -0.30% (M) | TBD | (62895) |  | (267) | 13 |
| China National Building Material Company Limited (MT) | GSC | 1M HIBOR -0.50% (M) | TBD | (1114000) | HKD | (7297) | 21 |
| China Taiping Insurance Holdings Company Limited (M) | GSC | 1M HIBOR -0.50% (M) | TBD | (533800) | HKD | (4672) | (65) |
| Chunbo Co., Ltd. (MT) | GSC | Federal Funds Effective Rate -2.50% (M) | TBD | (1173) |  | (210) | 7 |
| Chunbo Co., Ltd. (MT) | MSC | Federal Funds Effective Rate -5.13% (M) | TBD | (3329) |  | (592) | 15 |
| Cielo S.A. (MT) | MSC | Federal Funds Effective Rate +0.45% (M) | TBD | 4111000 |  | 3453 | 684 |
| Coca-Cola FEMSA, S.A.B. de C.V. (MT) | GSC | Federal Funds Effective Rate +0.76% (M) | TBD | 39316 |  | 265 |  |
| Com7 Public Company Limited (MT) | MSC | Federal Funds Effective Rate -21.50% (M) | TBD | (1002400) |  | (932) | (63) |
| Compal Electronics Inc. (M) | GSC | Federal Funds Effective Rate -2.00% (M) | TBD | (834000) |  | (600) | (24) |
| Coupang, Inc. (MT) | GSC | Federal Funds Effective Rate +0.51% (M) | TBD | 135042 |  | 2429 | (450) |
| Dali Foods Group Company Limited (MT) | GSC | 1M HIBOR -0.50% (M) | TBD | (1097500) | HKD | (3896) | (1) |
| DB Hitek Co., Ltd. (MT) | BOA | Federal Funds Effective Rate -0.40% (M) | TBD | (9121) |  | (298) | 31 |
| DBS Group Holdings Ltd (M) | GSC | Singapore Swap Offer Rate +0.50% (M) | TBD | 38177 | SGD | 1317 | (19) |
| Dyaco International Inc. (M) | HSB | Federal Funds Effective Rate -9.00% (M) | TBD | (98000) |  | (127) | (4) |
| Erste Group Bank AG (M) | GSC | 1W Euribor +0.45% (M) | TBD | 7728 | EUR | 229 | 2 |
| Faraday Technology Corporation (MT) | GSC | Federal Funds Effective Rate -12.77% (M) | TBD | (171000) |  | (1000) | 201 |
| Flat Glass Group Co., Ltd. (MT) | BOA | 1M HIBOR -0.35% (M) | TBD | (335000) | HKD | (6750) | 57 |
| FocalTech Systems Co., Ltd. (MT) | HSB | Federal Funds Effective Rate -10.46% (M) | TBD | (97000) |  | (206) | 19 |
| Formosa Plastics Corporation (MT) | GSC | Federal Funds Effective Rate -0.50% (M) | TBD | (93000) |  | (272) | 10 |
| Freeport-McMoRan Inc. (MT) | GSC | Federal Funds Effective Rate -0.25% (M) | TBD | (14228) |  | (553) | 13 |
| GDS Holdings Ltd. (MT) | GSC | Federal Funds Effective Rate -1.22% (M) | TBD | (50408) |  | (890) | (150) |
| Giant Manufacturing Co., Ltd. (MT) | GSC | Federal Funds Effective Rate -3.25% (M) | TBD | (41435) |  | (306) | 35 |
| Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (MT) | GSC | Federal Funds Effective Rate +0.51% (M) | TBD | 21899 |  | 1476 | (127) |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. (MT) | GSC | Federal Funds Effective Rate +0.51% (M) | TBD | 18410 |  | 2835 | (196) |
| Grupo Bimbo S.A.B. de C.V. (MT) | GSC | Federal Funds Effective Rate +0.76% (M) | TBD | 62500 |  | 266 | (3) |
| Grupo Comercial Chedraui, S.A.B. de C.V. (M) | MSC | Federal Funds Effective Rate +0.55% (M) | TBD | 148300 |  | 621 | 9 |
| Grupo Financiero Banorte, S.A.B. de C.V. (MT) | GSC | Federal Funds Effective Rate +0.76% (M) | TBD | 67900 |  | 517 | (9) |
| Grupo Mexico, S.A.B. de C.V. (MT) | GSC | Federal Funds Effective Rate -0.50% (M) | TBD | (94000) |  | (374) | 40 |
| Haidilao International Holding Ltd. (MT) | GSC | 1M HIBOR -4.75% (M) | TBD | (109000) | HKD | (2285) | (20) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Financing Fee<sup>2</sup>** | **Expiration** | **Contracts<sup>1</sup>**<br>**Long**<br>(Short) | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Unrealized Appreciation (Depreciation) ($)** |
| HANA Micron Inc. (MT) | GSC | Federal Funds Effective Rate -5.00% (M) | TBD | (81622) |  | (663) | 63 |
| Hangzhou Silan Microelectronics Co., Ltd. (MT) | HSB | Federal Funds Effective Rate -4.00% (M) | TBD | (34536) |  | (180) | 16 |
| Hangzhou Silan Microelectronics Co., Ltd. (MT) | GSC | Federal Funds Effective Rate -13.00% (M) | TBD | (57300) |  | (300) | 28 |
| Hanon Systems (MT) | MSC | Federal Funds Effective Rate -0.88% (M) | TBD | (26115) |  | (167) | 1 |
| Hansol Chemical Co., Ltd. (MT) | MSC | Federal Funds Effective Rate -0.55% (M) | TBD | (2971) |  | (461) | 26 |
| Hansol Chemical Co., Ltd. (MT) | GSC | Federal Funds Effective Rate -0.50% (M) | TBD | (1718) |  | (261) | 10 |
| Hapvida Participacoes E Investimentos S/A (M) | GSC | Federal Funds Effective Rate -0.75% (M) | TBD | (112775) |  | (107) | (1) |
| Hartalega Holdings Berhad (M) | HSB | Federal Funds Effective Rate -5.68% (M) | TBD | (317600) |  | (124) |  |
| Headhunter Group PLC (MT) <sup>‡</sup> | MSC | Federal Funds Effective Rate +0.55% (M) | TBD | 13705 |  | 206 | (207) |
| Hess Corporation (MT) | GSC | Federal Funds Effective Rate -0.25% (M) | TBD | (3574) |  | (502) | (4) |
| Hua Hong Semiconductor Limited (MT) | GSC | 1M HIBOR -0.50% (M) | TBD | (272000) | HKD | (7303) | (12) |
| HYBE Co., Ltd. (MT) | MSC | Federal Funds Effective Rate -0.55% (M) | TBD | (5961) |  | (653) | (164) |
| Hyundai Mobis Co., Ltd. (MT) | GSC | Federal Funds Effective Rate +0.76% (M) | TBD | 4948 |  | 800 | (18) |
| Hyundai Motor Company (MT) | MSC | Federal Funds Effective Rate -0.55% (M) | TBD | (2367) |  | (295) | 13 |
| Infosys Limited (MT) | GSC | Federal Funds Effective Rate -0.25% (M) | TBD | (26157) |  | (517) | 47 |
| InMode Ltd (MT) | GSC | Federal Funds Effective Rate +0.51% (M) | TBD | 60496 |  | 2201 | (47) |
| Itau Unibanco Holding S.A. (MT) | GSC | Federal Funds Effective Rate +0.51% (M) | TBD | 686119 |  | 3325 | (37) |
| JD.com, Inc. (MT) | GSC | 1M HIBOR +0.50% (M) | TBD | 1433 | HKD | 346 | (4) |
| JD.com, Inc. (MT) | GSC | Federal Funds Effective Rate +0.51% (M) | TBD | 21533 |  | 1274 | (68) |
| Jeronimo Martins, SGPS, S.A. (M) | GSC | 1W Euribor +0.45% (M) | TBD | 68111 | EUR | 1418 | (49) |
| KakaoBank Corp. (MT) | GSC | Federal Funds Effective Rate -4.25% (M) | TBD | (38665) |  | (820) | 76 |
| Kanzhun Limited (MT) | GSC | Federal Funds Effective Rate -0.25% (M) | TBD | (18482) |  | (361) | (14) |
| KCE Electronics Public Company Limited (MT) | MSC | Federal Funds Effective Rate -45.00% (M) | TBD | (647800) |  | (907) | 17 |
| Kerry Express (Thailand) Public Company Limited (MT) | MSC | Federal Funds Effective Rate -28.00% (M) | TBD | (224300) |  | (117) | (6) |
| KIA Corporation (MT) | MSC | Federal Funds Effective Rate -0.05% (M) | TBD | (5988) |  | (296) | 15 |
| Kimberly - Clark De Mexico S.A.B. De C.V. (MT) | GSC | Federal Funds Effective Rate -0.95% (M) | TBD | (199400) |  | (339) | (3) |
| Kinsus Interconnect Technology Corp. (MT) | MSC | Federal Funds Effective Rate -9.25% (M) | TBD | (260000) |  | (1141) | 254 |
| Kiwoom Securities Co., Ltd. (MT) | MSC | Federal Funds Effective Rate -2.13% (M) | TBD | (13686) |  | (935) | 26 |
| Klabin S.A. (MT) | MSC | Federal Funds Effective Rate -1.38% (M) | TBD | (248500) |  | (987) | 47 |
| Krafton, Inc. (MT) | GSC | Federal Funds Effective Rate -4.75% (M) | TBD | (3189) |  | (455) | 31 |
| Kumba Iron Ore Ltd (MT) | HSB | South African Johannesburg Interbank Agreed Rate -0.60% (M) | TBD | (9778) | ZAR | (4729) | (5) |
| Kumho Petrochemical Co., Ltd. (MT) | MSC | Federal Funds Effective Rate -1.50% (M) | TBD | (4681) |  | (504) | 38 |
| Lasertec Co., Ltd. (MT) | GSC | Tokyo Overnight Average Rate -0.45% (M) | TBD | (6700) | JPY | (180666) | 263 |
| Leeno Industrial Inc. (MT) | MSC | Federal Funds Effective Rate -4.13% (M) | TBD | (5936) |  | (765) | 23 |
| LG Chem, Ltd. (MT) | GSC | Federal Funds Effective Rate -0.50% (M) | TBD | (266) |  | (143) | 17 |
| LG Display Co., Ltd. (M) | GSC | Federal Funds Effective Rate -1.25% (M) | TBD | (52243) |  | (576) | 62 |
| LG H&H Co., Ltd. (MT) | GSC | Federal Funds Effective Rate -0.50% (M) | TBD | (1634) |  | (897) | (34) |
| Luxshare Precision Industry (Kunshan) Co., Ltd. (MT) | MSC | Federal Funds Effective Rate -2.51% (M) | TBD | (39100) |  | (177) | (1) |
| Maxscend Microelectronics Company Limited (MT) | GSC | Federal Funds Effective Rate -13.00% (M) | TBD | (23600) |  | (393) | 2 |
| MediaTek Inc. (MT) | GSC | Federal Funds Effective Rate -0.50% (M) | TBD | (41000) |  | (995) | 164 |
| Micro-Star International Co., Ltd. (MT) | MSC | Federal Funds Effective Rate -9.85% (M) | TBD | (172000) |  | (683) | 14 |
| Mizrahi-Tefahot Bank Ltd. (MT) | GSC | 3M Tel Aviv Interbank Offered Rate +0.70% (M) | TBD | 29693 | ILS | 3656 | (81) |
| Muangthai Capital Public Company Limited (MT) | MSC | Federal Funds Effective Rate -13.50% (M) | TBD | (848700) |  | (942) | 5 |
| Murata Manufacturing Co., Ltd. (MT) | GSC | Tokyo Overnight Average Rate -0.45% (M) | TBD | (11700) | JPY | (87539) | 79 |
| Nan Ya P.C.B. Service Company (MT) | MSC | Federal Funds Effective Rate -19.00% (M) | TBD | (132000) |  | (1312) | 324 |
| Nan Ya Plastics Corporation (MT) | MSC | Federal Funds Effective Rate -0.55% (M) | TBD | (267000) |  | (659) | 44 |
| NANTEX Industry Co., Ltd. (MT) | GSC | Federal Funds Effective Rate -8.75% (M) | TBD | (485000) |  | (626) | 39 |
| Natura & Co Holding SA (M) | MSC | Federal Funds Effective Rate -1.05% (M) | TBD | (74900) |  | (178) | 13 |
| NAVER Corporation (MT) | GSC | Federal Funds Effective Rate -0.50% (M) | TBD | (5834) |  | (864) | 47 |
| Ncsoft Corporation (MT) | GSC | Federal Funds Effective Rate -0.50% (M) | TBD | (1090) |  | (383) | (2) |
| Netmarble Corp. (MT) | GSC | Federal Funds Effective Rate -1.00% (M) | TBD | (24215) |  | (967) | (188) |
| Nine Dragons Paper (Holdings) Limited (MT) | GSC | 1M HIBOR -0.50% (M) | TBD | (1010000) | HKD | (6370) | (107) |
| NIO, Inc. (MT) | GSC | Federal Funds Effective Rate -0.25% (M) | TBD | (61675) |  | (786) | 186 |
| Nova Ltd. (MT) | GSC | Federal Funds Effective Rate -0.25% (M) | TBD | (2891) |  | (251) | 15 |
| Novatek Microelectronics Corp. (MT) | MSC | Federal Funds Effective Rate -4.63% (M) | TBD | (65000) |  | (633) | (34) |
| Nuvoton Technology Corporation (MT) | GSC | Federal Funds Effective Rate -8.50% (M) | TBD | (144000) |  | (600) | 60 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Financing Fee<sup>2</sup>** | **Expiration** | **Contracts<sup>1</sup>**<br>**Long**<br>(Short) | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Unrealized Appreciation (Depreciation) ($)** |
| Nuvoton Technology Corporation (MT) | MSC | Federal Funds Effective Rate -14.50% (M) | TBD | (76000) |  | (308) | 21 |
| OI S.A. - In Judicial Reorganization (MT) | MSC | Federal Funds Effective Rate -8.00% (M) | TBD | (7021400) |  | (265) | 39 |
| OI S.A. - In Judicial Reorganization (M) | GSC | Federal Funds Effective Rate -7.50% (M) | TBD | (3122100) |  | (94) | (7) |
| Ozon Holdings PLC (M) <sup>‡</sup> | GSC | Federal Funds Effective Rate -0.25% (M) | TBD | (48131) |  | (558) | 561 |
| PagSeguro Digital Ltd. (M) | GSC | Federal Funds Effective Rate -0.25% (M) | TBD | (12594) |  | (116) | 6 |
| PANJIT International Inc. (MT) | MSC | Federal Funds Effective Rate -9.75% (M) | TBD | (511000) |  | (1058) | 91 |
| Parade Technologies, Ltd. (MT) | GSC | Federal Funds Effective Rate -6.25% (M) | TBD | (37000) |  | (1013) | 81 |
| Petpal Pet Nutrition Technology Co.,Ltd. (MT) | HSB | Federal Funds Effective Rate +0.75% (M) | TBD | 193300 |  | 490 |  |
| Pinduoduo Inc. (MT) | GSC | Federal Funds Effective Rate +0.51% (M) | TBD | 16374 |  | 1438 | (101) |
| Playtika Holding Corp. (MT) | GSC | Federal Funds Effective Rate -0.51% (M) | TBD | (15957) |  | (144) | 9 |
| Powerchip Semiconductor Manufacturing Corp. (MT) | GSC | Federal Funds Effective Rate -3.00% (M) | TBD | (663000) |  | (762) | 76 |
| Proya Cosmetics Co.,Ltd. (MT) | GSC | Federal Funds Effective Rate +1.01% (M) | TBD | 44300 |  | 1047 | 17 |
| PT Unilever Indonesia, Tbk. (M) | CIT | OBFR -2.66% (M) | TBD | (269400) |  | (81) | (2) |
| PT Unilever Indonesia, Tbk. (MT) | HSB | Federal Funds Effective Rate -3.50% (M) | TBD | (1546100) |  | (472) | 4 |
| PT Unilever Indonesia, Tbk. (M) | MBL | Federal Funds Effective Rate -4.00% (M) | TBD | (485200) |  | (148) | 1 |
| Public Joint Stock Company Detsky Mir (M) <sup>‡</sup> | GSC | Federal Funds Effective Rate +0.96% (M) | TBD | 560770 |  | 553 | (555) |
| Public Joint Stock Company Magnet (MT) <sup>‡</sup> | GSC | Federal Funds Effective Rate +0.96% (M) | TBD | 66084 |  | 1 | (1) |
| Public Joint Stock Company Sberbank of Russia (M) <sup>‡</sup> | GSC | Federal Funds Effective Rate +0.96% (M) | TBD | 41476 |  | 0 |  |
| Raiffeisen Bank International AG (M) | MSC | Federal Funds Effective Rate +0.35% (M) | TBD | 23703 | EUR | 356 | 8 |
| Realtek Semiconductor Corporation (MT) | MSC | Federal Funds Effective Rate -2.13% (M) | TBD | (93000) |  | (927) | 4 |
| Reliance Industries Limited (MT) | GSC | Federal Funds Effective Rate +0.96% (M) | TBD | 3716 |  | 241 | (13) |
| Renew Energy Global PLC (MT) | MSC | Federal Funds Effective Rate -0.63% (M) | TBD | (32233) |  | (184) | 7 |
| Samsung Electro-Mechanics Co., Ltd. (MT) | GSC | Federal Funds Effective Rate -0.50% (M) | TBD | (7801) |  | (845) | 42 |
| SAPPI (MT) | GSC | South African Johannesburg Interbank Agreed Rate -0.75% (M) | TBD | (92023) | ZAR | (4532) | 1 |
| SDI Corporation (MT) | MSC | Federal Funds Effective Rate -9.13% (M) | TBD | (155000) |  | (536) | 48 |
| Sendas Distribuidora S/A (MT) | GSC | Federal Funds Effective Rate +0.86% (M) | TBD | 71500 |  | 277 | (14) |
| Shanghai Wingtech Electronics Technology Co., Ltd. (MT) | GSC | Federal Funds Effective Rate -4.50% (M) | TBD | (62800) |  | (514) | 39 |
| Shenzhen Goodix Technology Co., Ltd. (MT) | MSC | Federal Funds Effective Rate -10.59% (M) | TBD | (2216) |  | (17) | 1 |
| Shenzhen Goodix Technology Co., Ltd. (MT) | GSC | Federal Funds Effective Rate -12.00% (M) | TBD | (51800) |  | (391) | 15 |
| Shenzhou International Group Holdings Limited (MT) | GSC | 1M HIBOR -0.50% (M) | TBD | (42400) | HKD | (3280) | (56) |
| Silergy Corp. (MT) | GSC | Federal Funds Effective Rate -4.00% (M) | TBD | (63000) |  | (1177) | 283 |
| SK Biopharmaceuticals Co., Ltd. (MT) | GSC | Federal Funds Effective Rate -0.75% (M) | TBD | (4057) |  | (228) | (3) |
| SK Hynix Inc. (M) | GSC | Federal Funds Effective Rate -0.76% (M) | TBD | 8572 |  | 537 | (30) |
| SK ie Technology Co., Ltd. (MT) | GSC | Federal Funds Effective Rate -1.75% (M) | TBD | (14455) |  | (698) | 93 |
| SKSHU Paint Co., Ltd. (MT) | HSB | Federal Funds Effective Rate -1.00% (M) | TBD | (57700) |  | (989) | 44 |
| Southern Copper Corporation (MT) | GSC | Federal Funds Effective Rate -0.25% (M) | TBD | (3649) |  | (221) | 1 |
| Sri Trang Agro-Industry Public Company Limited (MT) | MSC | Federal Funds Effective Rate -30.00% (M) | TBD | (1576700) |  | (836) | (137) |
| StarHub Ltd (M) | GSC | Singapore Swap Offer Rate -0.50% (M) | TBD | (129500) | SGD | (141) | 5 |
| Sunny Optical Technology (Group) Company Limited (M) | GSC | 1M HIBOR -0.50% (M) | TBD | (65700) | HKD | (6820) | 94 |
| Suzano S.A. (MT) | GSC | Federal Funds Effective Rate -4.64% (M) | TBD | (55448) |  | (546) | 14 |
| Suzuki Motor Corporation (MT) | GSC | Tokyo Overnight Average Rate +0.47% (M) | TBD | 61000 | JPY | 286879 | (201) |
| Synaptics Incorporated (MT) | GSC | Federal Funds Effective Rate -0.25% (M) | TBD | (5102) |  | (510) | 26 |
| Taiyo Yuden Co, Ltd (MT) | GSC | Tokyo Overnight Average Rate -0.45% (M) | TBD | (12100) | JPY | (53180) | 52 |
| Techtronic Industries Company Limited (MT) | GSC | 1M HIBOR -0.50% (M) | TBD | (77500) | HKD | (7750) | 130 |
| Tencent Holdings Limited (M) | GSC | 1M HIBOR +0.50% (M) | TBD | 21200 | HKD | 6657 | 52 |
| The Siam Cement Public Company Limited (MT) | GSC | Federal Funds Effective Rate -0.50% (M) | TBD | (91400) |  | (861) | (40) |
| TOA Paint (Thailand) Company Limited (MT) | MSC | Federal Funds Effective Rate -8.13% (M) | TBD | (338300) |  | (315) | (16) |
| Top Glove Corporation Bhd (MT) | MSC | Federal Funds Effective Rate -7.88% (M) | TBD | (1939900) |  | (369) | (32) |
| Trip.com Group Limited (MT) | GSC | Federal Funds Effective Rate +0.51% (M) | TBD | 7889 |  | 258 | 19 |
| TSE Co., Ltd. (MT) | MSC | Federal Funds Effective Rate -5.50% (M) | TBD | (13039) |  | (400) | 18 |
| TSE Co., Ltd. (MT) | GSC | Federal Funds Effective Rate -6.75% (M) | TBD | (6520) |  | (212) | 21 |
| TSRC Corporation (MT) | GSC | Federal Funds Effective Rate -2.25% (M) | TBD | (590000) |  | (543) | 24 |
| Unimicron Technology Corp. (MT) | GSC | Federal Funds Effective Rate -3.50% (M) | TBD | (211000) |  | (1150) | 326 |
| UPI Semiconductor Corp. (MT) | GSC | Federal Funds Effective Rate -13.00% (M) | TBD | (98000) |  | (1001) | 239 |
| USI Corporation (MT) | MSC | Federal Funds Effective Rate -3.75% (M) | TBD | (407000) |  | (281) | (12) |
| VK Company Limited (MT) <sup>‡</sup> | MSC | Federal Funds Effective Rate -6.50% (M) | TBD | (137620) |  | (482) | 479 |
| Weibo Corporation (MT) | GSC | Federal Funds Effective Rate -0.25% (M) | TBD | (27001) |  | (446) | (69) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** | **JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Financing Fee<sup>2</sup>** | **Expiration** | **Contracts<sup>1</sup>**<br>**Long**<br>(Short) | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Unrealized Appreciation (Depreciation) ($)** |
| Will Semiconductor Co., Ltd. Shanghai (MT) | GSC | Federal Funds Effective Rate -5.66% (M) | TBD | (61150) |  | (722) | 43 |
| WIN Semiconductors Corp. (MT) | MSC | Federal Funds Effective Rate -6.50% (M) | TBD | (84000) |  | (432) | 58 |
| WIN Semiconductors Corp. (MT) | GSC | Federal Funds Effective Rate -5.00% (M) | TBD | (86000) |  | (421) | 39 |
| Wipro Limited (MT) | GSC | Federal Funds Effective Rate -0.25% (M) | TBD | (75554) |  | (381) | 30 |
| Wix.Com Ltd. (M) | GSC | Federal Funds Effective Rate -0.25% (M) | TBD | (3103) |  | (266) | 28 |
| Xiaomi Corporation (MT) | GSC | 1M HIBOR -0.50% (M) | TBD | (738600) | HKD | (8494) | 55 |
| Xinyi Glass Holdings Limited (M) | GSC | 1M HIBOR -0.50% (M) | TBD | (564000) | HKD | (8415) | 30 |
| Xinyi Solar Holdings Limited (MT) | GSC | 1M HIBOR -0.50% (M) | TBD | (188000) | HKD | (1626) | 1 |
| Yageo Corporation (MT) | MSC | Federal Funds Effective Rate -4.50% (M) | TBD | (35020) |  | (561) | 47 |
| Yangtze Optical Fibre And Cable Joint Stocks Limited Company (MT) | GSC | 1M HIBOR +0.50% (M) | TBD | 142000 | HKD | 2062 | (12) |
| YiHai International Holdings Limited (MT) | GSC | 1M HIBOR -0.50% (M) | TBD | (225000) | HKD | (6131) | (9) |
| Zoomlion Heavy Industry Science and Technology Co., Ltd. (MT) | GSC | 1M HIBOR -2.50% (M) | TBD | (1280800) | HKD | (4970) | 31 |
|  |  |  |  |  |  |  | 3118 |

---

‡Swap agreement fair valued in good faith in accordance with the procedures approved by the JNL Series Trust's Board of Trustees and classified as Level 3 for FASB ASC Topic 820 "Fair Value Measurements" based on the applicable valuation inputs. See FASB ASC Topic 820 "Fair Value Measurements" in the Notes to Financial Statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** | **JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Unrealized Appreciation (Depreciation) ($)** |
| **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** |
| **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** |
| AVEVA Group plc (MT) | OBFR +0.40% (Q) | BOA | 01/02/24 | 995  |  | 15 |
| Bristol-Myers Squibb Company (M)‡ | 1M LIBOR +0.00% (Q) | BOA | 01/02/24 | —  |  | 23 |
| Brookfield Property Preferred LP (M) | OBFR +0.75% (M) | BOA | 08/02/23 | 38  |  | (5) |
| Cazoo Group Ltd (MT) | OBFR +0.75% (Q) | BOA | 12/29/24 | 13  |  | (8) |
| HomeServe PLC (MT) | OBFR +0.60% (Q) | BOA | 05/24/23 | 3069  |  | 19 |
| Summit Industrial Income REIT (MT) | OBFR +1.20% (Q) | BOA | 11/25/23 | 1569  |  | (1) |
| AVEVA Group plc (MT) | OBFR +0.61% (Q) | GSC | 12/13/23 | 658  |  | 31 |
| Euronav (MT) | OBFR +0.61% (Q) | GSC | 10/12/23 | 546  |  | (59) |
| Willis Towers Watson Public Limited Company (M) | SOFR +0.61% (Q) | GSC | 05/16/23 | 555  |  | 86 |
| Aareal Bank AG (MT) | OBFR +0.55% (Q) | JPM | 07/07/23 | 413  |  | 22 |
| Autogrill S.P.A. (MT) | OBFR +0.55% (Q) | JPM | 07/15/23 | 978  |  | 45 |
| AVEVA Group plc (MT) | OBFR +0.45% (Q) | JPM | 01/02/24 | 363  |  | 5 |
| EMIS Group PLC (MT) | OBFR +0.45% (Q) | JPM | 09/19/23 | 587  |  | 17 |
| HomeServe PLC (MT) | OBFR +0.45% (Q) | JPM | 06/05/23 | 593  |  | 1 |
|  |  |  |  |  |  | 191 |
| **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** |
| **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** |
| Frontline Ltd. (MT) | OBFR -4.50% (Q) | GSC | 11/10/23 | (350)  |  | 46 |
| Super Hi International Holding Ltd. (MT)‡ | 1M HIBOR -9.00% (M) | GSC | 12/31/25<br> HKD | (91)  |  | 1 |
| China Resources Microelectronics Limited (MT) | OBFR -0.30% (M) | JPM | 09/18/23 | (101)  |  | 3 |
| Dufry AG (MT) | OBFR -0.75% (Q) | JPM | 09/05/23 | (33)  |  | (1) |
| China Resources Microelectronics Limited (MT) | Federal Funds Effective Rate -9.34% (M) | MSC | 09/25/23 | (423)  |  | 10 |
| Wangsu Science & Technology Co., Ltd. (MT) | Federal Funds Effective Rate -9.85% (M) | MSC | 09/23/23 | (154)  |  | 3 |
|  |  |  |  |  |  | 62 |

---

‡Swap agreement fair valued in good faith in accordance with the procedures approved by the JNL Series Trust's Board of Trustees and classified as Level 3 for FASB ASC Topic 820 "Fair Value Measurements" based on the applicable valuation inputs. See FASB ASC Topic 820 "Fair Value Measurements" in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 429590 | 83325 | 665 | 513580 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 285651 | 161 | 285812 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 121062 | 70 | 121132 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 99395 |  | 99395 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 10983 | 714 | 11697 |
| &nbsp;&nbsp;Other Equity Interests |  |  | 6855 | 6855 |
| &nbsp;&nbsp;Preferred Stocks | 1104 |  | 171 | 1275 |
| &nbsp;&nbsp;Investment Companies |  | 257 |  | 257 |
| &nbsp;&nbsp;Warrants | 88 |  |  | 88 |
| &nbsp;&nbsp;Rights |  |  | 77 | 77 |
| &nbsp;&nbsp;Short Term Investments | 152521 | 26256 |  | 178777 |
|  | 583303 | 626929 | 8713 | 1218945 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Common Stocks | (165654) | (2625) |  | (168279) |
| &nbsp;&nbsp;Investment Companies | (28110) |  |  | (28110) |
| &nbsp;&nbsp;Senior Floating Rate Instruments<sup>1</sup> |  |  | (4) | (4) |
| &nbsp;&nbsp;Short Term Investments |  | (17986) |  | (17986) |
|  | (193764) | (20611) | (4) | (214379) |
| **Assets - Investments in Other Financial Instruments<sup>2</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1502 |  |  | 1502 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 4569 |  | 4569 |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | 165 |  | 165 |
| &nbsp;&nbsp;Exchange Traded Futures Options | 217 |  |  | 217 |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 682 |  |  | 682 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 1142 |  | 1142 |
| &nbsp;&nbsp;OTC Contracts for Difference |  | 5976 | 1040 | 7016 |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | 303 | 24 | 327 |
|  | 2401 | 12155 | 1064 | 15620 |
| **Liabilities - Investments in Other Financial Instruments<sup>2</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (5969) |  |  | (5969) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (3336) |  | (3336) |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | (29) |  | (29) |
| &nbsp;&nbsp;Exchange Traded Futures Options | (49) |  |  | (49) |
| &nbsp;&nbsp;Exchange Traded Written Options | (1152) |  |  | (1152) |
| &nbsp;&nbsp;OTC Written Options |  | (336) |  | (336) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (1999) |  | (1999) |
| &nbsp;&nbsp;OTC Interest Rate Swap Agreements |  | (71) |  | (71) |
| &nbsp;&nbsp;OTC Contracts for Difference |  | (3135) | (763) | (3898) |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (74) |  | (74) |
|  | (7170) | (8980) | (763) | (16913) |

---

<sup>1</sup> Unfunded commitments are not reflected in total investments in the Schedule of Investments. Net unrealized appreciation (depreciation) is reflected as an asset or liability, if applicable, in the table. See Unfunded Commitments table following Schedule of Investments.

<sup>2</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** |
| **COMMON STOCKS 96.9%** | **COMMON STOCKS 96.9%** | **COMMON STOCKS 96.9%** |
| **China 26.3%** | **China 26.3%** | **China 26.3%** |
| Alibaba Group Holding Limited (a) (b) | 1008 | 11018 |
| Alibaba Group Holding Limited - ADR (a) | 10 | 900 |
| Amoy Diagnostics Co., Ltd. - Class A | 61 | 233 |
| Angang Steel Company Limited - Class A | 667 | 256 |
| Angel Yeast Co., Ltd. - Class A | 1002 | 6502 |
| Anhui Conch Cement Company Limited - Class H | 271 | 945 |
| Anhui Gujing Distillery Company Limited - Class B | 298 | 4775 |
| ANTA Sports Products Limited | 198 | 2580 |
| Asymchem Laboratories (Tianjin) Co., Ltd. - Class A | 9 | 194 |
| Asymchem Laboratories (Tianjin) Co., Ltd. - Class H (b) (c) | 18 | 259 |
| Autohome Inc. - Class A - ADR | 114 | 3486 |
| Baidu, Inc. - Class A (a) (b) | 451 | 6437 |
| Bank of Ningbo Co., Ltd. - Class A | 229 | 1064 |
| Baoshan Iron & Steel Co., Ltd. - Class A | 710 | 570 |
| Beijing Capital International Airport Co., Ltd. - Class H (a) | 3986 | 2918 |
| BYD Company Limited - Class H | 6 | 147 |
| China Construction Bank Corporation - Class H | 9725 | 6071 |
| China Longyuan Power Group Corporation Limited - Class H | 1793 | 2178 |
| China Merchants Bank Co., Ltd. - Class H | 690 | 3838 |
| China National Building Material Company Limited - Class H | 1278 | 1045 |
| China Oilfield Services Limited - Class A | 1632 | 3899 |
| China Oilfield Services Limited - Class H | 525 | 633 |
| China Overseas Land & Investment Limited | 136 | 356 |
| China Pacific Insurance (Group) Co., Ltd. - Class H | 319 | 707 |
| China Railway Group Limited - Class A | 745 | 594 |
| China Resources Beer (Holdings) Company Limited | 322 | 2239 |
| China Resources Gas Group Limited | 1165 | 4340 |
| China Tourism Group Duty Free Corporation Limited - Class A | 60 | 1864 |
| China Vanke Co., Ltd. - Class H | 175 | 352 |
| China Yangtze Power Co., Ltd. - Class A | 227 | 683 |
| Contemporary Amperex Technology Co., Limited - Class A | 62 | 3514 |
| Country Garden Holdings Company Limited (c) | 307 | 104 |
| Country Garden Services Holdings Company Limited | 68 | 168 |
| CSC Financial Co., Ltd. - Class H (b) | 1063 | 929 |
| CSPC Pharmaceutical Group Limited | 381 | 398 |
| Eastroc Beverage(Group) Co., Ltd. - Class A | 168 | 4292 |
| ENN energy Holdings Limited | 151 | 2102 |
| Fuyao Glass Industry Group Co., Ltd. - Class A | 796 | 4009 |
| Ganfeng Lithium Group Co., Ltd - Class H (b) | 124 | 924 |
| GDS Holdings Ltd. - ADR (a) | 4 | 88 |
| Glodon Company Limited - Class A | 96 | 825 |
| Great Wall Motor Company Limited - Class H | 349 | 451 |
| Guangdong Investment Limited | 3300 | 3368 |
| Guangzhou Tinci Materials Technology Co., Ltd. - Class A | 149 | 941 |
| H World Group Limited - ADR | 7 | 310 |
| Haidilao International Holding Ltd. (a) (b) (c) | 341 | 975 |
| Haitian International Holdings Limited | 2211 | 5896 |
| Hangzhou Tigermed Consulting Co., Ltd - Class A | 24 | 358 |
| Hangzhou Tigermed Consulting Co., Ltd - Class H (b) | 34 | 393 |
| Hisense Home Appliances Group Co., Ltd. - Class A | 117 | 222 |
| Hosa International Limited (a) (c) (d) | 7408 |  |
| Industrial and Commercial Bank of China Limited - Class H | 2030 | 1045 |
| Inner Mongolia Yili Industrial Group Co., Ltd. - Class A | 677 | 3011 |
| JD.com, Inc. - Class A | 37 | 1043 |
| JD.com, Inc. - Class A - ADR | 21 | 1161 |
| Joyy Inc. - Class A - ADR | 60 | 1880 |
| KE Holdings Inc. - Class A - ADR (a) | 496 | 6924 |
| Kingdee International Software Group Company Limited (a) | 326 | 690 |
| Kweichow Moutai Co., Ltd. - Class A | 17 | 4283 |
| Li Ning Company Limited | 1415 | 12212 |
| Longfor Properties Co. Ltd. (c) | 994 | 3049 |
| Meituan - Class B (a) (b) | 136 | 3006 |
| MicroPort Scientific Corporation (a) (c) | 70 | 182 |
| NARI Technology Co., Ltd. - Class A | 1085 | 3806 |
| NetEase, Inc. | 35 | 510 |
| Ping An Insurance (Group) Co of China Ltd - Class H | 292 | 1914 |
| Poly Developments and Holdings Group Co., Ltd. - Class A | 86 | 187 |
| Qingdao Haier Biomedical Co Ltd - Class A | 288 | 2629 |
| Qinghai Salt Lake Industry Co., Ltd - Class A (a) | 88 | 288 |
| Remegen, Ltd. - Class A (a) | 7 | 78 |
| Remegen, Ltd. - Class H (a) (b) (c) | 33 | 245 |
| SANY Heavy Industry Co., Ltd. - Class A | 188 | 427 |
| Shandong Weigao Group Medical Polymer Company Limited - Class H | 1936 | 3170 |
| Shanghai Fosun Pharmaceutical (Group) Co., Ltd. - Class H (c) | 125 | 400 |
| Shanghai Pu Tai Lai New Energy Technology Co., Ltd. - Class A | 58 | 434 |
| Shenzhen H&T Intelligent Control Co., Ltd. - Class A | 1245 | 2611 |
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 16 | 722 |
| Shenzhou International Group Holdings Limited | 821 | 9167 |
| Silergy Corp. | 236 | 3349 |
| Sinoma Science & Technology Co., Ltd. - Class A | 421 | 1293 |
| Tencent Holdings Limited | 239 | 10148 |
| Tingyi (Cayman Islands) Holding Corp. | 1834 | 3243 |
| Tongcheng-Elong Holdings Limited (a) (b) | 2331 | 5572 |
| Tongdao Liepin Group (a) (b) | 2216 | 2607 |
| Trip.com Group Limited (a) | 179 | 6317 |
| Trip.com Group Limited - ADR (a) | 18 | 618 |
| Tsingtao Brewery Co., Ltd. - Class H | 612 | 6046 |
| Weichai Power Co., Ltd. - Class A | 2716 | 3969 |
| WuXi AppTec Co., Ltd. - Class A | 28 | 326 |
| WuXi AppTec Co., Ltd. - Class H (b) | 739 | 7644 |
| Wuxi Biologics Cayman Inc (a) (b) | 44 | 338 |
| Wuxi Lead Intelligent Equipment Co., Ltd. - Class A | 79 | 454 |
| Xiamen Faratronic Co., Ltd. - Class A | 259 | 5952 |
| Xpeng Inc. (a) (c) | 161 | 776 |
| Xpeng Inc. - ADR (a) | 63 | 625 |
| Xtep International Holdings Limited | 552 | 612 |
| Yadea Group Holdings Ltd (b) | 1672 | 2798 |
| Yangzijiang Shipbuilding (Holdings) Ltd. | 4577 | 4648 |
| Yatsen Holding Ltd - Class A - ADR (a) (c) | 335 | 489 |
| Yifeng Pharmacy Chain Co., Ltd. - Class A | 49 | 445 |
| YiHai International Holdings Limited | 199 | 701 |
| Yunnan Energy New Material Co., Ltd. - Class A | 53 | 1007 |
| Zhejiang Hangke Technology Incorporated Company - Class A | 43 | 272 |
| Zoomlion Heavy Industry Science and Technology Co., Ltd. - Class A | 663 | 518 |
| ZTO Express (Cayman) Inc. - Class A - ADR | 265 | 7128 |
|  |  | 244319 |
| **India 13.4%** | **India 13.4%** | **India 13.4%** |
| Apollo Hospitals Enterprise Limited | 11 | 599 |
| Ashok Leyland Limited | 787 | 1369 |
| Axis Bank Limited | 401 | 4533 |
| Bharat Electronics Limited | 500 | 606 |
| Bharti Airtel Limited | 361 | 3522 |
| Computer Age Management Services Private Limited | 213 | 5748 |
| Divis Laboratories Limited | 193 | 7959 |
| HDFC Bank Limited | 416 | 8198 |
| Hindalco Industries Limited | 601 | 3450 |
| ICICI Bank Limited | 584 | 6306 |
| Indiamart Intermesh Limited | 46 | 2393 |
| Infosys Limited - ADR | 68 | 1230 |
| Kotak Mahindra Bank Limited | 620 | 13694 |
| Mahindra and Mahindra Limited | 66 | 1001 |
| Multi Commodity Exchange of India Limited | 353 | 6654 |
| Oracle Financial Services Software Limited | 196 | 7176 |
| Petronet LNG Limited | 1713 | 4464 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| PI Industries Limited | 112 | 4648 |
| Power Grid Corporation of India Limited | 299 | 774 |
| Reliance Industries Limited | 340 | 10473 |
| SBI Life Insurance Company Limited (b) | 83 | 1235 |
| Shree Cement Limited | 10 | 2763 |
| Shriram Finance Limited | 178 | 2961 |
| Star Health and Allied Insurance Company Limited (a) | 314 | 2150 |
| Tata Consultancy Services Limited | 140 | 5533 |
| Tata Steel Limited | 365 | 499 |
| Tech Mahindra Limited | 244 | 3005 |
| UPL Limited | 69 | 597 |
| WNS (Holdings) Limited - ADR (a) | 137 | 10955 |
| Zomato Limited (a) | 798 | 574 |
| | | 125069 |
| **Taiwan 8.4%** | **Taiwan 8.4%** | **Taiwan 8.4%** |
| ADDCN Technology Co., Ltd. | 846 | 5227 |
| Airtac International Group | 207 | 6248 |
| ASE Technology Holding Co., Ltd. | 627 | 1905 |
| BizLink Holding Inc. | 354 | 2729 |
| E Ink Holdings Inc. | 356 | 1867 |
| Hon Hai Precision Industry Co., Ltd. | 3154 | 10251 |
| Kerry TJ Logistics Company Limited | 2148 | 2645 |
| MediaTek Inc. | 254 | 5161 |
| Nanya Technology Corporation | 1224 | 2041 |
| Sporton International Inc. | 745 | 5085 |
| Taiwan Semiconductor Manufacturing Company Limited | 2418 | 35161 |
|  |  | 78320 |
| **South Korea 8.0%** | **South Korea 8.0%** | **South Korea 8.0%** |
| Amorepacific Corporation | 16 | 1761 |
| CJ CheilJedang Corp. | 11 | 3238 |
| Coupang, Inc. - Class A (a) | 170 | 2490 |
| Duzon Bizon Co., Ltd. | 114 | 3338 |
| E-MART Inc. | 8 | 608 |
| Hyundai Motor Company | 34 | 4080 |
| Kangwon Land, Inc. (a) | 252 | 4626 |
| KT Corp | 103 | 2752 |
| KT&G Corporation | 11 | 824 |
| Leeno Industrial Inc. | 14 | 1786 |
| LOTTE Chemical Corporation | 17 | 2374 |
| Ncsoft Corporation | 1 | 388 |
| Nice Information Service Co., Ltd. | 457 | 4413 |
| POSCO Holdings Inc. | 2 | 542 |
| S-1 Corporation | 130 | 6055 |
| Samsung C&T Corporation | 10 | 861 |
| Samsung Electronics Co Ltd | 529 | 23176 |
| SaraminHR Co., Ltd. | 218 | 4548 |
| SK innovation Co., Ltd. (a) | 7 | 825 |
| SK Telecom Co., Ltd. | 44 | 1643 |
| Webcash Co., Ltd. | 200 | 2301 |
| Younglimwon Soft Lab Co., Ltd. | 281 | 2005 |
|  |  | 74634 |
| **Hong Kong 6.0%** | **Hong Kong 6.0%** | **Hong Kong 6.0%** |
| AIA Group Limited | 1846 | 20355 |
| Angang Steel Company Limited - Class H | 72 | 20 |
| China Mengniu Dairy Company Limited | 2245 | 10163 |
| China Overseas Holdings Limited | 4055 | 4204 |
| Galaxy Entertainment Group Limited | 681 | 4471 |
| Hong Kong Exchanges and Clearing Limited | 122 | 5260 |
| Melco Resorts & Entertainment Limited - ADR (a) | 187 | 2152 |
| Super Hi International Holding Ltd. (a) (c) | 35 | 44 |
| Techtronic Industries Company Limited | 768 | 8527 |
| The Wharf (Holdings) Limited | 61 | 179 |
| Zhongsheng Group Holdings Limited | 35 | 182 |
|  |  | 55557 |
| **Brazil 5.8%** | **Brazil 5.8%** | **Brazil 5.8%** |
| American Beverage Co Ambev | 1482 | 4059 |
| Banco BTG Pactual S/A | 833 | 3762 |
| BB Seguridade Participacoes S/A | 130 | 830 |
| Boa Vista Servicos S/A | 6120 | 8416 |
| Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP | 150 | 1607 |
| Hapvida Participacoes E Investimentos S/A (b) | 5393 | 5152 |
| Klabin S.A. | 732 | 2761 |
| Magazine Luiza S.A. | 808 | 415 |
| Multiplan Empreendimentos Imobiliarios S/A (a) | 706 | 2914 |
| Petroleo Brasileiro S/A Petrobras. | 236 | 1250 |
| Raia Drogasil S.A. | 91 | 410 |
| Tegma Gestao Logistica S.A. (e) | 2716 | 9952 |
| TIM S.A | 451 | 1054 |
| TOTVS S.A. | 717 | 3745 |
| Vale S.A. - ADR | 208 | 3524 |
| Vasta Platform Limited - Class A (a) (c) (e) | 1077 | 4307 |
|  |  | 54158 |
| **Mexico 5.6%** | **Mexico 5.6%** | **Mexico 5.6%** |
| Arca Continental S.A.B. de C.V. | 508 | 4125 |
| Banco Actinver, S.A., Institucion de Banca Multiple, Grupo Financiero Actinver | 92 | 108 |
| Corporacion Moctezuma S.A.B. de C.V. (c) | 2019 | 6008 |
| Fresnillo PLC | 344 | 3762 |
| GRUMA, S.A.B. de C.V. - Class B | 388 | 5195 |
| Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. - Class B | 604 | 4647 |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. - Series B - ADR | 27 | 3865 |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Class B - ADR | 32 | 7441 |
| Grupo Mexico, S.A.B. de C.V. - Class B | 1292 | 4536 |
| Orbia Advance Corporation, S.A.B. de C.V. | 979 | 1736 |
| Qualitas Controladora, S.A.B. De C.V. | 905 | 4005 |
| Wal - Mart de Mexico, S.A.B. de C.V. | 1945 | 6875 |
|  |  | 52303 |
| **Thailand 3.5%** | **Thailand 3.5%** | **Thailand 3.5%** |
| Bangkok Dusit Medical Services Public Company Limited. | 5047 | 4232 |
| Central Pattana Public Company Limited | 96 | 197 |
| CP ALL Public Company Limited | 471 | 928 |
| Fabrinet (a) | 44 | 5690 |
| Humanica Limited | 10886 | 3482 |
| KASIKORNBANK Public Company Limited | 773 | 3294 |
| Land and Houses Public Company Limited - NVDR | 7584 | 2170 |
| Land and Houses Public Company Limited | 8183 | 2342 |
| PTT Exploration And Production Public Company Limited | 621 | 3177 |
| Union Auction Public Company Limited (e) | 26502 | 7180 |
|  |  | 32692 |
| **Poland 3.5%** | **Poland 3.5%** | **Poland 3.5%** |
| Allegro.eu (a) (b) | 911 | 5251 |
| Dino Polska Spolka Akcyjna (a) (b) | 96 | 8224 |
| Grupa Pracuj Spolka Akcyjna | 863 | 8103 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 606 | 4911 |
| Wirtualna Polska Holding SA | 245 | 5665 |
|  |  | 32154 |
| **Indonesia 3.1%** | **Indonesia 3.1%** | **Indonesia 3.1%** |
| Aneka Tambang (Persero), PT TBK | 1752 | 225 |
| PT Avia Avian Tbk | 66243 | 2679 |
| PT Dayamitra Telekomunikasi | 56424 | 2903 |
| PT Sarana Menara Nusantara Tbk | 40379 | 2854 |
| PT Telkom Indonesia (Persero) Tbk | 2148 | 517 |
| PT. Bank Central Asia Tbk | 15607 | 8536 |
| PT. Bank Rakyat Indonesia (Persero) Tbk. | 34455 | 10884 |
|  |  | 28598 |
| **South Africa 2.1%** | **South Africa 2.1%** | **South Africa 2.1%** |
| Capitec Bank Holdings | 52 | 5680 |
| Clicks Group | 171 | 2721 |
| Discovery (a) | 124 | 905 |
| Firstrand Ltd | 1324 | 4846 |
| Gold Fields Limited | 124 | 1290 |
| Kumba Iron Ore Ltd (b) (c) | 83 | 2450 |
| Naspers Ltd - Class N | 7 | 1119 |
| Sibanye Stillwater | 184 | 487 |
|  |  | 19498 |
| **Malaysia 2.0%** | **Malaysia 2.0%** | **Malaysia 2.0%** |
| Carlsberg Brewery Malaysia Berhad | 1172 | 6091 |
| CIMB Group Holdings Berhad | 5012 | 6593 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Heineken Malaysia Berhad | 1070 | 6117 |
| | | 18801 |
| **United Kingdom 1.5%** | **United Kingdom 1.5%** | **United Kingdom 1.5%** |
| Anglo American PLC | 44 | 1698 |
| Baltic Classifieds Group PLC | 4550 | 7769 |
| Endava PLC - Class A - ADR (a) | 27 | 2084 |
| Hikma Pharmaceuticals Public Limited Company | 14 | 270 |
| Standard Chartered PLC | 297 | 2248 |
|  |  | 14069 |
| **Hungary 1.2%** | **Hungary 1.2%** | **Hungary 1.2%** |
| MOL Hungarian Oil and Gas Public Limited Company | 132 | 919 |
| OTP Bank Nyrt. | 150 | 4073 |
| Wizz Air Holdings PLC (a) (b) | 244 | 5713 |
|  |  | 10705 |
| **Saudi Arabia 1.1%** | **Saudi Arabia 1.1%** | **Saudi Arabia 1.1%** |
| Saudi British Bank | 653 | 6780 |
| The Saudi National Bank | 290 | 3907 |
|  |  | 10687 |
| **Luxembourg 1.0%** | **Luxembourg 1.0%** | **Luxembourg 1.0%** |
| Globant S.A. (a) | 31 | 5159 |
| Tenaris S.A. | 251 | 4410 |
|  |  | 9569 |
| **Netherlands 0.9%** | **Netherlands 0.9%** | **Netherlands 0.9%** |
| ASML Holding N.V. | 2 | 1147 |
| BE Semiconductor Industries N.V. | 68 | 4131 |
| Prosus N.V. - Class N | 49 | 3379 |
|  |  | 8657 |
| **Singapore 0.8%** | **Singapore 0.8%** | **Singapore 0.8%** |
| Haw Par Corporation Limited | 527 | 3770 |
| Jardine Cycle & Carriage Limited (c) | 188 | 4025 |
|  |  | 7795 |
| **United States of America 0.8%** | **United States of America 0.8%** | **United States of America 0.8%** |
| EPAM Systems, Inc. (a) | 17 | 5623 |
| Freshworks, Inc. - Class A (a) (c) | 97 | 1423 |
|  |  | 7046 |
| **Chile 0.5%** | **Chile 0.5%** | **Chile 0.5%** |
| Banco de Chile | 48006 | 4984 |
| **Switzerland 0.5%** | **Switzerland 0.5%** | **Switzerland 0.5%** |
| Lafarge | 83 | 4287 |
| **Philippines 0.4%** | **Philippines 0.4%** | **Philippines 0.4%** |
| Ayala Land Inc. | 444 | 245 |
| Bank of The Philippine Islands | 184 | 337 |
| BDO Unibank, Inc. | 1446 | 2751 |
|  |  | 3333 |
| **Czech Republic 0.2%** | **Czech Republic 0.2%** | **Czech Republic 0.2%** |
| Komercni banka, a.s. | 68 | 1988 |
| **Macau 0.2%** | **Macau 0.2%** | **Macau 0.2%** |
| Sands China Ltd. (a) | 517 | 1704 |
| **Greece 0.1%** | **Greece 0.1%** | **Greece 0.1%** |
| Hellenic Telecommunications Organization S.A. - Class R | 51 | 805 |
| **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** |
| Emaar Properties PJSC | 132 | 212 |
| NMC Health PLC (d) | 119 |  |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Headhunter Group PLC - ADR (a) (b) (d) | 25 |  |
| Public Joint Stock Company Gazprom - ADR (a) (b) (d) | 627 |  |
| Public Joint Stock Company Novatek (a) (b) (d) | 150 |  |
| Public Joint Stock Company Novatek - GDR (a) (b) (d) | 1 |  |
| Public Joint Stock Company Sberbank of Russia (a) (b) (d) | 544 |  |
| Public Joint Stock Society Mining And Metallurgical Company Norilsk Nickel - ADR (a) (b) (d) | 2 |  |
| Public Joint Stock Society Moscow Exchange MICEX-RTS (a) (b) (d) | 5235 |  |
| Public Joint Stock Society Oil Company Lukoil - ADR (a) (b) (d) | 47 |  |
| Publichnoe Aktsionernoe Obshchestvo Mobilnye Telesistemy - ADR (a) (b) (d) | 101 |  |
| TCS Group Holding PLC - GDR (a) (b) (d) | 71 |  |
| Yandex N.V. - Class A (a) (b) (d) | 280 |  |
| Total Common Stocks (cost $996,541) | Total Common Stocks (cost $996,541) | 901944 |
| **INVESTMENT COMPANIES 0.6%** | **INVESTMENT COMPANIES 0.6%** | **INVESTMENT COMPANIES 0.6%** |
| **United States of America 0.6%** | **United States of America 0.6%** | **United States of America 0.6%** |
| iShares Core MSCI Emerging Markets ETF | 116 | 5400 |
| Total Investment Companies (cost $5,408) | Total Investment Companies (cost $5,408) | 5400 |
| **PREFERRED STOCKS 0.5%** | **PREFERRED STOCKS 0.5%** | **PREFERRED STOCKS 0.5%** |
| **Brazil 0.4%** | **Brazil 0.4%** | **Brazil 0.4%** |
| Banco Bradesco S.A. (f) | 1155 | 3315 |
| **South Korea 0.1%** | **South Korea 0.1%** | **South Korea 0.1%** |
| Samsung Electronics Co Ltd, 1.00% (g) | 26 | 1025 |
| Total Preferred Stocks (cost $6,045) | Total Preferred Stocks (cost $6,045) | 4340 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| **United States of America 0.0%** | **United States of America 0.0%** | **United States of America 0.0%** |
| LOTTE Chemical Corporation (a) (h) | 3 | 91 |
| Total Rights (cost $0) | Total Rights (cost $0) | 91 |
| **SHORT TERM INVESTMENTS 1.3%** | **SHORT TERM INVESTMENTS 1.3%** | **SHORT TERM INVESTMENTS 1.3%** |
| **Investment Companies 1.3%** | **Investment Companies 1.3%** | **Investment Companies 1.3%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (e) (i) | 9939 | 9939 |
| T. Rowe Price Government Reserve Fund, 4.25% (e) (i) | 2115 | 2115 |
|  |  | 12054 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (e) (i) | 1 | 1 |
| Total Short Term Investments (cost $12,055) | Total Short Term Investments (cost $12,055) | 12055 |
| **Total Investments 99.3% (cost $1,020,049)** | **Total Investments 99.3% (cost $1,020,049)** | **923830** |
| **Other Assets and Liabilities, Net 0.7%** | **Other Assets and Liabilities, Net 0.7%** | **6343** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **930173** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) All or a portion of the security was on loan as of December 31, 2022.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(e) Investment in affiliate.

(f) Convertible security.

(g) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(h) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(i) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Emerging Markets Equity Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Emerging Markets Equity Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Tegma Gestao Logistica S.A. | 10300 |  | 3173 | 753 | 122 | 2703 | 9952 | 1.1 |
| Union Auction Public Company Limited | 8646 |  | 375 | 349 | 114 | (1205) | 7180 | 0.8 |
| Vasta Platform Limited - Class A | 5680 |  | 1324 |  | (3714) | 3665 | 4307 | 0.4 |
|  | 24626 |  | 4872 | 1102 | (3478) | 5163 | 21439 | 2.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Emerging Markets Equity Fund — Restricted Securities** | **JNL Multi-Manager Emerging Markets Equity Fund — Restricted Securities** | **JNL Multi-Manager Emerging Markets Equity Fund — Restricted Securities** | **JNL Multi-Manager Emerging Markets Equity Fund — Restricted Securities** | **JNL Multi-Manager Emerging Markets Equity Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Alibaba Group Holding Limited | 10/25/21 | 16060 | 11018 | 1.2 |
| Allegro.eu | 08/31/22 | 4798 | 5251 | 0.6 |
| Asymchem Laboratories (Tianjin) Co., Ltd. - Class H | 12/10/21 | 501 | 259 |  |
| Baidu, Inc. - Class A | 05/12/21 | 7992 | 6437 | 0.7 |
| CSC Financial Co., Ltd. - Class H | 02/17/21 | 1326 | 929 | 0.1 |
| Dino Polska Spolka Akcyjna | 07/07/20 | 5460 | 8224 | 0.9 |
| Ganfeng Lithium Group Co., Ltd - Class H | 05/12/21 | 1266 | 924 | 0.1 |
| Haidilao International Holding Ltd. | 03/10/22 | 557 | 975 | 0.1 |
| Hangzhou Tigermed Consulting Co., Ltd - Class H | 02/10/21 | 697 | 393 | 0.1 |
| Hapvida Participacoes E Investimentos S/A | 04/16/20 | 10149 | 5152 | 0.6 |
| Headhunter Group PLC | 04/20/21 | 1074 |  |  |
| Kumba Iron Ore Ltd | 11/11/22 | 2315 | 2450 | 0.3 |
| Meituan - Class B | 11/01/21 | 3174 | 3006 | 0.3 |
| Public Joint Stock Company Gazprom | 11/23/21 | 5367 |  |  |
| Public Joint Stock Company Novatek | 09/24/21 | 159 |  |  |
| Public Joint Stock Company Novatek | 01/04/17 | 2678 |  |  |
| Public Joint Stock Company Sberbank of Russia | 03/09/21 | 2176 |  |  |
| Public Joint Stock Society Mining And Metallurgical Company Norilsk Nickel | 03/02/22 | 541 |  |  |
| Public Joint Stock Society Moscow Exchange MICEX-RTS | 04/16/20 | 8676 |  |  |
| Public Joint Stock Society Oil Company Lukoil | 01/15/21 | 3890 |  |  |
| Publichnoe Aktsionernoe Obshchestvo Mobilnye Telesistemy | 11/16/20 | 876 |  |  |
| Remegen, Ltd. - Class H | 11/25/21 | 233 | 245 |  |
| SBI Life Insurance Company Limited | 03/14/22 | 1201 | 1235 | 0.1 |
| TCS Group Holding PLC | 08/10/21 | 6533 |  |  |
| Tongcheng-Elong Holdings Limited | 07/14/20 | 4466 | 5572 | 0.6 |
| Tongdao Liepin Group | 04/22/20 | 4729 | 2607 | 0.3 |
| Wizz Air Holdings PLC | 08/01/22 | 7243 | 5713 | 0.6 |
| WuXi AppTec Co., Ltd. - Class H | 03/15/21 | 9138 | 7644 | 0.8 |
| Wuxi Biologics Cayman Inc | 12/23/22 | 304 | 338 |  |
| Yadea Group Holdings Ltd | 11/02/22 | 2853 | 2798 | 0.3 |
| Yandex N.V. - Class A | 02/25/21 | 10006 |  |  |
|  |  | 126438 | 71170 | 7.7 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| HKD/USD | SSB | 01/04/23 | HKD | 33 | 4 |  |
| USD/AED | SSB | 01/03/23 | AED | (10) | (3) |  |
| USD/BRL | SSB | 01/03/23 | BRL | (308) | (58) |  |
| USD/CZK | SSB | 01/03/23 | CZK | (568) | (25) |  |
| USD/EUR | MSC | 01/03/23 | EUR | (23) | (24) |  |
| USD/GBP | BCL | 01/03/23 | GBP | (44) | (53) |  |
| USD/HKD | JPM | 01/03/23 | HKD | (5394) | (691) | 1 |
| USD/HKD | SSB | 01/03/23 | HKD | (460) | (59) |  |
| USD/HKD | BCL | 01/04/23 | HKD | (1424) | (182) |  |
| USD/HUF | BCL | 01/03/23 | HUF | (4297) | (12) |  |
| USD/IDR | SSB | 01/03/23 | IDR | (828294) | (53) | (1) |
| USD/IDR | SSB | 01/03/23 | IDR | (43550) | (3) |  |
| USD/MXN | HSB | 01/03/23 | MXN | (93) | (5) |  |
| USD/PHP | SSB | 01/03/23 | PHP | (211) | (4) |  |
| USD/PHP | SSB | 01/04/23 | PHP | (1923) | (35) |  |
| USD/THB | SSB | 01/03/23 | THB | (3335) | (96) |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts (continued)** | **JNL Multi-Manager Emerging Markets Equity Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/ZAR | SCB | 01/04/23 | ZAR | (820) | (48) |  |
|  |  |  |  |  | (1347) |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 116831 | 785113 |  | 901944 |
| &nbsp;&nbsp;Investment Companies | 5400 |  |  | 5400 |
| &nbsp;&nbsp;Preferred Stocks | 4340 |  |  | 4340 |
| &nbsp;&nbsp;Rights |  | 91 |  | 91 |
| &nbsp;&nbsp;Short Term Investments | 12055 |  |  | 12055 |
|  | 138626 | 785204 |  | 923830 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 1 |  | 1 |
|  |  | 1 |  | 1 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (1) |  | (1) |
|  |  | (1) |  | (1) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** |
| **COMMON STOCKS 98.2%** | **COMMON STOCKS 98.2%** | **COMMON STOCKS 98.2%** |
| **Japan 22.7%** | **Japan 22.7%** | **Japan 22.7%** |
| Alfresa Holdings Corporation | 172 | 2187 |
| Anicom Holdings, Inc. | 153 | 668 |
| BayCurrent Consulting , Inc. | 130 | 4064 |
| Bengo4.com, Inc. (a) (b) | 93 | 1824 |
| Canon Marketing Japan Inc. (b) | 38 | 859 |
| Citizen Watch Co., Ltd. (b) | 492 | 2206 |
| COLOPL, Inc. | 277 | 1314 |
| Credit Saison Co., Ltd | 244 | 3143 |
| Daiwabo Holdings Co., Ltd. | 147 | 2164 |
| Demae-Can Co., Ltd (a) (b) | 106 | 346 |
| DMG Mori Co., Ltd. (b) | 165 | 2178 |
| EDION Corporation (b) | 188 | 1835 |
| eGuarantee, Inc. | 145 | 2673 |
| Electric Power Development Co., Ltd. - Class D | 334 | 5333 |
| Freee K.K. (a) (b) | 37 | 805 |
| Fujikura Ltd. | 98 | 740 |
| Ga Technologies Co., Ltd. (a) | 149 | 1507 |
| GMO Payment Gateway, Inc. | 30 | 2454 |
| Gulliver International Co., Ltd. | 147 | 737 |
| GungHo Online Entertainment, Inc. | 42 | 674 |
| H.U. Group Holdings, Inc. | 62 | 1350 |
| HANWA Co., Ltd. | 42 | 1194 |
| Hosiden Corporation. | 84 | 993 |
| Infomart Corporation (b) | 344 | 937 |
| Inter Action Corporation | 56 | 652 |
| IRISO Electronics Co., Ltd. (b) | 71 | 2255 |
| istyle Inc. (a) (b) | 205 | 832 |
| Japan Elevator Service Holdings Co., Ltd. | 174 | 2157 |
| Japan Petroleum Exploration Co., Ltd. | 60 | 1777 |
| JEOL Ltd. | 78 | 2103 |
| JMDC Inc. | 52 | 1497 |
| Kamakura Shinsho, Ltd. | 287 | 2201 |
| KATITAS Co., Ltd. | 156 | 3554 |
| Kawasaki Kisen Kaisha, Ltd. (b) | 149 | 3146 |
| KH Neochem Co., Ltd. (b) | 71 | 1436 |
| Kitanotatsujin Corporation | 533 | 1125 |
| Kobe Bussan Co., Ltd. | 95 | 2751 |
| Komeri Co., Ltd. | 48 | 991 |
| Locondo, Inc. (a) | 103 | 841 |
| Macnica Fuji Electronics Holdings, Inc. | 47 | 1122 |
| Makino Milling Machine Co., Ltd. | 29 | 949 |
| MegaChips Corporation | 169 | 3132 |
| Mitsui O.S.K. Lines, Ltd. (b) | 64 | 1594 |
| NHK SPRING Co., Ltd. | 114 | 724 |
| Nihon M&A Center Holdings Inc. | 199 | 2466 |
| Nippon Television Holdings Inc. | 90 | 713 |
| Optex Group Co., Ltd. (b) | 100 | 1357 |
| Outsourcing Inc. (b) | 200 | 1433 |
| Raksul, Inc. (a) (b) | 178 | 4461 |
| Rakus Co., Ltd. | 209 | 2533 |
| Sankyo Co., Ltd. | 75 | 3047 |
| Sansan, Inc. (a) (b) | 130 | 1269 |
| SHIFT, Inc. (a) (b) | 25 | 4310 |
| Shima Seiki Mfg., Ltd. | 88 | 1226 |
| SHIMAMURA Co., Ltd. | 53 | 5310 |
| SKY Perfect JSAT Holdings Inc. | 253 | 932 |
| Snow Peak, Inc. (b) | 105 | 1858 |
| Sojitz Corporation | 290 | 5540 |
| Sumitomo Forestry Co., Ltd. (b) | 162 | 2863 |
| Suzuken Co., Ltd. | 61 | 1656 |
| TechnoPro Holdings, Inc. | 91 | 2404 |
| The Yokohama Rubber Co., Ltd. (b) | 55 | 846 |
| Tokyo Steel Manufacturing Co., Ltd. | 162 | 1466 |
| Tokyo Tatemono Co., Ltd. (b) | 153 | 1845 |
| transcosmos inc. | 48 | 1167 |
| Tsugami Corporation | 328 | 2864 |
| Visional,Inc. (a) | 51 | 3341 |
| Wealthnavi Inc. (a) (b) | 148 | 1490 |
| Yamato Kogyo Co., Ltd. | 20 | 696 |
|  |  | 134117 |
| **Taiwan 7.6%** | **Taiwan 7.6%** | **Taiwan 7.6%** |
| Airtac International Group | 278 | 8408 |
| ASPEED Technology Inc. | 74 | 4053 |
| Chicony Electronics Co., Ltd | 459 | 1288 |
| Chroma ATE Inc. | 631 | 3720 |
| E Ink Holdings Inc. | 393 | 2061 |
| Flexium Interconnect, Inc. | 506 | 1615 |
| Global Unichip Corp. | 275 | 5712 |
| Kindom Construction Corp. | 771 | 733 |
| Radiant Opto-Electronics Corporation | 1286 | 4393 |
| SerComm Corporation (c) | 444 | 1105 |
| SIBON Electronics Co., Ltd. | 248 | 2217 |
| Simplo Technology Co., Ltd. | 473 | 4393 |
| Supreme Electronics Co., Ltd. | 681 | 794 |
| TaiDoc Technology Corporation | 152 | 918 |
| TCI Co., Ltd. | 166 | 925 |
| Wistron Corporation | 2373 | 2270 |
| Wistron NeWeb Corporation | 234 | 598 |
|  |  | 45203 |
| **United Kingdom 6.8%** | **United Kingdom 6.8%** | **United Kingdom 6.8%** |
| Alpha Group International PLC | 104 | 2328 |
| Angle PLC (a) | 845 | 516 |
| Baltic Classifieds Group PLC | 1386 | 2367 |
| Centrica PLC | 4246 | 4961 |
| Diploma PLC | 72 | 2400 |
| Dotdigital Group PLC | 1001 | 1003 |
| Drax Group PLC | 169 | 1436 |
| Endava PLC - Class A - ADR (a) | 42 | 3203 |
| FD Technologies Public Limited Company (a) | 103 | 1694 |
| Games Workshop Group PLC | 54 | 5586 |
| Investec PLC | 482 | 3005 |
| Keller Group PLC | 114 | 1105 |
| Molten Ventures PLC (a) | 211 | 903 |
| Naked Wines PLC (a) (b) | 374 | 575 |
| OSB Group PLC | 207 | 1217 |
| Redde Northgate PLC | 413 | 2043 |
| Serco Group PLC | 398 | 750 |
| Team17 Group PLC (a) | 305 | 1626 |
| Trustpilot Group PLC (a) | 867 | 1024 |
| Victoria P.L.C. (a) (b) | 435 | 2538 |
|  |  | 40280 |
| **Sweden 6.7%** | **Sweden 6.7%** | **Sweden 6.7%** |
| Addtech AB - Class B | 324 | 4635 |
| Avanza Bank Holding AB (b) | 454 | 9735 |
| Bactiguard Holding AB - Class B (a) (b) | 49 | 515 |
| Betsson AB - Class B (a) | 88 | 712 |
| CellaVision AB | 24 | 530 |
| Hemnet AB | 183 | 2201 |
| HMS Networks AB | 80 | 2620 |
| Nordnet AB | 226 | 3274 |
| Paradox Interactive AB (publ) | 99 | 2004 |
| Sdiptech AB (publ) - Class B (a) (b) | 76 | 1663 |
| SSAB AB - Class B | 953 | 4979 |
| Storytel AB (publ) - Class B (a) (b) | 63 | 270 |
| Swedbank AB | 453 | 1338 |
| Thule Group AB (d) | 83 | 1730 |
| Vitec Software Group AB (publ) - Class B | 43 | 1746 |
| VNV Global AB (publ) (a) | 279 | 699 |
| Xvivo Perfusion Aktiebolag (a) | 45 | 789 |
|  |  | 39440 |
| **Australia 6.1%** | **Australia 6.1%** | **Australia 6.1%** |
| Austal Limited | 444 | 628 |
| Charter Hall Retail REIT | 329 | 858 |
| Cleanspace Holdings Limited (a) | 895 | 303 |
| Coronado Global Resources Inc. - CDI (d) | 772 | 1053 |
| Elders Limited | 98 | 675 |
| GrainCorp Limited - Class A | 514 | 2599 |
| Helia Group Limited | 366 | 687 |
| HUB24 Limited | 203 | 3662 |
| JB Hi-Fi Limited (b) | 168 | 4809 |
| Lovisa Holdings Limited | 182 | 2870 |
| Metcash Limited | 1368 | 3696 |
| Netwealth Group Limited | 241 | 1983 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| New Hope Corporation Limited | 677 | 2954 |
| Perenti Limited | 1330 | 1189 |
| Pilbara Minerals Limited (a) | 1416 | 3635 |
| Vulcan Energy Resources Limited (a) (b) | 87 | 376 |
| Whitehaven Coal Limited | 589 | 3810 |
| | | 35787 |
| **Canada 5.9%** | **Canada 5.9%** | **Canada 5.9%** |
| AGF Management Limited - Class B (b) | 543 | 2833 |
| Artis Real Estate Investment Trust | 228 | 1516 |
| Canfor Corporation (a) | 238 | 3748 |
| Cargojet Inc. | 25 | 2179 |
| Celestica Inc. (a) | 103 | 1161 |
| Crescent Point Energy Corp. | 159 | 1134 |
| Docebo Canada Inc. (a) (b) | 57 | 1881 |
| Interfor Corporation (a) | 200 | 3099 |
| Kinaxis Inc. (a) | 48 | 5380 |
| Parex Resources Inc. | 186 | 2762 |
| Prairiesky Royalty Ltd. | 225 | 3611 |
| Russel Metals Inc. | 122 | 2583 |
| The Descartes Systems Group Inc. (a) | 26 | 1808 |
| Whitecap Resources Inc. (b) | 170 | 1349 |
|  |  | 35044 |
| **Italy 4.7%** | **Italy 4.7%** | **Italy 4.7%** |
| Ariston Holding N.V. | 290 | 2994 |
| Banca Mediolanum SpA | 179 | 1496 |
| Bper Banca Spa | 1378 | 2841 |
| Brunello Cucinelli S.p.A. | 73 | 5415 |
| Reply S.p.A. | 38 | 4352 |
| Stevanato Group Societa' Per Azioni | 120 | 2160 |
| Technogym S.p.A. (d) | 294 | 2256 |
| Technoprobe S.p.A. (a) | 415 | 2987 |
| Unipol Gruppo S.p.A. | 651 | 3184 |
|  |  | 27685 |
| **Germany 3.7%** | **Germany 3.7%** | **Germany 3.7%** |
| Aumann AG (d) | 45 | 562 |
| AUTO1 Group SE (a) | 130 | 1092 |
| Eckert & Ziegler Strahlen- Und Medizintechnik Ag | 59 | 2951 |
| Hypoport SE - Class N (a) | 40 | 4160 |
| New Work SE - Class N | 12 | 2000 |
| Puma SE | 86 | 5255 |
| Scout24 SE (d) | 55 | 2775 |
| tonies SE (a) | 295 | 1898 |
| Veganz Group AG (a) (d) | 10 | 136 |
| Wustenrot & Wurttembergische AG - Class N | 52 | 861 |
|  |  | 21690 |
| **South Korea 3.6%** | **South Korea 3.6%** | **South Korea 3.6%** |
| BNK Financial Group Inc. | 158 | 813 |
| Cafe24 Corp. (a) | 58 | 455 |
| Duzon Bizon Co., Ltd. | 88 | 2577 |
| Hanwha Corporation | 87 | 1773 |
| Hyundai Marine & Fire Insurance Co., Ltd. | 89 | 2078 |
| JB Financial Group Co., Ltd. | 152 | 949 |
| Koh Young Technology Inc. | 295 | 2997 |
| LX International Corp. | 112 | 3026 |
| Posco International Corporation | 284 | 5129 |
| Wanted Lab, Inc. (a) | 16 | 154 |
| Youngone Corporation | 35 | 1307 |
|  |  | 21258 |
| **Switzerland 3.6%** | **Switzerland 3.6%** | **Switzerland 3.6%** |
| Bachem Holding AG - Class N | 38 | 3304 |
| Bossard Holding AG | 12 | 2632 |
| Global Blue Group Holding AG (a) (b) | 370 | 1714 |
| medmix AG | 160 | 3061 |
| PolyPeptide Group AG (e) | 63 | 1727 |
| Sensirion Holding AG (a) (d) | 46 | 4856 |
| Siegfried Holding AG - Class N | 3 | 2271 |
| u-blox Holding AG - Class N | 13 | 1601 |
|  |  | 21166 |
| **India 3.3%** | **India 3.3%** | **India 3.3%** |
| Birlasoft Solutions Ltda | 512 | 4380 |
| CESC Ltd | 935 | 865 |
| Creditaccess Grameen Limited (a) (d) | 166 | 1838 |
| National Aluminium Co Ltd | 4209 | 4101 |
| Power Finance Corporation Limited | 2550 | 4362 |
| Syngene International Ltd. (d) | 287 | 2033 |
| WNS (Holdings) Limited - ADR (a) | 23 | 1847 |
|  |  | 19426 |
| **China 2.0%** | **China 2.0%** | **China 2.0%** |
| FinVolution Group - Class A - ADR | 810 | 4019 |
| Hello Group Inc. - ADR (a) | 420 | 3771 |
| Silergy Corp. | 152 | 2157 |
| Xiamen Faratronic Co., Ltd. - Class A | 90 | 2057 |
|  |  | 12004 |
| **Brazil 1.8%** | **Brazil 1.8%** | **Brazil 1.8%** |
| CI&T Inc - Class A (a) | 253 | 1646 |
| Grupo SBF S/A | 820 | 1970 |
| Iochpe Maxion S/A | 351 | 782 |
| JHS F PAR S/A | 785 | 740 |
| Marfrig Global Foods S.A. | 2238 | 3618 |
| Vamos Locacao De Caminhoes, Maquinas E Equipamentos S.A. | 825 | 1974 |
|  |  | 10730 |
| **Denmark 1.6%** | **Denmark 1.6%** | **Denmark 1.6%** |
| ALK-Abello A/S - Class B (a) | 295 | 4086 |
| Dampskibsselskabet NORDEN A/S | 13 | 763 |
| Royal Unibrew A/S | 56 | 3967 |
| Scandinavian Tobacco Group A/S (d) | 40 | 713 |
|  |  | 9529 |
| **Israel 1.5%** | **Israel 1.5%** | **Israel 1.5%** |
| InMode Ltd (a) | 31 | 1098 |
| Maytronics Ltd. | 415 | 4139 |
| Nayax Ltd (a) | 57 | 1085 |
| Plus500 Ltd | 111 | 2418 |
|  |  | 8740 |
| **Thailand 1.4%** | **Thailand 1.4%** | **Thailand 1.4%** |
| AP (Thailand) Public Company Limited | 5258 | 1763 |
| Chularat Hospital Public Company Limited | 18606 | 1979 |
| Regional Container Lines Public Co Ltd | 1597 | 1420 |
| Sansiri Public Company Limited | 31015 | 1579 |
| Supalai Public Company Limited | 2439 | 1713 |
|  |  | 8454 |
| **France 1.4%** | **France 1.4%** | **France 1.4%** |
| ESI Group (a) | 17 | 1378 |
| Gaztransport Et Technigaz | 28 | 3036 |
| SOITEC (a) | 24 | 3937 |
|  |  | 8351 |
| **Turkey 1.3%** | **Turkey 1.3%** | **Turkey 1.3%** |
| Sok Marketler Ticaret A.S. (a) | 2208 | 3317 |
| Turk Hava Yollari A.O. - Class A (a) | 259 | 1959 |
| Turk Traktor - Class A | 64 | 2284 |
|  |  | 7560 |
| **Indonesia 1.2%** | **Indonesia 1.2%** | **Indonesia 1.2%** |
| PT Bukit Asam TBK | 9222 | 2191 |
| PT Erajaya Swasembada Tbk | 33856 | 851 |
| PT Indo Tambangraya Megah Tbk | 1264 | 3167 |
| PT. Perusahaan Gas Negara Tbk | 9799 | 1111 |
|  |  | 7320 |
| **Singapore 1.0%** | **Singapore 1.0%** | **Singapore 1.0%** |
| Golden Agri-Resources Ltd. | 5759 | 1076 |
| Sembcorp Industries Ltd | 1419 | 3588 |
| Yanlord Land Group Limited | 1646 | 1255 |
|  |  | 5919 |
| **Norway 1.0%** | **Norway 1.0%** | **Norway 1.0%** |
| Dno Asa | 828 | 1005 |
| Elkem ASA (d) | 342 | 1235 |
| Eurizon Opportunita | 153 | 1073 |
| MPC Container Ships ASA | 963 | 1606 |
| Wallenius Wilhelmsen ASA | 93 | 924 |
|  |  | 5843 |
| **Mexico 0.9%** | **Mexico 0.9%** | **Mexico 0.9%** |
| Controladora Vuela Compania de Aviacion, S.A.B. de C.V. - ADR (a) | 356 | 2973 |
| Qualitas Controladora, S.A.B. De C.V. | 481 | 2127 |
|  |  | 5100 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Belgium 0.8%** | **Belgium 0.8%** | **Belgium 0.8%** |
| Biocartis Group (a) (b) (d) | 188 | 107 |
| D'Ieteren Group | 15 | 2963 |
| Melexis | 21 | 1787 |
|  |  | 4857 |
| **Bermuda 0.7%** | **Bermuda 0.7%** | **Bermuda 0.7%** |
| Autostore Holdings Ltd (a) (b) (d) | 2097 | 3858 |
| **Hong Kong 0.6%** | **Hong Kong 0.6%** | **Hong Kong 0.6%** |
| Hypebeast Limited (a) | 6142 | 313 |
| Johnson Electric Holdings Limited | 1203 | 1518 |
| Kerry Properties Limited | 898 | 1948 |
|  |  | 3779 |
| **Faroe Islands 0.6%** | **Faroe Islands 0.6%** | **Faroe Islands 0.6%** |
| P/F Bakkafrost Sales | 60 | 3753 |
| **Netherlands 0.6%** | **Netherlands 0.6%** | **Netherlands 0.6%** |
| OCI N.V. | 96 | 3428 |
| **Saudi Arabia 0.6%** | **Saudi Arabia 0.6%** | **Saudi Arabia 0.6%** |
| Al Hammadi Company For Development And Investment | 308 | 3294 |
| **Luxembourg 0.5%** | **Luxembourg 0.5%** | **Luxembourg 0.5%** |
| Globant S.A. (a) | 17 | 2893 |
| **Finland 0.5%** | **Finland 0.5%** | **Finland 0.5%** |
| Nanoform Finland Oy (a) | 237 | 817 |
| Outokumpu Oyj | 403 | 2049 |
|  |  | 2866 |
| **Austria 0.5%** | **Austria 0.5%** | **Austria 0.5%** |
| Raiffeisen Bank International AG (a) | 168 | 2774 |
| **Vietnam 0.5%** | **Vietnam 0.5%** | **Vietnam 0.5%** |
| FPT Corporation | 842 | 2741 |
| **Ireland 0.5%** | **Ireland 0.5%** | **Ireland 0.5%** |
| Keywords Studios PLC | 83 | 2715 |
| **Poland 0.4%** | **Poland 0.4%** | **Poland 0.4%** |
| Dino Polska Spolka Akcyjna (a) (d) | 27 | 2359 |
| **Spain 0.4%** | **Spain 0.4%** | **Spain 0.4%** |
| Banco de Sabadell, S.A. | 1038 | 989 |
| Compania De Distribucion Integral Logista Holdings, S.A. | 52 | 1328 |
|  |  | 2317 |
| **United Arab Emirates 0.3%** | **United Arab Emirates 0.3%** | **United Arab Emirates 0.3%** |
| Network International Holdings PLC (a) | 575 | 2076 |
| **Hungary 0.3%** | **Hungary 0.3%** | **Hungary 0.3%** |
| Wizz Air Holdings PLC (a) (d) | 83 | 1937 |
| **United States of America 0.3%** | **United States of America 0.3%** | **United States of America 0.3%** |
| Burford Capital Limited - Class C | 206 | 1652 |
| Cellectis - ADR (a) | 99 | 208 |
|  |  | 1860 |
| **Greece 0.2%** | **Greece 0.2%** | **Greece 0.2%** |
| Motor Oil (Hellas) Corinth Refineries S.A. - Class R | 46 | 1070 |
| **New Zealand 0.1%** | **New Zealand 0.1%** | **New Zealand 0.1%** |
| Volpara Health Technologies Limited (a) (b) | 1949 | 697 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Cian PLC - ADR (a) (d) (f) | 267 |  |
| Headhunter Group PLC - ADR (a) (d) (f) | 44 |  |
| Total Common Stocks (cost $713,864) | Total Common Stocks (cost $713,864) | 579920 |
| **PREFERRED STOCKS 0.5%** | **PREFERRED STOCKS 0.5%** | **PREFERRED STOCKS 0.5%** |
| **Brazil 0.5%** | **Brazil 0.5%** | **Brazil 0.5%** |
| Companhia Paranaense De Energia - Class B | 2012 | 3014 |
| Total Preferred Stocks (cost $2,819) | Total Preferred Stocks (cost $2,819) | 3014 |
| **INVESTMENT COMPANIES 0.0%** | **INVESTMENT COMPANIES 0.0%** | **INVESTMENT COMPANIES 0.0%** |
| **United States of America 0.0%** | **United States of America 0.0%** | **United States of America 0.0%** |
| Vanguard FTSE All-World ex-US Small-Cap Index ETF (b) |  | 41 |
| Total Investment Companies (cost $43) | Total Investment Companies (cost $43) | 41 |
| **SHORT TERM INVESTMENTS 2.0%** | **SHORT TERM INVESTMENTS 2.0%** | **SHORT TERM INVESTMENTS 2.0%** |
| **Investment Companies 1.1%** | **Investment Companies 1.1%** | **Investment Companies 1.1%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (g) (h) | 6260 | 6260 |
| **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** | **Securities Lending Collateral 0.9%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (g) (h) | 5532 | 5532 |
| Total Short Term Investments (cost $11,792) | Total Short Term Investments (cost $11,792) | 11792 |
| **Total Investments 100.7% (cost $728,518)** | **Total Investments 100.7% (cost $728,518)** | **594767** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (3) |
| **Other Assets and Liabilities, Net (0.7)%** | **Other Assets and Liabilities, Net (0.7)%** | **(3841)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **590923** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(d) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $1,727 and 0.3% of the Fund.

(f) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(g) Investment in affiliate.

(h) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Multi-Manager International Small Cap Fund — Restricted Securities** | **JNL Multi-Manager International Small Cap Fund — Restricted Securities** | **JNL Multi-Manager International Small Cap Fund — Restricted Securities** | **JNL Multi-Manager International Small Cap Fund — Restricted Securities** | **JNL Multi-Manager International Small Cap Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Aumann AG | 04/16/21 | 762 | 562 | 0.1 |
| Autostore Holdings Ltd | 07/06/22 | 3085 | 3858 | 0.7 |
| Biocartis Group | 04/15/21 | 709 | 107 |  |
| Cian PLC | 11/05/21 | 4268 |  |  |
| Coronado Global Resources Inc. | 03/15/22 | 1078 | 1053 | 0.2 |
| Creditaccess Grameen Limited | 12/09/21 | 1347 | 1838 | 0.3 |
| Dino Polska Spolka Akcyjna | 09/26/22 | 1774 | 2359 | 0.4 |
| Elkem ASA | 03/15/22 | 1397 | 1235 | 0.2 |
| Headhunter Group PLC | 04/20/21 | 1643 |  |  |
| Scandinavian Tobacco Group A/S | 04/16/21 | 791 | 713 | 0.1 |
| Scout24 SE | 01/04/22 | 3612 | 2775 | 0.5 |
| Sensirion Holding AG | 04/19/21 | 3342 | 4856 | 0.8 |
| Syngene International Ltd. | 06/10/19 | 1849 | 2033 | 0.3 |
| Technogym S.p.A. | 08/13/18 | 2627 | 2256 | 0.4 |
| Thule Group AB | 06/21/22 | 2057 | 1730 | 0.3 |
| Veganz Group AG | 11/04/21 | 994 | 136 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Multi-Manager International Small Cap Fund — Restricted Securities (continued)** | **JNL Multi-Manager International Small Cap Fund — Restricted Securities (continued)** | **JNL Multi-Manager International Small Cap Fund — Restricted Securities (continued)** | **JNL Multi-Manager International Small Cap Fund — Restricted Securities (continued)** | **JNL Multi-Manager International Small Cap Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Wizz Air Holdings PLC | 10/27/20 | 4497 | 1937 | 0.3 |
|  |  | 35832 | 27448 | 4.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager International Small Cap Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager International Small Cap Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager International Small Cap Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager International Small Cap Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager International Small Cap Fund — Forward Foreign Currency Contracts** | **JNL Multi-Manager International Small Cap Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/EUR<br> BBH | 01/03/23 | EUR | (101) | (108) |  |
| USD/JPY<br> BBH | 01/04/23 | JPY | (82500) | (629) | (3) |
|  |  |  |  | (737) | (3) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 66880 | 513040 |  | 579920 |
| &nbsp;&nbsp;Preferred Stocks | 3014 |  |  | 3014 |
| &nbsp;&nbsp;Investment Companies | 41 |  |  | 41 |
| &nbsp;&nbsp;Short Term Investments | 11792 |  |  | 11792 |
|  | 81727 | 513040 |  | 594767 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (3) |  | (3) |
|  |  | (3) |  | (3) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** |
| **COMMON STOCKS 95.7%** | **COMMON STOCKS 95.7%** | **COMMON STOCKS 95.7%** |
| **Industrials 18.7%** | **Industrials 18.7%** | **Industrials 18.7%** |
| 3M Company | 97 | 11638 |
| Advanced Drainage Systems, Inc. | 19 | 1590 |
| Aerojet Rocketdyne Holdings, Inc. (a) | 130 | 7276 |
| AGCO Corporation | 51 | 7032 |
| Alaska Air Group, Inc. (a) | 107 | 4595 |
| AMETEK, Inc. | 104 | 14601 |
| APi Group Corp (a) | 313 | 5882 |
| ATS Corporation (a) | 94 | 2922 |
| Carrier Global Corporation | 60 | 2487 |
| CoStar Group, Inc. (a) | 117 | 9096 |
| Equifax Inc. | 19 | 3674 |
| Fortive Corporation | 220 | 14167 |
| Generac Holdings Inc. (a) | 53 | 5335 |
| Graco Inc. | 146 | 9843 |
| Hubbell Incorporated | 21 | 4811 |
| IDEX Corporation | 40 | 9019 |
| J. B. Hunt Transport Services, Inc. | 21 | 3609 |
| Knorr - Bremse Aktiengesellschaft - ADR | 416 | 5640 |
| Landstar System, Inc. | 25 | 4121 |
| Leidos Holdings, Inc. | 63 | 6595 |
| Lincoln Electric Holdings, Inc. | 26 | 3800 |
| Lindsay Corporation | 5 | 824 |
| ManpowerGroup Inc. | 48 | 3986 |
| Masonite International Corporation (a) | 39 | 3136 |
| Mueller Water Products, Inc. - Class A | 649 | 6981 |
| Nordson Corporation | 42 | 9865 |
| Oshkosh Corporation | 50 | 4445 |
| Owens Corning | 47 | 3984 |
| Parker-Hannifin Corporation | 17 | 4831 |
| RBC Bearings Incorporated (a) | 14 | 2868 |
| Regal Beloit Corporation | 48 | 5757 |
| Republic Services, Inc. | 16 | 1999 |
| Resideo Technologies, Inc. (a) | 178 | 2933 |
| Rockwell Automation, Inc. | 43 | 11075 |
| Rollins, Inc. | 69 | 2518 |
| SiteOne Landscape Supply, Inc. (a) | 42 | 4974 |
| Textron Inc. | 102 | 7236 |
| The Middleby Corporation (a) | 42 | 5664 |
| The Toro Company | 166 | 18802 |
| United Rentals, Inc. (a) | 4 | 1315 |
| Verisk Analytics, Inc. | 30 | 5204 |
| Vertiv Holdings Co - Class A | 380 | 5185 |
| Werner Enterprises, Inc. | 36 | 1435 |
| WillScot Mobile Mini Holdings Corp. - Class A (a) | 170 | 7679 |
| Xylem Inc. | 46 | 5119 |
| Zurn Elkay Water Solutions Corporation | 96 | 2022 |
|  |  | 267570 |
| **Health Care 15.5%** | **Health Care 15.5%** | **Health Care 15.5%** |
| Abcam PLC - ADR (a) | 152 | 2365 |
| Align Technology, Inc. (a) | 23 | 4745 |
| Avantor, Inc. (a) | 172 | 3627 |
| Baxter International Inc. | 232 | 11800 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 9 | 3784 |
| Bio-Techne Corporation | 122 | 10078 |
| Catalent, Inc. (a) | 61 | 2768 |
| Definitive Healthcare Corp. - Class A (a) | 158 | 1735 |
| Dentsply Sirona Inc. | 753 | 23967 |
| DexCom, Inc. (a) | 74 | 8436 |
| Doximity, Inc. - Class A (a) (b) | 62 | 2097 |
| Edwards Lifesciences Corporation (a) | 123 | 9177 |
| HealthEquity, Inc. (a) | 21 | 1312 |
| Hologic, Inc. (a) | 79 | 5902 |
| Horizon Therapeutics Public Limited Company (a) | 18 | 2094 |
| Icon Public Limited Company (a) | 19 | 3613 |
| ICU Medical, Inc. (a) | 42 | 6576 |
| IDEXX Laboratories, Inc. (a) | 17 | 6750 |
| Integra LifeSciences Holdings Corporation (a) | 110 | 6196 |
| Maravai LifeSciences Holdings, Inc. - Class A (a) | 115 | 1653 |
| Mettler-Toledo International Inc. (a) | 3 | 4472 |
| Molina Healthcare, Inc. (a) | 12 | 3897 |
| NuVasive, Inc. (a) | 14 | 558 |
| Quest Diagnostics Incorporated | 48 | 7556 |
| Repligen Corporation (a) | 15 | 2506 |
| Silk Road Medical, Inc. (a) | 48 | 2561 |
| Smith & Nephew PLC - ADR | 541 | 14544 |
| STAAR Surgical Company (a) | 34 | 1671 |
| Steris Limited | 48 | 8865 |
| Syneos Health, Inc. - Class A (a) | 68 | 2502 |
| Tandem Diabetes Care, Inc. (a) | 72 | 3259 |
| The Cooper Companies, Inc. | 40 | 12963 |
| Universal Health Services, Inc. - Class B | 71 | 9935 |
| Veeva Systems Inc. - Class A (a) | 40 | 6375 |
| Waters Corporation (a) | 36 | 12038 |
| West Pharmaceutical Services, Inc. | 16 | 3766 |
| Zimmer Biomet Holdings, Inc. | 25 | 3245 |
| Zoetis Inc. - Class A | 16 | 2329 |
|  |  | 221717 |
| **Information Technology 15.3%** | **Information Technology 15.3%** | **Information Technology 15.3%** |
| Akamai Technologies, Inc. (a) | 97 | 8177 |
| Amphenol Corporation - Class A | 208 | 15799 |
| ANSYS, Inc. (a) | 13 | 3020 |
| Applied Materials, Inc. | 21 | 2014 |
| Asana, Inc. - Class A (a) | 157 | 2169 |
| Autodesk, Inc. (a) | 21 | 3831 |
| Bentley Systems, Incorporated - Class B | 86 | 3197 |
| Bill.Com Holdings Inc. (a) | 23 | 2502 |
| Black Knight, Inc. (a) | 66 | 4094 |
| CDW Corp. | 21 | 3786 |
| Datadog, Inc. - Class A (a) | 16 | 1187 |
| DocuSign, Inc. (a) | 28 | 1573 |
| DoubleVerify Holdings, Inc. (a) | 55 | 1205 |
| DXC Technology Company (a) | 139 | 3683 |
| Emersub CX, Inc. (a) | 10 | 2066 |
| Everbridge, Inc. (a) | 63 | 1852 |
| Fair Isaac Corporation (a) | 8 | 5047 |
| FleetCor Technologies, Inc. (a) | 12 | 2274 |
| Flex Ltd. (a) | 333 | 7138 |
| Gartner, Inc. (a) | 18 | 6043 |
| Genpact Limited | 139 | 6457 |
| Global Payments Inc. | 48 | 4817 |
| Hewlett Packard Enterprise Company | 248 | 3958 |
| Keysight Technologies, Inc. (a) | 28 | 4739 |
| Lam Research Corporation | 2 | 635 |
| Lattice Semiconductor Corporation (a) | 21 | 1382 |
| Marvell Technology, Inc. | 76 | 2811 |
| MAXIMUS, Inc. | 89 | 6563 |
| MKS Instruments, Inc. | 60 | 5084 |
| MongoDB, Inc. - Class A (a) | 6 | 1198 |
| Motorola Solutions, Inc. | 16 | 4098 |
| nCino, Inc. (a) | 53 | 1402 |
| NCR Corporation (a) | 138 | 3231 |
| Nutanix, Inc. - Class A (a) | 226 | 5900 |
| Okta, Inc. - Class A (a) | 105 | 7209 |
| On Semiconductor Corporation (a) | 33 | 2058 |
| Palantir Technologies Inc. - Class A (a) | 366 | 2353 |
| Palo Alto Networks, Inc. (a) | 53 | 7465 |
| Paycom Software, Inc. (a) | 15 | 4597 |
| Pure Storage, Inc. - Class A (a) | 322 | 8617 |
| Roper Technologies, Inc. | 5 | 2197 |
| Skyworks Solutions, Inc. | 54 | 4903 |
| SolarEdge Technologies Ltd. (a) | 7 | 1841 |
| Splunk Inc. (a) | 27 | 2359 |
| Synopsys, Inc. (a) | 15 | 4789 |
| Teledyne Technologies Incorporated (a) | 8 | 3279 |
| Teradyne, Inc. | 29 | 2563 |
| Toast, Inc. - Class A (a) | 358 | 6462 |
| Western Digital Corporation (a) | 62 | 1966 |
| Workday, Inc. - Class A (a) | 71 | 11964 |
| Workiva Inc. - Class A (a) | 57 | 4778 |
| Zscaler, Inc. (a) | 56 | 6322 |
|  |  | 218654 |
| **Financials 13.7%** | **Financials 13.7%** | **Financials 13.7%** |
| American Financial Group, Inc. | 41 | 5615 |
| Arch Capital Group Ltd. (a) | 81 | 5110 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Arthur J. Gallagher & Co. | 28 | 5185 |
| Blue Owl Capital Inc. - Class A (b) | 230 | 2438 |
| Chubb Limited | 21 | 4535 |
| Cullen/Frost Bankers, Inc. | 27 | 3610 |
| Everest Re Group, Ltd. | 77 | 25416 |
| FactSet Research Systems Inc. | 11 | 4213 |
| Fifth Third Bancorp | 48 | 1591 |
| First Republic Bank | 34 | 4120 |
| Goosehead Insurance, Inc. - Class A (a) | 40 | 1369 |
| Houlihan Lokey, Inc. - Class A | 35 | 3024 |
| Huntington Bancshares Incorporated | 179 | 2524 |
| Independent Bank Corp. | 25 | 2076 |
| MarketAxess Holdings Inc. | 6 | 1546 |
| Northern Trust Corporation | 203 | 18018 |
| Old Republic International Corporation | 224 | 5410 |
| Prosperity Bancshares, Inc. | 155 | 11294 |
| Reinsurance Group of America, Incorporated | 37 | 5224 |
| Signature Bank | 18 | 2023 |
| Starwood Property Trust, Inc. | 146 | 2674 |
| SVB Financial Group (a) | 26 | 5869 |
| T. Rowe Price Group, Inc. | 58 | 6272 |
| The Allstate Corporation | 33 | 4448 |
| The Bank of New York Mellon Corporation | 136 | 6177 |
| The Hartford Financial Services Group, Inc. | 91 | 6913 |
| The Progressive Corporation | 59 | 7679 |
| The Travelers Companies, Inc. | 64 | 11995 |
| TowneBank | 69 | 2138 |
| Tradeweb Markets Inc. - Class A | 174 | 11298 |
| UMB Financial Corporation | 9 | 746 |
| Valley National Bancorp | 149 | 1691 |
| W. R. Berkley Corporation | 55 | 3984 |
| Western Alliance Bancorporation | 56 | 3317 |
| Zions Bancorporation, National Association | 122 | 5998 |
| | | 195540 |
| **Consumer Staples 9.7%** | **Consumer Staples 9.7%** | **Consumer Staples 9.7%** |
| Archer-Daniels-Midland Company | 14 | 1309 |
| Beiersdorf Aktiengesellschaft - ADR | 204 | 4666 |
| Brown-Forman Corporation - Class B | 63 | 4120 |
| Calavo Growers, Inc. | 65 | 1917 |
| Cal-Maine Foods, Inc. | 26 | 1436 |
| Casey's General Stores, Inc. | 18 | 3993 |
| Celsius Holdings, Inc. (a) | 62 | 6445 |
| Church & Dwight Co., Inc. | 22 | 1743 |
| Coty Inc. - Class A (a) | 449 | 3846 |
| Freshpet, Inc. (a) | 129 | 6785 |
| Henkel AG & Co. KGaA - ADR | 539 | 9353 |
| Henkel AG & Co. KGaA - ADR | 400 | 6450 |
| Hormel Foods Corporation | 107 | 4874 |
| Kimberly-Clark Corporation | 110 | 15000 |
| Lamb Weston Holdings, Inc. | 48 | 4334 |
| McCormick & Company, Incorporated | 119 | 9879 |
| Mission Produce, Inc. (a) | 122 | 1417 |
| Monster Beverage 1990 Corporation (a) | 19 | 1974 |
| National Beverage Corp. (a) | 40 | 1858 |
| Performance Food Group Company (a) | 112 | 6563 |
| Sysco Corporation | 105 | 8027 |
| The Boston Beer Company, Inc. - Class A (a) | 11 | 3625 |
| The Clorox Company | 125 | 17566 |
| The J. M. Smucker Company | 41 | 6513 |
| Tyson Foods, Inc. - Class A | 86 | 5347 |
|  |  | 139040 |
| **Consumer Discretionary 7.7%** | **Consumer Discretionary 7.7%** | **Consumer Discretionary 7.7%** |
| Advance Auto Parts, Inc. | 65 | 9630 |
| Aptiv PLC (a) | 110 | 10263 |
| Bath & Body Works, Inc. | 120 | 5057 |
| BorgWarner Inc. | 162 | 6504 |
| Darden Restaurants, Inc. | 17 | 2379 |
| Domino's Pizza, Inc. | 7 | 2293 |
| ETSY, Inc. (a) | 28 | 3354 |
| Expedia Group, Inc. (a) | 34 | 2943 |
| Five Below, Inc. (a) | 12 | 2193 |
| Global-E Online Ltd. (a) | 90 | 1856 |
| Hasbro, Inc. | 56 | 3441 |
| Hilton Worldwide Holdings Inc. | 36 | 4549 |
| Las Vegas Sands Corp. (a) | 29 | 1412 |
| Leslie's, Inc. (a) | 439 | 5360 |
| MercadoLibre S.R.L (a) | 4 | 3138 |
| Newell Brands Inc. | 246 | 3214 |
| Petco Health And Wellness Company, Inc. - Class A (a) | 111 | 1055 |
| Planet Fitness, Inc. - Class A (a) | 81 | 6422 |
| Pool Corporation | 10 | 2941 |
| Ross Stores, Inc. | 111 | 12867 |
| Tractor Supply Company | 28 | 6187 |
| Ulta Beauty, Inc. (a) | 13 | 6098 |
| Yum! Brands, Inc. | 54 | 6929 |
|  |  | 110085 |
| **Materials 4.8%** | **Materials 4.8%** | **Materials 4.8%** |
| AptarGroup, Inc. | 162 | 17826 |
| Ashland Global Holdings Inc. | 58 | 6194 |
| Avery Dennison Corporation | 31 | 5647 |
| Corteva, Inc. | 23 | 1323 |
| Crown Holdings, Inc. | 63 | 5196 |
| DuPont de Nemours, Inc. | 13 | 864 |
| Ecolab Inc. | 20 | 2889 |
| Franco-Nevada Corporation | 37 | 5077 |
| Packaging Corporation of America | 43 | 5500 |
| Reliance Steel & Aluminum Co. | 19 | 3786 |
| RPM International Inc. | 44 | 4307 |
| Sensient Technologies Corporation | 37 | 2705 |
| Steel Dynamics, Inc. | 28 | 2765 |
| Westlake Corporation | 48 | 4901 |
|  |  | 68980 |
| **Real Estate 4.4%** | **Real Estate 4.4%** | **Real Estate 4.4%** |
| Alexandria Real Estate Equities, Inc. | 82 | 11945 |
| American Homes 4 Rent - Class A | 111 | 3340 |
| Americold Realty Trust | 88 | 2505 |
| Camden Property Trust | 40 | 4430 |
| Equity Commonwealth | 263 | 6570 |
| Equity Lifestyle Properties, Inc. | 83 | 5342 |
| Healthcare Realty Trust Incorporated - Class A | 515 | 9931 |
| Healthpeak Properties, Inc. | 119 | 2995 |
| Lamar Advertising Company - Class A | 67 | 6334 |
| National Retail Properties, Inc. | 134 | 6132 |
| Sun Communities, Inc. | 22 | 3189 |
|  |  | 62713 |
| **Utilities 3.1%** | **Utilities 3.1%** | **Utilities 3.1%** |
| Alliant Energy Corporation | 108 | 5979 |
| Ameren Corporation | 50 | 4428 |
| American Water Works Company, Inc. | 20 | 3100 |
| Avista Corporation | 87 | 3856 |
| California Water Service Group | 46 | 2780 |
| DTE Energy Company | 17 | 2022 |
| Essential Utilities, Inc. | 17 | 794 |
| Eversource Energy | 41 | 3446 |
| Pennon Group PLC - ADR | 30 | 651 |
| Portland General Electric Company | 74 | 3641 |
| SJW Group | 89 | 7243 |
| United Utilities Group PLC - ADR | 28 | 654 |
| Xcel Energy Inc. | 88 | 6142 |
|  |  | 44736 |
| **Energy 1.8%** | **Energy 1.8%** | **Energy 1.8%** |
| Baker Hughes Company - Class A | 37 | 1087 |
| Coterra Energy Inc. | 206 | 5061 |
| Devon Energy Corporation | 99 | 6055 |
| Diamondback Energy, Inc. | 20 | 2767 |
| EQT Corporation | 53 | 1796 |
| Halliburton Company | 52 | 2052 |
| Pioneer Natural Resources Company | 29 | 6532 |
|  |  | 25350 |
| **Communication Services 1.0%** | **Communication Services 1.0%** | **Communication Services 1.0%** |
| Endeavor Group Holdings, Inc. - Class A (a) | 154 | 3471 |
| Live Nation Entertainment, Inc. (a) | 101 | 7016 |
| Roblox Corporation - Class A (a) | 36 | 1011 |
| The Trade Desk, Inc. - Class A (a) | 56 | 2512 |
|  |  | 14010 |
| Total Common Stocks (cost $1,357,543) | Total Common Stocks (cost $1,357,543) | 1368395 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **PREFERRED STOCKS 1.0%** | **PREFERRED STOCKS 1.0%** | **PREFERRED STOCKS 1.0%** |
| **Financials 1.0%** | **Financials 1.0%** | **Financials 1.0%** |
| MetLife, Inc., 5.63%, (25, 6/15/2023) (b) (c) | 136 | 3121 |
| MetLife, Inc., 4.75%, (25, 3/15/2025) (b) (c) | 162 | 3176 |
| The Hartford Financial Services Group, Inc., 6.00%, (25, 11/15/2023) (b) (c) | 9 | 216 |
| U.S. Bancorp, 4.00%, (25, 4/15/2026) (c) | 56 | 908 |
| U.S. Bancorp, 4.68%, (25, 2/8/2023) (b) (c) | 326 | 5997 |
| Total Preferred Stocks (cost $15,768) | Total Preferred Stocks (cost $15,768) | 13418 |
| **SHORT TERM INVESTMENTS 3.6%** | **SHORT TERM INVESTMENTS 3.6%** | **SHORT TERM INVESTMENTS 3.6%** |
| **Investment Companies 3.2%** | **Investment Companies 3.2%** | **Investment Companies 3.2%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (d) (e) | 46305 | 46305 |
| **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (d) (e) | 5174 | 5174 |
| Total Short Term Investments (cost $51,479) | Total Short Term Investments (cost $51,479) | 51479 |
| **Total Investments 100.3% (cost $1,424,790)** | **Total Investments 100.3% (cost $1,424,790)** | **1433292** |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(3940)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1429352** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1368395 |  |  | 1368395 |
| &nbsp;&nbsp;Preferred Stocks | 13418 |  |  | 13418 |
| &nbsp;&nbsp;Short Term Investments | 51479 |  |  | 51479 |
|  | 1433292 |  |  | 1433292 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** |
| **COMMON STOCKS 97.7%** | **COMMON STOCKS 97.7%** | **COMMON STOCKS 97.7%** |
| **Information Technology 27.0%** | **Information Technology 27.0%** | **Information Technology 27.0%** |
| 908 Devices Inc. (a) (b) | 158 | 1206 |
| ACI Worldwide, Inc. (a) | 252 | 5807 |
| Advanced Energy Industries, Inc. | 94 | 8001 |
| Alkami Technology, Inc. (a) | 228 | 3322 |
| Allegro Microsystems Inc. (a) | 40 | 1205 |
| Ambarella Inc. (a) | 56 | 4588 |
| Appian Corporation - Class A (a) | 6 | 212 |
| Badger Meter, Inc. | 5 | 578 |
| Bentley Systems, Incorporated - Class B | 310 | 11459 |
| Bill.Com Holdings Inc. (a) | 193 | 21020 |
| Blackline, Inc. (a) | 179 | 12005 |
| Box, Inc. - Class A (a) | 134 | 4174 |
| Braze, Inc. - Class A (a) (b) | 20 | 557 |
| Ceridian HCM Holding Inc. (a) | 64 | 4112 |
| Check Point Software Technologies Ltd (a) | 17 | 2136 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 694 | 13026 |
| Copperleaf Technologies Inc. (a) (b) | 1365 | 5787 |
| Couchbase, Inc. (a) (b) | 268 | 3553 |
| Credo Technology Group Holding Ltd (a) | 77 | 1022 |
| CyberArk Software Ltd. (a) | 24 | 3056 |
| Digi International Inc. (a) | 31 | 1119 |
| Digital Turbine USA, Inc. (a) | 1060 | 16154 |
| DigitalOcean Holdings, Inc. (a) (b) | 74 | 1884 |
| Domo, Inc. - Class B (a) | 63 | 892 |
| Duck Creek Technologies, Inc. (a) | 1376 | 16575 |
| Dynatrace, Inc. (a) | 161 | 6143 |
| Edgio, Inc. (a) | 1694 | 1914 |
| Emersub CX, Inc. (a) | 46 | 9526 |
| Endava PLC - Class A - ADR (a) | 77 | 5933 |
| Enphase Energy, Inc. (a) | 39 | 10332 |
| Entegris, Inc. | 20 | 1299 |
| Envestnet, Inc. (a) | 57 | 3532 |
| Euronet Worldwide, Inc. (a) | 200 | 18926 |
| Everbridge, Inc. (a) | 53 | 1561 |
| Fair Isaac Corporation (a) | 23 | 14164 |
| First Solar, Inc. (a) | 58 | 8674 |
| Five9, Inc. (a) | 155 | 10481 |
| Flywire Corporation (a) | 68 | 1672 |
| Genpact Limited | 33 | 1524 |
| Gitlab Inc. - Class A (a) | 102 | 4633 |
| Globant S.A. (a) | 37 | 6097 |
| Grid Dynamics Holdings, Inc. - Class A (a) | 554 | 6219 |
| Guidewire Software, Inc. (a) | 102 | 6415 |
| Harmonic, Inc. (a) | 646 | 8458 |
| HubSpot, Inc. (a) | 19 | 5493 |
| Impinj, Inc. (a) | 19 | 2095 |
| Indie Semiconductor, Inc. - Class A (a) (b) | 2642 | 15404 |
| Jack Henry & Associates, Inc. | 80 | 13965 |
| JAMF Holding Corp. (a) | 35 | 738 |
| Lattice Semiconductor Corporation (a) | 48 | 3139 |
| LivePerson, Inc. (a) | 85 | 864 |
| MACOM Technology Solutions Holdings, Inc. (a) | 256 | 16125 |
| Marqeta, Inc. - Class A (a) | 91 | 556 |
| MAXIMUS, Inc. | 48 | 3532 |
| Navitas Semiconductor USA, Inc. (a) (b) | 363 | 1276 |
| nCino, Inc. (a) | 639 | 16904 |
| Nice Ltd - ADR (a) | 8 | 1500 |
| Novanta Inc. (a) | 45 | 6140 |
| NVE Corporation | 26 | 1704 |
| Olo Inc. - Class A (a) | 811 | 5070 |
| Onto Innovation Inc. (a) | 40 | 2715 |
| PAR Technology Corporation (a) | 264 | 6904 |
| Paya Holdings Inc. - Class A (a) | 111 | 877 |
| Paycom Software, Inc. (a) | 31 | 9737 |
| PAYCOR HCM, Inc. (a) | 84 | 2056 |
| Paylocity Holding Corporation (a) | 31 | 6131 |
| Payoneer Global Inc. (a) | 674 | 3688 |
| Power Integrations, Inc. | 171 | 12302 |
| Procore Technologies, Inc. (a) | 116 | 5456 |
| PROS Holdings, Inc. (a) | 146 | 3551 |
| Qualys, Inc. (a) | 19 | 2177 |
| Shift4 Payments, LLC - Class A (a) | 203 | 11392 |
| ShotSpotter, Inc. (a) | 45 | 1518 |
| Silicon Laboratories Inc. (a) | 19 | 2514 |
| Sitime Corporation (a) | 9 | 912 |
| Smartsheet Inc. - Class A (a) | 323 | 12709 |
| Sprout Social, Inc. - Class A (a) | 224 | 12693 |
| SPS Commerce, Inc. (a) | 196 | 25296 |
| Stratasys, Inc. (a) | 147 | 1738 |
| Teledyne Technologies Incorporated (a) | 30 | 11808 |
| Toast, Inc. - Class A (a) (b) | 444 | 8009 |
| Tyler Technologies, Inc. (a) | 31 | 9994 |
| Varonis Systems, Inc. (a) | 303 | 7265 |
| Veeco Instruments Inc. (a) | 141 | 2614 |
| Wex, Inc. (a) | 53 | 8737 |
| WNS (Holdings) Limited - ADR (a) | 157 | 12565 |
| Workiva Inc. - Class A (a) | 86 | 7297 |
| Zeta Global Holdings Corp. - Class A (a) (b) | 592 | 4833 |
|  |  | 562946 |
| **Health Care 20.6%** | **Health Care 20.6%** | **Health Care 20.6%** |
| 10X Genomics, Inc. - Class A (a) | 19 | 707 |
| Acadia Healthcare Company, Inc. (a) | 81 | 6647 |
| AdaptHealth LLC - Class A (a) | 365 | 7018 |
| Addus HomeCare Corporation (a) | 28 | 2746 |
| Affimed N.V. (a) | 1462 | 1813 |
| Agios Pharmaceuticals, Inc. (a) | 57 | 1588 |
| Amedisys, Inc. (a) | 18 | 1493 |
| Apellis Pharmaceuticals, Inc. (a) | 51 | 2646 |
| Arcus Biosciences, Inc. (a) | 58 | 1192 |
| Arrowhead Pharmaceuticals Inc (a) | 95 | 3841 |
| AtriCure, Inc. (a) | 108 | 4771 |
| Atrion Corporation | 15 | 8366 |
| Axonics, Inc. (a) | 95 | 5941 |
| Axsome Therapeutics, Inc. (a) (b) | 53 | 4074 |
| Azenta, Inc. (a) | 428 | 24836 |
| Beam Therapeutics Inc. (a) (b) | 34 | 1313 |
| BioCryst Pharmaceuticals, Inc. (a) | 281 | 3223 |
| BioLife Solutions, Inc. (a) | 198 | 3602 |
| Biomerica, Inc. (a) (c) | 646 | 2163 |
| Blueprint Medicines Corporation (a) | 57 | 2480 |
| Bridgebio Pharma, Inc. (a) | 206 | 1568 |
| Caredx, Inc. (a) | 256 | 2927 |
| Caribou Biosciences, Inc. (a) | 86 | 539 |
| Castle Biosciences, Inc. (a) | 314 | 7403 |
| Certara, Inc. (a) | 88 | 1417 |
| Chinook Therapeutics, Inc. (a) | 75 | 1978 |
| CONMED Corporation | 34 | 3038 |
| Cryoport, Inc. (a) (b) | 326 | 5654 |
| CytoSorbents Corporation (a) | 617 | 957 |
| Definitive Healthcare Corp. - Class A (a) | 539 | 5915 |
| Equillium, Inc. (a) (b) | 241 | 265 |
| Establishment Labs Holdings Inc. (a) | 28 | 1864 |
| Evolent Health, Inc. - Class A (a) | 828 | 23237 |
| Fate Therapeutics, Inc. (a) | 299 | 3010 |
| Figs, Inc. - Class A (a) | 750 | 5048 |
| Globus Medical, Inc. - Class A (a) | 176 | 13143 |
| Halozyme Therapeutics, Inc. (a) | 99 | 5640 |
| Harvard Bioscience, Inc. (a) | 317 | 879 |
| Health Catalyst, Inc. (a) | 534 | 5672 |
| HealthEquity, Inc. (a) | 271 | 16715 |
| iCAD, Inc. (a) | 1098 | 2010 |
| ImmunoGen, Inc. (a) | 281 | 1392 |
| Inari Medical, Inc. (a) | 58 | 3674 |
| InMode Ltd (a) | 39 | 1384 |
| Inogen, Inc. (a) | 80 | 1577 |
| Insmed Incorporated (a) | 159 | 3172 |
| Inspire Medical Systems, Inc. (a) | 23 | 5754 |
| Insulet Corporation (a) | 7 | 1984 |
| Integra LifeSciences Holdings Corporation (a) | 55 | 3063 |
| Intellia Therapeutics, Inc. (a) | 29 | 1020 |
| Jazz Pharmaceuticals Public Limited Company (a) | 34 | 5425 |
| Keros Therapeutics, Inc. (a) | 46 | 2217 |
| Krystal Biotech, Inc. (a) | 22 | 1728 |
| Kura Oncology, Inc. (a) | 93 | 1151 |
| LivaNova PLC (a) | 30 | 1670 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Maravai LifeSciences Holdings, Inc. - Class A (a) | 59 | 844 |
| Medpace Holdings, Inc. (a) | 10 | 2209 |
| Mesa Laboratories, Inc. | 13 | 2095 |
| NanoString Technologies, Inc. (a) | 273 | 2176 |
| Natera, Inc. (a) | 177 | 7117 |
| National Research Corporation | 127 | 4719 |
| NuVasive, Inc. (a) | 148 | 6123 |
| Olink Holding AB (Publ) - ADR (a) | 176 | 4467 |
| Opthea Limited - ADR (a) (b) | 80 | 446 |
| Option Care Health, Inc. (a) | 248 | 7478 |
| Orthopediatrics Corp. (a) | 122 | 4855 |
| Pacira Pharmaceuticals, Inc. (a) | 25 | 969 |
| Penumbra, Inc. (a) | 47 | 10276 |
| Phreesia, Inc. (a) | 61 | 1959 |
| Pliant Therapeutics, Inc. (a) | 76 | 1461 |
| Pphm, Inc. (a) (b) | 105 | 1444 |
| Procept Biorobotics Corporation (a) (b) | 11 | 476 |
| Progyny, Inc. (a) | 56 | 1735 |
| Prometheus Biosciences, Inc. (a) | 7 | 741 |
| Prothena Corporation Public Limited Company (a) | 32 | 1933 |
| Quanterix Corporation (a) | 336 | 4651 |
| Repligen Corporation (a) | 69 | 11564 |
| Replimune Group, Inc. (a) | 34 | 915 |
| Revance Therapeutics, Inc. (a) | 145 | 2682 |
| Rocket Pharmaceuticals, Inc. (a) (b) | 146 | 2865 |
| Shockwave Medical, Inc. (a) | 44 | 9055 |
| SI-BONE, Inc. (a) | 361 | 4912 |
| Silk Road Medical, Inc. (a) | 458 | 24244 |
| Springworks Therapeutics, Inc. (a) | 41 | 1073 |
| Symbion, Inc. (a) | 323 | 9021 |
| Tandem Diabetes Care, Inc. (a) | 86 | 3861 |
| Tenet Healthcare Corporation (a) | 31 | 1492 |
| The Cooper Companies, Inc. | 21 | 7067 |
| The Ensign Group, Inc. | 36 | 3365 |
| U. S. Physical Therapy, Inc. | 96 | 7791 |
| Ultragenyx Pharmaceutical Inc. (a) | 52 | 2392 |
| Veracyte, Inc. (a) | 636 | 15109 |
| Vericel Corporation (a) | 82 | 2160 |
| West Pharmaceutical Services, Inc. | 50 | 11725 |
| Xencor, Inc. (a) | 91 | 2388 |
| Xenon Pharmaceuticals Inc. (a) | 62 | 2460 |
| | | 428865 |
| **Industrials 18.0%** | **Industrials 18.0%** | **Industrials 18.0%** |
| AAON, Inc. | 237 | 17865 |
| AAR Corp. (a) | 45 | 2014 |
| ACV Auctions Inc. - Class A (a) (b) | 134 | 1098 |
| Advanced Drainage Systems, Inc. | 18 | 1486 |
| Alta Equipment Group Inc. - Class A | 283 | 3727 |
| Ameresco, Inc. - Class A (a) | 114 | 6504 |
| Applied Industrial Technologies, Inc. | 45 | 5620 |
| Array Tech, Inc. (a) | 1067 | 20627 |
| ASGN Incorporated (a) | 54 | 4367 |
| Axon Enterprise, Inc. (a) | 159 | 26436 |
| Bloom Energy Corporation - Class A (a) | 119 | 2283 |
| Booz Allen Hamilton Holding Corporation - Class A | 39 | 4045 |
| Builders FirstSource, Inc. (a) | 12 | 794 |
| Casella Waste Systems, Inc. - Class A (a) | 55 | 4362 |
| CBIZ, Inc. (a) | 34 | 1591 |
| Chart Industries, Inc. (a) | 133 | 15335 |
| Clean Harbors, Inc. (a) | 46 | 5195 |
| Columbus McKinnon Corporation | 129 | 4191 |
| Comfort Systems USA, Inc. | 20 | 2359 |
| Copart, Inc. (a) | 221 | 13431 |
| CoStar Group, Inc. (a) | 130 | 10078 |
| Enovix Operations Inc. (a) (b) | 259 | 3226 |
| Evoqua Water Technologies Corp. (a) | 187 | 7412 |
| HEICO Corporation - Class A | 197 | 23597 |
| Hexcel Corporation | 48 | 2850 |
| Hudson Technologies, Inc. (a) | 566 | 5731 |
| IDEX Corporation | 13 | 2900 |
| John Bean Technologies Corporation | 87 | 8013 |
| Kornit Digital Ltd. (a) | 744 | 17090 |
| Kratos Defense & Security Solutions, Inc. (a) | 141 | 1457 |
| Mercury Systems, Inc. (a) | 262 | 11693 |
| Montrose Environmental Group, Inc. (a) | 90 | 4005 |
| Nordson Corporation | 11 | 2734 |
| Omega Flex, Inc. (b) | 71 | 6659 |
| RBC Bearings Incorporated (a) | 31 | 6367 |
| Ritchie Bros. Auctioneers Incorporated | 112 | 6438 |
| Saia, Inc. (a) | 70 | 14766 |
| Science Applications International Corporation | 56 | 6238 |
| Shoals Technologies Group, Inc. - Class A (a) | 36 | 877 |
| Simpson Manufacturing Co., Inc. | 29 | 2602 |
| SiteOne Landscape Supply, Inc. (a) | 116 | 13631 |
| Tetra Tech, Inc. | 86 | 12553 |
| The AZEK Company Inc. - Class A (a) | 79 | 1609 |
| The Timken Company | 97 | 6865 |
| TransUnion | 112 | 6353 |
| Trex Company, Inc. (a) | 181 | 7647 |
| UFP Industries, Inc. | 99 | 7877 |
| Verisk Analytics, Inc. | 51 | 8949 |
| Vicor Corporation (a) | 25 | 1333 |
| WillScot Mobile Mini Holdings Corp. - Class A (a) | 423 | 19114 |
|  |  | 373994 |
| **Consumer Discretionary 10.2%** | **Consumer Discretionary 10.2%** | **Consumer Discretionary 10.2%** |
| Acushnet Holdings Corp. | 39 | 1670 |
| Boot Barn Holdings, Inc. (a) | 134 | 8369 |
| Boyd Gaming Corporation | 87 | 4766 |
| Bright Horizons Family Solutions, Inc. (a) | 21 | 1319 |
| Caesars Entertainment, Inc. (a) | 156 | 6507 |
| Chegg, Inc. (a) | 50 | 1272 |
| Churchill Downs Incorporated | 26 | 5338 |
| CLARUS Corporation (b) | 347 | 2724 |
| Columbia Sportswear Company | 20 | 1761 |
| Dream Finders Homes, Inc. - Class A (a) (b) | 321 | 2776 |
| ETSY, Inc. (a) | 68 | 8168 |
| European Wax Center, Inc. - Class A (a) | 201 | 2501 |
| First Watch Restaurant Group, Inc. (a) | 84 | 1142 |
| Five Below, Inc. (a) | 59 | 10319 |
| Floor & Decor Holdings, Inc. - Class A (a) | 58 | 4052 |
| Fox Factory Holding Corp. (a) | 340 | 30986 |
| Genius Sports Limited (a) | 773 | 2760 |
| Gentherm Incorporated (a) | 58 | 3766 |
| Holley Inc. (a) (b) | 882 | 1869 |
| Life Time Group Holdings, Inc. (a) | 80 | 951 |
| Liquidity Services, Inc. (a) | 202 | 2842 |
| Lithia Motors, Inc. - Class A | 24 | 5012 |
| Mattel, Inc. (a) | 94 | 1678 |
| MGM Resorts International | 74 | 2491 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 320 | 15000 |
| OneSpaWorld Holdings Limited (a) | 98 | 919 |
| Planet Fitness, Inc. - Class A (a) | 124 | 9808 |
| Porch Group Inc - Class A (a) (b) | 2899 | 5450 |
| Ralph Lauren Corporation - Class A | 38 | 4015 |
| Revolve Group Inc. - Class A (a) | 492 | 10947 |
| RH (a) | 3 | 882 |
| Shake Shack, Inc. - Class A (a) | 35 | 1444 |
| Stoneridge, Inc. (a) | 187 | 4042 |
| Texas Roadhouse, Inc. - Class A | 126 | 11431 |
| The Lovesac Company (a) | 103 | 2267 |
| Topgolf Callaway Brands Corp. (a) | 587 | 11591 |
| Vail Resorts, Inc. | 8 | 1811 |
| Vizio Holding Corp. - Class A (a) | 220 | 1629 |
| Warby Parker Inc. - Class A (a) (b) | 83 | 1123 |
| Wingstop Inc. (b) | 92 | 12639 |
| YETI Holdings, Inc. (a) | 42 | 1732 |
|  |  | 211769 |
| **Financials 9.4%** | **Financials 9.4%** | **Financials 9.4%** |
| FactSet Research Systems Inc. | 55 | 22181 |
| FirstCash Holdings, Inc. | 13 | 1131 |
| Focus Financial Partners Inc. - Class A (a) | 60 | 2231 |
| Goosehead Insurance, Inc. - Class A (a) | 179 | 6172 |
| Hagerty, Inc. - Class A (a) (b) | 541 | 4549 |
| Hamilton Lane Incorporated - Class A | 37 | 2378 |
| Houlihan Lokey, Inc. - Class A | 33 | 2855 |
| Interactive Brokers Group, Inc. - Class A | 189 | 13641 |
| James River Group, Inc. | 137 | 2858 |
| Kinsale Capital Group, Inc. | 41 | 10742 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| LendingTree, Inc. (a) | 154 | 3279 |
| LPL Financial Holdings Inc. | 25 | 5353 |
| MarketAxess Holdings Inc. | 65 | 18159 |
| Morningstar, Inc. | 57 | 12334 |
| Oportun Financial Corporation (a) | 156 | 860 |
| Palomar Holdings, Inc. (a) | 26 | 1190 |
| Pinnacle Financial Partners, Inc. | 91 | 6661 |
| PRA Group, Inc. (a) | 72 | 2423 |
| Primerica, Inc. | 61 | 8635 |
| Ryan Specialty Group Holdings, Inc. - Class A (a) | 1039 | 43126 |
| ServisFirst Bancshares, Inc. | 181 | 12439 |
| Silvergate Capital Corporation - Class A (a) | 151 | 2620 |
| Stepstone Group Inc. - Class A | 76 | 1915 |
| Texas Capital Bancshares, Inc. (a) | 45 | 2708 |
| Victory Capital Holdings, Inc. - Class A | 99 | 2644 |
| Wintrust Financial Corporation | 45 | 3788 |
| | | 196872 |
| **Communication Services 4.7%** | **Communication Services 4.7%** | **Communication Services 4.7%** |
| Auto Trader Group PLC | 2267 | 14220 |
| Bumble Inc. - Class A (a) (b) | 76 | 1605 |
| Chicken Soup For The Soul Entertainment Inc. - Class A (a) (b) | 468 | 2395 |
| EverQuote, Inc. - Class A (a) | 137 | 2026 |
| IAC Inc. (a) | 140 | 6215 |
| Liberty Media Corporation - Series A (a) | 44 | 2340 |
| Magnite, Inc. (a) | 2563 | 27143 |
| Mediaalpha, Inc. - Class A (a) | 370 | 3679 |
| Rightmove PLC | 3220 | 20131 |
| Rightmove PLC - ADR | 383 | 4711 |
| S4 Capital PLC (a) | 877 | 2023 |
| The New York Times Company - Class A | 62 | 2016 |
| World Wrestling Entertainment, Inc. - Class A | 52 | 3584 |
| Ziprecruiter, Inc. - Class A (a) | 118 | 1938 |
| ZoomInfo Technologies Inc. - Class A (a) | 117 | 3518 |
|  |  | 97544 |
| **Consumer Staples 3.4%** | **Consumer Staples 3.4%** | **Consumer Staples 3.4%** |
| Bellring Intermediate Holdings, Inc. (a) | 262 | 6713 |
| Casey's General Stores, Inc. | 35 | 7815 |
| Celsius Holdings, Inc. (a) | 17 | 1723 |
| e.l.f. Beauty, Inc. (a) | 15 | 842 |
| Freshpet, Inc. (a) | 28 | 1472 |
| Grocery Outlet Holding Corp. (a) | 381 | 11099 |
| Hostess Brands, Inc. - Class A (a) | 25 | 559 |
| Lamb Weston Holdings, Inc. | 117 | 10472 |
| Performance Food Group Company (a) | 161 | 9388 |
| PriceSmart, Inc. | 42 | 2542 |
| The Beauty Health Company - Class A (a) | 290 | 2642 |
| The Simply Good Foods Company (a) | 103 | 3904 |
| The Vita Coco Company, Inc. (a) | 841 | 11622 |
|  |  | 70793 |
| **Materials 1.8%** | **Materials 1.8%** | **Materials 1.8%** |
| Avient Corporation | 278 | 9379 |
| Graphic Packaging Holding Company | 145 | 3216 |
| Ingevity Corporation (a) | 102 | 7177 |
| Innospec Inc. | 23 | 2389 |
| Livent Corporation (a) | 199 | 3949 |
| Materion Corporation | 51 | 4419 |
| Neo Performance Materials Inc. | 114 | 807 |
| Silgan Holdings Inc. | 100 | 5184 |
| Summit Materials, Inc. - Class A (a) | 61 | 1741 |
|  |  | 38261 |
| **Energy 1.8%** | **Energy 1.8%** | **Energy 1.8%** |
| Cactus, Inc. - Class A | 24 | 1212 |
| Callon Petroleum Company (a) | 17 | 647 |
| Clean Energy Fuels Corp. (a) (b) | 722 | 3752 |
| Denbury Inc. (a) | 86 | 7463 |
| Diamondback Energy, Inc. | 15 | 1996 |
| Matador Resources Company | 229 | 13153 |
| Permian Resources Corporation - Class A | 638 | 5991 |
| Ranger Oil Corporation - Class A | 65 | 2638 |
|  |  | 36852 |
| **Real Estate 0.8%** | **Real Estate 0.8%** | **Real Estate 0.8%** |
| Americold Realty Trust | 73 | 2073 |
| Rexford Industrial Realty, Inc. | 233 | 12739 |
| Terreno Realty Corporation | 52 | 2929 |
|  |  | 17741 |
| Total Common Stocks (cost $2,348,795) | Total Common Stocks (cost $2,348,795) | 2035637 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| Flexion Therapeutics, Inc. (a) (b) (d) | 491 |  |
| Total Rights (cost $0) | Total Rights (cost $0) |  |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| The Fresh Market, Inc. (a) (d) (e) | 52 |  |
| Total Other Equity Interests (cost $0) | Total Other Equity Interests (cost $0) |  |
| **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** | **SHORT TERM INVESTMENTS 2.6%** |
| **Investment Companies 2.1%** | **Investment Companies 2.1%** | **Investment Companies 2.1%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (f) | 43450 | 43450 |
| **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (c) (f) | 10184 | 10184 |
| Total Short Term Investments (cost $53,634) | Total Short Term Investments (cost $53,634) | 53634 |
| **Total Investments 100.3% (cost $2,402,429)** | **Total Investments 100.3% (cost $2,402,429)** | **2089271** |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(6578)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2082693** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Investment in affiliate.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(e) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Small Cap Growth Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Long Term Investments in Affiliates** | **JNL Multi-Manager Small Cap Growth Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Biomerica, Inc. | 2469 | 238 | 240 |  | (98) | (206) | 2163 | 0.1 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1999263 | 36374 |  | 2035637 |
| &nbsp;&nbsp;Rights |  |  |  |  |
| &nbsp;&nbsp;Other Equity Interests |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 53634 |  |  | 53634 |
|  | 2052897 | 36374 |  | 2089271 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** |
| **COMMON STOCKS 96.4%** | **COMMON STOCKS 96.4%** | **COMMON STOCKS 96.4%** |
| **Industrials 26.7%** | **Industrials 26.7%** | **Industrials 26.7%** |
| Acuity Brands, Inc. | 34 | 5604 |
| Aerojet Rocketdyne Holdings, Inc. (a) | 264 | 14766 |
| Air Lease Corporation - Class A | 597 | 22923 |
| Air Transport Services Group, Inc. (a) | 554 | 14394 |
| Alight, Inc. - Class A (a) | 667 | 5580 |
| American Woodmark Corporation (a) | 412 | 20100 |
| APi Group Corp (a) | 199 | 3745 |
| Argan, Inc. | 133 | 4901 |
| Armstrong World Industries, Inc. | 183 | 12553 |
| Atkore Inc. (a) | 78 | 8799 |
| Beacon Roofing Supply, Inc. (a) | 198 | 10447 |
| BrightView Holdings, Inc. (a) | 485 | 3340 |
| BWXT Government Group, Inc. | 143 | 8331 |
| Byrna Technologies Inc. (a) | 160 | 1257 |
| Comfort Systems USA, Inc. | 41 | 4679 |
| CoreCivic, Inc. (a) | 605 | 6999 |
| Crane Holdings, Co. | 45 | 4550 |
| CSW Industrials, Inc. | 38 | 4394 |
| Dun & Bradstreet Holdings, Inc. | 486 | 5953 |
| EMCOR Group, Inc. | 141 | 20875 |
| Enerpac Tool Group Corp. - Class A | 242 | 6171 |
| ESAB Corporation | 300 | 14100 |
| FTI Consulting, Inc. (a) | 57 | 9034 |
| FuelCell Energy, Inc. (a) | 161 | 447 |
| Gates Industrial Corporation PLC (a) | 485 | 5532 |
| GMS Inc. (a) | 129 | 6436 |
| GXO Logistics Inc. (a) | 148 | 6318 |
| Hayward Holdings, Inc. (a) | 307 | 2887 |
| Hillman Solutions Corp. - Class A (a) | 2285 | 16471 |
| IAA Spinco Inc. (a) | 528 | 21144 |
| Insperity, Inc. | 145 | 16485 |
| JetBlue Airways Corporation (a) | 319 | 2067 |
| Landstar System, Inc. | 69 | 11276 |
| Maxar Technologies Inc. | 304 | 15704 |
| MDU Resources Group, Inc. | 196 | 5954 |
| PGT Innovations, Inc. (a) | 472 | 8476 |
| Rush Enterprises, Inc. - Class A | 149 | 7769 |
| Shyft Group, Inc. | 284 | 7063 |
| SP Plus Corporation (a) | 157 | 5465 |
| Steelcase Inc. - Class A | 575 | 4063 |
| The AZEK Company Inc. - Class A (a) | 263 | 5342 |
| The Gorman- Rupp Company | 101 | 2580 |
| Trinet Group, Inc. (a) | 148 | 10058 |
| U-Haul Holding Company - Series N | 225 | 12377 |
| Unifirst Corporation | 107 | 20705 |
| Univar Solutions Inc. (a) | 178 | 5659 |
| Viad Corp (a) | 42 | 1014 |
| Werner Enterprises, Inc. | 100 | 4015 |
| Woodward, Inc. | 94 | 9089 |
|  |  | 427891 |
| **Financials 18.5%** | **Financials 18.5%** | **Financials 18.5%** |
| 1st Source Corporation | 51 | 2710 |
| American Equity Investment Life Holding Company | 180 | 8234 |
| Assured Guaranty Ltd. | 175 | 10896 |
| AXIS Capital Holdings Limited | 98 | 5334 |
| Bank of Hawaii Corporation (b) | 39 | 3018 |
| Bank OZK | 49 | 1948 |
| BankUnited, Inc. | 171 | 5820 |
| Banner Corporation | 22 | 1372 |
| Brookline Bancorp, Inc. | 217 | 3069 |
| Cannae Holdings, Inc. (a) | 408 | 8434 |
| Cathay General Bancorp | 134 | 5452 |
| CNA Financial Corporation | 86 | 3617 |
| CNO Financial Group, Inc. | 87 | 1991 |
| Commerce Bancshares, Inc. | 73 | 4983 |
| Enstar Group Limited (a) | 56 | 12984 |
| Essent Group Ltd. | 313 | 12168 |
| Evercore Inc. - Class A | 11 | 1179 |
| F.N.B. Corporation | 139 | 1814 |
| Federated Hermes, Inc. - Class B | 39 | 1433 |
| First American Financial Corporation | 65 | 3396 |
| First Citizens BancShares, Inc. - Class A | 15 | 11108 |
| First Hawaiian, Inc. | 392 | 10210 |
| FirstCash Holdings, Inc. | 38 | 3340 |
| Focus Financial Partners Inc. - Class A (a) | 399 | 14866 |
| Genworth Financial, Inc. - Class A (a) | 1298 | 6866 |
| Glacier Bancorp, Inc. | 210 | 10361 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b) | 30 | 883 |
| HomeStreet, Inc. | 233 | 6424 |
| International Bancshares Corporation | 129 | 5912 |
| LendingTree, Inc. (a) | 15 | 321 |
| LPL Financial Holdings Inc. | 13 | 2814 |
| National Western Life Group, Inc. - Class A | 13 | 3601 |
| NMI Holdings, Inc. - Class A (a) | 140 | 2922 |
| Radian Group Inc. | 163 | 3113 |
| RenaissanceRe Holdings Ltd | 33 | 5993 |
| Sandy Spring Bancorp, Inc. | 157 | 5533 |
| Selective Insurance Group, Inc. | 37 | 3240 |
| The Bancorp, Inc. (a) | 183 | 5182 |
| The Hanover Insurance Group, Inc. | 16 | 2098 |
| UMB Financial Corporation | 69 | 5744 |
| Umpqua Holdings Corporation | 587 | 10477 |
| Valley National Bancorp | 224 | 2532 |
| Virtu Financial, Inc. - Class A | 279 | 5698 |
| Virtus Investment Partners, Inc. | 54 | 10430 |
| Washington Federal, Inc. | 188 | 6303 |
| Webster Financial Corporation | 26 | 1210 |
| White Mountains Insurance Group Ltd | 15 | 21345 |
| Wintrust Financial Corporation | 196 | 16630 |
| WSFS Financial Corporation | 256 | 11562 |
|  |  | 296570 |
| **Consumer Discretionary 14.2%** | **Consumer Discretionary 14.2%** | **Consumer Discretionary 14.2%** |
| Advance Auto Parts, Inc. | 62 | 9042 |
| American Eagle Outfitters, Inc. | 662 | 9246 |
| America's Car Mart, Inc. (a) | 118 | 8534 |
| Asbury Automotive Group, Inc. (a) | 26 | 4715 |
| Carter's, Inc. | 58 | 4359 |
| Dorman Products, Inc. (a) | 130 | 10505 |
| Dream Finders Homes, Inc. - Class A (a) | 274 | 2369 |
| Frontdoor, Inc. (a) | 433 | 8999 |
| Gentex Corporation | 546 | 14875 |
| Gildan Activewear Inc. - Class A | 358 | 9821 |
| Grand Canyon Education, Inc. (a) | 118 | 12441 |
| Group 1 Automotive, Inc. | 24 | 4407 |
| Hanesbrands Inc. | 813 | 5169 |
| Helen of Troy Limited (a) | 95 | 10555 |
| LCI Industries | 47 | 4315 |
| Leslie's, Inc. (a) | 1148 | 14020 |
| LKQ Corporation | 246 | 13151 |
| M/I Homes, Inc. (a) | 109 | 5044 |
| Malibu Boats, Inc. - Class A (a) | 131 | 6973 |
| Murphy USA Inc. | 19 | 5431 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 163 | 7630 |
| Patrick Industries, Inc. | 81 | 4880 |
| Polaris Inc. | 50 | 5076 |
| Ruth's Hospitality Group, Inc. | 133 | 2056 |
| Skechers U.S.A., Inc. - Class A (a) | 139 | 5848 |
| Sleep Number Corporation (a) | 44 | 1145 |
| Stoneridge, Inc. (a) | 295 | 6371 |
| Thor Industries, Inc. | 78 | 5853 |
| Wingstop Inc. | 9 | 1245 |
| Winnebago Industries, Inc. | 266 | 13992 |
| Wyndham Hotels & Resorts, Inc. | 131 | 9370 |
|  |  | 227437 |
| **Health Care 9.8%** | **Health Care 9.8%** | **Health Care 9.8%** |
| Acadia Healthcare Company, Inc. (a) | 85 | 7028 |
| AdaptHealth LLC - Class A (a) | 127 | 2441 |
| Addus HomeCare Corporation (a) | 228 | 22694 |
| Atea Pharmaceuticals, Inc. (a) | 160 | 769 |
| AtriCure, Inc. (a) | 80 | 3562 |
| Bausch + Lomb Corporation (a) (b) | 164 | 2549 |
| Cross Country Healthcare, Inc. (a) | 288 | 7648 |
| Dentsply Sirona Inc. | 212 | 6763 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| DocGo Inc. (a) | 498 | 3517 |
| Dynavax Technologies Corporation (a) | 180 | 1919 |
| Editas Medicine, Inc. (a) (b) | 71 | 630 |
| Encompass Health Corporation | 114 | 6841 |
| Enovis Corporation (a) | 113 | 6034 |
| ICU Medical, Inc. (a) | 93 | 14632 |
| Integra LifeSciences Holdings Corporation (a) | 182 | 10198 |
| Lantheus Holdings, Inc. (a) | 153 | 7798 |
| Pacira Pharmaceuticals, Inc. (a) | 70 | 2694 |
| Patterson Companies, Inc. | 119 | 3330 |
| Pediatrix Medical Group, Inc. (a) | 168 | 2499 |
| Perrigo Company Public Limited Company | 263 | 8981 |
| Premier Healthcare Solutions, Inc. - Class A | 470 | 16461 |
| Syneos Health, Inc. - Class A (a) | 257 | 9399 |
| UFP Technologies, Inc. (a) | 29 | 3396 |
| Varex Imaging Corporation (a) | 304 | 6171 |
| | | 157954 |
| **Information Technology 9.8%** | **Information Technology 9.8%** | **Information Technology 9.8%** |
| ACI Worldwide, Inc. (a) | 765 | 17590 |
| Alteryx, Inc. - Class A (a) | 73 | 3709 |
| Arrow Electronics, Inc. (a) | 61 | 6340 |
| Coherent Corp. (a) | 62 | 2166 |
| DXC Technology Company (a) | 104 | 2769 |
| E2Open Parent Holdings, Inc. - Class A (a) (b) | 1055 | 6191 |
| Ebix, Inc. | 118 | 2364 |
| ePlus inc. (a) | 476 | 21058 |
| Euronet Worldwide, Inc. (a) | 49 | 4625 |
| EVERTEC, Inc. | 131 | 4242 |
| Formfactor, Inc. (a) | 143 | 3179 |
| Gitlab Inc. - Class A (a) (b) | 72 | 3285 |
| Kulicke and Soffa Industries, Inc. | 150 | 6622 |
| MAXIMUS, Inc. | 51 | 3743 |
| MeridianLink, Inc. (a) (b) | 477 | 6546 |
| MKS Instruments, Inc. | 104 | 8827 |
| NCR Corporation (a) | 233 | 5444 |
| Onto Innovation Inc. (a) | 89 | 6056 |
| PAR Technology Corporation (a) (b) | 213 | 5547 |
| Plexus Corp. (a) | 13 | 1314 |
| TD SYNNEX Corporation | 101 | 9566 |
| Thoughtworks Holding, Inc. (a) | 135 | 1378 |
| Vm Consolidated, Inc. - Class A (a) | 943 | 13036 |
| Vontier Corporation | 237 | 4584 |
| Wex, Inc. (a) | 41 | 6733 |
|  |  | 156914 |
| **Consumer Staples 4.4%** | **Consumer Staples 4.4%** | **Consumer Staples 4.4%** |
| BJ's Wholesale Club Holdings, Inc. (a) | 117 | 7760 |
| Cal-Maine Foods, Inc. | 81 | 4428 |
| Central Garden & Pet Company - Class A (a) | 130 | 4669 |
| Grocery Outlet Holding Corp. (a) | 373 | 10879 |
| Ingles Markets, Incorporated - Class A | 42 | 4048 |
| Ingredion Incorporated | 49 | 4785 |
| Inter Parfums, Inc. | 162 | 15665 |
| Lancaster Colony Corporation | 39 | 7714 |
| Molson Coors Beverage Company - Class B | 114 | 5876 |
| The Simply Good Foods Company (a) | 143 | 5450 |
|  |  | 71274 |
| **Real Estate 4.4%** | **Real Estate 4.4%** | **Real Estate 4.4%** |
| Alexander & Baldwin, Inc. | 577 | 10814 |
| Apple Hospitality REIT, Inc. | 322 | 5076 |
| Brandywine Realty Trust | 159 | 980 |
| Cushman & Wakefield PLC (a) | 774 | 9640 |
| Getty Realty Corp. | 119 | 4028 |
| Highwoods Properties, Inc. | 22 | 608 |
| Independence Realty Trust, Inc. | 103 | 1741 |
| Marcus & Millichap Company | 290 | 9984 |
| Newmark Group, Inc. - Class A | 318 | 2538 |
| PotlatchDeltic Corporation | 130 | 5722 |
| Ryman Hospitality Properties, Inc. | 97 | 7936 |
| STAG Industrial, Inc. | 172 | 5561 |
| Terreno Realty Corporation | 94 | 5365 |
|  |  | 69993 |
| **Materials 3.1%** | **Materials 3.1%** | **Materials 3.1%** |
| Axalta Coating Systems Ltd. (a) | 141 | 3584 |
| Century Aluminum Company (a) | 170 | 1388 |
| Commercial Metals Company | 54 | 2606 |
| Element Solutions Inc. | 1206 | 21939 |
| H.B. Fuller Company | 93 | 6658 |
| Hecla Mining Company | 659 | 3664 |
| Summit Materials, Inc. - Class A (a) | 234 | 6635 |
| TriMas Corporation | 75 | 2075 |
| Valvoline, Inc. | 58 | 1878 |
|  |  | 50427 |
| **Energy 2.8%** | **Energy 2.8%** | **Energy 2.8%** |
| ChampionX Corporation | 49 | 1409 |
| Chesapeake Energy Corporation (b) | 22 | 2066 |
| CNX Resources Corporation (a) | 211 | 3549 |
| CVR Energy, Inc. | 66 | 2058 |
| DHT Holdings, Inc. | 365 | 3242 |
| DMC Global Inc. (a) | 351 | 6815 |
| HF Sinclair Corporation | 53 | 2741 |
| Matador Resources Company | 49 | 2828 |
| Ovintiv Canada ULC | 36 | 1829 |
| Permian Resources Corporation - Class A | 601 | 5649 |
| Range Resources Corporation | 224 | 5613 |
| SM Energy Company | 111 | 3878 |
| World Fuel Services Corporation | 96 | 2626 |
|  |  | 44303 |
| **Utilities 2.0%** | **Utilities 2.0%** | **Utilities 2.0%** |
| ALLETE, Inc. | 14 | 933 |
| Avista Corporation | 67 | 2987 |
| Black Hills Corporation | 56 | 3951 |
| Clearway Energy, Inc. - Class C | 151 | 4816 |
| IDACORP, Inc. | 15 | 1641 |
| Portland General Electric Company (b) | 90 | 4431 |
| Southwest Gas Holdings, Inc. | 52 | 3197 |
| Spire Inc. | 61 | 4183 |
| Vistra Corp. | 263 | 6100 |
|  |  | 32239 |
| **Communication Services 0.7%** | **Communication Services 0.7%** | **Communication Services 0.7%** |
| Cable One, Inc. | 2 | 1685 |
| Liberty Latin America Ltd. - Class A (a) | 180 | 1353 |
| Liberty Latin America Ltd. - Class C (a) | 101 | 764 |
| Telephone and Data Systems, Inc. | 342 | 3583 |
| Yelp Inc. (a) | 153 | 4172 |
|  |  | 11557 |
| Total Common Stocks (cost $1,584,274) | Total Common Stocks (cost $1,584,274) | 1546559 |
| **INVESTMENT COMPANIES 0.2%** | **INVESTMENT COMPANIES 0.2%** | **INVESTMENT COMPANIES 0.2%** |
| FS KKR Capital Corp. | 207 | 3617 |
| Total Investment Companies (cost $4,544) | Total Investment Companies (cost $4,544) | 3617 |
| **SHORT TERM INVESTMENTS 3.7%** | **SHORT TERM INVESTMENTS 3.7%** | **SHORT TERM INVESTMENTS 3.7%** |
| **Investment Companies 3.6%** | **Investment Companies 3.6%** | **Investment Companies 3.6%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 57399 | 57399 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (c) (d) | 1819 | 1819 |
| Total Short Term Investments (cost $59,218) | Total Short Term Investments (cost $59,218) | 59218 |
| **Total Investments 100.3% (cost $1,648,036)** | **Total Investments 100.3% (cost $1,648,036)** | **1609394** |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(4450)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1604944** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1546559 |  |  | 1546559 |
| &nbsp;&nbsp;Investment Companies | 3617 |  |  | 3617 |
| &nbsp;&nbsp;Short Term Investments | 59218 |  |  | 59218 |
|  | 1609394 |  |  | 1609394 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** |
| **COMMON STOCKS 95.5%** | **COMMON STOCKS 95.5%** | **COMMON STOCKS 95.5%** |
| **Health Care 23.1%** | **Health Care 23.1%** | **Health Care 23.1%** |
| AstraZeneca PLC - ADR | 88 | 5949 |
| Cigna Corporation | 24 | 8115 |
| DexCom, Inc. (a) | 29 | 3326 |
| Elevance Health, Inc. | 12 | 6163 |
| Eli Lilly and Company | 17 | 6148 |
| Humana Inc. | 16 | 8177 |
| Intuitive Surgical, Inc. (a) | 26 | 6880 |
| McKesson Corporation | 10 | 3606 |
| Repligen Corporation (a) | 16 | 2755 |
| Stryker Corporation | 20 | 4981 |
| Thermo Fisher Scientific Inc. | 6 | 3395 |
| UnitedHealth Group Incorporated | 33 | 17487 |
|  |  | 76982 |
| **Information Technology 18.3%** | **Information Technology 18.3%** | **Information Technology 18.3%** |
| Advanced Micro Devices, Inc. (a) | 44 | 2860 |
| Amphenol Corporation - Class A | 43 | 3251 |
| Bill.Com Holdings Inc. (a) | 52 | 5693 |
| Datadog, Inc. - Class A (a) | 79 | 5792 |
| Entegris, Inc. | 43 | 2790 |
| Microsoft Corporation | 72 | 17108 |
| Snowflake Inc. - Class A (a) | 41 | 5839 |
| Visa Inc. - Class A | 84 | 17512 |
|  |  | 60845 |
| **Energy 14.3%** | **Energy 14.3%** | **Energy 14.3%** |
| Arch Resources, Inc. - Class A | 34 | 4783 |
| EOG Resources, Inc. | 23 | 3010 |
| Exxon Mobil Corporation | 165 | 18254 |
| Occidental Petroleum Corporation | 143 | 9035 |
| Schlumberger Limited | 173 | 9246 |
| Transocean Ltd. (a) (b) | 743 | 3390 |
|  |  | 47718 |
| **Consumer Staples 9.6%** | **Consumer Staples 9.6%** | **Consumer Staples 9.6%** |
| Altria Group, Inc. | 186 | 8490 |
| Costco Wholesale Corporation | 6 | 2952 |
| Monster Beverage 1990 Corporation (a) | 35 | 3511 |
| Philip Morris International Inc. | 90 | 9153 |
| Walmart Inc. | 55 | 7761 |
|  |  | 31867 |
| **Financials 8.4%** | **Financials 8.4%** | **Financials 8.4%** |
| Arthur J. Gallagher & Co. | 18 | 3403 |
| Berkshire Hathaway Inc. - Class B (a) | 26 | 8076 |
| LPL Financial Holdings Inc. | 30 | 6301 |
| The Charles Schwab Corporation | 122 | 10199 |
|  |  | 27979 |
| **Industrials 7.8%** | **Industrials 7.8%** | **Industrials 7.8%** |
| Booz Allen Hamilton Holding Corporation - Class A | 32 | 3387 |
| Canadian Pacific Railway Limited | 89 | 6628 |
| Caterpillar Inc. | 11 | 2691 |
| Lockheed Martin Corporation | 14 | 6932 |
| Northrop Grumman Corporation | 12 | 6323 |
|  |  | 25961 |
| **Utilities 6.4%** | **Utilities 6.4%** | **Utilities 6.4%** |
| American Electric Power Company, Inc. | 76 | 7230 |
| Atmos Energy Corporation | 27 | 2997 |
| Exelon Corporation | 257 | 11113 |
|  |  | 21340 |
| **Consumer Discretionary 5.2%** | **Consumer Discretionary 5.2%** | **Consumer Discretionary 5.2%** |
| Amazon.com, Inc. (a) | 101 | 8486 |
| Floor & Decor Holdings, Inc. - Class A (a) | 85 | 5896 |
| The Home Depot, Inc. | 10 | 3052 |
|  |  | 17434 |
| **Materials 1.4%** | **Materials 1.4%** | **Materials 1.4%** |
| Corteva, Inc. | 52 | 3043 |
| United States Steel Corporation | 57 | 1427 |
|  |  | 4470 |
| **Real Estate 1.0%** | **Real Estate 1.0%** | **Real Estate 1.0%** |
| Rexford Industrial Realty, Inc. | 62 | 3390 |
| Total Common Stocks (cost $324,219) | Total Common Stocks (cost $324,219) | 317986 |
| **SHORT TERM INVESTMENTS 4.5%** | **SHORT TERM INVESTMENTS 4.5%** | **SHORT TERM INVESTMENTS 4.5%** |
| **Investment Companies 4.5%** | **Investment Companies 4.5%** | **Investment Companies 4.5%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 15054 | 15054 |
| Total Short Term Investments (cost $15,054) | Total Short Term Investments (cost $15,054) | 15054 |
| **Total Investments 100.0% (cost $339,273)** | **Total Investments 100.0% (cost $339,273)** | **333040** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **128** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **333168** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL Multi-Manager U.S. Select Equity Fund — Restricted Securities** | **JNL Multi-Manager U.S. Select Equity Fund — Restricted Securities** | **JNL Multi-Manager U.S. Select Equity Fund — Restricted Securities** | **JNL Multi-Manager U.S. Select Equity Fund — Restricted Securities** | **JNL Multi-Manager U.S. Select Equity Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Transocean Ltd. | 12/16/22 | 3272 | 3390 | 1.0 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 317986 |  |  | 317986 |
| &nbsp;&nbsp;Short Term Investments | 15054 |  |  | 15054 |
|  | 333040 |  |  | 333040 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** |
| **COMMON STOCKS 97.5%** | **COMMON STOCKS 97.5%** | **COMMON STOCKS 97.5%** |
| **Information Technology 25.1%** | **Information Technology 25.1%** | **Information Technology 25.1%** |
| Accenture Public Limited Company - Class A | 5 | 1423 |
| Adobe Inc. (a) | 4 | 1323 |
| Advanced Micro Devices, Inc. (a) | 14 | 882 |
| Akamai Technologies, Inc. (a) | 1 | 110 |
| Amphenol Corporation - Class A | 5 | 388 |
| Analog Devices, Inc. | 4 | 722 |
| ANSYS, Inc. (a) | 1 | 174 |
| Apple Inc. | 127 | 16450 |
| Applied Materials, Inc. | 7 | 721 |
| Arista Networks, Inc. (a) | 2 | 257 |
| Autodesk, Inc. (a) | 2 | 346 |
| Automatic Data Processing, Inc. | 4 | 842 |
| Broadcom Inc. | 3 | 1915 |
| Broadridge Financial Solutions, Inc. | 1 | 131 |
| Cadence Design Systems, Inc. (a) | 2 | 376 |
| CDW Corp. | 1 | 204 |
| Ceridian HCM Holding Inc. (a) | 1 | 87 |
| Cisco Systems, Inc. | 35 | 1651 |
| Cognizant Technology Solutions Corporation - Class A | 4 | 249 |
| Corning Incorporated | 6 | 201 |
| DXC Technology Company (a) | 2 | 48 |
| Enphase Energy, Inc. (a) | 1 | 300 |
| EPAM Systems, Inc. (a) |  | 156 |
| F5, Inc. (a) | 1 | 69 |
| Fidelity National Information Services, Inc. | 5 | 339 |
| First Solar, Inc. (a) | 1 | 125 |
| Fiserv, Inc. (a) | 5 | 539 |
| FleetCor Technologies, Inc. (a) | 1 | 125 |
| Fortinet, Inc. (a) | 5 | 267 |
| Gartner, Inc. (a) | 1 | 231 |
| Gen Digital Inc. | 5 | 106 |
| Global Payments Inc. | 2 | 229 |
| Hewlett Packard Enterprise Company | 10 | 166 |
| HP, Inc. | 8 | 201 |
| Intel Corporation | 35 | 922 |
| International Business Machines Corporation | 8 | 1082 |
| Intuit Inc. | 2 | 934 |
| Jack Henry & Associates, Inc. | 1 | 105 |
| Juniper Networks, Inc. | 3 | 91 |
| Keysight Technologies, Inc. (a) | 2 | 256 |
| KLA Corporation | 1 | 445 |
| Lam Research Corporation | 1 | 481 |
| MasterCard Incorporated - Class A | 7 | 2491 |
| Microchip Technology Incorporated | 5 | 335 |
| Micron Technology, Inc. | 9 | 459 |
| Microsoft Corporation | 63 | 15132 |
| Monolithic Power Systems, Inc. |  | 127 |
| Motorola Solutions, Inc. | 1 | 367 |
| NetApp, Inc. | 2 | 108 |
| NVIDIA Corporation | 21 | 3086 |
| NXP Semiconductors N.V. | 2 | 348 |
| On Semiconductor Corporation (a) | 4 | 235 |
| Oracle Corporation | 13 | 1061 |
| Paychex, Inc. | 3 | 307 |
| Paycom Software, Inc. (a) |  | 126 |
| PayPal Holdings, Inc. (a) | 10 | 683 |
| PTC Inc. (a) | 1 | 107 |
| Qorvo, Inc. (a) | 1 | 74 |
| Qualcomm Incorporated | 9 | 1037 |
| Roper Technologies, Inc. | 1 | 392 |
| Salesforce, Inc. (a) | 8 | 1120 |
| Seagate Technology Holdings Public Limited Company | 2 | 88 |
| ServiceNow, Inc. (a) | 2 | 663 |
| Skyworks Solutions, Inc. | 1 | 125 |
| SolarEdge Technologies Ltd. (a) |  | 134 |
| Synopsys, Inc. (a) | 1 | 417 |
| TE Connectivity Ltd. (b) | 3 | 305 |
| Teledyne Technologies Incorporated (a) |  | 166 |
| Teradyne, Inc. | 1 | 121 |
| Texas Instruments Incorporated | 8 | 1271 |
| Trimble Inc. (a) | 2 | 100 |
| Tyler Technologies, Inc. (a) |  | 114 |
| VeriSign, Inc. (a) | 1 | 168 |
| Visa Inc. - Class A | 14 | 2875 |
| Western Digital Corporation (a) | 3 | 90 |
| Zebra Technologies Corporation - Class A (a) |  | 113 |
|  |  | 70014 |
| **Health Care 15.4%** | **Health Care 15.4%** | **Health Care 15.4%** |
| Abbott Laboratories | 15 | 1621 |
| AbbVie Inc. | 15 | 2421 |
| Agilent Technologies, Inc. | 3 | 379 |
| Align Technology, Inc. (a) | 1 | 125 |
| AmerisourceBergen Corporation | 1 | 233 |
| Amgen Inc. | 5 | 1182 |
| Baxter International Inc. | 4 | 217 |
| Becton, Dickinson and Company | 2 | 605 |
| Biogen Inc. (a) | 1 | 338 |
| Bio-Rad Laboratories, Inc. - Class A (a) |  | 83 |
| Bio-Techne Corporation | 1 | 110 |
| Boston Scientific Corporation (a) | 12 | 563 |
| Bristol-Myers Squibb Company | 18 | 1294 |
| Cardinal Health, Inc. | 2 | 172 |
| Catalent, Inc. (a) | 2 | 75 |
| Centene Corporation (a) | 5 | 391 |
| Charles River Laboratories International, Inc. (a) |  | 94 |
| Cigna Corporation | 3 | 858 |
| CVS Health Corporation | 11 | 1041 |
| Danaher Corporation | 6 | 1475 |
| DaVita Inc. (a) |  | 36 |
| Dentsply Sirona Inc. | 2 | 56 |
| DexCom, Inc. (a) | 3 | 373 |
| Edwards Lifesciences Corporation (a) | 5 | 386 |
| Elevance Health, Inc. | 2 | 1035 |
| Eli Lilly and Company | 7 | 2444 |
| Gilead Sciences, Inc. | 11 | 906 |
| HCA Healthcare, Inc. | 2 | 428 |
| Henry Schein, Inc. (a) | 1 | 92 |
| Hologic, Inc. (a) | 2 | 153 |
| Humana Inc. | 1 | 552 |
| IDEXX Laboratories, Inc. (a) | 1 | 280 |
| Illumina, Inc. (a) | 1 | 276 |
| Incyte Corporation (a) | 2 | 125 |
| Intuitive Surgical, Inc. (a) | 3 | 792 |
| IQVIA Holdings Inc (a) | 2 | 318 |
| Johnson & Johnson | 22 | 3916 |
| Laboratory Corporation of America Holdings | 1 | 175 |
| McKesson Corporation | 1 | 460 |
| Medtronic, Inc. | 11 | 877 |
| Merck & Co., Inc. | 21 | 2370 |
| Mettler-Toledo International Inc. (a) |  | 275 |
| Moderna, Inc. (a) | 3 | 505 |
| Molina Healthcare, Inc. (a) | 1 | 158 |
| Organon & Co. | 2 | 59 |
| PerkinElmer, Inc. | 1 | 145 |
| Pfizer Inc. | 48 | 2436 |
| Quest Diagnostics Incorporated | 1 | 150 |
| Regeneron Pharmaceuticals, Inc. (a) | 1 | 662 |
| ResMed Inc. | 1 | 255 |
| Steris Limited | 1 | 161 |
| Stryker Corporation | 3 | 700 |
| Teleflex Incorporated |  | 102 |
| The Cooper Companies, Inc. |  | 140 |
| Thermo Fisher Scientific Inc. | 3 | 1830 |
| UnitedHealth Group Incorporated | 8 | 4197 |
| Universal Health Services, Inc. - Class B | 1 | 79 |
| Vertex Pharmaceuticals Incorporated (a) | 2 | 622 |
| Viatris Inc. | 10 | 112 |
| Waters Corporation (a) | 1 | 179 |
| West Pharmaceutical Services, Inc. | 1 | 146 |
| Zimmer Biomet Holdings, Inc. | 2 | 220 |
| Zoetis Inc. - Class A | 4 | 581 |
|  |  | 43041 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Financials 11.4%** | **Financials 11.4%** | **Financials 11.4%** |
| AFLAC Incorporated | 5 | 353 |
| American Express Company | 5 | 748 |
| American International Group, Inc. | 6 | 396 |
| Ameriprise Financial, Inc. | 1 | 285 |
| AON Public Limited Company - Class A | 2 | 528 |
| Arch Capital Group Ltd. (a) | 3 | 192 |
| Arthur J. Gallagher & Co. | 2 | 330 |
| Assurant, Inc. |  | 53 |
| Bank of America Corporation | 59 | 1952 |
| Berkshire Hathaway Inc. - Class B (a) | 15 | 4713 |
| BlackRock, Inc. | 1 | 901 |
| Brown & Brown, Inc. | 2 | 110 |
| Capital One Financial Corporation | 3 | 295 |
| Cboe Global Markets, Inc. | 1 | 109 |
| Chubb Limited | 4 | 783 |
| Cincinnati Financial Corporation | 1 | 132 |
| Citigroup Inc. | 16 | 745 |
| Citizens Financial Group, Inc. | 4 | 162 |
| CME Group Inc. - Class A | 3 | 512 |
| Comerica Incorporated | 1 | 73 |
| Discover Financial Services | 2 | 230 |
| Everest Re Group, Ltd. |  | 109 |
| FactSet Research Systems Inc. |  | 126 |
| Fifth Third Bancorp | 6 | 195 |
| First Republic Bank | 2 | 196 |
| Franklin Resources, Inc. | 2 | 64 |
| Globe Life Inc. | 1 | 92 |
| Huntington Bancshares Incorporated | 12 | 174 |
| Intercontinental Exchange, Inc. | 5 | 484 |
| Invesco Ltd. | 4 | 67 |
| JPMorgan Chase & Co. | 25 | 3329 |
| KeyCorp | 8 | 135 |
| Lincoln National Corporation | 1 | 39 |
| Loews Corporation | 2 | 98 |
| M&T Bank Corporation | 1 | 209 |
| MarketAxess Holdings Inc. |  | 85 |
| Marsh & Mclennan Companies, Inc. | 4 | 695 |
| MetLife, Inc. | 6 | 402 |
| Moody's Corporation | 1 | 367 |
| Morgan Stanley | 11 | 946 |
| MSCI Inc. - Class A | 1 | 314 |
| Nasdaq, Inc. | 3 | 178 |
| Northern Trust Corporation | 2 | 154 |
| Principal Financial Group, Inc. | 2 | 165 |
| Prudential Financial, Inc. | 3 | 308 |
| Raymond James Financial, Inc. | 2 | 174 |
| Regions Financial Corporation | 8 | 174 |
| S&P Global Inc. | 3 | 945 |
| Signature Bank | 1 | 61 |
| State Street Corporation | 3 | 238 |
| SVB Financial Group (a) | 1 | 111 |
| Synchrony Financial | 4 | 131 |
| T. Rowe Price Group, Inc. | 2 | 204 |
| The Allstate Corporation | 2 | 309 |
| The Bank of New York Mellon Corporation (c) | 6 | 289 |
| The Charles Schwab Corporation | 13 | 1069 |
| The Goldman Sachs Group, Inc. | 3 | 984 |
| The Hartford Financial Services Group, Inc. | 3 | 201 |
| The PNC Financial Services Group, Inc. | 3 | 534 |
| The Progressive Corporation | 5 | 646 |
| The Travelers Companies, Inc. | 2 | 371 |
| Truist Financial Corporation | 11 | 486 |
| U.S. Bancorp | 12 | 502 |
| W. R. Berkley Corporation | 2 | 124 |
| Wells Fargo & Company | 32 | 1330 |
| Willis Towers Watson Public Limited Company | 1 | 223 |
| Zions Bancorporation, National Association | 1 | 65 |
|  |  | 31704 |
| **Consumer Discretionary 9.6%** | **Consumer Discretionary 9.6%** | **Consumer Discretionary 9.6%** |
| Advance Auto Parts, Inc. | 1 | 78 |
| Amazon.com, Inc. (a) | 75 | 6312 |
| Aptiv PLC (a) | 2 | 210 |
| AutoZone, Inc. (a) |  | 395 |
| Bath & Body Works, Inc. | 2 | 76 |
| Best Buy Co., Inc. | 2 | 128 |
| Booking Holdings Inc. (a) |  | 657 |
| BorgWarner Inc. | 2 | 78 |
| Caesars Entertainment, Inc. (a) | 2 | 81 |
| CarMax, Inc. (a) | 1 | 89 |
| Carnival Corporation (a) (d) | 8 | 65 |
| Chipotle Mexican Grill, Inc. (a) |  | 329 |
| D.R. Horton, Inc. | 3 | 246 |
| Darden Restaurants, Inc. | 1 | 147 |
| Dollar General Corporation | 2 | 464 |
| Dollar Tree, Inc. (a) | 2 | 246 |
| Domino's Pizza, Inc. |  | 103 |
| eBay Inc. | 5 | 189 |
| ETSY, Inc. (a) | 1 | 125 |
| Expedia Group, Inc. (a) | 1 | 112 |
| Ford Motor Company | 33 | 388 |
| Garmin Ltd. | 1 | 122 |
| General Motors Company | 12 | 408 |
| Genuine Parts Company | 1 | 205 |
| Hasbro, Inc. | 1 | 75 |
| Hilton Worldwide Holdings Inc. | 2 | 279 |
| Las Vegas Sands Corp. (a) | 3 | 135 |
| Lennar Corporation - Class A | 2 | 191 |
| LKQ Corporation | 2 | 111 |
| Lowe`s Companies, Inc. | 5 | 1046 |
| Marriott International, Inc. - Class A | 2 | 344 |
| McDonald's Corporation | 6 | 1624 |
| MGM Resorts International | 2 | 82 |
| Mohawk Industries, Inc. (a) |  | 47 |
| Newell Brands Inc. | 3 | 45 |
| NIKE, Inc. - Class B | 11 | 1256 |
| Norwegian Cruise Line Holdings Ltd. (a) | 4 | 47 |
| NVR, Inc. (a) |  | 115 |
| O'Reilly Automotive, Inc. (a) | 1 | 451 |
| Pool Corporation |  | 98 |
| PulteGroup, Inc. | 2 | 84 |
| Ralph Lauren Corporation - Class A |  | 39 |
| Ross Stores, Inc. | 3 | 351 |
| Royal Caribbean Cruises Ltd. | 2 | 99 |
| Starbucks Corporation | 10 | 969 |
| Tapestry, Inc. | 2 | 78 |
| Target Corporation | 4 | 585 |
| Tesla Inc. (a) | 23 | 2799 |
| The Home Depot, Inc. | 9 | 2737 |
| The TJX Companies, Inc. | 10 | 781 |
| Tractor Supply Company | 1 | 219 |
| Ulta Beauty, Inc. (a) |  | 201 |
| V.F. Corporation | 3 | 76 |
| Whirlpool Corporation |  | 64 |
| Wynn Resorts, Limited (a) | 1 | 76 |
| Yum! Brands, Inc. | 2 | 307 |
|  |  | 26664 |
| **Industrials 8.4%** | **Industrials 8.4%** | **Industrials 8.4%** |
| 3M Company | 5 | 561 |
| A. O. Smith Corporation | 1 | 69 |
| Alaska Air Group, Inc. (a) | 1 | 46 |
| Allegion Public Limited Company | 1 | 82 |
| American Airlines Group Inc. (a) | 5 | 68 |
| AMETEK, Inc. | 2 | 274 |
| C.H. Robinson Worldwide, Inc. | 1 | 91 |
| Carrier Global Corporation | 7 | 288 |
| Caterpillar Inc. | 4 | 1055 |
| Cintas Corporation | 1 | 332 |
| Copart, Inc. (a) | 4 | 217 |
| CoStar Group, Inc. (a) | 4 | 275 |
| CSX Corporation | 18 | 552 |
| Cummins Inc. | 1 | 291 |
| Deere & Company | 2 | 1002 |
| Delta Air Lines, Inc. (a) | 6 | 183 |
| Dover Corporation | 1 | 152 |
| Eaton Corporation Public Limited Company | 3 | 527 |
| Emerson Electric Co. | 5 | 484 |
| Equifax Inc. | 1 | 201 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Expeditors International of Washington, Inc. | 1 | 139 |
| Fastenal Company | 5 | 225 |
| FedEx Corporation | 2 | 354 |
| Fortive Corporation | 3 | 199 |
| Generac Holdings Inc. (a) | 1 | 55 |
| General Dynamics Corporation | 2 | 473 |
| General Electric Company | 9 | 770 |
| Honeywell International Inc. | 6 | 1225 |
| Howmet Aerospace Inc. | 3 | 121 |
| Huntington Ingalls Industries, Inc. |  | 79 |
| IDEX Corporation | 1 | 144 |
| Illinois Tool Works Inc. | 2 | 517 |
| Ingersoll Rand Inc. | 4 | 185 |
| J. B. Hunt Transport Services, Inc. | 1 | 119 |
| Jacobs Solutions Inc. | 1 | 136 |
| Johnson Controls International Public Limited Company | 6 | 373 |
| L3Harris Technologies, Inc. | 2 | 339 |
| Leidos Holdings, Inc. | 1 | 129 |
| Lockheed Martin Corporation | 2 | 961 |
| Masco Corporation | 2 | 89 |
| Nordson Corporation |  | 107 |
| Norfolk Southern Corporation | 2 | 481 |
| Northrop Grumman Corporation | 1 | 666 |
| Old Dominion Freight Line, Inc. | 1 | 217 |
| Otis Worldwide Corporation | 4 | 274 |
| PACCAR Inc | 3 | 286 |
| Parker-Hannifin Corporation | 1 | 322 |
| Pentair Public Limited Company | 1 | 55 |
| Quanta Services, Inc. | 1 | 175 |
| Raytheon Technologies Corporation | 12 | 1253 |
| Republic Services, Inc. | 2 | 229 |
| Robert Half International Inc. | 1 | 68 |
| Rockwell Automation, Inc. | 1 | 249 |
| Rollins, Inc. | 2 | 70 |
| Snap-on Incorporated |  | 103 |
| Southwest Airlines Co. | 5 | 162 |
| Stanley Black & Decker, Inc. | 1 | 99 |
| Textron Inc. | 2 | 124 |
| The Boeing Company (a) | 5 | 902 |
| Trane Technologies Public Limited Company | 2 | 323 |
| TransDigm Group Incorporated |  | 272 |
| Union Pacific Corporation | 5 | 1075 |
| United Airlines Holdings, Inc. (a) | 3 | 99 |
| United Parcel Service, Inc. - Class B | 6 | 1072 |
| United Rentals, Inc. (a) | 1 | 210 |
| Verisk Analytics, Inc. | 1 | 230 |
| W. W. Grainger, Inc. |  | 214 |
| Waste Management, Inc. | 3 | 502 |
| Westinghouse Air Brake Technologies Corporation | 2 | 155 |
| Xylem Inc. | 2 | 165 |
| | | 23541 |
| **Communication Services 7.1%** | **Communication Services 7.1%** | **Communication Services 7.1%** |
| Activision Blizzard, Inc. | 6 | 463 |
| Alphabet Inc. - Class A (a) | 51 | 4461 |
| Alphabet Inc. - Class C (a) | 45 | 3976 |
| AT&T Inc. | 61 | 1113 |
| Charter Communications, Inc. - Class A (a) | 1 | 304 |
| Comcast Corporation - Class A | 37 | 1296 |
| Dish Network Corporation - Class A (a) | 2 | 30 |
| Electronic Arts Inc. | 2 | 269 |
| Fox Corporation - Class A | 3 | 80 |
| Fox Corporation - Class B | 1 | 30 |
| Live Nation Entertainment, Inc. (a) | 1 | 82 |
| Lumen Technologies Inc. | 8 | 43 |
| Match Group, Inc. (a) | 2 | 97 |
| Meta Platforms, Inc. - Class A (a) | 19 | 2290 |
| Netflix, Inc. (a) | 4 | 1113 |
| News Corporation - Class A | 3 | 53 |
| News Corporation - Class B | 1 | 27 |
| Omnicom Group Inc. | 2 | 140 |
| Paramount Global - Class B (d) | 4 | 70 |
| Take-Two Interactive Software, Inc. (a) | 1 | 141 |
| The Interpublic Group of Companies, Inc. | 3 | 109 |
| The Walt Disney Company (a) | 15 | 1344 |
| T-Mobile USA, Inc. (a) | 5 | 704 |
| Verizon Communications Inc. | 35 | 1393 |
| Warner Bros. Discovery, Inc. - Series A (a) | 19 | 179 |
|  |  | 19807 |
| **Consumer Staples 7.0%** | **Consumer Staples 7.0%** | **Consumer Staples 7.0%** |
| Altria Group, Inc. | 15 | 700 |
| Archer-Daniels-Midland Company | 5 | 431 |
| Brown-Forman Corporation - Class B | 2 | 99 |
| Campbell Soup Company | 2 | 95 |
| Church & Dwight Co., Inc. | 2 | 167 |
| Colgate-Palmolive Company | 7 | 555 |
| Conagra Brands, Inc. | 4 | 152 |
| Constellation Brands, Inc. - Class A | 1 | 319 |
| Costco Wholesale Corporation | 4 | 1716 |
| General Mills, Inc. | 5 | 425 |
| Hormel Foods Corporation | 3 | 113 |
| Kellogg Company | 2 | 154 |
| Keurig Dr Pepper Inc. | 7 | 258 |
| Kimberly-Clark Corporation | 3 | 395 |
| Kraft Foods Group, Inc. | 7 | 280 |
| Lamb Weston Holdings, Inc. | 1 | 106 |
| McCormick & Company, Incorporated | 2 | 178 |
| Molson Coors Beverage Company - Class B | 2 | 81 |
| Mondelez International, Inc. - Class A | 12 | 771 |
| Monster Beverage 1990 Corporation (a) | 3 | 326 |
| PepsiCo, Inc. | 12 | 2102 |
| Philip Morris International Inc. | 13 | 1332 |
| Sysco Corporation | 4 | 334 |
| The Clorox Company | 1 | 152 |
| The Coca-Cola Company | 33 | 2088 |
| The Estee Lauder Companies Inc. - Class A | 2 | 478 |
| The Hershey Company | 1 | 293 |
| The J. M. Smucker Company | 1 | 141 |
| The Kroger Co. | 6 | 253 |
| The Procter & Gamble Company | 20 | 3040 |
| Tyson Foods, Inc. - Class A | 2 | 149 |
| Walgreens Boots Alliance, Inc. | 6 | 223 |
| Walmart Inc. | 12 | 1691 |
|  |  | 19597 |
| **Energy 5.1%** | **Energy 5.1%** | **Energy 5.1%** |
| Apa Corp. | 3 | 126 |
| Baker Hughes Company - Class A | 9 | 259 |
| Chevron Corporation | 15 | 2701 |
| ConocoPhillips | 11 | 1245 |
| Coterra Energy Inc. | 7 | 160 |
| Devon Energy Corporation | 6 | 343 |
| Diamondback Energy, Inc. | 1 | 202 |
| EOG Resources, Inc. | 5 | 651 |
| EQT Corporation | 3 | 105 |
| Exxon Mobil Corporation | 35 | 3844 |
| Halliburton Company | 8 | 304 |
| Hess Corporation | 2 | 329 |
| Kinder Morgan, Inc. | 17 | 310 |
| Marathon Oil Corporation | 5 | 143 |
| Marathon Petroleum Corporation | 4 | 459 |
| Occidental Petroleum Corporation | 6 | 387 |
| ONEOK, Inc. | 4 | 244 |
| Phillips 66 | 4 | 414 |
| Pioneer Natural Resources Company | 2 | 459 |
| Schlumberger Limited | 12 | 641 |
| Targa Resources Corp. | 2 | 139 |
| The Williams Companies, Inc. | 10 | 343 |
| Valero Energy Corporation | 3 | 413 |
|  |  | 14221 |
| **Utilities 3.1%** | **Utilities 3.1%** | **Utilities 3.1%** |
| Alliant Energy Corporation | 2 | 124 |
| Ameren Corporation | 2 | 193 |
| American Electric Power Company, Inc. | 4 | 416 |
| American Water Works Company, Inc. | 2 | 232 |
| Atmos Energy Corporation | 1 | 133 |
| CenterPoint Energy, Inc. | 6 | 165 |
| CMS Energy Corporation | 2 | 154 |
| Consolidated Edison, Inc. | 3 | 282 |
| Constellation Energy Group, Inc. | 3 | 236 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Dominion Energy, Inc. | 7 | 435 |
| DTE Energy Company | 2 | 189 |
| Duke Energy Corporation | 6 | 660 |
| Edison International | 3 | 205 |
| Entergy Corporation | 2 | 198 |
| Evergy, Inc. | 2 | 117 |
| Eversource Energy | 3 | 242 |
| Exelon Corporation | 9 | 367 |
| FirstEnergy Corp. | 5 | 199 |
| NextEra Energy, Inc. | 17 | 1406 |
| NiSource Inc. | 3 | 90 |
| NRG Energy, Inc. | 2 | 66 |
| PG&E Corporation (a) | 14 | 219 |
| Pinnacle West Capital Corporation | 1 | 71 |
| PPL Corporation | 6 | 181 |
| Public Service Enterprise Group Incorporated | 4 | 254 |
| Sempra Energy | 3 | 416 |
| The AES Corporation | 6 | 170 |
| The Southern Company | 9 | 658 |
| WEC Energy Group Inc. | 3 | 246 |
| Xcel Energy Inc. | 5 | 328 |
| | | 8652 |
| **Materials 2.7%** | **Materials 2.7%** | **Materials 2.7%** |
| Air Products and Chemicals, Inc. | 2 | 578 |
| Albemarle Corporation | 1 | 211 |
| Amcor Pty Ltd | 12 | 147 |
| Avery Dennison Corporation | 1 | 124 |
| Ball Corporation | 3 | 137 |
| Celanese Corporation - Class A | 1 | 81 |
| CF Industries Holdings, Inc. | 2 | 142 |
| Corteva, Inc. | 6 | 357 |
| Dow Inc. | 6 | 301 |
| DuPont de Nemours, Inc. | 4 | 293 |
| Eastman Chemical Company | 1 | 81 |
| Ecolab Inc. | 2 | 310 |
| FMC Corporation | 1 | 135 |
| Freeport-McMoRan Inc. | 12 | 455 |
| International Flavors & Fragrances Inc. | 2 | 226 |
| International Paper Company | 3 | 105 |
| Legacy Vulcan Corp. | 1 | 194 |
| Linde Public Limited Company | 4 | 1369 |
| LyondellBasell Industries N.V. - Class A | 2 | 169 |
| Martin Marietta Materials, Inc. | 1 | 175 |
| MOS Holdings Inc. | 3 | 135 |
| Newmont Corporation | 7 | 312 |
| Nucor Corporation | 2 | 287 |
| Packaging Corporation of America | 1 | 99 |
| PPG Industries, Inc. | 2 | 247 |
| Sealed Air Corporation | 1 | 64 |
| Steel Dynamics, Inc. | 1 | 125 |
| The Sherwin-Williams Company | 2 | 477 |
| WestRock Company | 2 | 81 |
|  |  | 7417 |
| **Real Estate 2.6%** | **Real Estate 2.6%** | **Real Estate 2.6%** |
| Alexandria Real Estate Equities, Inc. | 1 | 184 |
| American Tower Corporation | 4 | 841 |
| AvalonBay Communities, Inc. | 1 | 197 |
| Boston Properties, Inc. | 1 | 89 |
| Camden Property Trust | 1 | 97 |
| CBRE Group, Inc. - Class A (a) | 3 | 207 |
| Crown Castle Inc. | 4 | 501 |
| Digital Realty Trust, Inc. | 3 | 249 |
| Equinix, Inc. | 1 | 512 |
| Equity Residential | 3 | 168 |
| Essex Property Trust, Inc. | 1 | 110 |
| Extra Space Storage Inc. | 1 | 171 |
| Federal Realty Investment Trust | 1 | 59 |
| Healthpeak Properties, Inc. | 4 | 111 |
| Host Hotels & Resorts, Inc. | 6 | 94 |
| Invitation Homes Inc. | 5 | 142 |
| Iron Mountain Incorporated | 2 | 118 |
| Kimco Realty Corporation | 6 | 118 |
| Mid-America Apartment Communities, Inc. | 1 | 155 |
| ProLogis Inc. | 8 | 874 |
| Public Storage | 1 | 378 |
| Realty Income Corporation | 5 | 337 |
| Regency Centers Corporation | 1 | 88 |
| SBA Communications Corporation | 1 | 250 |
| Simon Property Group, Inc. | 3 | 320 |
| UDR, Inc. | 3 | 105 |
| Ventas, Inc. | 4 | 160 |
| VICI Properties Inc. | 8 | 265 |
| Vornado Realty Trust | 1 | 24 |
| Welltower OP LLC | 4 | 252 |
| Weyerhaeuser Company | 6 | 191 |
|  |  | 7367 |
| Total Common Stocks (cost $251,181) | Total Common Stocks (cost $251,181) | 272025 |
| **INVESTMENT COMPANIES 0.7%** | **INVESTMENT COMPANIES 0.7%** | **INVESTMENT COMPANIES 0.7%** |
| iShares Core S&P 500 ETF | 5 | 1904 |
| Total Investment Companies (cost $1,950) | Total Investment Companies (cost $1,950) | 1904 |
| **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** |
| **Investment Companies 1.5%** | **Investment Companies 1.5%** | **Investment Companies 1.5%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (e) | 4327 | 4327 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (c) (e) | 6 | 6 |
| Total Short Term Investments (cost $4,333) | Total Short Term Investments (cost $4,333) | 4333 |
| **Total Investments 99.7% (cost $257,464)** | **Total Investments 99.7% (cost $257,464)** | **278262** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (12) |
| **Other Assets and Liabilities, Net 0.3%** | **Other Assets and Liabilities, Net 0.3%** | **737** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **278987** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) Investment in affiliate.

(d) All or a portion of the security was on loan as of December 31, 2022.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL S&P 500 Index Fund — Long Term Investments in Affiliates** | **JNL S&P 500 Index Fund — Long Term Investments in Affiliates** | **JNL S&P 500 Index Fund — Long Term Investments in Affiliates** | **JNL S&P 500 Index Fund — Long Term Investments in Affiliates** | **JNL S&P 500 Index Fund — Long Term Investments in Affiliates** | **JNL S&P 500 Index Fund — Long Term Investments in Affiliates** | **JNL S&P 500 Index Fund — Long Term Investments in Affiliates** | **JNL S&P 500 Index Fund — Long Term Investments in Affiliates** | **JNL S&P 500 Index Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| The Bank of New York Mellon Corporation | 330 | 38 | 11 | 8 |  | (68) | 289 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL S&P 500 Index Fund — Restricted Securities** | **JNL S&P 500 Index Fund — Restricted Securities** | **JNL S&P 500 Index Fund — Restricted Securities** | **JNL S&P 500 Index Fund — Restricted Securities** | **JNL S&P 500 Index Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| TE Connectivity Ltd. | 01/05/18 | 280 | 305 | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL S&P 500 Index Fund — Futures Contracts** | **JNL S&P 500 Index Fund — Futures Contracts** | **JNL S&P 500 Index Fund — Futures Contracts** | **JNL S&P 500 Index Fund — Futures Contracts** | **JNL S&P 500 Index Fund — Futures Contracts** | **JNL S&P 500 Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 24 | March 2023 | 4702 | (12) | (69) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 272025 |  |  | 272025 |
| &nbsp;&nbsp;Investment Companies | 1904 |  |  | 1904 |
| &nbsp;&nbsp;Short Term Investments | 4333 |  |  | 4333 |
|  | 278262 |  |  | 278262 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (69) |  |  | (69) |
|  | (69) |  |  | (69) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** |
| **COMMON STOCKS 94.4%** | **COMMON STOCKS 94.4%** | **COMMON STOCKS 94.4%** |
| **United States of America 50.2%** | **United States of America 50.2%** | **United States of America 50.2%** |
| Adobe Inc. (a) | 1 | 211 |
| AFLAC Incorporated | 4 | 316 |
| American Water Works Company, Inc. | 1 | 188 |
| Aptiv PLC (a) | 2 | 144 |
| Becton, Dickinson and Company | 1 | 320 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 1 | 209 |
| Bruker Corporation | 3 | 209 |
| Calix, Inc. (a) | 4 | 245 |
| Danaher Corporation | 1 | 376 |
| Deere & Company | 1 | 455 |
| Dell Technologies Inc. - Class C | 4 | 168 |
| Hexcel Corporation | 4 | 218 |
| Intuit Inc. |  | 177 |
| Keysight Technologies, Inc. (a) | 1 | 204 |
| Lumentum Holdings Inc. (a) | 5 | 235 |
| Microsoft Corporation | 1 | 333 |
| MSCI Inc. - Class A | 1 | 344 |
| NextEra Energy, Inc. | 4 | 347 |
| On Semiconductor Corporation (a) | 3 | 196 |
| Steris Limited | 1 | 275 |
| SVB Financial Group (a) | 1 | 139 |
| Tetra Tech, Inc. | 2 | 296 |
| The Procter & Gamble Company | 1 | 225 |
| TopBuild Corp. (a) | 1 | 122 |
| Visa Inc. - Class A | 2 | 320 |
| Waste Management, Inc. | 3 | 402 |
| West Pharmaceutical Services, Inc. | 1 | 194 |
| Xylem Inc. | 2 | 182 |
|  |  | 7050 |
| **United Kingdom 7.1%** | **United Kingdom 7.1%** | **United Kingdom 7.1%** |
| Abcam PLC - ADR (a) | 11 | 173 |
| Experian PLC | 5 | 173 |
| Haleon PLC (a) | 36 | 144 |
| London Stock Exchange Group PLC | 2 | 148 |
| Unilever PLC | 7 | 353 |
|  |  | 991 |
| **Netherlands 4.8%** | **Netherlands 4.8%** | **Netherlands 4.8%** |
| ASML Holding N.V. |  | 234 |
| Koninklijke DSM N.V. | 2 | 203 |
| NXP Semiconductors N.V. | 2 | 239 |
|  |  | 676 |
| **Germany 3.9%** | **Germany 3.9%** | **Germany 3.9%** |
| Deutsche Borse Aktiengesellschaft - Class N | 1 | 247 |
| Gerresheimer AG | 1 | 69 |
| Infineon Technologies AG - Class N | 8 | 232 |
|  |  | 548 |
| **Switzerland 3.5%** | **Switzerland 3.5%** | **Switzerland 3.5%** |
| Alcon AG | 3 | 201 |
| Partners Group Holding AG |  | 284 |
|  |  | 485 |
| **Ireland 3.4%** | **Ireland 3.4%** | **Ireland 3.4%** |
| Accenture Public Limited Company - Class A | 1 | 289 |
| Icon Public Limited Company (a) | 1 | 195 |
|  |  | 484 |
| **Denmark 3.1%** | **Denmark 3.1%** | **Denmark 3.1%** |
| Chr. Hansen Holding A/S | 3 | 219 |
| Orsted A/S (b) | 2 | 211 |
|  |  | 430 |
| **Singapore 3.0%** | **Singapore 3.0%** | **Singapore 3.0%** |
| Flex Ltd. (a) | 20 | 419 |
| **Japan 2.9%** | **Japan 2.9%** | **Japan 2.9%** |
| Keyence Corporation |  | 156 |
| SMC Corporation | 1 | 251 |
|  |  | 407 |
| **Austria 2.2%** | **Austria 2.2%** | **Austria 2.2%** |
| Erste Group Bank AG | 10 | 315 |
| **Taiwan 2.2%** | **Taiwan 2.2%** | **Taiwan 2.2%** |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 4 | 312 |
| **India 2.1%** | **India 2.1%** | **India 2.1%** |
| HDFC Bank Limited - ADR | 4 | 295 |
| **Hong Kong 1.8%** | **Hong Kong 1.8%** | **Hong Kong 1.8%** |
| AIA Group Limited | 23 | 258 |
| **France 1.7%** | **France 1.7%** | **France 1.7%** |
| Dassault Systemes | 7 | 240 |
| **Norway 1.5%** | **Norway 1.5%** | **Norway 1.5%** |
| TOMRA Systems ASA | 13 | 213 |
| **China 1.0%** | **China 1.0%** | **China 1.0%** |
| BYD Company Limited - Class H | 6 | 147 |
| Total Common Stocks (cost $13,790) | Total Common Stocks (cost $13,790) | 13270 |
| **SHORT TERM INVESTMENTS 4.7%** | **SHORT TERM INVESTMENTS 4.7%** | **SHORT TERM INVESTMENTS 4.7%** |
| **Investment Companies 4.7%** | **Investment Companies 4.7%** | **Investment Companies 4.7%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 656 | 656 |
| Total Short Term Investments (cost $656) | Total Short Term Investments (cost $656) | 656 |
| **Total Investments 99.1% (cost $14,446)** | **Total Investments 99.1% (cost $14,446)** | **13926** |
| **Other Derivative Instruments 0.4%** | **Other Derivative Instruments 0.4%** | **58** |
| **Other Assets and Liabilities, Net 0.5%** | **Other Assets and Liabilities, Net 0.5%** | **69** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **14053** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/AB Sustainable Global Thematic Fund — Restricted Securities** | **JNL/AB Sustainable Global Thematic Fund — Restricted Securities** | **JNL/AB Sustainable Global Thematic Fund — Restricted Securities** | **JNL/AB Sustainable Global Thematic Fund — Restricted Securities** | **JNL/AB Sustainable Global Thematic Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Orsted A/S | 08/08/22 | 255 | 211 | 1.5 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| AUD/USD | BOA | 01/19/23 | AUD | 389 | 265 | 17 |
| BRL/USD | MSC | 01/04/23 | BRL | 384 | 73 | (1) |
| BRL/USD | MSC | 01/04/23 | BRL | 384 | 73 | 2 |
| BRL/USD | MSC | 02/02/23 | BRL | 384 | 72 |  |
| CAD/USD | BOA | 01/19/23 | CAD | 44 | 32 | (1) |
| CAD/USD | BOA | 01/19/23 | CAD | 531 | 393 | 3 |
| CHF/USD | BOA | 03/01/23 | CHF | 42 | 46 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** | **JNL/AB Sustainable Global Thematic Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| CNY/USD | BOA | 02/16/23 | CNY | 297 | 43 | 1 |
| CNY/USD | CIT | 02/16/23 | CNY | 2823 | 407 | 13 |
| CNY/USD | MSC | 02/16/23 | CNY | 592 | 85 | 2 |
| EUR/USD | BOA | 02/27/23 | EUR | 153 | 165 | 1 |
| GBP/USD | BOA | 01/18/23 | GBP | 50 | 60 | 1 |
| JPY/USD | BOA | 02/09/23 | JPY | 61067 | 467 | 19 |
| KRW/USD | CIT | 01/30/23 | KRW | 194270 | 154 | 18 |
| SEK/USD | BOA | 02/03/23 | SEK | 1131 | 109 | 1 |
| USD/BRL | MSC | 01/04/23 | BRL | (768) | (146) | 1 |
| USD/CHF | BOA | 03/01/23 | CHF | (137) | (149) | (1) |
| USD/CNY | BOA | 02/16/23 | CNY | (136) | (20) | (1) |
| USD/CNY | MSC | 02/16/23 | CNY | (1035) | (149) | (3) |
| USD/EUR | BOA | 02/27/23 | EUR | (31) | (33) |  |
| USD/EUR | MSC | 02/27/23 | EUR | (765) | (822) | (13) |
| USD/GBP | BOA | 01/18/23 | GBP | (50) | (61) | (1) |
| USD/GBP | BOA | 01/18/23 | GBP | (357) | (431) | 3 |
| USD/HKD | BOA | 01/12/23 | HKD | (1103) | (141) |  |
| USD/JPY | BOA | 02/09/23 | JPY | (6221) | (48) | (1) |
| USD/JPY | BOA | 02/09/23 | JPY | (6728) | (51) |  |
| USD/NOK | BOA | 02/03/23 | NOK | (1327) | (136) | (2) |
| USD/TWD | BOA | 03/16/23 | TWD | (2640) | (87) |  |
|  |  |  |  |  | 170 | 58 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 8972 | 4298 |  | 13270 |
| &nbsp;&nbsp;Short Term Investments | 656 |  |  | 656 |
|  | 9628 | 4298 |  | 13926 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 82 |  | 82 |
|  |  | 82 |  | 82 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (24) |  | (24) |
|  |  | (24) |  | (24) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** |
| **COMMON STOCKS 94.4%** | **COMMON STOCKS 94.4%** | **COMMON STOCKS 94.4%** |
| **Health Care 21.3%** | **Health Care 21.3%** | **Health Care 21.3%** |
| Abbott Laboratories | 43 | 4767 |
| AbbVie Inc. | 28 | 4554 |
| Agilent Technologies, Inc. | 9 | 1302 |
| Amgen Inc. | 18 | 4671 |
| Becton, Dickinson and Company | 4 | 1026 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 1 | 210 |
| Bio-Techne Corporation | 9 | 762 |
| Bristol-Myers Squibb Company | 8 | 570 |
| Centene Corporation (a) | 2 | 201 |
| Charles River Laboratories International, Inc. (a) | 2 | 467 |
| Chemed Corporation | 6 | 2950 |
| CVS Health Corporation | 19 | 1788 |
| Danaher Corporation | 16 | 4362 |
| Elevance Health, Inc. | 8 | 4198 |
| Eli Lilly and Company | 8 | 3019 |
| Envista Holdings Corporation (a) | 19 | 622 |
| Gilead Sciences, Inc. | 3 | 236 |
| Hologic, Inc. (a) | 6 | 483 |
| Humana Inc. | 3 | 1690 |
| IDEXX Laboratories, Inc. (a) | 3 | 1115 |
| IQVIA Holdings Inc (a) | 5 | 985 |
| Johnson & Johnson | 31 | 5391 |
| McKesson Corporation | 11 | 4300 |
| Medtronic, Inc. | 38 | 2979 |
| Merck & Co., Inc. | 53 | 5895 |
| Mettler-Toledo International Inc. (a) | 1 | 1317 |
| Pfizer Inc. | 15 | 790 |
| Qiagen N.V. (a) | 13 | 643 |
| Quest Diagnostics Incorporated | 2 | 373 |
| Regeneron Pharmaceuticals, Inc. (a) | 5 | 3548 |
| ResMed Inc. | 2 | 461 |
| Seagen Inc. (a) | 2 | 254 |
| Stryker Corporation | 2 | 376 |
| Thermo Fisher Scientific Inc. | 9 | 5056 |
| United Therapeutics Corporation (a) | 5 | 1486 |
| UnitedHealth Group Incorporated | 10 | 5293 |
| Veeva Systems Inc. - Class A (a) | 1 | 212 |
| Vertex Pharmaceuticals Incorporated (a) | 8 | 2329 |
| Viatris Inc. | 48 | 533 |
| Waters Corporation (a) | 1 | 219 |
| West Pharmaceutical Services, Inc. | 1 | 148 |
| Zoetis Inc. - Class A | 10 | 1518 |
|  |  | 83099 |
| **Consumer Staples 18.7%** | **Consumer Staples 18.7%** | **Consumer Staples 18.7%** |
| Altria Group, Inc. | 15 | 686 |
| Archer-Daniels-Midland Company | 5 | 493 |
| Campbell Soup Company | 5 | 302 |
| Casey's General Stores, Inc. |  | 104 |
| Church & Dwight Co., Inc. | 17 | 1375 |
| Colgate-Palmolive Company | 62 | 4903 |
| Constellation Brands, Inc. - Class A | 4 | 999 |
| Costco Wholesale Corporation | 11 | 4863 |
| Flowers Foods, Inc. | 60 | 1732 |
| General Mills, Inc. | 16 | 1359 |
| Hormel Foods Corporation | 104 | 4742 |
| Kellogg Company | 16 | 1161 |
| Kimberly-Clark Corporation | 1 | 191 |
| McCormick & Company, Incorporated | 5 | 398 |
| Mondelez International, Inc. - Class A | 82 | 5474 |
| Monster Beverage 1990 Corporation (a) | 39 | 3966 |
| PepsiCo, Inc. | 30 | 5451 |
| Philip Morris International Inc. | 55 | 5527 |
| The Clorox Company | 17 | 2363 |
| The Coca-Cola Company | 85 | 5377 |
| The Estee Lauder Companies Inc. - Class A | 3 | 789 |
| The Hershey Company | 23 | 5418 |
| The J. M. Smucker Company | 3 | 470 |
| The Kroger Co. | 68 | 3053 |
| The Procter & Gamble Company | 40 | 5994 |
| Tyson Foods, Inc. - Class A | 3 | 163 |
| Walmart Inc. | 39 | 5488 |
|  |  | 72841 |
| **Industrials 13.3%** | **Industrials 13.3%** | **Industrials 13.3%** |
| 3M Company | 21 | 2467 |
| Air Lease Corporation - Class A | 12 | 449 |
| AMETEK, Inc. | 1 | 190 |
| C.H. Robinson Worldwide, Inc. | 4 | 389 |
| Caterpillar Inc. | 14 | 3388 |
| Cintas Corporation | 2 | 858 |
| Clarivate PLC (a) | 20 | 169 |
| Copart, Inc. (a) | 26 | 1572 |
| Cummins Inc. | 10 | 2481 |
| Deere & Company | 4 | 1887 |
| Eaton Corporation Public Limited Company | 1 | 126 |
| Emerson Electric Co. | 4 | 430 |
| Expeditors International of Washington, Inc. | 38 | 3972 |
| FedEx Corporation | 3 | 565 |
| FTI Consulting, Inc. (a) | 21 | 3333 |
| Honeywell International Inc. | 4 | 776 |
| Illinois Tool Works Inc. | 6 | 1212 |
| J. B. Hunt Transport Services, Inc. | 9 | 1560 |
| Knight-Swift Transportation Holdings Inc. - Class A | 17 | 889 |
| Landstar System, Inc. | 4 | 729 |
| Lockheed Martin Corporation | 11 | 5412 |
| MasTec, Inc. (a) | 20 | 1720 |
| Old Dominion Freight Line, Inc. | 4 | 1066 |
| Republic Services, Inc. | 41 | 5226 |
| Robert Half International Inc. | 9 | 678 |
| Union Pacific Corporation | 12 | 2411 |
| United Parcel Service, Inc. - Class B | 14 | 2505 |
| Waste Management, Inc. | 34 | 5313 |
|  |  | 51773 |
| **Financials 10.4%** | **Financials 10.4%** | **Financials 10.4%** |
| AFLAC Incorporated | 9 | 666 |
| American International Group, Inc. | 18 | 1153 |
| AON Public Limited Company - Class A | 4 | 1216 |
| Arch Capital Group Ltd. (a) | 6 | 378 |
| Assurant, Inc. | 2 | 255 |
| Bank of America Corporation | 9 | 287 |
| BlackRock, Inc. | 4 | 2470 |
| Chubb Limited | 10 | 2249 |
| Cincinnati Financial Corporation | 16 | 1637 |
| Citigroup Inc. | 7 | 323 |
| Citizens Financial Group, Inc. | 16 | 636 |
| CME Group Inc. - Class A | 22 | 3666 |
| Commerce Bancshares, Inc. | 2 | 116 |
| Erie Indemnity Company - Class A | 5 | 1293 |
| Everest Re Group, Ltd. | 7 | 2287 |
| First Citizens BancShares, Inc. - Class A | 1 | 1109 |
| Intercontinental Exchange, Inc. | 2 | 158 |
| JPMorgan Chase & Co. | 28 | 3796 |
| Loews Corporation | 5 | 310 |
| M&T Bank Corporation | 2 | 326 |
| MarketAxess Holdings Inc. | 1 | 363 |
| Marsh & Mclennan Companies, Inc. | 1 | 205 |
| MetLife, Inc. | 18 | 1296 |
| Prosperity Bancshares, Inc. | 17 | 1249 |
| Prudential Financial, Inc. | 7 | 743 |
| Reinsurance Group of America, Incorporated | 1 | 200 |
| RenaissanceRe Holdings Ltd | 2 | 330 |
| T. Rowe Price Group, Inc. | 15 | 1598 |
| The Allstate Corporation | 10 | 1347 |
| The Charles Schwab Corporation | 20 | 1654 |
| The Hartford Financial Services Group, Inc. | 8 | 641 |
| The PNC Financial Services Group, Inc. | 1 | 160 |
| The Progressive Corporation | 16 | 2117 |
| The Travelers Companies, Inc. | 15 | 2791 |
| Unum Group | 6 | 265 |
| W. R. Berkley Corporation | 6 | 416 |
| White Mountains Insurance Group Ltd | 1 | 784 |
|  |  | 40490 |
| **Information Technology 9.6%** | **Information Technology 9.6%** | **Information Technology 9.6%** |
| Accenture Public Limited Company - Class A | 11 | 2839 |
| Adobe Inc. (a) | 9 | 3010 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Apple Inc. | 3 | 340 |
| Automatic Data Processing, Inc. | 5 | 1166 |
| Avnet, Inc. | 3 | 110 |
| Broadcom Inc. | 3 | 1502 |
| Cirrus Logic, Inc. (a) | 2 | 131 |
| Cisco Systems, Inc. | 37 | 1741 |
| Dolby Laboratories, Inc. - Class A | 25 | 1760 |
| EPAM Systems, Inc. (a) |  | 115 |
| Fidelity National Information Services, Inc. | 2 | 119 |
| Gen Digital Inc. | 54 | 1155 |
| Hewlett Packard Enterprise Company | 39 | 620 |
| Intel Corporation | 13 | 334 |
| International Business Machines Corporation | 15 | 2079 |
| KLA Corporation | 2 | 876 |
| MasterCard Incorporated - Class A | 8 | 2644 |
| Microsoft Corporation | 8 | 2017 |
| NetApp, Inc. | 12 | 696 |
| Oracle Corporation | 16 | 1275 |
| Roper Technologies, Inc. | 8 | 3424 |
| Synopsys, Inc. (a) | 2 | 544 |
| Teledyne Technologies Incorporated (a) | 1 | 384 |
| Texas Instruments Incorporated | 23 | 3772 |
| Visa Inc. - Class A (b) | 23 | 4771 |
| | | 37424 |
| **Communication Services 5.7%** | **Communication Services 5.7%** | **Communication Services 5.7%** |
| Alphabet Inc. - Class A (a) | 50 | 4379 |
| AT&T Inc. | 40 | 742 |
| Electronic Arts Inc. | 32 | 3895 |
| Madison Square Garden Entertainment Corp. - Class A | 1 | 134 |
| Meta Platforms, Inc. - Class A (a) | 13 | 1520 |
| The New York Times Company - Class A | 8 | 264 |
| T-Mobile USA, Inc. (a) | 36 | 5084 |
| Verizon Communications Inc. | 106 | 4164 |
| World Wrestling Entertainment, Inc. - Class A | 30 | 2040 |
|  |  | 22222 |
| **Utilities 4.3%** | **Utilities 4.3%** | **Utilities 4.3%** |
| Alliant Energy Corporation | 9 | 496 |
| Ameren Corporation | 2 | 213 |
| American Electric Power Company, Inc. | 3 | 254 |
| American Water Works Company, Inc. | 13 | 2042 |
| Consolidated Edison, Inc. | 6 | 542 |
| Dominion Energy, Inc. | 19 | 1146 |
| DTE Energy Company | 2 | 194 |
| Duke Energy Corporation | 31 | 3223 |
| Eversource Energy | 20 | 1687 |
| Exelon Corporation | 4 | 175 |
| NextEra Energy, Inc. | 2 | 137 |
| PPL Corporation | 20 | 591 |
| Public Service Enterprise Group Incorporated | 23 | 1415 |
| The Southern Company | 25 | 1814 |
| WEC Energy Group Inc. | 19 | 1763 |
| Xcel Energy Inc. | 17 | 1196 |
|  |  | 16888 |
| **Materials 4.3%** | **Materials 4.3%** | **Materials 4.3%** |
| Air Products and Chemicals, Inc. | 7 | 2075 |
| Ashland Global Holdings Inc. | 2 | 193 |
| CF Industries Holdings, Inc. | 23 | 1956 |
| Corteva, Inc. | 12 | 725 |
| Ecolab Inc. | 3 | 400 |
| International Paper Company | 11 | 372 |
| Linde Public Limited Company | 3 | 1005 |
| LyondellBasell Industries N.V. - Class A | 7 | 560 |
| MOS Holdings Inc. | 21 | 900 |
| Newmont Corporation | 34 | 1599 |
| Olin Corporation | 10 | 521 |
| Packaging Corporation of America | 4 | 469 |
| PPG Industries, Inc. | 1 | 119 |
| Reliance Steel & Aluminum Co. | 9 | 1757 |
| Royal Gold, Inc. | 33 | 3754 |
| WestRock Company | 8 | 268 |
|  |  | 16673 |
| **Energy 3.6%** | **Energy 3.6%** | **Energy 3.6%** |
| ConocoPhillips | 22 | 2535 |
| EOG Resources, Inc. | 39 | 5007 |
| HF Sinclair Corporation | 5 | 282 |
| Marathon Oil Corporation | 31 | 847 |
| Marathon Petroleum Corporation | 31 | 3602 |
| Phillips 66 | 9 | 929 |
| Valero Energy Corporation | 8 | 955 |
|  |  | 14157 |
| **Consumer Discretionary 2.7%** | **Consumer Discretionary 2.7%** | **Consumer Discretionary 2.7%** |
| Amazon.com, Inc. (a) | 4 | 351 |
| AutoZone, Inc. (a) |  | 1093 |
| Dollar General Corporation | 4 | 1015 |
| Garmin Ltd. | 19 | 1735 |
| NIKE, Inc. - Class B | 3 | 366 |
| O'Reilly Automotive, Inc. (a) |  | 257 |
| Target Corporation | 19 | 2853 |
| The Home Depot, Inc. | 8 | 2643 |
|  |  | 10313 |
| **Real Estate 0.5%** | **Real Estate 0.5%** | **Real Estate 0.5%** |
| Life Storage Inc. | 1 | 105 |
| Public Storage | 6 | 1716 |
|  |  | 1821 |
| Total Common Stocks (cost $360,358) | Total Common Stocks (cost $360,358) | 367701 |
| **SHORT TERM INVESTMENTS 4.8%** | **SHORT TERM INVESTMENTS 4.8%** | **SHORT TERM INVESTMENTS 4.8%** |
| **Investment Companies 4.8%** | **Investment Companies 4.8%** | **Investment Companies 4.8%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 18590 | 18590 |
| Total Short Term Investments (cost $18,590) | Total Short Term Investments (cost $18,590) | 18590 |
| **Total Investments 99.2% (cost $378,948)** | **Total Investments 99.2% (cost $378,948)** | **386291** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (46) |
| **Other Assets and Liabilities, Net 0.8%** | **Other Assets and Liabilities, Net 0.8%** | **3283** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **389528** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/AQR Large Cap Defensive Style Fund — Futures Contracts** | **JNL/AQR Large Cap Defensive Style Fund — Futures Contracts** | **JNL/AQR Large Cap Defensive Style Fund — Futures Contracts** | **JNL/AQR Large Cap Defensive Style Fund — Futures Contracts** | **JNL/AQR Large Cap Defensive Style Fund — Futures Contracts** | **JNL/AQR Large Cap Defensive Style Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 86 | March 2023 | 17190 | (46) | (588) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 367701 |  |  | 367701 |
| &nbsp;&nbsp;Short Term Investments | 18590 |  |  | 18590 |
|  | 386291 |  |  | 386291 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (588) |  |  | (588) |
|  | (588) |  |  | (588) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Baillie Gifford International Growth Fund** | **JNL/Baillie Gifford International Growth Fund** | **JNL/Baillie Gifford International Growth Fund** |
| **COMMON STOCKS 96.8%** | **COMMON STOCKS 96.8%** | **COMMON STOCKS 96.8%** |
| **Netherlands 16.9%** | **Netherlands 16.9%** | **Netherlands 16.9%** |
| Adyen B.V. (a) (b) | 24 | 32724 |
| argenx SE (a) | 64 | 24278 |
| ASML Holding N.V. | 88 | 47655 |
| Exor Nederland N.V. | 188 | 13779 |
|  |  | 118436 |
| **China 16.3%** | **China 16.3%** | **China 16.3%** |
| Alibaba Group Holding Limited (a) (b) | 832 | 9097 |
| Baidu, Inc. - Class A - ADR (a) | 53 | 6079 |
| Full Truck Alliance Co. Ltd. - Class A - ADR (a) | 353 | 2822 |
| Ganfeng Lithium Group Co., Ltd - Class H (b) | 484 | 3599 |
| Meituan - Class B (a) (b) | 1242 | 27460 |
| NIO, Inc. - Class A - ADR (a) | 1046 | 10201 |
| Pinduoduo Inc. - ADR (a) | 73 | 5969 |
| Ping An Insurance (Group) Co of China Ltd - Class H | 1189 | 7806 |
| Tencent Holdings Limited | 764 | 32480 |
| Wuxi Biologics Cayman Inc (a) (b) | 1072 | 8129 |
|  |  | 113642 |
| **United States of America 12.3%** | **United States of America 12.3%** | **United States of America 12.3%** |
| Elastic N.V. (a) | 102 | 5266 |
| Illumina, Inc. (a) | 65 | 13223 |
| Moderna, Inc. (a) | 184 | 33130 |
| NVIDIA Corporation | 35 | 5134 |
| Spotify Technology S.A. (a) | 256 | 20184 |
| Tesla Inc. (a) | 72 | 8893 |
|  |  | 85830 |
| **Denmark 7.3%** | **Denmark 7.3%** | **Denmark 7.3%** |
| Ambu A/S - Class B (a) | 368 | 4704 |
| Genmab A/S (a) | 66 | 27937 |
| Novozymes A/S - Class B | 58 | 2963 |
| Vestas Wind Systems A/S | 518 | 15124 |
|  |  | 50728 |
| **France 6.3%** | **France 6.3%** | **France 6.3%** |
| Kering | 57 | 29186 |
| L'Oreal | 42 | 14925 |
|  |  | 44111 |
| **Brazil 6.2%** | **Brazil 6.2%** | **Brazil 6.2%** |
| MercadoLibre S.R.L (a) | 46 | 38807 |
| NU Holdings Ltd. - Class A (a) (c) | 1181 | 4805 |
|  |  | 43612 |
| **Japan 5.5%** | **Japan 5.5%** | **Japan 5.5%** |
| M3, Inc. | 626 | 16973 |
| Nidec Corporation | 277 | 14328 |
| SBI Holdings, Inc. | 118 | 2253 |
| SMC Corporation | 12 | 5071 |
|  |  | 38625 |
| **Germany 4.6%** | **Germany 4.6%** | **Germany 4.6%** |
| Delivery Hero SE (a) (b) | 261 | 12571 |
| Hellofresh SE (a) | 281 | 6207 |
| home24 SE (a) | 73 | 579 |
| Jumia Technologies AG - ADR (a) | 202 | 648 |
| Zalando SE (a) (b) | 341 | 12129 |
|  |  | 32134 |
| **Taiwan 3.2%** | **Taiwan 3.2%** | **Taiwan 3.2%** |
| Taiwan Semiconductor Manufacturing Company Limited | 1536 | 22336 |
| **Sweden 3.1%** | **Sweden 3.1%** | **Sweden 3.1%** |
| Atlas Copco Aktiebolag - Class A | 1286 | 15250 |
| Kinnevik AB - Class B (a) | 411 | 5662 |
| Oatly Group AB (Publ) - ADR (a) (c) | 629 | 1094 |
|  |  | 22006 |
| **Italy 3.0%** | **Italy 3.0%** | **Italy 3.0%** |
| Ferrari N.V. | 79 | 16971 |
| Prysmian S.p.A. | 104 | 3880 |
|  |  | 20851 |
| **United Kingdom 2.1%** | **United Kingdom 2.1%** | **United Kingdom 2.1%** |
| Ocado Group PLC (a) | 1317 | 9879 |
| Wise PLC - Class A (a) | 687 | 4695 |
|  |  | 14574 |
| **Belgium 1.8%** | **Belgium 1.8%** | **Belgium 1.8%** |
| Umicore | 335 | 12357 |
| **Israel 1.7%** | **Israel 1.7%** | **Israel 1.7%** |
| Mobileye Global Inc - Class A (a) | 98 | 3444 |
| Wix.Com Ltd. (a) | 111 | 8562 |
|  |  | 12006 |
| **India 1.5%** | **India 1.5%** | **India 1.5%** |
| Housing Development Finance Corporation Limited | 327 | 10440 |
| **Hong Kong 1.5%** | **Hong Kong 1.5%** | **Hong Kong 1.5%** |
| AIA Group Limited | 483 | 5325 |
| Hong Kong Exchanges and Clearing Limited | 115 | 4920 |
|  |  | 10245 |
| **Australia 1.1%** | **Australia 1.1%** | **Australia 1.1%** |
| WiseTech Global Limited | 225 | 7772 |
| **South Korea 0.9%** | **South Korea 0.9%** | **South Korea 0.9%** |
| Coupang, Inc. - Class A (a) | 412 | 6059 |
| **Bermuda 0.6%** | **Bermuda 0.6%** | **Bermuda 0.6%** |
| Autostore Holdings Ltd (a) (b) (c) | 2377 | 4375 |
| **Switzerland 0.5%** | **Switzerland 0.5%** | **Switzerland 0.5%** |
| Temenos AG - Class N | 61 | 3358 |
| **Singapore 0.4%** | **Singapore 0.4%** | **Singapore 0.4%** |
| Sea Limited - Class A - ADR (a) | 56 | 2927 |
| Total Common Stocks (cost $1,148,575) | Total Common Stocks (cost $1,148,575) | 676424 |
| **PREFERRED STOCKS 1.6%** | **PREFERRED STOCKS 1.6%** | **PREFERRED STOCKS 1.6%** |
| **Germany 1.6%** | **Germany 1.6%** | **Germany 1.6%** |
| Sartorius Aktiengesellschaft | 28 | 11268 |
| Total Preferred Stocks (cost $16,067) | Total Preferred Stocks (cost $16,067) | 11268 |
| **SHORT TERM INVESTMENTS 1.9%** | **SHORT TERM INVESTMENTS 1.9%** | **SHORT TERM INVESTMENTS 1.9%** |
| **Investment Companies 1.9%** | **Investment Companies 1.9%** | **Investment Companies 1.9%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (d) (e) | 13416 | 13416 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (d) (e) | 209 | 209 |
| Total Short Term Investments (cost $13,625) | Total Short Term Investments (cost $13,625) | 13625 |
| **Total Investments 100.3% (cost $1,178,267)** | **Total Investments 100.3% (cost $1,178,267)** | **701317** |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(2276)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **699041** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) All or a portion of the security was on loan as of December 31, 2022.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Baillie Gifford International Growth Fund — Restricted Securities** | **JNL/Baillie Gifford International Growth Fund — Restricted Securities** | **JNL/Baillie Gifford International Growth Fund — Restricted Securities** | **JNL/Baillie Gifford International Growth Fund — Restricted Securities** | **JNL/Baillie Gifford International Growth Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adyen B.V. | 04/13/21 | 55871 | 32724 | 4.7 |
| Alibaba Group Holding Limited | 04/13/21 | 25089 | 9097 | 1.3 |
| Autostore Holdings Ltd | 10/14/22 | 4398 | 4375 | 0.6 |
| Delivery Hero SE | 04/13/21 | 33022 | 12571 | 1.8 |
| Ganfeng Lithium Group Co., Ltd - Class H | 11/18/22 | 4091 | 3599 | 0.5 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Baillie Gifford International Growth Fund — Restricted Securities (continued)** | **JNL/Baillie Gifford International Growth Fund — Restricted Securities (continued)** | **JNL/Baillie Gifford International Growth Fund — Restricted Securities (continued)** | **JNL/Baillie Gifford International Growth Fund — Restricted Securities (continued)** | **JNL/Baillie Gifford International Growth Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Meituan - Class B | 04/13/21 | 42729 | 27460 | 3.9 |
| Wuxi Biologics Cayman Inc | 06/16/21 | 15469 | 8129 | 1.2 |
| Zalando SE | 04/13/21 | 36103 | 12129 | 1.7 |
|  |  | 216772 | 110084 | 15.7 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Baillie Gifford International Growth Fund** | **JNL/Baillie Gifford International Growth Fund** | **JNL/Baillie Gifford International Growth Fund** | **JNL/Baillie Gifford International Growth Fund** | **JNL/Baillie Gifford International Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 177826 | 498598 |  | 676424 |
| &nbsp;&nbsp;Preferred Stocks | 11268 |  |  | 11268 |
| &nbsp;&nbsp;Short Term Investments | 13625 |  |  | 13625 |
|  | 202719 | 498598 |  | 701317 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Baillie Gifford U.S. Equity Growth Fund** | **JNL/Baillie Gifford U.S. Equity Growth Fund** | **JNL/Baillie Gifford U.S. Equity Growth Fund** |
| **COMMON STOCKS 97.2%** | **COMMON STOCKS 97.2%** | **COMMON STOCKS 97.2%** |
| **Information Technology 24.6%** | **Information Technology 24.6%** | **Information Technology 24.6%** |
| Affirm Holdings, Inc. - Class A (a) (b) | 37 | 358 |
| Appian Corporation - Class A (a) |  | 11 |
| Cloudflare, Inc. - Class A (a) | 38 | 1710 |
| Datadog, Inc. - Class A (a) | 16 | 1155 |
| HashiCorp, Inc. - Class A (a) (b) | 34 | 923 |
| NVIDIA Corporation | 14 | 2118 |
| Shopify Inc. - Class A (a) | 125 | 4322 |
| Snowflake Inc. - Class A (a) | 10 | 1460 |
| Twilio Inc. - Class A (a) | 23 | 1108 |
| Workday, Inc. - Class A (a) | 12 | 1968 |
| Zoom Video Communications, Inc. - Class A (a) | 16 | 1062 |
|  |  | 16195 |
| **Health Care 23.0%** | **Health Care 23.0%** | **Health Care 23.0%** |
| 10X Genomics, Inc. - Class A (a) | 16 | 589 |
| Alnylam Pharmaceuticals, Inc. (a) | 12 | 2766 |
| Denali Therapeutics Inc. (a) | 43 | 1194 |
| Illumina, Inc. (a) | 6 | 1271 |
| Moderna, Inc. (a) | 32 | 5813 |
| Novocure Limited (a) | 21 | 1572 |
| Penumbra, Inc. (a) | 7 | 1492 |
| Recursion Pharmaceuticals, Inc. - Class A (a) | 43 | 333 |
| Sana Biotechnology, Inc. (a) (b) | 27 | 107 |
|  |  | 15137 |
| **Consumer Discretionary 20.3%** | **Consumer Discretionary 20.3%** | **Consumer Discretionary 20.3%** |
| Amazon.com, Inc. (a) | 40 | 3337 |
| Carvana Co. - Class A (a) | 13 | 61 |
| Chegg, Inc. (a) | 49 | 1244 |
| Chewy, Inc. - Class A (a) (b) | 46 | 1695 |
| Coursera, Inc. (a) | 58 | 690 |
| Doordash, Inc. - Class A (a) | 22 | 1097 |
| Duolingo, Inc. - Class A (a) | 10 | 683 |
| Rivian Automotive, Inc. - Class A (a) | 18 | 338 |
| Sweetgreen, Inc. - Class A (a) | 29 | 245 |
| Tesla Inc. (a) | 25 | 3073 |
| Wayfair Inc. - Class A (a) (b) | 26 | 870 |
|  |  | 13333 |
| **Communication Services 15.9%** | **Communication Services 15.9%** | **Communication Services 15.9%** |
| Netflix, Inc. (a) | 9 | 2556 |
| Pinterest, Inc. - Class A (a) | 40 | 978 |
| Roblox Corporation - Class A (a) | 43 | 1233 |
| Roku Inc. - Class A (a) | 19 | 760 |
| Snap Inc. - Class A (a) | 59 | 532 |
| The Trade Desk, Inc. - Class A (a) | 98 | 4400 |
|  |  | 10459 |
| **Industrials 7.8%** | **Industrials 7.8%** | **Industrials 7.8%** |
| CoStar Group, Inc. (a) | 39 | 2989 |
| Watsco, Inc. | 8 | 2120 |
|  |  | 5109 |
| **Financials 4.8%** | **Financials 4.8%** | **Financials 4.8%** |
| First Republic Bank | 12 | 1499 |
| Lemonade, Inc. (a) (b) | 24 | 329 |
| MarketAxess Holdings Inc. | 5 | 1320 |
|  |  | 3148 |
| **Materials 0.5%** | **Materials 0.5%** | **Materials 0.5%** |
| Ginkgo Bioworks Holdings, Inc. - Class A (a) | 219 | 370 |
| **Real Estate 0.3%** | **Real Estate 0.3%** | **Real Estate 0.3%** |
| Redfin Corporation (a) (b) | 50 | 210 |
| Total Common Stocks (cost $140,216) | Total Common Stocks (cost $140,216) | 63961 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| ABIOMED, Inc. (a) (c) | 8 | 12 |
| Total Rights (cost $0) | Total Rights (cost $0) | 12 |
| **SHORT TERM INVESTMENTS 5.9%** | **SHORT TERM INVESTMENTS 5.9%** | **SHORT TERM INVESTMENTS 5.9%** |
| **Investment Companies 5.6%** | **Investment Companies 5.6%** | **Investment Companies 5.6%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (d) (e) | 3665 | 3665 |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (d) (e) | 198 | 198 |
| Total Short Term Investments (cost $3,863) | Total Short Term Investments (cost $3,863) | 3863 |
| **Total Investments 103.1% (cost $144,079)** | **Total Investments 103.1% (cost $144,079)** | **67836** |
| **Other Assets and Liabilities, Net (3.1)%** | **Other Assets and Liabilities, Net (3.1)%** | **(2045)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **65791** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Baillie Gifford U.S. Equity Growth Fund** | **JNL/Baillie Gifford U.S. Equity Growth Fund** | **JNL/Baillie Gifford U.S. Equity Growth Fund** | **JNL/Baillie Gifford U.S. Equity Growth Fund** | **JNL/Baillie Gifford U.S. Equity Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 63961 |  |  | 63961 |
| &nbsp;&nbsp;Rights |  |  | 12 | 12 |
| &nbsp;&nbsp;Short Term Investments | 3863 |  |  | 3863 |
|  | 67824 |  | 12 | 67836 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** |
| **COMMON STOCKS 50.6%** | **COMMON STOCKS 50.6%** | **COMMON STOCKS 50.6%** |
| **Information Technology 9.6%** | **Information Technology 9.6%** | **Information Technology 9.6%** |
| Adobe Inc. (a) | 10 | 3251 |
| Adyen B.V. (a) (b) | 4 | 5906 |
| Akamai Technologies, Inc. (a) | 2 | 167 |
| AlphaWave IP Group PLC (a) | 325 | 403 |
| ANSYS, Inc. (a) | 9 | 2272 |
| Apple Inc. (c) | 306 | 39796 |
| Applied Materials, Inc. | 57 | 5554 |
| ASM Pacific Technology Limited | 20 | 144 |
| ASML Holding N.V. | 30 | 16115 |
| Bicycle Club Joint Venture, L.P. - Class A | 186 | 648 |
| Broadcom Inc. | 2 | 859 |
| BYD Electronic (International) Company Limited | 5 | 14 |
| Cadence Design Systems, Inc. (a) | 23 | 3701 |
| CDW Corp. | 4 | 785 |
| Cisco Systems, Inc. | 24 | 1157 |
| CrowdStrike Holdings, Inc. - Class A (a) | 39 | 4115 |
| Datadog, Inc. - Class A (a) | 21 | 1561 |
| Dynatrace, Inc. (a) | 49 | 1887 |
| F5, Inc. (a) | 43 | 6180 |
| Fidelity National Information Services, Inc. | 3 | 184 |
| FleetCor Technologies, Inc. (a) | 2 | 388 |
| Fortinet, Inc. (a) | 73 | 3568 |
| Gartner, Inc. (a) | 2 | 554 |
| Gen Digital Inc. | 5 | 105 |
| Glodon Company Limited - Class A | 63 | 540 |
| HCL Technologies Limited | 16 | 197 |
| Hewlett Packard Enterprise Company | 13 | 202 |
| Hexagon Aktiebolag - Class B | 109 | 1148 |
| Hundsun Technologies Inc. - Class A | 128 | 744 |
| Infineon Technologies AG - Class N | 59 | 1805 |
| Informatica Inc. - Class A (a) (d) | 70 | 1145 |
| Intuit Inc. | 12 | 4594 |
| Keyence Corporation | 6 | 2343 |
| KLA Corporation | 7 | 2653 |
| Lenovo Group Limited | 196 | 158 |
| LG Display Co., Ltd. | 12 | 122 |
| LONGi Green Energy Technology Co., Ltd. - Class A | 53 | 324 |
| Lookout, Inc. (b) (e) | 21 | 76 |
| Lookout, Inc. (b) (e) | 284 | 1564 |
| MasterCard Incorporated - Class A | 62 | 21670 |
| MediaTek Inc. | 13 | 264 |
| Micron Technology, Inc. | 137 | 6833 |
| Microsoft Corporation (f) | 208 | 49839 |
| Ming Yuan Cloud Group Holdings Limited (b) | 141 | 125 |
| Mirion Technologies (US), Inc. - Class A (a) | 42 | 277 |
| Nan Ya P.C.B. Service Company | 48 | 355 |
| NetApp, Inc. | 6 | 366 |
| Nice Ltd - ADR (a) | 39 | 7569 |
| Nomura Research Institute Ltd | 17 | 412 |
| NVIDIA Corporation | 40 | 5891 |
| Oracle Corporation Japan | 4 | 234 |
| Palo Alto Networks, Inc. (a) | 23 | 3229 |
| Paycom Software, Inc. (a) | 1 | 454 |
| Salesforce, Inc. (a) | 40 | 5333 |
| Samsung Electronics Co Ltd | 10 | 437 |
| Samsung SDI Co., Ltd. | 7 | 3253 |
| SAP SE - ADR | 10 | 1072 |
| SAP SE | 161 | 16662 |
| Seagate Technology Holdings Public Limited Company | 7 | 378 |
| ServiceNow, Inc. (a) | 22 | 8385 |
| SG Micro Corp. - Class A | 5 | 116 |
| Snowflake Inc. - Class A (a) | 3 | 493 |
| Splunk Inc. (a) | 6 | 557 |
| STMicroelectronics N.V. | 38 | 1355 |
| Synopsys, Inc. (a) | 1 | 201 |
| Taiwan Semiconductor Manufacturing Company Limited | 651 | 9467 |
| TE Connectivity Ltd. (b) | 60 | 6901 |
| Telefonaktiebolaget LM Ericsson - Class B | 30 | 178 |
| Temenos AG - Class N | 2 | 109 |
| Toast, Inc. - Class A (a) (d) | 12 | 223 |
| Unimicron Technology Corp. | 130 | 509 |
| Venustech Group Inc. - Class A | 124 | 467 |
| VeriSign, Inc. (a) | 15 | 3122 |
| Visa Inc. - Class A | 5 | 1105 |
| Wiwynn Corporation | 7 | 182 |
| Workday, Inc. - Class A (a) | 5 | 760 |
| Wuhan Raycus Fiber Laser Technologies Co., Ltd - Class A (a) | 116 | 394 |
| Zebra Technologies Corporation - Class A (a) | 1 | 183 |
| Zscaler, Inc. (a) | 16 | 1842 |
|  |  | 278131 |
| **Health Care 7.8%** | **Health Care 7.8%** | **Health Care 7.8%** |
| Abbott Laboratories | 154 | 16900 |
| AbbVie Inc. | 47 | 7584 |
| Agilent Technologies, Inc. | 2 | 254 |
| Aier Eye Hospital Group Co., Ltd - Class A | 102 | 454 |
| Align Technology, Inc. (a) | 3 | 641 |
| AmerisourceBergen Corporation | 7 | 1151 |
| Amgen Inc. | 8 | 1998 |
| Amoy Diagnostics Co., Ltd. - Class A | 123 | 467 |
| Astellas Pharma Inc. | 41 | 622 |
| AstraZeneca PLC - ADR | 86 | 5841 |
| AstraZeneca PLC | 90 | 12277 |
| Baxter International Inc. | 3 | 157 |
| Bayer Aktiengesellschaft - Class N | 4 | 217 |
| Boston Scientific Corporation (a) | 384 | 17784 |
| Celltrion Healthcare Co. Ltd. | 3 | 152 |
| Centene Corporation (a) | 4 | 319 |
| Cigna Corporation | 4 | 1254 |
| CSL Limited | 1 | 201 |
| CVS Health Corporation | 75 | 6999 |
| DexCom, Inc. (a) | 33 | 3751 |
| Dr Sulaiman Al Habib For Medical Service Group Company (Closed Joint Stock) | 1 | 66 |
| Edwards Lifesciences Corporation (a) | 57 | 4237 |
| Elevance Health, Inc. |  | 231 |
| Eli Lilly and Company (f) | 24 | 8623 |
| EssilorLuxottica | 42 | 7709 |
| Fresenius SE & Co. KGaA | 15 | 416 |
| Gilead Sciences, Inc. | 14 | 1175 |
| Grand Round, Inc. (b) (e) | 644 | 728 |
| GSK PLC | 29 | 503 |
| Hangzhou Tigermed Consulting Co., Ltd - Class H (b) | 30 | 346 |
| HCA Healthcare, Inc. | 9 | 2078 |
| Hikma Pharmaceuticals Public Limited Company | 8 | 149 |
| Hoya Corporation | 49 | 4730 |
| Humana Inc. (f) | 33 | 17120 |
| Hygeia Healthcare Holdings Co., Limited (a) (b) (d) | 77 | 549 |
| Intuitive Surgical, Inc. (a) | 37 | 9717 |
| JEOL Ltd. | 5 | 124 |
| Jiangsu Hengrui Medicine Co., Ltd. - Class A | 94 | 517 |
| Jinxin Fertility Group Limited (b) | 567 | 523 |
| Johnson & Johnson | 72 | 12776 |
| Koninklijke Philips N.V. | 11 | 171 |
| Kyowa Kirin Co., Ltd. | 6 | 135 |
| Lonza Group AG | 5 | 2523 |
| Masimo Corporation (a) | 8 | 1208 |
| McKesson Corporation | 7 | 2627 |
| Merck & Co., Inc. | 128 | 14212 |
| Mettler-Toledo International Inc. (a) |  | 437 |
| Microport Cardioflow Medtech Corporation (a) (b) (d) | 1642 | 548 |
| Molina Healthcare, Inc. (a) | 1 | 461 |
| NMC Health PLC (e) | 162 |  |
| Novartis AG - Class N | 10 | 898 |
| Novo Nordisk A/S - Class B | 31 | 4192 |
| Pfizer Inc. | 85 | 4349 |
| Pharmaron Beijing Co., Ltd. - Class H (b) | 23 | 159 |
| Quest Diagnostics Incorporated | 3 | 494 |
| Seagen Inc. (a) | 34 | 4364 |
| Shanghai Fosun Pharmaceutical (Group) Co., Ltd. - Class H | 64 | 205 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Shionogi & Co., Ltd. | 6 | 299 |
| Smith & Nephew PLC | 7 | 93 |
| Sonova Holding AG | 2 | 406 |
| Terumo Corporation | 23 | 648 |
| Thermo Fisher Scientific Inc. | 21 | 11453 |
| UnitedHealth Group Incorporated | 44 | 23133 |
| Vertex Pharmaceuticals Incorporated (a) | 1 | 428 |
| West Pharmaceutical Services, Inc. | 2 | 432 |
| Zoetis Inc. - Class A | 8 | 1123 |
| | | 226338 |
| **Financials 5.7%** | **Financials 5.7%** | **Financials 5.7%** |
| Admiral Group PLC | 9 | 220 |
| Agricultural Bank of China Limited - Class H | 951 | 326 |
| AIA Group Limited | 707 | 7796 |
| American Express Company | 3 | 461 |
| Bank of America Corporation | 311 | 10310 |
| Berkshire Hathaway Inc. - Class B (a) | 4 | 1254 |
| BNP Paribas | 156 | 8933 |
| Canadian Imperial Bank of Commerce (d) | 13 | 508 |
| China Construction Bank Corporation - Class H | 495 | 309 |
| China Merchants Bank Co., Ltd. - Class H | 80 | 442 |
| Chubb Limited | 29 | 6384 |
| CME Group Inc. - Class A | 9 | 1498 |
| Commerzbank Aktiengesellschaft (a) | 180 | 1708 |
| Finecobank Banca Fineco SPA | 22 | 359 |
| First Republic Bank | 3 | 406 |
| Hana Financial Group Inc. | 15 | 496 |
| Hedosophia European Growth (a) | 120 | 1227 |
| Industrial and Commercial Bank of China Limited - Class H | 883 | 454 |
| ING Groep N.V. | 1382 | 16864 |
| Intercontinental Exchange, Inc. | 7 | 688 |
| Intesa Sanpaolo SPA | 2159 | 4804 |
| Japan Post Bank Co., Ltd. | 40 | 340 |
| JPMorgan Chase & Co. | 13 | 1768 |
| KB Financial Group Inc. | 6 | 215 |
| KBC Groep | 12 | 761 |
| Legal & General Group PLC | 70 | 212 |
| Lincoln National Corporation | 7 | 224 |
| Lloyds Banking Group PLC | 22807 | 12562 |
| LPL Financial Holdings Inc. | 66 | 14328 |
| Marsh & Mclennan Companies, Inc. | 124 | 20523 |
| Morgan Stanley | 104 | 8824 |
| Mr. Cooper Group Inc. (a) | 17 | 669 |
| MS&AD Insurance Group Holdings, Inc. | 5 | 147 |
| National Bank of Canada | 8 | 522 |
| NatWest Group PLC | 211 | 681 |
| Partners Group Holding AG |  | 298 |
| QBE Insurance Group Limited | 50 | 461 |
| Raymond James Financial, Inc. | 45 | 4835 |
| S&P Global Inc. | 8 | 2746 |
| Samsung Fire & Marine Insurance Co., Ltd. | 1 | 164 |
| Societe Generale | 37 | 944 |
| Standard Chartered PLC | 18 | 136 |
| Swedbank AB - Class A | 67 | 1135 |
| Synchrony Financial | 12 | 405 |
| The Charles Schwab Corporation | 188 | 15686 |
| The Goldman Sachs Group, Inc. | 1 | 392 |
| The PNC Financial Services Group, Inc. | 2 | 389 |
| The Travelers Companies, Inc. | 4 | 714 |
| Wells Fargo & Company | 172 | 7117 |
| Willis Towers Watson Public Limited Company | 2 | 446 |
|  |  | 163091 |
| **Consumer Discretionary 5.6%** | **Consumer Discretionary 5.6%** | **Consumer Discretionary 5.6%** |
| Adidas AG - Class N | 4 | 497 |
| Advance Auto Parts, Inc. | 3 | 463 |
| Airbnb, Inc. - Class A (a) | 4 | 312 |
| Amazon.com, Inc. (a) | 289 | 24318 |
| Aptiv PLC (a) | 49 | 4569 |
| AutoZone, Inc. (a) |  | 621 |
| Booking Holdings Inc. (a) | 2 | 3210 |
| Burberry Group PLC | 16 | 392 |
| BYD Company Limited - Class A | 108 | 3978 |
| BYD Company Limited - Class H | 27 | 650 |
| Capri Holdings Limited (a) | 20 | 1157 |
| China Tourism Group Duty Free Corporation Limited - Class A | 14 | 445 |
| Chipotle Mexican Grill, Inc. (a) | 1 | 1215 |
| Compagnie Financiere Richemont SA | 3 | 388 |
| Compass Group PLC | 448 | 10462 |
| Domino's Pizza, Inc. | 10 | 3541 |
| Dongfeng Motor Corporation - Class H | 140 | 80 |
| Dr. Martens PLC | 47 | 110 |
| eBay Inc. | 11 | 443 |
| Evolution AB (publ) (b) | 3 | 288 |
| Expedia Group, Inc. (a) | 5 | 430 |
| Ferrari N.V. | 10 | 2253 |
| Fila Holdings Corp. | 3 | 88 |
| Floor & Decor Holdings, Inc. - Class A (a) | 10 | 677 |
| General Motors Company | 39 | 1319 |
| Genius Sports Limited (a) | 136 | 487 |
| Genuine Parts Company | 2 | 308 |
| Great Wall Motor Company Limited - Class H (d) | 236 | 304 |
| Gree Electric Appliances, Inc. of Zhuhai - Class A | 204 | 946 |
| H & M Hennes & Mauritz AB - Class B (d) | 21 | 222 |
| Haidilao International Holding Ltd. (a) (b) (d) | 194 | 555 |
| Hangzhou Robam Appliances Co., Ltd. - Class A | 259 | 1032 |
| Hermes International | 3 | 4309 |
| Hilton Worldwide Holdings Inc. | 47 | 6002 |
| Honda Motor Co., Ltd. | 14 | 312 |
| Industria de Diseno Textil, S.A. | 17 | 467 |
| Jawbone Inc. (b) (e) | 98 |  |
| JD Health International Inc. (a) (b) | 142 | 1288 |
| JD.com, Inc. - Class A | 18 | 503 |
| Kering | 16 | 8067 |
| KIA Corporation | 4 | 200 |
| Kingfisher PLC | 92 | 265 |
| La Francaise Des Jeux (g) | 14 | 581 |
| Li Auto Inc. (a) | 6 | 63 |
| LKQ Corporation | 3 | 137 |
| Lojas Renner S/A. | 62 | 227 |
| Lowe`s Companies, Inc. | 8 | 1601 |
| Lululemon Athletica Canada Inc. (a) (f) | 7 | 2311 |
| LVMH Moet Hennessy Louis Vuitton | 31 | 22543 |
| Mazda Motor Corporation | 29 | 223 |
| McDonald's Corporation | 37 | 9855 |
| Meituan - Class B (a) (b) | 24 | 531 |
| MercadoLibre S.R.L (a) |  | 396 |
| Mercedes-Benz Group AG - Class N | 170 | 11203 |
| MGM Resorts International | 15 | 490 |
| NIKE, Inc. - Class B | 15 | 1718 |
| Pandora A/S | 4 | 258 |
| Peloton Interactive, Inc. - Class A (a) (d) | 82 | 650 |
| Sega Sammy Holdings, Inc. | 35 | 534 |
| Shanghai Jin Jiang International Hotel Co., Ltd. - Class A | 50 | 420 |
| Starbucks Corporation | 74 | 7351 |
| Sumitomo Mitsui Banking Corporation | 13 | 260 |
| Super Hi International Holding Ltd. (a) (d) | 24 | 30 |
| Tapestry, Inc. | 16 | 601 |
| Tesla Inc. (a) | 38 | 4734 |
| The TJX Companies, Inc. (f) | 83 | 6575 |
| Toll Brothers, Inc. | 8 | 385 |
| Ulta Beauty, Inc. (a) | 1 | 509 |
| V.F. Corporation | 20 | 562 |
| Yum China Holdings, Inc. | 8 | 471 |
| ZOZO, Inc. | 16 | 400 |
|  |  | 162792 |
| **Energy 4.9%** | **Energy 4.9%** | **Energy 4.9%** |
| Apa Corp. | 5 | 249 |
| Baker Hughes Company - Class A | 17 | 507 |
| BP P.L.C. - ADR | 24 | 824 |
| BP P.L.C. | 128 | 736 |
| California Resources Corporation | 24 | 1059 |
| Cameco Corporation | 124 | 2821 |
| Cheniere Energy, Inc. | 2 | 267 |
| Chesapeake Energy Corporation (d) | 11 | 1034 |
| Chevron Corporation | 4 | 711 |
| China Petroleum & Chemical Corporation - Class H | 410 | 197 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| ConocoPhillips (c) | 206 | 24297 |
| Coterra Energy Inc. | 32 | 784 |
| Devon Energy Corporation | 13 | 774 |
| Enbridge Inc. | 515 | 20114 |
| Energy Transfer LP | 65 | 767 |
| EQT Corporation | 264 | 8919 |
| Exxon Mobil Corporation | 69 | 7568 |
| Green Plains Inc. (a) | 23 | 704 |
| Halliburton Company | 59 | 2323 |
| Imperial Oil Limited | 7 | 332 |
| Indian Oil Corporation Limited | 92 | 85 |
| Inpex Corporation | 16 | 176 |
| Kinder Morgan, Inc. | 19 | 340 |
| Koninklijke Vopak N.V. | 9 | 262 |
| Marathon Oil Corporation | 338 | 9140 |
| Marathon Petroleum Corporation | 23 | 2622 |
| ONEOK, Inc. | 13 | 878 |
| Ovintiv Canada ULC | 9 | 468 |
| PetroChina Company Limited - Class H | 372 | 170 |
| Phillips 66 | 10 | 1027 |
| Pioneer Natural Resources Company (f) | 10 | 2325 |
| Polski Koncern Naftowy Orlen Spolka Akcyjna | 11 | 165 |
| Schlumberger Limited (f) | 178 | 9500 |
| Shell PLC - Class A | 457 | 12984 |
| Shell PLC - Class A - ADR (f) | 103 | 5882 |
| Suncor Energy Inc. | 17 | 543 |
| TC Energy Corporation | 58 | 2315 |
| TotalEnergies SE (d) | 34 | 2150 |
| Valero Energy Corporation | 128 | 16273 |
| Woodside Energy Group Ltd | 19 | 457 |
| | | 142749 |
| **Industrials 4.4%** | **Industrials 4.4%** | **Industrials 4.4%** |
| AGC Inc. (d) | 1 | 46 |
| Allegion Public Limited Company | 9 | 967 |
| Atlas Copco Aktiebolag - Class A | 125 | 1479 |
| BayCurrent Consulting , Inc. | 8 | 259 |
| Brenntag SE - Class N | 6 | 407 |
| Canadian National Railway Company | 2 | 286 |
| Caterpillar Inc. | 1 | 156 |
| Cintas Corporation | 1 | 274 |
| Compagnie De Saint-Gobain | 119 | 5863 |
| Contemporary Amperex Technology Co., Limited - Class A | 75 | 4229 |
| Copart, Inc. (a) | 9 | 537 |
| CSX Corporation | 4 | 113 |
| Deere & Company | 20 | 8407 |
| Delta Air Lines, Inc. (a) | 20 | 648 |
| DSV A/S | 3 | 489 |
| East Japan Railway Company | 7 | 376 |
| Embraer S.A. (a) | 142 | 384 |
| Epiroc Aktiebolag - Class A | 71 | 1289 |
| Experian PLC | 14 | 482 |
| FANUC Corporation | 64 | 9640 |
| Fastenal Company | 4 | 185 |
| Ferguson PLC | 3 | 350 |
| Fortive Corporation | 205 | 13156 |
| General Dynamics Corporation | 3 | 668 |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Class B | 8 | 198 |
| Guangzhou Baiyun International Airport Xianglong Restaurant - Class A (a) | 377 | 813 |
| Hanwha Aerospace CO., LTD. | 6 | 361 |
| Hino Motors, Ltd. (a) | 66 | 249 |
| Honeywell International Inc. | 1 | 188 |
| Husqvarna Aktiebolag - Class B | 15 | 105 |
| Kawasaki Kisen Kaisha, Ltd. | 5 | 114 |
| Kingspan Group Public Limited Company | 12 | 652 |
| Kone Corporation - Class B | 5 | 260 |
| Masco Corporation | 18 | 829 |
| Mitsubishi Corporation | 22 | 726 |
| Mitsubishi Electric Corporation | 22 | 213 |
| Nippon Yusen Kabushiki Kaisha (d) | 13 | 298 |
| Norfolk Southern Corporation | 2 | 453 |
| Northrop Grumman Corporation (f) | 32 | 17391 |
| Orient Overseas (International) Limited | 17 | 298 |
| Otis Worldwide Corporation | 30 | 2311 |
| Qantas Airways Limited (a) | 66 | 270 |
| Recruit Holdings Co., Ltd. | 29 | 931 |
| Rockwell Automation, Inc. | 14 | 3644 |
| RXO Inc. (a) | 74 | 1266 |
| Sarcos Technology And Robotics Corporation (a) (d) | 8 | 4 |
| Schneider Electric SE | 3 | 461 |
| Siemens Aktiengesellschaft - Class N | 108 | 15019 |
| SITC International Holdings Company Limited | 122 | 270 |
| Southwest Airlines Co. | 10 | 351 |
| Spirax-Sarco Engineering PLC | 16 | 2030 |
| TBEA Co., Ltd. - Class A | 41 | 117 |
| Teleperformance SE | 1 | 181 |
| Trane Technologies Public Limited Company | 3 | 579 |
| TransDigm Group Incorporated | 2 | 1287 |
| United Airlines Holdings, Inc. (a) | 10 | 365 |
| United Parcel Service, Inc. - Class B (f) | 66 | 11509 |
| United Rentals, Inc. (a) | 4 | 1578 |
| Univar Solutions Inc. (a) | 11 | 358 |
| VAT Group AG (b) |  | 132 |
| Verisk Analytics, Inc. | 12 | 2106 |
| Vertiv Holdings Co - Class A | 364 | 4979 |
| Wartsila Oyj Abp | 32 | 271 |
| Waste Connections, Inc. | 1 | 139 |
| Wolters Kluwer N.V. - Class C | 2 | 177 |
| XPO, Inc. (a) | 67 | 2229 |
|  |  | 126402 |
| **Communication Services 4.1%** | **Communication Services 4.1%** | **Communication Services 4.1%** |
| Activision Blizzard, Inc. | 24 | 1829 |
| Alphabet Inc. - Class C (a) | 367 | 32577 |
| AT&T Inc. | 47 | 870 |
| Auto Trader Group PLC | 154 | 964 |
| Capcom Co., Ltd. |  | 3 |
| Cellnex Telecom, S.A. (b) | 303 | 10080 |
| Charter Communications, Inc. - Class A (a) | 15 | 5192 |
| Comcast Corporation - Class A | 210 | 7329 |
| Deutsche Telekom AG - Class N | 616 | 12311 |
| Kingsoft Corp Ltd | 140 | 466 |
| Liberty Media Corporation - Series A (a) (d) | 118 | 4625 |
| Liberty Media Corporation - Series C (a) | 160 | 6257 |
| Lions Gate Entertainment Corp. - Class A (a) | 72 | 411 |
| Live Nation Entertainment, Inc. (a) | 5 | 316 |
| Lumen Technologies Inc. | 17 | 87 |
| Meta Platforms, Inc. - Class A (a) | 6 | 697 |
| SK Telecom Co., Ltd. | 11 | 403 |
| Telefonica Deutschland Holding AG | 85 | 210 |
| Telia Company AB | 256 | 654 |
| Tencent Holdings Limited | 184 | 7801 |
| The Walt Disney Company (a) (f) | 161 | 13963 |
| Ubisoft Entertainment (a) | 12 | 340 |
| Vantage Towers AG | 314 | 10801 |
| Verizon Communications Inc. | 10 | 386 |
|  |  | 118572 |
| **Materials 3.5%** | **Materials 3.5%** | **Materials 3.5%** |
| Air Products and Chemicals, Inc. | 40 | 12346 |
| Albemarle Corporation | 27 | 5783 |
| Alcoa Corporation | 38 | 1731 |
| Anglo American Platinum | 3 | 291 |
| Anglo American PLC | 82 | 3204 |
| Ball Corporation | 4 | 188 |
| Barrick Gold Corporation | 14 | 248 |
| BASF SE - Class N | 7 | 343 |
| BHP Group Limited | 24 | 737 |
| BHP Group Limited | 89 | 2785 |
| CF Industries Holdings, Inc. (f) | 124 | 10572 |
| Chr. Hansen Holding A/S | 1 | 96 |
| Corteva, Inc. | 12 | 709 |
| Crown Holdings, Inc. | 3 | 263 |
| Diversey Holdings, Ltd. (a) | 185 | 787 |
| Dow Inc. | 6 | 305 |
| Element Solutions Inc. | 28 | 512 |
| FMC Corporation | 5 | 611 |
| Freeport-McMoRan Inc. | 236 | 8977 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Ganfeng Lithium Group Co., Ltd - Class H (b) (d) | 202 | 1504 |
| Glencore PLC | 1893 | 12778 |
| International Flavors & Fragrances Inc. | 51 | 5384 |
| Kumba Iron Ore Ltd (b) | 14 | 425 |
| Legacy Vulcan Corp. | 44 | 7638 |
| LG Chem, Ltd. (a) | 14 | 4829 |
| LG Chem, Ltd. | 5 | 2356 |
| Linde Public Limited Company | 9 | 2789 |
| LyondellBasell Industries N.V. - Class A | 44 | 3685 |
| MOS Holdings Inc. | 10 | 432 |
| Newmont Corporation | 7 | 346 |
| Norsk Hydro ASA | 83 | 622 |
| Novozymes A/S - Class B | 2 | 101 |
| Nutrien Ltd. | 14 | 999 |
| Quintis Limited (b) (e) | 3771 |  |
| Rio Tinto PLC | 33 | 2341 |
| Sika AG | 1 | 127 |
| Sociedad Quimica Y Minera De Chile S.A. - Series B - ADR | 8 | 676 |
| South32 Limited | 372 | 1029 |
| Suzano S.A. | 12 | 114 |
| Symrise AG | 14 | 1519 |
| Vale S.A. | 10 | 161 |
| Vedanta Limited | 45 | 168 |
| Zijin Mining Group Co., Ltd. - Class H | 98 | 132 |
| | | 100643 |
| **Consumer Staples 3.2%** | **Consumer Staples 3.2%** | **Consumer Staples 3.2%** |
| Altria Group, Inc. | 10 | 449 |
| Amorepacific Corporation | 23 | 2554 |
| Anhui Gujing Distillery Company Limited - Class B | 2 | 35 |
| Archer-Daniels-Midland Company | 169 | 15657 |
| British American Tobacco P.L.C. | 11 | 456 |
| Brown-Forman Corporation - Class B | 7 | 445 |
| Bunge Limited | 75 | 7503 |
| Carrefour | 13 | 219 |
| Coca-Cola HBC AG | 19 | 448 |
| Colgate-Palmolive Company | 4 | 291 |
| Costco Wholesale Corporation | 24 | 10913 |
| Dali Foods Group Company Limited (b) | 63 | 29 |
| Danone | 69 | 3630 |
| Darling Ingredients Inc. (a) | 8 | 525 |
| Endeavour Group Limited | 74 | 324 |
| Fomento Economico Mexicano, S.A. B. De C.V. | 100 | 782 |
| Foshan Haitian Flavoring & Food Co., Ltd. - Class A | 60 | 685 |
| George Weston Limited | 2 | 232 |
| Heineken N.V. | 3 | 245 |
| Kobayashi Pharmaceutical Co., Ltd. | 5 | 337 |
| Koninklijke Ahold Delhaize N.V. | 37 | 1073 |
| Kose Corporation (d) | 27 | 2876 |
| L'Oreal | 4 | 1517 |
| Morinaga Milk Industry Co., Ltd. | 2 | 76 |
| Nestle S.A. - Class N | 97 | 11242 |
| Nongfu Spring Co., Ltd. - Class H (b) | 25 | 139 |
| PepsiCo, Inc. | 13 | 2371 |
| Philip Morris International Inc. | 9 | 953 |
| Remy Cointreau | 1 | 171 |
| Sendas Distribuidora S/A | 64 | 234 |
| The Kroger Co. | 8 | 359 |
| Treasury Wine Estates Limited | 26 | 242 |
| Unilever PLC | 325 | 16473 |
| Walgreens Boots Alliance, Inc. | 12 | 454 |
| Walmart Inc. | 47 | 6681 |
| Want Want China Holdings Limited | 120 | 80 |
| Woolworths Group Limited | 5 | 117 |
| Yifeng Pharmacy Chain Co., Ltd. - Class A | 31 | 286 |
|  |  | 91103 |
| **Utilities 1.3%** | **Utilities 1.3%** | **Utilities 1.3%** |
| AGL Energy Limited | 111 | 607 |
| Dominion Energy, Inc. | 15 | 942 |
| Edison International | 16 | 1022 |
| Endesa, S.A. | 8 | 160 |
| Enel S.p.A | 97 | 525 |
| ENGIE Brasil Energia S.A. | 33 | 234 |
| Eversource Energy | 13 | 1063 |
| Fortum Oyj | 8 | 125 |
| National Grid PLC | 10 | 124 |
| NextEra Energy, Inc. (c) | 163 | 13658 |
| Origin Energy Limited | 44 | 230 |
| Orsted A/S (b) | 3 | 252 |
| Public Service Enterprise Group Incorporated | 3 | 160 |
| Sempra Energy | 121 | 18628 |
| Snam S.P.A. | 29 | 141 |
| Uniper SE | 30 | 82 |
|  |  | 37953 |
| **Real Estate 0.5%** | **Real Estate 0.5%** | **Real Estate 0.5%** |
| American Tower Corporation | 54 | 11520 |
| Crown Castle Inc. | 2 | 334 |
| Essex Property Trust, Inc. | 2 | 373 |
| Extra Space Storage Inc. | 2 | 306 |
| Healthpeak Properties, Inc. | 12 | 310 |
| Park Hotels & Resorts Inc. | 21 | 243 |
| ProLogis Inc. | 4 | 497 |
| SBA Communications Corporation | 3 | 829 |
| Unibail-Rodamco-Westfield SE (a) | 2 | 109 |
|  |  | 14521 |
| Total Common Stocks (cost $1,466,034) | Total Common Stocks (cost $1,466,034) | 1462295 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 12.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 12.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 12.2%** |
| **Mortgage-Backed Securities 4.8%** | **Mortgage-Backed Securities 4.8%** | **Mortgage-Backed Securities 4.8%** |
| Federal National Mortgage Association, Inc. |  |  |
| TBA, 4.50%, 01/15/53 - 02/15/53 (h) | 142520 | 137376 |
| **U.S. Treasury Inflation Indexed Securities 3.2%** | **U.S. Treasury Inflation Indexed Securities 3.2%** | **U.S. Treasury Inflation Indexed Securities 3.2%** |
| Treasury, United States Department of |  |  |
| 0.63%, 01/15/24 (i) | 47579 | 46583 |
| 0.50%, 04/15/24 (i) | 27425 | 26679 |
| 0.13%, 04/15/27 (i) | 8211 | 7646 |
| 0.63%, 07/15/32 (c) (i) | 13166 | 12045 |
|  |  | 92953 |
| **Sovereign 2.0%** | **Sovereign 2.0%** | **Sovereign 2.0%** |
| Cabinet of Ministers of Ukraine |  |  |
| 0.00%, 09/01/25 (a) (b) (j) | 195 | 45 |
| 7.75%, 09/01/26 (b) | 550 | 118 |
| 0.00%, 03/15/35 (a) (g) (j) | 477 | 91 |
| CBB International Sukuk Company S.P.C |  |  |
| 5.45%, 09/16/32 (b) | 219 | 193 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 2.78%, 01/23/31 | 319 | 265 |
| 1.86%, 12/01/32 | 608 | 445 |
| Estado Espanol |  |  |
| 2.55%, 10/31/32, EUR | 6544 | 6378 |
| 3.45%, 07/30/66, EUR | 3843 | 3584 |
| Gobierno de la Republica de Guatemala |  |  |
| 4.50%, 05/03/26 (b) (d) | 200 | 192 |
| 5.25%, 08/10/29 (g) | 170 | 164 |
| 5.25%, 08/10/29 (b) | 360 | 347 |
| 3.70%, 10/07/33 (b) | 309 | 255 |
| Gobierno de La Republica del Paraguay |  |  |
| 4.95%, 04/28/31 (g) | 200 | 194 |
| 5.60%, 03/13/48 (b) | 275 | 243 |
| 5.40%, 03/30/50 (b) | 275 | 238 |
| Gobierno De La Republica Oriental Del Uruguay |  |  |
| 5.75%, 10/28/34 | 353 | 391 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 3.75%, 01/11/28 | 280 | 265 |
| 2.66%, 05/24/31 | 689 | 556 |
| 4.88%, 05/19/33 | 200 | 184 |
| Government of Canada |  |  |
| 0.25%, 03/01/26, CAD | 22169 | 14715 |
| Government of the Republic of Panama |  |  |
| 3.88%, 03/17/28 | 632 | 594 |
| 3.16%, 01/23/30 | 841 | 724 |
| Government of the Sultanate of Oman |  |  |
| 6.50%, 03/08/47 (b) | 300 | 272 |
| 6.75%, 01/17/48 (b) | 389 | 364 |
| 7.00%, 01/25/51 (b) | 200 | 193 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Koztarsasagi Elnoki Hivatal |  |  |
| 5.38%, 03/25/24 | 346 | 346 |
| 5.25%, 06/16/29 (g) | 344 | 329 |
| Ministerio da Fazenda |  |  |
| 0.00%, 07/01/24, BRL (k) | 90281 | 14251 |
| Ministerul Finantelor Publice |  |  |
| 5.25%, 11/25/27 (g) | 342 | 328 |
| Nigeria, Federal Government of |  |  |
| 8.38%, 03/24/29 (g) | 209 | 173 |
| 7.88%, 02/16/32 (b) | 200 | 150 |
| 7.63%, 11/28/47 (b) | 200 | 128 |
| Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia |  |  |
| 4.40%, 06/06/27 (g) | 200 | 198 |
| Presidence de la Republique de Cote d'Ivoire |  |  |
| 6.38%, 03/03/28 (b) | 604 | 583 |
| Presidencia De La Nacion |  |  |
| 1.00%, 07/09/29 | 573 | 154 |
| 0.50%, 07/09/30 (l) | 5456 | 1500 |
| 1.50%, 07/09/35 (l) | 6725 | 1765 |
| 3.88%, 01/09/38 (l) | 2278 | 721 |
| Presidencia de la Republica de Chile |  |  |
| 4.34%, 03/07/42 (d) | 354 | 300 |
| Presidencia de la Republica de Colombia |  |  |
| 4.50%, 01/28/26 | 558 | 524 |
| 3.88%, 04/25/27 | 283 | 250 |
| 3.13%, 04/15/31 | 713 | 529 |
| 8.00%, 04/20/33 | 329 | 326 |
| Presidencia de la Republica Dominicana |  |  |
| 6.88%, 01/29/26 (b) | 231 | 233 |
| 5.95%, 01/25/27 (b) | 324 | 317 |
| 5.50%, 02/22/29 (g) | 195 | 179 |
| 4.50%, 01/30/30 (g) | 370 | 315 |
| 4.88%, 09/23/32 (d) (g) | 597 | 498 |
| Romania, Government of |  |  |
| 2.88%, 03/11/29, EUR (b) | 355 | 312 |
| 2.50%, 02/08/30, EUR (b) | 374 | 307 |
| 2.12%, 07/16/31, EUR (b) | 210 | 154 |
| Saudi Arabia, Kingdom of |  |  |
| 4.50%, 04/17/30 (b) | 399 | 395 |
| 2.25%, 02/02/33 (b) | 296 | 241 |
| Senegal, Government of |  |  |
| 6.25%, 05/23/33 (b) | 204 | 168 |
| South Africa, Parliament of |  |  |
| 4.85%, 09/30/29 | 282 | 251 |
| 5.88%, 04/20/32 | 273 | 246 |
| 5.00%, 10/12/46 | 450 | 314 |
| The Arab Republic of Egypt |  |  |
| 8.50%, 01/31/47 (g) | 200 | 133 |
| 7.50%, 02/16/61 (g) | 200 | 123 |
| The Republic of Indonesia, The Government of |  |  |
| 4.65%, 09/20/32 | 685 | 671 |
| | | 58422 |
| **U.S. Treasury Bond 1.4%** | **U.S. Treasury Bond 1.4%** | **U.S. Treasury Bond 1.4%** |
| Treasury, United States Department of |  |  |
| 2.38%, 02/15/42 | 4860 | 3710 |
| 3.25%, 05/15/42 (c) | 11674 | 10238 |
| 3.38%, 08/15/42 | 6353 | 5680 |
| 3.00%, 08/15/52 (c) | 20711 | 17145 |
| 4.00%, 11/15/52 | 3874 | 3891 |
|  |  | 40664 |
| **U.S. Treasury Note 0.7%** | **U.S. Treasury Note 0.7%** | **U.S. Treasury Note 0.7%** |
| Treasury, United States Department of |  |  |
| 4.00%, 12/15/25 | 20893 | 20762 |
| **Commercial Mortgage-Backed Securities 0.1%** | **Commercial Mortgage-Backed Securities 0.1%** | **Commercial Mortgage-Backed Securities 0.1%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Interest Only, Series X1-KW09, REMIC, 0.80%, 05/25/29 (m) | 9286 | 354 |
| Interest Only, Series XFX-KL06, REMIC, 1.36%, 12/25/29 (m) | 1350 | 95 |
| Interest Only, Series X1-K105, REMIC, 1.52%, 01/25/30 (m) | 5626 | 474 |
| Interest Only, Series X1-K109, REMIC, 1.58%, 04/25/30 (m) | 2389 | 205 |
| Interest Only, Series X1-K110, REMIC, 1.70%, 04/25/30 (m) | 1392 | 129 |
| Interest Only, Series X1-K116, REMIC, 1.43%, 07/25/30 (m) | 1215 | 98 |
| Interest Only, Series 2020-X1-K120, REMIC, 1.04%, 10/25/30 (m) | 7747 | 454 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2018-A2-M13, REMIC, 3.74%, 09/25/30 (m) | 269 | 255 |
|  |  | 2064 |
| **Collateralized Mortgage Obligations 0.0%** | **Collateralized Mortgage Obligations 0.0%** | **Collateralized Mortgage Obligations 0.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2022-B1-DNA1, REMIC, 7.33%, (SOFR 30-Day Average + 3.40%), 01/25/32 (m) | 331 | 294 |
| Series 2021-B1-DNA2, REMIC, 7.33%, (SOFR 30-Day Average + 3.40%), 08/25/33 (m) | 242 | 223 |
|  |  | 517 |
| Total Government And Agency Obligations (cost $373,922) | Total Government And Agency Obligations (cost $373,922) | 352758 |
| **CORPORATE BONDS AND NOTES 10.4%** | **CORPORATE BONDS AND NOTES 10.4%** | **CORPORATE BONDS AND NOTES 10.4%** |
| **Financials 2.6%** | **Financials 2.6%** | **Financials 2.6%** |
| AIG Global Funding |  |  |
| 0.65%, 06/17/24 (g) | 488 | 456 |
| American Express Company |  |  |
| 2.50%, 07/30/24 | 638 | 614 |
| 2.25%, 03/04/25 | 27 | 26 |
| 3.95%, 08/01/25 | 656 | 643 |
| American International Group, Inc. |  |  |
| 3.90%, 04/01/26 | 245 | 237 |
| Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 5.88%, (100, 01/24/27) (g) (n) | 200 | 178 |
| Banco Santander, S.A. |  |  |
| 3.13%, 10/06/26, GBP (b) | 700 | 784 |
| Bank of America Corporation |  |  |
| 1.84%, 02/04/25 | 635 | 608 |
| 3.46%, 03/15/25 | 40 | 39 |
| 3.84%, 04/25/25 | 1624 | 1585 |
| 2.46%, 10/22/25 | 97 | 92 |
| 1.53%, 12/06/25 | 60 | 55 |
| 3.37%, 01/23/26 | 235 | 224 |
| 3.38%, 04/02/26 | 976 | 933 |
| 3.50%, 04/19/26 | 31 | 30 |
| 4.83%, 07/22/26 | 795 | 786 |
| 1.66%, 03/11/27 | 29 | 26 |
| 3.82%, 01/20/28 | 67 | 63 |
| 3.71%, 04/24/28 | 29 | 27 |
| 2.50%, 02/13/31 | 733 | 595 |
| 2.59%, 04/29/31 | 514 | 419 |
| 1.90%, 07/23/31 | 158 | 121 |
| 1.92%, 10/24/31 | 466 | 356 |
| 2.69%, 04/22/32 | 174 | 139 |
| 2.57%, 10/20/32 | 368 | 288 |
| Bank of Montreal |  |  |
| 4.25%, 09/14/24 (o) | 892 | 880 |
| 0.95%, 01/22/27 | 727 | 642 |
| Barclays PLC |  |  |
| 3.00%, 05/08/26, GBP (b) | 200 | 220 |
| 3.25%, 02/12/27, GBP (b) | 200 | 217 |
| 7.44%, 11/02/33 (o) | 323 | 340 |
| Blackstone Inc. |  |  |
| 3.15%, 10/02/27 (g) | 287 | 261 |
| BNP Paribas |  |  |
| 3.38%, 01/23/26, GBP (b) | 200 | 227 |
| 1.88%, 12/14/27, GBP (b) (o) | 200 | 202 |
| BPCE |  |  |
| 2.28%, 01/20/32 (g) | 323 | 242 |
| Caterpillar Financial Services Corporation |  |  |
| 0.60%, 09/13/24 | 632 | 590 |
| Citigroup Inc. |  |  |
| 3.35%, 04/24/25 | 162 | 157 |
| 4.14%, 05/24/25 | 310 | 305 |
| 3.29%, 03/17/26 | 1275 | 1206 |
| 3.40%, 05/01/26 | 11 | 10 |
| 5.61%, 09/29/26 | 647 | 649 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 1.75%, 10/23/26, GBP | 300 | 319 |
| 3.98%, 03/20/30 | 161 | 146 |
| 2.67%, 01/29/31 | 600 | 492 |
| 2.56%, 05/01/32 | 432 | 340 |
| 3.06%, 01/25/33 | 323 | 261 |
| 3.79%, 03/17/33 | 323 | 277 |
| 6.27%, 11/17/33 | 646 | 667 |
| Cooperatieve Rabobank U.A. |  |  |
| 1.88%, 07/12/28, GBP (b) | 200 | 205 |
| Corporacion Financiera de Desarrollo S.A. |  |  |
| 4.75%, 07/15/25 (b) | 344 | 333 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 2.63%, 12/16/24, GBP (b) | 200 | 225 |
| 4.00%, 06/24/26, GBP (b) (o) | 200 | 226 |
| 5.88%, 07/08/31 (o) | 200 | 174 |
| 3.55%, 09/18/31 (o) | 226 | 181 |
| Fifth Third Bancorp |  |  |
| 4.06%, 04/25/28 | 576 | 547 |
| Freedom Mortgage Corporation |  |  |
| 8.13%, 11/15/24 (g) | 805 | 740 |
| 8.25%, 04/15/25 (g) | 771 | 698 |
| Garfunkelux Holdco 3 S.A. |  |  |
| 6.75%, 11/01/25, EUR (g) | 390 | 331 |
| 7.75%, 11/01/25, GBP (g) | 834 | 782 |
| Grupo Aval Acciones y Valores S.A. |  |  |
| 4.38%, 02/04/30 (g) | 459 | 373 |
| HSBC Holdings PLC |  |  |
| 0.73%, 08/17/24 | 1000 | 964 |
| 0.98%, 05/24/25 | 293 | 271 |
| 1.75%, 07/24/27, GBP (o) | 200 | 208 |
| 3.97%, 05/22/30 | 323 | 282 |
| Huntington Bancshares Incorporated |  |  |
| 4.44%, 08/04/28 | 1229 | 1168 |
| ING Groep N.V. |  |  |
| 3.00%, 02/18/26, GBP (b) | 200 | 225 |
| 3.87%, 03/28/26 (o) | 170 | 163 |
| Intercontinental Exchange, Inc. |  |  |
| 4.00%, 09/15/27 | 651 | 629 |
| 4.35%, 06/15/29 | 646 | 624 |
| 2.10%, 06/15/30 | 323 | 264 |
| 1.85%, 09/15/32 | 323 | 243 |
| JPMorgan Chase & Co. |  |  |
| 0.97%, 06/23/25 | 1458 | 1359 |
| 1.56%, 12/10/25 | 149 | 138 |
| 2.08%, 04/22/26 | 1328 | 1232 |
| 4.08%, 04/26/26 | 1021 | 993 |
| 0.99%, 04/28/26, GBP (b) | 500 | 546 |
| 4.32%, 04/26/28 | 1074 | 1024 |
| 3.54%, 05/01/28 | 234 | 216 |
| 4.85%, 07/25/28 | 929 | 907 |
| 3.70%, 05/06/30 | 156 | 140 |
| 2.74%, 10/15/30 | 485 | 408 |
| 2.96%, 01/25/33 | 323 | 263 |
| 4.91%, 07/25/33 | 323 | 307 |
| KBC Groep |  |  |
| 1.25%, 09/21/27, GBP (b) (o) | 200 | 206 |
| Lloyds Banking Group PLC |  |  |
| 2.25%, 10/16/24, GBP (b) | 400 | 458 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 3.88%, 03/15/24 | 742 | 732 |
| 3.75%, 03/14/26 | 563 | 546 |
| MetLife, Inc. |  |  |
| 4.37%, 09/15/23 | 663 | 661 |
| 3.60%, 11/13/25 | 603 | 586 |
| 4.55%, 03/23/30 | 323 | 318 |
| Metropolitan Life Global Funding I |  |  |
| 1.88%, 01/11/27 (g) | 13 | 11 |
| 3.00%, 09/19/27 (g) | 512 | 465 |
| 2.95%, 04/09/30 (g) | 285 | 249 |
| Moody's Corporation |  |  |
| 3.10%, 11/29/61 | 163 | 103 |
| Morgan Stanley |  |  |
| 3.62%, 04/17/25 | 1336 | 1303 |
| 4.68%, 07/17/26 | 360 | 354 |
| 3.13%, 07/27/26 | 1158 | 1080 |
| 1.51%, 07/20/27 | 31 | 27 |
| 4.21%, 04/20/28 | 1286 | 1222 |
| 4.43%, 01/23/30 | 161 | 150 |
| 2.70%, 01/22/31 | 66 | 55 |
| 3.62%, 04/01/31 | 517 | 453 |
| 1.79%, 02/13/32 | 83 | 62 |
| 2.24%, 07/21/32 | 174 | 133 |
| National Australia Bank Limited |  |  |
| 3.38%, 01/14/26 | 24 | 23 |
| Nationstar Mortgage Holdings Inc. |  |  |
| 6.00%, 01/15/27 (g) | 139 | 125 |
| 5.50%, 08/15/28 (g) | 746 | 610 |
| 5.13%, 12/15/30 (g) | 649 | 499 |
| NatWest Group PLC |  |  |
| 2.88%, 09/19/26, GBP (o) | 200 | 222 |
| 3.13%, 03/28/27, GBP (b) | 200 | 220 |
| Northern Trust Corporation |  |  |
| 4.00%, 05/10/27 | 679 | 663 |
| PACCAR Financial Corp. |  |  |
| 4.95%, 10/03/25 | 528 | 531 |
| PNC Bank, National Association |  |  |
| 3.25%, 06/01/25 | 882 | 850 |
| Principal Life Global Funding II |  |  |
| 0.75%, 04/12/24 (g) | 20 | 19 |
| 1.25%, 08/16/26 (g) | 18 | 16 |
| Prudential Financial, Inc. |  |  |
| 5.63%, 06/15/43 | 851 | 836 |
| Regions Financial Corporation |  |  |
| 2.25%, 05/18/25 | 37 | 35 |
| Royal Bank of Canada |  |  |
| 0.65%, 07/29/24 (o) | 27 | 25 |
| 0.75%, 10/07/24 (o) | 71 | 66 |
| 1.20%, 04/27/26 (o) | 13 | 12 |
| 3.63%, 05/04/27 (o) | 664 | 632 |
| 4.24%, 08/03/27 (o) | 963 | 938 |
| S&P Global Inc. |  |  |
| 2.45%, 03/01/27 (g) | 683 | 624 |
| Santander UK Group Holdings PLC |  |  |
| 3.63%, 01/14/26, GBP (b) | 200 | 225 |
| Societe Generale |  |  |
| 1.88%, 10/03/24, GBP (b) | 200 | 228 |
| State Street Corporation |  |  |
| 5.75%, 11/04/26 | 162 | 166 |
| SURA Asset Management SA |  |  |
| 4.88%, 04/17/24 (b) | 337 | 332 |
| Swedbank AB |  |  |
| 1.38%, 12/08/27, GBP (b) (o) | 200 | 206 |
| The Bank of New York Mellon Corporation |  |  |
| 2.10%, 10/24/24 | 616 | 587 |
| 4.41%, 07/24/26 | 1182 | 1165 |
| The Charles Schwab Corporation |  |  |
| 4.20%, 03/24/25 | 26 | 26 |
| 3.45%, 02/13/26 | 50 | 48 |
| The Goldman Sachs Group, Inc. |  |  |
| 4.00%, 03/03/24 | 747 | 738 |
| 3.00%, 03/15/24 | 1508 | 1470 |
| 3.50%, 04/01/25 | 924 | 889 |
| 0.86%, 02/12/26 | 37 | 33 |
| 1.09%, 12/09/26 | 1076 | 950 |
| 7.25%, 04/10/28, GBP | 200 | 259 |
| 2.62%, 04/22/32 | 485 | 387 |
| 2.38%, 07/21/32 | 544 | 422 |
| 2.65%, 10/21/32 | 101 | 80 |
| The Huntington National Bank |  |  |
| 5.65%, 01/10/30 | 250 | 251 |
| The PNC Financial Services Group, Inc. |  |  |
| 3.50%, 01/23/24 | 332 | 327 |
| The Toronto-Dominion Bank |  |  |
| 2.35%, 03/08/24 (o) | 1088 | 1055 |
| 4.29%, 09/13/24 (o) | 742 | 734 |
| 2.80%, 03/10/27 (o) | 28 | 26 |
| 2.88%, 04/05/27, GBP (b) (o) | 200 | 219 |
| Toyota Motor Credit Corporation |  |  |
| 1.80%, 02/13/25 | 81 | 76 |
| 3.05%, 03/22/27 | 48 | 45 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| True Potential LLP |  |  |
| 5.00%, 02/15/27, EUR (g) | 1039 | 956 |
| 6.50%, 02/15/27, GBP (g) | 1247 | 1242 |
| Truist Financial Corporation |  |  |
| 4.26%, 07/28/26 | 656 | 644 |
| 1.27%, 03/02/27 | 530 | 470 |
| U.S. Bancorp |  |  |
| 5.73%, 10/21/26 | 395 | 403 |
| 2.22%, 01/27/28 | 360 | 324 |
| 3.90%, 04/26/28 | 689 | 658 |
| 4.55%, 07/22/28 | 1672 | 1638 |
| UBS Group AG |  |  |
| 1.01%, 07/30/24 (g) (o) | 3953 | 3841 |
| 4.49%, 05/12/26 (g) | 470 | 457 |
| 4.70%, 08/05/27 (g) (o) | 385 | 372 |
| USB Capital IX |  |  |
| 5.10%, (3 Month USD LIBOR + 1.02%), (100, 02/10/23) (m) (n) | 594 | 460 |
| | | 73892 |
| **Health Care 1.5%** | **Health Care 1.5%** | **Health Care 1.5%** |
| AbbVie Inc. |  |  |
| 2.60%, 11/21/24 | 1242 | 1189 |
| 3.80%, 03/15/25 | 965 | 942 |
| 3.60%, 05/14/25 | 2301 | 2230 |
| 3.20%, 05/14/26 - 11/21/29 | 996 | 901 |
| 2.95%, 11/21/26 | 1321 | 1230 |
| Aetna Inc. |  |  |
| 3.50%, 11/15/24 | 99 | 96 |
| Amgen Inc. |  |  |
| 1.90%, 02/21/25 | 26 | 24 |
| 3.13%, 05/01/25 | 152 | 146 |
| 5.50%, 12/07/26, GBP (b) | 200 | 247 |
| 3.00%, 02/22/29 - 01/15/52 | 1697 | 1157 |
| 4.05%, 08/18/29 | 616 | 577 |
| 2.30%, 02/25/31 | 323 | 263 |
| 2.77%, 09/01/53 | 216 | 131 |
| AstraZeneca PLC |  |  |
| 1.38%, 08/06/30 | 1303 | 1030 |
| Becton, Dickinson and Company |  |  |
| 3.36%, 06/06/24 | 660 | 645 |
| 3.70%, 06/06/27 | 1954 | 1850 |
| Bio City Development Company B.V. |  |  |
| 0.00%, 07/06/24 (a) (e) (g) (j) (k) (o) | 600 | 58 |
| Bristol-Myers Squibb Company |  |  |
| 3.63%, 05/15/24 | 926 | 911 |
| 3.20%, 06/15/26 | 917 | 875 |
| 1.45%, 11/13/30 | 323 | 255 |
| 2.95%, 03/15/32 | 193 | 169 |
| Cigna Corporation |  |  |
| 3.00%, 07/15/23 | 906 | 896 |
| CVS Health Corporation |  |  |
| 3.88%, 07/20/25 | 453 | 443 |
| 2.88%, 06/01/26 | 1003 | 937 |
| 1.30%, 08/21/27 | 905 | 767 |
| 4.30%, 03/25/28 | 787 | 761 |
| 3.75%, 04/01/30 | 323 | 293 |
| 1.75%, 08/21/30 | 323 | 254 |
| 2.13%, 09/15/31 | 642 | 509 |
| Elevance Health, Inc. |  |  |
| 2.38%, 01/15/25 | 19 | 18 |
| 3.65%, 12/01/27 | 1132 | 1068 |
| 5.50%, 10/15/32 | 1184 | 1211 |
| Ge Healthcare Holding LLC |  |  |
| 5.91%, 11/22/32 (g) | 323 | 335 |
| Gilead Sciences, Inc. |  |  |
| 0.75%, 09/29/23 | 755 | 731 |
| 3.70%, 04/01/24 | 756 | 744 |
| 3.65%, 03/01/26 | 332 | 320 |
| 1.65%, 10/01/30 | 648 | 514 |
| 2.60%, 10/01/40 | 1223 | 857 |
| GlaxoSmithKline Capital Inc. |  |  |
| 3.63%, 05/15/25 | 663 | 648 |
| GlaxoSmithKline Capital PLC |  |  |
| 3.00%, 06/01/24 | 1063 | 1034 |
| HCA Inc. |  |  |
| 5.00%, 03/15/24 | 66 | 66 |
| 5.38%, 02/01/25 | 889 | 888 |
| 5.25%, 04/15/25 | 936 | 931 |
| 5.88%, 02/15/26 - 02/01/29 | 1558 | 1565 |
| Humana Inc. |  |  |
| 0.65%, 08/03/23 | 2375 | 2316 |
| 1.35%, 02/03/27 | 17 | 15 |
| 2.15%, 02/03/32 | 535 | 418 |
| Marcolin S.p.A. |  |  |
| 6.13%, 11/15/26, EUR (g) | 1590 | 1470 |
| Merck & Co., Inc. |  |  |
| 2.75%, 02/10/25 | 255 | 244 |
| 3.40%, 03/07/29 | 778 | 724 |
| 1.45%, 06/24/30 | 323 | 258 |
| Mozart Debt Merger Sub Inc. |  |  |
| 3.88%, 04/01/29 (g) | 563 | 454 |
| Novartis Capital Corporation |  |  |
| 3.00%, 11/20/25 | 23 | 22 |
| Shire Acquisitions Investments Ireland Designated Activity Company |  |  |
| 2.88%, 09/23/23 | 1286 | 1268 |
| 3.20%, 09/23/26 | 2460 | 2311 |
| Takeda Pharmaceutical Co Ltd |  |  |
| 4.40%, 11/26/23 | 290 | 288 |
| 5.00%, 11/26/28 | 422 | 418 |
| Tenet Healthcare Corporation |  |  |
| 6.13%, 06/15/30 (g) | 729 | 694 |
| Thermo Fisher Scientific Inc. |  |  |
| 1.22%, 10/18/24 | 15 | 14 |
| 2.00%, 10/15/31 | 1205 | 977 |
| UnitedHealth Group Incorporated |  |  |
| 3.10%, 03/15/26 | 67 | 64 |
| 4.20%, 05/15/32 | 323 | 307 |
|  |  | 42978 |
| **Information Technology 1.3%** | **Information Technology 1.3%** | **Information Technology 1.3%** |
| Amkor Technology, Inc. |  |  |
| 6.63%, 09/15/27 (g) | 200 | 199 |
| Apple Inc. |  |  |
| 3.35%, 08/08/32 (d) | 646 | 586 |
| Autodesk, Inc. |  |  |
| 2.85%, 01/15/30 | 463 | 398 |
| Broadcom Corporation |  |  |
| 3.88%, 01/15/27 | 1145 | 1085 |
| Broadcom Inc. |  |  |
| 3.15%, 11/15/25 | 824 | 781 |
| 4.15%, 11/15/30 | 323 | 290 |
| 2.45%, 02/15/31 (g) | 375 | 295 |
| 4.30%, 11/15/32 | 1868 | 1651 |
| Cisco Systems, Inc. |  |  |
| 2.50%, 09/20/26 | 14 | 13 |
| Dell International L.L.C. |  |  |
| 5.45%, 06/15/23 (p) | 585 | 586 |
| 6.02%, 06/15/26 (p) | 768 | 784 |
| 3.45%, 12/15/51 (g) | 216 | 134 |
| DocuSign, Inc. |  |  |
| 0.00%, 01/15/24 (k) (o) | 215 | 202 |
| Fidelity National Information Services, Inc. |  |  |
| 1.15%, 03/01/26 | 21 | 18 |
| Fiserv, Inc. |  |  |
| 3.80%, 10/01/23 (p) | 322 | 319 |
| Gen Digital Inc. |  |  |
| 6.75%, 09/30/27 (g) | 1041 | 1022 |
| 7.13%, 09/30/30 (g) | 460 | 453 |
| Global Payments Inc. |  |  |
| 2.65%, 02/15/25 | 102 | 96 |
| 4.95%, 08/15/27 | 142 | 138 |
| Inspired Entertainment (Financing) PLC |  |  |
| 7.88%, 06/01/26, GBP (g) | 1146 | 1289 |
| Intel Corporation |  |  |
| 3.40%, 03/25/25 | 251 | 245 |
| International Business Machines Corporation |  |  |
| 3.30%, 05/15/26 | 977 | 930 |
| 4.15%, 07/27/27 | 947 | 924 |
| 1.95%, 05/15/30 | 452 | 368 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| KLA Corporation |  |  |
| 4.65%, 07/15/32 | 668 | 655 |
| Lam Research Corporation |  |  |
| 3.75%, 03/15/26 | 113 | 110 |
| Logan Merger Sub, Inc. |  |  |
| 5.50%, 09/01/27 (g) | 765 | 413 |
| Marvell Technology, Inc. |  |  |
| 4.20%, 06/22/23 | 195 | 194 |
| Microchip Technology Incorporated |  |  |
| 0.97%, 02/15/24 | 710 | 675 |
| Microsoft Corporation |  |  |
| 2.70%, 02/12/25 | 1217 | 1171 |
| 2.53%, 06/01/50 | 2141 | 1430 |
| 2.68%, 06/01/60 | 216 | 139 |
| NXP B.V. |  |  |
| 4.88%, 03/01/24 | 908 | 901 |
| 5.35%, 03/01/26 | 183 | 181 |
| 3.25%, 11/30/51 | 216 | 135 |
| Open Text Corporation |  |  |
| 6.90%, 12/01/27 (g) | 963 | 971 |
| Oracle Corporation |  |  |
| 2.40%, 09/15/23 | 1363 | 1338 |
| 3.40%, 07/08/24 | 166 | 162 |
| 2.50%, 04/01/25 | 1033 | 974 |
| 2.88%, 03/25/31 | 646 | 535 |
| 6.25%, 11/09/32 (d) | 323 | 339 |
| 3.60%, 04/01/50 | 216 | 147 |
| 3.95%, 03/25/51 | 760 | 546 |
| 3.85%, 04/01/60 | 632 | 423 |
| Qualcomm Incorporated |  |  |
| 5.40%, 05/20/33 | 1747 | 1823 |
| Salesforce, Inc. |  |  |
| 0.63%, 07/15/24 | 1096 | 1030 |
| Seagate HDD Cayman |  |  |
| 9.63%, 12/01/32 (g) | 305 | 334 |
| Splunk Inc. |  |  |
| 0.50%, 09/15/23 (o) | 225 | 216 |
| 1.13%, 06/15/27 (o) | 685 | 577 |
| Texas Instruments Incorporated |  |  |
| 1.75%, 05/04/30 | 129 | 106 |
| TIBCO Software Inc. |  |  |
| 6.50%, 03/31/29 (g) | 2254 | 1909 |
| ViaSat, Inc. |  |  |
| 5.63%, 04/15/27 (g) | 616 | 559 |
| VMware, Inc. |  |  |
| 1.80%, 08/15/28 | 1315 | 1074 |
| Western Digital Corporation |  |  |
| 1.50%, 02/01/24 (l) (o) | 1345 | 1282 |
| 4.75%, 02/15/26 | 155 | 146 |
| Wolfspeed, Inc. |  |  |
| 1.88%, 12/01/29 (g) (o) | 130 | 118 |
| Workday, Inc. |  |  |
| 3.50%, 04/01/27 | 1304 | 1220 |
| Xerox Holdings Corporation |  |  |
| 5.00%, 08/15/25 (g) | 1752 | 1613 |
| | | 36252 |
| **Consumer Discretionary 1.2%** | **Consumer Discretionary 1.2%** | **Consumer Discretionary 1.2%** |
| Affinity Gaming |  |  |
| 6.88%, 12/15/27 (g) | 285 | 242 |
| Amazon.com, Inc. |  |  |
| 1.50%, 06/03/30 | 258 | 207 |
| 2.10%, 05/12/31 | 161 | 132 |
| 3.60%, 04/13/32 | 323 | 296 |
| 4.70%, 12/01/32 | 807 | 802 |
| Azul Investments LLP |  |  |
| 7.25%, 06/15/26 (g) | 200 | 123 |
| Carrols Holdco Inc. |  |  |
| 5.88%, 07/01/29 (d) (g) | 395 | 277 |
| CDI Escrow Issuer Inc |  |  |
| 5.75%, 04/01/30 (g) | 474 | 427 |
| Churchill Downs Incorporated |  |  |
| 5.50%, 04/01/27 (g) | 17 | 16 |
| Deuce Finco PLC |  |  |
| 5.50%, 06/15/27, GBP (g) | 3919 | 3770 |
| Discovery Communications, LLC |  |  |
| 3.80%, 03/13/24 | 478 | 467 |
| Dollar General Corporation |  |  |
| 4.25%, 09/20/24 | 321 | 317 |
| 3.88%, 04/15/27 | 795 | 759 |
| 5.00%, 11/01/32 | 1052 | 1036 |
| Douglas GmbH |  |  |
| 6.00%, 04/08/26, EUR (g) | 1181 | 1052 |
| eBay Inc. |  |  |
| 1.90%, 03/11/25 (d) | 310 | 290 |
| Ford Motor Company |  |  |
| 6.10%, 08/19/32 | 1319 | 1222 |
| Full House Resorts, Inc. |  |  |
| 8.25%, 02/15/28 (g) | 62 | 55 |
| General Motors Company |  |  |
| 4.88%, 10/02/23 | 2671 | 2669 |
| General Motors Financial Company, Inc. |  |  |
| 2.90%, 02/26/25 | 991 | 941 |
| 3.60%, 06/21/30 | 323 | 272 |
| 2.70%, 06/10/31 | 1329 | 1022 |
| Kirk Beauty SUN GmbH |  |  |
| 9.00%, 10/01/26, EUR (g) (q) | 1470 | 951 |
| Lions Gate Capital Holdings LLC |  |  |
| 5.50%, 04/15/29 (g) | 515 | 298 |
| Lowe`s Companies, Inc. |  |  |
| 4.00%, 04/15/25 | 20 | 20 |
| 4.40%, 09/08/25 | 348 | 343 |
| 3.35%, 04/01/27 | 515 | 484 |
| 1.70%, 09/15/28 - 10/15/30 | 1429 | 1160 |
| 4.50%, 04/15/30 | 485 | 464 |
| 3.75%, 04/01/32 | 961 | 856 |
| 5.00%, 04/15/33 | 600 | 587 |
| 3.00%, 10/15/50 | 712 | 457 |
| 4.25%, 04/01/52 | 1103 | 883 |
| Magallanes, Inc. |  |  |
| 3.43%, 03/15/24 (g) | 342 | 332 |
| McDonald's Corporation |  |  |
| 3.30%, 07/01/25 | 35 | 34 |
| Mercedes-Benz Finance North America LLC |  |  |
| 0.75%, 03/01/24 (g) | 622 | 591 |
| 2.13%, 03/10/25 (g) | 666 | 624 |
| MGM Resorts International |  |  |
| 5.50%, 04/15/27 | 93 | 86 |
| Sabre GLBL Inc. |  |  |
| 9.25%, 04/15/25 (g) | 1076 | 1079 |
| Sani/Ikos Financial Holdings 1 S.a r.l. |  |  |
| 5.63%, 12/15/26, EUR (g) | 1224 | 1207 |
| Shiba Bidco S.P.A. |  |  |
| 4.50%, 10/31/28, EUR (g) | 1589 | 1442 |
| The Home Depot, Inc. |  |  |
| 2.95%, 06/15/29 | 323 | 292 |
| 1.38%, 03/15/31 | 1801 | 1394 |
| 1.88%, 09/15/31 | 424 | 339 |
| 4.50%, 09/15/32 | 969 | 950 |
| 2.75%, 09/15/51 | 824 | 544 |
| The New Home Company Inc. |  |  |
| 7.25%, 10/15/25 (g) | 336 | 284 |
| Univision Communications Inc. |  |  |
| 7.38%, 06/30/30 (g) | 566 | 542 |
| Vivo Energy Investments B.V. |  |  |
| 5.13%, 09/24/27 (g) | 358 | 320 |
| Volkswagen International Finance N.V. |  |  |
| 1.88%, 12/03/24, GBP (b) | 100 | 113 |
| 4.25%, 10/09/25, GBP (b) | 100 | 116 |
| Wynn Las Vegas, LLC |  |  |
| 5.50%, 03/01/25 (g) | 432 | 412 |
| 5.25%, 05/15/27 (d) (g) | 93 | 84 |
|  |  | 33682 |
| **Communication Services 1.0%** | **Communication Services 1.0%** | **Communication Services 1.0%** |
| Alphabet Inc. |  |  |
| 2.25%, 08/15/60 | 219 | 124 |
| AT&T Inc. |  |  |
| 1.70%, 03/25/26 | 917 | 827 |
| 2.90%, 12/04/26, GBP | 400 | 446 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 5.50%, 03/15/27, GBP (b) | 200 | 244 |
| 2.25%, 02/01/32 | 646 | 507 |
| Charter Communications Operating, LLC |  |  |
| 2.25%, 01/15/29 | 355 | 286 |
| 3.70%, 04/01/51 | 256 | 157 |
| Comcast Corporation |  |  |
| 3.95%, 10/15/25 | 85 | 83 |
| 3.55%, 05/01/28 | 1792 | 1686 |
| 2.45%, 08/15/52 | 216 | 128 |
| 2.94%, 11/01/56 | 777 | 488 |
| 2.65%, 08/15/62 | 153 | 87 |
| Connect Finco SARL |  |  |
| 6.75%, 10/01/26 (g) | 1660 | 1546 |
| Cox Communications, Inc. |  |  |
| 3.85%, 02/01/25 (g) | 796 | 769 |
| Frontier Communications Holdings, LLC |  |  |
| 8.75%, 05/15/30 (g) | 1267 | 1294 |
| Frontier Communications Parent, Inc. |  |  |
| 5.88%, 10/15/27 (g) | 925 | 861 |
| 5.00%, 05/01/28 (g) | 841 | 733 |
| 6.75%, 05/01/29 (g) | 901 | 745 |
| Frontier Florida LLC |  |  |
| 6.86%, 02/01/28 | 1224 | 1127 |
| Frontier North Inc. |  |  |
| 6.73%, 02/15/28 | 300 | 279 |
| GCI, LLC |  |  |
| 4.75%, 10/15/28 (g) | 204 | 174 |
| IHS Holding Limited |  |  |
| 6.25%, 11/29/28 (g) | 200 | 162 |
| Informa Jersey Limited |  |  |
| 3.13%, 07/05/26, GBP (b) (p) | 200 | 219 |
| Kenbourne Invest S.A. |  |  |
| 6.88%, 11/26/24 (g) | 202 | 192 |
| Level 3 Financing, Inc. |  |  |
| 4.25%, 07/01/28 (g) | 163 | 128 |
| Lumen Technologies Inc. |  |  |
| 5.13%, 12/15/26 (d) (g) | 265 | 230 |
| Millicom International Cellular SA |  |  |
| 5.13%, 01/15/28 (b) | 234 | 217 |
| NTT Finance Corporation |  |  |
| 4.14%, 07/26/24 (g) | 589 | 580 |
| OI S.A. - In Judicial Reorganization |  |  |
| 10.00%, 07/27/25 (q) | 200 | 34 |
| Omnicom Group Inc. |  |  |
| 3.65%, 11/01/24 | 306 | 299 |
| Paramount Global |  |  |
| 6.38%, 03/30/62 | 200 | 163 |
| Playtika Holding Corp. |  |  |
| 4.25%, 03/15/29 (g) | 328 | 257 |
| Rogers Communications Inc. |  |  |
| 2.95%, 03/15/25 (g) | 1170 | 1116 |
| Sky Limited |  |  |
| 3.75%, 09/16/24 (g) | 241 | 235 |
| Sprint Corporation |  |  |
| 7.88%, 09/15/23 | 1153 | 1170 |
| Sprint Spectrum Co LLC |  |  |
| 4.74%, 03/20/25 (g) | 129 | 128 |
| 5.15%, 03/20/28 (g) | 200 | 197 |
| Telefonica Emisiones, S.A.U. |  |  |
| 5.38%, 02/02/26, GBP (b) | 400 | 482 |
| The Walt Disney Company |  |  |
| 2.20%, 01/13/28 | 704 | 628 |
| 3.80%, 03/22/30 | 1257 | 1171 |
| 2.65%, 01/13/31 | 323 | 276 |
| T-Mobile USA, Inc. |  |  |
| 3.50%, 04/15/25 - 04/15/31 | 2006 | 1915 |
| 3.38%, 04/15/29 | 1892 | 1667 |
| 3.88%, 04/15/30 | 161 | 146 |
| 2.70%, 03/15/32 | 129 | 104 |
| TWDC Enterprises 18 Corp. |  |  |
| 3.15%, 09/17/25 | 32 | 31 |
| Verizon Communications Inc. |  |  |
| 4.07%, 06/18/24, GBP (b) | 100 | 120 |
| 2.63%, 08/15/26 | 675 | 624 |
| 1.13%, 11/03/28, GBP | 200 | 194 |
| 4.02%, 12/03/29 | 161 | 151 |
| 3.15%, 03/22/30 | 969 | 854 |
| 2.55%, 03/21/31 | 693 | 570 |
| 2.36%, 03/15/32 | 323 | 256 |
| 2.88%, 11/20/50 | 752 | 473 |
| 2.99%, 10/30/56 | 1543 | 947 |
| Vodafone Group Public Limited Company |  |  |
| 4.13%, 05/30/25 | 294 | 289 |
| | | 28816 |
| **Consumer Staples 0.8%** | **Consumer Staples 0.8%** | **Consumer Staples 0.8%** |
| Anheuser-Busch Companies, LLC |  |  |
| 3.65%, 02/01/26 | 1118 | 1077 |
| Anheuser-Busch InBev |  |  |
| 4.00%, 09/24/25, GBP (b) | 200 | 238 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 3.50%, 06/01/30 | 646 | 588 |
| 4.90%, 01/23/31 | 646 | 644 |
| APCOA Parking Holdings GmbH |  |  |
| 6.38%, (3 Month EURIBOR + 5.00%), 01/15/27, EUR (g) (m) | 1441 | 1458 |
| Atento Luxco 1 |  |  |
| 8.00%, 02/10/26 (g) | 200 | 108 |
| BCP V Modular Services Finance II PLC |  |  |
| 6.13%, 11/30/28, GBP (g) | 1987 | 2001 |
| BCP V Modular Services Finance PLC |  |  |
| 6.75%, 11/30/29, EUR (g) | 2650 | 2077 |
| Boparan Finance PLC |  |  |
| 7.63%, 11/30/25, GBP (b) | 1517 | 1230 |
| BRF S.A. |  |  |
| 4.88%, 01/24/30 (b) | 260 | 219 |
| Cargill, Incorporated |  |  |
| 3.50%, 04/22/25 (g) | 538 | 519 |
| Castor S.P.A. |  |  |
| 6.00%, 02/15/29, EUR (g) | 430 | 409 |
| 7.30%, (3 Month EURIBOR + 5.25%), 02/15/29, EUR (g) (m) | 1370 | 1414 |
| China Milk Products Group Limited |  |  |
| 0.00%, 01/05/12 (a) (e) (j) (k) (o) | 100 |  |
| Conagra Brands, Inc. |  |  |
| 4.30%, 05/01/24 | 49 | 48 |
| DP World Salaam |  |  |
| 6.00%, (100, 10/01/25) (b) (n) | 260 | 257 |
| Frigorifico Concepcion S.A. |  |  |
| 7.70%, 07/21/28 (g) | 200 | 161 |
| Grupo Bimbo S.A.B. de C.V. |  |  |
| 5.95%, (100, 04/17/23) (g) (n) | 200 | 199 |
| GSK Consumer Healthcare Capital UK PLC |  |  |
| 3.13%, 03/24/25 | 1135 | 1082 |
| GSK Consumer Healthcare Capital US LLC |  |  |
| 3.38%, 03/24/27 | 1663 | 1549 |
| Keurig Dr Pepper Inc. |  |  |
| 0.75%, 03/15/24 | 467 | 443 |
| Kraft Heinz Foods Company |  |  |
| 3.00%, 06/01/26 | 1331 | 1248 |
| 4.13%, 07/01/27, GBP (b) | 100 | 116 |
| 3.75%, 04/01/30 | 485 | 442 |
| 6.75%, 03/15/32 | 86 | 93 |
| Mondelez International Holdings Netherlands B.V. |  |  |
| 4.25%, 09/15/25 (g) | 471 | 461 |
| 1.25%, 09/24/26 (g) | 20 | 17 |
| PepsiCo, Inc. |  |  |
| 2.38%, 10/06/26 (d) | 46 | 43 |
| REI Agro Limited |  |  |
| 0.00%, 11/13/14 (a) (b) (j) (o) | 628 | 5 |
| 0.00%, 11/13/14 (a) (g) (j) (o) | 185 | 2 |
| Sabre GLBL Inc. |  |  |
| 7.38%, 09/01/25 (g) | 185 | 177 |
| 11.25%, 12/15/27 (g) | 450 | 463 |
| Safeway Inc. |  |  |
| 3.50%, 03/15/29 (g) | 1594 | 1337 |
| United Rentals (North America), Inc. |  |  |
| 6.00%, 12/15/29 (g) | 894 | 891 |
| Verisure Holding AB |  |  |
| 3.88%, 07/15/26, EUR (b) | 334 | 322 |
| 9.25%, 10/15/27, EUR (g) | 680 | 759 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Verisure Midholding AB |  |  |
| 5.25%, 02/15/29, EUR (b) | 238 | 204 |
| | | 22301 |
| **Materials 0.6%** | **Materials 0.6%** | **Materials 0.6%** |
| A.C.N. 092 200 854 Ltd |  |  |
| 7.50%, 10/01/26 (e) (g) (q) | 506 | 506 |
| 0.00%, 10/01/28 (e) (g) (l) (q) | 7017 | 980 |
| Air Products and Chemicals, Inc. |  |  |
| 2.05%, 05/15/30 | 323 | 271 |
| Alpek S.A.B. de C.V. |  |  |
| 3.25%, 02/25/31 (b) | 289 | 242 |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.75%, 10/01/30 | 292 | 255 |
| Braskem Idesa, S.A.P.I. |  |  |
| 6.99%, 02/20/32 (g) | 274 | 196 |
| Braskem Netherlands Finance B.V. |  |  |
| 8.50%, 01/23/81 (g) | 200 | 194 |
| Cheever Escrow Issuer, LLC |  |  |
| 7.13%, 10/01/27 (g) | 414 | 395 |
| Ecolab Inc. |  |  |
| 4.80%, 03/24/30 (d) | 816 | 810 |
| 2.13%, 02/01/32 | 323 | 258 |
| EQUATE Petrochemical B.V. |  |  |
| 4.25%, 11/03/26 (b) | 200 | 191 |
| 2.63%, 04/28/28 (g) | 200 | 174 |
| Fiber Bidco S.P.A. |  |  |
| 7.54%, (3 Month EURIBOR + 6.00%), 10/25/27, EUR (g) (m) | 518 | 551 |
| 11.00%, 10/25/27, EUR (g) | 786 | 887 |
| First Quantum Minerals Ltd |  |  |
| 6.50%, 03/01/24 (g) | 200 | 196 |
| 7.50%, 04/01/25 (g) | 674 | 659 |
| 6.88%, 03/01/26 (g) | 400 | 380 |
| 6.88%, 10/15/27 (g) | 663 | 619 |
| Georgia-Pacific LLC |  |  |
| 3.60%, 03/01/25 (g) | 23 | 22 |
| Herens Holdco S.a r.l. |  |  |
| 5.25%, 05/15/29, EUR (g) | 1856 | 1362 |
| LYB International Finance II B.V. |  |  |
| 3.50%, 03/02/27 | 1810 | 1678 |
| LYB International Finance III, LLC |  |  |
| 2.25%, 10/01/30 | 323 | 257 |
| LyondellBasell Industries N.V. |  |  |
| 5.75%, 04/15/24 | 117 | 117 |
| Newmont Corporation |  |  |
| 2.80%, 10/01/29 | 172 | 147 |
| 2.60%, 07/15/32 | 485 | 387 |
| PPG Industries, Inc. |  |  |
| 1.20%, 03/15/26 | 282 | 250 |
| PT Freeport Indonesia |  |  |
| 4.76%, 04/14/27 (b) | 347 | 333 |
| Sasol Financing USA LLC |  |  |
| 6.50%, 09/27/28 | 200 | 181 |
| 5.50%, 03/18/31 | 296 | 240 |
| Steel Dynamics, Inc. |  |  |
| 2.40%, 06/15/25 | 1141 | 1071 |
| 5.00%, 12/15/26 | 68 | 68 |
| 3.45%, 04/15/30 | 323 | 285 |
| Suzano Austria GmbH |  |  |
| 3.75%, 01/15/31 (l) | 222 | 186 |
| 3.13%, 01/15/32 | 265 | 207 |
| The Sherwin-Williams Company |  |  |
| 4.05%, 08/08/24 | 1037 | 1024 |
| 4.25%, 08/08/25 | 467 | 459 |
| 2.95%, 08/15/29 | 323 | 283 |
| 2.20%, 03/15/32 | 323 | 256 |
| Vedanta Resources Finance II PLC |  |  |
| 8.95%, 03/11/25 (g) | 200 | 136 |
| WestRock Company |  |  |
| 3.75%, 03/15/25 | 364 | 352 |
|  |  | 17065 |
| **Real Estate 0.4%** | **Real Estate 0.4%** | **Real Estate 0.4%** |
| American Tower Corporation |  |  |
| 3.38%, 05/15/24 | 1252 | 1219 |
| 4.40%, 02/15/26 | 499 | 487 |
| 2.70%, 04/15/31 | 1061 | 862 |
| 3.10%, 06/15/50 | 216 | 137 |
| Crown Castle Inc. |  |  |
| 3.70%, 06/15/26 | 826 | 785 |
| 3.30%, 07/01/30 (d) | 649 | 567 |
| Equinix, Inc. |  |  |
| 1.25%, 07/15/25 | 1130 | 1022 |
| 1.45%, 05/15/26 | 717 | 630 |
| 2.50%, 05/15/31 | 263 | 211 |
| 3.40%, 02/15/52 | 599 | 411 |
| Fideicomiso Fibra Uno |  |  |
| 4.87%, 01/15/30 (b) | 240 | 208 |
| Majid Al Futtaim Holding LLC |  |  |
| 6.38%, (100, 12/20/25) (b) (n) | 200 | 192 |
| 4.75%, 05/07/24 (b) | 300 | 296 |
| ProLogis, L.P. |  |  |
| 2.25%, 01/15/32 | 216 | 172 |
| Realty Income Corporation |  |  |
| 5.63%, 10/13/32 | 628 | 641 |
| Service Properties Trust |  |  |
| 4.50%, 06/15/23 - 03/15/25 | 844 | 785 |
| 4.35%, 10/01/24 | 311 | 283 |
| 7.50%, 09/15/25 | 757 | 723 |
| Uniti Group Inc. |  |  |
| 7.88%, 02/15/25 (g) | 195 | 189 |
| Ventas Realty, Limited Partnership |  |  |
| 3.50%, 02/01/25 | 763 | 732 |
| Welltower OP LLC |  |  |
| 4.50%, 01/15/24 | 773 | 764 |
| 3.63%, 03/15/24 | 768 | 751 |
| 2.70%, 02/15/27 | 679 | 612 |
|  |  | 12679 |
| **Industrials 0.4%** | **Industrials 0.4%** | **Industrials 0.4%** |
| Aeropuerto Internacional de Tocumen, S.A. |  |  |
| 5.13%, 08/11/61 (g) | 200 | 164 |
| Allegiant Travel Company |  |  |
| 7.25%, 08/15/27 (g) | 372 | 354 |
| Ardagh Metal Packaging Finance Public Limited Company |  |  |
| 6.00%, 06/15/27 (g) | 253 | 248 |
| 3.25%, 09/01/28 (d) (g) | 261 | 222 |
| Berry Plastics Escrow Corporation |  |  |
| 4.88%, 07/15/26 (g) | 62 | 60 |
| Canadian Pacific Railway Limited |  |  |
| 4.00%, 06/01/28 | 956 | 915 |
| Covanta Holding Corporation |  |  |
| 4.88%, 12/01/29 (g) | 285 | 233 |
| Deere & Company |  |  |
| 2.75%, 04/15/25 | 141 | 136 |
| Fideicomiso F/80460 |  |  |
| 5.50%, 07/31/47 (b) | 297 | 227 |
| GATX Corporation |  |  |
| 3.50%, 03/15/28 | 19 | 17 |
| HTA Group Limited |  |  |
| 7.00%, 12/18/25 (g) | 324 | 300 |
| Klabin Austria GmbH |  |  |
| 3.20%, 01/12/31 (g) | 200 | 161 |
| L3Harris Technologies, Inc. |  |  |
| 3.85%, 12/15/26 | 1956 | 1867 |
| Maxar Technologies Inc. |  |  |
| 7.75%, 06/15/27 (g) | 664 | 691 |
| Parker-Hannifin Corporation |  |  |
| 3.25%, 06/14/29 | 974 | 870 |
| Pitney Bowes Inc. |  |  |
| 6.88%, 03/15/27 (g) | 1932 | 1653 |
| 7.25%, 03/15/29 (d) (g) | 616 | 481 |
| Rollins Road Acquisition Company |  |  |
| 0.50%, 12/01/28 (g) (o) | 115 | 73 |
| Ryder System, Inc. |  |  |
| 2.50%, 09/01/24 | 48 | 46 |
| Thomson Reuters Corporation |  |  |
| 3.35%, 05/15/26 | 15 | 14 |
| Trivium Packaging Finance B.V. |  |  |
| 5.50%, 08/15/26 (g) | 352 | 329 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Union Pacific Corporation |  |  |
| 2.80%, 02/14/32 (d) | 983 | 851 |
| 4.50%, 01/20/33 | 733 | 717 |
| Vertiv Group Corporation |  |  |
| 4.13%, 11/15/28 (g) | 689 | 588 |
| Waste Management, Inc. |  |  |
| 0.75%, 11/15/25 | 208 | 186 |
| 3.15%, 11/15/27 | 657 | 613 |
| WRKCo Inc. |  |  |
| 4.65%, 03/15/26 | 243 | 239 |
| 4.90%, 03/15/29 | 323 | 311 |
| | | 12566 |
| **Utilities 0.3%** | **Utilities 0.3%** | **Utilities 0.3%** |
| Adani Electricity Mumbai Limited |  |  |
| 3.95%, 02/12/30 (g) | 300 | 227 |
| American Water Capital Corp. |  |  |
| 2.80%, 05/01/30 | 678 | 586 |
| 4.45%, 06/01/32 | 323 | 310 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 4.88%, 01/15/24 (b) | 342 | 339 |
| Edison International |  |  |
| 6.95%, 11/15/29 | 323 | 338 |
| Empresas Publicas de Medellin E.S.P. |  |  |
| 4.25%, 07/18/29 (g) | 260 | 207 |
| FEL Energy VI S.a r.l. |  |  |
| 5.75%, 12/01/40 (b) | 274 | 235 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 2.94%, 03/21/24 | 1084 | 1056 |
| NRG Energy, Inc. |  |  |
| 5.75%, 01/15/28 | 305 | 287 |
| Oncor Electric Delivery Company LLC |  |  |
| 4.55%, 09/15/32 (g) | 323 | 316 |
| Pacific Gas And Electric Company |  |  |
| 3.85%, 11/15/23 | 630 | 622 |
| 3.25%, 02/16/24 | 27 | 26 |
| 5.45%, 06/15/27 | 203 | 200 |
| 5.90%, 06/15/32 | 630 | 615 |
| 4.50%, 07/01/40 | 538 | 421 |
| Promigas SA ESP |  |  |
| 3.75%, 10/16/29 (g) | 200 | 163 |
| San Diego Gas & Electric Company |  |  |
| 3.60%, 09/01/23 | 369 | 366 |
| Southern California Edison Company |  |  |
| 0.98%, 08/01/24 | 643 | 602 |
| Talen Energy Supply, LLC |  |  |
| 0.00%, 05/15/27 (a) (g) (j) | 500 | 519 |
| 0.00%, 06/01/28 (a) (g) (j) | 572 | 595 |
| Vistra Operations Company LLC |  |  |
| 5.13%, 05/13/25 (g) | 325 | 318 |
| 5.63%, 02/15/27 (g) | 1615 | 1542 |
|  |  | 9890 |
| **Energy 0.3%** | **Energy 0.3%** | **Energy 0.3%** |
| AI Candelaria (Spain), S.L.U |  |  |
| 7.50%, 12/15/28 (b) | 235 | 224 |
| BG Energy Capital PLC |  |  |
| 5.13%, 12/01/25, GBP (b) | 400 | 486 |
| California Resources Corporation |  |  |
| 7.13%, 02/01/26 (g) | 125 | 119 |
| Centennial Resource Production, LLC |  |  |
| 5.38%, 01/15/26 (g) | 50 | 46 |
| Earthstone Energy Holdings, LLC |  |  |
| 8.00%, 04/15/27 (g) | 1390 | 1325 |
| Ecopetrol S.A. |  |  |
| 4.13%, 01/16/25 | 355 | 338 |
| 4.63%, 11/02/31 | 260 | 199 |
| Empresa Nacional del Petroleo |  |  |
| 3.75%, 08/05/26 (b) | 200 | 188 |
| Energy Transfer LP |  |  |
| 4.20%, 09/15/23 | 319 | 316 |
| India Green Energy Holdings |  |  |
| 5.38%, 04/29/24 (g) | 250 | 242 |
| Kinder Morgan Energy Partners, L.P. |  |  |
| 3.50%, 09/01/23 | 443 | 437 |
| Kinetik Holdings LP |  |  |
| 5.88%, 06/15/30 (g) | 312 | 292 |
| Leviathan Bond Ltd |  |  |
| 5.75%, 06/30/23 (b) | 145 | 144 |
| MC Brazil Downstream Trading S.a r.l. |  |  |
| 7.25%, 06/30/31 (b) | 200 | 165 |
| ONEOK Partners, L.P. |  |  |
| 4.90%, 03/15/25 | 1489 | 1468 |
| Petroleos Mexicanos |  |  |
| 6.50%, 03/13/27 | 324 | 296 |
| 8.75%, 06/02/29 | 347 | 326 |
| 5.95%, 01/28/31 (d) | 389 | 295 |
| 6.70%, 02/16/32 | 447 | 352 |
| PT Pertamina (Persero) |  |  |
| 3.65%, 07/30/29 (b) | 361 | 330 |
| Puma International Financing S.A. |  |  |
| 5.13%, 10/06/24 (g) | 260 | 243 |
| Tap Rock Resources, LLC |  |  |
| 7.00%, 10/01/26 (g) | 1575 | 1466 |
| Total Capital International |  |  |
| 1.66%, 07/22/26, GBP (b) | 200 | 217 |
|  |  | 9514 |
| Total Corporate Bonds And Notes (cost $323,253) | Total Corporate Bonds And Notes (cost $323,253) | 299635 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 4.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 4.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 4.2%** |
| 1211 Avenue of the Americas Trust 2015-1211 |  |  |
| Series 2015-D-1211, REMIC, 4.14%, 08/12/25 (m) | 665 | 557 |
| Accesslex Institute |  |  |
| Series 2007-A3-A, 5.00%, (3 Month USD LIBOR + 0.30%), 05/25/36 (m) | 306 | 295 |
| ACRES Commercial Realty 2021-FL1 Issuer, Ltd. |  |  |
| Series 2021-A-FL1, 5.53%, (1 Month USD LIBOR + 1.20%), 02/18/26 (m) | 303 | 295 |
| AGL CLO 5 Ltd |  |  |
| Series 2020-A2R-5A, 5.64%, (3 Month USD LIBOR + 1.40%), 07/20/34 (m) | 250 | 239 |
| Series 2020-BR-5A, 5.94%, (3 Month USD LIBOR + 1.70%), 07/20/34 (m) | 267 | 255 |
| AGL Static CLO 18 Ltd |  |  |
| Series 2022-B-18A, 5.99%, (3 Month Term SOFR + 2.00%), 04/21/31 (m) | 498 | 471 |
| Ajax Mortgage Loan Trust 2021-E |  |  |
| Series 2021-A1-E, REMIC, 1.74%, 12/25/60 (l) | 3551 | 2946 |
| Series 2021-A2-E, REMIC, 2.69%, 12/25/60 (l) | 502 | 360 |
| Series 2021-M1-E, REMIC, 2.94%, 12/25/60 (l) | 203 | 157 |
| Series 2021-B1-E, REMIC, 3.73%, 12/25/60 (l) | 332 | 232 |
| ALEN 2021-ACEN Mortgage Trust |  |  |
| Series 2021-D-ACEN, REMIC, 7.42%, (1 Month USD LIBOR + 3.10%), 04/15/26 (m) | 817 | 654 |
| Apidos CLO XV |  |  |
| Series 2013-A1RR-15A, 5.25%, (3 Month USD LIBOR + 1.01%), 04/21/31 (m) | 275 | 271 |
| Arbor Multifamily Mortgage Securities Trust 2020-MF1 |  |  |
| Series 2020-E-MF1, REMIC, 1.75%, 04/15/30 | 257 | 157 |
| Arbor Realty Commercial Real Estate Notes 2021-FL4, Ltd. |  |  |
| Series 2021-A-FL4, 5.67%, (1 Month USD LIBOR + 1.35%), 11/17/36 (m) | 105 | 101 |
| Arbor Realty Commercial Real Estate Notes 2022-Fl2, LLC |  |  |
| Series 2022-A-FL2, 6.19%, (1 Month Term SOFR + 1.85%), 05/15/37 (m) | 1285 | 1256 |
| Ares LV CLO Ltd |  |  |
| Series 2020-BR-55A, 5.78%, (3 Month USD LIBOR + 1.70%), 07/17/34 (m) | 424 | 408 |
| Bain Capital Credit |  |  |
| Series 2017-BR-1A, 5.74%, (3 Month USD LIBOR + 1.50%), 07/20/30 (m) | 350 | 335 |
| Bain Capital Credit CLO 2020-2, Limited |  |  |
| Series 2020-BR-2A, 5.93%, (3 Month USD LIBOR + 1.70%), 07/19/34 (m) | 300 | 285 |
| BAMLL Commercial Mortgage Securities Trust 2015-200P |  |  |
| Series 2015-D-200P, REMIC, 3.60%, 04/16/25 (m) | 130 | 115 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BAMLL Commercial Mortgage Securities Trust 2018-DSNY |  |  |
| Series 2018-A-DSNY, REMIC, 5.17%, (1 Month USD LIBOR + 0.85%), 09/15/34 (m) | 396 | 388 |
| Banc of America Alternative Loan Trust 2006-3 |  |  |
| Series 2022-A-FL8, 6.03%, (SOFR 30-Day Average + 2.20%), 01/19/37 (m) | 949 | 933 |
| Bank 2017-BNK9 |  |  |
| Series 2017-A4-BNK9, REMIC, 3.54%, 12/17/27 | 302 | 279 |
| Bankers Healthcare Group Securitization Trust 2020-A |  |  |
| Series 2020-C-A, 5.17%, 09/17/31 | 110 | 101 |
| Battalion CLO X Ltd. |  |  |
| Series 2016-A2R2-10A, 5.91%, (3 Month USD LIBOR + 1.55%), 01/25/35 (m) | 250 | 235 |
| Battalion CLO XX Ltd. |  |  |
| Series 2021-A-20A, 5.26%, (3 Month USD LIBOR + 1.18%), 07/17/34 (m) | 285 | 278 |
| Bayview Commercial Asset Trust 2006-3 |  |  |
| Series 2006-M1-3A, REMIC, 4.53%, (1 Month USD LIBOR + 0.34%), 10/27/36 (l) (m) | 65 | 62 |
| BBCMS 2017-DELC Mortgage Trust |  |  |
| Series 2017-E-DELC, REMIC, 6.94%, (1 Month USD LIBOR + 2.63%), 08/15/36 (l) (m) | 261 | 253 |
| BBCMS 2018-TALL Mortgage Trust |  |  |
| Series 2018-C-TALL, REMIC, 5.44%, (1 Month USD LIBOR + 1.12%), 03/16/37 (l) (m) | 744 | 629 |
| Benchmark 2021-B23 Mortgage Trust |  |  |
| Interest Only, Series 2021-XA-B23, REMIC, 1.27%, 02/18/54 (m) | 8375 | 549 |
| Benchmark 2021-B25 Mortgage Trust |  |  |
| Series 2021-A5-B25, REMIC, 2.58%, 04/17/31 | 780 | 651 |
| Benefit Street Partners CLO II, Ltd. |  |  |
| Series 2013-A2R2-IIA, 5.53%, (3 Month USD LIBOR + 1.45%), 07/16/29 (m) | 290 | 284 |
| Benefit Street Partners CLO Ltd |  |  |
| Series 2015-A-VIBR, 5.43%, (3 Month USD LIBOR + 1.19%), 07/20/34 (m) | 250 | 243 |
| BHMS 2018-ATLS |  |  |
| Series 2018-A-ATLS, REMIC, 5.57%, (1 Month USD LIBOR + 1.25%), 07/16/35 (m) | 1034 | 997 |
| Series 2018-C-ATLS, REMIC, 6.22%, (1 Month USD LIBOR + 1.90%), 07/16/35 (m) | 459 | 436 |
| BlueMountain CLO Ltd |  |  |
| Series 2021-A-28A, 5.34%, (3 Month USD LIBOR + 1.26%), 04/17/34 (m) | 150 | 147 |
| BlueMountain CLO XXII Ltd |  |  |
| Series 2018-B-22A, 5.58%, (3 Month USD LIBOR + 1.50%), 07/15/31 (m) | 252 | 242 |
| BOCA Commercial Mortgage Trust 2022-BOCA |  |  |
| Series 2022-A-BOCA, REMIC, 5.56%, (SOFR 30-Day Average + 1.77%), 05/15/24 (m) | 375 | 368 |
| Brex Commercial Charge Card Master Trust |  |  |
| Series 2021-A-1, 2.09%, 07/17/23 | 860 | 849 |
| BSST 2021-SSCP Mortgage Trust |  |  |
| Series 2021-A-SSCP, REMIC, 5.07%, (1 Month USD LIBOR + 0.75%), 04/17/23 (m) | 314 | 301 |
| Series 2021-B-SSCP, REMIC, 5.42%, (1 Month USD LIBOR + 1.10%), 04/17/23 (m) | 724 | 678 |
| Series 2021-C-SSCP, REMIC, 5.67%, (1 Month USD LIBOR + 1.35%), 04/17/23 (m) | 1115 | 1033 |
| Series 2021-D-SSCP, REMIC, 5.92%, (1 Month USD LIBOR + 1.60%), 04/17/23 (m) | 828 | 758 |
| Series 2021-E-SSCP, REMIC, 6.42%, (1 Month USD LIBOR + 2.10%), 04/17/23 (m) | 717 | 652 |
| Series 2021-F-SSCP, REMIC, 7.22%, (1 Month USD LIBOR + 2.90%), 04/17/23 (m) | 686 | 631 |
| Series 2021-G-SSCP, REMIC, 8.12%, (1 Month USD LIBOR + 3.80%), 04/17/23 (m) | 785 | 731 |
| Series 2021-H-SSCP, REMIC, 9.22%, (1 Month USD LIBOR + 4.90%), 04/17/23 (m) | 550 | 515 |
| BWAY Corporation |  |  |
| Series 2013-D-1515, REMIC, 3.63%, 03/12/25 | 581 | 521 |
| BX 2021-21M Mortgage Trust |  |  |
| Series 2021-E-21M, REMIC, 6.49%, (1 Month USD LIBOR + 2.17%), 10/16/23 (m) | 974 | 893 |
| BX Commercial Mortgage Trust 2019-XL |  |  |
| Series 2019-A-XL, REMIC, 5.37%, (1 Month Term SOFR + 1.03%), 10/15/36 (m) | 372 | 367 |
| Series 2019-G-XL, REMIC, 6.75%, (1 Month Term SOFR + 2.41%), 10/15/36 (m) | 1254 | 1201 |
| Series 2019-J-XL, REMIC, 7.10%, (1 Month Term SOFR + 2.76%), 10/15/36 (m) | 2125 | 2026 |
| BX Commercial Mortgage Trust 2020-VIV4 |  |  |
| Series 2020-A-VIV4, REMIC, 2.84%, 03/11/30 | 237 | 191 |
| BX Commercial Mortgage Trust 2020-VKNG |  |  |
| Series 2020-G-VKNG, REMIC, 7.70%, (1 Month Term SOFR + 3.36%), 10/15/25 (m) | 147 | 135 |
| BX Commercial Mortgage Trust 2021-CIP |  |  |
| Series 2021-E-CIP, REMIC, 7.14%, (1 Month USD LIBOR + 2.82%), 12/15/23 (m) | 1706 | 1570 |
| BX Commercial Mortgage Trust 2021-SOAR |  |  |
| Series 2021-G-SOAR, REMIC, 7.12%, (1 Month USD LIBOR + 2.80%), 06/15/23 (m) | 2400 | 2229 |
| BX Commercial Mortgage Trust 2021-VINO |  |  |
| Series 2021-F-VINO, REMIC, 7.12%, (1 Month USD LIBOR + 2.80%), 05/15/26 (m) | 1596 | 1465 |
| BX Commercial Mortgage Trust 2021-XL2 |  |  |
| Series 2021-A-XL2, REMIC, 5.01%, (1 Month USD LIBOR + 0.69%), 10/16/23 (m) | 449 | 431 |
| Series 2021-F-XL2, REMIC, 6.56%, (1 Month USD LIBOR + 2.24%), 10/16/23 (m) | 2326 | 2172 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-D-OC11, REMIC, 3.94%, 12/11/29 (m) | 1238 | 989 |
| Series 2019-E-OC11, REMIC, 3.94%, 12/11/29 (m) | 1735 | 1311 |
| BX Trust 2021-ARIA |  |  |
| Series 2021-E-ARIA, REMIC, 6.56%, (1 Month USD LIBOR + 2.24%), 10/16/23 (m) | 1405 | 1275 |
| BX Trust 2021-MFM1 |  |  |
| Series 2021-E-MFM1, REMIC, 6.57%, (1 Month USD LIBOR + 2.25%), 01/17/23 (m) | 510 | 474 |
| Series 2021-F-MFM1, REMIC, 7.32%, (1 Month USD LIBOR + 3.00%), 01/17/23 (m) | 780 | 718 |
| Cambridge Trust Company |  |  |
| Series 2019-E-LIFE, REMIC, 6.47%, (1 Month USD LIBOR + 2.15%), 12/15/37 (m) | 336 | 321 |
| Canyon Capital CLO 2019-1 Ltd |  |  |
| Series 2019-A1R-1A, 5.18%, (3 Month USD LIBOR + 1.10%), 04/15/32 (m) | 250 | 245 |
| Series 2019-BR-1A, 5.78%, (3 Month USD LIBOR + 1.70%), 04/15/32 (m) | 250 | 239 |
| Canyon CLO 2020-3, Ltd |  |  |
| Series 2020-B-3A, 5.78%, (3 Month USD LIBOR + 1.70%), 01/17/34 (m) | 250 | 240 |
| Catskill Park CLO Ltd |  |  |
| Series 2017-A1B-1A, 5.59%, (3 Month USD LIBOR + 1.35%), 04/20/29 (m) | 254 | 245 |
| CD 2017-CD6 Mortgage Trust |  |  |
| Series 2017-B-CD6, REMIC, 3.91%, 11/15/27 (m) | 132 | 113 |
| CFCRE Trust 2018-TAN |  |  |
| Series 2018-C-TAN, REMIC, 5.29%, 02/17/23 | 166 | 158 |
| Chenango Park CLO, Ltd |  |  |
| Series 2018-A2-1A, 5.63%, (3 Month USD LIBOR + 1.55%), 04/15/30 (m) | 264 | 255 |
| CIFC European Funding CLO II Designated Activity Company |  |  |
| Series B1-2X, 2.98%, (3 Month EURIBOR + 1.60%), 04/15/33, EUR (b) (m) | 100 | 99 |
| CIFC Funding 2014-III, Ltd. |  |  |
| Series 2014-BR2-3A, 6.12%, (3 Month USD LIBOR + 1.80%), 10/22/31 (m) | 350 | 339 |
| CIFC Funding Ltd 2015-I |  |  |
| Series 2015-BRR-1A, 5.77%, (3 Month USD LIBOR + 1.45%), 01/22/31 (m) | 250 | 241 |
| Citigroup Commercial Mortgage Trust 2018-C6 |  |  |
| Series 2018-A4-C6, REMIC, 4.41%, 11/13/28 | 306 | 292 |
| Cold Storage Trust 2020-ICE5 |  |  |
| Series 2020-A-ICE5, 5.22%, (1 Month USD LIBOR + 0.90%), 11/15/23 (m) | 960 | 934 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| COMM 2014-CCRE21 Mortgage Trust |  |  |
| Series 2014-A3-CR21, REMIC, 3.53%, 12/12/24 | 584 | 560 |
| Community Loan Servicing, LLC |  |  |
| Series 2005-M6-3A, REMIC, 5.44%, (1 Month USD LIBOR + 1.05%), 11/25/35 (l) (m) | 56 | 51 |
| Cook Park CLO, Ltd. |  |  |
| Series 2018-B-1A, 5.48%, (3 Month USD LIBOR + 1.40%), 04/17/30 (m) | 258 | 248 |
| CSAIL 2016-C5 Commercial Mortgage Trust |  |  |
| Series 2016-C-C5, REMIC, 4.64%, 11/18/25 (m) | 196 | 176 |
| CSAIL 2020-C19 Commercial Mortgage Trust |  |  |
| Series 2019-A3-C19, REMIC, 2.56%, 03/15/30 | 1802 | 1511 |
| CSMC 2019-ICE4 |  |  |
| Series 2019-B-ICE4, REMIC, 5.55%, (1 Month USD LIBOR + 1.23%), 05/15/36 (m) | 274 | 269 |
| Series 2019-C-ICE4, REMIC, 5.75%, (1 Month USD LIBOR + 1.43%), 05/15/36 (m) | 283 | 277 |
| Series 2019-D-ICE4, REMIC, 5.92%, (1 Month USD LIBOR + 1.60%), 05/15/36 (m) | 960 | 936 |
| Series 2019-E-ICE4, REMIC, 6.47%, (1 Month USD LIBOR + 2.15%), 05/15/36 (m) | 810 | 784 |
| Series 2019-F-ICE4, REMIC, 6.97%, (1 Month USD LIBOR + 2.65%), 05/15/36 (m) | 1250 | 1195 |
| CSMC 2020-FACT |  |  |
| Series 2020-E-FACT, REMIC, 9.18%, (1 Month USD LIBOR + 4.86%), 10/15/37 (m) | 300 | 270 |
| CSMC 2020-NET |  |  |
| Series 2020-A-NET, REMIC, 2.26%, 08/15/25 | 603 | 541 |
| DBGS 2018-BIOD Mortgage Trust |  |  |
| Series 2018-A-BIOD, REMIC, 5.12%, (1 Month USD LIBOR + 0.80%), 05/15/35 (l) (m) | 128 | 126 |
| Series 2018-D-BIOD, REMIC, 5.62%, (1 Month USD LIBOR + 1.30%), 05/15/35 (l) (m) | 288 | 278 |
| Series 2018-F-BIOD, REMIC, 6.32%, (1 Month USD LIBOR + 2.00%), 05/15/35 (l) (m) | 1179 | 1111 |
| DBWF 2018-GLKS Mortgage Trust |  |  |
| Series 2018-B-GLKS, REMIC, 5.69%, (1 Month USD LIBOR + 1.35%), 12/19/25 (m) | 344 | 330 |
| Series 2018-C-GLKS, REMIC, 6.09%, (1 Month USD LIBOR + 1.75%), 12/19/25 (m) | 250 | 239 |
| Dryden 50 Senior Loan Fund |  |  |
| Series 2017-B-50A, 5.73%, (3 Month USD LIBOR + 1.65%), 07/15/30 (m) | 250 | 242 |
| Elmwood CLO II Ltd |  |  |
| Series 2019-BR-2A, 5.89%, (3 Month USD LIBOR + 1.65%), 04/20/34 (m) | 350 | 337 |
| ELP Commercial Mortgage Trust 2021-ELP |  |  |
| Series 2021-F-ELP, REMIC, 6.98%, (1 Month USD LIBOR + 2.67%), 11/15/23 (m) | 1010 | 915 |
| Extended Stay America Trust 2021-ESH |  |  |
| Series 2021-D-ESH, REMIC, 6.57%, (1 Month USD LIBOR + 2.25%), 07/17/23 (m) | 2125 | 2035 |
| Series 2021-E-ESH, REMIC, 7.17%, (1 Month USD LIBOR + 2.85%), 07/17/23 (m) | 1484 | 1413 |
| FS Rialto 2021-FL3 Issuer, Ltd. |  |  |
| Series 2021-A-FL3, 5.59%, (1 Month USD LIBOR + 1.25%), 11/18/36 (m) | 100 | 94 |
| FS Rialto 2022-FL6 Issuer, LLC |  |  |
| Series 2022-A-FL6, 7.17%, (1 Month Term SOFR + 2.85%), 05/19/27 (m) | 1343 | 1335 |
| GCT Commercial Mortgage Trust 2021-GCT |  |  |
| Series 2021-D-GCT, REMIC, 6.67%, (1 Month USD LIBOR + 2.35%), 02/15/23 (m) | 120 | 110 |
| GoldenTree Loan Opportunities IX, Limited |  |  |
| Series 2014-BR2-9A, 6.01%, (3 Month USD LIBOR + 1.60%), 10/29/29 (m) | 250 | 245 |
| Goodleap Sustainable Home Solutions Trust 2021-3 |  |  |
| Series 2021-A-3CS, REMIC, 2.10%, 03/20/36 | 890 | 639 |
| Gracie Point International Funding 2021-1 |  |  |
| Series 2021-B-1A, 5.52%, (1 Month USD LIBOR + 1.40%), 11/01/23 (m) | 190 | 189 |
| Series 2021-C-1A, 6.52%, (1 Month USD LIBOR + 2.40%), 11/01/23 (m) | 260 | 259 |
| Greystone CRE Notes 2021-FL3, Ltd. |  |  |
| Series 2021-A-FL3, 5.52%, (1 Month USD LIBOR + 1.20%), 07/15/39 (m) | 672 | 639 |
| GS Mortgage Securities Corp II |  |  |
| Series 2022-A-ECI, REMIC, 6.53%, (1 Month Term SOFR + 2.19%), 08/15/24 (m) | 117 | 117 |
| GS Mortgage Securities Corporation Trust 2021-DM |  |  |
| Series 2021-E-DM, REMIC, 7.25%, (1 Month USD LIBOR + 2.94%), 11/15/23 (m) | 1943 | 1806 |
| GS Mortgage Securities Corporation Trust 2021-IP |  |  |
| Series 2021-A-IP, REMIC, 5.27%, (1 Month USD LIBOR + 0.95%), 10/15/36 (m) | 239 | 223 |
| GS Mortgage Securities Corporation Trust 2021-ROSS |  |  |
| Series 2021-A-ROSS, REMIC, 5.47%, (1 Month USD LIBOR + 1.15%), 06/15/23 (m) | 230 | 216 |
| GS Mortgage Securities Trust 2020-GC47 |  |  |
| Series 2020-AS-GC47, REMIC, 2.73%, 04/12/30 | 676 | 549 |
| GS Mortgage Securities Trust 2020-GSA2 |  |  |
| Interest Only, Series 2020-XA-GSA2, REMIC, 1.73%, 12/12/53 (m) | 990 | 91 |
| Gulf Stream Meridian 1 Ltd |  |  |
| Series 2020-A1-IA, 5.45%, (3 Month USD LIBOR + 1.37%), 04/15/33 (m) | 762 | 746 |
| Harvest CLO XVIII Designated Activity Company |  |  |
| Series B-18X, 2.58%, (3 Month EURIBOR + 1.20%), 10/15/30, EUR (b) (m) | 102 | 103 |
| Holland Park CLO Designated Activity Company |  |  |
| Series A1RR-1X, 2.72%, (3 Month EURIBOR + 0.92%), 11/15/32, EUR (b) (m) | 100 | 103 |
| Hudson Yards 2016-10HY Mortgage Trust |  |  |
| Series 2016-E-10HY, REMIC, 2.98%, 08/12/26 (m) | 138 | 115 |
| Independence Plaza Trust 2018-INDP |  |  |
| Series 2018-B-INDP, REMIC, 3.91%, 07/11/25 | 354 | 329 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust |  |  |
| Series 2022-A-NXSS, REMIC, 5.97%, 09/16/24 (m) | 287 | 286 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-WPT |  |  |
| Series 2018-DFL-WPT, REMIC, 6.67%, (1 Month USD LIBOR + 2.50%), 07/07/23 (l) (m) | 192 | 174 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-MHC |  |  |
| Series 2021-E-MHC, REMIC, 6.77%, (1 Month USD LIBOR + 2.45%), 04/15/26 (m) | 1190 | 1128 |
| Series 2021-F-MHC, REMIC, 7.27%, (1 Month USD LIBOR + 2.95%), 04/15/26 (m) | 520 | 489 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO |  |  |
| Series 2022-C-OPO, REMIC, 3.45%, 01/08/27 (m) | 481 | 374 |
| J.P. Morgan Mortgage Trust 2021-INV5 |  |  |
| Series 2021-A2A-INV5, REMIC, 2.50%, 07/25/43 (m) | 10743 | 8637 |
| J.P. Morgan Mortgage Trust 2021-INV7 |  |  |
| Series 2021-A3A-INV7, REMIC, 2.50%, 02/25/28 (m) | 4289 | 3692 |
| Series 2021-A4A-INV7, REMIC, 2.50%, 07/25/43 (m) | 1620 | 1062 |
| JPMCC Commercial Mortgage Securities Trust 2019-COR4 |  |  |
| Series 2019-A5-COR4, REMIC, 4.03%, 12/12/28 | 661 | 613 |
| KKR Industrial Portfolio Trust 2021-KDIP |  |  |
| Series 2021-A-KDIP, REMIC, 4.87%, (1 Month USD LIBOR + 0.55%), 12/15/25 (m) | 304 | 294 |
| LIFE 2021-BMR Mortgage Trust |  |  |
| Series 2021-F-BMR, REMIC, 6.67%, (1 Month USD LIBOR + 2.35%), 03/15/23 (m) | 1229 | 1160 |
| LUXE Trust 2021-TRIP |  |  |
| Series 2021-A-TRIP, REMIC, 5.37%, (1 Month USD LIBOR + 1.05%), 10/15/26 (m) | 90 | 86 |
| Series 2021-E-TRIP, REMIC, 7.07%, (1 Month USD LIBOR + 2.75%), 10/15/38 (m) | 191 | 181 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Madison Park Funding XIII, Ltd |  |  |
| Series 2014-BR2-13A, 5.73%, (3 Month USD LIBOR + 1.50%), 04/19/30 (m) | 250 | 245 |
| Mariner CLO 2016-3 LLC |  |  |
| Series 2016-BR2-3A, 5.82%, (3 Month USD LIBOR + 1.50%), 07/23/29 (m) | 250 | 245 |
| Mariner Finance Issuance Trust 2020-A |  |  |
| Series 2020-A-AA, 2.19%, 08/21/34 | 900 | 851 |
| MED Trust 2021-MDLN |  |  |
| Series 2021-A-MDLN, REMIC, 5.27%, (1 Month USD LIBOR + 0.95%), 11/15/23 (m) | 254 | 244 |
| Series 2021-F-MDLN, REMIC, 8.32%, (1 Month USD LIBOR + 4.00%), 11/15/23 (m) | 2514 | 2313 |
| Series 2021-G-MDLN, REMIC, 9.57%, (1 Month USD LIBOR + 5.25%), 11/15/23 (m) | 2701 | 2442 |
| MF1 2021-FL6 Ltd. |  |  |
| Series 2021-A-FL6, 5.43%, (1 Month USD LIBOR + 1.10%), 07/18/36 (m) | 450 | 427 |
| MF1 Multifamily Housing Mortgage Loan Trust |  |  |
| Series 2021-F-W10, REMIC, 7.71%, (1 Month Term SOFR + 3.37%), 12/16/26 (m) | 1316 | 1253 |
| MHC Commercial Mortgage Trust 2021-MHC |  |  |
| Series 2021-E-MHC, REMIC, 6.42%, (1 Month USD LIBOR + 2.10%), 04/15/26 (m) | 2139 | 2025 |
| Series 2021-F-MHC, REMIC, 6.92%, (1 Month USD LIBOR + 2.60%), 04/15/26 (m) | 345 | 323 |
| MHP Commercial Mortgage Trust 2021-STOR |  |  |
| Series 2021-G-STOR, REMIC, 7.07%, (1 Month USD LIBOR + 2.75%), 07/17/23 (m) | 602 | 559 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 |  |  |
| Series 2015-C-C24, REMIC, 4.33%, 07/17/25 (m) | 99 | 88 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32 |  |  |
| Series 2016-A4-C32, REMIC, 3.72%, 12/17/26 | 518 | 482 |
| Morgan Stanley Capital I Trust 2018-MP |  |  |
| Series 2018-A-MP, REMIC, 4.28%, 07/13/28 (m) | 338 | 300 |
| Morgan Stanley Capital I Trust 2020-L4 |  |  |
| Series 2020-A3-L4, REMIC, 2.70%, 02/15/30 (m) | 436 | 369 |
| Navient Private Education Loan Trust 2021-D |  |  |
| Series 2021-B-DA, 2.61%, 04/15/60 | 450 | 403 |
| Series 2021-C-DA, 3.48%, 04/15/60 | 1150 | 999 |
| Series 2021-D-DA, 4.00%, 04/15/60 | 370 | 323 |
| Series 2021-A-DA, 5.01%, (Prime + -1.99%), 04/15/60 (m) | 1867 | 1719 |
| Nelnet Student Loan Trust 2021-A |  |  |
| Series 2021-D-A, 4.93%, 04/20/62 | 930 | 769 |
| Nelnet Student Loan Trust 2021-B |  |  |
| Series 2021-C-BA, 3.57%, 04/20/62 | 980 | 773 |
| Nelnet Student Loan Trust 2021-C |  |  |
| Series 2021-C-CA, 3.36%, 04/20/62 | 130 | 102 |
| Oak Hill European Credit Partners VI Designated Activity Company |  |  |
| Series 2017-B1-6X, 2.66%, (3 Month EURIBOR + 1.20%), 01/20/32, EUR (b) (m) | 104 | 104 |
| OCP CLO 2014-5, Ltd. |  |  |
| Series 2014-A2R-5A, 5.73%, (3 Month USD LIBOR + 1.40%), 04/28/31 (m) | 200 | 191 |
| OCP CLO 2020-19, Ltd. |  |  |
| Series 2020-BR-19A, 5.94%, (3 Month USD LIBOR + 1.70%), 10/20/34 (m) | 250 | 239 |
| OCP Euro CLO 2017-1 Designated Activity Company |  |  |
| Series 2017-B-2X, 2.73%, (3 Month EURIBOR + 1.35%), 01/15/32, EUR (b) (m) | 104 | 105 |
| OHA Credit Funding 3 Ltd. |  |  |
| Series 2019-BR-3A, 5.89%, (3 Month USD LIBOR + 1.65%), 07/02/35 (m) | 256 | 247 |
| Oportun Issuance Trust 2021-B |  |  |
| Series 2021-A-B, 1.47%, 05/08/31 | 1100 | 983 |
| Series 2021-B-B, 1.96%, 05/08/31 | 210 | 183 |
| Series 2021-C-B, 3.65%, 05/08/31 | 100 | 86 |
| Pagaya AI Debt Selection Trust |  |  |
| Series 2021-NOTE-2, 3.00%, 01/25/29 | 1110 | 1035 |
| PKHL Commercial Mortgage Trust 2021-MF |  |  |
| Series 2021-F-MF, REMIC, 7.67%, (1 Month USD LIBOR + 3.35%), 07/17/23 (m) | 286 | 258 |
| Prodigy Finance CM2021-1 Designated Activity Company |  |  |
| Series 2021-B-1A, 6.89%, (1 Month USD LIBOR + 2.50%), 07/25/51 (m) | 287 | 287 |
| Series 2021-C-1A, 8.14%, (1 Month USD LIBOR + 3.75%), 07/25/51 (m) | 250 | 249 |
| Progress Residential 2021-SFR3 Trust |  |  |
| Series 2021-F-SFR3, REMIC, 3.44%, 05/19/26 | 419 | 356 |
| Ready Capital Mortgage Financing 2022-FL10, LLC |  |  |
| Series 2022-A-FL10, 6.87%, (SOFR 30-Day Average + 2.50%), 10/25/39 (m) | 1997 | 1986 |
| Recette CLO, Ltd. |  |  |
| Series 2015-BRR-1A, 5.64%, (3 Month USD LIBOR + 1.40%), 04/20/34 (m) | 250 | 235 |
| Rockford Tower Europe CLO 2018-1 Designated Activity Company |  |  |
| Series 2018-B-1X, 3.90%, (3 Month EURIBOR + 1.85%), 12/20/31, EUR (b) (m) | 100 | 102 |
| Signal Peak CLO 8 Ltd |  |  |
| Series 2020-B-8A, 5.89%, (3 Month USD LIBOR + 1.65%), 04/20/33 (m) | 250 | 242 |
| SLM Private Education Loan Trust 2010-C |  |  |
| Series 2010-A5-C, 9.07%, (1 Month USD LIBOR + 4.75%), 04/15/24 (m) | 2109 | 2273 |
| SMB Private Education Loan Trust 2021-A |  |  |
| Series 2021-C-A, 2.99%, 01/15/53 | 2290 | 1899 |
| Series 2021-D2-A, 3.86%, 01/15/53 | 670 | 617 |
| SMB Private Education Loan Trust 2021-C |  |  |
| Series 2021-B-C, REMIC, 2.30%, 01/15/53 | 230 | 210 |
| Series 2021-C-C, REMIC, 3.00%, 01/15/53 | 190 | 173 |
| Series 2021-D-C, REMIC, 3.93%, 01/15/53 | 100 | 91 |
| SREIT 2021-FLWR |  |  |
| Series 2021-E-FLWR, REMIC, 6.24%, (1 Month USD LIBOR + 1.92%), 07/17/23 (m) | 501 | 470 |
| SREIT Commercial Mortgage Trust 2021-MFP |  |  |
| Series 2021-A-MFP, REMIC, 5.05%, (1 Month USD LIBOR + 0.73%), 11/15/23 (m) | 258 | 248 |
| Series 2021-F-MFP, REMIC, 6.94%, (1 Month USD LIBOR + 2.62%), 11/15/23 (m) | 1503 | 1402 |
| SREIT Commercial Mortgage Trust 2021-MFP2 |  |  |
| Series 2021-F-MFP2, REMIC, 6.94%, (1 Month USD LIBOR + 2.62%), 11/16/26 (m) | 700 | 655 |
| TICP CLO VI 2016-2, Ltd. |  |  |
| Series 2016-AR2-6A, 5.20%, (3 Month USD LIBOR + 1.12%), 01/17/34 (m) | 250 | 245 |
| TICP CLO XII, Ltd. |  |  |
| Series 2018-BR-12A, 5.73%, (3 Month USD LIBOR + 1.65%), 07/17/34 (m) | 250 | 239 |
| Trestles CLO III Ltd |  |  |
| Series 2020-A1-3A, 5.57%, (3 Month USD LIBOR + 1.33%), 01/20/33 (m) | 380 | 374 |
| Trinitas CLO XIV, Ltd. |  |  |
| Series 2020-B-14A, 6.36%, (3 Month USD LIBOR + 2.00%), 01/25/34 (m) | 250 | 238 |
| Series 2020-C-14A, 7.36%, (3 Month USD LIBOR + 3.00%), 01/25/34 (m) | 257 | 247 |
| UBS Commercial Mortgage Trust 2019-C17 |  |  |
| Series 2019-A4-C17, REMIC, 2.92%, 09/17/29 | 180 | 155 |
| VNDO Trust 2016-350P |  |  |
| Series 2016-D-350P, REMIC, 3.90%, 01/12/27 (m) | 325 | 270 |
| Voya CLO 2017-3 Ltd |  |  |
| Series 2017-A1R-3A, 5.28%, (3 Month USD LIBOR + 1.04%), 04/20/34 (m) | 150 | 145 |
| Voya Euro CLO II Designated Activity Company |  |  |
| Series B1R-2A, 3.05%, (3 Month EURIBOR + 1.67%), 07/15/35, EUR (g) (m) | 250 | 245 |
| Wells Fargo & Company |  |  |
| Series 2015-AS-C28, REMIC, 3.87%, 04/17/25 (m) | 500 | 470 |
| Wells Fargo Commercial Mortgage Trust 2017-C38 |  |  |
| Series 2017-C-C38, REMIC, 3.90%, 06/17/27 (m) | 212 | 174 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wells Fargo Commercial Mortgage Trust 2017-C41 |  |  |
| Series 2017-B-C41, REMIC, 4.19%, 11/17/27 (m) | 507 | 427 |
| Wells Fargo Commercial Mortgage Trust 2018-1745 |  |  |
| Series 2018-A-1745, REMIC, 3.75%, 06/15/28 (m) | 332 | 292 |
| Wells Fargo Commercial Mortgage Trust 2020-C58 |  |  |
| Interest Only, Series 2020-XA-C58, REMIC, 1.87%, 07/17/53 (m) | 5106 | 500 |
| Wells Fargo Commercial Mortgage Trust 2021-C59 |  |  |
| Interest Only, Series 2021-XA-C59, REMIC, 1.54%, 04/17/54 (m) | 2872 | 240 |
| Whitebox CLO II Ltd |  |  |
| Series 2020-A1R-2A, 5.98%, (3 Month USD LIBOR + 1.22%), 10/24/34 (m) | 213 | 206 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $133,806) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $133,806) | 120876 |
| **INVESTMENT COMPANIES 1.8%** | **INVESTMENT COMPANIES 1.8%** | **INVESTMENT COMPANIES 1.8%** |
| Health Care Select Sector SPDR Fund | 30 | 4091 |
| Industrial Select Sector SPDR Fund (d) | 19 | 1851 |
| Invesco Municipal Opportunity Trust | 33 | 324 |
| Invesco Municipal Trust | 32 | 321 |
| Invesco QQQ Trust - Series 1 | 24 | 6364 |
| Invesco Quality Municipal Income Trust | 32 | 303 |
| Invesco Trust for Investment Grade Municipals | 33 | 329 |
| Invesco Value Municipal Income Trust | 27 | 328 |
| iShares 0-5 Year TIPS Bond ETF (d) (r) | 31 | 2968 |
| iShares Biotechnology ETF (d) (r) | 3 | 406 |
| iShares China Large-Cap ETF (d) (f) (r) | 127 | 3598 |
| iShares iBoxx $ High Yield Corporate Bond ETF (d) (f) (r) | 59 | 4336 |
| iShares Latin America 40 ETF (d) (r) | 58 | 1331 |
| iShares MSCI Brazil ETF (d) (r) | 68 | 1892 |
| iShares MSCI China ETF (d) (r) | 84 | 4004 |
| iShares MSCI Emerging Markets ETF (r) | 8 | 320 |
| KraneShares Bosera MSCI China A 50 Connect Index ETF - Class A | 26 | 655 |
| KraneShares CSI China Internet ETF | 219 | 6600 |
| Nuveen Municipal Value Fund | 50 | 434 |
| SPDR Bloomberg High Yield Bond ETF | 23 | 2105 |
| SPDR Gold Shares | 36 | 6117 |
| United States Oil Fund LP | 35 | 2429 |
| VanEck Semiconductor ETF (d) | 5 | 934 |
| Total Investment Companies (cost $56,846) | Total Investment Companies (cost $56,846) | 52040 |
| **SENIOR FLOATING RATE INSTRUMENTS 1.3%** | **SENIOR FLOATING RATE INSTRUMENTS 1.3%** | **SENIOR FLOATING RATE INSTRUMENTS 1.3%** |
| **Consumer Discretionary 0.5%** | **Consumer Discretionary 0.5%** | **Consumer Discretionary 0.5%** |
| Aimbridge Acquisition Co., Inc. |  |  |
| 2020 Incremental Term Loan B, 9.10%, (3 Month USD LIBOR + 6.00%), 02/01/26 (m) | 1384 | 1257 |
| American Auto Auctin Group, LLC |  |  |
| Term Loan, 8.70%, (SOFR + 5.00%), 01/27/28 (m) | 1702 | 1309 |
| Babilou Family |  |  |
| Term Loan, 5.16%, (3 Month EURIBOR + 4.25%), 11/17/27, EUR (m) | 4036 | 4133 |
| ECL Entertainment, LLC |  |  |
| Term Loan, 11.57%, (1 Month USD LIBOR + 7.50%), 03/31/28 (m) | 1004 | 1000 |
| Emerald Technologies AcquisitionCo., Inc. |  |  |
| Term Loan , 10.44%, (SOFR + 6.25%), 02/03/29 (m) | 668 | 628 |
| Hilton Domestic Operating Company, Inc. |  |  |
| 2019 Term Loan B2, 6.17%, (3 Month USD LIBOR + 1.75%), 10/25/23 (m) | 2923 | 2911 |
| J&J Ventures Gaming, LLC |  |  |
| Term Loan, 7.67%, (3 Month USD LIBOR + 4.00%), 04/07/28 (m) | 642 | 613 |
| Jack Ohio Finance LLC |  |  |
| Term Loan, 8.82%, (3 Month USD LIBOR + 4.75%), 09/30/28 (e) (m) | 323 | 315 |
| LBM Acquisition LLC |  |  |
| Term Loan B, 7.12%, (6 Month USD LIBOR + 3.75%), 12/08/27 (m) | 1646 | 1423 |
| Naked Juice LLC |  |  |
| 2nd Lien Term Loan, 9.65%, (SOFR + 6.00%), 01/25/30 (m) | 82 | 65 |
| Springs Windows Fashions, LLC |  |  |
| 2021 Term Loan B, 8.75%, (3 Month USD LIBOR + 4.00%), 12/31/24 (m) | 373 | 304 |
|  |  | 13958 |
| **Communication Services 0.3%** | **Communication Services 0.3%** | **Communication Services 0.3%** |
| DirecTV Financing, LLC |  |  |
| Term Loan, 9.07%, (1 Month USD LIBOR + 5.00%), 07/22/27 (m) | 875 | 850 |
| Unique BidCo AB |  |  |
| Term Loan, 7.30%, (6 Month EURIBOR + 5.25%), 01/16/29, EUR (m) (q) | 1454 | 1459 |
| VodafoneZiggo Group Holding B.V. |  |  |
| Term Loan, 3.76%, (3 Month EURIBOR + 3.00%), 01/16/29, EUR (m) | 6053 | 5957 |
|  |  | 8266 |
| **Information Technology 0.2%** | **Information Technology 0.2%** | **Information Technology 0.2%** |
| Avaya, Inc. |  |  |
| 2020 Term Loan B, 14.34%, (SOFR + 10.00%), 12/15/27 (m) | 190 | 113 |
| GoTo Group, Inc. |  |  |
| Term Loan B, 9.14%, (3 Month USD LIBOR + 4.75%), 08/31/27 (m) | 1951 | 1247 |
| Greeneden U.S. Holdings II, LLC |  |  |
| 2020 USD Term Loan B4, 8.07%, (1 Month USD LIBOR + 4.00%), 10/08/27 (m) | 244 | 234 |
| Informatica LLC |  |  |
| 2021 USD Term Loan B, 6.87%, (1 Month USD LIBOR + 2.75%), 10/13/28 (m) | 479 | 469 |
| Iris BidCo GmbH |  |  |
| Term Loan, 6.60%, (3 Month EURIBOR + 5.00%), 01/16/29, EUR (m) | 1921 | 1766 |
| Maverick Gaming LLC |  |  |
| Term Loan , 12.23%, (3 Month USD LIBOR + 7.50%), 08/17/26 (m) | 537 | 430 |
| Signal Parent, Inc |  |  |
| Term Loan B, 7.89%, (3 Month USD LIBOR + 3.50%), 03/24/28 (m) | 655 | 390 |
|  |  | 4649 |
| **Consumer Staples 0.2%** | **Consumer Staples 0.2%** | **Consumer Staples 0.2%** |
| City Brewing Company, LLC |  |  |
| Closing Date Term Loan, 7.79%, (3 Month USD LIBOR + 3.50%), 03/30/28 (m) | 414 | 177 |
| KIK Custom Products |  |  |
| Term Loan , 10.51%, (SOFR + 6.00%), 12/22/26 (m) | 295 | 284 |
| Knowlton Development Corporation Inc. |  |  |
| Term Loan, 6.49%, (3 Month EURIBOR + 5.00%), 12/22/25, EUR (m) | 3529 | 3680 |
| Sovos Brands Intermediate, Inc. |  |  |
| 2021 Term Loan, 7.91%, (3 Month USD LIBOR + 4.25%), 06/02/28 (m) | 192 | 187 |
|  |  | 4328 |
| **Industrials 0.1%** | **Industrials 0.1%** | **Industrials 0.1%** |
| Altar Bidco, Inc. |  |  |
| Term Loan, 7.99%, (SOFR + 3.35%), 11/09/28 (m) | 322 | 307 |
| Altar BidCo, Inc. |  |  |
| Term Loan, 0.00%, (SOFR + 5.60%), 11/09/28 (m) (s) | 1145 | 970 |
| Term Loan, 5.50%, (SOFR + 3.35%), 11/09/28 (m) | 404 | 385 |
| Dun & Bradstreet Corporation (The) |  |  |
| Term Loan, 7.64%, (6 Month USD LIBOR + 3.25%), 02/01/26 (m) | 426 | 421 |
| Hydrofarm Holdings Group, Inc. |  |  |
| Term Loan, 8.38%, (3 Month USD LIBOR + 5.50%), 10/21/28 (e) (m) | 408 | 347 |
| OVG Business Services |  |  |
| Term Loan, 10.64%, (3 Month USD LIBOR + 6.25%), 10/13/28 (e) (m) | 1096 | 1019 |
| Project Ruby Ultimate Parent Corp. |  |  |
| 1st Lien Term Loan B, 7.32%, (3 Month USD LIBOR + 3.25%), 03/02/28 (m) | 174 | 164 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Vaco Holdings, LLC |  |  |
| 2022 Term Loan, 8.70%, (3 Month Term SOFR + 5.00%), 01/07/29 (m) | 645 | 620 |
| 2022 Term Loan, 9.19%, (3 Month Term SOFR + 5.00%), 01/07/29 (m) | 23 | 22 |
| | | 4255 |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| SCIH Salt Holdings Inc. |  |  |
| 2021 Incremental Term Loan B, 8.41%, (3 Month USD LIBOR + 4.00%), 03/16/27 (m) | 890 | 863 |
| SP DRI Meger Corp |  |  |
| Term Loan , 9.32%, (3 Month USD LIBOR + 5.25%), 12/15/28 (m) | 558 | 478 |
|  |  | 1341 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| DS Parent Inc. |  |  |
| Term Loan , 9.92%, (3 Month USD LIBOR + 5.75%), 12/07/27 (m) | 853 | 811 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| Jazz Financing Lux S.a.r.l. |  |  |
| USD Term Loan , 7.57%, (1 Month USD LIBOR + 3.50%), 04/22/28 (m) | 532 | 527 |
| Total Senior Floating Rate Instruments (cost $42,369) | Total Senior Floating Rate Instruments (cost $42,369) | 38135 |
| **PREFERRED STOCKS 0.9%** | **PREFERRED STOCKS 0.9%** | **PREFERRED STOCKS 0.9%** |
| **Health Care 0.4%** | **Health Care 0.4%** | **Health Care 0.4%** |
| Becton, Dickinson and Company, 6.00%, 06/01/23 (o) | 77 | 3872 |
| Boston Scientific Corporation, 5.50%, 06/01/23 (o) | 14 | 1562 |
| Roche Holding AG | 16 | 4961 |
|  |  | 10395 |
| **Communication Services 0.2%** | **Communication Services 0.2%** | **Communication Services 0.2%** |
| T-Mobile US, Inc., 5.25%, 06/01/23 (a) (g) (o) | 5 | 6011 |
| **Consumer Discretionary 0.2%** | **Consumer Discretionary 0.2%** | **Consumer Discretionary 0.2%** |
| Aptiv PLC, 5.50%, 06/15/23 (o) | 21 | 2209 |
| Dr. Ing. h.c. F. Porsche Aktiengesellschaft | 34 | 3437 |
| Porsche Automobil Holding SE (o) | 3 | 186 |
|  |  | 5832 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Citigroup Capital XIII, 10.78%, 10/30/40 | 96 | 2730 |
| Wells Fargo & Company, 7.50% (n) (o) | 1 | 1058 |
|  |  | 3788 |
| Total Preferred Stocks (cost $23,881) | Total Preferred Stocks (cost $23,881) | 26026 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Cano Health, Inc. (a) | 41 | 9 |
| Compagnie Financiere Richemont SA (a) | 1 | 1 |
| Evgo Inc. (a) | 23 | 15 |
| Genius Sports Limited (a) | 24 | 22 |
| Hedosophia European Growth (a) (e) | 40 | 1 |
| Hippo Holdings Inc. (a) | 20 | 1 |
| Innovid Corporation (a) | 8 | 3 |
| Latch, Inc. (a) | 53 | 2 |
| Offerpad Solutions Inc. (a) | 35 | 1 |
| Sarcos Technology And Robotics Corporation (a) | 121 | 5 |
| Volta Inc. (a) | 24 | 2 |
| Total Warrants (cost $808) | Total Warrants (cost $808) | 62 |
| **SHORT TERM INVESTMENTS 22.8%** | **SHORT TERM INVESTMENTS 22.8%** | **SHORT TERM INVESTMENTS 22.8%** |
| **Investment Companies 15.1%** | **Investment Companies 15.1%** | **Investment Companies 15.1%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (r) (t) | 436246 | 436246 |
| **Treasury Securities 7.0%** | **Treasury Securities 7.0%** | **Treasury Securities 7.0%** |
| Cabinet Office, Government of Japan |  |  |
| -0.25%, 01/06/23, JPY | 17481750 | 133206 |
| -0.28%, 01/11/23, JPY | 3805950 | 29001 |
| -0.13%, 02/20/23, JPY | 2070250 | 15779 |
| -0.18%, 03/06/23, JPY | 3234450 | 24653 |
|  |  | 202639 |
| **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** | **Securities Lending Collateral 0.5%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (r) (t) | 13339 | 13339 |
| **Certificates of Deposit 0.2%** | **Certificates of Deposit 0.2%** | **Certificates of Deposit 0.2%** |
| Citibank N.A., New York Branch |  |  |
| 5.00%, 09/21/23 (t) | 4750 | 4738 |
| Total Short Term Investments (cost $641,924) | Total Short Term Investments (cost $641,924) | 656962 |
| **Total Investments 104.2% (cost $3,062,843)** | **Total Investments 104.2% (cost $3,062,843)** | **3008789** |
| **Total Securities Sold Short (0.1)% (proceeds $2,849)** | **Total Securities Sold Short (0.1)% (proceeds $2,849)** | **(3160)** |
| **Total Purchased Options 0.5% (cost $17,997)** | **Total Purchased Options 0.5% (cost $17,997)** | **15042** |
| **Other Derivative Instruments (1.0)%** | **Other Derivative Instruments (1.0)%** | **(29684)** |
| **Other Assets and Liabilities, Net (3.6)%** | **Other Assets and Liabilities, Net (3.6)%** | **(102593)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2888394** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) All or a portion of the security is pledged or segregated as collateral.

(d) All or a portion of the security was on loan as of December 31, 2022.

(e) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(f) All or a portion of the security is subject to a written call option.

(g) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $91,980 and 3.2% of the Fund.

(h) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2022, the total payable for investments purchased on a delayed delivery basis was $138,237.

(i) Treasury inflation indexed note, par amount is adjusted for inflation.

(j) As of December 31, 2022, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(k) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(l) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(m) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(n) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(o) Convertible security.

(p) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(q) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(r) Investment in affiliate.

(s) This senior floating rate interest will settle after December 31, 2022. If a reference rate and spread is presented, it will go into effect upon settlement.

(t) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **SECURITIES SOLD SHORT (0.1%)** | **SECURITIES SOLD SHORT (0.1%)** | **SECURITIES SOLD SHORT (0.1%)** |
| **COMMON STOCKS (0.1%)** | **COMMON STOCKS (0.1%)** | **COMMON STOCKS (0.1%)** |
| **Consumer Staples (0.1%)** | **Consumer Staples (0.1%)** | **Consumer Staples (0.1%)** |
| Diageo PLC | (21) | (944) |
| Pernod Ricard | (5) | (982) |
| The J. M. Smucker Company | (8) | (1234) |
| Total Common Stocks (proceeds $2,849) | Total Common Stocks (proceeds $2,849) | (3160) |
| **Total Securities Sold Short (0.1%) (proceeds $2,849)** | **Total Securities Sold Short (0.1%) (proceeds $2,849)** | **(3160)** |

---

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 71.8% |
| **United Kingdom** | 4.1 |
| **Germany** | 3.5 |
| **Netherlands** | 3.2 |
| **France** | 3.1 |
| **Canada** | 2.4 |
| **Switzerland** | 2.0 |
| **China** | 1.6 |
| **Japan** | 1.3 |
| **Spain** | 1.0 |
| **Brazil** | 0.7 |
| **South Korea** | 0.7 |
| **Italy** | 0.6 |
| **Taiwan** | 0.5 |
| **Australia** | 0.4 |
| **Hong Kong** | 0.4 |
| **Sweden** | 0.3 |
| **Israel** | 0.3 |
| **Denmark** | 0.2 |
| **Mexico** | 0.2 |
| **Luxembourg** | 0.2 |
| **Jersey** | 0.2 |
| **Argentina** | 0.2 |
| **Colombia** | 0.1 |
| **Ireland** | 0.1 |
| **Cayman Islands** | 0.1 |
| **Belgium** | 0.1 |
| **South Africa** | 0.1 |
| **Dominican Republic** | 0.1 |
| **Indonesia** | 0.1 |
| **Panama** | 0.1 |
| **Chile** | 0.1 |
| **Romania** | 0.1 |
| **Peru** | 0.1 |
| **Guatemala** |  |
| **Paraguay** |  |
| **Oman** |  |
| **Saudi Arabia** |  |
| **India** |  |
| **Hungary** |  |
| **Finland** |  |
| **Norway** |  |
| **Cote D'Ivoire** |  |
| **Zambia** |  |
| **Austria** |  |
| **Nigeria** |  |
| **Uruguay** |  |
| **Egypt** |  |
| **Isle of Man** |  |
| **Ukraine** |  |
| **Mauritius** |  |
| **Bahrain** |  |
| **Kuwait** |  |
| **Senegal** |  |
| **Poland** |  |
| **United Arab Emirates** |  |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Long Term Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Long Term Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Long Term Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Long Term Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Long Term Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Long Term Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Long Term Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Long Term Investments in Affiliates** | **JNL/BlackRock Global Allocation Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| iShares 0-5 Year TIPS Bond ETF |  | 3019 |  | 13 |  | (51) | 2968 | 0.1 |
| iShares Biotechnology ETF | 472 |  |  | 1 |  | (66) | 406 |  |
| iShares China Large-Cap ETF | 2597 | 1782 | 459 | 84 | (197) | (125) | 3598 | 0.1 |
| iShares iBoxx $ High Yield Corporate Bond ETF | 159 | 19305 | 14729 | 132 | (408) | 9 | 4336 | 0.2 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF |  | 83089 | 80175 | 268 | (2914) |  |  |  |
| iShares J.P. Morgan USD Emerging Markets Bond ETF |  | 23115 | 20855 | 194 | (2260) |  |  |  |
| iShares Latin America 40 ETF | 1364 |  |  | 169 |  | (33) | 1331 | 0.1 |
| iShares MSCI Brazil ETF | 1899 |  |  | 238 |  | (7) | 1892 | 0.1 |
| iShares MSCI China ETF |  | 5328 |  | 86 |  | (1324) | 4004 | 0.1 |
| iShares MSCI Emerging Markets ETF | 413 |  |  | 8 |  | (93) | 320 |  |
| iShares Russell 2000 ETF |  | 20293 | 21012 |  | 719 |  |  |  |
| iShares S&P 500 Value ETF | 4817 |  | 4568 |  | 727 | (976) |  |  |
|  | 11721 | 155931 | 141798 | 1193 | (4333) | (2666) | 18855 | 0.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Restricted Securities** | **JNL/BlackRock Global Allocation Fund — Restricted Securities** | **JNL/BlackRock Global Allocation Fund — Restricted Securities** | **JNL/BlackRock Global Allocation Fund — Restricted Securities** | **JNL/BlackRock Global Allocation Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adyen B.V. | 07/26/19 | 3857 | 5906 | 0.2 |
| AI Candelaria (Spain), S.L.U, 7.50%, 12/15/28 | 12/15/22 | 225 | 224 |  |
| Alpek S.A.B. de C.V., 3.25%, 02/25/31 | 12/15/22 | 247 | 242 |  |
| Amgen Inc., 5.50%, 12/07/26 | 09/07/22 | 240 | 247 |  |
| Anheuser-Busch InBev, 4.00%, 09/24/25 | 09/07/22 | 227 | 238 |  |
| AT&T Inc., 5.50%, 03/15/27 | 09/07/22 | 236 | 244 |  |
| Banco Santander, S.A., 3.13%, 10/06/26 | 09/07/22 | 753 | 784 | 0.1 |
| Barclays PLC, 3.00%, 05/08/26 | 09/12/22 | 216 | 220 |  |
| Barclays PLC, 3.25%, 02/12/27 | 09/07/22 | 211 | 217 |  |
| BG Energy Capital PLC, 5.13%, 12/01/25 | 09/07/22 | 468 | 486 |  |
| BNP Paribas, 3.38%, 01/23/26 | 09/07/22 | 217 | 227 |  |
| BNP Paribas, 1.88%, 12/14/27 | 09/07/22 | 196 | 202 |  |
| Boparan Finance PLC, 7.63%, 11/30/25 | 10/12/21 | 1798 | 1230 | 0.1 |
| BRF S.A., 4.88%, 01/24/30 | 12/12/22 | 222 | 219 |  |
| Cabinet of Ministers of Ukraine, 0.00%, 09/01/25 | 12/09/22 | 47 | 45 |  |
| Cabinet of Ministers of Ukraine, 7.75%, 09/01/26 | 12/09/22 | 130 | 118 |  |
| CBB International Sukuk Company S.P.C, 5.45%, 09/16/32 | 12/09/22 | 198 | 193 |  |
| Cellnex Telecom, S.A. | 10/28/19 | 12298 | 10080 | 0.4 |
| CIFC European Funding CLO II Designated Activity Company, Series B1-2X, 2.98%, 04/15/33 | 07/07/20 | 112 | 99 |  |
| Comision Federal De Electricidad, E.P.E., 4.88%, 01/15/24 | 12/08/22 | 341 | 339 |  |
| Cooperatieve Rabobank U.A., 1.88%, 07/12/28 | 09/12/22 | 204 | 205 |  |
| Corporacion Financiera de Desarrollo S.A., 4.75%, 07/15/25 | 12/09/22 | 336 | 333 |  |
| Dali Foods Group Company Limited | 07/23/19 | 39 | 29 |  |
| Deutsche Bank Aktiengesellschaft, 2.63%, 12/16/24 | 09/07/22 | 215 | 225 |  |
| Deutsche Bank Aktiengesellschaft, 4.00%, 06/24/26 | 09/13/22 | 219 | 226 |  |
| DP World Salaam, 6.00% (callable at 100, 10/01/25) | 12/15/22 | 259 | 257 |  |
| Empresa Nacional del Petroleo, 3.75%, 08/05/26 | 12/09/22 | 191 | 188 |  |
| EQUATE Petrochemical B.V., 4.25%, 11/03/26 | 12/09/22 | 193 | 191 |  |
| Evolution AB (publ) | 07/26/22 | 241 | 288 |  |
| FEL Energy VI S.a r.l., 5.75%, 12/01/40 | 12/28/22 | 237 | 235 |  |
| Fideicomiso F/80460, 5.50%, 07/31/47 | 12/08/22 | 229 | 227 |  |
| Fideicomiso Fibra Uno, 4.87%, 01/15/30 | 12/13/22 | 208 | 208 |  |
| Ganfeng Lithium Group Co., Ltd - Class H | 09/22/20 | 1544 | 1504 | 0.1 |
| Gobierno de la Republica de Guatemala, 4.50%, 05/03/26 | 12/09/22 | 194 | 192 |  |
| Gobierno de la Republica de Guatemala, 5.25%, 08/10/29 | 12/13/22 | 354 | 347 |  |
| Gobierno de la Republica de Guatemala, 3.70%, 10/07/33 | 12/09/22 | 259 | 255 |  |
| Gobierno de La Republica del Paraguay, 5.60%, 03/13/48 | 12/12/22 | 248 | 243 |  |
| Gobierno de La Republica del Paraguay, 5.40%, 03/30/50 | 12/09/22 | 242 | 238 |  |
| Government of the Sultanate of Oman, 6.50%, 03/08/47 | 12/09/22 | 280 | 272 |  |
| Government of the Sultanate of Oman, 6.75%, 01/17/48 | 12/09/22 | 374 | 364 |  |
| Government of the Sultanate of Oman, 7.00%, 01/25/51 | 12/09/22 | 197 | 193 |  |
| Grand Round, Inc. | 03/31/15 | 1774 | 728 | 0.1 |
| Haidilao International Holding Ltd. | 10/22/20 | 789 | 555 | 0.1 |
| Hangzhou Tigermed Consulting Co., Ltd - Class H | 08/31/21 | 349 | 346 |  |
| Harvest CLO XVIII Designated Activity Company, Series B-18X, 2.58%, 10/15/30 | 06/15/20 | 113 | 103 |  |
| Holland Park CLO Designated Activity Company, Series A1RR-1X, 2.72%, 11/15/32 | 07/10/20 | 112 | 103 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** | **JNL/BlackRock Global Allocation Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Hygeia Healthcare Holdings Co., Limited | 07/30/21 | 551 | 549 | 0.1 |
| Informa Jersey Limited, 3.13%, 07/05/26 | 09/07/22 | 214 | 219 |  |
| ING Groep N.V., 3.00%, 02/18/26 | 09/07/22 | 216 | 225 |  |
| Jawbone Inc. | 01/25/17 |  |  |  |
| JD Health International Inc. | 08/26/21 | 1220 | 1288 | 0.1 |
| Jinxin Fertility Group Limited | 07/30/21 | 967 | 523 |  |
| JPMorgan Chase & Co., 0.99%, 04/28/26 | 09/07/22 | 528 | 546 |  |
| KBC Groep, 1.25%, 09/21/27 | 09/07/22 | 199 | 206 |  |
| Kraft Heinz Foods Company, 4.13%, 07/01/27 | 09/08/22 | 110 | 116 |  |
| Kumba Iron Ore Ltd | 11/17/20 | 467 | 425 |  |
| Leviathan Bond Ltd, 5.75%, 06/30/23 | 12/09/22 | 145 | 144 |  |
| Lloyds Banking Group PLC, 2.25%, 10/16/24 | 09/08/22 | 440 | 458 |  |
| Lookout, Inc. | 03/04/15 | 237 | 76 |  |
| Lookout, Inc. | 09/19/14 | 3242 | 1564 | 0.1 |
| Majid Al Futtaim Holding LLC, 6.38% (callable at 100, 12/20/25) | 12/09/22 | 194 | 192 |  |
| Majid Al Futtaim Holding LLC, 4.75%, 05/07/24 | 12/12/22 | 297 | 296 |  |
| MC Brazil Downstream Trading S.a r.l., 7.25%, 06/30/31 | 12/09/22 | 167 | 165 |  |
| Meituan - Class B | 02/10/22 | 692 | 531 |  |
| Microport Cardioflow Medtech Corporation | 08/05/21 | 1306 | 548 |  |
| Millicom International Cellular SA, 5.13%, 01/15/28 | 12/09/22 | 217 | 217 |  |
| Ming Yuan Cloud Group Holdings Limited | 11/17/20 | 449 | 125 |  |
| NatWest Group PLC, 3.13%, 03/28/27 | 09/07/22 | 213 | 220 |  |
| Nigeria, Federal Government of, 7.88%, 02/16/32 | 12/12/22 | 155 | 150 |  |
| Nigeria, Federal Government of, 7.63%, 11/28/47 | 12/12/22 | 132 | 128 |  |
| Nongfu Spring Co., Ltd. - Class H | 02/14/22 | 137 | 139 |  |
| Oak Hill European Credit Partners VI Designated Activity Company, Series 2017-B1-6X, 2.66%, 01/20/32 | 06/15/20 | 115 | 104 |  |
| OCP Euro CLO 2017-1 Designated Activity Company, Series 2017-B-2X, 2.73%, 01/15/32 | 07/09/20 | 115 | 105 |  |
| Orsted A/S | 11/29/22 | 243 | 252 |  |
| Pharmaron Beijing Co., Ltd. - Class H | 02/14/22 | 178 | 159 |  |
| Presidence de la Republique de Cote d'Ivoire, 6.38%, 03/03/28 | 12/12/22 | 593 | 583 | 0.1 |
| Presidencia de la Republica Dominicana, 6.88%, 01/29/26 | 12/09/22 | 236 | 233 |  |
| Presidencia de la Republica Dominicana, 5.95%, 01/25/27 | 12/09/22 | 319 | 317 |  |
| PT Freeport Indonesia, 4.76%, 04/14/27 | 12/09/22 | 339 | 333 |  |
| PT Pertamina (Persero), 3.65%, 07/30/29 | 12/09/22 | 339 | 330 |  |
| Quintis Limited | 11/03/17 | 1905 |  |  |
| REI Agro Limited, 0.00%, 11/13/14 | 08/26/11 | 606 | 5 |  |
| Rockford Tower Europe CLO 2018-1 Designated Activity Company, Series 2018-B-1X, 3.90%, 12/20/31 | 06/24/20 | 112 | 102 |  |
| Romania, Government of, 2.88%, 03/11/29 | 12/12/22 | 319 | 312 |  |
| Romania, Government of, 2.50%, 02/08/30 | 12/09/22 | 319 | 307 |  |
| Romania, Government of, 2.12%, 07/16/31 | 12/13/22 | 165 | 154 |  |
| Santander UK Group Holdings PLC, 3.63%, 01/14/26 | 09/07/22 | 218 | 225 |  |
| Saudi Arabia, Kingdom of, 4.50%, 04/17/30 | 12/09/22 | 402 | 395 |  |
| Saudi Arabia, Kingdom of, 2.25%, 02/02/33 | 12/09/22 | 246 | 241 |  |
| Senegal, Government of, 6.25%, 05/23/33 | 12/09/22 | 174 | 168 |  |
| Societe Generale, 1.88%, 10/03/24 | 09/07/22 | 218 | 228 |  |
| SURA Asset Management SA, 4.88%, 04/17/24 | 12/09/22 | 335 | 332 |  |
| Swedbank AB, 1.38%, 12/08/27 | 09/07/22 | 198 | 206 |  |
| TE Connectivity Ltd. | 07/08/21 | 9098 | 6901 | 0.3 |
| Telefonica Emisiones, S.A.U., 5.38%, 02/02/26 | 09/07/22 | 467 | 482 |  |
| The Toronto-Dominion Bank, 2.88%, 04/05/27 | 09/07/22 | 213 | 219 |  |
| Total Capital International, 1.66%, 07/22/26 | 09/07/22 | 212 | 217 |  |
| VAT Group AG | 06/14/22 | 115 | 132 |  |
| Verisure Holding AB, 3.88%, 07/15/26 | 09/29/22 | 285 | 322 |  |
| Verisure Midholding AB, 5.25%, 02/15/29 | 09/29/22 | 175 | 204 |  |
| Verizon Communications Inc., 4.07%, 06/18/24 | 09/07/22 | 115 | 120 |  |
| Volkswagen International Finance N.V., 1.88%, 12/03/24 | 09/07/22 | 108 | 113 |  |
| Volkswagen International Finance N.V., 4.25%, 10/09/25 | 09/07/22 | 112 | 116 |  |
|  |  | 62728 | 52582 | 1.8 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Futures Contracts** | **JNL/BlackRock Global Allocation Fund — Futures Contracts** | **JNL/BlackRock Global Allocation Fund — Futures Contracts** | **JNL/BlackRock Global Allocation Fund — Futures Contracts** | **JNL/BlackRock Global Allocation Fund — Futures Contracts** | **JNL/BlackRock Global Allocation Fund — Futures Contracts** | **JNL/BlackRock Global Allocation Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| 3M SONIA Index | 221 | September 2023 | GBP | 52460 | 10 | 252 |
| Australia 10 Year Bond | 567 | March 2023 | AUD | 68993 | (86) | (2276) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** | **JNL/BlackRock Global Allocation Fund — Futures Contracts (continued)** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| DAX Index | 7 | March 2023 | EUR | 2566 | (25) | (126) |
| Euro BOBL | 104 | March 2023 | EUR | 12414 | (48) | (399) |
| Euro Bund | 632 | March 2023 | EUR | 89067 | (717) | (5375) |
| Euro OAT | 23 | March 2023 | EUR | 3097 | (29) | (180) |
| FTSE 100 Index | 2 | March 2023 | GBP | 150 | (1) | (1) |
| MSCI Emerging Markets Index | 92 | March 2023 |  | 4554 | (70) | (141) |
| NASDAQ 100 Stock Index | 75 | March 2023 |  | 17750 | (16) | (1217) |
| NIFTY 50 Index | 150 | January 2023 |  | 5425 | (17) | 42 |
| Russell 2000 Index | 9 | March 2023 |  | 825 | (3) | (28) |
| S&P/TSX 60 Index | 20 | March 2023 | CAD | 4846 | (26) | (122) |
| United States 10 Year Note | 152 | March 2023 |  | 17427 | (21) | (358) |
| United States 2 Year Note | 1225 | April 2023 |  | 251467 | (191) | (246) |
| United States 5 Year Note | 271 | April 2023 |  | 29532 | (23) | (283) |
| United States Long Bond | 54 | March 2023 |  | 6761 | (8) | 8 |
| United States Ultra Bond | 557 | March 2023 |  | 74785 | (279) | 27 |
|  |  |  |  |  | (1550) | (10423) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Euro Buxl 30 Year Bond | (16) | March 2023 | EUR | (2603) | 60 | 466 |
| Euro Schatz | (169) | March 2023 | EUR | (18009) | 24 | 205 |
| Euro STOXX 50 Price Index | (444) | March 2023 | EUR | (17761) | 323 | 1016 |
| Italy Government BTP Bond | (102) | March 2023 | EUR | (11972) | 122 | 916 |
| Japan 10 Year Bond | (28) | March 2023 | JPY | (4147503) | 15 | 562 |
| Long Gilt | (42) | March 2023 | GBP | (4459) | (6) | 321 |
| Nikkei 225 Index | (10) | March 2023 | JPY | (138626) | 20 | 75 |
| S&P 500 Index | (104) | March 2023 |  | (20169) | 56 | 92 |
| United States 10 Year Ultra Bond | (2712) | March 2023 |  | (322658) | 170 | 1879 |
|  |  |  |  |  | 784 | 5532 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| 28-Day MEXIBOR (M) | Paying | 4.42<br> (M) | 02/28/23 | MXN | 151482 |  | (73) |
| 28-Day MEXIBOR (M) | Paying | 4.50<br> (M) | 03/03/23 | MXN | 151435 |  | (76) |
| 28-Day MEXIBOR (M) | Paying | 4.68<br> (M) | 02/27/24 | MXN | 107479 | (2) | (347) |
| 28-Day MEXIBOR (M) | Paying | 4.86<br> (M) | 03/01/24 | MXN | 107479 | (2) | (340) |
| 28-Day MEXIBOR (M) | Paying | 6.48<br> (M) | 08/12/26 | MXN | 88618 | (10) | (329) |
| 28-Day MEXIBOR (M) | Paying | 6.43<br> (M) | 08/13/26 | MXN | 122344 | (13) | (463) |
| 28-Day MEXIBOR (M) | Paying | 6.47<br> (M) | 08/13/26 | MXN | 121684 | (13) | (454) |
| 28-Day MEXIBOR (M) | Paying | 6.42<br> (M) | 08/14/26 | MXN | 99198 | (11) | (378) |
| 28-Day MEXIBOR (M) | Paying | 6.44<br> (M) | 08/14/26 | MXN | 60184 | (6) | (227) |
| 28-Day MEXIBOR (M) | Paying | 6.42<br> (M) | 08/17/26 | MXN | 89362 | (10) | (340) |
| 3M LIBOR (Q) | Receiving | 0.53<br> (S) | 06/06/24 |  | 32102 | 22 | 1976 |
| 6M EURIBOR (S) | Receiving | 0.02<br> (A) | 08/26/31 | EUR | 15924 | 116 | 4060 |
| HICP (A) | Paying | 2.69<br> (A) | 08/15/32 | EUR | 2335 | 1 | (21) |
| Sterling Overnight Index Average Rate (A) | Paying | 4.26<br> (A) | 09/06/24 | GBP | 41751 | (9) | (149) |
| U.S. SOFR (A) | Receiving | 2.00<br> (A) | 02/17/25 |  | 23094 | 15 | 1041 |
| U.S. SOFR (A) | Receiving | 2.72<br> (A) | 05/02/25 |  | 280478 | 217 | 9960 |
| U.S. SOFR (A) | Receiving | 2.58<br> (A) | 05/24/32 |  | 24398 | 50 | 1927 |
| U.S. SOFR (A) | Receiving | 2.60<br> (A) | 05/26/32 |  | 4088 | 8 | 313 |
| U.S. SOFR (A) | Receiving | 2.61<br> (A) | 05/02/42 |  | 3074 | 7 | 359 |
| U.S. SOFR (A) | Receiving | 2.43<br> (A) | 05/02/52 |  | 92115 | 352 | 13742 |
| U.S. SOFR (A) | Paying | 2.65<br> (A) | 05/02/24 |  | 242228 | (134) | (6809) |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 12/15/25 |  | 19101 | (25) | (182) |
| U.S. SOFR (A) | Paying | 3.81<br> (A) | 12/19/25 |  | 20346 | (28) | (161) |
| U.S. SOFR (A) | Paying | 2.67<br> (A) | 05/02/27 |  | 10963 | (14) | (493) |
| U.S. SOFR (A) | Paying | 2.91<br> (A) | 10/06/27 |  | 40586 | (55) | (1517) |
| U.S. SOFR (A) | Paying | 2.65<br> (A) | 05/02/32 |  | 129669 | (260) | (9473) |
| U.S. SOFR (A) | Paying | 3.47<br> (A) | 10/04/32 |  | 17385 | (41) | (133) |
| U.S. SOFR (A) | Paying | 3.42<br> (A) | 10/05/32 |  | 8366 | (20) | (99) |
| U.S. SOFR (A) | Paying | 3.05<br> (A) | 10/28/32 |  | 18965 | (44) | (798) |
| U.S. SOFR (A) | Paying | 2.88<br> (A) | 11/02/32 |  | 19311 | (45) | (1083) |
| U.S. SOFR (A) | Paying | 2.92<br> (A) | 11/04/32 |  | 19429 | (45) | (1026) |
| U.S. SOFR (A) | Paying | 2.90<br> (A) | 11/15/32 |  | 30998 | (73) | (1692) |
| U.S. SOFR (A) | Paying | 3.20<br> (A) | 11/28/32 |  | 18157 | (44) | (543) |
|  |  |  |  |  |  | (116) | 6172 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** |
| Avis Budget Car Rental, LLC (Q) | N/A | 5.00 | 12/20/26 | 1885 | (70) | 4 | 208 |
| **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| CDX.NA.HY.37.V2 (Q) | 4.12 | 5.00 | 12/20/26 | (31720) | 921 | (23) | (1271) |
| CDX.NA.HY.39 (Q) | 4.85 | 5.00 | 12/20/27 | (1907) | 11 | (1) | 93 |
| CDX.NA.IG.39 (Q) | 0.82 | 1.00 | 12/20/27 | (7727) | 62 | (1) | 49 |
| ITRAXX.EUR.XO.36 (Q) | 4.16 | 5.00 | 12/20/26 | (8241) | 247 | 8 | (812) |
| ITRAXX.EUR.XO.38 (Q) | 4.74 | 5.00 | 12/20/27 | (6426) | 69 | 6 | 304 |
|  |  |  |  |  | 1310 | (11) | (1637) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/**<br>**Swaption Rate (%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Exchange Traded Futures Options** | **Exchange Traded Futures Options** | **Exchange Traded Futures Options** | **Exchange Traded Futures Options** | **Exchange Traded Futures Options** | **Exchange Traded Futures Options** |
| United States 10 Year Note 1st Week Future, Mar. 2023 | Put | 113.50 | 01/06/23 | 740 | 971 |
| United States 10 Year Note Future, Mar. 2023 | Put | 111.50 | 01/27/23 | 19 | 12 |
|  |  |  |  |  | 983 |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
| Chicago Board Options Exchange Volatility Index | Call | 32.00 | 01/18/23 | 79 | 3 |
| S&P 500 Index | Call | 4090.00 | 01/06/23 | 108 | 2 |
|  |  |  |  |  | 5 |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Abbott Laboratories | Call | 115.00 | 01/20/23 | 281 | 15 |
| Abbott Laboratories | Call | 105.00 | 01/20/23 | 167 | 94 |
| AbbVie Inc. | Put | 140.00 | 01/20/23 | 148 | 2 |
| Adobe Inc. | Call | 480.00 | 01/20/23 | 30 |  |
| Albemarle Corporation | Call | 240.00 | 03/17/23 | 69 | 78 |
| Align Technology, Inc. | Call | 240.00 | 01/20/23 | 43 | 7 |
| Alphabet Inc. | Call | 125.00 | 01/20/23 | 280 |  |
| Amazon.com, Inc. | Call | 90.00 | 02/17/23 | 260 | 99 |
| Amazon.com, Inc. | Call | 100.00 | 02/17/23 | 365 | 50 |
| AstraZeneca PLC | Call | 62.50 | 01/20/23 | 204 | 116 |
| Booking Holdings Inc. | Call | 2000.00 | 01/20/23 | 10 | 78 |
| Brandywine Realty Trust | Put | 5.00 | 04/21/23 | 58 | 1 |
| Carnival Corporation | Put | 7.00 | 02/17/23 | 85 | 3 |
| Carnival Corporation | Put | 6.00 | 03/17/23 | 129 | 4 |
| Caterpillar Inc. | Put | 175.00 | 02/17/23 | 82 | 5 |
| CF Industries Holdings, Inc. | Call | 115.00 | 02/17/23 | 175 | 4 |
| Charter Communications, Inc. | Call | 370.00 | 03/17/23 | 52 | 78 |
| ConocoPhillips | Call | 140.00 | 01/20/23 | 541 | 8 |
| ConocoPhillips | Put | 70.00 | 01/20/23 | 229 |  |
| CVS Health Corporation | Call | 97.50 | 01/20/23 | 185 | 9 |
| CVS Health Corporation | Call | 105.00 | 01/20/23 | 264 | 2 |
| DexCom, Inc. | Call | 100.00 | 01/20/23 | 206 | 301 |
| Dynatrace, Inc. | Call | 45.00 | 01/20/23 | 186 | 2 |
| Eli Lilly and Company | Call | 340.00 | 01/20/23 | 58 | 163 |
| Eli Lilly and Company | Call | 320.00 | 01/20/23 | 58 | 276 |
| Eli Lilly and Company | Call | 380.00 | 02/17/23 | 80 | 80 |
| Energy Select Sector SPDR Fund | Call | 95.00 | 01/20/23 | 332 | 12 |
| Energy Select Sector SPDR Fund | Call | 87.00 | 01/20/23 | 241 | 69 |
| Energy Select Sector SPDR Fund | Put | 65.00 | 01/20/23 | 386 | 1 |
| EOG Resources, Inc. | Call | 158.50 | 04/21/23 | 317 | 94 |
| EQT Corporation | Call | 45.00 | 01/20/23 | 527 | 1 |
| EQT Corporation | Call | 40.00 | 03/17/23 | 699 | 91 |
| Exxon Mobil Corporation | Call | 120.00 | 01/20/23 | 523 | 17 |
| Exxon Mobil Corporation | Put | 75.00 | 01/20/23 | 153 |  |
| Ford Motor Company | Put | 10.00 | 02/17/23 | 269 | 7 |
| Ford Motor Company | Put | 9.00 | 03/17/23 | 148 | 3 |
| Freeport-McMoRan Inc. | Call | 35.00 | 01/20/23 | 562 | 198 |
| Freeport-McMoRan Inc. | Call | 42.00 | 02/17/23 | 527 | 64 |
| Hudson Pacific Properties, Inc. | Put | 7.50 | 03/17/23 | 58 | 2 |
| Humana Inc. | Call | 550.00 | 01/20/23 | 47 | 7 |
| Humana Inc. | Call | 500.00 | 01/20/23 | 28 | 59 |
| Intel Corporation | Call | 42.50 | 06/16/23 | 69 | 1 |
| Intel Corporation | Call | 40.00 | 06/16/23 | 112 | 2 |
| Intuit Inc. | Call | 450.00 | 01/20/23 | 31 | 3 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options (continued)** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/**<br>**Swaption Rate (%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| Invesco QQQ Trust | Call | 300.00 | 01/06/23 | 487 |  |
| Invesco QQQ Trust | Call | 292.00 | 01/06/23 | 652 | 1 |
| Invesco Senior Loan ETF | Put | 19.00 | 04/21/23 | 264 | 4 |
| iShares China Large-Cap ETF | Call | 31.00 | 02/17/23 | 2395 | 160 |
| iShares China Large-Cap ETF | Call | 30.00 | 02/17/23 | 2415 | 237 |
| iShares China Large-Cap ETF | Call | 32.00 | 03/17/23 | 2281 | 160 |
| iShares iBoxx $ High Yield Corporate Bond ETF | Call | 75.00 | 01/20/23 | 913 | 30 |
| iShares iBoxx $ High Yield Corporate Bond ETF | Put | 71.00 | 01/20/23 | 215 | 3 |
| iShares iBoxx $ High Yield Corporate Bond ETF | Put | 71.00 | 02/17/23 | 254 | 14 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | Put | 103.50 | 01/20/23 | 77 | 4 |
| KLA Corporation | Call | 400.00 | 01/20/23 | 68 | 42 |
| Lions Gate Entertainment Corp. | Call | 10.00 | 06/16/23 | 59 | 1 |
| Lululemon Athletica Canada Inc. | Call | 390.00 | 01/20/23 | 40 | 1 |
| Lululemon Athletica Canada Inc. | Call | 360.00 | 01/20/23 | 66 | 11 |
| Marathon Oil Corporation | Call | 33.00 | 01/20/23 | 491 | 2 |
| Marathon Oil Corporation | Call | 32.00 | 01/20/23 | 574 | 4 |
| McKesson Corporation | Call | 400.00 | 01/20/23 | 55 | 10 |
| Merck & Co., Inc. | Call | 95.00 | 01/20/23 | 167 | 272 |
| Northrop Grumman Corporation | Call | 560.00 | 01/20/23 | 32 | 22 |
| Northrop Grumman Corporation | Call | 510.00 | 01/20/23 | 45 | 179 |
| Office Properties Income Trust | Put | 12.50 | 03/17/23 | 61 | 4 |
| Otis Worldwide Corporation | Call | 85.00 | 01/20/23 | 194 | 3 |
| Ovintiv Canada ULC | Call | 60.00 | 01/20/23 | 185 | 5 |
| Owl Rock Capital Corporation | Put | 10.00 | 04/21/23 | 170 | 5 |
| Pioneer Natural Resources Company | Call | 260.00 | 01/20/23 | 211 | 8 |
| Pioneer Natural Resources Company | Put | 210.00 | 01/20/23 | 68 | 15 |
| Rockwell Automation, Inc. | Call | 280.00 | 01/20/23 | 84 | 9 |
| Rockwell Automation, Inc. | Call | 290.00 | 04/21/23 | 54 | 38 |
| Sabre Corporation | Put | 5.00 | 01/20/23 | 114 |  |
| Sabre Corporation | Put | 5.00 | 02/17/23 | 41 | 1 |
| Salesforce, Inc. | Call | 210.00 | 01/20/23 | 102 |  |
| Salesforce, Inc. | Call | 200.00 | 01/20/23 | 102 |  |
| Schlumberger Limited | Call | 57.50 | 01/20/23 | 280 | 22 |
| Schlumberger Limited | Call | 55.00 | 02/17/23 | 272 | 77 |
| ServiceNow, Inc. | Call | 550.00 | 01/20/23 | 35 |  |
| Shell PLC | Call | 62.50 | 04/21/23 | 351 | 54 |
| Shell PLC | Call | 60.00 | 04/21/23 | 544 | 131 |
| SoFi Technologies, Inc. | Put | 4.00 | 02/17/23 | 51 | 1 |
| SPDR S&P 500 ETF Trust | Call | 410.00 | 01/13/23 | 294 | 6 |
| SPDR S&P 500 ETF Trust | Call | 430.00 | 01/20/23 | 431 | 2 |
| SPDR S&P 500 ETF Trust | Call | 415.00 | 01/20/23 | 845 | 18 |
| SPDR S&P 500 ETF Trust | Put | 360.00 | 01/20/23 | 58 | 8 |
| SPDR S&P Regional Banking ETF | Put | 56.00 | 01/20/23 | 2386 | 117 |
| TE Connectivity Ltd. | Call | 135.00 | 01/20/23 | 131 |  |
| Tesla Inc. | Call | 130.00 | 03/17/23 | 258 | 377 |
| Tesla Inc. | Call | 175.00 | 04/21/23 | 131 | 75 |
| The Walt Disney Company | Call | 120.00 | 01/20/23 | 215 |  |
| Valero Energy Corporation | Call | 145.00 | 01/20/23 | 175 | 6 |
| Valero Energy Corporation | Put | 90.00 | 01/20/23 | 133 | 1 |
| Vertiv Holdings Co | Put | 10.00 | 03/17/23 | 53 | 2 |
| Visa Inc. | Call | 210.00 | 01/20/23 | 131 | 52 |
| Visa Inc. | Call | 225.00 | 02/17/23 | 132 | 37 |
| Visa Inc. | Call | 220.00 | 03/17/23 | 162 | 95 |
| Xerox Holdings Corporation | Put | 10.00 | 01/20/23 | 91 |  |
| Xerox Holdings Corporation | Put | 12.00 | 02/17/23 | 88 | 2 |
| XPO, Inc. | Call | 57.50 | 01/20/23 | 130 | 4 |
|  |  |  |  |  | 4438 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Barrier Options** |
| **Reference Entity** | **Counterparty** | **Option Type** | **Barrier**<br>**Price ($)** | **Exercise**<br>**Price ($)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** |
| GBP/USD Spot Rate | JPM<br> Call | One-touch | 1.00 | 1.00 | 05/11/23 | GBP | 670046 | 31 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options** |
| **Reference Entity** | **Counterparty** | **Exercise Price ($)/**<br>**Swaption Rate (%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** |
| CDX.NA.HY.39, 12/20/27 | DUB<br> Call | 102.50 | 01/18/23 | 1715000 | 2 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/**<br>**Swaption Rate (%)** | **Exercise Price ($)/**<br>**Swaption Rate (%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| CDX.NA.HY.39, 12/20/27 | BCL | Put |  | 95.00 | 02/15/23 |  | 1600000 | 6 |
| CDX.NA.HY.39, 12/20/27 | DUB | Put |  | 96.00 | 02/15/23 |  | 1520000 | 7 |
| CDX.NA.HY.39, 12/20/27 | GSC | Put |  | 95.00 | 01/18/23 |  | 1695000 | 2 |
| CDX.NA.HY.39, 12/20/27 | GSC | Put |  | 96.00 | 01/18/23 |  | 1470000 | 2 |
|  |  |  |  |  |  |  |  | 19 |
| **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** |
| Dual Binary Option payout at expiry if AUD/USD >= 0.697 and USD/JPY >= 137.06 | BOA | Call |  | N/A | 03/07/23 |  | 990000 | 25 |
| EUR/USD Spot Rate | MSC | Call |  | 1.06 | 02/07/23 | EUR | 13231110 | 259 |
| EUR/USD Spot Rate | MSC | Put |  | 0.97 | 02/07/23 | EUR | 13231110 | 1 |
| USD/MXN Spot Rate | DUB | Put | MXN | 19.50 | 03/07/23 |  | 6029644 | 77 |
|  |  |  |  |  |  |  |  | 362 |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
| Dual Binary Option payout at expiry if S&P 500 Index >= 3,687.14 and 1M LIBOR >= 3.33 | CIT | Put |  | 3687.14 | 05/19/23 |  | 652523 | 75 |
| Dual Binary Option payout at expiry if S&P 500 Index >= 3,687.14 and 1M LIBOR >= 3.34 | CIT | Put |  | 3687.14 | 04/21/23 |  | 652523 | 72 |
| Dual Binary Option payout at expiry if S&P 500 Index >= 3,687.14 and 1M LIBOR >= 3.36 | CIT | Put |  | 3687.14 | 03/17/23 |  | 652523 | 62 |
|  |  |  |  |  |  |  |  | 209 |
| **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** |
| 3M LIBOR, 11/16/53 | CIT | Call |  | 2.85 | 11/14/23 |  | 5795071 | 309 |
| 3M LIBOR, 10/26/33 | CIT | Call |  | 3.05 | 10/24/23 |  | 18356814 | 416 |
| 3M LIBOR, 11/09/33 | GSC | Call |  | 2.82 | 11/07/23 |  | 7596401 | 131 |
| 3M LIBOR, 02/17/33 | JPM | Call |  | 2.97 | 02/15/23 |  | 15153441 | 25 |
| 3M LIBOR, 11/01/33 | JPM | Call |  | 2.90 | 10/30/23 |  | 18356814 | 346 |
| 3M LIBOR, 03/20/24 | MSC | Call |  | 0.80 | 03/16/23 |  | 214206461 |  |
| 3M LIBOR, 10/26/33 | CIT | Put |  | 4.55 | 10/24/23 |  | 18356814 | 200 |
| 3M LIBOR, 11/09/33 | GSC | Put |  | 4.82 | 11/07/23 |  | 7596401 | 64 |
| 3M LIBOR, 02/13/24 | GSC | Put |  | 3.75 | 02/09/23 |  | 152403261 | 1800 |
| 3M LIBOR, 11/01/33 | JPM | Put |  | 4.40 | 10/30/23 |  | 18356814 | 240 |
| 6M EURIBOR, 04/03/24 | GSC | Put |  | 2.47 | 04/03/23 | GBP | 80059989 | 2032 |
| 6M EURIBOR, 05/04/24 | GSC | Put |  | 1.00 | 05/02/23 | EUR | 113111465 | 3108 |
|  |  |  |  |  |  |  |  | 8671 |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Glencore PLC | GSC | Call | GBP | 5.68 | 01/20/23 |  | 186 | 20 |
| Financial Select Sector SPDR Fund | GSC | Put |  | 35.00 | 01/20/23 |  | 282100 | 303 |
| First Quantum Minerals Ltd | BMO | Put | CAD | 21.00 | 01/20/23 |  | 70 | 1 |
|  |  |  |  |  |  |  |  | 324 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** |
| United States 10 Year Note 1st Week Future, Mar. 2023 | Put | 112.00 | 01/06/23 | 1110 | (382) |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
| Chicago Board Options Exchange Volatility Index | Call | 40.00 | 01/18/23 | 79 | (1) |
| S&P 500 Index | Call | 4350.00 | 02/17/23 | 108 | (36) |
|  |  |  |  |  | (37) |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Abbott Laboratories | Put | 95.00 | 01/20/23 | 281 | (4) |
| Abbott Laboratories | Put | 90.00 | 01/20/23 | 167 | (2) |
| AbbVie Inc. | Call | 165.00 | 01/20/23 | 148 | (23) |
| Air Products and Chemicals, Inc. | Call | 310.00 | 01/20/23 | 109 | (68) |
| Albemarle Corporation | Call | 370.00 | 01/20/23 | 47 |  |
| Albemarle Corporation | Put | 180.00 | 03/17/23 | 69 | (43) |
| Align Technology, Inc. | Put | 180.00 | 01/20/23 | 43 | (7) |
| Alphabet Inc. | Put | 80.00 | 01/20/23 | 380 | (20) |
| Alphabet Inc. | Put | 100.00 | 01/20/23 | 280 | (318) |
| Amazon.com, Inc. | Call | 110.00 | 01/20/23 | 265 | (1) |
| Amazon.com, Inc. | Put | 75.00 | 02/17/23 | 365 | (96) |
| Amazon.com, Inc. | Put | 70.00 | 02/17/23 | 260 | (41) |
| Apple Inc. | Call | 160.00 | 01/20/23 | 210 | (1) |
| Archer-Daniels-Midland Company | Call | 110.00 | 01/20/23 | 230 |  |
| Booking Holdings Inc. | Put | 1700.00 | 01/20/23 | 10 | (6) |
| CF Industries Holdings, Inc. | Call | 125.00 | 01/20/23 | 185 |  |
| CF Industries Holdings, Inc. | Call | 130.00 | 02/17/23 | 175 | (1) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| CF Industries Holdings, Inc. | Put | 90.00 | 02/17/23 | 175 | (148) |
| Charter Communications, Inc. | Put | 290.00 | 03/17/23 | 52 | (48) |
| Comcast Corporation | Put | 30.00 | 01/20/23 | 561 | (6) |
| ConocoPhillips | Put | 115.00 | 01/20/23 | 135 | (37) |
| CVS Health Corporation | Put | 95.00 | 01/20/23 | 264 | (86) |
| Dynatrace, Inc. | Put | 35.00 | 01/20/23 | 186 | (9) |
| Eli Lilly and Company | Call | 430.00 | 01/20/23 | 58 |  |
| Eli Lilly and Company | Put | 260.00 | 01/20/23 | 58 |  |
| Eli Lilly and Company | Put | 310.00 | 02/17/23 | 80 | (18) |
| Energy Select Sector SPDR Fund | Call | 97.00 | 01/20/23 | 241 | (4) |
| Energy Select Sector SPDR Fund | Put | 80.00 | 01/20/23 | 332 | (16) |
| EOG Resources, Inc. | Call | 178.50 | 04/21/23 | 317 | (32) |
| EOG Resources, Inc. | Put | 113.50 | 04/21/23 | 317 | (166) |
| EQT Corporation | Call | 46.00 | 03/17/23 | 349 | (16) |
| EQT Corporation | Call | 45.00 | 03/17/23 | 699 | (38) |
| EQT Corporation | Put | 34.00 | 01/20/23 | 351 | (61) |
| EQT Corporation | Put | 30.00 | 03/17/23 | 349 | (64) |
| Exxon Mobil Corporation | Call | 95.00 | 01/20/23 | 305 | (477) |
| Exxon Mobil Corporation | Call | 130.00 | 01/20/23 | 523 | (1) |
| Exxon Mobil Corporation | Put | 100.00 | 01/20/23 | 132 | (6) |
| Freeport-McMoRan Inc. | Call | 45.00 | 01/20/23 | 843 | (8) |
| Freeport-McMoRan Inc. | Call | 48.00 | 02/17/23 | 527 | (16) |
| Freeport-McMoRan Inc. | Put | 32.00 | 02/17/23 | 527 | (37) |
| Humana Inc. | Call | 640.00 | 01/20/23 | 28 |  |
| Humana Inc. | Call | 580.00 | 02/17/23 | 53 | (15) |
| Intuit Inc. | Put | 370.00 | 01/20/23 | 31 | (24) |
| Intuitive Surgical, Inc. | Call | 290.00 | 01/20/23 | 50 | (7) |
| Invesco QQQ Trust | Call | 320.00 | 01/06/23 | 487 |  |
| Invesco QQQ Trust | Call | 312.00 | 01/06/23 | 652 |  |
| Invesco QQQ Trust | Put | 270.00 | 01/06/23 | 244 | (131) |
| Invesco QQQ Trust | Put | 265.00 | 01/20/23 | 676 | (391) |
| iShares China Large-Cap ETF | Call | 35.00 | 02/17/23 | 2395 | (31) |
| iShares China Large-Cap ETF | Call | 34.00 | 02/17/23 | 2415 | (51) |
| iShares China Large-Cap ETF | Call | 37.00 | 03/17/23 | 2281 | (34) |
| iShares iBoxx $ High Yield Corporate Bond ETF | Call | 78.00 | 01/20/23 | 1826 | (3) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | Put | 101.00 | 01/20/23 | 77 | (1) |
| iShares Semiconductor ETF | Put | 290.00 | 03/17/23 | 47 | (25) |
| KLA Corporation | Put | 330.00 | 01/20/23 | 68 | (16) |
| Lululemon Athletica Canada Inc. | Call | 420.00 | 01/20/23 | 40 |  |
| Lululemon Athletica Canada Inc. | Put | 310.00 | 01/20/23 | 40 | (32) |
| Marathon Oil Corporation | Put | 25.00 | 01/20/23 | 925 | (38) |
| McKesson Corporation | Put | 360.00 | 01/20/23 | 54 | (19) |
| Merck & Co., Inc. | Call | 100.00 | 01/20/23 | 172 | (196) |
| Micron Technology, Inc. | Put | 47.50 | 01/20/23 | 523 | (55) |
| Microsoft Corporation | Call | 265.00 | 01/20/23 | 127 | (7) |
| Northrop Grumman Corporation | Call | 550.00 | 01/20/23 | 45 | (49) |
| Northrop Grumman Corporation | Put | 480.00 | 01/20/23 | 32 | (9) |
| Otis Worldwide Corporation | Put | 65.00 | 01/20/23 | 194 | (2) |
| Ovintiv Canada ULC | Put | 45.00 | 01/20/23 | 185 | (13) |
| Pioneer Natural Resources Company | Call | 275.00 | 01/20/23 | 211 | (2) |
| Pioneer Natural Resources Company | Put | 215.00 | 01/20/23 | 53 | (15) |
| Rockwell Automation, Inc. | Put | 240.00 | 01/20/23 | 84 | (14) |
| Rockwell Automation, Inc. | Put | 220.00 | 04/21/23 | 54 | (32) |
| Schlumberger Limited | Call | 60.00 | 01/20/23 | 178 | (7) |
| Schlumberger Limited | Call | 60.00 | 02/17/23 | 272 | (33) |
| Schlumberger Limited | Put | 47.50 | 01/20/23 | 280 | (13) |
| Schlumberger Limited | Put | 42.50 | 02/17/23 | 175 | (8) |
| ServiceNow, Inc. | Put | 450.00 | 01/20/23 | 35 | (217) |
| Shell PLC | Call | 70.00 | 04/21/23 | 714 | (29) |
| Shell PLC | Put | 52.50 | 04/21/23 | 351 | (68) |
| Shell PLC | Put | 50.00 | 04/21/23 | 544 | (72) |
| SPDR S&P 500 ETF Trust | Call | 435.00 | 01/20/23 | 422 | (2) |
| SPDR S&P 500 ETF Trust | Call | 420.00 | 12/15/23 | 97 | (212) |
| SPDR S&P 500 ETF Trust | Put | 340.00 | 01/20/23 | 58 | (2) |
| SPDR S&P Regional Banking ETF | Put | 52.00 | 01/20/23 | 2386 | (19) |
| TE Connectivity Ltd. | Put | 110.00 | 01/20/23 | 131 | (19) |
| Tesla Inc. | Call | 170.00 | 03/17/23 | 258 | (108) |
| Tesla Inc. | Call | 208.33 | 04/21/23 | 131 | (34) |
| Tesla Inc. | Put | 80.00 | 03/17/23 | 258 | (82) |
| Tesla Inc. | Put | 108.33 | 04/21/23 | 131 | (167) |
| The TJX Companies, Inc. | Call | 80.00 | 01/20/23 | 222 | (41) |
| The Walt Disney Company | Call | 105.00 | 01/20/23 | 196 | (2) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options (continued)** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| The Walt Disney Company | Put | 85.00 | 01/20/23 | 196 | (42) |
| The Walt Disney Company | Put | 80.00 | 01/20/23 | 140 | (12) |
| The Walt Disney Company | Put | 80.00 | 02/17/23 | 140 | (36) |
| United Parcel Service, Inc. | Call | 195.00 | 01/20/23 | 136 | (2) |
| UnitedHealth Group Incorporated | Call | 580.00 | 01/20/23 | 56 | (4) |
| Valero Energy Corporation | Call | 155.00 | 01/20/23 | 175 | (2) |
| Valero Energy Corporation | Call | 120.00 | 01/20/23 | 267 | (243) |
| Valero Energy Corporation | Put | 115.00 | 01/20/23 | 88 | (10) |
| Visa Inc. | Call | 240.00 | 02/17/23 | 132 | (9) |
| Visa Inc. | Call | 245.00 | 03/17/23 | 162 | (16) |
| Visa Inc. | Put | 180.00 | 01/20/23 | 131 | (4) |
| Visa Inc. | Put | 185.00 | 02/17/23 | 76 | (18) |
| Visa Inc. | Put | 185.00 | 03/17/23 | 162 | (57) |
| XPO, Inc. | Put | 45.00 | 01/20/23 | 130 | (8) |
|  |  |  |  |  | (4735) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** | **JNL/BlackRock Global Allocation Fund — OTC Written Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** |
| EUR/USD Spot Rate | MSC | Call |  | 1.09 | 02/07/23 | EUR | 13231110 | (70) |
| EUR/USD Spot Rate | JPM | Put |  | 1.03 | 02/17/23 | EUR | 1769474 | (5) |
| GBP/USD Spot Rate | JPM | Put |  | 1.19 | 02/17/23 | GBP | 1558490 | (18) |
| USD/BRL Spot Rate | GSC | Put | BRL | 5.36 | 02/16/23 |  | 1808694 | (55) |
| USD/CNH Spot Rate | CIT | Call | CNH | 7.13 | 02/16/23 |  | 1852342 | (4) |
| USD/HUF Spot Rate | UBS | Put | HUF | 393.57 | 02/16/23 |  | 1796475 | (99) |
| USD/MXN Spot Rate | DUB | Call | MXN | 21.00 | 03/07/23 |  | 6029644 | (28) |
| USD/MXN Spot Rate | DUB | Put | MXN | 18.75 | 03/07/23 |  | 6029644 | (14) |
| USD/MXN Spot Rate | HSB | Put | MXN | 19.46 | 02/16/23 |  | 3625777 | (37) |
| USD/TWD Spot Rate | JPM | Call | TWD | 31.13 | 02/16/23 |  | 1855072 | (7) |
|  |  |  |  |  |  |  |  | (337) |
| **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** |
| 3M LIBOR, 10/26/25 | CIT | Call |  | 3.09 | 10/24/23 |  | 73427255 | (343) |
| 3M LIBOR, 11/16/25 | CIT | Call |  | 2.75 | 11/14/23 |  | 57950706 | (225) |
| 3M LIBOR, 06/16/28 | GSC | Call |  | 2.50 | 06/14/23 |  | 35256000 | (96) |
| 3M LIBOR, 11/09/25 | GSC | Call |  | 3.26 | 11/07/23 |  | 30385604 | (181) |
| 3M LIBOR, 02/17/33 | JPM | Call |  | 2.67 | 02/15/23 |  | 15153441 | (7) |
| 3M LIBOR, 06/01/28 | JPM | Call |  | 2.80 | 05/30/23 |  | 29789910 | (118) |
| 3M LIBOR, 06/12/28 | JPM | Call |  | 2.50 | 06/08/23 |  | 14847874 | (38) |
| 3M LIBOR, 11/01/25 | JPM | Call |  | 2.95 | 10/30/23 |  | 73427255 | (306) |
| 3M LIBOR, 02/17/25 | MSC | Call |  | 1.40 | 02/15/23 |  | 82096839 |  |
| 3M LIBOR, 03/20/24 | MSC | Call |  | 0.40 | 03/16/23 |  | 214206461 |  |
| 3M LIBOR, 03/20/24 | MSC | Call |  | 0.60 | 03/16/23 |  | 214206461 |  |
| 3M LIBOR, 06/01/25 | MSC | Call |  | 3.30 | 05/30/23 |  | 73533895 | (135) |
| 3M LIBOR, 12/18/33 | MSC | Call |  | 2.40 | 12/14/23 |  | 9724000 | (104) |
| 3M LIBOR, 05/09/33 | CIT | Put |  | 3.75 | 05/05/23 |  | 19372821 | (339) |
| 3M LIBOR, 10/26/25 | CIT | Put |  | 5.09 | 10/24/23 |  | 73427255 | (176) |
| 3M LIBOR, 11/16/25 | CIT | Put |  | 4.75 | 11/14/23 |  | 57950706 | (124) |
| 3M LIBOR, 02/13/24 | GSC | Put |  | 4.40 | 02/09/23 |  | 304806523 | (1753) |
| 3M LIBOR, 03/10/25 | GSC | Put |  | 4.03 | 03/08/23 |  | 151588612 | (1258) |
| 3M LIBOR, 03/27/33 | GSC | Put |  | 3.27 | 03/23/23 |  | 30456020 | (1024) |
| 3M LIBOR, 06/16/28 | GSC | Put |  | 3.90 | 06/14/23 |  | 35256000 | (396) |
| 3M LIBOR, 11/09/25 | GSC | Put |  | 5.26 | 11/07/23 |  | 30385604 | (61) |
| 3M LIBOR, 06/01/28 | JPM | Put |  | 4.30 | 05/30/23 |  | 29789910 | (171) |
| 3M LIBOR, 06/12/28 | JPM | Put |  | 4.00 | 06/08/23 |  | 29695748 | (282) |
| 3M LIBOR, 11/01/25 | JPM | Put |  | 4.95 | 10/30/23 |  | 73427255 | (210) |
| 3M LIBOR, 02/17/25 | MSC | Put |  | 2.60 | 02/15/23 |  | 82096839 | (2735) |
| 3M LIBOR, 02/17/25 | MSC | Put |  | 2.70 | 02/15/23 |  | 82096839 | (2579) |
| 3M LIBOR, 03/09/24 | MSC | Put |  | 4.50 | 03/07/23 |  | 149839000 | (761) |
| 3M LIBOR, 04/12/33 | MSC | Put |  | 3.40 | 04/06/23 |  | 20284902 | (573) |
| 3M LIBOR, 04/20/33 | MSC | Put |  | 3.45 | 04/18/23 |  | 19908045 | (562) |
| 3M LIBOR, 06/01/25 | MSC | Put |  | 4.80 | 05/30/23 |  | 73533895 | (192) |
| 3M LIBOR, 12/18/33 | MSC | Put |  | 3.60 | 12/14/23 |  | 9724000 | (318) |
| 6M EURIBOR, 04/03/24 | GSC | Put |  | 3.22 | 04/03/23 | GBP | 160119978 | (2693) |
| 6M EURIBOR, 05/04/24 | GSC | Put |  | 1.75 | 05/02/23 | EUR | 226222929 | (4470) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| 6M EURIBOR, 02/17/26 | JPM | Put |  | 3.36 | 02/15/23 | EUR | 45614949 | (219) |
|  |  |  |  |  |  |  |  | (22449) |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Financial Select Sector SPDR Fund | GSC | Put |  | 31.00 | 01/20/23 |  | 282100 | (23) |
| First Quantum Minerals Ltd | BMO | Put | CAD | 16.00 | 01/20/23 |  | 70 |  |
| Glencore PLC | GSC | Put | GBP | 4.41 | 01/20/23 |  | 186 | (1) |
|  |  |  |  |  |  |  |  | (24) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/BlackRock Global Allocation Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| AUD/USD | BCL | 02/16/23 | AUD | 70645 | 48188 | 454 |
| BRL/USD | GSC | 02/22/23 | BRL | 9773 | 1834 | 25 |
| BRL/USD | CIT | 03/02/23 | BRL | 18035 | 3380 | 77 |
| BRL/USD | BOA | 03/15/23 | BRL | 23716 | 4432 | (4) |
| BRL/USD | DUB | 03/15/23 | BRL | 45467 | 8498 | 127 |
| CAD/USD | HSB | 01/20/23 | CAD | 30282 | 22367 | 310 |
| CHF/USD | BCL | 03/15/23 | CHF | 48212 | 52548 | (64) |
| DKK/USD | DUB | 03/15/23 | DKK | 79540 | 11513 | 53 |
| EUR/USD | UBS | 01/20/23 | EUR | 20717 | 22203 | 1646 |
| EUR/USD | UBS | 03/15/23 | EUR | 148342 | 159572 | 1212 |
| GBP/EUR | JPM | 03/15/23 | EUR | (5911) | (6359) | (187) |
| GBP/USD | BOA | 03/15/23 | GBP | 94 | 114 | (1) |
| GBP/USD | DUB | 03/15/23 | GBP | 7723 | 9353 | (55) |
| HUF/USD | UBS | 02/21/23 | HUF | 730896 | 1932 | 135 |
| HUF/USD | GSC | 03/02/23 | HUF | 1195737 | 3153 | 196 |
| IDR/USD | CIT | 01/12/23 | IDR | 51198951 | 3288 | (20) |
| JPY/EUR | HSB | 01/20/23 | EUR | (20002) | (21438) | 901 |
| JPY/USD | HSB | 03/15/23 | JPY | 26730743 | 205643 | 8185 |
| KRW/USD | CIT | 02/17/23 | KRW | 15285790 | 12102 | 717 |
| MXN/USD | BNP | 01/20/23 | MXN | 120405 | 6158 | 49 |
| MXN/USD | UBS | 01/20/23 | MXN | 305920 | 15645 | 637 |
| MXN/USD | HSB | 02/21/23 | MXN | 71687 | 3645 | 19 |
| MXN/USD | CIT | 03/15/23 | MXN | 88652 | 4490 | 54 |
| NOK/CHF | DUB | 02/16/23 | CHF | (12852) | (13968) | 85 |
| NZD/USD | MSC | 03/15/23 | NZD | 2689 | 1709 | (36) |
| PLN/USD | BNP | 03/02/23 | PLN | 6758 | 1535 | 46 |
| PLN/USD | MSC | 03/02/23 | PLN | 13419 | 3048 | 62 |
| SGD/USD | HSB | 03/15/23 | SGD | 7892 | 5899 | 31 |
| USD/CNY | CIT | 02/21/23 | CNY | (13199) | (1906) | (54) |
| USD/CNY | HSB | 03/15/23 | CNY | (229623) | (33220) | (161) |
| USD/EUR | JPM | 02/21/23 | EUR | (1769) | (1901) | (73) |
| USD/EUR | JPM | 03/15/23 | EUR | (157) | (169) | (1) |
| USD/GBP | JPM | 02/21/23 | GBP | (1559) | (1887) | (41) |
| USD/HKD | HSB | 02/16/23 | HKD | (210667) | (27015) | (78) |
| USD/INR | CIT | 03/15/23 | INR | (799407) | (9623) | 14 |
| USD/JPY | BOA | 01/06/23 | JPY | (17481750) | (133260) | (8499) |
| USD/JPY | HSB | 01/11/23 | JPY | (3805950) | (29032) | (2392) |
| USD/JPY | BOA | 02/21/23 | JPY | (2070250) | (15879) | (891) |
| USD/JPY | JPM | 03/06/23 | JPY | (3234450) | (24851) | (918) |
| USD/JPY | MSC | 03/15/23 | JPY | (568760) | (4376) | (43) |
| USD/NOK | BOA | 01/20/23 | NOK | (72611) | (7417) | (514) |
| USD/SEK | DUB | 03/15/23 | SEK | (44795) | (4310) | 101 |
| USD/TWD | JPM | 02/21/23 | TWD | (57340) | (1875) | (20) |
| ZAR/USD | HSB | 03/15/23 | ZAR | 74568 | 4362 | 77 |
|  |  |  |  |  | 278125 | 1161 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying/**<br>**Receiving**<br>**Floating Rate** | **Counterparty** | **Fixed**<br>**Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Premiums Paid**<br>(Received) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| BRAZIBOR (A)  | Paying  | JPM  | 9.39 <br> (A) | 01/02/25  | BRL  | 44224  |  | (539)  |
| BRAZIBOR (A)  | Paying  | JPM  | 9.54 <br> (A) | 01/02/25  | BRL  | 48067  |  | (550)  |
| BRAZIBOR (A)  | Paying  | JPM  | 9.42 <br> (A) | 01/02/25  | BRL  | 48245  |  | (581)  |
|  |  |  |  |  |  |  |  | (1670)  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup> ($)** | **Value ($)** | **Premiums**<br>**Paid**<br>(Received) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** |
| Bombardier Inc. (Q)  | BCL | N/A | 5.00 | 06/20/23  | 1422  | (22)  | 206  | (228)  |
| BorgWarner Inc. (Q)  | BNP | N/A | 1.00 | 12/20/27  | 210  | (1)  | 3  | (4)  |
| Ford Motor Company (Q)  | CIT | N/A | 5.00 | 06/20/27  | 125  | (7)  | (6)  | (1)  |
| Ford Motor Company (Q)  | MSC | N/A | 5.00 | 12/20/27  | 265  | (14)  | (7)  | (7)  |
| General Electric Company (Q)  | MSC | N/A | 1.00 | 06/20/27  | 159  | (1)  | 3  | (4)  |
| General Electric Company (Q)  | MSC | N/A | 1.00 | 06/20/27  | 212  | —  | 5  | (5)  |
| General Electric Company (Q)  | MSC | N/A | 1.00 | 06/20/27  | 159  | (1)  | 3  | (4)  |
| Pitney Bowes Inc. (Q)  | BCL | N/A | 1.00 | 06/20/24  | 70  | 5  | 9  | (4)  |
| Pitney Bowes Inc. (Q)  | GSC | N/A | 1.00 | 06/20/24  | 60  | 4  | 8  | (4)  |
| Pitney Bowes Inc. (Q)  | GSC | N/A | 1.00 | 06/20/25  | 130  | 17  | 37  | (20)  |
| Staples, Inc. (Q)  | BCL | N/A | 5.00 | 06/20/24  | 125  | 8  | 13  | (5)  |
|  |  |  |  |  | 2937 | (12) | 274 | (286) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Financing Fee<sup>2</sup>** | **Expiration** | **Contracts<sup>1</sup>**<br>**Long**<br>(Short) | **Notional<sup>1</sup>** | **Unrealized Appreciation (Depreciation) ($)** |
| Adecco Group AG (MT) | CIT | OBFR -0.26% (M) | TBD | (6803) | (222) | (2) |
| Advanced Micro Devices, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (3848) | (271) | 22 |
| Aegon N.V. (MT) | JPM | OBFR -0.26% (M) | TBD | (93074) | (450) | (21) |
| Aker BP ASA (MT) | CIT | OBFR -0.25% (M) | TBD | (11100) | (344) |  |
| Aktiebolaget Electrolux (MT) | CIT | OBFR -1.00% (M) | TBD | (19127) | (253) | (5) |
| Alstom (MT) | JPM | OBFR -0.42% (M) | TBD | (9917) | (246) | 4 |
| AMP Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (481026) | (440) | 10 |
| AVEVA Group plc (MT) | JPM | OBFR -0.25% (M) | TBD | (7089) | (277) | 2 |
| Bachem Holding AG (MT) | JPM | OBFR -0.26% (M) | TBD | (4724) | (432) | 25 |
| Bilibili Inc (MT) | CIT | OBFR -0.30% (M) | TBD | (15800) | (383) | 5 |
| Block, Inc. (MT) | CIT | OBFR -0.15% (M) | TBD | (6197) | (375) | (14) |
| Caesars Entertainment, Inc. (MT) | CIT | OBFR -0.15% (M) | TBD | (3471) | (148) | 4 |
| Celltrion Healthcare Co. Ltd. (M) | CIT | OBFR -0.71% (M) | TBD | (0) | (0) |  |
| Charles River Laboratories International, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (1078) | (227) | (7) |
| China Overseas Land & Investment Limited (MT) | CIT | OBFR -0.30% (M) | TBD | (135000) | (352) | (4) |
| China Southern Airlines Company Limited (M) | JPM | OBFR -0.30% (M) | TBD | (214000) | (140) | 1 |
| China Vanke Co., Ltd. (M) | CIT | OBFR -0.30% (M) | TBD | (179032) | (367) | 4 |
| CK Asset Holdings Limited (M) | JPM | OBFR -0.30% (M) | TBD | (34000) | (200) | (9) |
| Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP (MT) | CIT | OBFR -0.40% (M) | TBD | (11152) | (122) | 2 |
| CoStar Group, Inc. (MT) | CIT | OBFR -0.15% (M) | TBD | (2691) | (208) |  |
| Country Garden Holdings Company Limited (M) | JPM | OBFR -0.50% (M) | TBD | (718) | (0) |  |
| Covestro AG (MT) | CIT | OBFR -0.26% (M) | TBD | (12497) | (484) | (5) |
| D.R. Horton, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (6075) | (522) | (20) |
| Delivery Hero SE (MT) | JPM | OBFR -0.26% (M) | TBD | (7365) | (318) | (34) |
| Dish Network Corporation (MT) | JPM | OBFR -0.15% (M) | TBD | (35479) | (519) | 22 |
| Dollar Tree, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (3038) | (439) | 10 |
| DXC Technology Company (MT) | JPM | OBFR -0.15% (M) | TBD | (7698) | (206) | 2 |
| Electronic Arts Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (2750) | (347) | 11 |
| ENEOS Holdings, Inc. (MT) | CIT | OBFR -0.25% (M) | TBD | (71900) | (241) | (4) |
| Fastighets AB Balder (MT) | CIT | OBFR -0.25% (M) | TBD | (124855) | (577) | (3) |
| Ferrovial, S.A. (M) | CIT | OBFR -0.26% (M) | TBD | (5393) | (139) | (2) |
| Fiserv, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (1866) | (189) | 1 |
| Ford Motor Company (MT) | CIT | OBFR -0.15% (M) | TBD | (36480) | (413) | (11) |
| Fuyao Glass Industry Group Co., Ltd. (M) | JPM | OBFR -0.30% (M) | TBD | (17600) | (77) | 3 |
| HYBE Co., Ltd. (MT) | CIT | OBFR -0.51% (M) | TBD | (1231) | (169) |  |
| IDP Education Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (10197) | (188) |  |
| Iljin Materials Co,. Ltd. (MT) | JPM | OBFR -0.63% (M) | TBD | (3292) | (148) | 13 |
| Illumina, Inc. (MT) | CIT | OBFR -0.15% (M) | TBD | (1977) | (387) | (12) |
| InPost S.A. (MT) | JPM | OBFR -0.26% (M) | TBD | (41203) | (315) | (32) |
| International Business Machines Corporation (MT) | JPM | OBFR -0.15% (M) | TBD | (5018) | (742) | 27 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** | **JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Financing Fee<sup>2</sup>** | **Expiration** | **Contracts<sup>1</sup>**<br>**Long**<br>(Short) | **Notional<sup>1</sup>** | **Unrealized Appreciation (Depreciation) ($)** |
| Just Eat Takeaway.Com N.V. (MT) | CIT | OBFR -0.26% (M) | TBD | (16261) | (329) | (15) |
| Kakao Corp. (MT) | CIT | OBFR -0.35% (M) | TBD | (12384) | (535) | 15 |
| Kuaishou Technology (MT) | CIT | OBFR -0.30% (M) | TBD | (17000) | (157) | 2 |
| Lamb Weston Holdings, Inc. (MT) | CIT | OBFR -0.15% (M) | TBD | (4426) | (392) | (3) |
| Las Vegas Sands Corp. (MT) | CIT | OBFR -0.15% (M) | TBD | (6599) | (307) | (10) |
| Lasertec Co., Ltd. (MT) | CIT | OBFR -0.25% (M) | TBD | (1900) | (330) | 15 |
| Li Ning Company Limited (MT) | JPM | OBFR -0.30% (M) | TBD | (41500) | (337) | (22) |
| Localiza Rent A Car S/A (MT) | JPM | OBFR +0.00% (M) | TBD | (121) | (0) |  |
| Localiza Rent A Car S/A (MT) | JPM | OBFR -0.50% (M) | TBD | (27716) | (285) | 4 |
| Longfor Properties Co. Ltd. (M) | CIT | OBFR -0.30% (M) | TBD | (65000) | (204) | (1) |
| Magazine Luiza S.A. (MT) | JPM | OBFR -2.60% (M) | TBD | (511094) | (278) | 14 |
| Marvell Technology, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (7875) | (328) | 37 |
| Matsuki Yokokokara & Company Co., Ltd. (MT) | CIT | OBFR -0.25% (M) | TBD | (2400) | (113) | (8) |
| Mohawk Industries, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (3083) | (300) | (15) |
| Money Forward, Inc. (MT) | CIT | OBFR -0.25% (M) | TBD | (8700) | (273) | 4 |
| Ncsoft Corporation (MT) | CIT | OBFR -0.35% (M) | TBD | (814) | (280) | (9) |
| Nexi S.p.A. (MT) | CIT | OBFR -0.26% (M) | TBD | (13791) | (108) | (1) |
| Norwegian Cruise Line Holdings Ltd. (MT) | CIT | OBFR -0.15% (M) | TBD | (10598) | (139) | 9 |
| Ocado Group PLC (MT) | JPM | OBFR -0.25% (M) | TBD | (41359) | (342) | 34 |
| Olympus Corporation (MT) | JPM | OBFR -0.25% (M) | TBD | (12500) | (241) | 18 |
| Open House Group Co., Ltd. (MT) | CIT | OBFR -0.25% (M) | TBD | (3900) | (148) | 5 |
| Oracle Corporation (MT) | CIT | OBFR -0.15% (M) | TBD | (2947) | (237) | (4) |
| Orion Oyj (MT) | JPM | OBFR -0.26% (M) | TBD | (6992) | (371) | (12) |
| OZ Minerals Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (9092) | (168) | (4) |
| Paramount Global (MT) | CIT | OBFR -0.15% (M) | TBD | (39552) | (670) | (7) |
| PerkinElmer, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (4206) | (597) | 8 |
| Pilbara Minerals Limited (MT) | JPM | OBFR -0.25% (M) | TBD | (94701) | (285) | 44 |
| POSCO Chemical Co., Ltd. (M) | JPM | OBFR -1.23% (M) | TBD | (2612) | (404) | 33 |
| PPG Industries, Inc. (MT) | CIT | OBFR -0.15% (M) | TBD | (3483) | (438) | 1 |
| PTC Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (2875) | (350) | 6 |
| PulteGroup, Inc. (MT) | CIT | OBFR -0.15% (M) | TBD | (12220) | (562) | 4 |
| Quanta Services, Inc. (MT) | CIT | OBFR -0.15% (M) | TBD | (2254) | (321) |  |
| Rivian Automotive, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (12144) | (314) | 91 |
| Ross Stores, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (3603) | (422) | 3 |
| Saab AB (MT) | CIT | OBFR -0.25% (M) | TBD | (6911) | (273) | 1 |
| Shandong Gold Group Co., Ltd. (M) | JPM | OBFR -0.43% (M) | TBD | (149750) | (293) | 16 |
| Shaw Communications Inc. (MT) | JPM | OBFR -0.26% (M) | TBD | (22976) | (621) | (42) |
| Siemens Healthineers AG (MT) | CIT | OBFR -0.26% (M) | TBD | (9897) | (479) | (16) |
| Snap Inc. (MT) | CIT | OBFR -0.15% (M) | TBD | (9788) | (85) | (3) |
| Steris Limited (MT) | JPM | OBFR -0.15% (M) | TBD | (2763) | (526) | 15 |
| Take-Two Interactive Software, Inc. (MT) | CIT | OBFR -0.15% (M) | TBD | (4962) | (493) | (24) |
| Telecom Italia SPA (MT) | CIT | OBFR -0.26% (M) | TBD | (105584) | (24) | (1) |
| Teledyne Technologies Incorporated (MT) | CIT | OBFR -0.15% (M) | TBD | (1766) | (695) | (11) |
| The Allstate Corporation (MT) | CIT | OBFR -0.15% (M) | TBD | (1349) | (183) | (2) |
| Tokyo Electric Power Company Holdings, Inc. (MT) | JPM | OBFR -0.25% (M) | TBD | (37000) | (132) | (2) |
| Uber Technologies, Inc. (MT) | CIT | OBFR -0.15% (M) | TBD | (12234) | (301) | (1) |
| Vestas Wind Systems A/S (M) | CIT | OBFR -0.25% (M) | TBD | (9401) | (263) | (10) |
| Viatris Inc. (MT) | CIT | OBFR -0.15% (M) | TBD | (16111) | (173) | (6) |
| Vonovia SE (MT) | JPM | OBFR -0.26% (M) | TBD | (13050) | (323) | 16 |
| Wynn Resorts, Limited (MT) | JPM | OBFR -0.15% (M) | TBD | (2646) | (229) | 11 |
| Xiaomi Corporation (M) | JPM | OBFR -0.30% (M) | TBD | (767600) | (1088) | 15 |
| Z Holdings Corporation (MT) | CIT | OBFR -0.25% (M) | TBD | (63800) | (164) | 3 |
| Zhuzhou CRRC Times Electric Co., Ltd. (MT) | JPM | OBFR -0.30% (M) | TBD | (56400) | (278) | (1) |
| Zhuzhou CRRC Times Electric Co., Ltd. (MT) | CIT | OBFR -0.30% (M) | TBD | (7300) | (36) | (1) |
| Zoom Video Communications, Inc. (MT) | JPM | OBFR -0.15% (M) | TBD | (2494) | (180) | 12 |
|  |  |  |  |  |  | 188 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** | **JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Unrealized Appreciation (Depreciation) ($)** |
| **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** |
| **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** |
| SPDR Bloomberg High Yield Bond ETF (M) | SOFR -0.20% (M) | BCL | 03/17/23 | 1469  |  | (30) |
| iShares iBoxx $ High Yield Corporate Bond ETF (Q) | SOFR -0.40% (Q) | BNP | 03/17/23 | 1818  |  | (26) |
| SPDR Bloomberg High Yield Bond ETF (Q) | SOFR -0.20% (Q) | BNP | 03/17/23 | 6546  |  | (132) |
| iShares iBoxx $ High Yield Corporate Bond ETF (Q) | SOFR -0.40% (Q) | GSC | 03/17/23 | 6050  |  | (119) |
| SPDR Bloomberg High Yield Bond ETF (Q) | SOFR +0.15% (Q) | GSC | 03/17/23 | 2540  |  | (54) |
| SPDR Bloomberg High Yield Bond ETF (Q) | SOFR -0.20% (Q) | GSC | 03/17/23 | 580  |  | (12) |
| iShares iBoxx $ High Yield Corporate Bond ETF (Q) | SOFR -0.40% (Q) | JPM | 03/17/23 | 6520  |  | (122) |
|  |  |  |  |  |  | (495) |
| **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** |
| **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** |
| Pitney Bowes Inc. (Q) | SOFR -0.25% (Q) | CIT | 06/13/23 | (13)  |  |  |
| iShares iBoxx $ High Yield Corporate Bond ETF (Q) | SOFR -3.00% (Q) | GSC | 03/08/23 | (193)  |  | (3) |
|  |  |  |  |  |  | (3) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1025906 | 434021 | 2368 | 1462295 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 352758 |  | 352758 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 298091 | 1544 | 299635 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 120876 |  | 120876 |
| &nbsp;&nbsp;Investment Companies | 52040 |  |  | 52040 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 36454 | 1681 | 38135 |
| &nbsp;&nbsp;Preferred Stocks | 26026 |  |  | 26026 |
| &nbsp;&nbsp;Warrants | 61 |  | 1 | 62 |
| &nbsp;&nbsp;Short Term Investments | 449585 | 207377 |  | 656962 |
|  | 1553618 | 1449577 | 5594 | 3008789 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | (1234) | (1926) |  | (3160) |
|  | (1234) | (1926) |  | (3160) |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 5861 |  |  | 5861 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 33378 |  | 33378 |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | 654 |  | 654 |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 5426 |  |  | 5426 |
| &nbsp;&nbsp;OTC Purchased Options |  | 9616 |  | 9616 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 15213 |  | 15213 |
| &nbsp;&nbsp;OTC Contracts for Difference |  | 604 |  | 604 |
|  | 11287 | 59465 |  | 70752 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (10752) |  |  | (10752) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (27206) |  | (27206) |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | (2083) |  | (2083) |
| &nbsp;&nbsp;Exchange Traded Written Options | (5154) |  |  | (5154) |
| &nbsp;&nbsp;OTC Written Options |  | (22810) |  | (22810) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (14052) |  | (14052) |
| &nbsp;&nbsp;OTC Interest Rate Swap Agreements |  | (1670) |  | (1670) |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | (286) |  | (286) |
| &nbsp;&nbsp;OTC Contracts for Difference |  | (416) |  | (416) |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (498) |  | (498) |
|  | (15906) | (69021) |  | (84927) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** |
| **COMMON STOCKS 97.2%** | **COMMON STOCKS 97.2%** | **COMMON STOCKS 97.2%** |
| **United States of America 35.8%** | **United States of America 35.8%** | **United States of America 35.8%** |
| AGCO Corporation | 276 | 38333 |
| Albemarle Corporation | 38 | 8296 |
| Alcoa Corporation | 358 | 16263 |
| Archer-Daniels-Midland Company | 438 | 40697 |
| Bunge Limited | 338 | 33723 |
| CF Industries Holdings, Inc. | 519 | 44184 |
| Chevron Corporation | 173 | 31069 |
| ConocoPhillips | 317 | 37366 |
| Darling Ingredients Inc. (a) | 251 | 15716 |
| Deere & Company | 118 | 50468 |
| EOG Resources, Inc. | 169 | 21878 |
| Exxon Mobil Corporation | 756 | 83392 |
| FMC Corporation | 274 | 34158 |
| Freeport-McMoRan Inc. | 1170 | 44464 |
| Hess Corporation | 97 | 13825 |
| Kinder Morgan, Inc. | 1320 | 23859 |
| Newmont Corporation | 445 | 20984 |
| Packaging Corporation of America | 113 | 14479 |
|  |  | 573154 |
| **Canada 17.5%** | **Canada 17.5%** | **Canada 17.5%** |
| Canadian Natural Resources Limited | 621 | 34463 |
| Cenovus Energy Inc. | 949 | 18412 |
| Equinox Gold Corp. (a) | 30 | 99 |
| First Quantum Minerals Ltd | 1074 | 22450 |
| Franco-Nevada Corporation | 106 | 14516 |
| Marathon Gold Corporation (a) (b) | 166 | 130 |
| Nutrien Ltd. (b) | 853 | 62269 |
| Pure Gold Mining Inc. (a) | 427 | 5 |
| Stelco Holdings Inc. | 651 | 21309 |
| Teck Resources Limited - Class B | 1526 | 57725 |
| Wheaton Precious Metals Corp. | 1233 | 48190 |
|  |  | 279568 |
| **Netherlands 8.0%** | **Netherlands 8.0%** | **Netherlands 8.0%** |
| Koninklijke DSM N.V. | 128 | 15675 |
| Shell PLC - Class A | 3951 | 111638 |
|  |  | 127313 |
| **Switzerland 7.7%** | **Switzerland 7.7%** | **Switzerland 7.7%** |
| Glencore PLC | 18314 | 123600 |
| **United Kingdom 5.3%** | **United Kingdom 5.3%** | **United Kingdom 5.3%** |
| Anglo American PLC | 596 | 23234 |
| BP P.L.C. | 10842 | 62260 |
|  |  | 85494 |
| **France 5.2%** | **France 5.2%** | **France 5.2%** |
| TotalEnergies SE (b) | 1323 | 83189 |
| **Brazil 4.4%** | **Brazil 4.4%** | **Brazil 4.4%** |
| Vale S.A. - ADR | 4150 | 70422 |
| **Australia 3.5%** | **Australia 3.5%** | **Australia 3.5%** |
| BHP Group Limited | 1818 | 56286 |
| Woodside Energy Group Ltd | 1 | 37 |
|  |  | 56323 |
| **Finland 2.2%** | **Finland 2.2%** | **Finland 2.2%** |
| UPM-Kymmene Oyj | 941 | 35258 |
| **Norway 2.1%** | **Norway 2.1%** | **Norway 2.1%** |
| Norsk Hydro ASA | 4530 | 34064 |
| **Italy 1.5%** | **Italy 1.5%** | **Italy 1.5%** |
| Eni S.p.A. | 1720 | 24519 |
| **Ireland 1.5%** | **Ireland 1.5%** | **Ireland 1.5%** |
| Kerry Group Public Limited Company - Class A | 266 | 24021 |
| **Luxembourg 1.1%** | **Luxembourg 1.1%** | **Luxembourg 1.1%** |
| ArcelorMittal - ADR | 687 | 18026 |
| **Portugal 0.8%** | **Portugal 0.8%** | **Portugal 0.8%** |
| Galp Energia, SGPS, S.A. | 976 | 13219 |
| **Chile 0.6%** | **Chile 0.6%** | **Chile 0.6%** |
| Sociedad Quimica Y Minera De Chile S.A. - Series B - ADR | 110 | 8783 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Public Joint Stock Company Gazprom (a) (c) (d) | 5692 |  |
| Public Joint Stock Company Polyus (a) (c) (d) | 106 |  |
| Total Common Stocks (cost $1,511,124) | Total Common Stocks (cost $1,511,124) | 1556953 |
| **SHORT TERM INVESTMENTS 2.8%** | **SHORT TERM INVESTMENTS 2.8%** | **SHORT TERM INVESTMENTS 2.8%** |
| **Investment Companies 2.8%** | **Investment Companies 2.8%** | **Investment Companies 2.8%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (e) (f) | 44981 | 44981 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (e) (f) | 44 | 44 |
| Total Short Term Investments (cost $45,025) | Total Short Term Investments (cost $45,025) | 45025 |
| **Total Investments 100.0% (cost $1,556,149)** | **Total Investments 100.0% (cost $1,556,149)** | **1601978** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (165) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1601813** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(d) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(e) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Natural Resources Fund — Restricted Securities** | **JNL/BlackRock Global Natural Resources Fund — Restricted Securities** | **JNL/BlackRock Global Natural Resources Fund — Restricted Securities** | **JNL/BlackRock Global Natural Resources Fund — Restricted Securities** | **JNL/BlackRock Global Natural Resources Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Public Joint Stock Company Gazprom | 08/27/21 | 25117 |  |  |
| Public Joint Stock Company Polyus | 03/10/20 | 15311 |  |  |
|  |  | 40428 |  |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States of America | 573154 |  |  | 573154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 279568 |  |  | 279568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 127313 |  | 127313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 123600 |  | 123600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 85494 |  | 85494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 83189 |  | 83189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 70422 |  |  | 70422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia |  | 56323 |  | 56323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 35258 |  | 35258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 34064 |  | 34064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 24519 |  | 24519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland |  | 24021 |  | 24021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg | 18026 |  |  | 18026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 13219 |  | 13219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | 8783 |  |  | 8783 |
| &nbsp;&nbsp;Short Term Investments | 45025 |  |  | 45025 |
|  | 994978 | 607000 |  | 1601978 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** |
| **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Information Technology 44.6%** | **Information Technology 44.6%** | **Information Technology 44.6%** |
| Advanced Micro Devices, Inc. (a) | 924 | 59879 |
| Adyen B.V. (a) (b) | 9 | 12507 |
| Apple Inc. | 2068 | 268743 |
| ASML Holding N.V. - ADR | 197 | 107498 |
| Bill.Com Holdings Inc. (a) (c) | 205 | 22360 |
| Cadence Design Systems, Inc. (a) | 372 | 59833 |
| Intuit Inc. | 352 | 137129 |
| KLA Corporation | 172 | 64799 |
| Marvell Technology, Inc. | 693 | 25657 |
| MasterCard Incorporated - Class A | 257 | 89450 |
| Microsoft Corporation | 1180 | 282884 |
| MongoDB, Inc. - Class A (a) | 32 | 6233 |
| NVIDIA Corporation | 389 | 56810 |
| ServiceNow, Inc. (a) | 182 | 70609 |
| Visa Inc. - Class A | 791 | 164244 |
|  |  | 1428635 |
| **Health Care 18.0%** | **Health Care 18.0%** | **Health Care 18.0%** |
| AstraZeneca PLC - ADR | 896 | 60736 |
| Boston Scientific Corporation (a) | 1093 | 50578 |
| Danaher Corporation | 282 | 74869 |
| IDEXX Laboratories, Inc. (a) | 131 | 53651 |
| Intuitive Surgical, Inc. (a) | 285 | 75634 |
| Lonza Group AG | 85 | 41586 |
| Thermo Fisher Scientific Inc. | 87 | 47786 |
| UnitedHealth Group Incorporated | 225 | 119281 |
| Zoetis Inc. - Class A | 368 | 53867 |
|  |  | 577988 |
| **Consumer Discretionary 17.0%** | **Consumer Discretionary 17.0%** | **Consumer Discretionary 17.0%** |
| Amazon.com, Inc. (a) | 2338 | 196362 |
| Chipotle Mexican Grill, Inc. (a) | 31 | 43176 |
| Evolution AB (publ) (b) | 604 | 59086 |
| LVMH Moet Hennessy Louis Vuitton | 113 | 82841 |
| NIKE, Inc. - Class B | 702 | 82115 |
| Ross Stores, Inc. | 176 | 20426 |
| Tesla Inc. (a) | 488 | 60169 |
|  |  | 544175 |
| **Communication Services 6.2%** | **Communication Services 6.2%** | **Communication Services 6.2%** |
| Alphabet Inc. - Class A (a) | 1732 | 152781 |
| Match Group, Inc. (a) | 1149 | 47668 |
|  |  | 200449 |
| **Financials 5.3%** | **Financials 5.3%** | **Financials 5.3%** |
| Blackstone Inc. - Class A | 525 | 38941 |
| MSCI Inc. - Class A | 79 | 36698 |
| S&P Global Inc. | 285 | 95462 |
|  |  | 171101 |
| **Industrials 4.7%** | **Industrials 4.7%** | **Industrials 4.7%** |
| Cintas Corporation | 82 | 37165 |
| TransDigm Group Incorporated | 138 | 86678 |
| Waste Connections, Inc. | 202 | 26823 |
|  |  | 150666 |
| **Energy 1.7%** | **Energy 1.7%** | **Energy 1.7%** |
| Cheniere Energy, Inc. | 286 | 42881 |
| EQT Corporation | 342 | 11568 |
|  |  | 54449 |
| **Materials 1.4%** | **Materials 1.4%** | **Materials 1.4%** |
| The Sherwin-Williams Company | 188 | 44626 |
| **Real Estate 0.6%** | **Real Estate 0.6%** | **Real Estate 0.6%** |
| ProLogis Inc. | 167 | 18844 |
| Total Common Stocks (cost $3,033,662) | Total Common Stocks (cost $3,033,662) | 3190933 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (d) (e) | 17205 | 17205 |
| Total Short Term Investments (cost $17,205) | Total Short Term Investments (cost $17,205) | 17205 |
| **Total Investments 100.1% (cost $3,050,867)** | **Total Investments 100.1% (cost $3,050,867)** | **3208138** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(2248)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3205890** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) All or a portion of the security was on loan as of December 31, 2022.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/BlackRock Large Cap Select Growth Fund — Restricted Securities** | **JNL/BlackRock Large Cap Select Growth Fund — Restricted Securities** | **JNL/BlackRock Large Cap Select Growth Fund — Restricted Securities** | **JNL/BlackRock Large Cap Select Growth Fund — Restricted Securities** | **JNL/BlackRock Large Cap Select Growth Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adyen B.V. | 08/09/22 | 15804 | 12507 | 0.4 |
| Evolution AB (publ) | 10/01/21 | 80440 | 59086 | 1.8 |
|  |  | 96244 | 71593 | 2.2 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 2994913 | 196020 |  | 3190933 |
| &nbsp;&nbsp;Short Term Investments | 17205 |  |  | 17205 |
|  | 3012118 | 196020 |  | 3208138 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** |
| **COMMON STOCKS 95.9%** | **COMMON STOCKS 95.9%** | **COMMON STOCKS 95.9%** |
| **United Kingdom 23.4%** | **United Kingdom 23.4%** | **United Kingdom 23.4%** |
| AstraZeneca PLC | 249 | 33918 |
| Barclays PLC | 17297 | 33161 |
| BP P.L.C. | 2489 | 14295 |
| British American Tobacco P.L.C. | 316 | 12543 |
| Compass Group PLC | 1245 | 29083 |
| GSK PLC | 829 | 14445 |
| Reckitt Benckiser Group PLC | 621 | 43225 |
| Relx PLC | 596 | 16533 |
| Relx PLC | 558 | 15440 |
| Rio Tinto PLC | 245 | 17255 |
| Rolls-Royce PLC (a) | 50261 | 56942 |
| Unilever PLC | 626 | 31746 |
|  |  | 318586 |
| **France 17.7%** | **France 17.7%** | **France 17.7%** |
| Alstom (b) | 1340 | 32891 |
| AXA | 1063 | 29681 |
| BNP Paribas | 215 | 12286 |
| Carrefour | 867 | 14532 |
| Danone | 706 | 37297 |
| L'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 194 | 27541 |
| Pernod Ricard | 82 | 16130 |
| Sanofi | 301 | 29043 |
| TotalEnergies SE | 247 | 15535 |
| Valeo | 342 | 6110 |
| VINCI | 201 | 20123 |
|  |  | 241169 |
| **Japan 8.5%** | **Japan 8.5%** | **Japan 8.5%** |
| FANUC Corporation | 263 | 39519 |
| Murata Manufacturing Co., Ltd. | 405 | 20119 |
| Sumitomo Mitsui Financial Group, Inc. | 548 | 22009 |
| Takeda Pharmaceutical Co Ltd | 853 | 26643 |
| Tokyo Electron Limited | 27 | 7979 |
|  |  | 116269 |
| **Germany 8.3%** | **Germany 8.3%** | **Germany 8.3%** |
| Bayer Aktiengesellschaft - Class N | 340 | 17684 |
| Deutsche Telekom AG - Class N | 1453 | 29037 |
| RWE Aktiengesellschaft | 516 | 23048 |
| SAP SE | 403 | 41758 |
| Siemens Aktiengesellschaft - Class N | 10 | 1457 |
|  |  | 112984 |
| **Spain 7.6%** | **Spain 7.6%** | **Spain 7.6%** |
| AENA, S.M.E., S.A. (a) (c) | 183 | 23086 |
| Amadeus IT Group, S.A. (a) (c) | 745 | 38780 |
| CaixaBank, S.A. | 772 | 3042 |
| Iberdrola, Sociedad Anonima | 1346 | 15747 |
| Industria de Diseno Textil, S.A. | 847 | 22627 |
|  |  | 103282 |
| **Italy 7.0%** | **Italy 7.0%** | **Italy 7.0%** |
| Enel S.p.A | 8047 | 43410 |
| UniCredit S.p.A. | 3659 | 52178 |
|  |  | 95588 |
| **Netherlands 5.3%** | **Netherlands 5.3%** | **Netherlands 5.3%** |
| Akzo Nobel N.V. | 435 | 29182 |
| ING Groep N.V. | 1884 | 23002 |
| Koninklijke Philips N.V. | 1343 | 20163 |
|  |  | 72347 |
| **South Korea 4.1%** | **South Korea 4.1%** | **South Korea 4.1%** |
| Samsung Electronics Co Ltd | 879 | 38538 |
| SK Hynix Inc. | 293 | 17444 |
|  |  | 55982 |
| **Switzerland 4.1%** | **Switzerland 4.1%** | **Switzerland 4.1%** |
| Compagnie Financiere Richemont SA | 80 | 10442 |
| Novartis AG - Class N | 332 | 30054 |
| Zurich Insurance Group AG - Class N | 32 | 15386 |
|  |  | 55882 |
| **Canada 2.9%** | **Canada 2.9%** | **Canada 2.9%** |
| Alimentation Couche-Tard Inc. | 333 | 14637 |
| Canadian National Railway Company | 205 | 24301 |
|  |  | 38938 |
| **Ireland 1.9%** | **Ireland 1.9%** | **Ireland 1.9%** |
| Ryanair Holdings Public Limited Company - ADR (a) | 352 | 26285 |
| **Macau 1.4%** | **Macau 1.4%** | **Macau 1.4%** |
| Sands China Ltd. (a) | 5578 | 18378 |
| **Belgium 1.2%** | **Belgium 1.2%** | **Belgium 1.2%** |
| Anheuser-Busch InBev | 275 | 16539 |
| **Sweden 1.1%** | **Sweden 1.1%** | **Sweden 1.1%** |
| Swedbank AB - Class A | 847 | 14422 |
| **China 0.9%** | **China 0.9%** | **China 0.9%** |
| Beijing Capital International Airport Co., Ltd. - Class H (a) | 11398 | 8345 |
| Tencent Holdings Limited | 99 | 4224 |
|  |  | 12569 |
| **Luxembourg 0.4%** | **Luxembourg 0.4%** | **Luxembourg 0.4%** |
| ArcelorMittal | 188 | 4946 |
| **Brazil 0.1%** | **Brazil 0.1%** | **Brazil 0.1%** |
| Banco Bradesco S.A. - ADR | 522 | 1504 |
| Total Common Stocks (cost $1,341,494) | Total Common Stocks (cost $1,341,494) | 1305670 |
| **PREFERRED STOCKS 2.6%** | **PREFERRED STOCKS 2.6%** | **PREFERRED STOCKS 2.6%** |
| **Switzerland 2.6%** | **Switzerland 2.6%** | **Switzerland 2.6%** |
| Roche Holding AG | 114 | 35840 |
| Total Preferred Stocks (cost $39,471) | Total Preferred Stocks (cost $39,471) | 35840 |
| **SHORT TERM INVESTMENTS 0.2%** | **SHORT TERM INVESTMENTS 0.2%** | **SHORT TERM INVESTMENTS 0.2%** |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (d) (e) | 2114 | 2114 |
| Total Short Term Investments (cost $2,114) | Total Short Term Investments (cost $2,114) | 2114 |
| **Total Investments 98.7% (cost $1,383,079)** | **Total Investments 98.7% (cost $1,383,079)** | **1343624** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (24) |
| **Other Assets and Liabilities, Net 1.3%** | **Other Assets and Liabilities, Net 1.3%** | **17962** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1361562** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Causeway International Value Select Fund — Restricted Securities** | **JNL/Causeway International Value Select Fund — Restricted Securities** | **JNL/Causeway International Value Select Fund — Restricted Securities** | **JNL/Causeway International Value Select Fund — Restricted Securities** | **JNL/Causeway International Value Select Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| AENA, S.M.E., S.A. | 04/30/20 | 26462 | 23086 | 1.7 |
| Amadeus IT Group, S.A. | 05/08/20 | 46040 | 38780 | 2.8 |
|  |  | 72502 | 61866 | 4.5 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Causeway International Value Select Fund — Forward Foreign Currency Contracts** | **JNL/Causeway International Value Select Fund — Forward Foreign Currency Contracts** | **JNL/Causeway International Value Select Fund — Forward Foreign Currency Contracts** | **JNL/Causeway International Value Select Fund — Forward Foreign Currency Contracts** | **JNL/Causeway International Value Select Fund — Forward Foreign Currency Contracts** | **JNL/Causeway International Value Select Fund — Forward Foreign Currency Contracts** | **JNL/Causeway International Value Select Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/CHF | CIT | 01/03/23 | CHF | (2136) | (2310) | 4 |
| USD/EUR | BNY | 01/03/23 | EUR | (7613) | (8150) | (20) |
| USD/GBP | UBS | 01/03/23 | GBP | (3595) | (4345) | (10) |
| USD/HKD | BNY | 01/03/23 | HKD | (16174) | (2072) | 3 |
| USD/SEK | CIT | 01/03/23 | SEK | (17717) | (1698) | (1) |
|  |  |  |  |  | (18575) | (24) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 66727 | 1238943 |  | 1305670 |
| &nbsp;&nbsp;Preferred Stocks | 35840 |  |  | 35840 |
| &nbsp;&nbsp;Short Term Investments | 2114 |  |  | 2114 |
|  | 104681 | 1238943 |  | 1343624 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 7 |  | 7 |
|  |  | 7 |  | 7 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (31) |  | (31) |
|  |  | (31) |  | (31) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** |
| **COMMON STOCKS 97.8%** | **COMMON STOCKS 97.8%** | **COMMON STOCKS 97.8%** |
| **Information Technology 35.6%** | **Information Technology 35.6%** | **Information Technology 35.6%** |
| Adobe Inc. (a) | 65 | 21845 |
| Apple Inc. | 400 | 51934 |
| ASML Holding N.V. - ADR | 48 | 26369 |
| Atlassian Corporation - Class A (a) | 97 | 12509 |
| Intel Corporation | 406 | 10728 |
| Microsoft Corporation | 401 | 96088 |
| NVIDIA Corporation | 295 | 43043 |
| Palo Alto Networks, Inc. (a) | 204 | 28477 |
| PayPal Holdings, Inc. (a) | 353 | 25166 |
| Salesforce, Inc. (a) | 177 | 23433 |
| Splunk Inc. (a) | 208 | 17907 |
| Unity Software Inc. (a) | 150 | 4280 |
| Visa Inc. - Class A | 350 | 72785 |
| Workday, Inc. - Class A (a) | 101 | 16862 |
|  |  | 451426 |
| **Health Care 19.6%** | **Health Care 19.6%** | **Health Care 19.6%** |
| Alcon AG | 430 | 29461 |
| DexCom, Inc. (a) | 253 | 28604 |
| Intuitive Surgical, Inc. (a) | 112 | 29693 |
| Stryker Corporation | 110 | 26992 |
| Thermo Fisher Scientific Inc. | 71 | 38964 |
| UnitedHealth Group Incorporated | 110 | 58500 |
| Zoetis Inc. - Class A | 249 | 36550 |
|  |  | 248764 |
| **Industrials 12.3%** | **Industrials 12.3%** | **Industrials 12.3%** |
| Eaton Corporation Public Limited Company | 207 | 32478 |
| Raytheon Technologies Corporation | 359 | 36223 |
| Uber Technologies, Inc. (a) | 715 | 17692 |
| United Parcel Service, Inc. - Class B | 193 | 33521 |
| W. W. Grainger, Inc. | 64 | 35737 |
|  |  | 155651 |
| **Consumer Discretionary 11.9%** | **Consumer Discretionary 11.9%** | **Consumer Discretionary 11.9%** |
| Advance Auto Parts, Inc. | 117 | 17211 |
| Amazon.com, Inc. (a) | 823 | 69152 |
| Aptiv PLC (a) | 197 | 18381 |
| NIKE, Inc. - Class B | 288 | 33746 |
| Tesla Inc. (a) | 41 | 5100 |
| Tractor Supply Company | 33 | 7422 |
|  |  | 151012 |
| **Communication Services 5.7%** | **Communication Services 5.7%** | **Communication Services 5.7%** |
| Meta Platforms, Inc. - Class A (a) | 210 | 25305 |
| Netflix, Inc. (a) | 133 | 39131 |
| Sea Limited - Class A - ADR (a) | 163 | 8482 |
|  |  | 72918 |
| **Consumer Staples 4.7%** | **Consumer Staples 4.7%** | **Consumer Staples 4.7%** |
| Monster Beverage 1990 Corporation (a) | 367 | 37216 |
| The Estee Lauder Companies Inc. - Class A | 91 | 22528 |
|  |  | 59744 |
| **Financials 4.4%** | **Financials 4.4%** | **Financials 4.4%** |
| Marsh & Mclennan Companies, Inc. | 117 | 19295 |
| S&P Global Inc. | 109 | 36561 |
|  |  | 55856 |
| **Real Estate 1.9%** | **Real Estate 1.9%** | **Real Estate 1.9%** |
| Equinix, Inc. | 36 | 23485 |
| **Materials 1.7%** | **Materials 1.7%** | **Materials 1.7%** |
| The Sherwin-Williams Company | 89 | 21122 |
| Total Common Stocks (cost $1,168,919) | Total Common Stocks (cost $1,168,919) | 1239978 |
| **SHORT TERM INVESTMENTS 2.2%** | **SHORT TERM INVESTMENTS 2.2%** | **SHORT TERM INVESTMENTS 2.2%** |
| **Investment Companies 2.2%** | **Investment Companies 2.2%** | **Investment Companies 2.2%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (b) (c) | 28519 | 28519 |
| Total Short Term Investments (cost $28,519) | Total Short Term Investments (cost $28,519) | 28519 |
| **Total Investments 100.0% (cost $1,197,438)** | **Total Investments 100.0% (cost $1,197,438)** | **1268497** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (370) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1268127** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1239978 |  |  | 1239978 |
| &nbsp;&nbsp;Short Term Investments | 28519 |  |  | 28519 |
|  | 1268497 |  |  | 1268497 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** |
| **COMMON STOCKS 98.2%** | **COMMON STOCKS 98.2%** | **COMMON STOCKS 98.2%** |
| **Japan 21.5%** | **Japan 21.5%** | **Japan 21.5%** |
| Advantest Corporation | 3 | 180 |
| Aeon Co., Ltd. | 6 | 120 |
| Aeon Delight Co., Ltd. |  | 7 |
| AEON MALL Co., Ltd. | 6 | 71 |
| AGC Inc. (a) | 11 | 358 |
| Ai Holdings Corporation (a) | 1 | 9 |
| AICA Kogyo Co., Ltd. | 15 | 354 |
| Ajinomoto Co., Inc. | 6 | 177 |
| Alps Alpine Co., Ltd. | 66 | 595 |
| Anritsu Corporation | 28 | 276 |
| Asahi Group Holdings, Ltd. (a) | 5 | 158 |
| Asahi Intecc Co., Ltd. | 4 | 65 |
| Asahi Kasei Corporation | 42 | 301 |
| Bandai Namco Holdings Inc. | 1 | 57 |
| Bridgestone Corporation (a) | 7 | 241 |
| Canon Inc. (a) | 4 | 88 |
| Central Japan Railway Company | 1 | 74 |
| Chubu Electric Power Co., Inc. | 6 | 61 |
| Chugai Pharmaceutical Co., Ltd. | 4 | 107 |
| Concordia Financial Group, Ltd. | 150 | 627 |
| Cosmo Energy Holdings Co., Ltd. | 4 | 104 |
| CyberAgent, Inc. | 7 | 62 |
| Daicel Corporation. | 60 | 437 |
| Dai-ichi Life Holdings, Inc. | 5 | 106 |
| Daiichi Sankyo Company, Ltd | 2 | 55 |
| Daikin Industries, Ltd. | 1 | 182 |
| Daito Trust Construction Co., Ltd. | 1 | 102 |
| Daiwa House Industry Co., Ltd | 7 | 168 |
| Daiwa Securities Group Inc. | 26 | 115 |
| DENSO Corporation | 2 | 83 |
| DIP Corporation | 9 | 246 |
| DISCO Corporation | 1 | 143 |
| DMG Mori Co., Ltd. (a) | 59 | 778 |
| East Japan Railway Company | 1 | 51 |
| eGuarantee, Inc. | 1 | 11 |
| Eisai Co., Ltd. | 1 | 53 |
| Electric Power Development Co., Ltd. - Class D | 4 | 70 |
| ENEOS Holdings, Inc. | 163 | 556 |
| erex Co., Ltd. | 1 | 15 |
| Ezaki Glico Co., Ltd. | 15 | 418 |
| FANUC Corporation |  | 45 |
| Fast Retailing Co., Ltd. |  | 244 |
| FUJIFILM Holdings Corporation | 2 | 95 |
| Fujikura Ltd. | 46 | 345 |
| Fujitsu Limited | 1 | 185 |
| Hamamatsu Photonics K.K. | 1 | 24 |
| Hankyu Hanshin Holdings, Inc. | 3 | 101 |
| Harmonic Drive Systems Inc. (a) | 1 | 20 |
| HASEKO Corporation | 60 | 671 |
| Hikari Tsushin,Inc. |  | 14 |
| Hitachi, Ltd. | 10 | 523 |
| Honda Motor Co., Ltd. - ADR | 1 | 17 |
| Honda Motor Co., Ltd. | 13 | 292 |
| HORIBA, Ltd. (a) | 12 | 538 |
| Hoya Corporation | 2 | 202 |
| IBIDEN Co., Ltd. | 6 | 207 |
| Idemitsu Kosan Co., Ltd. | 14 | 330 |
| IHI Corporation | 8 | 228 |
| INFRONEER Holdings Inc. | 74 | 563 |
| Inpex Corporation | 23 | 242 |
| ITOCHU Corporation | 14 | 456 |
| Japan Airport Terminal Co., Ltd. (b) | 1 | 49 |
| Japan Aviation Electronics Industry, Ltd. | 1 | 11 |
| Japan Exchange Group, Inc. | 8 | 109 |
| Japan Petroleum Exploration Co., Ltd. | 2 | 53 |
| Japan Post Holdings Co., Ltd. | 12 | 98 |
| Japan Tobacco Inc. (a) | 14 | 273 |
| JEOL Ltd. | 8 | 224 |
| JGC Holdings Corporation | 58 | 737 |
| JSR Corporation | 1 | 16 |
| Kaleidoscape, Y.K. | 14 | 296 |
| Kanematsu Electronics Ltd. |  | 10 |
| Kao Corporation | 3 | 104 |
| KDDI Corporation | 14 | 426 |
| Keyence Corporation | 1 | 233 |
| Kikkoman Corporation | 2 | 121 |
| Kirin Holdings Company, Ltd (a) | 3 | 40 |
| Kobe Steel, Ltd. | 4 | 21 |
| Komatsu Ltd. | 10 | 206 |
| Konami Holdings Corporation | 2 | 73 |
| Konica Minolta, Inc. | 183 | 726 |
| Kose Corporation |  | 22 |
| Kubota Corporation | 4 | 55 |
| KYOCERA Corporation | 2 | 89 |
| Kyowa Kirin Co., Ltd. | 1 | 14 |
| Kyushu Electric Power Co., Inc. | 8 | 47 |
| Lasertec Co., Ltd. | 1 | 195 |
| LIXIL Corporation | 7 | 111 |
| M3, Inc. | 3 | 68 |
| Mabuchi Motor Co., Ltd. (a) | 20 | 562 |
| MANI, Inc. | 2 | 34 |
| Marubeni Corporation | 18 | 205 |
| Marui Group Co.Ltd. | 16 | 259 |
| Matsuki Yokokokara & Company Co., Ltd. | 1 | 30 |
| Mazda Motor Corporation | 8 | 64 |
| Meiji Holdings Co., Ltd. | 5 | 246 |
| Mercari, Inc. (b) | 1 | 25 |
| Minebeamitsumi Inc. | 7 | 108 |
| MIRAIT Holdings Corporation | 70 | 809 |
| MISUMI Group Inc. | 4 | 92 |
| Mitsubishi Chemical Group Corporation | 63 | 328 |
| Mitsubishi Corporation | 8 | 254 |
| Mitsubishi Electric Corporation | 9 | 89 |
| Mitsubishi Estate Co., Ltd. | 5 | 68 |
| Mitsubishi Heavy Industries, Ltd. | 4 | 151 |
| Mitsubishi UFJ Financial Group Inc | 68 | 461 |
| Mitsui & Co., Ltd. | 8 | 242 |
| Mitsui Fudosan Co., Ltd. | 6 | 102 |
| Mitsui O.S.K. Lines, Ltd. (a) | 7 | 180 |
| Mizuho Bank, Ltd. (a) | 7 | 210 |
| Mizuho Financial Group, Inc. | 14 | 194 |
| MonotaRO Co., Ltd. | 4 | 52 |
| MS&AD Insurance Group Holdings, Inc. | 3 | 93 |
| Murata Manufacturing Co., Ltd. | 5 | 243 |
| Nagase & Co., Ltd. | 48 | 720 |
| Nagoya Railroad Co., Ltd. | 10 | 167 |
| Nec Corporation | 4 | 154 |
| Net One Systems Co., Ltd. | 18 | 477 |
| NEXON Co., Ltd. | 1 | 23 |
| Nidec Corporation | 2 | 88 |
| Nihon M&A Center Holdings Inc. | 25 | 309 |
| Nintendo Co., Ltd. | 7 | 293 |
| Nippon Express Co., Ltd. | 3 | 166 |
| Nippon Gas Co., Ltd. | 26 | 413 |
| Nippon Paint Holdings Co., Ltd. | 2 | 13 |
| Nippon Steel Corporation | 14 | 240 |
| Nippon Telegraph and Telephone Corporation | 5 | 148 |
| Nippon Yusen Kabushiki Kaisha (a) | 18 | 419 |
| Nissan Motor Co., Ltd. (a) | 19 | 60 |
| Nissan Shatai Co., Ltd | 3 | 16 |
| Nissin Chemical Corporation | 2 | 78 |
| Nitori Holdings Co., Ltd. | 2 | 195 |
| Nitto Denko Corporation | 4 | 225 |
| Nomura Holdings, Inc. | 45 | 168 |
| Nomura Holdings, Inc. - ADR (a) | 4 | 14 |
| Nomura Research Institute Ltd | 2 | 50 |
| NTT DATA Corporation | 6 | 89 |
| OBIC Co., Ltd. |  | 44 |
| Ohsho Food Service Corporation |  | 18 |
| Olympus Corporation | 6 | 101 |
| OMRON Corporation | 1 | 53 |
| Ono Pharmaceutical Co., Ltd. | 5 | 110 |
| Oriental Land Co., Ltd. |  | 29 |
| ORIX Corporation | 16 | 259 |
| Osaka Gas Co., Ltd. | 3 | 48 |
| Otsuka Corporation (a) | 2 | 57 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Otsuka Holdings Co., Ltd. | 2 | 50 |
| Pan Pacific International Holdings Corporation | 6 | 119 |
| Panasonic Holdings Corporation | 31 | 262 |
| Penta-Ocean Construction Co., Ltd. | 53 | 246 |
| Pigeon Corporation (a) | 15 | 243 |
| Rakuten Group, Inc. (a) | 8 | 34 |
| Recruit Holdings Co., Ltd. | 8 | 256 |
| Renesas Electronics Corporation (b) | 11 | 94 |
| Resona Holdings, Inc. | 39 | 217 |
| Ricoh Company, Ltd. | 10 | 73 |
| Ricoh Leasing Company, Ltd. | 1 | 14 |
| ROHM Co., Ltd. | 1 | 93 |
| Ryohin Keikaku Co., Ltd. | 76 | 895 |
| Samty Co., Ltd. | 4 | 71 |
| Sankyu Inc. | 14 | 497 |
| Santen Pharmaceutical Co., Ltd. | 43 | 354 |
| Sawai Group Holdings Co., Ltd | 16 | 513 |
| SBI Holdings, Inc. | 4 | 67 |
| Secom Co., Ltd. | 2 | 91 |
| Seiko Epson Corporation. | 11 | 157 |
| Sekisui Chemical Co., Ltd. | 17 | 232 |
| Sekisui House, Ltd. | 9 | 157 |
| Seven & I Holdings Co., Ltd. | 6 | 275 |
| SG Holdings Co., Ltd. | 6 | 82 |
| SHIFT, Inc. (b) |  | 18 |
| Shikoku Electric Power Company, Incorporated | 15 | 86 |
| Shimadzu Corporation | 3 | 91 |
| Shimano Inc. | 1 | 94 |
| Shin-Etsu Chemical Co., Ltd. | 3 | 330 |
| Shionogi & Co., Ltd. |  | 10 |
| Ship Healthcare Holdings, Inc. | 21 | 426 |
| Shiseido Company, Limited (a) | 1 | 68 |
| Shizuoka Financial Group, Inc. | 27 | 219 |
| Showa Denko K.K. (a) | 29 | 446 |
| SMC Corporation |  | 84 |
| Softbank Corp. | 17 | 188 |
| SoftBank Group Corp | 15 | 629 |
| Sojitz Corporation | 19 | 372 |
| Sompo Holdings, Inc. | 5 | 209 |
| Sony Group Corporation | 10 | 786 |
| Subaru Corporation. | 20 | 302 |
| SUMCO Corporation (a) | 15 | 196 |
| Sumitomo Chemical Company, Limited | 46 | 166 |
| Sumitomo Corporation | 6 | 92 |
| Sumitomo Electric Industries, Ltd. | 13 | 145 |
| Sumitomo Metal Mining Co., Ltd. | 9 | 325 |
| Sumitomo Mitsui Banking Corporation | 15 | 297 |
| Sumitomo Mitsui Financial Group, Inc. - ADR (a) | 3 | 24 |
| Sumitomo Mitsui Financial Group, Inc. | 7 | 277 |
| Sumitomo Mitsui Trust Bank, Limited | 6 | 220 |
| Sumitomo Realty & Development Co., Ltd. | 4 | 99 |
| Suzuki Motor Corporation | 3 | 80 |
| Sysmex Corporation | 3 | 170 |
| T&D Holdings, lnc. | 9 | 128 |
| Taisei Corporation | 3 | 97 |
| Taiyo Yuden Co, Ltd | 9 | 271 |
| Takashimaya Company, Limited (a) | 42 | 590 |
| Takeda Pharmaceutical Co Ltd | 12 | 365 |
| TBS Holdings, Inc. | 2 | 17 |
| TDK Corporation | 14 | 452 |
| TechnoPro Holdings, Inc. | 23 | 602 |
| Terumo Corporation | 2 | 68 |
| The Hachijuni Bank, Ltd. | 113 | 469 |
| TIS Inc. | 4 | 103 |
| TKC Corporation |  | 11 |
| Toei Animation Co., Ltd. |  | 10 |
| Tokio Marine Holdings, Inc. | 7 | 154 |
| Tokyo Electric Power Company Holdings, Inc. (b) | 20 | 72 |
| Tokyo Electron Limited | 1 | 265 |
| Tokyo Gas Co., Ltd. | 4 | 81 |
| Tokyu Corporation | 5 | 60 |
| Tokyu Fudosan Holdings Corporation | 102 | 482 |
| Toray Industries, Inc. | 24 | 136 |
| Toshiba Corporation | 2 | 73 |
| TOTO Ltd. | 2 | 81 |
| Towa Pharmaceutical Co., Ltd. | 11 | 184 |
| Toyota Industries Corporation | 1 | 54 |
| Toyota Motor Corporation | 67 | 913 |
| Toyota Tsusho Corporation | 7 | 268 |
| Trend Micro Incorporated | 2 | 89 |
| Tsumura & Co. | 14 | 307 |
| UBE Corporation | 28 | 409 |
| Unicharm Corporation | 1 | 54 |
| USEN-NEXT HOLDINGS Co., Ltd. (a) | 1 | 11 |
| West Japan Railway Company | 2 | 83 |
| Yakult Honsha Co., Ltd. | 1 | 59 |
| Yamaha Corporation | 1 | 41 |
| Yamaha Motor Co., Ltd. (a) | 10 | 222 |
| Yaskawa Electric Corporation | 4 | 140 |
| Yokogawa Electric Corporation | 1 | 21 |
| Z Holdings Corporation | 8 | 21 |
| | | 46799 |
| **United Kingdom 12.1%** | **United Kingdom 12.1%** | **United Kingdom 12.1%** |
| 3i Group plc | 37 | 605 |
| Anglo American PLC | 19 | 734 |
| Ashtead Group Public Limited Company | 5 | 302 |
| Associated British Foods PLC | 5 | 104 |
| AstraZeneca PLC - ADR | 6 | 405 |
| Aviva PLC | 41 | 221 |
| Babcock International Group PLC (b) | 73 | 251 |
| BAE Systems PLC | 35 | 361 |
| Barclays PLC | 155 | 298 |
| Barclays PLC - ADR | 6 | 44 |
| Barratt Developments P L C | 127 | 615 |
| Beazley Ireland Holdings PLC | 46 | 379 |
| BP P.L.C. - ADR | 8 | 283 |
| BP P.L.C. | 181 | 1038 |
| British American Tobacco P.L.C. | 14 | 538 |
| Britvic PLC | 56 | 532 |
| BT Group PLC | 186 | 253 |
| Bunzl Public Limited Company | 4 | 129 |
| Centrica PLC | 363 | 424 |
| Close Brothers Group PLC | 57 | 712 |
| Compass Group PLC | 11 | 256 |
| Croda International Public Limited Company | 2 | 192 |
| DCC Public Limited Company | 2 | 76 |
| Dechra Pharmaceuticals PLC | 1 | 35 |
| Diageo PLC - ADR | 1 | 222 |
| Diageo PLC | 8 | 361 |
| Diploma PLC | 2 | 77 |
| Domino's Pizza Group PLC | 31 | 110 |
| Endeavour Mining Corporation | 12 | 247 |
| Entain PLC | 1 | 24 |
| Experian PLC | 10 | 330 |
| Ferguson PLC | 3 | 354 |
| Fevertree Drinks PLC | 1 | 14 |
| Fiat Chrysler Automobiles N.V. | 35 | 498 |
| Games Workshop Group PLC | 13 | 1388 |
| GSK PLC | 25 | 440 |
| GSK PLC - ADR | 1 | 28 |
| Haleon PLC (b) | 32 | 124 |
| Haleon PLC - ADR (a) (b) | 1 | 8 |
| Halma Public Limited Company | 1 | 24 |
| Harbour Energy PLC | 22 | 82 |
| Hays PLC | 299 | 421 |
| Hiscox Ltd. | 27 | 354 |
| Howden Joinery Group PLC | 38 | 263 |
| HSBC Holdings PLC - ADR (a) | 8 | 253 |
| HSBC Holdings PLC | 75 | 465 |
| Imperial Brands PLC | 23 | 574 |
| Informa Jersey Limited | 24 | 177 |
| ITV PLC | 459 | 421 |
| Jet2 PLC | 4 | 43 |
| Johnson Matthey PLC | 13 | 334 |
| Kainos Group PLC | 1 | 22 |
| Legal & General Group PLC | 71 | 217 |
| Lloyds Banking Group PLC - ADR | 17 | 36 |
| Lloyds Banking Group PLC | 627 | 345 |
| London Stock Exchange Group PLC | 1 | 106 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Marks and Spencer Group P.L.C. (b) | 20 | 30 |
| Mondi plc | 21 | 363 |
| National Grid PLC | 4 | 46 |
| National Grid PLC - ADR (a) | 2 | 111 |
| NatWest Group PLC | 56 | 181 |
| NatWest Group PLC - ADR (a) (b) | 3 | 22 |
| Next PLC | 4 | 269 |
| Ocado Group PLC (b) | 1 | 8 |
| Pearson PLC | 34 | 385 |
| Playtech PLC (b) | 5 | 30 |
| QinetiQ Group PLC | 75 | 326 |
| Reckitt Benckiser Group PLC | 4 | 295 |
| Relx PLC | 6 | 175 |
| Relx PLC - ADR (a) | 5 | 144 |
| Rentokil Initial PLC | 30 | 184 |
| Rightmove PLC | 69 | 431 |
| Rio Tinto PLC - ADR (a) | 2 | 147 |
| Rio Tinto PLC | 14 | 989 |
| Rolls-Royce PLC (b) | 112 | 127 |
| Rotork P.L.C. | 93 | 346 |
| RS Group PLC | 34 | 373 |
| Severn Trent PLC | 3 | 81 |
| Smiths Group PLC | 18 | 356 |
| SSE PLC | 31 | 654 |
| SSP Group PLC (b) | 67 | 187 |
| Standard Chartered PLC | 37 | 281 |
| Stolt-Nielsen M.S. Ltd. | 1 | 24 |
| Tate & Lyle Public Limited Company | 18 | 152 |
| Tesco PLC | 103 | 279 |
| Unilever PLC | 8 | 400 |
| Unilever PLC - ADR | 8 | 424 |
| United Utilities PLC | 5 | 63 |
| Vistry Group PLC | 100 | 755 |
| Vodafone Group Public Limited Company | 438 | 447 |
| Weir Group PLC(The) | 2 | 33 |
| WPP 2012 Limited - ADR (a) | 1 | 40 |
| | | 26307 |
| **Canada 10.8%** | **Canada 10.8%** | **Canada 10.8%** |
| Agnico Eagle Mines Limited | 9 | 465 |
| Algonquin Power & Utilities Corp. (a) | 8 | 49 |
| Alimentation Couche-Tard Inc. | 4 | 189 |
| Altus Group Limited | 1 | 28 |
| ATS Corporation (b) | 6 | 177 |
| Bank of Montreal | 10 | 919 |
| Barrick Gold Corporation | 11 | 187 |
| BCE Inc. | 5 | 241 |
| BlackBerry Limited (b) | 4 | 12 |
| Bombardier Inc. - Class B (b) | 2 | 82 |
| Boralex Inc. - Class A | 7 | 198 |
| Brookfield Asset Management Ltd. - Class A (b) |  | 13 |
| Brookfield Asset Management Reinsurance Partners Ltd. - Class A |  |  |
| Brookfield Corporation - Class A | 2 | 56 |
| Brookfield Infrastructure Corporation - Class A (a) |  | 3 |
| BRP Inc. | 1 | 107 |
| CAE Inc. (b) | 4 | 72 |
| Cameco Corporation | 2 | 39 |
| Canadian Imperial Bank of Commerce | 7 | 303 |
| Canadian National Railway Company | 3 | 297 |
| Canadian Natural Resources Limited | 14 | 780 |
| Canadian Pacific Railway Limited | 2 | 149 |
| Canadian Tire Corporation, Limited - Class A | 3 | 284 |
| Canadian Utilities Limited - Class A | 1 | 30 |
| Capital Power Corporation | 3 | 109 |
| Cenovus Energy Inc. | 20 | 389 |
| CGI Inc. - Class A (b) | 3 | 300 |
| CGI Inc. - Class A (a) (b) |  | 33 |
| Colliers International Group Inc. |  | 9 |
| Constellation Software Inc. |  | 312 |
| Crescent Point Energy Corp. | 88 | 631 |
| Dollarama Inc. | 3 | 187 |
| Element Fleet Management Corp. | 59 | 807 |
| Emera Incorporated | 1 | 38 |
| Enbridge Inc. | 8 | 301 |
| Enerplus Corporation | 58 | 1015 |
| Finning International Inc. | 23 | 574 |
| First Quantum Minerals Ltd | 14 | 293 |
| Fortis Inc. (a) | 1 | 43 |
| Fortis Inc. | 4 | 141 |
| Franco-Nevada Corporation | 1 | 82 |
| Freehold Royalties Ltd. (a) | 8 | 98 |
| Groupe WSP Global Inc. | 1 | 105 |
| iA Societe Financiere Inc. | 5 | 304 |
| Imperial Oil Limited | 4 | 201 |
| Intact Financial Corporation | 2 | 245 |
| Keyera Corp. | 7 | 143 |
| Kinross Gold Corporation | 60 | 244 |
| Lightspeed Commerce Inc. (b) |  | 4 |
| Linamar Corporation | 5 | 248 |
| Loblaw Companies Limited | 3 | 265 |
| Magna International Inc. | 5 | 286 |
| Manulife Financial Corporation | 10 | 180 |
| Methanex Corporation | 21 | 801 |
| National Bank of Canada | 12 | 811 |
| Northland Power Inc. | 16 | 443 |
| Nutrien Ltd. | 8 | 600 |
| ONEX Corporation | 12 | 568 |
| Open Text Corporation | 10 | 299 |
| Pan American Silver Corp. | 11 | 181 |
| Pembina Pipeline Corporation (a) | 3 | 98 |
| Prairiesky Royalty Ltd. (a) | 15 | 240 |
| Premium Brands Holdings Corporation | 1 | 36 |
| Restaurant Brands International Limited Partnership (a) | 5 | 330 |
| Rogers Communications Inc. - Class B | 6 | 266 |
| Royal Bank of Canada (a) |  | 35 |
| Royal Bank of Canada | 14 | 1359 |
| Shaw Communications Inc. - Class B | 3 | 73 |
| Shopify Inc. - Class A (b) |  | 13 |
| Stantec Inc. | 7 | 321 |
| Stella-Jones Inc. | 8 | 299 |
| Sun Life Financial Inc. | 5 | 251 |
| Suncor Energy Inc. | 25 | 778 |
| TC Energy Corporation | 2 | 80 |
| Teck Resources Limited - Class B | 13 | 479 |
| The Bank of Nova Scotia | 10 | 475 |
| The Descartes Systems Group Inc. (b) |  | 21 |
| The Toronto-Dominion Bank (a) | 3 | 203 |
| The Toronto-Dominion Bank | 9 | 589 |
| Thomson Reuters Corporation |  | 34 |
| TMX Group Limited | 2 | 170 |
| Tourmaline Oil Corp | 4 | 194 |
| Tricon Residential Inc. | 13 | 104 |
| Waste Connections, Inc. | 1 | 93 |
| West Fraser Timber Co. Ltd. | 5 | 340 |
| Wheaton Precious Metals Corp. | 1 | 56 |
| Yamana Gold Inc. | 130 | 721 |
|  |  | 23628 |
| **France 8.1%** | **France 8.1%** | **France 8.1%** |
| Accor (b) | 3 | 69 |
| Aeroports de Paris (b) |  | 24 |
| ALD (a) (c) | 4 | 47 |
| Alten | 1 | 103 |
| Arkema | 4 | 330 |
| AXA | 10 | 288 |
| BNP Paribas | 7 | 385 |
| Bouygues | 9 | 269 |
| Bureau Veritas | 9 | 236 |
| Capgemini | 1 | 215 |
| Compagnie De Saint-Gobain | 14 | 668 |
| Compagnie Generale des Etablissements Michelin | 24 | 674 |
| Credit Agricole SA | 15 | 158 |
| Danone | 2 | 123 |
| Dassault Aviation |  | 41 |
| Dassault Systemes | 1 | 45 |
| EDENRED | 4 | 233 |
| Eiffage | 3 | 328 |
| Electricite de France | 2 | 25 |
| Elis Services | 26 | 381 |
| Engie | 25 | 355 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| EssilorLuxottica | 1 | 189 |
| EUROAPI (b) |  | 3 |
| Euronext N.V. (d) | 4 | 286 |
| Faurecia (b) | 4 | 56 |
| Gaztransport Et Technigaz | 1 | 116 |
| Getlink S.E. | 3 | 49 |
| Hermes International |  | 314 |
| Ipsos | 4 | 230 |
| Kering | 1 | 316 |
| La Francaise Des Jeux (c) | 2 | 95 |
| L'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 3 | 458 |
| Legrand | 4 | 355 |
| L'Oreal | 1 | 273 |
| LVMH Moet Hennessy Louis Vuitton | 2 | 1388 |
| Orange | 92 | 913 |
| Pernod Ricard | 1 | 199 |
| Remy Cointreau |  | 81 |
| Renault (b) | 8 | 267 |
| Rexel | 17 | 336 |
| Rubis | 2 | 57 |
| Safran | 1 | 123 |
| Sanofi | 4 | 391 |
| Sartorius Stedim Biotech |  | 49 |
| Schneider Electric SE | 2 | 237 |
| Societe d'exploitation Hoteliere | 5 | 449 |
| Societe Generale | 13 | 334 |
| Spie SA | 23 | 596 |
| Teleperformance SE | 1 | 197 |
| Tikehau Capital | 5 | 129 |
| TotalEnergies SE (a) | 38 | 2397 |
| Ubisoft Entertainment (b) | 5 | 148 |
| Valeo | 15 | 268 |
| Veolia Environnement-VE | 5 | 140 |
| Verallia | 4 | 131 |
| VINCI | 6 | 645 |
| Vivendi SE | 9 | 82 |
| Worldline (b) (d) | 7 | 271 |
| | | 17565 |
| **Switzerland 7.8%** | **Switzerland 7.8%** | **Switzerland 7.8%** |
| ABB Ltd - Class N | 26 | 798 |
| Accelleron Industries AG (b) | 1 | 27 |
| Adecco Group AG - Class N | 13 | 426 |
| Alcon AG | 6 | 426 |
| Alcon AG | 5 | 365 |
| BELIMO Holding AG - Class N |  | 187 |
| Chocoladefabriken Lindt & Sprungli AG - Class N |  | 103 |
| Clariant AG - Class N | 44 | 707 |
| Compagnie Financiere Richemont SA | 3 | 347 |
| Credit Suisse Group AG - ADR | 9 | 29 |
| Credit Suisse Group AG - Class N | 42 | 125 |
| Datwyler Holding AG | 1 | 243 |
| Dufry AG - Class N (b) | 9 | 369 |
| EMS-Chemie Holding AG |  | 273 |
| Geberit AG - Class N | 1 | 378 |
| Georg Fischer AG - Class N | 8 | 470 |
| Givaudan SA - Class N |  | 150 |
| Glencore PLC | 147 | 992 |
| Interroll Holding AG - Class N |  | 59 |
| Julius Bar Gruppe AG - Class N | 15 | 859 |
| Logitech International S.A. - Class N (a) |  | 24 |
| Logitech International S.A. - Class N | 6 | 345 |
| Lonza Group AG | 1 | 305 |
| Nestle S.A. - Class N | 18 | 2107 |
| Novartis AG - ADR | 1 | 71 |
| Novartis AG - Class N | 21 | 1918 |
| Partners Group Holding AG |  | 442 |
| PSP Swiss Property AG - Class N | 2 | 262 |
| Roche Holding AG |  | 79 |
| Schindler Holding AG - Class N |  | 80 |
| Sika AG | 2 | 389 |
| Sonova Holding AG |  | 100 |
| STMicroelectronics N.V. | 7 | 238 |
| Swiss Prime Site AG - Class N | 14 | 1223 |
| Swiss Re AG | 6 | 560 |
| Swisscom AG - Class N | 1 | 477 |
| Tecan Group AG - Class N |  | 18 |
| UBS Group AG | 19 | 360 |
| VAT Group AG (d) | 1 | 204 |
| Zurich Insurance Group AG - Class N | 1 | 449 |
|  |  | 16984 |
| **Australia 6.9%** | **Australia 6.9%** | **Australia 6.9%** |
| Altium Limited | 6 | 135 |
| Alumina Limited | 320 | 333 |
| AMP Limited (b) | 556 | 497 |
| ANZ Group Holdings Limited (b) | 16 | 258 |
| Aristocrat Leisure Limited | 7 | 155 |
| ASX Limited | 1 | 52 |
| Atlas Arteria Limited | 42 | 190 |
| AUB Group Limited | 1 | 17 |
| Australian Pipeline Trust | 13 | 92 |
| BHP Group Limited - ADR | 8 | 514 |
| BHP Group Limited | 17 | 530 |
| BHP Group Limited | 6 | 184 |
| BlueScope Steel Limited | 28 | 324 |
| Brambles Limited | 19 | 159 |
| Capricorn Metals Limited (b) | 52 | 163 |
| Champion Iron Limited (a) | 32 | 161 |
| Cleanaway Waste Management Limited | 43 | 78 |
| Cochlear Limited | 1 | 155 |
| Coles Group Limited | 10 | 114 |
| Commonwealth Bank of Australia | 7 | 510 |
| Computershare Limited | 21 | 374 |
| Credit Corp Group Limited | 6 | 75 |
| CSL Limited | 2 | 346 |
| CSR Limited | 133 | 428 |
| Deterra Royalties Limited | 36 | 111 |
| Domain Holdings Australia Limited | 34 | 64 |
| Downer EDI Limited | 90 | 228 |
| Eagers Automotive Limited | 16 | 118 |
| Endeavour Group Limited | 37 | 162 |
| Flight Centre Travel Group Limited (b) | 9 | 84 |
| Fortescue Metals Group Ltd | 31 | 439 |
| IGO Limited | 3 | 24 |
| Incitec Pivot Limited | 108 | 277 |
| Insurance Australia Group Limited | 56 | 182 |
| InvoCare Limited | 3 | 21 |
| IRESS Limited | 2 | 16 |
| JB Hi-Fi Limited (a) | 8 | 224 |
| Lendlease Corporation Limited | 10 | 51 |
| Lynas Rare Earths Limited (b) | 40 | 211 |
| Macquarie Group Limited | 1 | 162 |
| Medibank Private Limited | 49 | 98 |
| Nanosonics Limited (a) (b) | 6 | 18 |
| National Australia Bank Limited | 23 | 463 |
| NEXTDC Limited (b) | 4 | 24 |
| Northern Star Resources Ltd | 16 | 119 |
| Nufarm Limited | 73 | 304 |
| Orica Limited | 35 | 357 |
| Origin Energy Limited | 31 | 165 |
| Orora Limited | 101 | 198 |
| OZ Minerals Limited | 20 | 370 |
| Pilbara Minerals Limited (b) | 44 | 114 |
| Qantas Airways Limited (b) | 6 | 23 |
| QBE Insurance Group Limited | 27 | 246 |
| Ramsay Health Care Limited | 4 | 155 |
| Rio Tinto Limited | 6 | 514 |
| Sandfire Resources Limited | 78 | 292 |
| Santos Limited | 56 | 279 |
| Sonic Healthcare Limited | 16 | 331 |
| South32 Limited | 80 | 222 |
| Steadfast Group Ltd | 57 | 214 |
| Suncorp Group Limited | 24 | 193 |
| Tabcorp Holdings Limited | 503 | 368 |
| Technology One Limited | 18 | 157 |
| Telstra Group Limited | 57 | 154 |
| The Lottery Corporation Limited (b) | 31 | 95 |
| Transurban Holdings Limited | 12 | 109 |
| Wesfarmers Limited | 7 | 222 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Westpac Banking Corporation | 19 | 299 |
| Woodside Energy Group Ltd | 1 | 26 |
| Woodside Energy Group Ltd | 15 | 369 |
| Woodside Energy Group Ltd - ADR (a) | 3 | 72 |
| Woolworths Group Limited | 8 | 189 |
| | | 14977 |
| **Germany 6.3%** | **Germany 6.3%** | **Germany 6.3%** |
| 1&1 AG | 1 | 17 |
| Adidas AG - Class N | 1 | 194 |
| Allianz SE | 3 | 612 |
| Aroundtown SA | 21 | 48 |
| BASF SE - Class N | 13 | 638 |
| Bayer Aktiengesellschaft - Class N | 13 | 665 |
| Bayerische Motoren Werke Aktiengesellschaft | 5 | 437 |
| Beiersdorf Aktiengesellschaft |  | 51 |
| Brenntag SE - Class N | 4 | 269 |
| Carl Zeiss Meditec AG | 1 | 178 |
| Commerzbank Aktiengesellschaft (b) | 51 | 483 |
| Continental Aktiengesellschaft | 6 | 354 |
| Covestro AG (d) | 15 | 577 |
| Daimler Truck Holding AG (b) | 7 | 204 |
| Delivery Hero SE (b) (d) |  | 19 |
| Deutsche Bank Aktiengesellschaft - Class N | 5 | 60 |
| Deutsche Bank Aktiengesellschaft - Class N | 35 | 398 |
| Deutsche Borse Aktiengesellschaft - Class N | 2 | 270 |
| Deutsche Lufthansa Aktiengesellschaft (b) | 35 | 290 |
| Deutsche Post AG - Class N | 14 | 536 |
| Deutsche Telekom AG - Class N | 52 | 1041 |
| E.ON SE - Class N | 65 | 654 |
| Encavis AG | 3 | 69 |
| Fraport AG Frankfurt Airport Services Worldwide (b) | 2 | 62 |
| freenet AG - Class N | 3 | 61 |
| Fresenius Medical Care AG & Co. KGaA | 3 | 103 |
| Fresenius SE & Co. KGaA | 6 | 169 |
| Fuchs Petrolub SE |  | 4 |
| Hannover Ruck SE - Class N | 1 | 119 |
| Hapag-Lloyd Aktiengesellschaft (d) |  | 34 |
| Hellofresh SE (b) | 2 | 44 |
| Henkel AG & Co. KGaA | 1 | 64 |
| HOCHTIEF Aktiengesellschaft | 4 | 227 |
| Infineon Technologies AG - Class N | 9 | 266 |
| K+S Aktiengesellschaft - Class N | 3 | 51 |
| Kion Group AG | 2 | 57 |
| KRONES Aktiengesellschaft | 1 | 104 |
| LANXESS Aktiengesellschaft | 2 | 95 |
| LEG Immobilien SE | 1 | 89 |
| Mercedes-Benz Group AG - Class N | 12 | 814 |
| Merck Kommanditgesellschaft auf Aktien | 1 | 110 |
| MTU Aero Engines AG - Class N | 1 | 274 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 1 | 196 |
| ProSiebenSat.1 Media SE | 18 | 163 |
| Rheinmetall Aktiengesellschaft | 2 | 477 |
| RWE Aktiengesellschaft | 9 | 412 |
| SAP SE | 2 | 245 |
| Scout24 SE (d) | 3 | 152 |
| Siemens Aktiengesellschaft - Class N | 2 | 316 |
| Siemens Energy AG | 12 | 218 |
| Siemens Healthineers AG (d) | 1 | 30 |
| Siltronic AG |  | 24 |
| Sixt SE | 1 | 84 |
| Thyssenkrupp AG | 24 | 146 |
| Vitesco Technologies Group Aktiengesellschaft (b) |  | 9 |
| Volkswagen Aktiengesellschaft | 1 | 89 |
| Vonovia SE | 6 | 147 |
| Wacker Chemie AG | 2 | 217 |
|  |  | 13736 |
| **Netherlands 4.7%** | **Netherlands 4.7%** | **Netherlands 4.7%** |
| Adyen B.V. (b) (d) |  | 54 |
| Aegon N.V. - ADR | 12 | 61 |
| Aegon N.V. | 75 | 383 |
| Airbus SE | 4 | 434 |
| Akzo Nobel N.V. | 4 | 264 |
| Arcadis N.V. | 6 | 248 |
| argenx SE (b) |  | 33 |
| ASM International N.V. | 1 | 205 |
| ASML Holding N.V. - ADR | 1 | 604 |
| ASML Holding N.V. | 1 | 700 |
| Basic-Fit N.V. (a) (b) (d) | 2 | 41 |
| BE Semiconductor Industries N.V. | 2 | 131 |
| CNH Industrial N.V. | 15 | 236 |
| Heineken N.V. | 1 | 117 |
| IMCD B.V. | 1 | 146 |
| ING Groep N.V. | 21 | 251 |
| Just Eat Takeaway.Com N.V. (b) (d) | 3 | 72 |
| Koninklijke Ahold Delhaize N.V. | 42 | 1223 |
| Koninklijke DSM N.V. | 2 | 230 |
| Koninklijke KPN N.V. | 73 | 227 |
| Koninklijke Philips N.V. - ADR (d) | 2 | 28 |
| Koninklijke Philips N.V. | 8 | 115 |
| Koninklijke Vopak N.V. | 5 | 163 |
| NN Group N.V. | 5 | 197 |
| OCI N.V. | 3 | 92 |
| Prosus N.V. - Class N | 5 | 335 |
| Randstad N.V. | 6 | 383 |
| Shell PLC - Class A | 64 | 1816 |
| Shell PLC - Class A - ADR | 13 | 715 |
| Signify N.V. (d) | 7 | 240 |
| Universal Music Group N.V. | 4 | 91 |
| Wolters Kluwer N.V. - Class C | 4 | 459 |
|  |  | 10294 |
| **Sweden 2.8%** | **Sweden 2.8%** | **Sweden 2.8%** |
| AAK AB (publ) | 3 | 53 |
| AB Sagax - Class B | 2 | 39 |
| Addnode Group Aktiebolag (publ) - Class B | 6 | 59 |
| Addtech AB - Class B | 1 | 20 |
| AFRY AB - Class B | 13 | 206 |
| Aktiebolaget Electrolux - Class B (a) | 8 | 104 |
| Aktiebolaget SKF - Class A | 1 | 8 |
| Aktiebolaget SKF - Class B | 17 | 253 |
| Aktiebolaget Volvo - Class A | 2 | 46 |
| Aktiebolaget Volvo - Class B | 23 | 419 |
| Alfa Laval AB | 1 | 27 |
| Alleima AB (b) | 3 | 11 |
| Amasten Fastighets AB (publ) (a) (b) (e) | 1 | 1 |
| Arjo AB (publ) - Class B | 15 | 56 |
| Assa Abloy AB - Class B | 2 | 46 |
| Atlas Copco Aktiebolag - Class A | 18 | 217 |
| Atlas Copco Aktiebolag - Class B | 10 | 106 |
| Avanza Bank Holding AB | 3 | 74 |
| Axfood Aktiebolag | 2 | 60 |
| Billerud Aktiebolag (publ) | 4 | 48 |
| Biotage AB | 2 | 37 |
| Boliden AB | 4 | 163 |
| Bravida Holding AB (d) | 16 | 168 |
| Bure Equity AB | 1 | 32 |
| Castellum Aktiebolag (a) | 3 | 33 |
| Dometic Group AB (publ) (d) | 14 | 90 |
| Electrolux Professional AB (publ) - Class B | 13 | 54 |
| Elekta AB (publ) - Class B | 6 | 34 |
| Epiroc Aktiebolag - Class A | 6 | 112 |
| Epiroc Aktiebolag - Class B | 4 | 67 |
| Essity Aktiebolag (publ) - Class B | 4 | 114 |
| Evolution AB (publ) (d) | 1 | 73 |
| Fastighets AB Balder - Class B (b) | 6 | 27 |
| Getinge AB - Class B | 3 | 70 |
| H & M Hennes & Mauritz AB - Class B (a) | 10 | 108 |
| Hexagon Aktiebolag - Class B | 4 | 44 |
| Hexatronic Group AB | 8 | 106 |
| Hexpol AB - Class B | 4 | 43 |
| Husqvarna Aktiebolag - Class B | 18 | 127 |
| Indutrade Aktiebolag | 4 | 86 |
| International Petroleum Corporation (b) | 6 | 69 |
| Intrum AB | 2 | 20 |
| JM AB | 4 | 70 |
| Lagercrantz Group Aktiebolag - Class B | 6 | 62 |
| Lifco Ab (Publ) - Class B | 5 | 90 |
| Litium AB - Class A | 1 | 7 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Loomis AB - Class B | 7 | 195 |
| MIPS AB | 2 | 64 |
| NCC Aktiebolag - Class B | 15 | 136 |
| NIBE Industrier AB - Class B | 4 | 34 |
| Nordic Entertainment Group AB - Class B (b) | 1 | 26 |
| Orron Energy AB | 1 | 2 |
| Peab AB - Class B | 7 | 42 |
| Samhallsbyggnadsbolaget i Norden AB - Class B (a) | 5 | 9 |
| Sandvik Aktiebolag | 15 | 264 |
| Sectra Aktiebolag - Class B (b) | 7 | 99 |
| Securitas AB - Class B | 9 | 73 |
| Skandinaviska Enskilda Banken AB - Class A | 11 | 123 |
| Skanska AB - Class B | 7 | 116 |
| Skistar Aktiebolag - Class B | 4 | 42 |
| SSAB AB - Class B | 25 | 130 |
| Stillfront Group AB (publ) (b) | 24 | 40 |
| Svenska Cellulosa Aktiebolaget SCA - Class B | 4 | 52 |
| Svenska Handelsbanken AB - Class A | 8 | 78 |
| SWECO Civil AB - Class B | 3 | 26 |
| Swedbank AB - Class A | 6 | 107 |
| Tele2 AB - Class B | 12 | 98 |
| Telefonaktiebolaget LM Ericsson - Class A | 1 | 6 |
| Telefonaktiebolaget LM Ericsson - Class B | 42 | 245 |
| Telia Company AB | 46 | 117 |
| Thule Group AB (d) | 2 | 43 |
| Trelleborg AB - Class B | 4 | 81 |
| Vitec Software Group AB (publ) - Class B | 1 | 32 |
| Vitrolife AB |  | 6 |
| Wihlborgs Fastigheter AB | 14 | 109 |
| | | 6154 |
| **Spain 2.5%** | **Spain 2.5%** | **Spain 2.5%** |
| Acciona,S.A. | 1 | 139 |
| Acerinox, S.A. | 9 | 91 |
| ACS, Actividades de Construccion y Servicios, S.A. | 3 | 77 |
| AENA, S.M.E., S.A. (b) (d) | 1 | 123 |
| Amadeus IT Group, S.A. (b) (d) | 6 | 312 |
| Banco Bilbao Vizcaya Argentaria, S.A. | 71 | 430 |
| Banco Bilbao Vizcaya Argentaria, S.A. - ADR | 14 | 85 |
| Banco de Sabadell, S.A. | 271 | 258 |
| Banco Santander, S.A. | 144 | 432 |
| Bankinter, S.A. (a) | 16 | 105 |
| CaixaBank, S.A. | 86 | 338 |
| Cellnex Telecom, S.A. (d) | 1 | 28 |
| CIE Automotive, S.A. | 3 | 88 |
| Ebro Foods, S.A. (a) | 2 | 27 |
| Enagas S.A. (a) | 11 | 187 |
| Endesa, S.A. | 10 | 190 |
| Grifols, S.A. - Class A | 5 | 59 |
| Iberdrola, Sociedad Anonima | 54 | 632 |
| Industria de Diseno Textil, S.A. | 7 | 180 |
| Laboratorios Farmaceúticos Rovi, SA | 2 | 85 |
| Red Electrica Corporacion, S.A. | 8 | 142 |
| Repsol, S.A. | 42 | 671 |
| Telefonica, S.A. | 168 | 610 |
| Viscofan, S.A. (a) | 3 | 208 |
|  |  | 5497 |
| **Hong Kong 2.3%** | **Hong Kong 2.3%** | **Hong Kong 2.3%** |
| AIA Group Limited | 101 | 1116 |
| ASM Pacific Technology Limited | 15 | 104 |
| Bank of East Asia, Limited - The- | 258 | 312 |
| Budweiser Brewing Company APAC Limited (d) | 9 | 28 |
| Chow Tai Fook Jewellery Group Limited | 29 | 59 |
| CK Asset Holdings Limited | 22 | 137 |
| CK Hutchison Holdings Limited | 28 | 170 |
| CLP Holdings Limited | 11 | 80 |
| Cowell E Holdings Inc. (b) | 8 | 11 |
| DFI Retail Group Holding Limited | 14 | 41 |
| Galaxy Entertainment Group Limited | 3 | 20 |
| Great Eagle Holdings Limited | 1 | 2 |
| Hang Lung Group Limited | 9 | 16 |
| Hang Seng Bank, Limited | 5 | 85 |
| Henderson Land Development Company Limited | 31 | 108 |
| HK Electric Investments Limited | 72 | 48 |
| HKT Trust | 203 | 249 |
| Hong Kong And China Gas Company Limited - The- | 115 | 109 |
| Hong Kong Exchanges and Clearing Limited | 7 | 308 |
| Hongkong Land Holdings Limited | 23 | 106 |
| Hysan Development Company Limited | 18 | 58 |
| Man Wah Holdings Limited | 96 | 95 |
| Mandarin Oriental International Limited (b) | 12 | 23 |
| MH Development Limited (a) (b) (e) | 12 |  |
| MTR Corporation Limited | 8 | 42 |
| New World Development Company Limited | 97 | 272 |
| Pacific Basin Shipping Limited | 213 | 72 |
| Power Assets Holdings Limited | 19 | 107 |
| Shangri-La Asia Limited (b) | 10 | 8 |
| Sino Land Company Limited | 90 | 113 |
| Sun Hung Kai Properties Limited | 8 | 102 |
| Techtronic Industries Company Limited | 19 | 211 |
| Vitasoy International Holdings Limited | 38 | 78 |
| VTech Holdings Limited | 25 | 160 |
| WH Group Limited (d) | 400 | 232 |
| Wharf Real Estate Investment Company Limited | 21 | 122 |
| Xinyi Glass Holdings Limited | 110 | 204 |
| Yue Yuen Industrial (Holdings) Limited | 44 | 62 |
|  |  | 5070 |
| **Italy 2.1%** | **Italy 2.1%** | **Italy 2.1%** |
| Assicurazioni Generali S.P.A. | 13 | 238 |
| Azimut Holding S.p.A. | 10 | 219 |
| Banca Mediolanum SpA | 20 | 166 |
| Banco BPM Societa' Per Azioni | 102 | 365 |
| Brunello Cucinelli S.p.A. | 4 | 285 |
| Buzzi Unicem S.p.A - Senza Vincoli Di Rappresentazione Grafica | 5 | 101 |
| Davide Campari-Milano N.V. | 1 | 15 |
| DiaSorin S.p.A. |  | 23 |
| Enel S.p.A | 55 | 299 |
| Eni S.p.A. | 45 | 640 |
| Ferrari N.V. | 1 | 152 |
| Finecobank Banca Fineco SPA | 11 | 175 |
| Hera S.p.A. | 47 | 126 |
| Intesa Sanpaolo SPA | 101 | 225 |
| Italgas S.p.A. | 12 | 68 |
| Leonardo S.p.A. | 15 | 132 |
| Mediobanca Banca di Credito Finanziario Societa' Per Azioni | 13 | 127 |
| MFE-MediaForEurope N.V. | 13 | 5 |
| Moncler S.p.A. | 2 | 107 |
| Nexi S.p.A. (b) | 2 | 13 |
| Poste Italiane SPA (d) | 8 | 81 |
| Prysmian S.p.A. | 4 | 163 |
| Recordati Industria Chimica E Farmaceutica S.P.A. In Breve Recordati S.P.A. | 4 | 176 |
| Reply S.p.A. | 1 | 69 |
| Salvatore Ferragamo. S.p.A. | 4 | 62 |
| Snam S.P.A. | 27 | 129 |
| Telecom Italia SPA (a) | 223 | 52 |
| UniCredit S.p.A. | 27 | 389 |
|  |  | 4602 |
| **Denmark 2.1%** | **Denmark 2.1%** | **Denmark 2.1%** |
| A.P. Moller - Maersk A/S - Class A |  | 64 |
| A.P. Moller - Maersk A/S - Class B |  | 77 |
| Carlsberg A/S - Class B | 1 | 188 |
| Chr. Hansen Holding A/S | 2 | 161 |
| Coloplast A/S - Class B | 3 | 374 |
| Demant A/S (b) | 2 | 56 |
| DSV A/S | 1 | 197 |
| Genmab A/S (b) | 1 | 231 |
| GN Store Nord A/S | 3 | 64 |
| ISS A/S (b) | 7 | 141 |
| Novo Nordisk A/S - Class B | 11 | 1454 |
| Novozymes A/S - Class B | 2 | 103 |
| Orsted A/S (d) | 1 | 65 |
| Pandora A/S | 4 | 256 |
| Ringkjobing Landbobank. Aktieselskab | 5 | 621 |
| Rockwool A/S - Class A |  | 12 |
| Rockwool A/S - Class B |  | 52 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Tryg A/S | 9 | 224 |
| Vestas Wind Systems A/S | 7 | 210 |
| | | 4550 |
| **Finland 1.5%** | **Finland 1.5%** | **Finland 1.5%** |
| Cargotec Oyj - Class B | 3 | 120 |
| Elisa Oyj | 3 | 164 |
| Fortum Oyj | 6 | 103 |
| Kesko Oyj - Class B | 9 | 197 |
| Kone Corporation - Class B | 4 | 211 |
| Konecranes Abp | 3 | 82 |
| Metsa Board Oyj - Class B | 3 | 30 |
| Metso Outotec Oyj | 13 | 138 |
| Neste Oyj | 3 | 129 |
| Nokia Oyj | 42 | 194 |
| Nokia Oyj - Series A - ADR | 17 | 79 |
| Nordea Bank Abp | 23 | 252 |
| Orion Oyj - Class B | 4 | 211 |
| Sampo Oyj - Class A | 6 | 321 |
| Sanoma Oyj | 2 | 24 |
| Stora Enso Oyj - Class R | 8 | 114 |
| Tietoevry Oyj | 9 | 245 |
| UPM-Kymmene Oyj | 6 | 216 |
| Valmet Oy | 8 | 226 |
| Wartsila Oyj Abp | 12 | 98 |
|  |  | 3154 |
| **Belgium 1.2%** | **Belgium 1.2%** | **Belgium 1.2%** |
| Ackermans | 1 | 133 |
| ageas SA/NV | 4 | 175 |
| Anheuser-Busch InBev | 7 | 411 |
| Barco | 1 | 27 |
| D'Ieteren Group |  | 29 |
| Elia Group | 1 | 71 |
| Euronav | 1 | 24 |
| Galapagos (b) | 3 | 124 |
| KBC Groep | 8 | 514 |
| Lotus Bakeries |  | 258 |
| Proximus | 10 | 95 |
| Shurgard Self Storage SA | 1 | 31 |
| Solvay | 4 | 361 |
| UCB | 2 | 146 |
| Umicore | 4 | 147 |
|  |  | 2546 |
| **Singapore 1.1%** | **Singapore 1.1%** | **Singapore 1.1%** |
| BW LPG PTE. LTD. | 6 | 50 |
| Capitaland Investment Limited | 26 | 71 |
| City Developments Limited | 11 | 69 |
| ComfortDelGro Corporation Limited | 65 | 60 |
| DBS Group Holdings Ltd | 15 | 385 |
| Genting Singapore Limited | 118 | 84 |
| Golden Agri-Resources Ltd. | 564 | 105 |
| Great Eastern Holdings Limited | 3 | 39 |
| Jardine Cycle & Carriage Limited | 3 | 68 |
| Keppel Corporation Limited | 21 | 117 |
| NetLink NBN Trust | 83 | 51 |
| Olam Group Limited | 15 | 16 |
| Oversea-Chinese Banking Corporation Limited | 23 | 206 |
| Raffles Medical Group Ltd. | 43 | 45 |
| SATS Ltd. (b) | 4 | 8 |
| Sembcorp Industries Ltd | 39 | 99 |
| SembCorp Marine Ltd (a) (b) | 1819 | 183 |
| Sheng Siong Group Ltd. | 30 | 38 |
| Singapore Exchange Limited | 14 | 97 |
| Singapore Technologies Engineering Ltd | 21 | 53 |
| Singapore Telecommunications Limited | 24 | 46 |
| United Overseas Bank Limited | 10 | 229 |
| UOL Group Limited | 11 | 55 |
| Venture Corporation Limited | 6 | 74 |
| Wilmar International Limited | 59 | 183 |
|  |  | 2431 |
| **Israel 1.1%** | **Israel 1.1%** | **Israel 1.1%** |
| Alony Hetz Properties & Investments Ltd | 6 | 61 |
| Alrov Properties & Lodgings Ltd. |  | 6 |
| Ashtrom Group Ltd. | 2 | 28 |
| Azrieli Group Ltd. |  | 10 |
| Bank Hapoalim Ltd | 10 | 89 |
| Bank Leumi le-Israel B.M. | 19 | 162 |
| Bezeq The Israel Telecommunication Corp., Limited | 40 | 69 |
| Big Shopping Centers Ltd |  | 15 |
| Camtek Ltd. (b) | 1 | 16 |
| Cellcom Israel Ltd. (b) | 3 | 16 |
| CLAL Insurance Enterprises Holdings Ltd (b) | 8 | 137 |
| Delta Galil Industries Ltd. |  | 12 |
| Elbit Systems Ltd. |  | 28 |
| Electra Ltd |  | 19 |
| Electra Real Estate Ltd. | 1 | 8 |
| Enlight Renewable Energy Ltd. (b) | 27 | 56 |
| Equital Ltd. (b) | 2 | 73 |
| First International Bank of Israel Ltd. | 2 | 76 |
| Formula Systems (1985) Ltd. | 1 | 61 |
| Fox - Wizel Ltd | 1 | 124 |
| Gav-Yam Land Corporation Ltd. | 4 | 28 |
| Harel Insurance Investments & Financial Services Ltd. | 5 | 43 |
| Icl Group Ltd | 7 | 47 |
| Industrial Buildings Corporation Ltd | 11 | 36 |
| Israel Discount Bank Limited | 31 | 162 |
| Isras - Investment Co. Ltd. |  | 10 |
| Matrix I.T. Ltd | 8 | 178 |
| Melisron Ltd. |  | 23 |
| Menora Mivtachim Insurance Ltd. | 1 | 23 |
| Migdal Insurance and Financial Holdings Ltd. (b) | 53 | 60 |
| Mizrahi-Tefahot Bank Ltd. | 3 | 89 |
| Nice Ltd (b) |  | 7 |
| Nova Ltd. (b) | 1 | 43 |
| Partner Communications Co Ltd (b) | 9 | 68 |
| Paz Oil Company Limited | 1 | 101 |
| Perion Network Ltd. (b) | 1 | 28 |
| Shufersal Ltd. | 5 | 28 |
| Strauss Group Ltd | 1 | 34 |
| Summit Real Estate Holdings Ltd | 2 | 23 |
| Teva Pharmaceutical Industries Ltd - ADR (b) | 14 | 131 |
| The Phoenix Holdings Ltd | 7 | 78 |
| Tower Semiconductor Ltd. (b) | 1 | 56 |
|  |  | 2362 |
| **Ireland 0.9%** | **Ireland 0.9%** | **Ireland 0.9%** |
| AIB Group Public Limited Company | 23 | 88 |
| Bank of Ireland Group Public Limited Company | 36 | 339 |
| CRH Public Limited Company | 10 | 389 |
| CRH Public Limited Company - ADR (a) | 9 | 354 |
| Flutter Entertainment Public Limited Company (b) | 1 | 89 |
| Glanbia Public Limited Company | 4 | 48 |
| James Hardie Industries Public Limited Company - CDI | 7 | 133 |
| Kerry Group Public Limited Company - Class A | 1 | 56 |
| Kingspan Group Public Limited Company | 2 | 99 |
| Smurfit Kappa Funding Designated Activity Company | 7 | 252 |
|  |  | 1847 |
| **Norway 0.8%** | **Norway 0.8%** | **Norway 0.8%** |
| Aker ASA |  | 16 |
| Aker BP ASA | 2 | 53 |
| Arendals Fossekompani ASA |  | 11 |
| Austevoll Seafood ASA | 2 | 14 |
| Borregaard ASA | 2 | 31 |
| Crayon Group Holding ASA (b) | 1 | 12 |
| DNB Bank ASA | 5 | 103 |
| Dno Asa | 37 | 45 |
| Equinor ASA | 9 | 332 |
| Eurizon Opportunita | 9 | 63 |
| Flex Lng Ltd. | 1 | 47 |
| Gjensidige Forsikring ASA | 1 | 27 |
| Golden Ocean Group Limited (a) | 12 | 103 |
| Kahoot! ASA (b) | 10 | 21 |
| Kongsberg Gruppen ASA | 1 | 43 |
| Mowi ASA | 3 | 55 |
| MPC Container Ships ASA | 23 | 38 |
| Norsk Hydro ASA | 11 | 86 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Norwegian Energy Company ASA (b) | 1 | 38 |
| Orkla ASA | 5 | 38 |
| Protector Forsikring ASA | 4 | 47 |
| SalMar ASA |  | 10 |
| Scatec ASA (d) | 7 | 58 |
| Sparebank 1 Sr-Bank Asa | 4 | 45 |
| Storebrand ASA | 7 | 58 |
| Subsea 7 S.A. | 6 | 74 |
| Telenor ASA | 5 | 48 |
| TGS-NOPEC Geophysical Company | 6 | 87 |
| TOMRA Systems ASA | 1 | 24 |
| Veidekke ASA | 5 | 50 |
| Wallenius Wilhelmsen ASA | 7 | 66 |
| Yara International ASA | 2 | 75 |
| | | 1818 |
| **Austria 0.5%** | **Austria 0.5%** | **Austria 0.5%** |
| Andritz AG | 4 | 201 |
| BAWAG Group AG (d) | 3 | 177 |
| Erste Group Bank AG | 6 | 200 |
| Mayr-Melnhof Karton Aktiengesellschaft |  | 55 |
| OMV Aktiengesellschaft | 5 | 236 |
| Telekom Austria Aktiengesellschaft | 7 | 41 |
| UNIQA Insurance Group AG | 10 | 72 |
| Verbund AG |  | 19 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 2 | 47 |
| voestalpine AG | 4 | 111 |
|  |  | 1159 |
| **New Zealand 0.3%** | **New Zealand 0.3%** | **New Zealand 0.3%** |
| Air New Zealand Limited (b) | 64 | 30 |
| Auckland International Airport Limited (b) | 9 | 45 |
| Chorus Limited | 15 | 78 |
| Contact Energy Limited | 2 | 11 |
| EBOS Group Limited | 1 | 15 |
| Fisher & Paykel Healthcare Corporation Limited | 3 | 36 |
| Fletcher Building Limited | 22 | 66 |
| Freightways Limited | 8 | 48 |
| Genesis Energy Limited | 11 | 18 |
| Infratil Limited | 7 | 37 |
| Mainfreight Limited | 1 | 37 |
| Meridian Energy Limited | 7 | 23 |
| Port of Tauranga Limited | 2 | 10 |
| Pushpay Holdings Limited (b) | 27 | 22 |
| Ryman Healthcare Limited | 5 | 16 |
| SKYCITY Entertainment Group Limited (b) | 43 | 65 |
| Spark New Zealand Limited | 15 | 51 |
| Summerset Group Holdings Limited | 5 | 26 |
| The a2 Milk Company Limited (b) | 4 | 20 |
| The Warehouse Group Limited | 4 | 6 |
| Xero Limited (b) | 1 | 38 |
|  |  | 698 |
| **Portugal 0.3%** | **Portugal 0.3%** | **Portugal 0.3%** |
| Alphaquest Original Ltd | 16 | 60 |
| Banco Comercial Portugues S.A. | 432 | 68 |
| EDP - Energias de Portugal, S.A. | 16 | 82 |
| EDP Renovaveis, S.A. | 3 | 66 |
| Galp Energia, SGPS, S.A. | 21 | 280 |
| Jeronimo Martins, SGPS, S.A. | 3 | 54 |
|  |  | 610 |
| **Luxembourg 0.2%** | **Luxembourg 0.2%** | **Luxembourg 0.2%** |
| Aperam | 2 | 66 |
| Eurofins Scientific SE | 2 | 171 |
| Millicom International Cellular SA - SDR (b) | 8 | 100 |
| Tenaris S.A. - ADR | 1 | 35 |
| Tenaris S.A. | 3 | 53 |
|  |  | 425 |
| **China 0.1%** | **China 0.1%** | **China 0.1%** |
| BOC Hong Kong (Holdings) Limited | 27 | 92 |
| SITC International Holdings Company Limited | 76 | 168 |
| Yangzijiang Shipbuilding (Holdings) Ltd. | 55 | 56 |
|  |  | 316 |
| **United States of America 0.1%** | **United States of America 0.1%** | **United States of America 0.1%** |
| Carnival PLC (b) | 2 | 15 |
| Qiagen N.V. (b) | 2 | 103 |
| Qiagen N.V. (b) | 2 | 99 |
| STMicroelectronics N.V. - ADR | 1 | 49 |
|  |  | 266 |
| **Malta 0.1%** | **Malta 0.1%** | **Malta 0.1%** |
| Kindred Group PLC - SDR | 20 | 207 |
| **Faroe Islands 0.0%** | **Faroe Islands 0.0%** | **Faroe Islands 0.0%** |
| P/F Bakkafrost Sales | 1 | 47 |
| **Macau 0.0%** | **Macau 0.0%** | **Macau 0.0%** |
| Sands China Ltd. (b) | 4 | 13 |
| **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** |
| NMC Health PLC (e) | 1 |  |
| Total Common Stocks (cost $225,657) | Total Common Stocks (cost $225,657) | 214062 |
| **PREFERRED STOCKS 1.1%** | **PREFERRED STOCKS 1.1%** | **PREFERRED STOCKS 1.1%** |
| **Switzerland 0.6%** | **Switzerland 0.6%** | **Switzerland 0.6%** |
| Roche Holding AG | 4 | 1411 |
| **Germany 0.5%** | **Germany 0.5%** | **Germany 0.5%** |
| Bayerische Motoren Werke Aktiengesellschaft | 1 | 84 |
| Fuchs Petrolub SE | 4 | 148 |
| Henkel AG & Co. KGaA (f) | 2 | 128 |
| Jungheinrich Aktiengesellschaft | 4 | 103 |
| Sartorius Aktiengesellschaft |  | 114 |
| Volkswagen Aktiengesellschaft (f) | 4 | 437 |
|  |  | 1014 |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia SPA | 25 | 6 |
| Total Preferred Stocks (cost $2,902) | Total Preferred Stocks (cost $2,902) | 2431 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Webuild S.p.A. (a) (b) (g) |  |  |
| Total Warrants (cost $0) | Total Warrants (cost $0) |  |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| **Austria 0.0%** | **Austria 0.0%** | **Austria 0.0%** |
| IMMOFINANZ AG (b) (e) | 1 |  |
| Total Rights (cost $0) | Total Rights (cost $0) |  |
| **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** | **SHORT TERM INVESTMENTS 1.5%** |
| **Securities Lending Collateral 1.3%** | **Securities Lending Collateral 1.3%** | **Securities Lending Collateral 1.3%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (h) (i) | 2736 | 2736 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (h) (i) | 432 | 432 |
| Total Short Term Investments (cost $3,168) | Total Short Term Investments (cost $3,168) | 3168 |
| **Total Investments 100.8% (cost $231,727)** | **Total Investments 100.8% (cost $231,727)** | **219661** |
| **Other Assets and Liabilities, Net (0.8)%** | **Other Assets and Liabilities, Net (0.8)%** | **(1714)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **217947** |

---

(a) All or a portion of the security was on loan as of December 31, 2022.

(b) Non-income producing security.

(c) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $142 and 0.1% of the Fund.

(d) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(e) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(f) Convertible security.

(g) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(h) Investment in affiliate.

(i) Yield changes daily to reflect current market conditions. Rate was the quoted yield

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DFA International Core Equity Fund — Restricted Securities** | **JNL/DFA International Core Equity Fund — Restricted Securities** | **JNL/DFA International Core Equity Fund — Restricted Securities** | **JNL/DFA International Core Equity Fund — Restricted Securities** | **JNL/DFA International Core Equity Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adyen B.V. | 11/24/21 | 96 | 54 |  |
| AENA, S.M.E., S.A. | 09/09/22 | 127 | 123 | 0.1 |
| Amadeus IT Group, S.A. | 07/17/20 | 356 | 312 | 0.2 |
| Basic-Fit N.V. | 06/17/20 | 65 | 41 |  |
| BAWAG Group AG | 05/29/20 | 171 | 177 | 0.1 |
| Bravida Holding AB | 10/07/20 | 184 | 168 | 0.1 |
| Budweiser Brewing Company APAC Limited | 10/20/21 | 23 | 28 |  |
| Cellnex Telecom, S.A. | 06/25/19 | 41 | 28 |  |
| Covestro AG | 06/25/19 | 692 | 577 | 0.3 |
| Delivery Hero SE | 08/22/22 | 19 | 19 |  |
| Dometic Group AB (publ) | 09/07/21 | 116 | 90 | 0.1 |
| Euronext N.V. | 06/26/19 | 377 | 286 | 0.1 |
| Evolution AB (publ) | 05/06/22 | 65 | 73 |  |
| Hapag-Lloyd Aktiengesellschaft | 04/22/20 | 29 | 34 |  |
| Just Eat Takeaway.Com N.V. | 06/01/20 | 127 | 72 |  |
| Koninklijke Philips N.V. | 08/06/21 | 69 | 28 |  |
| Orsted A/S | 12/23/20 | 101 | 65 |  |
| Poste Italiane SPA | 08/19/22 | 67 | 81 | 0.1 |
| Scatec ASA | 05/12/22 | 64 | 58 |  |
| Scout24 SE | 10/27/20 | 214 | 152 | 0.1 |
| Siemens Healthineers AG | 03/04/21 | 37 | 30 |  |
| Signify N.V. | 06/25/19 | 317 | 240 | 0.1 |
| Thule Group AB | 06/25/19 | 86 | 43 |  |
| VAT Group AG | 06/25/19 | 304 | 204 | 0.1 |
| WH Group Limited | 03/02/21 | 291 | 232 | 0.1 |
| Worldline | 06/25/19 | 303 | 271 | 0.1 |
|  |  | 4341 | 3486 | 1.6 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 30366 | 183695 | 1 | 214062 |
| &nbsp;&nbsp;Preferred Stocks | 2431 |  |  | 2431 |
| &nbsp;&nbsp;Warrants |  |  |  |  |
| &nbsp;&nbsp;Rights |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 3168 |  |  | 3168 |
|  | 35965 | 183695 | 1 | 219661 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** |
| **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **Information Technology 21.1%** | **Information Technology 21.1%** | **Information Technology 21.1%** |
| 3D Systems Corporation (a) | 9 | 65 |
| A10 Networks, Inc. | 5 | 82 |
| Accenture Public Limited Company - Class A | 17 | 4648 |
| ACI Worldwide, Inc. (a) | 8 | 180 |
| Adeia Inc. | 15 | 138 |
| Adobe Inc. (a) | 12 | 3939 |
| Adtran Holdings, Inc. | 6 | 104 |
| Advanced Energy Industries, Inc. | 3 | 229 |
| Advanced Micro Devices, Inc. (a) | 29 | 1890 |
| Affirm Holdings, Inc. - Class A (a) (b) | 5 | 52 |
| Agilysys, Inc. (a) | 1 | 64 |
| Akamai Technologies, Inc. (a) | 6 | 476 |
| Alarm.Com Holdings, Inc. (a) | 2 | 113 |
| Alpha and Omega Semiconductor Limited (a) | 3 | 94 |
| Altair Engineering Inc. - Class A (a) | 1 | 55 |
| Ambarella Inc. (a) | 1 | 120 |
| Amdocs Limited | 7 | 668 |
| American Software, Inc. - Class A | 2 | 26 |
| Amkor Technology, Inc. | 25 | 601 |
| Amphenol Corporation - Class A | 17 | 1273 |
| Amtech Systems, Inc. (a) | 1 | 7 |
| Analog Devices, Inc. | 11 | 1740 |
| ANSYS, Inc. (a) | 2 | 588 |
| AppFolio, Inc. - Class A (a) |  | 53 |
| Apple Inc. | 413 | 53704 |
| Applied Materials, Inc. | 34 | 3290 |
| Applied Optoelectronics, Inc. (a) (b) | 1 | 2 |
| Arista Networks, Inc. (a) | 5 | 554 |
| Arlo Technologies, Inc. (a) | 6 | 22 |
| Arrow Electronics, Inc. (a) | 6 | 676 |
| Atlassian Corporation - Class A (a) | 1 | 124 |
| Autodesk, Inc. (a) | 7 | 1265 |
| Automatic Data Processing, Inc. | 14 | 3231 |
| Avid Technology, Inc. (a) | 3 | 88 |
| Avnet, Inc. | 8 | 343 |
| Axcelis Technologies, Inc. (a) | 3 | 238 |
| AXT, Inc. (a) | 1 | 4 |
| Badger Meter, Inc. | 2 | 236 |
| Bel Fuse Inc. - Class B | 1 | 44 |
| Belden Inc. | 3 | 186 |
| Benchmark Electronics, Inc. | 5 | 128 |
| Bentley Systems, Incorporated - Class B | 5 | 168 |
| Bill.Com Holdings Inc. (a) | 3 | 324 |
| Black Knight, Inc. (a) | 6 | 378 |
| Blackbaud, Inc. (a) | 3 | 171 |
| Block, Inc. - Class A (a) | 7 | 435 |
| BM Technologies, Inc. - Class A (a) (b) | 1 | 3 |
| Box, Inc. - Class A (a) | 9 | 275 |
| Broadcom Inc. | 14 | 7800 |
| Broadridge Financial Solutions, Inc. | 5 | 707 |
| Cadence Design Systems, Inc. (a) | 6 | 976 |
| CalAmp Corp. (a) | 3 | 12 |
| Calix, Inc. (a) | 4 | 275 |
| Cambium Networks Corp. (a) | 1 | 13 |
| Cass Information Systems, Inc. | 1 | 57 |
| CDW Corp. | 5 | 934 |
| Cerence Inc. (a) | 2 | 45 |
| Ceridian HCM Holding Inc. (a) | 4 | 284 |
| CEVA Inc. (a) | 1 | 20 |
| Ciena Corporation (a) | 9 | 465 |
| Cirrus Logic, Inc. (a) | 5 | 345 |
| Cisco Systems, Inc. | 97 | 4620 |
| Clearfield, Inc. (a) | 1 | 56 |
| Cloudflare, Inc. - Class A (a) | 3 | 125 |
| Cognex Corporation | 7 | 324 |
| Cognizant Technology Solutions Corporation - Class A | 14 | 790 |
| Cognyte Software Ltd (a) | 5 | 16 |
| Coherent Corp. (a) | 7 | 251 |
| Cohu, Inc. (a) | 5 | 150 |
| CommScope Holding Company, Inc. (a) | 11 | 82 |
| CommVault Systems, Inc. (a) | 2 | 143 |
| Computer Task Group, Incorporated (a) | 3 | 20 |
| Comtech Telecommunications Corp. | 1 | 14 |
| Concentrix Corporation | 5 | 636 |
| Conduent Incorporated (a) | 15 | 59 |
| Confluent, Inc. - Class A (a) | 4 | 80 |
| Consensus Cloud Solutions, Inc. (a) | 1 | 77 |
| Corning Incorporated | 31 | 1003 |
| CrowdStrike Holdings, Inc. - Class A (a) | 2 | 167 |
| CSG Systems International, Inc. | 3 | 193 |
| CTS Corporation | 3 | 133 |
| Daktronics, Inc. (a) | 5 | 14 |
| Datadog, Inc. - Class A (a) | 2 | 121 |
| Dell Technologies Inc. - Class C | 8 | 310 |
| Digi International Inc. (a) | 4 | 133 |
| Diodes Incorporated (a) | 3 | 226 |
| DocuSign, Inc. (a) | 2 | 91 |
| Dolby Laboratories, Inc. - Class A | 4 | 313 |
| DoubleVerify Holdings, Inc. (a) | 2 | 40 |
| Dropbox, Inc. - Class A (a) | 16 | 348 |
| Duck Creek Technologies, Inc. (a) | 3 | 41 |
| DXC Technology Company (a) | 16 | 430 |
| Dynatrace, Inc. (a) | 8 | 296 |
| DZS, Inc. (a) | 2 | 22 |
| Ebix, Inc. | 4 | 83 |
| Edgio, Inc. (a) | 7 | 8 |
| EMCORE Corporation (a) | 3 | 3 |
| Emersub CX, Inc. (a) | 2 | 414 |
| Enphase Energy, Inc. (a) | 4 | 984 |
| Entegris, Inc. | 5 | 306 |
| Envestnet, Inc. (a) | 2 | 108 |
| EPAM Systems, Inc. (a) | 1 | 436 |
| ePlus inc. (a) | 2 | 88 |
| Euronet Worldwide, Inc. (a) | 3 | 308 |
| Everbridge, Inc. (a) | 1 | 18 |
| EVERTEC, Inc. | 6 | 206 |
| EVO Payments, Inc. - Class A (a) | 1 | 37 |
| ExlService Holdings, Inc. (a) | 2 | 288 |
| Extreme Networks, Inc. (a) | 6 | 106 |
| F5, Inc. (a) | 3 | 386 |
| Fabrinet (a) | 2 | 298 |
| Fair Isaac Corporation (a) | 1 | 498 |
| FARO Technologies, Inc. (a) | 1 | 33 |
| Fastly, Inc. - Class A (a) | 7 | 60 |
| Fidelity National Information Services, Inc. | 15 | 1007 |
| First Solar, Inc. (a) | 7 | 1023 |
| Fiserv, Inc. (a) | 13 | 1340 |
| FleetCor Technologies, Inc. (a) | 4 | 741 |
| Flex Ltd. (a) | 45 | 963 |
| Flywire Corporation (a) |  | 10 |
| Formfactor, Inc. (a) | 6 | 123 |
| Fortinet, Inc. (a) | 15 | 728 |
| Frequency Electronics, Inc. (a) | 1 | 7 |
| Gartner, Inc. (a) | 3 | 956 |
| Gen Digital Inc. | 18 | 381 |
| Genpact Limited | 13 | 621 |
| Global Payments Inc. | 9 | 922 |
| Globant S.A. (a) | 1 | 247 |
| GoDaddy Inc. - Class A (a) | 4 | 291 |
| Grid Dynamics Holdings, Inc. - Class A (a) | 4 | 49 |
| GSI Technology, Inc. (a) | 1 | 1 |
| Guidewire Software, Inc. (a) | 4 | 260 |
| Harmonic, Inc. (a) | 10 | 136 |
| Hewlett Packard Enterprise Company | 48 | 758 |
| HP, Inc. | 27 | 731 |
| HubSpot, Inc. (a) | 1 | 217 |
| I3 Verticals, Inc. - Class A (a) | 2 | 41 |
| IBEX Limited (a) | 1 | 21 |
| Ichor Holdings, Ltd. (a) | 2 | 65 |
| Infinera Corporation (a) | 11 | 74 |
| Information Services Group, Inc. | 4 | 17 |
| Insight Enterprises, Inc. (a) | 3 | 313 |
| Intel Corporation | 141 | 3725 |
| InterDigital, Inc. | 1 | 70 |
| International Business Machines Corporation | 29 | 4018 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| International Money Express Inc. (a) | 4 | 93 |
| Intevac, Inc. (a) | 1 | 6 |
| Intuit Inc. | 4 | 1528 |
| IPG Photonics Corporation (a) | 3 | 288 |
| Itron, Inc. (a) | 3 | 168 |
| Jabil Inc. | 16 | 1095 |
| Jack Henry & Associates, Inc. | 3 | 561 |
| JAMF Holding Corp. (a) | 2 | 47 |
| Juniper Networks, Inc. | 21 | 675 |
| Key Tronic Corporation (a) |  | 2 |
| Keysight Technologies, Inc. (a) | 6 | 1021 |
| Kimball Electronics Group, LLC (a) | 3 | 59 |
| KLA Corporation | 4 | 1649 |
| Knowles Corporation (a) | 8 | 140 |
| Kulicke and Soffa Industries, Inc. | 4 | 199 |
| KVH Industries, Inc. (a) | 2 | 15 |
| Kyndryl Holdings, Inc. (a) | 8 | 88 |
| Lam Research Corporation | 5 | 2038 |
| Lattice Semiconductor Corporation (a) | 6 | 368 |
| Littelfuse, Inc. | 2 | 376 |
| LiveRamp Holdings, Inc. (a) | 5 | 119 |
| Lumentum Holdings Inc. (a) | 5 | 239 |
| MACOM Technology Solutions Holdings, Inc. (a) | 4 | 235 |
| Magnachip Semiconductor Corporation (a) | 4 | 38 |
| Manhattan Associates, Inc. (a) | 3 | 369 |
| Marqeta, Inc. - Class A (a) | 7 | 40 |
| Marvell Technology, Inc. | 16 | 599 |
| MasterCard Incorporated - Class A | 25 | 8828 |
| MAXIMUS, Inc. | 5 | 356 |
| MaxLinear, Inc. (a) | 4 | 142 |
| Methode Electronics, Inc. | 4 | 176 |
| Microchip Technology Incorporated | 17 | 1226 |
| Micron Technology, Inc. | 51 | 2570 |
| Microsoft Corporation | 194 | 46611 |
| MKS Instruments, Inc. | 3 | 294 |
| Model N, Inc. (a) | 1 | 47 |
| Momentive Global Inc. (a) | 3 | 18 |
| MongoDB, Inc. - Class A (a) | 1 | 167 |
| Monolithic Power Systems, Inc. | 1 | 374 |
| Motorola Solutions, Inc. | 5 | 1165 |
| N-Able, Inc. (a) | 2 | 18 |
| Napco Security Technologies, Inc. (a) | 2 | 54 |
| National Instruments Corporation | 8 | 283 |
| NCR Corporation (a) | 10 | 234 |
| NetApp, Inc. | 7 | 420 |
| NETGEAR, Inc. (a) | 3 | 60 |
| NetScout Systems, Inc. (a) | 6 | 210 |
| Nlight, Inc. (a) | 2 | 20 |
| Novanta Inc. (a) | 2 | 316 |
| Nutanix, Inc. - Class A (a) | 4 | 97 |
| NVE Corporation |  | 30 |
| NVIDIA Corporation | 39 | 5655 |
| NXP Semiconductors N.V. | 6 | 901 |
| Okta, Inc. - Class A (a) | 3 | 187 |
| Olo Inc. - Class A (a) | 13 | 79 |
| On Semiconductor Corporation (a) | 25 | 1580 |
| Onespan, Inc. (a) | 3 | 38 |
| Onto Innovation Inc. (a) | 4 | 268 |
| Oracle Corporation | 35 | 2836 |
| Osi Systems, Inc. (a) | 1 | 89 |
| Palantir Technologies Inc. - Class A (a) | 14 | 93 |
| Palo Alto Networks, Inc. (a) | 3 | 391 |
| PAR Technology Corporation (a) (b) | 3 | 74 |
| Paya Holdings Inc. - Class A (a) | 6 | 46 |
| Paychex, Inc. | 9 | 1073 |
| Paycom Software, Inc. (a) | 2 | 531 |
| Paylocity Holding Corporation (a) | 2 | 360 |
| PayPal Holdings, Inc. (a) | 17 | 1217 |
| PC Connection, Inc. | 3 | 145 |
| PDF Solutions, Inc. (a) | 2 | 68 |
| Perficient, Inc. (a) | 3 | 175 |
| PFSweb, Inc. | 2 | 14 |
| Photronics, Inc. (a) | 7 | 118 |
| Plexus Corp. (a) | 3 | 281 |
| Power Integrations, Inc. | 4 | 266 |
| Powerschool Holdings, Inc. - Class A (a) | 6 | 144 |
| Progress Software Corporation | 4 | 207 |
| PTC Inc. (a) | 4 | 507 |
| Pure Storage, Inc. - Class A (a) | 10 | 265 |
| Q2 Holdings, Inc. (a) | 2 | 57 |
| Qorvo, Inc. (a) | 6 | 549 |
| Qualcomm Incorporated | 37 | 4101 |
| Qualys, Inc. (a) | 2 | 184 |
| Rambus Inc. (a) | 9 | 324 |
| Repay Holdings Corporation - Class A (a) | 2 | 15 |
| Ribbon Communications Inc. (a) | 7 | 19 |
| Richardson Electronics, Ltd. | 1 | 13 |
| Rimini Street, Inc. (a) | 3 | 12 |
| Rogers Corporation (a) | 1 | 174 |
| Roper Technologies, Inc. | 2 | 783 |
| Salesforce, Inc. (a) | 16 | 2131 |
| Sanmina Corporation (a) | 6 | 321 |
| Sapiens International Corporation N.V. | 1 | 15 |
| ScanSource, Inc. (a) | 4 | 112 |
| Seagate Technology Holdings Public Limited Company | 10 | 503 |
| Semtech Corporation (a) | 4 | 107 |
| SentinelOne, Inc. - Class A (a) | 5 | 69 |
| ServiceNow, Inc. (a) | 2 | 688 |
| Shift4 Payments, LLC - Class A (a) | 1 | 64 |
| Silicon Laboratories Inc. (a) | 2 | 339 |
| Skyworks Solutions, Inc. | 9 | 838 |
| SMART Global Holdings, Inc. (a) | 6 | 83 |
| Snowflake Inc. - Class A (a) |  | 63 |
| SolarEdge Technologies Ltd. (a) | 1 | 285 |
| SolarWinds Corporation (a) | 5 | 43 |
| Splunk Inc. (a) | 2 | 207 |
| SPS Commerce, Inc. (a) | 2 | 273 |
| Squarespace, Inc. - Class A (a) | 4 | 78 |
| SS&C Technologies Holdings, Inc. | 10 | 497 |
| Stratasys, Inc. (a) | 5 | 62 |
| Sumo Logic, Inc. (a) | 6 | 52 |
| Super Micro Computer, Inc. (a) | 2 | 190 |
| Synaptics Incorporated (a) | 2 | 237 |
| Synchronoss Technologies, Inc. (a) | 4 | 3 |
| Synopsys, Inc. (a) | 3 | 848 |
| Taskus, Inc. - Class A (a) (b) |  | 8 |
| TD SYNNEX Corporation | 6 | 538 |
| TE Connectivity Ltd. (c) | 8 | 963 |
| Teledyne Technologies Incorporated (a) | 1 | 570 |
| Telos Corporation (a) | 5 | 27 |
| Teradata Corporation (a) | 4 | 146 |
| Teradyne, Inc. | 9 | 778 |
| TESSCO Technologies Incorporated (a) | 1 | 3 |
| Texas Instruments Incorporated | 34 | 5597 |
| The Hackett Group, Inc. | 3 | 66 |
| The Western Union Company | 19 | 264 |
| TransAct Technologies Incorporated (a) |  | 1 |
| Trimble Inc. (a) | 8 | 416 |
| TTEC Holdings, Inc. | 5 | 201 |
| TTM Technologies, Inc. (a) | 9 | 142 |
| Twilio Inc. - Class A (a) | 2 | 98 |
| Tyler Technologies, Inc. (a) | 1 | 373 |
| Uipath, Inc. - Class A (a) | 8 | 105 |
| Ultra Clean Holdings, Inc. (a) | 3 | 99 |
| Unisys Corporation (a) | 4 | 20 |
| Unity Software Inc. (a) | 2 | 44 |
| Universal Display Corporation | 2 | 255 |
| Upland Software, Inc. (a) | 4 | 26 |
| Veeco Instruments Inc. (a) | 5 | 97 |
| Verint Systems Inc. (a) | 5 | 182 |
| VeriSign, Inc. (a) | 3 | 711 |
| Vertex, Inc. - Class A (a) | 2 | 28 |
| ViaSat, Inc. (a) | 5 | 155 |
| Viavi Solutions Inc. (a) | 17 | 176 |
| Visa Inc. - Class A | 41 | 8520 |
| Vishay Intertechnology, Inc. | 11 | 239 |
| Vishay Precision Group, Inc. (a) | 1 | 27 |
| Vm Consolidated, Inc. - Class A (a) | 10 | 136 |
| VMware, Inc. - Class A (a) | 5 | 647 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Vontier Corporation | 10 | 190 |
| Western Digital Corporation (a) | 13 | 423 |
| Wex, Inc. (a) | 3 | 438 |
| Wolfspeed, Inc. (a) (b) | 5 | 319 |
| Workday, Inc. - Class A (a) | 2 | 278 |
| Xerox Holdings Corporation | 13 | 185 |
| Xperi Inc. (a) | 6 | 50 |
| Yext, Inc. (a) | 10 | 63 |
| Zebra Technologies Corporation - Class A (a) | 2 | 453 |
| Zoom Video Communications, Inc. - Class A (a) | 2 | 151 |
| Zscaler, Inc. (a) | 1 | 144 |
| | | 262945 |
| **Financials 14.2%** | **Financials 14.2%** | **Financials 14.2%** |
| 1st Security Bank of Washington | 1 | 17 |
| 1st Source Corporation | 3 | 172 |
| Acacia Research Corporation (a) | 2 | 7 |
| ACNB Corporation | 1 | 34 |
| ADS Alliance Data Systems, Inc. | 5 | 177 |
| Affiliated Managers Group, Inc. | 4 | 595 |
| AFLAC Incorporated | 16 | 1172 |
| Ally Financial Inc. | 24 | 577 |
| Amalgamated Financial Corp. | 2 | 51 |
| A-Mark Precious Metals, Inc. | 1 | 27 |
| Ambac Financial Group, Inc. (a) | 4 | 71 |
| Amerant Bancorp Inc. - Class A | 2 | 44 |
| American Equity Investment Life Holding Company | 9 | 390 |
| American Express Company | 17 | 2517 |
| American Financial Group, Inc. | 5 | 717 |
| American International Group, Inc. | 34 | 2174 |
| American National Bankshares Inc. | 1 | 23 |
| Ameriprise Financial, Inc. | 6 | 1738 |
| Ameris Bancorp | 5 | 224 |
| Amerisafe, Inc. | 2 | 109 |
| AON Public Limited Company - Class A | 6 | 1813 |
| Arch Capital Group Ltd. (a) | 17 | 1039 |
| Ares Management Corporation - Class A | 4 | 275 |
| Argo Group International Holdings, Ltd. | 3 | 82 |
| Arrow Financial Corporation | 2 | 70 |
| Arthur J. Gallagher & Co. | 5 | 984 |
| Artisan Partners Asset Management Inc. - Class A | 4 | 110 |
| Assetmark Financial Holdings, Inc. (a) | 1 | 24 |
| Associated Banc-Corp | 14 | 323 |
| Assurant, Inc. | 4 | 502 |
| Assured Guaranty Ltd. | 6 | 394 |
| Atlantic Union Bank | 7 | 233 |
| Atlanticus Holdings Corporation (a) | 1 | 26 |
| AXIS Capital Holdings Limited | 6 | 298 |
| Axos Financial, Inc. (a) | 7 | 263 |
| B. Riley & Co., LLC (b) | 2 | 52 |
| Banc of California, Inc. | 6 | 88 |
| BancFirst Corporation | 3 | 304 |
| Bank of America Corporation | 168 | 5576 |
| Bank of Hawaii Corporation | 3 | 241 |
| Bank of Marin Bancorp | 2 | 56 |
| Bank of N.T. Butterfield & Son Limited (The) | 6 | 166 |
| Bank OZK | 9 | 379 |
| BankFinancial Corporation | 2 | 22 |
| BankUnited, Inc. | 9 | 292 |
| Banner Corporation | 3 | 178 |
| Bar Harbor Bankshares | 1 | 42 |
| Baycom Corp | 1 | 17 |
| BCB Bancorp, Inc. | 1 | 24 |
| Berkshire Hathaway Inc. - Class B (a) | 42 | 12897 |
| Berkshire Hills Bancorp, Inc. | 6 | 193 |
| BGC Partners, Inc. - Class A | 34 | 130 |
| BlackRock, Inc. | 3 | 2341 |
| Blackstone Inc. - Class A | 18 | 1305 |
| Blucora, Inc. (a) | 4 | 109 |
| Blue Foundry Bancorp (a) | 2 | 20 |
| BOK Financial Corporation | 4 | 458 |
| Bridgewater Bancshares, Inc. (a) (c) | 1 | 19 |
| Brighthouse Financial, Inc. (a) | 7 | 375 |
| Brightsphere Investment Group Inc. | 2 | 45 |
| Brookline Bancorp, Inc. | 7 | 102 |
| Brown & Brown, Inc. | 12 | 660 |
| Business First Bancshares, Inc. | 1 | 31 |
| Byline Bancorp, Inc. | 3 | 79 |
| C&F Financial Corporation |  | 2 |
| Cadence Bank | 15 | 382 |
| Cambridge Bancorp |  | 15 |
| Camden National Corporation | 2 | 79 |
| Cannae Holdings, Inc. (a) | 8 | 164 |
| Capital Bancorp, Inc. |  | 10 |
| Capital City Bank Group, Inc. | 1 | 33 |
| Capital One Financial Corporation | 15 | 1351 |
| Capitol Federal Financial | 13 | 116 |
| Capstar Financial Holdings, Inc. | 1 | 14 |
| Carter Bankshares, Inc. (a) | 2 | 40 |
| Cathay General Bancorp | 7 | 274 |
| Cboe Global Markets, Inc. | 4 | 532 |
| Central Pacific Financial Corp. | 4 | 75 |
| Central Valley Community Bancorp |  | 5 |
| Chubb Limited | 10 | 2180 |
| Cincinnati Financial Corporation | 6 | 630 |
| Citigroup Inc. | 49 | 2237 |
| Citizens & Northern Corporation | 1 | 17 |
| Citizens Financial Group, Inc. | 23 | 921 |
| Citizens, Inc. - Class A (a) | 4 | 8 |
| City Holding Company | 1 | 123 |
| Civista Bancshares, Inc. | 2 | 49 |
| CME Group Inc. - Class A | 7 | 1096 |
| CNA Financial Corporation | 1 | 63 |
| CNB Financial Corporation | 1 | 32 |
| Coastal Financial Corporation (a) |  | 12 |
| Codorus Valley Bancorp, Inc. |  | 8 |
| Cohen & Steers, Inc. | 4 | 276 |
| Columbia Banking System, Inc. | 6 | 194 |
| Columbia Financial, Inc. (a) | 6 | 120 |
| Comerica Incorporated | 9 | 630 |
| Commerce Bancshares, Inc. | 8 | 572 |
| Community Bank System, Inc. | 4 | 230 |
| Community Trust Bancorp, Inc. | 2 | 95 |
| ConnectOne Bancorp, Inc. | 6 | 133 |
| Consumer Portfolio Services, Inc. (a) | 2 | 19 |
| Cowen Inc. - Class A | 2 | 86 |
| Crawford & Company - Class A | 2 | 10 |
| Crawford & Company - Class B | 1 | 8 |
| Credit Acceptance Corporation (a) (b) | 1 | 660 |
| Crossfirst Bankshares, Inc. (a) | 2 | 27 |
| Cullen/Frost Bankers, Inc. | 5 | 646 |
| Customers Bancorp, Inc. (a) | 3 | 94 |
| CVB Financial Corp. | 11 | 290 |
| Diamond Hill Investment Group, Inc. - Class A |  | 89 |
| Dime Community Bancshares, Inc. | 4 | 140 |
| Discover Financial Services | 20 | 1917 |
| Donegal Group Inc. - Class A | 2 | 23 |
| Donnelley Financial Solutions, Inc. (a) | 5 | 208 |
| Eagle Bancorp, Inc. | 4 | 158 |
| East West Bancorp, Inc. | 11 | 747 |
| Eastern Bankshares, Inc. | 2 | 43 |
| eHealth, Inc. (a) | 2 | 7 |
| Employers Holdings, Inc. | 4 | 157 |
| Encore Capital Group, Inc. (a) | 4 | 195 |
| Enova International, Inc. (a) | 4 | 165 |
| Enstar Group Limited (a) | 1 | 293 |
| Enterprise Bancorp, Inc. | 1 | 25 |
| Enterprise Financial Services Corp. | 3 | 144 |
| Equitable Holdings, Inc. | 29 | 841 |
| Equity Bancshares, Inc. - Class A | 1 | 35 |
| Erie Indemnity Company - Class A | 3 | 645 |
| Esquire Financial Holdings, Inc. |  | 13 |
| ESSA Bancorp, Inc. | 1 | 20 |
| Essent Group Ltd. | 10 | 401 |
| Evercore Inc. - Class A | 4 | 468 |
| Everest Re Group, Ltd. | 2 | 498 |
| EZCORP, Inc. - Class A (a) | 7 | 59 |
| F&G Annuities & Life, Inc. | 2 | 31 |
| F.N.B. Corporation | 30 | 396 |
| FactSet Research Systems Inc. | 1 | 406 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Farmers National Banc Corp. | 1 | 11 |
| FB Financial Corporation | 5 | 163 |
| Federal Agricultural Mortgage Corporation - Class C | 1 | 101 |
| Federated Hermes, Inc. - Class B | 9 | 334 |
| Fidelity National Financial, Inc. - Class A | 23 | 869 |
| Fifth Third Bancorp | 28 | 931 |
| Financial Institutions, Inc. | 2 | 46 |
| First American Financial Corporation | 10 | 546 |
| First Bancorp | 4 | 151 |
| First Bancorp. | 22 | 279 |
| First Bancshares Inc. | 1 | 25 |
| First Bank of New Jersey | 1 | 16 |
| First Busey Corporation | 4 | 97 |
| First Business Financial Services, Inc. | 1 | 34 |
| First Citizens BancShares, Inc. - Class A | 1 | 573 |
| First Commonwealth Financial Corporation | 8 | 118 |
| First Community Bancshares, Inc. | 2 | 59 |
| First Financial Bancorp. | 7 | 173 |
| First Financial Bankshares, Inc. | 10 | 333 |
| First Financial Corporation | 1 | 44 |
| First Financial Northwest, Inc. | 1 | 15 |
| First Foundation Inc. | 4 | 59 |
| First Hawaiian, Inc. | 9 | 222 |
| First Horizon Corporation | 40 | 977 |
| First Internet Bancorp | 1 | 20 |
| First Interstate BancSystem, Inc. - Class A | 8 | 308 |
| First Merchants Corporation | 5 | 214 |
| First Mid Bancshares, Inc. | 2 | 53 |
| First Republic Bank | 6 | 677 |
| First Western Financial, Inc. (a) | 1 | 15 |
| FirstCash Holdings, Inc. | 4 | 304 |
| Flushing Financial Corporation | 3 | 68 |
| Franklin Resources, Inc. | 20 | 526 |
| Fulton Financial Corporation | 15 | 259 |
| FVCBankcorp, Inc. (a) | 1 | 24 |
| GBLI Holdings, LLC - Class A | 1 | 22 |
| Genworth Financial, Inc. - Class A (a) | 49 | 258 |
| German American Bancorp, Inc. | 3 | 102 |
| Glacier Bancorp, Inc. | 6 | 313 |
| Globe Life Inc. | 6 | 739 |
| Goosehead Insurance, Inc. - Class A (a) | 1 | 48 |
| Great Southern Bancorp, Inc. | 2 | 109 |
| Green Dot Corporation - Class A (a) | 3 | 55 |
| Greenhill & Co., Inc. | 3 | 26 |
| Greenlight Capital Re, Ltd. - Class A (a) | 3 | 26 |
| Guaranty Bancshares, Inc. |  | 14 |
| Hallmark Financial Services, Inc. (a) | 2 | 1 |
| Hamilton Lane Incorporated - Class A | 1 | 94 |
| Hancock Whitney Corporation | 6 | 274 |
| Hanmi Financial Corporation | 3 | 86 |
| HarborOne Bancorp, Inc. | 8 | 107 |
| HBT Financial, Inc. | 1 | 13 |
| HCI Group, Inc. (b) | 2 | 60 |
| Heartland Financial USA, Inc. | 4 | 204 |
| Hennessy Advisors, Inc. (b) |  | 3 |
| Heritage Commerce Corp | 5 | 59 |
| Heritage Financial Corporation | 4 | 129 |
| Heritage Insurance Holdings, Inc. | 3 | 5 |
| Hilltop Holdings Inc. | 9 | 266 |
| Home BancShares, Inc. | 11 | 261 |
| HomeStreet, Inc. | 3 | 79 |
| Hometrust Bancshares, Inc. | 1 | 35 |
| Hope Bancorp, Inc. | 13 | 162 |
| Horace Mann Educators Corporation | 4 | 141 |
| Horizon Bancorp, Inc. | 5 | 68 |
| Houlihan Lokey, Inc. - Class A | 5 | 423 |
| Huntington Bancshares Incorporated | 57 | 799 |
| Independence Holdings, LLC | 14 | 482 |
| Independent Bank Corp. | 5 | 427 |
| Independent Bank Corporation | 3 | 60 |
| Independent Bank Group, Inc. | 4 | 251 |
| Interactive Brokers Group, Inc. - Class A | 2 | 180 |
| Intercontinental Exchange, Inc. | 10 | 996 |
| International Bancshares Corporation | 6 | 273 |
| Invesco Ltd. | 25 | 451 |
| Investors Title Company |  | 15 |
| James River Group, Inc. | 2 | 33 |
| Janus Henderson Group PLC | 14 | 340 |
| Jefferies Financial Group Inc. | 18 | 617 |
| JPMorgan Chase & Co. | 94 | 12629 |
| K.K.R. Co., Inc. - Class A | 16 | 731 |
| Kearny Financial Corp | 11 | 112 |
| KeyCorp | 37 | 641 |
| Kinsale Capital Group, Inc. | 1 | 385 |
| Lakeland Bancorp, Inc. | 7 | 129 |
| Lakeland Financial Corporation | 2 | 128 |
| Lazard Ltd - Class A | 9 | 299 |
| LendingClub Corporation (a) | 15 | 128 |
| LendingTree, Inc. (a) |  | 9 |
| Lincoln National Corporation | 7 | 217 |
| Live Oak Bancshares, Inc. | 4 | 130 |
| Loews Corporation | 10 | 590 |
| Longlade, Dr Charles W | 2 | 29 |
| LPL Financial Holdings Inc. | 5 | 992 |
| Luther Burbank Corporation | 1 | 10 |
| M&T Bank Corporation | 8 | 1156 |
| Macatawa Bank Corporation | 1 | 7 |
| Maiden Holdings, Ltd. (a) | 9 | 19 |
| Markel Corporation (a) | 1 | 744 |
| MarketAxess Holdings Inc. | 2 | 542 |
| Marsh & Mclennan Companies, Inc. | 13 | 2092 |
| MBIA Inc. (a) | 14 | 180 |
| Mercantile Bank Corporation | 2 | 68 |
| Merchants Bancorp, Inc. | 1 | 18 |
| Mercury General Corporation | 5 | 163 |
| MetLife, Inc. | 17 | 1206 |
| Metrocity Bankshares, Inc. | 1 | 19 |
| Metropolitan Bank Holding Corp. (a) | 1 | 77 |
| MGIC Investment Corporation | 26 | 333 |
| Mid Penn Bancorp, Inc. | 1 | 17 |
| Midland States Bancorp, Inc. | 2 | 41 |
| MidWestOne Financial Group, Inc. | 1 | 24 |
| Moelis & Company - Class A | 4 | 144 |
| Moody's Corporation | 5 | 1335 |
| Morgan Stanley | 45 | 3860 |
| Morningstar, Inc. | 3 | 604 |
| Mr. Cooper Group Inc. (a) | 7 | 272 |
| MSCI Inc. - Class A | 2 | 992 |
| MVB Financial Corp. | 1 | 13 |
| Nasdaq, Inc. | 17 | 1058 |
| National Bank Holdings Corporation - Class A | 3 | 128 |
| National Bankshares, Inc. |  | 3 |
| National Western Life Group, Inc. - Class A |  | 105 |
| Navient Corporation | 19 | 314 |
| NBT Bancorp Inc. | 5 | 196 |
| Nelnet, Inc. - Class A | 3 | 238 |
| New York Community Bancorp, Inc. - Series A | 58 | 496 |
| NI Holdings Inc. (a) | 1 | 12 |
| Nicholas Financial, Inc. (a) | 1 | 4 |
| Nicolet Bankshares, Inc. (a) |  | 22 |
| NMI Holdings, Inc. - Class A (a) | 7 | 149 |
| Northeast Bank |  | 21 |
| Northern Trust Corporation | 9 | 838 |
| Northfield Bancorp Inc. | 5 | 83 |
| Northrim Bancorp, Inc. |  | 22 |
| Northwest Bancshares, Inc. | 12 | 170 |
| Norwood Financial Corp. |  | 11 |
| OceanFirst Financial Corp. | 7 | 150 |
| Ocwen Financial Corporation (a) |  | 7 |
| OFG Bancorp | 6 | 171 |
| Old National Bancorp | 25 | 456 |
| Old Republic International Corporation | 23 | 552 |
| Old Second Bancorp, Inc. | 1 | 11 |
| Open Lending Corporation - Class A (a) | 3 | 20 |
| Oppenheimer Holdings Inc. - Class A | 1 | 46 |
| Origin Bancorp, Inc. | 1 | 30 |
| Orrstown Financial Services, Inc. | 1 | 16 |
| P.C.B. Bancorp, Inc. | 1 | 9 |
| Pacific Premier Bancorp, Inc. | 9 | 273 |
| PacWest Bancorp | 7 | 171 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Palomar Holdings, Inc. (a) | 1 | 36 |
| Park National Corporation | 1 | 199 |
| Parke Bancorp, Inc. | 1 | 14 |
| Pathward Financial, Inc. | 3 | 148 |
| Peapack-Gladstone Financial Corporation | 2 | 85 |
| Penns Woods Bancorp, Inc. |  | 9 |
| PennyMac Financial Services, Inc. | 1 | 59 |
| Peoples Bancorp Inc. | 2 | 59 |
| Peoples Financial Services Corp. |  | 11 |
| Pinnacle Financial Partners, Inc. | 5 | 349 |
| Pioneer Bancorp, Inc. (a) | 1 | 13 |
| Piper Sandler Companies | 2 | 234 |
| PJT Partners Inc. - Class A | 1 | 78 |
| Popular, Inc. | 7 | 458 |
| PRA Group, Inc. (a) | 4 | 151 |
| Preferred Bank | 2 | 119 |
| Premier Financial Corporation | 3 | 94 |
| Primerica, Inc. | 4 | 525 |
| Primis Financial Corp. | 3 | 37 |
| Principal Financial Group, Inc. | 11 | 959 |
| ProAssurance Corporation | 6 | 106 |
| PROG Holdings, Inc. (a) | 6 | 97 |
| Prosperity Bancshares, Inc. | 7 | 495 |
| Provident Bancorp Inc. | 1 | 8 |
| Provident Financial Holdings, Inc. |  | 6 |
| Provident Financial Services, Inc. | 7 | 145 |
| Prudential Financial, Inc. | 13 | 1283 |
| QCR Holdings, Inc. | 1 | 48 |
| Radian Group Inc. | 15 | 277 |
| Raymond James Financial, Inc. | 9 | 971 |
| Red River Bancshares, Inc. |  | 10 |
| Regional Management Corp. | 2 | 50 |
| Regions Financial Corporation | 37 | 791 |
| Reinsurance Group of America, Incorporated | 4 | 556 |
| RenaissanceRe Holdings Ltd | 3 | 471 |
| Renasant Corporation | 5 | 202 |
| Republic Bancorp, Inc. - Class A | 2 | 74 |
| Republic First Bancorp, Inc. (a) | 2 | 5 |
| RLI Corp. | 3 | 330 |
| Robinhood Markets, Inc. - Class A (a) | 12 | 100 |
| Rocket Companies, Inc. - Class A | 13 | 89 |
| S & T Bancorp, Inc. | 4 | 132 |
| S&P Global Inc. | 6 | 2022 |
| Safety Insurance Group, Inc. | 2 | 138 |
| Sandy Spring Bancorp, Inc. | 5 | 164 |
| Seacoast Banking Corporation of Florida | 4 | 118 |
| SEI Investments Company | 11 | 616 |
| Selective Insurance Group, Inc. | 4 | 397 |
| ServisFirst Bancshares, Inc. | 4 | 272 |
| Shore Bancshares, Inc. | 1 | 26 |
| Sierra BanCorp | 1 | 31 |
| Signature Bank | 2 | 265 |
| Simmons First National Corporation - Class A | 9 | 190 |
| SiriusPoint Ltd (a) | 12 | 68 |
| SLM Corporation | 33 | 552 |
| Smartfinancial, Inc. | 1 | 24 |
| South Plains Financial, Inc. | 1 | 21 |
| Southern First Bancshares, Inc. (a) | 1 | 55 |
| Southern Missouri Bancorp, Inc. | 1 | 26 |
| Southside Bancshares, Inc. | 4 | 140 |
| Southstate Corporation | 5 | 419 |
| State Street Corporation | 13 | 1033 |
| Stellar Bancorp, Inc. | 4 | 107 |
| Sterling Bancorp, Inc. (a) | 3 | 16 |
| Stewart Information Services Corporation | 3 | 108 |
| Stifel Financial Corp. | 8 | 474 |
| Stock Yards Bancorp, Inc. | 2 | 125 |
| StoneX Group Inc. (a) | 2 | 176 |
| Summit Financial Group, Inc. | 1 | 21 |
| SVB Financial Group (a) | 2 | 519 |
| Synchrony Financial | 34 | 1110 |
| Synovus Financial Corp. | 10 | 390 |
| T. Rowe Price Group, Inc. | 12 | 1259 |
| Territorial Bancorp Inc. | 1 | 26 |
| Texas Capital Bancshares, Inc. (a) | 5 | 297 |
| TFS Financial Corporation | 11 | 153 |
| The Allstate Corporation | 11 | 1474 |
| The Bancorp, Inc. (a) | 7 | 186 |
| The Bank of New York Mellon Corporation | 19 | 870 |
| The Carlyle Group, Inc. | 19 | 579 |
| The Charles Schwab Corporation | 30 | 2529 |
| The First Bancorp, Inc. | 1 | 34 |
| The First of Long Island Corporation | 2 | 42 |
| The Goldman Sachs Group, Inc. | 10 | 3507 |
| The Hanover Insurance Group, Inc. | 4 | 484 |
| The Hartford Financial Services Group, Inc. | 19 | 1461 |
| The Hingham Institute for Savings |  | 115 |
| The PNC Financial Services Group, Inc. | 10 | 1503 |
| The Progressive Corporation | 10 | 1285 |
| The Travelers Companies, Inc. | 14 | 2610 |
| Tiptree Inc. | 3 | 41 |
| Tompkins Financial Corporation | 2 | 122 |
| TowneBank | 7 | 206 |
| Tradeweb Markets Inc. - Class A | 4 | 238 |
| TriCo Bancshares | 4 | 181 |
| Triumph Bancorp, Inc. (a) | 2 | 107 |
| Truist Financial Corporation | 30 | 1299 |
| Trupanion, Inc. (a) (b) | 1 | 48 |
| Trustco Bank Corp N Y | 2 | 85 |
| Trustmark Corporation | 6 | 195 |
| U.S. Bancorp | 46 | 1998 |
| UMB Financial Corporation | 4 | 351 |
| Umpqua Holdings Corporation | 18 | 319 |
| United Bankshares, Inc. | 12 | 483 |
| United Community Banks, Inc. | 8 | 267 |
| United Fire Group, Inc. | 3 | 82 |
| United Insurance Holdings Corp. | 2 | 2 |
| Unity Bancorp, Inc. |  | 10 |
| Universal Insurance Holdings, Inc. | 6 | 64 |
| Univest Financial Corporation | 3 | 79 |
| Unum Group | 15 | 633 |
| Valley National Bancorp | 32 | 359 |
| Velocity Financial Inc. (a) | 1 | 9 |
| Veritex Holdings, Inc. | 4 | 105 |
| Victory Capital Holdings, Inc. - Class A | 3 | 71 |
| Virtu Financial, Inc. - Class A | 9 | 174 |
| Virtus Investment Partners, Inc. | 1 | 154 |
| Voya Financial, Inc. | 7 | 433 |
| W. R. Berkley Corporation | 11 | 833 |
| Walker & Dunlop, Inc. | 3 | 259 |
| Washington Federal, Inc. | 7 | 234 |
| Washington Trust Bancorp, Inc. | 2 | 97 |
| Waterstone Financial, Inc. | 3 | 56 |
| Webster Financial Corporation | 15 | 698 |
| Wells Fargo & Company | 99 | 4103 |
| WesBanco, Inc. | 6 | 212 |
| West Bancorporation, Inc. | 2 | 46 |
| Westamerica Bancorporation | 3 | 166 |
| Western Alliance Bancorporation | 7 | 427 |
| Westwood Holdings Group, Inc. | 1 | 9 |
| White Mountains Insurance Group Ltd |  | 362 |
| Willis Towers Watson Public Limited Company | 4 | 996 |
| Wintrust Financial Corporation | 4 | 344 |
| WisdomTree, Inc. | 17 | 94 |
| World Acceptance Corporation (a) | 1 | 60 |
| WSFS Financial Corporation | 6 | 277 |
| Zions Bancorporation, National Association | 10 | 486 |
| Zurich American Corporation | 6 | 318 |
| | | 176884 |
| **Health Care 13.4%** | **Health Care 13.4%** | **Health Care 13.4%** |
| 10X Genomics, Inc. - Class A (a) | 1 | 52 |
| Abbott Laboratories | 40 | 4375 |
| AbbVie Inc. | 48 | 7735 |
| Acadia Healthcare Company, Inc. (a) | 6 | 469 |
| ACADIA Pharmaceuticals Inc. (a) | 5 | 83 |
| Accolade, Inc. (a) | 8 | 65 |
| Accuray Incorporated (a) | 6 | 12 |
| Adaptive Biotechnologies Corporation (a) | 4 | 27 |
| Addus HomeCare Corporation (a) | 1 | 110 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Adicet Therapeutics, Inc. (a) | 7 | 59 |
| Adverum Biotechnologies, Inc. (a) (b) | 10 | 6 |
| Affimed N.V. (a) | 8 | 10 |
| Agilent Technologies, Inc. | 5 | 735 |
| Agiliti, Inc. (a) | 4 | 59 |
| Agilon Health Management, Inc. (a) (b) | 11 | 178 |
| Agios Pharmaceuticals, Inc. (a) | 2 | 60 |
| Albireo Pharma, Inc. (a) | 2 | 50 |
| Aldeyra Therapeutics, Inc. (a) | 4 | 29 |
| Alerislife Inc. (a) |  |  |
| Align Technology, Inc. (a) | 1 | 282 |
| Alkermes Public Limited Company (a) | 9 | 236 |
| Allakos Inc. (a) |  | 3 |
| Allogene Therapeutics, Inc. (a) | 13 | 83 |
| Allscripts Healthcare Solutions, Inc. (a) | 13 | 228 |
| Alnylam Pharmaceuticals, Inc. (a) | 3 | 613 |
| Amedisys, Inc. (a) | 2 | 184 |
| American Well Corporation - Class A (a) | 6 | 17 |
| AmerisourceBergen Corporation | 7 | 1209 |
| Amgen Inc. | 16 | 4173 |
| AMN Healthcare Services, Inc. (a) | 4 | 381 |
| Amneal Pharmaceuticals, Inc. - Class A (a) | 5 | 10 |
| Amphastar Pharmaceuticals, Inc. (a) | 4 | 118 |
| Anaptysbio, Inc. (a) | 2 | 62 |
| AngioDynamics, Inc. (a) | 4 | 61 |
| ANI Pharmaceuticals, Inc. (a) | 1 | 32 |
| Anika Therapeutics, Inc. (a) | 1 | 44 |
| Apollo Medical Holdings, Inc. (a) (d) | 2 | 59 |
| Arcus Biosciences, Inc. (a) | 6 | 114 |
| Arcutis Biotherapeutics, Inc. (a) | 6 | 91 |
| Ardelyx, Inc. (a) | 1 | 2 |
| Artivion, Inc. (a) | 3 | 34 |
| Atara Biotherapeutics, Inc. (a) | 4 | 14 |
| AtriCure, Inc. (a) | 2 | 77 |
| Atrion Corporation |  | 91 |
| Avanos Medical, Inc. (a) | 5 | 123 |
| Avantor, Inc. (a) | 27 | 577 |
| Avidity Biosciences, Inc. (a) | 2 | 52 |
| Axonics, Inc. (a) | 1 | 85 |
| Azenta, Inc. (a) | 2 | 92 |
| Baxter International Inc. | 13 | 647 |
| Becton, Dickinson and Company | 5 | 1176 |
| Biogen Inc. (a) | 5 | 1465 |
| BioLife Solutions, Inc. (a) | 2 | 37 |
| BioMarin Pharmaceutical Inc. (a) | 6 | 582 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 1 | 394 |
| Bio-Techne Corporation | 5 | 392 |
| Bluebird Bio, Inc. (a) | 4 | 27 |
| Blueprint Medicines Corporation (a) | 2 | 103 |
| Boston Scientific Corporation (a) | 25 | 1164 |
| Bristol-Myers Squibb Company | 66 | 4728 |
| Brookdale Senior Living Inc. (a) | 23 | 62 |
| Bruker Corporation | 11 | 723 |
| C4 Therapeutics, Inc. (a) | 7 | 42 |
| Cara Therapeutics, Inc. (a) | 4 | 44 |
| Cardinal Health, Inc. | 13 | 1016 |
| Cardiovascular Systems, Inc. (a) | 3 | 42 |
| Caredx, Inc. (a) | 2 | 19 |
| Castle Biosciences, Inc. (a) |  | 1 |
| Catalent, Inc. (a) | 6 | 258 |
| Catalyst Pharmaceuticals, Inc. (a) | 7 | 140 |
| Celldex Therapeutics, Inc. (a) | 1 | 31 |
| Centene Corporation (a) | 15 | 1212 |
| Certara, Inc. (a) | 6 | 93 |
| Charles River Laboratories International, Inc. (a) | 3 | 667 |
| Chemed Corporation | 1 | 546 |
| Chimerix, Inc. (a) | 5 | 10 |
| Chinook Therapeutics, Inc. (a) | 5 | 122 |
| Cigna Corporation | 10 | 3388 |
| Collegium Pharmaceutical, Inc. (a) | 2 | 39 |
| Community Health Systems, Inc. (a) | 12 | 51 |
| Computer Programs and Systems, Inc. (a) | 1 | 20 |
| Concert Pharmaceuticals, Inc. (a) |  | 2 |
| CONMED Corporation | 2 | 137 |
| Corcept Therapeutics Incorporated (a) | 6 | 118 |
| Coronado Topco, Inc. (a) | 2 | 161 |
| CorVel Corporation (a) | 1 | 185 |
| CRISPR Therapeutics AG (a) | 3 | 116 |
| Cross Country Healthcare, Inc. (a) | 2 | 63 |
| Cryoport, Inc. (a) | 2 | 36 |
| Cumberland Pharmaceuticals, Inc. (a) | 1 | 2 |
| CVS Health Corporation | 43 | 4016 |
| Danaher Corporation | 14 | 3842 |
| DaVita Inc. (a) | 4 | 281 |
| Day One Biopharmaceuticals, Inc. (a) | 1 | 27 |
| Deciphera Pharmaceuticals, Inc. (a) | 5 | 85 |
| Denali Therapeutics Inc. (a) | 5 | 149 |
| Dentsply Sirona Inc. | 11 | 341 |
| DexCom, Inc. (a) | 5 | 541 |
| Doximity, Inc. - Class A (a) | 2 | 54 |
| Dynavax Technologies Corporation (a) | 4 | 47 |
| Eagle Pharmaceuticals, Inc. (a) | 1 | 39 |
| Editas Medicine, Inc. (a) | 2 | 16 |
| Edwards Lifesciences Corporation (a) | 10 | 717 |
| Eiger Biopharmaceuticals, Inc. (a) |  | 1 |
| Elanco Animal Health Incorporated (a) | 23 | 286 |
| Elevance Health, Inc. | 6 | 2979 |
| Eli Lilly and Company | 23 | 8319 |
| Embecta Corp. | 1 | 23 |
| Emergent BioSolutions Inc. (a) | 4 | 48 |
| Enanta Pharmaceuticals, Inc. (a) | 2 | 74 |
| Encompass Health Corporation | 8 | 470 |
| Enhabit Inc. (a) | 4 | 52 |
| Enovis Corporation (a) | 3 | 178 |
| Envista Holdings Corporation (a) | 12 | 408 |
| Enzo Biochem, Inc. (a) | 4 | 5 |
| Evolent Health, Inc. - Class A (a) | 6 | 168 |
| Exact Sciences Corporation (a) | 3 | 157 |
| Exelixis, Inc. (a) | 21 | 338 |
| Fate Therapeutics, Inc. (a) | 2 | 16 |
| Fulcrum Therapeutics, Inc. (a) | 2 | 16 |
| Fulgent Genetics, Inc. (a) | 1 | 43 |
| G1 Therapeutics, Inc. (a) | 4 | 19 |
| Generation Bio Co. (a) | 2 | 9 |
| Gilead Sciences, Inc. | 51 | 4392 |
| Glaukos Corporation (a) | 3 | 110 |
| Globus Medical, Inc. - Class A (a) | 6 | 418 |
| Haemonetics Corporation (a) | 3 | 274 |
| Halozyme Therapeutics, Inc. (a) | 8 | 437 |
| Harmony Biosciences Holdings Inc. (a) | 2 | 95 |
| Harvard Bioscience, Inc. (a) | 2 | 4 |
| HCA Healthcare, Inc. | 5 | 1138 |
| Health Catalyst, Inc. (a) | 1 | 13 |
| HealthEquity, Inc. (a) | 5 | 290 |
| Healthstream, Inc. (a) | 2 | 53 |
| Henry Schein, Inc. (a) | 7 | 551 |
| Heska Corporation (a) |  | 10 |
| Hologic, Inc. (a) | 17 | 1275 |
| Horizon Orphan LLC (a) | 2 | 31 |
| Horizon Therapeutics Public Limited Company (a) | 7 | 852 |
| Humana Inc. | 3 | 1575 |
| IDEAYA Biosciences, Inc. (a) | 1 | 27 |
| IDEXX Laboratories, Inc. (a) | 3 | 1048 |
| Illumina, Inc. (a) | 4 | 808 |
| ImmunoGen, Inc. (a) | 12 | 61 |
| Immunovant, Inc. (a) | 2 | 41 |
| Inari Medical, Inc. (a) | 1 | 56 |
| Incyte Corporation (a) | 6 | 499 |
| Innoviva, Inc. (a) | 12 | 158 |
| Inogen, Inc. (a) | 1 | 24 |
| Insulet Corporation (a) | 1 | 338 |
| Integer Holdings Corporation (a) | 3 | 198 |
| Integra LifeSciences Holdings Corporation (a) | 5 | 288 |
| Intellia Therapeutics, Inc. (a) | 3 | 102 |
| Intra-Cellular Therapies, Inc. (a) | 4 | 213 |
| Intuitive Surgical, Inc. (a) | 5 | 1302 |
| Ionis Pharmaceuticals, Inc. (a) | 4 | 139 |
| Iovance Biotherapeutics, Inc. (a) | 10 | 66 |
| IQVIA Holdings Inc (a) | 6 | 1228 |
| Iradimed Corp. |  | 12 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Ironwood Pharmaceuticals, Inc. - Class A (a) | 13 | 165 |
| Iveric Bio, Inc. (a) | 10 | 214 |
| Jazz Pharmaceuticals Public Limited Company (a) | 4 | 603 |
| Johnson & Johnson | 63 | 11133 |
| KalVista Pharmaceuticals Inc. (a) | 2 | 13 |
| Karuna Therapeutics, Inc. (a) | 1 | 126 |
| Kezar Life Sciences, Inc. (a) | 5 | 35 |
| Kodiak Sciences Inc. (a) | 3 | 19 |
| Krystal Biotech, Inc. (a) | 2 | 129 |
| Kura Oncology, Inc. (a) | 3 | 32 |
| Kymera Therapeutics, Inc. (a) | 2 | 49 |
| Laboratory Corporation of America Holdings | 4 | 971 |
| Lantheus Holdings, Inc. (a) | 5 | 252 |
| LeMaitre Vascular, Inc. | 2 | 74 |
| Lensar, Inc. (a) |  | 1 |
| LHC Group, Inc. (a) | 2 | 328 |
| Ligand Pharmaceuticals Incorporated (a) | 1 | 84 |
| LivaNova PLC (a) | 4 | 196 |
| Lumos Pharma, Inc. (a) |  | 1 |
| MacroGenics, Inc. (a) | 3 | 21 |
| Maravai LifeSciences Holdings, Inc. - Class A (a) | 5 | 70 |
| Masimo Corporation (a) | 3 | 465 |
| McKesson Corporation | 4 | 1445 |
| Medpace Holdings, Inc. (a) | 2 | 516 |
| Medtronic, Inc. | 25 | 1949 |
| MeiraGTx Holdings plc (a) | 1 | 7 |
| Merck & Co., Inc. | 75 | 8292 |
| Meridian Bioscience, Inc. (a) | 4 | 143 |
| Merit Medical Systems, Inc. (a) | 4 | 251 |
| Mersana Therapeutics, Inc. (a) | 8 | 44 |
| Mesa Laboratories, Inc. |  | 44 |
| Mettler-Toledo International Inc. (a) | 1 | 1305 |
| Mirati Therapeutics, Inc. (a) | 2 | 70 |
| Moderna, Inc. (a) | 14 | 2548 |
| ModivCare Inc. (a) | 2 | 141 |
| Molina Healthcare, Inc. (a) | 2 | 807 |
| Morphic Holding, Inc. (a) | 1 | 33 |
| Myriad Genetics, Inc. (a) | 6 | 82 |
| National HealthCare Corporation | 2 | 117 |
| National Research Corporation | 1 | 26 |
| Nektar Therapeutics (a) | 6 | 13 |
| Neogen Corporation (a) | 16 | 236 |
| Neogenomics, Inc. (a) | 3 | 29 |
| Neurocrine Biosciences, Inc. (a) | 4 | 448 |
| NextGen Healthcare, Inc. (a) | 7 | 139 |
| NGM Biopharmaceuticals, Inc. (a) | 4 | 18 |
| Novocure Limited (a) | 1 | 94 |
| Nurix Therapeutics, Inc. (a) | 3 | 37 |
| NuVasive, Inc. (a) | 4 | 157 |
| OmniAb, Inc. (a) (e) |  |  |
| OmniAb, Inc. (a) (e) |  |  |
| OmniAb, Inc. (a) | 6 | 22 |
| Omnicell, Inc. (a) | 2 | 123 |
| OPKO Health, Inc. (a) | 34 | 43 |
| OptimizeRX Corporation (a) | 2 | 42 |
| Option Care Health, Inc. (a) | 6 | 191 |
| Orasure Technologies, Inc. (a) | 4 | 20 |
| Organogenesis Holdings Inc. - Class A (a) | 8 | 22 |
| Organon & Co. | 16 | 455 |
| Orthofix Medical Inc. (a) | 3 | 66 |
| Orthopediatrics Corp. (a) | 1 | 55 |
| Owens & Minor, Inc. (a) | 7 | 134 |
| Pacific Biosciences of California, Inc. (a) | 5 | 45 |
| Pacira Pharmaceuticals, Inc. (a) | 1 | 39 |
| Patterson Companies, Inc. | 8 | 233 |
| PDL BioPharma, Inc. (a) (e) | 6 | 14 |
| Pediatrix Medical Group, Inc. (a) | 7 | 101 |
| Penumbra, Inc. (a) | 1 | 193 |
| PerkinElmer, Inc. | 5 | 668 |
| Perrigo Company Public Limited Company | 9 | 301 |
| PetIQ, Inc. - Class A (a) | 2 | 14 |
| Pfizer Inc. | 149 | 7629 |
| Phibro Animal Health Corporation - Class A | 2 | 21 |
| Phreesia, Inc. (a) | 4 | 133 |
| PMV Pharmaceuticals, Inc. (a) | 6 | 55 |
| Pphm, Inc. (a) | 3 | 35 |
| Premier Healthcare Solutions, Inc. - Class A | 9 | 324 |
| Prestige Consumer Healthcare Inc. (a) | 5 | 328 |
| Progyny, Inc. (a) | 2 | 61 |
| Protagonist Therapeutics, Inc. (a) | 6 | 66 |
| Prothena Corporation Public Limited Company (a) | 4 | 256 |
| Psychemedics Corporation | 1 | 3 |
| Quest Diagnostics Incorporated | 7 | 1042 |
| RadNet, Inc. (a) | 4 | 71 |
| Regeneron Pharmaceuticals, Inc. (a) | 3 | 2465 |
| Regenxbio Inc. (a) | 3 | 78 |
| Relay Therapeutics, Inc. (a) | 2 | 33 |
| Repligen Corporation (a) | 2 | 422 |
| Replimune Group, Inc. (a) | 3 | 92 |
| ResMed Inc. | 4 | 866 |
| Revolution Medicines, Inc. (a) | 3 | 74 |
| Rhythm Pharmaceuticals, Inc. (a) | 1 | 15 |
| Rocket Pharmaceuticals, Inc. (a) | 3 | 67 |
| Sage Therapeutics Inc. (a) | 1 | 50 |
| Sangamo Therapeutics, Inc. (a) | 13 | 40 |
| Sarepta Therapeutics, Inc. (a) | 2 | 316 |
| Schrodinger, Inc. (a) | 1 | 18 |
| Seagen Inc. (a) | 2 | 320 |
| SeaSpine Holdings Corporation (a) | 1 | 5 |
| Seer, Inc. - Class A (a) | 8 | 46 |
| Select Medical Holdings Corporation | 13 | 323 |
| Shockwave Medical, Inc. (a) | 1 | 116 |
| SI-BONE, Inc. (a) | 2 | 33 |
| SIGA Technologies, Inc. | 6 | 41 |
| Simulations Plus, Inc. | 2 | 58 |
| Sotera Health LLC (a) | 13 | 106 |
| Spectrum Pharmaceuticals, Inc. (a) | 3 | 1 |
| Springworks Therapeutics, Inc. (a) | 1 | 27 |
| STAAR Surgical Company (a) | 1 | 50 |
| Steris Limited | 3 | 614 |
| Stoke Therapeutics, Inc. (a) | 2 | 21 |
| Stryker Corporation | 5 | 1292 |
| Supernus Pharmaceuticals, Inc. (a) | 5 | 163 |
| Surgalign Holdings, Inc. (a) |  |  |
| Surmodics, Inc. (a) | 1 | 49 |
| Sutro Biopharma, Inc. (a) | 6 | 49 |
| Symbion, Inc. (a) | 3 | 93 |
| Syndax Pharmaceuticals, Inc. (a) | 1 | 16 |
| Syneos Health, Inc. - Class A (a) | 7 | 265 |
| Tandem Diabetes Care, Inc. (a) | 2 | 73 |
| Taro Pharmaceutical Industries Ltd (a) | 3 | 86 |
| Tarsus Pharmaceuticals, Inc. (a) | 2 | 22 |
| Teladoc Health, Inc. (a) | 4 | 89 |
| Teleflex Incorporated | 2 | 408 |
| Tenet Healthcare Corporation (a) | 8 | 368 |
| The Cooper Companies, Inc. | 2 | 532 |
| The Ensign Group, Inc. | 5 | 445 |
| The Pennant Group, Inc. (a) | 3 | 30 |
| Thermo Fisher Scientific Inc. | 7 | 3902 |
| Twist Bioscience Corporation (a) | 1 | 13 |
| U. S. Physical Therapy, Inc. | 1 | 91 |
| UFP Technologies, Inc. (a) |  | 35 |
| Ultragenyx Pharmaceutical Inc. (a) | 3 | 117 |
| United Therapeutics Corporation (a) | 3 | 770 |
| UnitedHealth Group Incorporated | 22 | 11483 |
| Universal Health Services, Inc. - Class B | 5 | 683 |
| Utah Medical Products, Inc. |  | 20 |
| Vanda Pharmaceuticals Inc. (a) | 5 | 35 |
| Varex Imaging Corporation (a) | 6 | 121 |
| Vaxcyte, Inc. (a) | 4 | 182 |
| Veeva Systems Inc. - Class A (a) | 2 | 330 |
| Veracyte, Inc. (a) | 3 | 81 |
| Vericel Corporation (a) | 2 | 46 |
| Vertex Pharmaceuticals Incorporated (a) | 6 | 1614 |
| Viatris Inc. | 56 | 620 |
| Waters Corporation (a) | 2 | 682 |
| West Pharmaceutical Services, Inc. | 2 | 495 |
| Xencor, Inc. (a) | 4 | 113 |
| Zimmer Biomet Holdings, Inc. | 6 | 768 |
| ZimVie Inc. (a) | 1 | 6 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Zoetis Inc. - Class A | 13 | 1954 |
| | | 166427 |
| **Industrials 12.5%** | **Industrials 12.5%** | **Industrials 12.5%** |
| 3M Company | 16 | 1883 |
| A. O. Smith Corporation | 10 | 570 |
| AAON, Inc. | 3 | 225 |
| AAR Corp. (a) | 4 | 196 |
| ABM Industries Incorporated | 5 | 207 |
| ACCO Brands Corporation | 11 | 64 |
| Acuity Brands, Inc. | 2 | 404 |
| ACV Auctions Inc. - Class A (a) | 9 | 78 |
| Advanced Drainage Systems, Inc. | 5 | 447 |
| AECOM | 5 | 462 |
| Aerojet Rocketdyne Holdings, Inc. (a) | 6 | 325 |
| AeroVironment, Inc. (a) | 1 | 118 |
| AGCO Corporation | 6 | 887 |
| Air Lease Corporation - Class A | 11 | 440 |
| Air Transport Services Group, Inc. (a) | 7 | 181 |
| Alamo Group Inc. | 1 | 115 |
| Alaska Air Group, Inc. (a) | 9 | 374 |
| Albany International Corp. - Class A | 2 | 201 |
| Allegiant Travel Company (a) | 1 | 39 |
| Allegion Public Limited Company | 6 | 632 |
| Allied Motion Technologies Inc. | 2 | 65 |
| Allison Systems, Inc. | 10 | 418 |
| Alta Equipment Group Inc. - Class A | 2 | 27 |
| Altra Industrial Motion Corp. | 5 | 279 |
| Ameresco, Inc. - Class A (a) | 1 | 65 |
| American Airlines Group Inc. (a) | 29 | 365 |
| American Woodmark Corporation (a) | 1 | 59 |
| AMETEK, Inc. | 7 | 1033 |
| APi Group Corp (a) | 14 | 264 |
| Apogee Enterprises, Inc. | 4 | 156 |
| Applied Industrial Technologies, Inc. | 3 | 364 |
| Arcbest Corporation | 3 | 194 |
| Arcosa, Inc. | 4 | 208 |
| Argan, Inc. | 2 | 61 |
| Armstrong World Industries, Inc. | 3 | 222 |
| ASGN Incorporated (a) | 4 | 322 |
| Astec Industries, Inc. | 2 | 68 |
| Astronics Corporation (a) | 2 | 23 |
| Astronics Corporation - Class B (a) | 1 | 15 |
| Atkore Inc. (a) | 4 | 497 |
| Atlas Air Worldwide Holdings, Inc. (a) | 3 | 285 |
| Avis Budget Group, Inc. (a) | 3 | 447 |
| Axon Enterprise, Inc. (a) | 3 | 563 |
| AZZ Inc. | 3 | 104 |
| Barnes Group Inc. | 5 | 187 |
| Barrett Business Services, Inc. | 1 | 109 |
| Beacon Roofing Supply, Inc. (a) | 7 | 382 |
| BlueLinx Holdings Inc. (a) | 1 | 82 |
| Boise Cascade Company | 5 | 311 |
| Booz Allen Hamilton Holding Corporation - Class A | 7 | 750 |
| Brady Corporation - Class A | 4 | 194 |
| BrightView Holdings, Inc. (a) | 7 | 47 |
| Builders FirstSource, Inc. (a) | 16 | 1057 |
| BWXT Government Group, Inc. | 6 | 324 |
| C.H. Robinson Worldwide, Inc. | 7 | 656 |
| Caci International Inc. - Class A (a) | 2 | 472 |
| Carlisle Companies Incorporated | 3 | 672 |
| Carrier Global Corporation | 43 | 1792 |
| Casella Waste Systems, Inc. - Class A (a) | 3 | 230 |
| Caterpillar Inc. | 15 | 3661 |
| CBIZ, Inc. (a) | 5 | 226 |
| CECO Environmental Corp. (a) | 3 | 37 |
| Chart Industries, Inc. (a) | 2 | 282 |
| Cimpress Public Limited Company (a) | 2 | 49 |
| Cintas Corporation | 3 | 1203 |
| CIRCOR International, Inc. (a) | 2 | 38 |
| Civeo Corporation (a) | 1 | 21 |
| Clarivate PLC (a) | 15 | 122 |
| Clean Harbors, Inc. (a) | 5 | 590 |
| Columbus McKinnon Corporation | 2 | 78 |
| Comfort Systems USA, Inc. | 3 | 305 |
| Commercial Vehicle Group, Inc. (a) | 5 | 31 |
| Concrete Pumping Holdings, Inc. (a) | 1 | 7 |
| Construction Partners, Inc. - Class A (a) | 3 | 92 |
| Copa Holdings, S.A. - Class A (a) | 3 | 211 |
| Copart, Inc. (a) | 14 | 864 |
| Costamare Inc. | 8 | 74 |
| CoStar Group, Inc. (a) | 8 | 621 |
| Covenant Logistics Group, Inc. - Class A | 2 | 77 |
| CRA International, Inc. | 1 | 131 |
| Crane Holdings, Co. | 5 | 463 |
| CSW Industrials, Inc. | 2 | 177 |
| CSX Corporation | 58 | 1797 |
| Cummins Inc. | 6 | 1430 |
| Curtiss-Wright Corporation | 3 | 500 |
| Daseke Companies, Inc. (a) | 3 | 16 |
| Deere & Company | 8 | 3329 |
| Delta Air Lines, Inc. (a) | 37 | 1215 |
| Deluxe Corporation | 5 | 79 |
| Distribution Solutions Group, Inc. (a) |  | 17 |
| Donaldson Company, Inc. | 9 | 507 |
| Douglas Dynamics, Inc. | 3 | 102 |
| Dover Corporation | 6 | 880 |
| Ducommun Incorporated (a) | 1 | 65 |
| Dun & Bradstreet Holdings, Inc. | 9 | 112 |
| DXP Enterprises, Inc. (a) | 2 | 49 |
| Dycom Industries, Inc. (a) | 3 | 279 |
| Eagle Bulk Shipping Inc. |  | 17 |
| Eaton Corporation Public Limited Company | 10 | 1497 |
| EMCOR Group, Inc. | 4 | 639 |
| Emerson Electric Co. | 9 | 860 |
| Encore Wire Corporation | 2 | 294 |
| Energy Recovery, Inc. (a) | 4 | 87 |
| Enerpac Tool Group Corp. - Class A | 5 | 124 |
| EnerSys | 3 | 239 |
| Eneti Inc. | 1 | 10 |
| Ennis, Inc. | 3 | 72 |
| EnPro Industries, Inc. | 2 | 232 |
| Equifax Inc. | 5 | 984 |
| ESAB Corporation | 3 | 156 |
| ESCO Technologies Inc. | 2 | 170 |
| Evoqua Water Technologies Corp. (a) | 6 | 224 |
| Expeditors International of Washington, Inc. | 10 | 1082 |
| Exponent, Inc. | 3 | 311 |
| Fastenal Company | 25 | 1202 |
| Federal Signal Corporation | 4 | 172 |
| FedEx Corporation | 11 | 1888 |
| First Advantage Corporation (a) | 4 | 50 |
| Flowserve Corporation | 9 | 273 |
| Fluor Corporation (a) | 8 | 268 |
| Forrester Research, Inc. (a) | 2 | 60 |
| Fortive Corporation | 12 | 782 |
| Fortune Brands Innovations, Inc. | 11 | 652 |
| Forward Air Corporation | 2 | 251 |
| Franklin Covey Co. (a) | 1 | 51 |
| Franklin Electric Co., Inc. | 4 | 284 |
| FTI Consulting, Inc. (a) | 3 | 412 |
| FuelCell Energy, Inc. (a) | 13 | 35 |
| Gates Industrial Corporation PLC (a) | 5 | 60 |
| GATX Corporation | 3 | 301 |
| Genco Shipping & Trading Limited | 1 | 12 |
| Gencor Industries, Inc. (a) | 1 | 5 |
| Generac Holdings Inc. (a) | 2 | 177 |
| General Dynamics Corporation | 6 | 1410 |
| General Electric Company | 18 | 1496 |
| Gibraltar Industries, Inc. (a) | 4 | 171 |
| Global Industrial Company | 3 | 75 |
| GMS Inc. (a) | 4 | 214 |
| Graco Inc. | 10 | 643 |
| GrafTech International Ltd. | 12 | 58 |
| Graham Corporation (a) |  | 4 |
| Granite Construction Incorporated | 5 | 183 |
| Great Lakes Dredge & Dock Corporation (a) | 7 | 44 |
| Griffon Corporation | 5 | 170 |
| GXO Logistics Inc. (a) | 8 | 360 |
| H&E Equipment Services, Inc. | 3 | 159 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Harsco Corporation (a) | 8 | 49 |
| Hawaiian Holdings, Inc. (a) | 5 | 54 |
| Hayward Holdings, Inc. (a) | 3 | 30 |
| Healthcare Services Group, Inc. | 5 | 60 |
| Heartland Express, Inc. | 9 | 144 |
| HEICO Corporation | 2 | 245 |
| HEICO Corporation - Class A | 2 | 228 |
| Heidrick & Struggles International, Inc. | 2 | 61 |
| Helios Technologies, Inc. | 2 | 118 |
| Herc Holdings Inc. | 4 | 479 |
| Heritage-Crystal Clean, Inc. (a) | 1 | 33 |
| Hertz Global Holdings, Inc. (a) | 22 | 342 |
| Hexcel Corporation | 6 | 330 |
| Hillenbrand, Inc. | 5 | 233 |
| HNI Corporation | 4 | 111 |
| Honeywell International Inc. | 16 | 3517 |
| Howmet Aerospace Inc. | 17 | 660 |
| Hub Group, Inc. - Class A (a) | 3 | 245 |
| Hubbell Incorporated | 2 | 518 |
| Hudson Global, Inc. (a) |  | 1 |
| Hudson Technologies, Inc. (a) | 8 | 84 |
| Huntington Ingalls Industries, Inc. | 3 | 766 |
| Hurco Companies, Inc. |  | 8 |
| Huron Consulting Group Inc. (a) | 2 | 163 |
| Hyster-Yale Materials Handling, Inc. - Class A | 1 | 28 |
| IAA Spinco Inc. (a) | 8 | 331 |
| ICF International, Inc. | 2 | 204 |
| IDEX Corporation | 2 | 550 |
| IES Holdings, Inc. (a) | 2 | 74 |
| Illinois Tool Works Inc. | 9 | 1995 |
| Ingersoll Rand Inc. | 15 | 801 |
| Insperity, Inc. | 2 | 249 |
| Insteel Industries, Inc. | 2 | 57 |
| Interface, Inc. - Class A | 8 | 82 |
| ITT Inc. | 6 | 449 |
| J. B. Hunt Transport Services, Inc. | 6 | 1028 |
| Jacobs Solutions Inc. | 4 | 521 |
| JELD-WEN Holding, Inc. (a) | 9 | 82 |
| JetBlue Airways Corporation (a) | 28 | 179 |
| John Bean Technologies Corporation | 2 | 214 |
| Johnson Controls International Public Limited Company | 11 | 705 |
| Kadant Inc. | 1 | 187 |
| Kaman Corporation | 3 | 63 |
| KAR Auction Services, Inc. (a) | 12 | 155 |
| KBR, Inc. | 9 | 453 |
| Kelly Services, Inc. - Class A | 4 | 60 |
| Kennametal Inc. | 8 | 194 |
| Kforce Inc. | 3 | 147 |
| Kimball International, Inc. - Class B | 4 | 28 |
| Kirby Corporation (a) | 5 | 296 |
| Knight-Swift Transportation Holdings Inc. - Class A | 13 | 704 |
| Korn Ferry | 5 | 264 |
| Kratos Defense & Security Solutions, Inc. (a) | 8 | 78 |
| L. B. Foster Company (a) | 1 | 10 |
| L3Harris Technologies, Inc. | 4 | 841 |
| Landstar System, Inc. | 3 | 544 |
| Leidos Holdings, Inc. | 6 | 611 |
| Lennox International Inc. | 2 | 554 |
| Lincoln Electric Holdings, Inc. | 4 | 628 |
| Lindsay Corporation | 1 | 128 |
| Lockheed Martin Corporation | 9 | 4483 |
| LSI Industries Inc. | 1 | 14 |
| Luxfer Holdings PLC | 2 | 21 |
| Lyft, Inc. - Class A (a) | 6 | 71 |
| ManpowerGroup Inc. | 4 | 304 |
| Marten Transport, Ltd. | 11 | 212 |
| Masco Corporation | 8 | 357 |
| Masonite International Corporation (a) | 2 | 194 |
| MasTec, Inc. (a) | 6 | 552 |
| Masterbrand, Inc. (a) | 11 | 86 |
| Matrix Service Company (a) | 3 | 20 |
| Matson Intermodal - Paragon, Inc. | 5 | 306 |
| Matthews International Corporation - Class A | 3 | 104 |
| Maxar Technologies Inc. | 5 | 264 |
| Mayville Engineering Company, Inc. (a) | 1 | 12 |
| McGrath RentCorp | 2 | 209 |
| MDU Resources Group, Inc. | 16 | 476 |
| Mercury Systems, Inc. (a) | 3 | 136 |
| Miller Industries, Inc. | 1 | 34 |
| Millerknoll, Inc. | 8 | 170 |
| Mine Safety Appliances Company, LLC | 2 | 286 |
| Mistras Group, Inc. (a) | 3 | 13 |
| Monocle Acquisition Corporation (a) | 2 | 38 |
| Montrose Environmental Group, Inc. (a) | 2 | 68 |
| Moog Inc. - Class A | 3 | 239 |
| MRC Global Inc. (a) | 10 | 110 |
| MSC Industrial Direct Co., Inc. - Class A | 4 | 329 |
| Mueller Industries, Inc. | 5 | 318 |
| Mueller Water Products, Inc. - Class A | 10 | 111 |
| MYR Group Inc. (a) | 2 | 145 |
| N L Industries, Inc. | 1 | 6 |
| National Presto Industries, Inc. | 1 | 43 |
| NN, Inc. (a) | 3 | 4 |
| Nordson Corporation | 2 | 469 |
| Norfolk Southern Corporation | 7 | 1647 |
| Northrop Grumman Corporation | 3 | 1507 |
| Northwest Pipe Company (a) | 1 | 34 |
| Now, Inc. (a) | 13 | 168 |
| NV5 Global, Inc. (a) | 1 | 181 |
| Nvent Electric Public Limited Company | 11 | 411 |
| Old Dominion Freight Line, Inc. | 5 | 1305 |
| Omega Flex, Inc. |  | 9 |
| Orion Group Holdings, Inc. (a) | 2 | 4 |
| Oshkosh Corporation | 5 | 402 |
| Otis Worldwide Corporation | 13 | 1004 |
| Owens Corning | 11 | 932 |
| P.A.M. Transportation Services, Inc. (a) | 1 | 31 |
| PACCAR Inc | 13 | 1269 |
| Pangaea Logistics Solutions Ltd. | 3 | 17 |
| Park Aerospace Technologies Corp. | 2 | 29 |
| Parker-Hannifin Corporation | 6 | 1889 |
| Park-Ohio Holdings Corp. | 1 | 16 |
| Parsons Corporation (a) | 6 | 269 |
| Pentair Public Limited Company | 13 | 566 |
| PGT Innovations, Inc. (a) | 6 | 103 |
| Pineapple Energy Inc. (a) |  | 1 |
| Pitney Bowes Inc. | 16 | 59 |
| Plug Power Inc. (a) (b) | 16 | 201 |
| Powell Industries, Inc. | 1 | 37 |
| Preformed Line Products Company |  | 16 |
| Primoris Services Corporation | 6 | 124 |
| Proterra Operating Company, Inc. (a) | 2 | 9 |
| Proto Labs, Inc. (a) | 2 | 45 |
| Quad/Graphics, Inc. - Class A (a) | 4 | 18 |
| Quanex Building Products Corporation | 4 | 85 |
| Quanta Services, Inc. | 6 | 909 |
| Radiant Logistics, Inc. (a) | 3 | 17 |
| Raytheon Technologies Corporation | 35 | 3572 |
| RBC Bearings Incorporated (a) | 1 | 300 |
| Regal Beloit Corporation | 5 | 610 |
| Republic Services, Inc. | 7 | 870 |
| Resideo Technologies, Inc. (a) | 13 | 215 |
| Resources Connection, Inc. | 4 | 81 |
| REV Group, Inc. | 7 | 82 |
| Robert Half International Inc. | 9 | 693 |
| Rockwell Automation, Inc. | 3 | 859 |
| Rollins, Inc. | 14 | 496 |
| Rush Enterprises, Inc. - Class A | 3 | 176 |
| RXO Inc. (a) | 11 | 186 |
| Ryder System, Inc. | 6 | 510 |
| Saia, Inc. (a) | 2 | 383 |
| Schneider National, Inc. - Class B | 3 | 80 |
| Science Applications International Corporation | 5 | 508 |
| Sensata Technologies Holding PLC | 12 | 483 |
| Shoals Technologies Group, Inc. - Class A (a) | 2 | 57 |
| Shyft Group, Inc. | 3 | 70 |
| SIFCO Industries, Inc. (a) |  |  |
| Simpson Manufacturing Co., Inc. | 3 | 271 |
| SiteOne Landscape Supply, Inc. (a) | 2 | 292 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| SkyWest, Inc. (a) | 5 | 82 |
| Snap-on Incorporated | 3 | 625 |
| Southwest Airlines Co. | 20 | 664 |
| SP Plus Corporation (a) | 2 | 72 |
| Spirit Airlines | 9 | 178 |
| SPX Technologies, Inc. (a) | 4 | 279 |
| Standex International Corporation | 1 | 105 |
| Stanley Black & Decker, Inc. | 6 | 474 |
| Steelcase Inc. - Class A | 9 | 65 |
| Stericycle, Inc. (a) | 6 | 310 |
| Sterling Infrastructure, Inc. (a) | 3 | 89 |
| Sunrun Inc. (a) | 15 | 360 |
| Tecnoglass Inc. | 3 | 105 |
| Tennant Company | 2 | 102 |
| Terex Corporation | 5 | 224 |
| Tetra Tech, Inc. | 3 | 500 |
| Textainer Group Holdings Limited | 5 | 159 |
| Textron Inc. | 10 | 677 |
| The AZEK Company Inc. - Class A (a) | 9 | 176 |
| The Boeing Company (a) | 13 | 2415 |
| The Brink's Company | 3 | 150 |
| The Gorman- Rupp Company | 2 | 62 |
| The Greenbrier Companies, Inc. | 3 | 97 |
| The Manitowoc Company, Inc. (a) | 4 | 33 |
| The Middleby Corporation (a) | 4 | 517 |
| The Timken Company | 6 | 429 |
| The Toro Company | 8 | 949 |
| Thermon Group Holdings, Inc. (a) | 3 | 54 |
| Titan International, Inc. (a) | 6 | 93 |
| Titan Machinery Inc. (a) | 1 | 51 |
| TPI Composites, Inc. (a) | 2 | 19 |
| Trane Technologies Public Limited Company | 9 | 1550 |
| Transcat, Inc. (a) |  | 33 |
| TransDigm Group Incorporated | 2 | 987 |
| TransUnion | 8 | 433 |
| Trex Company, Inc. (a) | 8 | 322 |
| Trinet Group, Inc. (a) | 6 | 380 |
| Trinity Industries, Inc. | 9 | 252 |
| Triton Container International Limited | 7 | 495 |
| Triumph Group, Inc. (a) | 5 | 49 |
| TrueBlue, Inc. (a) | 6 | 114 |
| Tutor Perini Corporation (a) | 8 | 58 |
| Twin Disc, Incorporated (a) | 1 | 12 |
| Uber Technologies, Inc. (a) | 18 | 438 |
| UFP Industries, Inc. | 5 | 386 |
| U-Haul Holding Company | 1 | 67 |
| U-Haul Holding Company - Series N | 10 | 553 |
| Ultralife Corporation (a) |  | 1 |
| Unifirst Corporation | 1 | 190 |
| Union Pacific Corporation | 21 | 4304 |
| United Airlines Holdings, Inc. (a) | 10 | 394 |
| United Parcel Service, Inc. - Class B | 26 | 4598 |
| United Rentals, Inc. (a) | 5 | 1869 |
| Univar Solutions Inc. (a) | 14 | 438 |
| Universal Logistics Holdings, Inc. | 2 | 76 |
| V2X, Inc. (a) | 1 | 52 |
| Valmont Industries, Inc. | 2 | 552 |
| Verisk Analytics, Inc. | 7 | 1191 |
| Veritiv Corporation | 2 | 204 |
| Viad Corp (a) | 2 | 52 |
| Vicor Corporation (a) | 1 | 75 |
| VSE Corporation | 1 | 56 |
| W. W. Grainger, Inc. | 2 | 1342 |
| Wabash National Corporation | 7 | 167 |
| Waste Management, Inc. | 17 | 2672 |
| Watsco, Inc. | 2 | 559 |
| Watts Water Technologies, Inc. - Class A | 2 | 315 |
| Werner Enterprises, Inc. | 7 | 288 |
| WESCO International, Inc. (a) | 4 | 496 |
| Westinghouse Air Brake Technologies Corporation | 7 | 724 |
| Willdan Group, Inc. (a) | 1 | 17 |
| Willis Lease Finance Corporation (a) |  | 14 |
| WillScot Mobile Mini Holdings Corp. - Class A (a) | 18 | 828 |
| Woodward, Inc. | 4 | 425 |
| XPO, Inc. (a) | 11 | 361 |
| Xylem Inc. | 6 | 674 |
| Yellow Corp. (a) | 4 | 9 |
| Zurn Elkay Water Solutions Corporation | 8 | 177 |
| | | 155523 |
| **Consumer Discretionary 10.9%** | **Consumer Discretionary 10.9%** | **Consumer Discretionary 10.9%** |
| 1-800-Flowers.Com, Inc. - Class A (a) | 4 | 34 |
| 2U, Inc. (a) | 10 | 65 |
| Abercrombie & Fitch Co. - Class A (a) | 6 | 146 |
| Academy Sports & Outdoors, Inc. | 7 | 378 |
| Acushnet Holdings Corp. | 5 | 207 |
| Adient Public Limited Company (a) | 6 | 194 |
| ADT, Inc. | 36 | 329 |
| Adtalem Global Education Inc. (a) | 4 | 151 |
| Advance Auto Parts, Inc. | 4 | 551 |
| Amazon.com, Inc. (a) | 218 | 18304 |
| American Axle & Manufacturing Holdings, Inc. (a) | 12 | 98 |
| American Eagle Outfitters, Inc. | 17 | 244 |
| American Outdoor Brands, Inc. (a) | 2 | 16 |
| American Public Education, Inc. (a) | 2 | 23 |
| America's Car Mart, Inc. (a) | 1 | 70 |
| Aptiv PLC (a) | 6 | 604 |
| Aramark | 15 | 638 |
| ARKO Corp. - Class A | 3 | 26 |
| Asbury Automotive Group, Inc. (a) | 2 | 318 |
| Autoliv, Inc. | 8 | 578 |
| AutoNation, Inc. (a) | 7 | 754 |
| AutoZone, Inc. (a) | 1 | 1240 |
| Barnes & Noble Education, Inc. (a) | 6 | 11 |
| Bassett Furniture Industries, Incorporated |  | 9 |
| Bath & Body Works, Inc. | 8 | 344 |
| Beazer Homes USA, Inc. (a) | 7 | 86 |
| Best Buy Co., Inc. | 13 | 1041 |
| Big 5 Sporting Goods Corporation (b) | 2 | 21 |
| Big Lots, Inc. | 4 | 61 |
| BJ's Restaurants, Inc. (a) | 2 | 50 |
| Bloomin' Brands, Inc. | 5 | 100 |
| Booking Holdings Inc. (a) | 1 | 1949 |
| Boot Barn Holdings, Inc. (a) | 3 | 210 |
| BorgWarner Inc. | 20 | 788 |
| Boyd Gaming Corporation | 4 | 231 |
| Bright Horizons Family Solutions, Inc. (a) | 3 | 165 |
| Brinker International, Inc. (a) | 3 | 86 |
| Brunswick Corporation | 7 | 508 |
| Build-A-Bear Workshop, Inc. (a) | 2 | 49 |
| Burlington Stores, Inc. (a) | 2 | 387 |
| Caesars Entertainment, Inc. (a) | 7 | 292 |
| Caleres, Inc. | 5 | 107 |
| Camping World Holdings, Inc. - Class A | 4 | 82 |
| Capri Holdings Limited (a) | 11 | 616 |
| CarMax, Inc. (a) | 7 | 441 |
| Carnival Corporation (a) (b) | 35 | 284 |
| Carriage Services, Inc. | 2 | 57 |
| Carrols Holdco Inc. (a) | 5 | 7 |
| Carter's, Inc. | 4 | 296 |
| Cavco Industries, Inc. (a) | 1 | 150 |
| Century Communities, Inc. | 3 | 170 |
| Chegg, Inc. (a) | 4 | 112 |
| Chewy, Inc. - Class A (a) | 3 | 94 |
| Chico's FAS, Inc. (a) | 23 | 112 |
| Chipotle Mexican Grill, Inc. (a) | 1 | 1018 |
| Choice Hotels International, Inc. | 3 | 321 |
| Churchill Downs Incorporated | 2 | 522 |
| Chuy's Holdings, Inc. (a) | 2 | 52 |
| Citi Trends, Inc. (a) | 2 | 49 |
| Columbia Sportswear Company | 5 | 472 |
| Conn's, Inc. (a) | 4 | 30 |
| Cooper-Standard Holdings Inc. (a) | 3 | 27 |
| Cracker Barrel Old Country Store, Inc. | 2 | 176 |
| Culp, Inc. | 2 | 7 |
| D.R. Horton, Inc. | 22 | 1941 |
| Dana Incorporated | 17 | 261 |
| Darden Restaurants, Inc. | 5 | 693 |
| Dave & Buster's Entertainment, Inc. (a) | 4 | 147 |
| Deckers Outdoor Corporation (a) | 2 | 812 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Denny's Corporation (a) | 4 | 37 |
| Designer Brands Inc. - Class A | 8 | 82 |
| Destination XL Group, Inc. (a) | 4 | 30 |
| Dick's Sporting Goods, Inc. | 6 | 758 |
| Dillard's, Inc. - Class A (b) | 2 | 598 |
| Dine Brands Global, Inc. | 1 | 81 |
| Dollar General Corporation | 5 | 1347 |
| Dollar Tree, Inc. (a) | 12 | 1736 |
| Domino's Pizza, Inc. | 1 | 293 |
| Doordash, Inc. - Class A (a) | 5 | 247 |
| Dorman Products, Inc. (a) | 2 | 185 |
| Draftkings Inc. - Class A (a) (b) | 19 | 211 |
| Duluth Holdings Inc. - Class B (a) | 3 | 17 |
| eBay Inc. | 34 | 1414 |
| El Pollo Loco Holdings, Inc. | 2 | 17 |
| Escalade, Incorporated | 1 | 9 |
| Ethan Allen Interiors Inc. | 3 | 90 |
| ETSY, Inc. (a) | 4 | 517 |
| Expedia Group, Inc. (a) | 3 | 258 |
| Fiesta Restaurant Group, Inc. (a) | 3 | 21 |
| Five Below, Inc. (a) | 4 | 668 |
| Flexsteel Industries, Inc. | 1 | 11 |
| Floor & Decor Holdings, Inc. - Class A (a) | 6 | 407 |
| Foot Locker, Inc. | 11 | 416 |
| Ford Motor Company | 128 | 1488 |
| Fossil Group, Inc. (a) | 5 | 22 |
| Fox Factory Holding Corp. (a) | 3 | 283 |
| Franchise Group, Inc. (b) | 2 | 54 |
| Frontdoor, Inc. (a) | 6 | 117 |
| Garmin Ltd. | 8 | 714 |
| General Motors Company | 51 | 1726 |
| Genesco Inc. (a) | 2 | 104 |
| Gentex Corporation | 18 | 491 |
| Gentherm Incorporated (a) | 3 | 164 |
| Genuine Parts Company | 6 | 1072 |
| G-III Apparel Group, Ltd. (a) | 8 | 103 |
| Gopro Inc. - Class A (a) | 8 | 39 |
| Graham Holdings Co., Ltd. - Class B |  | 246 |
| Grand Canyon Education, Inc. (a) | 3 | 312 |
| Green Brick Partners, Inc. (a) | 3 | 64 |
| Group 1 Automotive, Inc. | 2 | 336 |
| Guess ?, Inc. | 8 | 161 |
| H & R Block, Inc. | 11 | 419 |
| Hamilton Beach Brands Holding Company - Class A | 1 | 12 |
| Hanesbrands Inc. | 31 | 194 |
| Harley-Davidson, Inc. | 13 | 551 |
| Hasbro, Inc. | 7 | 408 |
| Haverty Furniture Companies, Inc. | 2 | 47 |
| Helen of Troy Limited (a) | 2 | 206 |
| Hibbett Inc. | 2 | 127 |
| Hilton Grand Vacations Inc. (a) | 2 | 81 |
| Hilton Worldwide Holdings Inc. | 8 | 1001 |
| Hooker Furnishings Corporation | 1 | 25 |
| Horizon Global Corporation (a) | 2 | 1 |
| Hovnanian Enterprises, Inc. - Class A (a) | 1 | 22 |
| Hyatt Hotels Corporation - Class A (a) | 4 | 344 |
| Installed Building Products, Inc. | 2 | 182 |
| iRobot Corporation (a) | 2 | 104 |
| Jack in the Box Inc. | 1 | 93 |
| Johnson Outdoors Inc. - Class A | 1 | 64 |
| KB Home | 7 | 228 |
| Kohl's Corporation | 14 | 349 |
| Kontoor Brands, Inc. | 3 | 137 |
| Lakeland Industries, Inc. (a) |  | 2 |
| Lands' End, Inc. (a) | 2 | 11 |
| Las Vegas Sands Corp. (a) | 8 | 374 |
| Laureate Education, Inc. - Class A | 15 | 148 |
| La-Z-Boy Incorporated | 3 | 60 |
| LCI Industries | 2 | 216 |
| Lear Corporation | 5 | 593 |
| Leggett & Platt, Incorporated | 12 | 387 |
| Lennar Corporation - Class A | 11 | 1022 |
| Lennar Corporation - Class B | 1 | 79 |
| Leslie's, Inc. (a) | 3 | 33 |
| Levi Strauss & Co. - Class A | 9 | 144 |
| LGI Homes, Inc. (a) | 2 | 201 |
| Lifetime Brands, Inc. | 1 | 8 |
| Light & Wonder, Inc. (a) | 6 | 355 |
| Liquidity Services, Inc. (a) | 4 | 57 |
| Lithia Motors, Inc. - Class A | 2 | 462 |
| LKQ Corporation | 11 | 605 |
| LL Flooring, Inc. (a) | 1 | 6 |
| Lowe`s Companies, Inc. | 13 | 2634 |
| Lululemon Athletica Canada Inc. (a) | 2 | 772 |
| M.D.C. Holdings, Inc. | 5 | 158 |
| M/I Homes, Inc. (a) | 2 | 101 |
| Macy's, Inc. | 29 | 603 |
| Malibu Boats, Inc. - Class A (a) | 2 | 87 |
| Marine Products Corporation | 2 | 20 |
| MarineMax, Inc. (a) | 3 | 88 |
| Marriott International, Inc. - Class A | 7 | 1097 |
| Marriott Vacations Worldwide Corporation | 3 | 417 |
| MasterCraft Boat Holdings, Inc. (a) | 1 | 21 |
| Mattel, Inc. (a) | 28 | 491 |
| McDonald's Corporation | 16 | 4315 |
| Meritage Homes Corporation (a) | 4 | 367 |
| MGM Resorts International | 11 | 380 |
| Modine Manufacturing Company (a) | 4 | 88 |
| Mohawk Industries, Inc. (a) | 3 | 272 |
| Monarch Casino & Resort, Inc. (a) | 1 | 54 |
| Monro, Inc. | 3 | 127 |
| Motorcar Parts of America, Inc. (a) | 2 | 23 |
| Movado Group, Inc. | 1 | 35 |
| Murphy USA Inc. | 3 | 825 |
| Nathan's Famous, Inc. | 1 | 40 |
| National Vision Holdings, Inc. (a) | 5 | 187 |
| Nautilus, Inc. (a) | 3 | 5 |
| Newell Brands Inc. | 33 | 425 |
| NIKE, Inc. - Class B | 31 | 3594 |
| Nishka, Inc. - Class A (a) | 3 | 34 |
| Nordstrom, Inc. (b) | 7 | 111 |
| Norwegian Cruise Line Holdings Ltd. (a) | 14 | 171 |
| NVR, Inc. (a) |  | 1024 |
| Obh Inc. - Class A (a) |  | 8 |
| Obh Inc. - Class B (a) |  | 16 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 5 | 235 |
| OneSpaWorld Holdings Limited (a) | 7 | 64 |
| O'Reilly Automotive, Inc. (a) | 1 | 1216 |
| Oxford Industries, Inc. | 1 | 134 |
| Papa John's International, Inc. | 2 | 174 |
| Patrick Industries, Inc. | 3 | 157 |
| PENN Entertainment, Inc. (a) | 6 | 192 |
| Penske Automotive Group, Inc. | 8 | 872 |
| Perdoceo Education Corporation (a) | 9 | 127 |
| PetMed Express, Inc. | 2 | 41 |
| Planet Fitness, Inc. - Class A (a) | 5 | 396 |
| Playa Hotels & Resorts N.V. (a) | 4 | 27 |
| Polaris Inc. | 5 | 549 |
| Pool Corporation | 2 | 479 |
| Potbelly Corporation (a) | 2 | 12 |
| PulteGroup, Inc. | 25 | 1135 |
| PVH Corp. | 5 | 338 |
| Quantumscape Battery, Inc. - Class A (a) (b) | 3 | 17 |
| Quotient Technology Inc. (a) | 7 | 25 |
| Qurate Retail, Inc. - Series A (a) | 37 | 60 |
| Ralph Lauren Corporation - Class A | 4 | 401 |
| Red Robin Gourmet Burgers, Inc. (a) | 1 | 8 |
| Red Rock Resorts, Inc. - Class A | 3 | 132 |
| Rent-A-Center, Inc. | 6 | 126 |
| Revolve Group Inc. - Class A (a) (b) | 1 | 26 |
| RH (a) | 1 | 324 |
| Rocky Brands, Inc. | 1 | 14 |
| Ross Stores, Inc. | 16 | 1813 |
| Royal Caribbean Cruises Ltd. | 8 | 401 |
| Ruth's Hospitality Group, Inc. | 5 | 74 |
| Sally Beauty Holdings, Inc. (a) | 6 | 72 |
| Seaworld Entertainment, Inc. (a) | 5 | 269 |
| Service Corporation International | 13 | 914 |
| Shake Shack, Inc. - Class A (a) | 3 | 104 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Shoe Carnival, Inc. | 3 | 83 |
| Signet Jewelers Limited | 7 | 447 |
| Six Flags Operations Inc. (a) | 5 | 126 |
| Skechers U.S.A., Inc. - Class A (a) | 9 | 397 |
| Skyline Champion Corporation (a) | 4 | 210 |
| Sleep Number Corporation (a) | 1 | 37 |
| Smith & Wesson Brands, Inc. | 6 | 55 |
| Sonic Automotive, Inc. - Class A | 3 | 152 |
| Sonos, Inc. (a) | 6 | 95 |
| Sportsman's Warehouse Holdings, Inc. (a) | 3 | 30 |
| Standard Motor Products, Inc. | 2 | 83 |
| Starbucks Corporation | 25 | 2526 |
| Steven Madden, Ltd. | 6 | 203 |
| Stitch Fix, Inc. - Class A (a) | 1 | 3 |
| Stoneridge, Inc. (a) | 3 | 67 |
| Strategic Education, Inc. | 1 | 108 |
| Strattec Security Corporation (a) |  | 5 |
| Stride, Inc. (a) | 5 | 143 |
| Superior Group of Companies, Inc. | 1 | 10 |
| Superior Industries International, Inc. (a) | 2 | 8 |
| Tapestry, Inc. | 24 | 896 |
| Target Corporation | 16 | 2428 |
| Taylor Morrison Home II Corporation - Class A (a) | 11 | 349 |
| Tempur Sealy International, Inc. | 9 | 319 |
| Tesla Inc. (a) | 53 | 6511 |
| Texas Roadhouse, Inc. - Class A | 5 | 435 |
| The Aaron's Company, Inc. | 3 | 34 |
| The Buckle, Inc. | 6 | 256 |
| The Cato Corporation - Class A | 2 | 21 |
| The Cheesecake Factory Incorporated | 6 | 188 |
| The Children's Place, Inc. (a) | 2 | 80 |
| The Container Store Group, Inc. (a) | 3 | 13 |
| The Gap, Inc. | 32 | 367 |
| The Goodyear Tire & Rubber Company (a) | 25 | 252 |
| The Home Depot, Inc. | 29 | 9232 |
| The Lovesac Company (a) | 1 | 29 |
| The ODP Corporation (a) | 6 | 254 |
| The One Group Hospitality, Inc. (a) | 2 | 9 |
| The TJX Companies, Inc. | 38 | 3016 |
| The Wendy's Company | 16 | 360 |
| Thor Industries, Inc. | 5 | 389 |
| Tile Shop Holdings, Inc. (a) | 7 | 30 |
| Tilly's, Inc. - Class A (a) | 1 | 10 |
| Toll Brothers, Inc. | 8 | 395 |
| TopBuild Corp. (a) | 3 | 466 |
| Topgolf Callaway Brands Corp. (a) | 14 | 272 |
| Tractor Supply Company | 5 | 1036 |
| Travel + Leisure Co. | 7 | 238 |
| TRI Pointe Homes Holdings, Inc. (a) | 8 | 142 |
| Tupperware Brands Corporation (a) | 4 | 16 |
| Ulta Beauty, Inc. (a) | 3 | 1232 |
| Under Armour, Inc. - Class A (a) | 11 | 113 |
| Under Armour, Inc. - Class C (a) | 14 | 124 |
| Unifi, Inc. (a) | 2 | 18 |
| Universal Electronics Inc. (a) | 1 | 17 |
| Universal Technical Institute, Inc. (a) | 2 | 11 |
| Urban Outfitters, Inc. (a) | 7 | 172 |
| V.F. Corporation | 17 | 460 |
| Vail Resorts, Inc. | 3 | 605 |
| Vera Bradley, Inc. (a) | 3 | 14 |
| Victoria's Secret & Co. (a) | 5 | 176 |
| Vista Outdoor Inc. (a) | 5 | 114 |
| Visteon Corporation (a) | 2 | 267 |
| Vivint Smart Home, Inc. - Class A (a) | 8 | 96 |
| VOXX International Corporation - Class A (a) | 2 | 16 |
| Weyco Group, Inc. | 1 | 20 |
| Whirlpool Corporation | 6 | 797 |
| Williams-Sonoma, Inc. | 6 | 639 |
| Wingstop Inc. | 1 | 133 |
| Winmark Corporation |  | 58 |
| Winnebago Industries, Inc. | 2 | 115 |
| Wolverine World Wide, Inc. | 3 | 31 |
| WW International, Inc. (a) | 3 | 11 |
| Wyndham Hotels & Resorts, Inc. | 7 | 497 |
| Wynn Resorts, Limited (a) | 3 | 257 |
| YETI Holdings, Inc. (a) | 4 | 150 |
| Yum! Brands, Inc. | 8 | 1022 |
| Zumiez Inc. (a) | 2 | 48 |
| | | 136278 |
| **Energy 6.8%** | **Energy 6.8%** | **Energy 6.8%** |
| Adams Resources & Energy, Inc. |  | 10 |
| Alto Ingredients, Inc. (a) | 10 | 28 |
| Antero Midstream Corporation | 36 | 390 |
| Antero Resources Corporation (a) | 25 | 763 |
| Apa Corp. | 14 | 646 |
| Arch Resources, Inc. - Class A | 3 | 400 |
| Archrock, Inc. | 13 | 120 |
| Ardmore Shipping Services (Ireland) Limited (a) | 4 | 62 |
| Baker Hughes Company - Class A | 35 | 1040 |
| Berry Corporation (Bry) | 5 | 43 |
| Bristow Holdings U.S. Inc. (a) | 1 | 14 |
| Cactus, Inc. - Class A | 4 | 193 |
| California Resources Corporation | 5 | 200 |
| Callon Petroleum Company (a) | 6 | 219 |
| Centrus Energy Corp. - Class A (a) | 1 | 36 |
| ChampionX Corporation | 15 | 439 |
| Cheniere Energy, Inc. | 9 | 1289 |
| Chesapeake Energy Corporation | 8 | 785 |
| Chevron Corporation | 53 | 9442 |
| Chord Energy Corporation | 3 | 415 |
| Civitas Resources, Inc. | 2 | 96 |
| Clean Energy Fuels Corp. (a) | 22 | 117 |
| CNX Resources Corporation (a) | 19 | 315 |
| Comstock Resources, Inc. | 27 | 370 |
| ConocoPhillips | 51 | 6001 |
| CONSOL Energy Inc. | 5 | 304 |
| Core Laboratories N.V. | 4 | 81 |
| Coterra Energy Inc. | 58 | 1430 |
| CVR Energy, Inc. | 9 | 272 |
| Delek US Holdings, Inc. | 8 | 229 |
| Denbury Inc. (a) | 5 | 466 |
| Devon Energy Corporation | 30 | 1820 |
| DHT Holdings, Inc. | 22 | 199 |
| Diamondback Energy, Inc. | 12 | 1617 |
| DMC Global Inc. (a) | 2 | 43 |
| Dorian LPG Ltd. | 3 | 55 |
| Dril-Quip, Inc. (a) | 4 | 111 |
| DT Midstream, Inc. | 7 | 373 |
| Enlink Midstream, LLC | 42 | 520 |
| EOG Resources, Inc. | 22 | 2817 |
| EQT Corporation | 20 | 683 |
| Equitrans Midstream Corporation | 38 | 256 |
| Evolution Petroleum Corporation | 3 | 20 |
| Expro Group Holdings N.V. (a) | 4 | 66 |
| Exxon Mobil Corporation | 132 | 14510 |
| Forum Energy Technologies, Inc. (a) | 1 | 16 |
| Geospace Technologies Corporation (a) | 1 | 3 |
| Green Plains Inc. (a) | 4 | 121 |
| Gulf Island Fabrication, Inc. (a) | 1 | 5 |
| Gulfport Energy Operating Corporation (a) | 1 | 66 |
| Hallador Energy Company (a) | 3 | 31 |
| Halliburton Company | 36 | 1401 |
| Helix Energy Solutions Group, Inc. (a) | 22 | 160 |
| Helmerich & Payne, Inc. | 8 | 406 |
| Hess Corporation | 10 | 1397 |
| HF Sinclair Corporation | 12 | 629 |
| International Seaways, Inc. | 2 | 73 |
| Kinder Morgan, Inc. | 54 | 979 |
| Kosmos Energy Ltd. (a) | 42 | 264 |
| Laredo Petroleum, Inc. (a) | 1 | 67 |
| Liberty Energy Inc. - Class A | 9 | 146 |
| Magnolia Oil & Gas Corporation - Class A | 15 | 362 |
| Mammoth Energy Services, Inc. (a) | 2 | 20 |
| Marathon Oil Corporation | 37 | 989 |
| Marathon Petroleum Corporation | 25 | 2873 |
| Matador Resources Company | 11 | 655 |
| Murphy Oil Corporation | 12 | 517 |
| Nabors Industries Ltd (a) | 1 | 133 |
| NACCO Industries, Inc. - Class A |  | 19 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| National Energy Services Reunited Corporation (a) | 4 | 29 |
| Natural Gas Services Group, Inc. (a) | 2 | 19 |
| New Fortress Energy Inc. - Class A (b) | 3 | 146 |
| Newpark Resources, Inc. (a) | 10 | 43 |
| NexTier Oilfield Solutions Inc. (a) | 28 | 254 |
| Noble Corporation PLC (a) | 4 | 160 |
| Nordic American Tankers Limited | 31 | 93 |
| Nov Inc. | 29 | 614 |
| Occidental Petroleum Corporation | 55 | 3458 |
| Oceaneering International, Inc. (a) | 12 | 203 |
| Oil States International, Inc. (a) | 6 | 44 |
| ONEOK, Inc. | 22 | 1414 |
| Overseas Shipholding Group, Inc. - Class A (a) | 5 | 14 |
| Ovintiv Canada ULC | 19 | 966 |
| Par Pacific Holdings, Inc. (a) | 7 | 164 |
| Patterson-UTI Energy, Inc. | 17 | 285 |
| PBF Energy Inc. - Class A | 12 | 489 |
| PDC Energy, Inc. | 10 | 627 |
| Peabody Energy Corporation (a) | 12 | 317 |
| Permian Resources Corporation - Class A | 20 | 187 |
| Phillips 66 | 13 | 1391 |
| Phx Minerals Inc. - Class A | 2 | 6 |
| Pioneer Natural Resources Company | 10 | 2249 |
| Propetro Holding Corp. (a) | 11 | 114 |
| Range Resources Corporation | 16 | 408 |
| Ranger Oil Corporation - Class A |  | 11 |
| REX American Resources Corporation (a) | 1 | 16 |
| RPC, Inc. | 13 | 112 |
| Schlumberger Limited | 32 | 1687 |
| Scorpio Tankers Inc. | 6 | 337 |
| SEACOR Marine Holdings Inc. (a) | 2 | 17 |
| Select Energy Services, Inc. - Class A | 12 | 109 |
| SFL Corporation Ltd. | 16 | 144 |
| Sitio Royalties Corp. - Class A (a) | 3 | 75 |
| SM Energy Company | 13 | 464 |
| Solaris Oilfield Infrastructure, Inc. - Class A | 2 | 19 |
| Southwestern Energy Company (a) | 63 | 368 |
| Talos Energy Inc. (a) | 7 | 139 |
| Targa Resources Corp. | 18 | 1319 |
| TechnipFMC PLC | 27 | 333 |
| Teekay Shipping (Canada) Ltd. (a) | 7 | 33 |
| Teekay Tankers Ltd. - Class A (a) |  | 14 |
| TETRA Technologies, Inc. (a) | 8 | 27 |
| Texas Pacific Land Corporation |  | 823 |
| The Williams Companies, Inc. | 27 | 891 |
| Tidewater Inc. (a) | 3 | 110 |
| Transocean Ltd. (a) (c) | 35 | 161 |
| U.S. Silica Holdings, Inc. (a) | 12 | 153 |
| Valaris Limited (a) | 2 | 120 |
| Valero Energy Corporation | 18 | 2320 |
| W&T Offshore, Inc. (a) | 16 | 87 |
| Weatherford International Public Limited Company (a) | 5 | 270 |
| World Fuel Services Corporation | 5 | 142 |
| | | 84632 |
| **Communication Services 6.5%** | **Communication Services 6.5%** | **Communication Services 6.5%** |
| Activision Blizzard, Inc. | 19 | 1426 |
| Alphabet Inc. - Class A (a) | 147 | 12995 |
| Alphabet Inc. - Class C (a) | 136 | 12105 |
| Altice USA, Inc. - Class A (a) | 13 | 62 |
| AMC Networks, Inc. - Class A (a) | 4 | 68 |
| Angi Inc. - Class A (a) | 7 | 17 |
| Anterix Inc. (a) | 1 | 48 |
| AT&T Inc. | 232 | 4267 |
| ATN International, Inc. | 3 | 117 |
| Bandwidth Inc. - Class A (a) | 1 | 17 |
| Boston Omaha Corporation - Class A (a) | 1 | 37 |
| Bumble Inc. - Class A (a) | 2 | 39 |
| Cable One, Inc. |  | 277 |
| CarGurus, Inc. - Class A (a) | 3 | 43 |
| Cars.com Inc. (a) | 9 | 125 |
| Charter Communications, Inc. - Class A (a) | 4 | 1488 |
| Cinemark Holdings, Inc. (a) | 3 | 24 |
| Cogent Communications Holdings, Inc. | 3 | 192 |
| Comcast Corporation - Class A | 188 | 6580 |
| Comscore, Inc. (a) | 7 | 8 |
| Consolidated Communications Holdings, Inc. (a) | 13 | 47 |
| DallasNews Corporation - Series A | 1 | 3 |
| DHI Group, Inc. (a) |  | 1 |
| Dish Network Corporation - Class A (a) | 14 | 198 |
| EchoStar Corporation - Class A (a) | 4 | 69 |
| Electronic Arts Inc. | 5 | 620 |
| Entravision Communications Corporation - Class A | 6 | 27 |
| Fox Corporation - Class A | 15 | 443 |
| Fox Corporation - Class B | 11 | 317 |
| Frontier Communications Parent, Inc. (a) | 11 | 283 |
| Gannett Co., Inc. (a) | 17 | 34 |
| Gray Television, Inc. | 11 | 128 |
| IDT Corporation - Class B (a) | 3 | 78 |
| iHeartMedia, Inc. - Class A (a) | 8 | 51 |
| IMAX Corporation (a) | 6 | 92 |
| Integral Ad Science Holding Corp. (a) | 4 | 34 |
| Iridium Communications Inc. | 11 | 549 |
| John Wiley & Sons, Inc. - Class A | 4 | 142 |
| John Wiley & Sons, Inc. - Class B |  | 4 |
| Liberty Broadband Corporation - Series A (a) | 1 | 92 |
| Liberty Broadband Corporation - Series C (a) | 5 | 374 |
| Liberty Latin America Ltd. - Class A (a) | 2 | 16 |
| Liberty Latin America Ltd. - Class C (a) | 13 | 96 |
| Liberty Media Corporation - Series A (a) (b) |  | 12 |
| Liberty Media Corporation - Series A (a) | 1 | 48 |
| Liberty Media Corporation - Series A (a) | 4 | 147 |
| Liberty Media Corporation - Series C (a) | 3 | 92 |
| Liberty Media Corporation - Series C (a) | 10 | 383 |
| Liberty Media Corporation - Series C (a) | 7 | 428 |
| Lions Gate Entertainment Corp. - Class A (a) | 5 | 26 |
| Lions Gate Entertainment Corp. - Class B (a) | 16 | 85 |
| Live Nation Entertainment, Inc. (a) | 7 | 473 |
| Lumen Technologies Inc. | 98 | 510 |
| Madison Square Garden Entertainment Corp. - Class A (a) | 2 | 99 |
| Madison Square Garden Entertainment Corp. - Class A |  | 70 |
| Magnite, Inc. (a) | 7 | 76 |
| Marchex, Inc. - Class B (a) |  |  |
| Match Group, Inc. (a) | 7 | 300 |
| Meta Platforms, Inc. - Class A (a) | 68 | 8242 |
| Netflix, Inc. (a) | 8 | 2366 |
| News Corporation - Class A | 22 | 406 |
| News Corporation - Class B | 11 | 200 |
| Nexstar Media Group, Inc. - Class A | 4 | 755 |
| Omnicom Group Inc. | 12 | 973 |
| Paramount Global - Class A | 1 | 19 |
| Paramount Global - Class B | 25 | 420 |
| Pinterest, Inc. - Class A (a) | 6 | 146 |
| Playtika Holding Corp. (a) | 11 | 93 |
| PubMatic, Inc. - Class A (a) | 3 | 38 |
| QuinStreet, Inc. (a) | 2 | 34 |
| Reading International, Inc. - Class A (a) | 2 | 5 |
| Roblox Corporation - Class A (a) | 3 | 87 |
| Roku Inc. - Class A (a) | 1 | 43 |
| Scholastic Corporation | 3 | 138 |
| Shenandoah Telecommunications Company | 3 | 44 |
| Shutterstock, Inc. | 2 | 128 |
| Sinclair Broadcast Group, Inc. - Class A | 4 | 62 |
| Sirius XM Holdings Inc. | 36 | 208 |
| Snap Inc. - Class A (a) | 8 | 75 |
| Spok Holdings, Inc. | 2 | 17 |
| Spotify Technology S.A. (a) | 5 | 362 |
| Take-Two Interactive Software, Inc. (a) | 6 | 575 |
| TechTarget, Inc. (a) | 1 | 61 |
| TEGNA Inc. | 23 | 485 |
| Telephone and Data Systems, Inc. | 9 | 98 |
| The E.W. Scripps Company - Class A (a) | 8 | 103 |
| The Interpublic Group of Companies, Inc. | 30 | 985 |
| The Marcus Corporation | 3 | 49 |
| The New York Times Company - Class A | 12 | 380 |
| The Trade Desk, Inc. - Class A (a) | 5 | 241 |
| The Walt Disney Company (a) | 39 | 3411 |
| Thryv Holdings, Inc. (a) | 3 | 49 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| T-Mobile USA, Inc. (a) | 16 | 2292 |
| Townsquare Media, Inc. - Class A (a) | 2 | 12 |
| Travelzoo (a) | 1 | 5 |
| TripAdvisor, Inc. (a) | 7 | 122 |
| Truecar, Inc. (a) | 12 | 31 |
| United States Cellular Corporation (a) | 2 | 49 |
| Verizon Communications Inc. | 243 | 9564 |
| Warner Bros. Discovery, Inc. - Series A (a) | 78 | 738 |
| Warner Music Group Corp. - Class A | 5 | 164 |
| WideOpenWest, Inc. (a) | 3 | 26 |
| World Wrestling Entertainment, Inc. - Class A | 3 | 183 |
| Yelp Inc. (a) | 5 | 132 |
| Zedge, Inc. - Class B (a) | 1 | 1 |
| Ziff Davis, Inc. (a) | 4 | 341 |
| ZoomInfo Technologies Inc. - Class A (a) | 2 | 75 |
| | | 81415 |
| **Consumer Staples 6.5%** | **Consumer Staples 6.5%** | **Consumer Staples 6.5%** |
| Albertsons Companies, Inc. - Class A | 12 | 242 |
| Alico, Inc. | 1 | 20 |
| Altria Group, Inc. | 39 | 1787 |
| Archer-Daniels-Midland Company | 13 | 1193 |
| B&G Foods, Inc. | 7 | 82 |
| Bellring Intermediate Holdings, Inc. (a) | 7 | 189 |
| BJ's Wholesale Club Holdings, Inc. (a) | 10 | 681 |
| Brown-Forman Corporation - Class A | 3 | 207 |
| Brown-Forman Corporation - Class B | 11 | 700 |
| Bunge Limited | 8 | 799 |
| Calavo Growers, Inc. | 2 | 49 |
| Cal-Maine Foods, Inc. | 5 | 246 |
| Campbell Soup Company | 15 | 834 |
| Casey's General Stores, Inc. | 3 | 767 |
| Celsius Holdings, Inc. (a) | 1 | 150 |
| Central Garden & Pet Company (a) | 1 | 43 |
| Central Garden & Pet Company - Class A (a) | 4 | 145 |
| Church & Dwight Co., Inc. | 8 | 674 |
| Coca-Cola Consolidated, Inc. | 1 | 388 |
| Colgate-Palmolive Company | 23 | 1819 |
| Conagra Brands, Inc. | 18 | 684 |
| Constellation Brands, Inc. - Class A | 3 | 792 |
| Costco Wholesale Corporation | 12 | 5405 |
| Coty Inc. - Class A (a) | 55 | 467 |
| Darling Ingredients Inc. (a) | 9 | 538 |
| Del Monte Fresh Produce Company | 5 | 143 |
| e.l.f. Beauty, Inc. (a) | 4 | 216 |
| Edgewell Personal Care Colombia S A S | 4 | 144 |
| Energizer Holdings, Inc. | 8 | 268 |
| Farmer Bros. Co. (a) | 2 | 7 |
| Flowers Foods, Inc. | 15 | 445 |
| Freshpet, Inc. (a) | 1 | 41 |
| General Mills, Inc. | 17 | 1419 |
| Grocery Outlet Holding Corp. (a) | 6 | 182 |
| Herbalife Nutrition Ltd. (a) | 8 | 123 |
| Hormel Foods Corporation | 16 | 716 |
| Hostess Brands, Inc. - Class A (a) | 14 | 310 |
| Ingles Markets, Incorporated - Class A | 2 | 177 |
| Ingredion Incorporated | 5 | 526 |
| Inter Parfums, Inc. | 3 | 256 |
| J & J Snack Foods Corp. | 1 | 200 |
| John B. Sanfilippo & Son, Inc. | 1 | 71 |
| Kellogg Company | 17 | 1240 |
| Keurig Dr Pepper Inc. | 18 | 658 |
| Kimberly-Clark Corporation | 11 | 1494 |
| Kraft Foods Group, Inc. | 18 | 743 |
| Lamb Weston Holdings, Inc. | 7 | 607 |
| Lancaster Colony Corporation | 2 | 367 |
| Lifecore Biomedical, Inc. (a) | 3 | 18 |
| Limoneira Company | 1 | 13 |
| McCormick & Company, Incorporated | 8 | 653 |
| McCormick & Company, Incorporated | 1 | 50 |
| Medifast, Inc. | 1 | 58 |
| MGPI Processing, Inc. | 2 | 200 |
| Mission Produce, Inc. (a) | 3 | 39 |
| Molson Coors Beverage Company - Class B | 7 | 368 |
| Mondelez International, Inc. - Class A | 27 | 1801 |
| Monster Beverage 1990 Corporation (a) | 8 | 797 |
| National Beverage Corp. (a) | 4 | 204 |
| Natural Grocers By Vitamin Cottage, Inc. | 2 | 19 |
| Natural Health Trends Corp. |  | 1 |
| Nature's Sunshine Products, Inc. (a) | 1 | 6 |
| Nu Skin Enterprises, Inc. - Class A | 5 | 199 |
| Oil-Dri Corporation of America |  | 13 |
| PepsiCo, Inc. | 48 | 8681 |
| Performance Food Group Company (a) | 9 | 530 |
| Philip Morris International Inc. | 33 | 3332 |
| Pilgrim's Pride Corporation (a) | 14 | 321 |
| Post Holdings, Inc. (a) | 6 | 525 |
| PriceSmart, Inc. | 2 | 139 |
| Reynolds Consumer Products Inc. | 10 | 285 |
| Seaboard Corporation |  | 60 |
| Seneca Foods Corporation - Class A (a) | 1 | 42 |
| Sovos Brands, Inc. (a) | 4 | 53 |
| Spartannash Company | 6 | 167 |
| Spectrum Brands Holdings, Inc. | 3 | 177 |
| Sprouts Farmers Market, Inc. (a) | 9 | 300 |
| Sysco Corporation | 13 | 985 |
| The Andersons, Inc. | 3 | 114 |
| The Boston Beer Company, Inc. - Class A (a) | 1 | 183 |
| The Chefs' Warehouse, Inc. (a) | 3 | 84 |
| The Clorox Company | 4 | 609 |
| The Coca-Cola Company | 100 | 6347 |
| The Duckhorn Portfolio Inc. (a) | 3 | 53 |
| The Estee Lauder Companies Inc. - Class A | 6 | 1376 |
| The Hain Celestial Group, Inc. (a) | 6 | 100 |
| The Hershey Company | 5 | 1180 |
| The Honest Company, Inc. (a) | 13 | 38 |
| The J. M. Smucker Company | 4 | 689 |
| The Kroger Co. | 54 | 2408 |
| The Procter & Gamble Company | 63 | 9568 |
| The Simply Good Foods Company (a) | 7 | 260 |
| Tootsie Roll Industries, Inc. | 3 | 144 |
| Treehouse Foods, Inc. (a) | 5 | 240 |
| Turning Point Brands, Inc. | 2 | 41 |
| Tyson Foods, Inc. - Class A | 12 | 772 |
| United Natural Foods, Inc. (a) | 6 | 224 |
| Universal Corporation | 3 | 142 |
| US Foods Holding Corp. (a) | 16 | 531 |
| USANA Health Sciences, Inc. (a) | 2 | 98 |
| Vector Group Ltd. | 11 | 130 |
| Village Super Market, Inc. - Class A | 1 | 23 |
| Vital Farms, Inc. (a) | 3 | 38 |
| Walgreens Boots Alliance, Inc. | 25 | 946 |
| Walmart Inc. | 34 | 4884 |
| WD-40 Company | 1 | 107 |
| Weis Markets, Inc. | 2 | 166 |
|  |  | 80785 |
| **Materials 4.5%** | **Materials 4.5%** | **Materials 4.5%** |
| AdvanSix Inc. | 4 | 164 |
| Air Products and Chemicals, Inc. | 5 | 1436 |
| Albemarle Corporation | 4 | 809 |
| Alcoa Corporation | 16 | 711 |
| Alpha Metallurgical Resources, Inc. | 1 | 77 |
| Amcor Pty Ltd | 86 | 1028 |
| American Vanguard Corporation | 4 | 77 |
| Ampco-Pittsburgh Corporation (a) | 1 | 2 |
| AptarGroup, Inc. | 5 | 496 |
| Arconic Corporation (a) | 10 | 220 |
| Ashland Global Holdings Inc. | 4 | 397 |
| ATI Inc. (a) | 8 | 233 |
| Avery Dennison Corporation | 4 | 765 |
| Avient Corporation | 7 | 230 |
| Axalta Coating Systems Ltd. (a) | 24 | 605 |
| Balchem Corporation | 2 | 244 |
| Ball Corporation | 16 | 841 |
| Berry Global Group, Inc. | 13 | 788 |
| Cabot Corporation | 5 | 333 |
| Carpenter Technology Corporation | 5 | 188 |
| Celanese Corporation - Class A | 8 | 823 |
| Century Aluminum Company (a) | 8 | 69 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CF Industries Holdings, Inc. | 11 | 963 |
| Chase Corporation | 1 | 80 |
| Clearwater Paper Corporation (a) | 2 | 75 |
| Cleveland-Cliffs Inc. (a) | 55 | 882 |
| Coeur Mining, Inc. (a) | 17 | 58 |
| Commercial Metals Company | 12 | 561 |
| Compass Minerals International, Inc. | 3 | 136 |
| Core Molding Technologies, Inc. (a) | 1 | 10 |
| Corteva, Inc. | 17 | 994 |
| Crown Holdings, Inc. | 7 | 596 |
| Dow Inc. | 43 | 2153 |
| DuPont de Nemours, Inc. | 15 | 1015 |
| Eagle Materials Inc. | 3 | 442 |
| Eastman Chemical Company | 7 | 538 |
| Ecolab Inc. | 4 | 576 |
| Ecovyst Inc. (a) | 4 | 36 |
| Element Solutions Inc. | 19 | 354 |
| Ferroglobe PLC (a) | 13 | 51 |
| Flotek Industries, Inc. (a) | 1 | 2 |
| FMC Corporation | 6 | 704 |
| Fortitude Gold Corporation | 1 | 7 |
| Freeport-McMoRan Inc. | 53 | 2010 |
| FutureFuel Corp. | 4 | 29 |
| Glatfelter Corporation | 4 | 13 |
| Gold Resource Corporation | 4 | 7 |
| Graphic Packaging Holding Company | 29 | 641 |
| Greif, Inc. - Class A | 3 | 209 |
| Greif, Inc. - Class B | 1 | 82 |
| H.B. Fuller Company | 4 | 298 |
| Hawkins, Inc. | 2 | 75 |
| Haynes International, Inc. | 2 | 70 |
| Hecla Mining Company | 43 | 240 |
| Huntsman Corporation | 18 | 502 |
| Ingevity Corporation (a) | 4 | 275 |
| Innospec Inc. | 2 | 222 |
| International Flavors & Fragrances Inc. | 10 | 1008 |
| International Paper Company | 15 | 521 |
| Intrepid Potash, Inc. (a) | 2 | 60 |
| Kaiser Aluminum Corporation | 1 | 84 |
| Koppers Holdings Inc. | 2 | 65 |
| Kronos Worldwide, Inc. | 9 | 85 |
| Legacy Vulcan Corp. | 5 | 850 |
| Linde Public Limited Company | 11 | 3537 |
| Livent Corporation (a) | 7 | 132 |
| Louisiana-Pacific Corporation | 8 | 503 |
| LSB Industries, Inc. (a) | 4 | 47 |
| LyondellBasell Industries N.V. - Class A | 23 | 1921 |
| Martin Marietta Materials, Inc. | 2 | 771 |
| Materion Corporation | 2 | 178 |
| MATIV Holdings, Inc. | 5 | 106 |
| Mercer International Inc. | 11 | 128 |
| Minerals Technologies Inc. | 3 | 195 |
| MOS Holdings Inc. | 23 | 1016 |
| MP Materials Corp. - Class A (a) | 6 | 143 |
| Myers Industries, Inc. | 3 | 77 |
| NewMarket Corporation | 1 | 323 |
| Newmont Corporation | 22 | 1051 |
| Nucor Corporation | 19 | 2538 |
| O-I Glass, Inc. (a) | 14 | 233 |
| Olin Corporation | 17 | 881 |
| Olympic Steel, Inc. | 1 | 35 |
| Orion Engineered Carbons Finance & Co. S.C.A. | 3 | 57 |
| Packaging Corporation of America | 6 | 787 |
| PPG Industries, Inc. | 8 | 1015 |
| Quaker Chemical Corporation | 1 | 169 |
| Ramaco Resources, Inc. | 5 | 44 |
| Rayonier Advanced Materials Inc. (a) | 11 | 110 |
| Reliance Steel & Aluminum Co. | 4 | 907 |
| Resolute Forest Products Inc. (a) | 8 | 183 |
| Royal Gold, Inc. | 2 | 271 |
| RPM International Inc. | 7 | 683 |
| Ryerson Holding Corporation | 3 | 79 |
| Schnitzer Steel Industries, Inc. - Class A | 3 | 82 |
| Sealed Air Corporation | 7 | 355 |
| Sensient Technologies Corporation | 3 | 241 |
| Silgan Holdings Inc. | 13 | 654 |
| Sonoco Products Company | 10 | 581 |
| Southern Copper Corporation | 4 | 254 |
| Steel Dynamics, Inc. | 16 | 1577 |
| Stepan Company | 2 | 241 |
| Summit Materials, Inc. - Class A (a) | 10 | 279 |
| SunCoke Energy, Inc. | 8 | 68 |
| Sylvamo Corporation | 2 | 85 |
| The Chemours Company | 15 | 461 |
| The Scotts Miracle-Gro Company | 4 | 192 |
| The Sherwin-Williams Company | 7 | 1670 |
| TimkenSteel Corporation (a) | 5 | 82 |
| Tredegar Corporation | 3 | 29 |
| TriMas Corporation | 5 | 127 |
| Trinseo Public Limited Company | 5 | 104 |
| Tronox Holdings PLC | 10 | 138 |
| United States Lime & Minerals, Inc. |  | 70 |
| United States Steel Corporation | 29 | 736 |
| Universal Stainless & Alloy Products, Inc. (a) | 1 | 5 |
| Valvoline, Inc. | 6 | 210 |
| Warrior Met Coal, Inc. | 7 | 253 |
| Westlake Corporation | 6 | 627 |
| WestRock Company | 11 | 391 |
| Worthington Industries, Inc. | 4 | 194 |
| | | 55941 |
| **Utilities 3.0%** | **Utilities 3.0%** | **Utilities 3.0%** |
| ALLETE, Inc. | 3 | 220 |
| Alliant Energy Corporation | 8 | 468 |
| Ameren Corporation | 9 | 792 |
| American Electric Power Company, Inc. | 11 | 1023 |
| American States Water Company | 2 | 168 |
| American Water Works Company, Inc. | 5 | 778 |
| Artesian Resources Corporation - Class A | 1 | 55 |
| Atlantica Sustainable Infrastructure PLC | 6 | 158 |
| Atmos Energy Corporation | 4 | 500 |
| AVANGRID, Inc. | 4 | 174 |
| Avista Corporation | 3 | 145 |
| Black Hills Corporation | 4 | 306 |
| Brookfield Renewable Corporation - Class A | 6 | 162 |
| California Water Service Group | 3 | 186 |
| CenterPoint Energy, Inc. | 19 | 574 |
| Chesapeake Utilities Corporation | 1 | 104 |
| Clearway Energy, Inc. - Class A | 4 | 108 |
| Clearway Energy, Inc. - Class C | 6 | 199 |
| CMS Energy Corporation | 9 | 590 |
| Consolidated Edison, Inc. | 9 | 833 |
| Consolidated Water Co. Ltd. | 2 | 27 |
| Constellation Energy Group, Inc. | 9 | 766 |
| Dominion Energy, Inc. | 20 | 1213 |
| DTE Energy Company | 6 | 740 |
| Duke Energy Corporation | 18 | 1810 |
| Edison International | 12 | 780 |
| Entergy Corporation | 6 | 627 |
| Essential Utilities, Inc. | 7 | 314 |
| Evergy, Inc. | 8 | 493 |
| Eversource Energy | 11 | 932 |
| Exelon Corporation | 23 | 974 |
| FirstEnergy Corp. | 18 | 750 |
| Genie Energy Ltd. - Class B | 2 | 21 |
| Hawaiian Electric Industries, Inc. | 6 | 251 |
| IDACORP, Inc. | 3 | 370 |
| MGE Energy, Inc. | 3 | 184 |
| Middlesex Water Company | 2 | 121 |
| National Fuel Gas Company | 5 | 314 |
| New Jersey Resources Corporation | 8 | 414 |
| NextEra Energy, Inc. | 47 | 3899 |
| NiSource Inc. | 15 | 403 |
| Northwest Natural Holding Company | 2 | 100 |
| NorthWestern Corporation | 4 | 210 |
| NRG Energy, Inc. | 27 | 846 |
| OGE Energy Corp. | 13 | 495 |
| One Gas, Inc. | 4 | 277 |
| Ormat Technologies, Inc. (b) | 4 | 378 |
| Otter Tail Corporation | 2 | 131 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| PG&E Corporation (a) | 62 | 1014 |
| Pinnacle West Capital Corporation | 6 | 480 |
| PNM Resources, Inc. | 6 | 301 |
| Portland General Electric Company | 5 | 263 |
| PPL Corporation | 24 | 706 |
| Public Service Enterprise Group Incorporated | 16 | 1000 |
| Sempra Energy | 8 | 1222 |
| SJW Group | 2 | 146 |
| South Jersey Industries, Inc. | 8 | 279 |
| Southwest Gas Holdings, Inc. | 4 | 232 |
| Spire Inc. | 3 | 216 |
| Sunnova Energy International Inc. (a) (b) | 6 | 107 |
| The AES Corporation | 20 | 585 |
| The Southern Company | 25 | 1753 |
| The York Water Company | 1 | 66 |
| UGI Corporation | 9 | 347 |
| Unitil Corporation | 1 | 72 |
| Via Renewables, Inc. - Class A (b) | 1 | 7 |
| Vistra Corp. | 31 | 716 |
| WEC Energy Group Inc. | 9 | 854 |
| Xcel Energy Inc. | 15 | 1018 |
| | | 36767 |
| **Real Estate 0.3%** | **Real Estate 0.3%** | **Real Estate 0.3%** |
| CBRE Group, Inc. - Class A (a) | 13 | 1024 |
| Cushman & Wakefield PLC (a) | 17 | 208 |
| Douglas Elliman Inc. | 5 | 22 |
| Dwight A. Walker Real Estate, Inc. - Class A | 3 | 56 |
| eXp World Holdings, Inc. (b) | 2 | 24 |
| Florida Rock Properties, Inc. (a) | 1 | 29 |
| Forestar Group Inc. (a) |  | 6 |
| Jones Lang LaSalle Incorporated (a) | 4 | 560 |
| Kennedy-Wilson Holdings, Inc. | 13 | 208 |
| Marcus & Millichap Company | 2 | 83 |
| Newmark Group, Inc. - Class A | 16 | 127 |
| Rafael Holdings, Inc. - Class B (a) | 1 | 3 |
| Realogy Holdings Corp. (a) | 13 | 84 |
| Redfin Corporation (a) (b) | 3 | 13 |
| Stratus Properties Inc. |  | 9 |
| Tejon Ranch Co. (a) | 3 | 58 |
| The Howard Hughes Corporation (a) | 3 | 246 |
| The Rmr Group Inc. - Class A | 2 | 53 |
| The St. Joe Company | 6 | 223 |
| Zillow Group, Inc. - Class A (a) | 2 | 71 |
| Zillow Group, Inc. - Class C (a) | 8 | 262 |
|  |  | 3369 |
| Total Common Stocks (cost $862,877) | Total Common Stocks (cost $862,877) | 1240966 |
| **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** |
| **Industrials 0.0%** | **Industrials 0.0%** | **Industrials 0.0%** |
| WESCO International, Inc. - Series A, 10.63%, (25, 6/22/2025) (f) | 2 | 53 |
| Total Preferred Stocks (cost $54) | Total Preferred Stocks (cost $54) | 53 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| ABIOMED, Inc. (a) (e) | 1 | 1 |
| Achillion Pharmaceuticals, Inc. (a) (e) | 8 | 12 |
| Flexion Therapeutics, Inc. (a) (e) | 4 | 3 |
| Progenics Pharmaceuticals, Inc. (a) (b) (e) |  | 1 |
| ZAGG Inc (a) (e) | 4 |  |
| Total Rights (cost $0) | Total Rights (cost $0) | 17 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Triumph Group, Inc. (a) (g) | 1 | 2 |
| Total Warrants (cost $0) | Total Warrants (cost $0) | 2 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| The Fresh Market, Inc. (a) (e) (h) | 1 |  |
| Total Other Equity Interests (cost $0) | Total Other Equity Interests (cost $0) |  |
| **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (d) (i) | 3078 | 3078 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (d) (i) | 648 | 648 |
| Total Short Term Investments (cost $3,726) | Total Short Term Investments (cost $3,726) | 3726 |
| **Total Investments 100.0% (cost $866,657)** | **Total Investments 100.0% (cost $866,657)** | **1244764** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (424) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1244340** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Investment in affiliate.

(e) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(f) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(g) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(h) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(i) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DFA U.S. Core Equity Fund — Long Term Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Long Term Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Long Term Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Long Term Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Long Term Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Long Term Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Long Term Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Long Term Investments in Affiliates** | **JNL/DFA U.S. Core Equity Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Apollo Medical Holdings, Inc. | 146 |  |  |  |  | (87) | 59 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DFA U.S. Core Equity Fund — Restricted Securities** | **JNL/DFA U.S. Core Equity Fund — Restricted Securities** | **JNL/DFA U.S. Core Equity Fund — Restricted Securities** | **JNL/DFA U.S. Core Equity Fund — Restricted Securities** | **JNL/DFA U.S. Core Equity Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Bridgewater Bancshares, Inc. | 08/23/22 | 19 | 19 |  |
| TE Connectivity Ltd. | 11/28/16 | 653 | 963 | 0.1 |
| Transocean Ltd. | 07/07/15 | 415 | 161 |  |
|  |  | 1087 | 1143 | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1240898 | 54 | 14 | 1240966 |
| &nbsp;&nbsp;Preferred Stocks | 53 |  |  | 53 |
| &nbsp;&nbsp;Rights |  |  | 17 | 17 |
| &nbsp;&nbsp;Warrants |  | 2 |  | 2 |
| &nbsp;&nbsp;Other Equity Interests |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 3726 |  |  | 3726 |
|  | 1244677 | 56 | 31 | 1244764 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** |
| **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** |
| **Industrials 19.7%** | **Industrials 19.7%** | **Industrials 19.7%** |
| AAON, Inc. | 9 | 675 |
| AAR Corp. (a) | 6 | 271 |
| ABM Industries Incorporated | 14 | 641 |
| ACCO Brands Corporation | 24 | 134 |
| Acme United Corporation | 1 | 15 |
| Acuity Brands, Inc. | 7 | 1176 |
| ACV Auctions Inc. - Class A (a) | 16 | 133 |
| Aerojet Rocketdyne Holdings, Inc. (a) | 19 | 1076 |
| AeroVironment, Inc. (a) | 7 | 582 |
| Air Lease Corporation - Class A | 25 | 956 |
| Air Transport Services Group, Inc. (a) | 20 | 510 |
| Alamo Group Inc. | 3 | 454 |
| Alaska Air Group, Inc. (a) | 26 | 1122 |
| Albany International Corp. - Class A | 8 | 752 |
| Alight, Inc. - Class A (a) | 9 | 73 |
| Allegiant Travel Company (a) | 3 | 215 |
| Allied Motion Technologies Inc. | 5 | 158 |
| Allison Systems, Inc. | 22 | 897 |
| Alta Equipment Group Inc. - Class A | 8 | 111 |
| Altra Industrial Motion Corp. | 12 | 730 |
| Ameresco, Inc. - Class A (a) | 6 | 357 |
| American Superconductor Corporation (a) | 7 | 25 |
| American Woodmark Corporation (a) | 4 | 218 |
| APi Group Corp (a) | 32 | 608 |
| Apogee Enterprises, Inc. | 6 | 257 |
| Applied Industrial Technologies, Inc. | 7 | 940 |
| ARC Document Solutions, Inc. | 8 | 23 |
| Arcbest Corporation | 4 | 290 |
| Arcosa, Inc. | 8 | 454 |
| Argan, Inc. | 4 | 143 |
| Armstrong World Industries, Inc. | 8 | 565 |
| ASGN Incorporated (a) | 12 | 948 |
| Astec Industries, Inc. | 6 | 250 |
| Astronics Corporation (a) | 8 | 84 |
| Astronics Corporation - Class B (a) |  | 1 |
| Atkore Inc. (a) | 8 | 881 |
| Atlas Air Worldwide Holdings, Inc. (a) | 5 | 466 |
| AZZ Inc. | 5 | 194 |
| Babcock & Wilcox Enterprises, Inc. (a) | 12 | 70 |
| Barnes Group Inc. | 8 | 311 |
| Barrett Business Services, Inc. | 2 | 187 |
| Beacon Roofing Supply, Inc. (a) | 12 | 627 |
| BGSF, Inc. | 2 | 24 |
| Blue Bird Global Corporation (a) | 1 | 11 |
| BlueLinx Holdings Inc. (a) | 3 | 192 |
| Boise Cascade Company | 7 | 459 |
| Brady Corporation - Class A | 8 | 363 |
| BrightView Holdings, Inc. (a) | 21 | 143 |
| Broadwind Inc. (a) | 2 | 3 |
| BWXT Government Group, Inc. | 14 | 797 |
| Byrna Technologies Inc. (a) | 1 | 10 |
| Caci International Inc. - Class A (a) | 2 | 563 |
| Casella Waste Systems, Inc. - Class A (a) | 9 | 709 |
| CBIZ, Inc. (a) | 8 | 383 |
| CECO Environmental Corp. (a) | 10 | 118 |
| Chart Industries, Inc. (a) | 6 | 696 |
| Cimpress Public Limited Company (a) | 5 | 144 |
| CIRCOR International, Inc. (a) | 6 | 138 |
| Civeo Corporation (a) | 4 | 123 |
| Clean Harbors, Inc. (a) | 8 | 921 |
| Columbus McKinnon Corporation | 7 | 214 |
| Comfort Systems USA, Inc. | 7 | 811 |
| Commercial Vehicle Group, Inc. (a) | 8 | 53 |
| Concrete Pumping Holdings, Inc. (a) | 14 | 80 |
| Construction Partners, Inc. - Class A (a) | 6 | 149 |
| Copa Holdings, S.A. - Class A (a) (b) | 4 | 337 |
| Core & Main, Inc. - Class A (a) | 4 | 86 |
| Costamare Inc. | 19 | 172 |
| Covenant Logistics Group, Inc. - Class A | 3 | 106 |
| CRA International, Inc. | 2 | 225 |
| Crane Holdings, Co. | 9 | 901 |
| CSW Industrials, Inc. | 2 | 269 |
| Curtiss-Wright Corporation | 3 | 549 |
| Daseke Companies, Inc. (a) | 15 | 87 |
| Deluxe Corporation | 8 | 143 |
| Distribution Solutions Group, Inc. (a) | 4 | 156 |
| DLH Holdings Corp. (a) | 1 | 8 |
| Donaldson Company, Inc. | 2 | 129 |
| Douglas Dynamics, Inc. | 6 | 213 |
| Driven Brands Holdings Inc. (a) | 2 | 63 |
| Ducommun Incorporated (a) | 4 | 179 |
| Dun & Bradstreet Holdings, Inc. | 42 | 510 |
| DXP Enterprises, Inc. (a) | 5 | 144 |
| Dycom Industries, Inc. (a) | 5 | 476 |
| Eagle Bulk Shipping Inc. | 3 | 160 |
| Eastern Company The | 1 | 24 |
| EMCOR Group, Inc. | 7 | 1039 |
| Encore Wire Corporation | 3 | 445 |
| Energy Recovery, Inc. (a) | 9 | 188 |
| Enerpac Tool Group Corp. - Class A | 8 | 196 |
| EnerSys | 7 | 520 |
| Eneti Inc. | 2 | 19 |
| Ennis, Inc. | 7 | 153 |
| EnPro Industries, Inc. | 3 | 372 |
| ESAB Corporation | 6 | 294 |
| ESCO Technologies Inc. | 4 | 368 |
| EVI Industries, Inc. (a) | 2 | 45 |
| Evoqua Water Technologies Corp. (a) | 19 | 737 |
| Exponent, Inc. | 9 | 881 |
| Federal Signal Corporation | 10 | 459 |
| First Advantage Corporation (a) | 8 | 104 |
| Flowserve Corporation | 22 | 674 |
| Fluor Corporation (a) | 21 | 721 |
| Forrester Research, Inc. (a) | 5 | 173 |
| Forward Air Corporation | 5 | 494 |
| Franklin Covey Co. (a) | 3 | 159 |
| Franklin Electric Co., Inc. | 8 | 655 |
| FTI Consulting, Inc. (a) | 6 | 975 |
| FuelCell Energy, Inc. (a) (b) | 63 | 175 |
| Gates Industrial Corporation PLC (a) | 38 | 439 |
| GATX Corporation | 6 | 652 |
| Genco Shipping & Trading Limited | 12 | 184 |
| Gibraltar Industries, Inc. (a) | 5 | 233 |
| Global Industrial Company | 7 | 173 |
| GMS Inc. (a) | 7 | 350 |
| GrafTech International Ltd. | 39 | 184 |
| Graham Corporation (a) | 2 | 22 |
| Granite Construction Incorporated | 8 | 273 |
| Great Lakes Dredge & Dock Corporation (a) | 16 | 94 |
| Griffon Corporation | 10 | 342 |
| GXO Logistics Inc. (a) | 11 | 476 |
| H&E Equipment Services, Inc. | 6 | 251 |
| Harsco Corporation (a) | 13 | 83 |
| Hawaiian Holdings, Inc. (a) | 14 | 146 |
| Hayward Holdings, Inc. (a) | 12 | 111 |
| Healthcare Services Group, Inc. | 15 | 184 |
| Heartland Express, Inc. | 12 | 188 |
| Heidrick & Struggles International, Inc. | 6 | 158 |
| Helios Technologies, Inc. | 5 | 278 |
| Herc Holdings Inc. | 5 | 676 |
| Heritage-Crystal Clean, Inc. (a) | 6 | 211 |
| Hertz Global Holdings, Inc. (a) | 12 | 184 |
| Hexcel Corporation | 13 | 755 |
| Hillenbrand, Inc. | 11 | 470 |
| HireQuest, Inc. (b) | 1 | 9 |
| HNI Corporation | 6 | 182 |
| Hub Group, Inc. - Class A (a) | 6 | 467 |
| Hudson Global, Inc. (a) |  | 10 |
| Hudson Technologies, Inc. (a) | 12 | 125 |
| Hurco Companies, Inc. | 1 | 30 |
| Huron Consulting Group Inc. (a) | 3 | 250 |
| Hyster-Yale Materials Handling, Inc. - Class A | 4 | 92 |
| IAA Spinco Inc. (a) | 19 | 751 |
| ICF International, Inc. | 3 | 295 |
| IES Holdings, Inc. (a) | 5 | 194 |
| Innovative Solutions and Support, Inc. (a) | 4 | 33 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Insperity, Inc. | 6 | 738 |
| Insteel Industries, Inc. | 6 | 152 |
| Interface, Inc. - Class A | 16 | 158 |
| ITT Inc. | 2 | 202 |
| JELD-WEN Holding, Inc. (a) | 14 | 137 |
| JetBlue Airways Corporation (a) | 52 | 334 |
| John Bean Technologies Corporation | 5 | 495 |
| Kadant Inc. | 2 | 357 |
| Kaman Corporation | 7 | 155 |
| KAR Auction Services, Inc. (a) | 16 | 210 |
| KBR, Inc. | 17 | 895 |
| Kelly Services, Inc. - Class A | 10 | 162 |
| Kennametal Inc. | 13 | 317 |
| Kforce Inc. | 3 | 164 |
| Kimball International, Inc. - Class B | 10 | 67 |
| Kirby Corporation (a) | 10 | 665 |
| Korn Ferry | 9 | 457 |
| Kratos Defense & Security Solutions, Inc. (a) | 21 | 217 |
| L. B. Foster Company (a) | 2 | 16 |
| Landstar System, Inc. | 5 | 788 |
| Limbach Holdings, Inc. (a) | 1 | 9 |
| Lindsay Corporation | 2 | 275 |
| LSI Industries Inc. | 7 | 85 |
| Luxfer Holdings PLC | 7 | 92 |
| Manitex International, Inc. (a) | 1 | 4 |
| ManpowerGroup Inc. | 8 | 686 |
| Marten Transport, Ltd. | 13 | 264 |
| Masonite International Corporation (a) | 4 | 298 |
| MasTec, Inc. (a) | 12 | 988 |
| Mastech Digital, Inc. (a) | 3 | 29 |
| Matrix Service Company (a) | 6 | 39 |
| Matson Intermodal - Paragon, Inc. | 8 | 485 |
| Matthews International Corporation - Class A | 8 | 254 |
| Maxar Technologies Inc. | 11 | 587 |
| Mayville Engineering Company, Inc. (a) | 5 | 64 |
| McGrath RentCorp | 4 | 351 |
| MDU Resources Group, Inc. | 34 | 1035 |
| Mega Matrix Corp. (a) | 3 | 5 |
| Mercury Systems, Inc. (a) | 10 | 428 |
| Mesa Air Group, Inc. (a) | 9 | 14 |
| Miller Industries, Inc. | 3 | 79 |
| Millerknoll, Inc. | 5 | 95 |
| Mine Safety Appliances Company, LLC | 6 | 872 |
| Mistras Group, Inc. (a) | 6 | 28 |
| Monocle Acquisition Corporation (a) | 7 | 114 |
| Montrose Environmental Group, Inc. (a) | 1 | 61 |
| Moog Inc. - Class A | 5 | 397 |
| MRC Global Inc. (a) | 24 | 281 |
| MSC Industrial Direct Co., Inc. - Class A | 7 | 582 |
| Mueller Industries, Inc. | 10 | 578 |
| Mueller Water Products, Inc. - Class A | 23 | 252 |
| MYR Group Inc. (a) | 3 | 256 |
| National Presto Industries, Inc. | 2 | 142 |
| NN, Inc. (a) | 11 | 17 |
| Northwest Pipe Company (a) | 3 | 101 |
| Now, Inc. (a) | 16 | 198 |
| NV5 Global, Inc. (a) | 2 | 279 |
| Nvent Electric Public Limited Company | 17 | 658 |
| Omega Flex, Inc. | 2 | 173 |
| Orion Energy Systems, Inc. (a) | 5 | 10 |
| Orion Group Holdings, Inc. (a) | 6 | 14 |
| Oshkosh Corporation | 11 | 957 |
| P.A.M. Transportation Services, Inc. (a) | 5 | 128 |
| Pangaea Logistics Solutions Ltd. | 8 | 39 |
| Park Aerospace Technologies Corp. | 5 | 72 |
| Park-Ohio Holdings Corp. | 3 | 39 |
| Parsons Corporation (a) | 13 | 606 |
| Patriot Transportation, Inc. (a) |  | 2 |
| Performant Financial Corporation (a) | 13 | 48 |
| PGT Innovations, Inc. (a) | 8 | 151 |
| Pitney Bowes Inc. | 36 | 136 |
| Powell Industries, Inc. | 3 | 107 |
| Preformed Line Products Company | 1 | 107 |
| Primoris Services Corporation | 11 | 238 |
| Proterra Operating Company, Inc. (a) (b) | 7 | 27 |
| Proto Labs, Inc. (a) | 4 | 106 |
| Quad/Graphics, Inc. - Class A (a) | 8 | 34 |
| Quanex Building Products Corporation | 9 | 219 |
| Quest Resource Holding Corporation (a) | 2 | 9 |
| Radiant Logistics, Inc. (a) | 12 | 63 |
| RBC Bearings Incorporated (a) |  | 88 |
| RCM Technologies, Inc. (a) | 2 | 27 |
| Red Violet, Inc. (a) (b) | 1 | 18 |
| Resideo Technologies, Inc. (a) | 22 | 361 |
| Resources Connection, Inc. | 9 | 170 |
| REV Group, Inc. | 16 | 205 |
| Rush Enterprises, Inc. - Class A | 8 | 431 |
| Rush Enterprises, Inc. - Class B | 2 | 128 |
| RXO Inc. (a) | 8 | 139 |
| Ryder System, Inc. | 8 | 668 |
| Saia, Inc. (a) | 4 | 890 |
| Schneider National, Inc. - Class B | 16 | 380 |
| Science Applications International Corporation | 9 | 959 |
| Shoals Technologies Group, Inc. - Class A (a) | 15 | 372 |
| Shyft Group, Inc. | 8 | 201 |
| Simpson Manufacturing Co., Inc. | 8 | 676 |
| SiteOne Landscape Supply, Inc. (a) | 5 | 578 |
| SkyWest, Inc. (a) | 11 | 180 |
| SP Plus Corporation (a) | 6 | 205 |
| Spirit AeroSystems Holdings, Inc. - Class A | 8 | 242 |
| Spirit Airlines | 14 | 276 |
| SPX Technologies, Inc. (a) | 7 | 473 |
| Standex International Corporation | 2 | 167 |
| Steelcase Inc. - Class A | 22 | 155 |
| Stericycle, Inc. (a) | 15 | 769 |
| Sterling Check Corp. (a) | 3 | 42 |
| Sterling Infrastructure, Inc. (a) | 9 | 286 |
| Sunrun Inc. (a) | 29 | 694 |
| Tecnoglass Inc. | 8 | 239 |
| Tennant Company | 3 | 176 |
| Terex Corporation | 11 | 458 |
| Tetra Tech, Inc. |  | 60 |
| Textainer Group Holdings Limited | 9 | 268 |
| The AZEK Company Inc. - Class A (a) | 26 | 526 |
| The Brink's Company | 8 | 440 |
| The Gorman- Rupp Company | 7 | 190 |
| The Greenbrier Companies, Inc. | 8 | 252 |
| The Manitowoc Company, Inc. (a) | 9 | 82 |
| The Timken Company | 12 | 837 |
| Thermon Group Holdings, Inc. (a) | 9 | 177 |
| Titan International, Inc. (a) | 16 | 243 |
| Titan Machinery Inc. (a) | 6 | 241 |
| TPI Composites, Inc. (a) | 8 | 78 |
| Transcat, Inc. (a) | 2 | 134 |
| Trex Company, Inc. (a) | 10 | 438 |
| Trinet Group, Inc. (a) | 11 | 737 |
| Trinity Industries, Inc. | 14 | 418 |
| Triton Container International Limited | 11 | 752 |
| Triumph Group, Inc. (a) | 13 | 136 |
| TrueBlue, Inc. (a) | 9 | 167 |
| Tutor Perini Corporation (a) | 13 | 98 |
| Twin Disc, Incorporated (a) | 1 | 7 |
| U.S. Xpress Enterprises, Inc. - Class A (a) | 7 | 13 |
| UFP Industries, Inc. | 11 | 855 |
| Ultralife Corporation (a) | 3 | 10 |
| Unifirst Corporation | 3 | 502 |
| Univar Solutions Inc. (a) | 28 | 892 |
| Universal Logistics Holdings, Inc. | 6 | 204 |
| V2X, Inc. (a) | 4 | 157 |
| Valmont Industries, Inc. | 4 | 1256 |
| Veritiv Corporation | 3 | 369 |
| Viad Corp (a) | 6 | 142 |
| Vicor Corporation (a) | 5 | 268 |
| VSE Corporation | 4 | 165 |
| Wabash National Corporation | 12 | 267 |
| Watts Water Technologies, Inc. - Class A | 5 | 679 |
| Werner Enterprises, Inc. | 11 | 461 |
| WESCO International, Inc. (a) | 5 | 669 |
| Willdan Group, Inc. (a) | 3 | 60 |
| Williams Industrial Services Group Inc. (a) | 1 | 1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Willis Lease Finance Corporation (a) |  | 20 |
| WillScot Mobile Mini Holdings Corp. - Class A (a) | 2 | 85 |
| Woodward, Inc. | 5 | 435 |
| XPO, Inc. (a) | 19 | 636 |
| Yellow Corp. (a) | 9 | 22 |
| Zurn Elkay Water Solutions Corporation | 24 | 518 |
| | | 96595 |
| **Financials 19.2%** | **Financials 19.2%** | **Financials 19.2%** |
| 1st Security Bank of Washington | 2 | 73 |
| 1st Source Corporation | 4 | 229 |
| Acacia Research Corporation (a) | 11 | 47 |
| ACNB Corporation | 2 | 85 |
| ADS Alliance Data Systems, Inc. | 11 | 429 |
| Affiliated Managers Group, Inc. | 8 | 1313 |
| Alerus Financial Corporation | 5 | 107 |
| Amalgamated Financial Corp. | 9 | 204 |
| A-Mark Precious Metals, Inc. | 7 | 231 |
| Ambac Financial Group, Inc. (a) | 11 | 198 |
| Amerant Bancorp Inc. - Class A | 8 | 216 |
| American Equity Investment Life Holding Company | 17 | 759 |
| American National Bankshares Inc. | 3 | 100 |
| Ameris Bancorp | 13 | 592 |
| Amerisafe, Inc. | 5 | 257 |
| Ames National Corporation | 2 | 45 |
| Argo Group International Holdings, Ltd. | 5 | 134 |
| Arrow Financial Corporation | 5 | 157 |
| Artisan Partners Asset Management Inc. - Class A | 11 | 334 |
| Assetmark Financial Holdings, Inc. (a) | 10 | 229 |
| Associated Banc-Corp | 26 | 609 |
| Associated Capital Group Inc. - Class A | 1 | 26 |
| Assured Guaranty Ltd. | 11 | 659 |
| Atlantic Union Bank | 12 | 438 |
| Atlanticus Holdings Corporation (a) | 4 | 113 |
| AXIS Capital Holdings Limited | 13 | 723 |
| Axos Financial, Inc. (a) | 11 | 419 |
| B. Riley & Co., LLC (b) | 3 | 87 |
| Banc of California, Inc. | 10 | 157 |
| BancFirst Corporation | 6 | 502 |
| Bank First Corporation (b) |  | 44 |
| Bank of Hawaii Corporation | 7 | 548 |
| Bank of Marin Bancorp | 4 | 144 |
| Bank of N.T. Butterfield & Son Limited (The) | 10 | 286 |
| Bank of Princeton, The | 1 | 36 |
| Bank OZK | 21 | 847 |
| BankFinancial Corporation | 3 | 28 |
| BankUnited, Inc. | 14 | 472 |
| Bankwell Financial Group, Inc. | 2 | 57 |
| Banner Corporation | 6 | 355 |
| Bar Harbor Bankshares | 3 | 110 |
| Baycom Corp | 3 | 58 |
| BCB Bancorp, Inc. | 5 | 89 |
| Berkshire Hills Bancorp, Inc. | 8 | 229 |
| BGC Partners, Inc. - Class A | 50 | 189 |
| Blucora, Inc. (a) | 4 | 108 |
| Blue Foundry Bancorp (a) | 5 | 64 |
| Blue Ridge Bankshares, Inc. | 3 | 42 |
| BOK Financial Corporation | 7 | 752 |
| Bridgewater Bancshares, Inc. (a) (c) | 8 | 135 |
| Brighthouse Financial, Inc. (a) | 13 | 647 |
| Brightsphere Investment Group Inc. | 10 | 206 |
| Brookline Bancorp, Inc. | 13 | 188 |
| BRP Group, Inc. - Class A (a) | 10 | 240 |
| Business First Bancshares, Inc. | 6 | 128 |
| Byline Bancorp, Inc. | 10 | 227 |
| C&F Financial Corporation | 1 | 41 |
| Cadence Bank | 32 | 783 |
| Cambridge Bancorp | 2 | 166 |
| Camden National Corporation | 4 | 169 |
| Cannae Holdings, Inc. (a) | 13 | 277 |
| Capital Bancorp, Inc. | 3 | 75 |
| Capital City Bank Group, Inc. | 5 | 149 |
| Capitol Federal Financial | 22 | 189 |
| Capstar Financial Holdings, Inc. | 6 | 111 |
| Carter Bankshares, Inc. (a) | 7 | 117 |
| Cathay General Bancorp | 12 | 510 |
| Central Pacific Financial Corp. | 5 | 110 |
| Central Valley Community Bancorp | 3 | 64 |
| Chemung Financial Corporation | 1 | 52 |
| Citizens & Northern Corporation | 4 | 91 |
| City Holding Company | 2 | 215 |
| Civista Bancshares, Inc. | 4 | 89 |
| CNB Financial Corporation | 6 | 136 |
| Coastal Financial Corporation (a) | 4 | 176 |
| Codorus Valley Bancorp, Inc. | 2 | 50 |
| Cohen & Steers, Inc. | 8 | 525 |
| Colony Bankcorp, Inc. | 3 | 37 |
| Columbia Banking System, Inc. | 14 | 410 |
| Columbia Financial, Inc. (a) | 15 | 331 |
| Community Bank System, Inc. | 9 | 568 |
| Community Financial Corp. | 1 | 42 |
| Community Trust Bancorp, Inc. | 5 | 237 |
| ConnectOne Bancorp, Inc. | 8 | 192 |
| Consumer Portfolio Services, Inc. (a) | 6 | 51 |
| Cowen Inc. - Class A | 7 | 273 |
| Crawford & Company - Class A | 6 | 35 |
| Crawford & Company - Class B | 3 | 15 |
| Credit Acceptance Corporation (a) (b) | 1 | 283 |
| Crossfirst Bankshares, Inc. (a) | 13 | 161 |
| Curo Group Holdings Corp. (b) | 5 | 18 |
| Customers Bancorp, Inc. (a) | 7 | 196 |
| CVB Financial Corp. | 24 | 631 |
| Diamond Hill Investment Group, Inc. - Class A | 1 | 142 |
| Dime Community Bancshares, Inc. | 7 | 217 |
| Donegal Group Inc. - Class A | 7 | 103 |
| Donnelley Financial Solutions, Inc. (a) | 7 | 253 |
| Eagle Bancorp Montana, Inc. | 1 | 23 |
| Eagle Bancorp, Inc. | 6 | 243 |
| Eastern Bankshares, Inc. | 27 | 465 |
| eHealth, Inc. (a) | 2 | 12 |
| Elevate Credit, Inc. (a) | 8 | 15 |
| Employers Holdings, Inc. | 5 | 233 |
| Encore Capital Group, Inc. (a) | 6 | 275 |
| Enova International, Inc. (a) | 7 | 263 |
| Enstar Group Limited (a) | 3 | 602 |
| Enterprise Bancorp, Inc. | 3 | 92 |
| Enterprise Financial Services Corp. | 6 | 286 |
| Equity Bancshares, Inc. - Class A | 4 | 144 |
| Esquire Financial Holdings, Inc. | 2 | 88 |
| Essent Group Ltd. | 17 | 672 |
| Evans Bancorp, Inc. | 1 | 54 |
| Evercore Inc. - Class A | 7 | 716 |
| EZCORP, Inc. - Class A (a) | 16 | 131 |
| F.N.B. Corporation | 61 | 793 |
| Farmers & Merchants Bancorp, Inc. | 2 | 57 |
| Farmers National Banc Corp. | 9 | 132 |
| FB Financial Corporation | 7 | 271 |
| Federal Agricultural Mortgage Corporation - Class C | 2 | 196 |
| Federated Hermes, Inc. - Class B | 15 | 554 |
| Financial Institutions, Inc. | 4 | 98 |
| First American Financial Corporation | 17 | 900 |
| First Bancorp | 5 | 217 |
| First Bancorp. | 33 | 418 |
| First Bancshares Inc. | 7 | 214 |
| First Bank of New Jersey | 4 | 49 |
| First Busey Corporation | 8 | 196 |
| First Business Financial Services, Inc. | 2 | 90 |
| First Commonwealth Financial Corporation | 14 | 199 |
| First Community Bancshares, Inc. | 4 | 152 |
| First Community Corporation | 1 | 23 |
| First Financial Bancorp. | 16 | 379 |
| First Financial Bankshares, Inc. | 13 | 452 |
| First Financial Corporation | 2 | 73 |
| First Financial Northwest, Inc. | 1 | 11 |
| First Foundation Inc. | 9 | 133 |
| First Hawaiian, Inc. | 21 | 558 |
| First Internet Bancorp | 3 | 66 |
| First Interstate BancSystem, Inc. - Class A | 17 | 672 |
| First Merchants Corporation | 10 | 409 |
| First Mid Bancshares, Inc. | 5 | 156 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| First United Corporation |  | 10 |
| First Western Financial, Inc. (a) | 3 | 70 |
| FirstCash Holdings, Inc. | 8 | 719 |
| Five Star Bancorp | 2 | 66 |
| Flushing Financial Corporation | 9 | 168 |
| Fulton Financial Corporation | 29 | 482 |
| FVCBankcorp, Inc. (a) | 1 | 10 |
| GBLI Holdings, LLC - Class A | 1 | 32 |
| Genworth Financial, Inc. - Class A (a) | 79 | 417 |
| German American Bancorp, Inc. | 5 | 171 |
| Glacier Bancorp, Inc. | 19 | 916 |
| Goosehead Insurance, Inc. - Class A (a) | 3 | 95 |
| Great Southern Bancorp, Inc. | 3 | 206 |
| Green Dot Corporation - Class A (a) | 9 | 143 |
| Greene County Bancorp, MHC | 1 | 62 |
| Greenhill & Co., Inc. | 4 | 42 |
| Greenlight Capital Re, Ltd. - Class A (a) | 6 | 51 |
| Guaranty Bancshares, Inc. | 3 | 109 |
| Hallmark Financial Services, Inc. (a) | 2 | 1 |
| Hamilton Lane Incorporated - Class A | 6 | 362 |
| Hancock Whitney Corporation | 15 | 714 |
| Hanmi Financial Corporation | 9 | 213 |
| HarborOne Bancorp, Inc. | 13 | 184 |
| HBT Financial, Inc. | 7 | 130 |
| HCI Group, Inc. (b) | 3 | 107 |
| Heartland Financial USA, Inc. | 6 | 299 |
| Hennessy Advisors, Inc. (b) | 1 | 6 |
| Heritage Commerce Corp | 16 | 211 |
| Heritage Financial Corporation | 10 | 293 |
| Heritage Insurance Holdings, Inc. | 5 | 9 |
| Home Bancorp, Inc. | 2 | 84 |
| Home BancShares, Inc. | 35 | 789 |
| HomeStreet, Inc. | 4 | 121 |
| Hometrust Bancshares, Inc. | 1 | 27 |
| Hope Bancorp, Inc. | 20 | 252 |
| Horace Mann Educators Corporation | 7 | 255 |
| Horizon Bancorp, Inc. | 12 | 178 |
| Houlihan Lokey, Inc. - Class A | 7 | 640 |
| Independence Holdings, LLC | 20 | 676 |
| Independent Bank Corp. | 9 | 729 |
| Independent Bank Corporation | 6 | 149 |
| Independent Bank Group, Inc. | 7 | 425 |
| International Bancshares Corporation | 11 | 489 |
| Investar Holding Corporation | 2 | 48 |
| Investors Title Company |  | 51 |
| James River Group, Inc. | 10 | 218 |
| Janus Henderson Group PLC | 26 | 617 |
| Kearny Financial Corp | 19 | 193 |
| Kingstone Companies, Inc. | 1 | 2 |
| Kinsale Capital Group, Inc. | 3 | 820 |
| Lakeland Bancorp, Inc. | 13 | 235 |
| Lakeland Financial Corporation | 4 | 317 |
| Lazard Ltd - Class A | 5 | 181 |
| LCNB Corp. | 3 | 49 |
| LendingClub Corporation (a) | 13 | 116 |
| LendingTree, Inc. (a) | 2 | 48 |
| Live Oak Bancshares, Inc. | 7 | 223 |
| Longlade, Dr Charles W | 4 | 78 |
| Luther Burbank Corporation | 10 | 106 |
| Macatawa Bank Corporation | 10 | 110 |
| Maiden Holdings, Ltd. (a) | 22 | 45 |
| Mainstreet Bancshares, Inc. | 1 | 39 |
| MBIA Inc. (a) | 6 | 71 |
| Mercantile Bank Corporation | 4 | 144 |
| Merchants Bancorp, Inc. | 7 | 165 |
| Mercury General Corporation | 9 | 295 |
| Meridian Bank | 1 | 27 |
| Metrocity Bankshares, Inc. | 7 | 154 |
| Metropolitan Bank Holding Corp. (a) | 3 | 174 |
| MGIC Investment Corporation | 51 | 657 |
| Mid Penn Bancorp, Inc. | 3 | 92 |
| Middlefield Banc Corp. | 1 | 14 |
| Midland States Bancorp, Inc. | 7 | 179 |
| MidWestOne Financial Group, Inc. | 4 | 134 |
| Moelis & Company - Class A | 10 | 371 |
| Mr. Cooper Group Inc. (a) | 12 | 466 |
| MVB Financial Corp. | 3 | 65 |
| National Bank Holdings Corporation - Class A | 5 | 231 |
| National Bankshares, Inc. | 1 | 39 |
| National Western Life Group, Inc. - Class A | 1 | 251 |
| Navient Corporation | 24 | 402 |
| NBT Bancorp Inc. | 8 | 336 |
| Nelnet, Inc. - Class A | 5 | 420 |
| New York Community Bancorp, Inc. - Series A | 113 | 970 |
| NI Holdings Inc. (a) | 3 | 42 |
| Nicholas Financial, Inc. (a) | 2 | 12 |
| Nicolet Bankshares, Inc. (a) | 3 | 201 |
| NMI Holdings, Inc. - Class A (a) | 13 | 272 |
| Northeast Bank | 2 | 86 |
| Northfield Bancorp Inc. | 14 | 219 |
| Northrim Bancorp, Inc. | 1 | 74 |
| Northwest Bancshares, Inc. | 22 | 306 |
| Norwood Financial Corp. | 2 | 54 |
| OceanFirst Financial Corp. | 10 | 210 |
| Ocwen Financial Corporation (a) | 2 | 66 |
| OFG Bancorp | 8 | 221 |
| Old National Bancorp | 48 | 861 |
| Old Republic International Corporation | 6 | 154 |
| Old Second Bancorp, Inc. | 7 | 120 |
| OP Bancorp | 2 | 28 |
| Open Lending Corporation - Class A (a) | 13 | 85 |
| Oportun Financial Corporation (a) | 7 | 37 |
| Oppenheimer Holdings Inc. - Class A | 2 | 104 |
| Origin Bancorp, Inc. | 4 | 155 |
| Orrstown Financial Services, Inc. | 3 | 68 |
| P.C.B. Bancorp, Inc. | 3 | 62 |
| Pacific Premier Bancorp, Inc. | 16 | 501 |
| PacWest Bancorp | 20 | 449 |
| Palomar Holdings, Inc. (a) | 4 | 177 |
| Park National Corporation | 3 | 368 |
| Parke Bancorp, Inc. | 3 | 61 |
| Pathward Financial, Inc. | 6 | 237 |
| Peapack-Gladstone Financial Corporation | 5 | 195 |
| Penns Woods Bancorp, Inc. | 1 | 32 |
| PennyMac Financial Services, Inc. | 9 | 493 |
| Peoples Bancorp Inc. | 8 | 218 |
| Peoples Bancorp of North Carolina, Inc. |  | 15 |
| Peoples Financial Services Corp. | 2 | 94 |
| Pinnacle Financial Partners, Inc. | 9 | 626 |
| Piper Sandler Companies | 3 | 375 |
| PJT Partners Inc. - Class A | 3 | 253 |
| Plumas Bancorp |  | 9 |
| Ponce Financial Group, Inc. (a) | 1 | 13 |
| Popular, Inc. | 12 | 808 |
| PRA Group, Inc. (a) | 7 | 223 |
| Preferred Bank | 3 | 236 |
| Premier Financial Corporation | 8 | 223 |
| Primerica, Inc. | 6 | 869 |
| Primis Financial Corp. | 7 | 78 |
| ProAssurance Corporation | 8 | 134 |
| Professional Holding Corp. - Class A (a) | 3 | 77 |
| PROG Holdings, Inc. (a) | 11 | 184 |
| Prosperity Bancshares, Inc. | 2 | 126 |
| Provident Bancorp Inc. | 1 | 9 |
| Provident Financial Services, Inc. | 13 | 267 |
| QCR Holdings, Inc. | 5 | 232 |
| Radian Group Inc. | 27 | 518 |
| RBB Bancorp | 5 | 109 |
| Red River Bancshares, Inc. | 2 | 97 |
| Regional Management Corp. | 3 | 73 |
| Reinsurance Group of America, Incorporated |  | 13 |
| RenaissanceRe Holdings Ltd | 1 | 110 |
| Renasant Corporation | 9 | 346 |
| Republic Bancorp, Inc. - Class A | 4 | 157 |
| Republic First Bancorp, Inc. (a) | 13 | 29 |
| Richmond Mutual Bancorporation, Inc. | 3 | 38 |
| Riverview Bancorp, Inc. | 3 | 21 |
| RLI Corp. | 8 | 1020 |
| Root Inc. - Class A (a) (b) | 1 | 4 |
| S & T Bancorp, Inc. | 6 | 203 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Safeguard Scientifics, Inc. (a) | 6 | 17 |
| Safety Insurance Group, Inc. | 2 | 204 |
| Sandy Spring Bancorp, Inc. | 8 | 283 |
| Seacoast Banking Corporation of Florida | 11 | 341 |
| Security National Financial Corporation - Class A (a) | 3 | 23 |
| Selective Insurance Group, Inc. | 11 | 938 |
| SelectQuote, Inc. (a) | 3 | 2 |
| ServisFirst Bancshares, Inc. | 10 | 705 |
| Shore Bancshares, Inc. | 5 | 87 |
| Sierra BanCorp | 4 | 85 |
| Silvercrest Asset Management Group Inc. - Class A | 2 | 43 |
| Simmons First National Corporation - Class A | 21 | 460 |
| SiriusPoint Ltd (a) | 31 | 184 |
| SLM Corporation | 45 | 740 |
| Smartfinancial, Inc. | 5 | 137 |
| South Plains Financial, Inc. | 3 | 94 |
| Southern First Bancshares, Inc. (a) | 2 | 98 |
| Southern Missouri Bancorp, Inc. | 3 | 119 |
| Southside Bancshares, Inc. | 6 | 199 |
| Southstate Corporation | 13 | 960 |
| Stellar Bancorp, Inc. | 15 | 448 |
| Sterling Bancorp, Inc. (a) | 5 | 28 |
| Stewart Information Services Corporation | 5 | 198 |
| Stifel Financial Corp. | 9 | 533 |
| Stock Yards Bancorp, Inc. | 5 | 313 |
| StoneX Group Inc. (a) | 4 | 342 |
| Summit Financial Group, Inc. | 3 | 82 |
| Synovus Financial Corp. | 17 | 657 |
| Territorial Bancorp Inc. | 2 | 47 |
| Texas Capital Bancshares, Inc. (a) | 8 | 499 |
| TFS Financial Corporation | 28 | 410 |
| The Bancorp, Inc. (a) | 10 | 283 |
| The First Bancorp, Inc. | 3 | 88 |
| The First of Long Island Corporation | 6 | 110 |
| The Hanover Insurance Group, Inc. | 6 | 805 |
| The Hingham Institute for Savings | 1 | 176 |
| Timberland Bancorp, Inc. | 2 | 66 |
| Tiptree Inc. | 11 | 147 |
| Tompkins Financial Corporation | 3 | 194 |
| TowneBank | 11 | 327 |
| TriCo Bancshares | 5 | 275 |
| Trinity Capital Inc. | 1 | 9 |
| Triumph Bancorp, Inc. (a) | 5 | 228 |
| Trupanion, Inc. (a) (b) | 5 | 235 |
| Trustco Bank Corp N Y | 5 | 197 |
| Trustmark Corporation | 10 | 362 |
| UMB Financial Corporation | 8 | 682 |
| Umpqua Holdings Corporation | 37 | 653 |
| United Bankshares, Inc. | 24 | 975 |
| United Community Banks, Inc. | 18 | 614 |
| United Fire Group, Inc. | 7 | 184 |
| United Insurance Holdings Corp. | 2 | 2 |
| Unity Bancorp, Inc. | 3 | 72 |
| Universal Insurance Holdings, Inc. | 8 | 88 |
| Univest Financial Corporation | 8 | 214 |
| Unum Group | 26 | 1075 |
| Valley National Bancorp | 81 | 920 |
| Value Line, Inc. |  | 25 |
| Veritex Holdings, Inc. | 7 | 200 |
| Victory Capital Holdings, Inc. - Class A | 7 | 201 |
| Virtu Financial, Inc. - Class A | 18 | 372 |
| Virtus Investment Partners, Inc. | 1 | 232 |
| Voya Financial, Inc. | 1 | 43 |
| Walker & Dunlop, Inc. | 6 | 460 |
| Washington Federal, Inc. | 11 | 368 |
| Washington Trust Bancorp, Inc. | 5 | 212 |
| Waterstone Financial, Inc. | 7 | 116 |
| Webster Financial Corporation | 3 | 138 |
| WesBanco, Inc. | 10 | 363 |
| West Bancorporation, Inc. | 4 | 108 |
| Westamerica Bancorporation | 4 | 243 |
| Western New England Bancorp, Inc. | 4 | 41 |
| Westwood Holdings Group, Inc. | 2 | 23 |
| White Mountains Insurance Group Ltd | 1 | 741 |
| Wintrust Financial Corporation | 10 | 880 |
| WisdomTree, Inc. | 40 | 219 |
| World Acceptance Corporation (a) | 1 | 92 |
| WSFS Financial Corporation | 11 | 483 |
| Zurich American Corporation | 11 | 526 |
| | | 94138 |
| **Consumer Discretionary 13.0%** | **Consumer Discretionary 13.0%** | **Consumer Discretionary 13.0%** |
| 1-800-Flowers.Com, Inc. - Class A (a) | 6 | 62 |
| 1stdibs.com, Inc. (a) | 2 | 8 |
| 2U, Inc. (a) | 11 | 66 |
| Abercrombie & Fitch Co. - Class A (a) | 12 | 264 |
| Academy Sports & Outdoors, Inc. | 19 | 989 |
| Acushnet Holdings Corp. | 17 | 714 |
| Adient Public Limited Company (a) | 16 | 550 |
| ADT, Inc. | 14 | 125 |
| Adtalem Global Education Inc. (a) | 13 | 478 |
| Allbirds, Inc. - Class A (a) | 6 | 13 |
| American Axle & Manufacturing Holdings, Inc. (a) | 30 | 234 |
| American Eagle Outfitters, Inc. | 30 | 419 |
| American Outdoor Brands, Inc. (a) | 3 | 33 |
| American Public Education, Inc. (a) | 5 | 56 |
| America's Car Mart, Inc. (a) | 2 | 114 |
| Ark Restaurants Corp. | 1 | 10 |
| ARKO Corp. - Class A | 19 | 164 |
| Asbury Automotive Group, Inc. (a) | 4 | 641 |
| Autoliv, Inc. | 2 | 180 |
| AutoNation, Inc. (a) | 5 | 509 |
| Barnes & Noble Education, Inc. (a) | 11 | 19 |
| Bassett Furniture Industries, Incorporated | 2 | 40 |
| Beazer Homes USA, Inc. (a) | 9 | 111 |
| Big 5 Sporting Goods Corporation | 3 | 24 |
| Big Lots, Inc. | 7 | 104 |
| BJ's Restaurants, Inc. (a) | 6 | 166 |
| Bloomin' Brands, Inc. | 13 | 263 |
| Boot Barn Holdings, Inc. (a) | 5 | 306 |
| Boyd Gaming Corporation |  | 21 |
| Bright Horizons Family Solutions, Inc. (a) | 7 | 420 |
| Brinker International, Inc. (a) | 8 | 257 |
| Brunswick Corporation | 13 | 907 |
| Build-A-Bear Workshop, Inc. (a) | 4 | 91 |
| Caleres, Inc. | 8 | 182 |
| Camping World Holdings, Inc. - Class A | 6 | 137 |
| Capri Holdings Limited (a) | 1 | 80 |
| CarParts.com, Inc. (a) | 13 | 80 |
| Carriage Services, Inc. | 4 | 108 |
| Carrols Holdco Inc. (a) | 13 | 17 |
| Carter's, Inc. | 7 | 507 |
| Cavco Industries, Inc. (a) | 2 | 348 |
| Century Casinos, Inc. (a) | 7 | 50 |
| Century Communities, Inc. | 5 | 255 |
| Charles & Colvard, Ltd. (a) | 4 | 3 |
| Chegg, Inc. (a) | 13 | 321 |
| Chico's FAS, Inc. (a) | 32 | 157 |
| Choice Hotels International, Inc. | 2 | 177 |
| Chuy's Holdings, Inc. (a) | 5 | 136 |
| Citi Trends, Inc. (a) | 2 | 41 |
| Columbia Sportswear Company | 10 | 913 |
| Conn's, Inc. (a) | 6 | 43 |
| Cooper-Standard Holdings Inc. (a) | 4 | 33 |
| Coursera, Inc. (a) | 11 | 131 |
| Cracker Barrel Old Country Store, Inc. | 4 | 358 |
| Culp, Inc. | 2 | 9 |
| Dana Incorporated | 23 | 343 |
| Dave & Buster's Entertainment, Inc. (a) | 7 | 266 |
| Delta Apparel, Inc. (a) | 2 | 20 |
| Denny's Corporation (a) | 16 | 145 |
| Designer Brands Inc. - Class A | 10 | 96 |
| Destination XL Group, Inc. (a) | 14 | 95 |
| Dillard's, Inc. - Class A (b) | 3 | 905 |
| Dine Brands Global, Inc. | 3 | 179 |
| Dorman Products, Inc. (a) | 5 | 430 |
| Draftkings Inc. - Class A (a) (b) | 2 | 21 |
| Duluth Holdings Inc. - Class B (a) | 6 | 39 |
| Educational Development Corporation | 1 | 2 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| El Pollo Loco Holdings, Inc. | 10 | 96 |
| Escalade, Incorporated | 3 | 31 |
| Ethan Allen Interiors Inc. | 7 | 188 |
| European Wax Center, Inc. - Class A (a) | 2 | 20 |
| Everi Holdings Inc. (a) | 12 | 171 |
| Express, Inc. (a) (b) | 14 | 15 |
| FG Group Holdings Inc (a) | 2 | 6 |
| Fiesta Restaurant Group, Inc. (a) | 7 | 49 |
| Fisker Group Inc. - Class A (a) (b) | 9 | 63 |
| Flexsteel Industries, Inc. | 1 | 18 |
| Foot Locker, Inc. | 16 | 591 |
| Fossil Group, Inc. (a) | 11 | 46 |
| Fox Factory Holding Corp. (a) | 7 | 649 |
| Franchise Group, Inc. (b) | 7 | 156 |
| Frontdoor, Inc. (a) | 12 | 243 |
| Full House Resorts, Inc. (a) | 10 | 73 |
| Garrett Motion Inc. (a) | 12 | 89 |
| Genesco Inc. (a) | 4 | 176 |
| Gentex Corporation | 5 | 128 |
| Gentherm Incorporated (a) | 6 | 365 |
| G-III Apparel Group, Ltd. (a) | 12 | 163 |
| Gopro Inc. - Class A (a) | 30 | 148 |
| Graham Holdings Co., Ltd. - Class B | 1 | 401 |
| Grand Canyon Education, Inc. (a) | 5 | 576 |
| Green Brick Partners, Inc. (a) | 7 | 179 |
| Group 1 Automotive, Inc. | 3 | 484 |
| Groupon, Inc. (a) (b) | 5 | 44 |
| GrowGeneration Corp. (a) | 6 | 23 |
| Guess ?, Inc. | 9 | 190 |
| H & R Block, Inc. | 25 | 926 |
| Hamilton Beach Brands Holding Company - Class A | 1 | 10 |
| Hanesbrands Inc. | 51 | 323 |
| Harley-Davidson, Inc. | 20 | 852 |
| Haverty Furniture Companies, Inc. | 4 | 115 |
| Helen of Troy Limited (a) | 4 | 450 |
| Hibbett Inc. | 3 | 235 |
| Hilton Grand Vacations Inc. (a) | 2 | 64 |
| Hooker Furnishings Corporation | 3 | 54 |
| Horizon Global Corporation (a) | 1 |  |
| Hovnanian Enterprises, Inc. - Class A (a) | 1 | 54 |
| Inspired Entertainment, Inc. (a) | 6 | 71 |
| Installed Building Products, Inc. | 5 | 413 |
| International Game Technology PLC | 28 | 629 |
| iRobot Corporation (a) | 5 | 246 |
| J.Jill, Inc. (a) | 2 | 58 |
| Jack in the Box Inc. | 4 | 257 |
| Joann Inc. | 2 | 5 |
| Johnson Outdoors Inc. - Class A | 2 | 161 |
| KB Home | 13 | 428 |
| Kirkland's, Inc. (a) (b) | 2 | 8 |
| Kohl's Corporation | 11 | 288 |
| Kontoor Brands, Inc. | 8 | 337 |
| Koss Corporation (a) | 1 | 3 |
| Kura Sushi USA, Inc. (a) | 2 | 90 |
| Lakeland Industries, Inc. (a) | 2 | 21 |
| Lands' End, Inc. (a) | 7 | 50 |
| Laureate Education, Inc. - Class A | 29 | 278 |
| La-Z-Boy Incorporated | 7 | 168 |
| Lazydays Holdings, Inc. (a) | 3 | 33 |
| LCI Industries | 4 | 404 |
| Legacy Housing Corporation (a) | 5 | 103 |
| Leggett & Platt, Incorporated | 22 | 709 |
| Leslie's, Inc. (a) | 22 | 264 |
| Levi Strauss & Co. - Class A | 1 | 15 |
| LGI Homes, Inc. (a) | 4 | 353 |
| Life Time Group Holdings, Inc. (a) | 2 | 29 |
| Lifetime Brands, Inc. | 5 | 40 |
| Light & Wonder, Inc. (a) | 10 | 600 |
| Lincoln Educational Services Corporation (a) | 6 | 36 |
| Liquidity Services, Inc. (a) | 9 | 129 |
| Lithia Motors, Inc. - Class A | 1 | 158 |
| LL Flooring, Inc. (a) | 7 | 38 |
| M.D.C. Holdings, Inc. | 12 | 377 |
| M/I Homes, Inc. (a) | 2 | 96 |
| Macy's, Inc. | 43 | 888 |
| Malibu Boats, Inc. - Class A (a) | 3 | 177 |
| Marine Products Corporation | 4 | 44 |
| MarineMax, Inc. (a) | 6 | 178 |
| Marriott Vacations Worldwide Corporation | 7 | 956 |
| MasterCraft Boat Holdings, Inc. (a) | 5 | 133 |
| Mattel, Inc. (a) | 5 | 96 |
| Meritage Homes Corporation (a) | 2 | 216 |
| Modine Manufacturing Company (a) | 14 | 274 |
| Monarch Casino & Resort, Inc. (a) | 2 | 159 |
| Monro, Inc. | 5 | 239 |
| Motorcar Parts of America, Inc. (a) | 5 | 61 |
| Movado Group, Inc. | 5 | 149 |
| Murphy USA Inc. | 4 | 1203 |
| Nathan's Famous, Inc. | 1 | 78 |
| National Vision Holdings, Inc. (a) | 15 | 587 |
| Nautilus, Inc. (a) | 6 | 10 |
| Newell Brands Inc. | 6 | 78 |
| Nishka, Inc. - Class A (a) (b) | 8 | 82 |
| Noodles & Company - Class A (a) | 11 | 60 |
| Nordstrom, Inc. (b) | 26 | 424 |
| Obh Inc. - Class A (a) |  | 6 |
| Obh Inc. - Class B (a) | 1 | 76 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 11 | 505 |
| OneSpaWorld Holdings Limited (a) | 16 | 151 |
| Oxford Industries, Inc. | 3 | 269 |
| Papa John's International, Inc. | 7 | 545 |
| Patrick Industries, Inc. | 4 | 240 |
| PENN Entertainment, Inc. (a) | 19 | 573 |
| Penske Automotive Group, Inc. | 8 | 867 |
| Perdoceo Education Corporation (a) | 17 | 234 |
| PetMed Express, Inc. | 5 | 96 |
| Planet Fitness, Inc. - Class A (a) | 10 | 774 |
| Playa Hotels & Resorts N.V. (a) | 26 | 171 |
| PlayAGS, Inc. (a) | 10 | 53 |
| Polaris Inc. | 4 | 415 |
| Purple Innovation, Inc. (a) (b) | 10 | 46 |
| PVH Corp. | 11 | 789 |
| Quantumscape Battery, Inc. - Class A (a) (b) | 19 | 107 |
| Quotient Technology Inc. (a) | 22 | 76 |
| Qurate Retail, Inc. - Series A (a) | 56 | 92 |
| RCI Hospitality Holdings, Inc. | 2 | 201 |
| Red Robin Gourmet Burgers, Inc. (a) | 3 | 14 |
| Red Rock Resorts, Inc. - Class A | 10 | 396 |
| Rent-A-Center, Inc. | 9 | 205 |
| Revolve Group Inc. - Class A (a) (b) | 6 | 125 |
| RH (a) | 1 | 323 |
| Rocky Brands, Inc. | 2 | 37 |
| Ruth's Hospitality Group, Inc. | 8 | 124 |
| Sally Beauty Holdings, Inc. (a) | 20 | 254 |
| Seaworld Entertainment, Inc. (a) | 13 | 674 |
| Shake Shack, Inc. - Class A (a) | 5 | 206 |
| Shoe Carnival, Inc. | 7 | 177 |
| Signet Jewelers Limited | 8 | 532 |
| Six Flags Operations Inc. (a) | 13 | 305 |
| Skechers U.S.A., Inc. - Class A (a) | 22 | 912 |
| Skyline Champion Corporation (a) | 10 | 494 |
| Sleep Number Corporation (a) | 5 | 129 |
| Smith & Wesson Brands, Inc. | 12 | 106 |
| Solo Brands, Inc. - Class A (a) | 3 | 11 |
| Sonic Automotive, Inc. - Class A | 4 | 216 |
| Sonos, Inc. (a) | 20 | 342 |
| Sportsman's Warehouse Holdings, Inc. (a) | 11 | 102 |
| Standard Motor Products, Inc. | 6 | 194 |
| Steven Madden, Ltd. | 13 | 429 |
| Stitch Fix, Inc. - Class A (a) | 11 | 34 |
| Stoneridge, Inc. (a) | 8 | 167 |
| Strategic Education, Inc. | 4 | 276 |
| Strattec Security Corporation (a) | 1 | 17 |
| Stride, Inc. (a) | 7 | 220 |
| Superior Group of Companies, Inc. | 3 | 35 |
| Superior Industries International, Inc. (a) | 5 | 20 |
| Sypris Solutions, Inc. (a) | 3 | 5 |
| Taylor Morrison Home II Corporation - Class A (a) | 20 | 610 |
| Tempur Sealy International, Inc. | 26 | 896 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Texas Roadhouse, Inc. - Class A | 10 | 924 |
| The Aaron's Company, Inc. | 8 | 99 |
| The Buckle, Inc. | 9 | 390 |
| The Cato Corporation - Class A | 5 | 43 |
| The Cheesecake Factory Incorporated | 8 | 246 |
| The Children's Place, Inc. (a) | 3 | 109 |
| The Container Store Group, Inc. (a) | 13 | 54 |
| The Gap, Inc. | 42 | 476 |
| The Goodyear Tire & Rubber Company (a) | 49 | 500 |
| The Lovesac Company (a) | 2 | 54 |
| The ODP Corporation (a) | 8 | 370 |
| The One Group Hospitality, Inc. (a) | 8 | 48 |
| The Wendy's Company | 32 | 720 |
| Thor Industries, Inc. | 9 | 692 |
| Tile Shop Holdings, Inc. (a) | 8 | 35 |
| Tilly's, Inc. - Class A (a) | 5 | 46 |
| Toll Brothers, Inc. | 13 | 652 |
| TopBuild Corp. (a) | 3 | 536 |
| Topgolf Callaway Brands Corp. (a) | 29 | 572 |
| Travel + Leisure Co. | 13 | 478 |
| TravelCenters of America, Inc. (a) | 3 | 144 |
| TRI Pointe Homes Holdings, Inc. (a) | 17 | 320 |
| Tupperware Brands Corporation (a) | 9 | 38 |
| Under Armour, Inc. - Class A (a) | 26 | 261 |
| Under Armour, Inc. - Class C (a) | 6 | 57 |
| Unifi, Inc. (a) | 4 | 38 |
| Universal Electronics Inc. (a) | 3 | 71 |
| Universal Technical Institute, Inc. (a) | 8 | 54 |
| Urban Outfitters, Inc. (a) | 16 | 384 |
| Vera Bradley, Inc. (a) | 8 | 35 |
| Victoria's Secret & Co. (a) | 9 | 313 |
| Vince Holding Corp. (a) | 1 | 7 |
| Vista Outdoor Inc. (a) | 11 | 276 |
| Visteon Corporation (a) | 5 | 620 |
| Vivint Smart Home, Inc. - Class A (a) | 5 | 59 |
| Vizio Holding Corp. - Class A (a) | 1 | 11 |
| VOXX International Corporation - Class A (a) | 5 | 44 |
| Weyco Group, Inc. | 2 | 45 |
| Wingstop Inc. | 3 | 429 |
| Winmark Corporation | 1 | 212 |
| Winnebago Industries, Inc. | 6 | 291 |
| Wolverine World Wide, Inc. | 15 | 160 |
| WW International, Inc. (a) | 3 | 12 |
| Wyndham Hotels & Resorts, Inc. | 8 | 559 |
| XPEL, Inc. (a) | 3 | 180 |
| YETI Holdings, Inc. (a) | 11 | 439 |
| Zumiez Inc. (a) | 4 | 87 |
| | | 63499 |
| **Health Care 12.0%** | **Health Care 12.0%** | **Health Care 12.0%** |
| 89Bio, Inc. (a) (b) | 3 | 32 |
| Aadi Bioscience, Inc. (a) | 4 | 54 |
| AbSci Corporation (a) | 8 | 17 |
| AC Immune SA (a) | 2 | 3 |
| Acadia Healthcare Company, Inc. (a) | 15 | 1258 |
| ACADIA Pharmaceuticals Inc. (a) | 5 | 86 |
| Accolade, Inc. (a) | 10 | 77 |
| Accuray Incorporated (a) | 21 | 45 |
| Actinium Pharmaceuticals, Inc. (a) | 3 | 32 |
| Adaptive Biotechnologies Corporation (a) | 33 | 253 |
| Addus HomeCare Corporation (a) | 5 | 458 |
| Adicet Therapeutics, Inc. (a) | 12 | 110 |
| ADMA Biologics, Inc. (a) | 15 | 59 |
| Adverum Biotechnologies, Inc. (a) (b) | 7 | 4 |
| Aerovate Therapeutics Inc. (a) (b) | 1 | 18 |
| Affimed N.V. (a) | 6 | 7 |
| Agiliti, Inc. (a) | 9 | 140 |
| Agios Pharmaceuticals, Inc. (a) | 14 | 386 |
| Ais Operating Co. Inc. (a) | 5 | 34 |
| Akero Therapeutics Inc. (a) | 10 | 524 |
| Alaunos Therapeutics, Inc. (a) (b) | 28 | 18 |
| Albireo Pharma, Inc. (a) | 5 | 112 |
| Aldeyra Therapeutics, Inc. (a) | 16 | 111 |
| Alector, Inc. (a) | 4 | 37 |
| Alerislife Inc. (a) | 4 | 2 |
| Alkermes Public Limited Company (a) | 28 | 741 |
| Allakos Inc. (a) | 1 | 8 |
| Allogene Therapeutics, Inc. (a) | 35 | 217 |
| Allovir, Inc. (a) | 9 | 44 |
| Allscripts Healthcare Solutions, Inc. (a) | 28 | 503 |
| Altimmune, Inc. (a) | 7 | 112 |
| ALX Oncology Holdings Inc. (a) | 1 | 11 |
| Amedisys, Inc. (a) | 6 | 514 |
| American Well Corporation - Class A (a) | 34 | 97 |
| AMN Healthcare Services, Inc. (a) | 10 | 1000 |
| Amneal Pharmaceuticals, Inc. - Class A (a) | 26 | 51 |
| Amphastar Pharmaceuticals, Inc. (a) | 10 | 290 |
| Anaptysbio, Inc. (a) | 8 | 245 |
| AngioDynamics, Inc. (a) | 11 | 152 |
| ANI Pharmaceuticals, Inc. (a) | 5 | 204 |
| Anika Therapeutics, Inc. (a) | 4 | 115 |
| Annexon, Inc. (a) | 1 | 3 |
| Apollo Medical Holdings, Inc. (a) (d) | 9 | 262 |
| Apyx Medical Corporation (a) | 7 | 16 |
| Aravas Inc. (a) | 2 | 3 |
| Arcturus Therapeutics Holdings Inc. (a) | 7 | 125 |
| Arcus Biosciences, Inc. (a) | 10 | 209 |
| Arcutis Biotherapeutics, Inc. (a) | 6 | 96 |
| Ardelyx, Inc. (a) | 19 | 55 |
| ARS Pharmaceuticals, Inc. (a) | 3 | 29 |
| Artivion, Inc. (a) | 11 | 133 |
| Asensus Surgical, Inc. (a) | 5 | 2 |
| Assembly Biosciences, Inc. (a) | 7 | 9 |
| Atara Biotherapeutics, Inc. (a) | 15 | 48 |
| Atreca, Inc. - Class A (a) (b) | 6 | 5 |
| AtriCure, Inc. (a) | 8 | 351 |
| Atrion Corporation |  | 169 |
| Atyr Pharma, Inc. (a) | 2 | 4 |
| Avanos Medical, Inc. (a) | 9 | 253 |
| Avidity Biosciences, Inc. (a) | 14 | 316 |
| AxoGen, Inc. (a) | 11 | 114 |
| Axonics, Inc. (a) | 8 | 492 |
| Azenta, Inc. (a) | 1 | 72 |
| Beam Therapeutics Inc. (a) | 3 | 116 |
| Beyond Air, Inc. (a) (b) | 3 | 20 |
| Bioatla, Inc. (a) | 1 | 10 |
| Biohaven Pharmaceutical Holding Company Ltd. (a) |  | 1 |
| BioLife Solutions, Inc. (a) | 7 | 122 |
| Biomea Fusion, Inc. (a) | 2 | 19 |
| Bioventus Inc. - Class A (a) (b) | 1 | 3 |
| Bioxcel Therapeutics, Inc. (a) |  | 7 |
| Bluebird Bio, Inc. (a) | 24 | 165 |
| Blueprint Medicines Corporation (a) | 7 | 294 |
| Brookdale Senior Living Inc. (a) | 51 | 139 |
| C4 Therapeutics, Inc. (a) | 4 | 22 |
| Capricor Therapeutics, Inc. (a) | 3 | 12 |
| Cara Therapeutics, Inc. (a) | 16 | 172 |
| Cardiovascular Systems, Inc. (a) | 11 | 153 |
| CareCloud, Inc. (a) | 1 | 4 |
| Caredx, Inc. (a) | 7 | 84 |
| Caribou Biosciences, Inc. (a) | 5 | 29 |
| CASI Pharmaceuticals, Inc. (a) | 2 | 3 |
| Castle Biosciences, Inc. (a) | 5 | 129 |
| Catalyst Pharmaceuticals, Inc. (a) | 25 | 466 |
| Celcuity Inc. (a) |  | 1 |
| Celldex Therapeutics, Inc. (a) | 5 | 202 |
| Century Therapeutics, Inc. (a) | 1 | 6 |
| Certara, Inc. (a) | 13 | 208 |
| Champions Oncology, Inc. (a) | 1 | 2 |
| Chemed Corporation |  | 95 |
| Chimerix, Inc. (a) | 15 | 28 |
| Chinook Therapeutics, Inc. (a) | 11 | 288 |
| Chinook Therapeutics, Inc. (a) (e) | 3 | 6 |
| Codexis, Inc. (a) | 10 | 45 |
| Cogent Biosciences, Inc. (a) | 13 | 155 |
| Collegium Pharmaceutical, Inc. (a) | 10 | 223 |
| Community Health Systems, Inc. (a) | 24 | 104 |
| Computer Programs and Systems, Inc. (a) | 4 | 112 |
| Concert Pharmaceuticals, Inc. (a) | 12 | 68 |
| CONMED Corporation | 5 | 436 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Corcept Therapeutics Incorporated (a) | 18 | 370 |
| Coronado Topco, Inc. (a) |  | 23 |
| CorVel Corporation (a) | 3 | 461 |
| Crinetics Pharmaceuticals, Inc. (a) | 8 | 143 |
| CRISPR Therapeutics AG (a) | 13 | 522 |
| Cross Country Healthcare, Inc. (a) | 8 | 217 |
| Cryoport, Inc. (a) | 8 | 142 |
| Cue Biopharma, Inc. (a) | 7 | 19 |
| Cullinan Oncology, LLC (a) | 2 | 25 |
| Cumberland Pharmaceuticals, Inc. (a) | 3 | 6 |
| Cutera, Inc. (a) | 3 | 125 |
| CymaBay Therapeutics, Inc. (a) | 22 | 137 |
| Cytomx Therapeutics, Inc. (a) (b) | 14 | 22 |
| CytoSorbents Corporation (a) | 7 | 12 |
| Day One Biopharmaceuticals, Inc. (a) | 3 | 65 |
| Deciphera Pharmaceuticals, Inc. (a) | 17 | 278 |
| Denali Therapeutics Inc. (a) | 8 | 232 |
| Design Therapeutics, Inc. (a) | 3 | 31 |
| DURECT Corporation (a) | 4 | 14 |
| Dynavax Technologies Corporation (a) | 15 | 154 |
| Dyne Therapeutics Inc. (a) | 7 | 77 |
| Eagle Pharmaceuticals, Inc. (a) | 4 | 111 |
| Edesa Biotech Inc. (a) (b) | 2 | 4 |
| Edgewise Therapeutics, Inc. (a) | 1 | 11 |
| Editas Medicine, Inc. (a) | 20 | 174 |
| Eiger Biopharmaceuticals, Inc. (a) | 11 | 13 |
| Electromed, Inc. (a) | 1 | 8 |
| Embecta Corp. | 7 | 174 |
| Emergent BioSolutions Inc. (a) | 8 | 98 |
| Enanta Pharmaceuticals, Inc. (a) | 6 | 263 |
| Encompass Health Corporation | 15 | 923 |
| Enhabit Inc. (a) | 7 | 90 |
| Enovis Corporation (a) | 9 | 477 |
| Envista Holdings Corporation (a) | 27 | 907 |
| Enzo Biochem, Inc. (a) | 10 | 14 |
| Equillium, Inc. (a) (b) | 1 | 1 |
| Erasca, Inc. (a) | 5 | 21 |
| Evolent Health, Inc. - Class A (a) | 16 | 443 |
| Exagen Inc. (a) | 1 | 2 |
| Exelixis, Inc. (a) | 48 | 778 |
| Eyepoint Pharmaceuticals, Inc. (a) (b) | 2 | 6 |
| Fate Therapeutics, Inc. (a) | 10 | 100 |
| Fonar Corporation (a) | 1 | 20 |
| Frequency Therapeutics, Inc. (a) | 1 | 5 |
| Fulcrum Therapeutics, Inc. (a) | 7 | 54 |
| Fulgent Genetics, Inc. (a) | 5 | 152 |
| G1 Therapeutics, Inc. (a) | 8 | 42 |
| Generation Bio Co. (a) | 4 | 15 |
| Genprex, Inc. (a) (b) | 3 | 4 |
| Geron Corporation (a) | 20 | 47 |
| Glaukos Corporation (a) | 7 | 287 |
| Globus Medical, Inc. - Class A (a) | 4 | 315 |
| GlycoMimetics, Inc. (a) | 7 | 21 |
| Graphite Bio, Inc. (a) | 4 | 14 |
| Gritstone Bio, Inc. (a) (b) | 13 | 46 |
| Haemonetics Corporation (a) | 8 | 612 |
| Halozyme Therapeutics, Inc. (a) | 11 | 601 |
| Harmony Biosciences Holdings Inc. (a) | 8 | 436 |
| Harrow Health, Inc. (a) | 6 | 93 |
| Harvard Bioscience, Inc. (a) | 9 | 25 |
| Health Catalyst, Inc. (a) | 8 | 81 |
| HealthEquity, Inc. (a) | 11 | 703 |
| Healthstream, Inc. (a) | 9 | 233 |
| Heska Corporation (a) | 2 | 149 |
| Homology Medicines, Inc. (a) (b) | 12 | 16 |
| Hookipa Pharma Inc. (a) | 4 | 3 |
| Horizon Orphan LLC (a) | 9 | 184 |
| iCAD, Inc. (a) | 3 | 6 |
| IDEAYA Biosciences, Inc. (a) | 13 | 241 |
| IGM Biosciences, Inc. (a) | 3 | 48 |
| ImmunoGen, Inc. (a) | 15 | 73 |
| ImmunoPrecise Antibodies Ltd. (a) |  | 2 |
| Immunovant, Inc. (a) | 22 | 387 |
| Inari Medical, Inc. (a) | 3 | 196 |
| InfuSystem Holdings, Inc. (a) | 4 | 34 |
| Innoviva, Inc. (a) | 18 | 235 |
| Inogen, Inc. (a) | 7 | 132 |
| Integer Holdings Corporation (a) | 6 | 417 |
| Integra LifeSciences Holdings Corporation (a) | 13 | 754 |
| Intellia Therapeutics, Inc. (a) | 10 | 360 |
| Intra-Cellular Therapies, Inc. (a) | 2 | 88 |
| Ionis Pharmaceuticals, Inc. (a) | 4 | 142 |
| Iovance Biotherapeutics, Inc. (a) | 24 | 155 |
| Iradimed Corp. | 3 | 91 |
| Ironwood Pharmaceuticals, Inc. - Class A (a) | 23 | 279 |
| Iteos Therapeutics Inc. (a) | 1 | 24 |
| Iveric Bio, Inc. (a) | 17 | 370 |
| Jounce Therapeutics, Inc. (a) | 12 | 14 |
| KalVista Pharmaceuticals Inc. (a) | 4 | 25 |
| Karuna Therapeutics, Inc. (a) | 1 | 198 |
| Kezar Life Sciences, Inc. (a) | 2 | 12 |
| Kiniksa Pharmaceuticals Ltd. - Class A (a) | 7 | 112 |
| Kinnate Biopharma Inc. (a) (b) | 1 | 6 |
| Kodiak Sciences Inc. (a) | 8 | 60 |
| Krystal Biotech, Inc. (a) | 4 | 319 |
| Kura Oncology, Inc. (a) | 17 | 215 |
| Kymera Therapeutics, Inc. (a) | 6 | 149 |
| Lantheus Holdings, Inc. (a) | 11 | 577 |
| Larimar Therapeutics, Inc. (a) | 2 | 7 |
| LeMaitre Vascular, Inc. | 4 | 181 |
| Lensar, Inc. (a) | 1 | 3 |
| Lexicon Pharmaceuticals, Inc. (a) | 28 | 54 |
| LHC Group, Inc. (a) | 5 | 811 |
| Ligand Pharmaceuticals Incorporated (a) | 3 | 193 |
| Lineage Cell Therapeutics, Inc. (a) (b) | 4 | 5 |
| Liquidia Technologies, Inc. (a) (b) | 4 | 23 |
| LivaNova PLC (a) | 8 | 450 |
| Lyell Immunopharma Inc. (a) | 2 | 6 |
| MacroGenics, Inc. (a) | 16 | 106 |
| Magenta Therapeutics, Inc. (a) | 12 | 5 |
| Maravai LifeSciences Holdings, Inc. - Class A (a) | 2 | 34 |
| Marinus Pharmaceuticals, Inc. (a) (b) | 7 | 27 |
| MediciNova, Inc. (a) | 3 | 6 |
| Medpace Holdings, Inc. (a) | 6 | 1198 |
| MeiraGTx Holdings plc (a) | 11 | 70 |
| Meridian Bioscience, Inc. (a) | 9 | 284 |
| Merit Medical Systems, Inc. (a) | 10 | 703 |
| Merrimack Pharmaceuticals, Inc. (a) | 1 | 9 |
| Mersana Therapeutics, Inc. (a) | 16 | 92 |
| Mesa Laboratories, Inc. | 1 | 167 |
| Milestone Pharmaceuticals Inc. (a) | 2 | 7 |
| Mirati Therapeutics, Inc. (a) | 8 | 348 |
| Mirum Pharmaceuticals, Inc. (a) | 1 | 18 |
| ModivCare Inc. (a) | 2 | 203 |
| Morphic Holding, Inc. (a) | 5 | 140 |
| Myriad Genetics, Inc. (a) | 15 | 219 |
| NanoString Technologies, Inc. (a) | 3 | 24 |
| National HealthCare Corporation | 4 | 214 |
| National Research Corporation | 6 | 213 |
| Nektar Therapeutics (a) | 34 | 76 |
| Neogen Corporation (a) | 16 | 237 |
| Neogenomics, Inc. (a) | 20 | 188 |
| Neurocrine Biosciences, Inc. (a) |  | 21 |
| Neuronetics, Inc. (a) | 7 | 48 |
| Nevro Corp. (a) | 2 | 66 |
| Nextcure, Inc. (a) | 6 | 9 |
| NextGen Healthcare, Inc. (a) | 11 | 203 |
| NGM Biopharmaceuticals, Inc. (a) | 12 | 60 |
| Nighthawk Biosciences Inc. (a) | 4 | 4 |
| Nkarta, Inc. (a) | 2 | 11 |
| Nurix Therapeutics, Inc. (a) | 13 | 138 |
| NuVasive, Inc. (a) | 8 | 348 |
| Ocular Therapeutix, Inc. (a) | 8 | 23 |
| Olema Pharmaceuticals Inc. (a) | 3 | 7 |
| OmniAb, Inc. (a) (e) | 1 |  |
| OmniAb, Inc. (a) (e) | 1 |  |
| OmniAb, Inc. (a) | 14 | 51 |
| Omnicell, Inc. (a) | 8 | 395 |
| Opiant Pharmaceuticals, Inc. (a) | 1 | 10 |
| OPKO Health, Inc. (a) | 97 | 121 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| OptimizeRX Corporation (a) | 3 | 53 |
| Option Care Health, Inc. (a) | 31 | 924 |
| Orasure Technologies, Inc. (a) | 15 | 73 |
| Organogenesis Holdings Inc. - Class A (a) | 19 | 52 |
| Organon & Co. |  | 13 |
| Orgenesis Inc. (a) (b) | 2 | 4 |
| Orthofix Medical Inc. (a) | 5 | 107 |
| Orthopediatrics Corp. (a) | 5 | 188 |
| Owens & Minor, Inc. (a) | 14 | 268 |
| Pacific Biosciences of California, Inc. (a) | 23 | 188 |
| Pacira Pharmaceuticals, Inc. (a) | 7 | 264 |
| Patterson Companies, Inc. | 16 | 460 |
| PDL BioPharma, Inc. (a) (e) | 14 | 35 |
| Pediatrix Medical Group, Inc. (a) | 14 | 213 |
| Perrigo Company Public Limited Company | 25 | 842 |
| Personalis, Inc. (a) | 7 | 14 |
| PetIQ, Inc. - Class A (a) | 8 | 69 |
| Phibro Animal Health Corporation - Class A | 5 | 73 |
| Phreesia, Inc. (a) | 5 | 159 |
| Pieris Pharmaceuticals GmbH (a) | 12 | 13 |
| Pliant Therapeutics, Inc. (a) | 2 | 47 |
| PMV Pharmaceuticals, Inc. (a) | 10 | 88 |
| Poseida Therapeutics, Inc. (a) | 14 | 73 |
| Pphm, Inc. (a) | 15 | 205 |
| Praxis Precision Medicines, Inc. (a) | 8 | 19 |
| Precigen, Inc. (a) | 6 | 9 |
| Precision Biosciences, Inc. (a) | 12 | 14 |
| Premier Healthcare Solutions, Inc. - Class A | 18 | 620 |
| Prestige Consumer Healthcare Inc. (a) | 9 | 539 |
| Privia Health Group Inc. (a) | 11 | 248 |
| Progyny, Inc. (a) | 12 | 366 |
| ProPhase Labs, Inc. (a) (b) | 3 | 28 |
| Protagonist Therapeutics, Inc. (a) | 13 | 137 |
| Prothena Corporation Public Limited Company (a) | 7 | 442 |
| Pulmonx Corporation (a) | 5 | 39 |
| Puma Biotechnology, Inc. (a) | 8 | 34 |
| Quanterix Corporation (a) | 6 | 86 |
| RadNet, Inc. (a) | 14 | 260 |
| Rain Therapeutics, Inc. (a) | 1 | 9 |
| Rallybio Corporation (a) | 2 | 10 |
| Recursion Pharmaceuticals, Inc. - Class A (a) | 5 | 41 |
| Regenxbio Inc. (a) | 8 | 192 |
| Relay Therapeutics, Inc. (a) | 16 | 239 |
| Relmada Therapeutics, Inc. (a) | 5 | 18 |
| Repare Therapeutics Inc. (a) | 4 | 57 |
| Replimune Group, Inc. (a) | 12 | 337 |
| Revolution Medicines, Inc. (a) | 12 | 294 |
| Rhythm Pharmaceuticals, Inc. (a) | 7 | 195 |
| Rocket Pharmaceuticals, Inc. (a) | 13 | 255 |
| RVL Pharmaceuticals Public Limited Company (a) | 2 | 2 |
| RxSight, Inc. (a) | 3 | 32 |
| Sage Therapeutics Inc. (a) | 10 | 382 |
| Sangamo Therapeutics, Inc. (a) | 46 | 146 |
| Satsuma Pharmaceuticals, Inc. (a) | 7 | 6 |
| Scholar Rock Holding Corporation (a) | 5 | 43 |
| Schrodinger, Inc. (a) | 6 | 119 |
| scPharmaceuticals Inc. (a) | 2 | 16 |
| SeaSpine Holdings Corporation (a) | 11 | 93 |
| Seer, Inc. - Class A (a) | 6 | 36 |
| Select Medical Holdings Corporation | 22 | 550 |
| Semler Scientific, Inc. (a) | 2 | 50 |
| Sensus Healthcare, Inc. (a) | 2 | 18 |
| Shockwave Medical, Inc. (a) | 1 | 169 |
| SI-BONE, Inc. (a) | 9 | 117 |
| SIGA Technologies, Inc. | 16 | 115 |
| Sight Sciences, Inc. (a) | 3 | 41 |
| Simulations Plus, Inc. | 5 | 169 |
| Sonida Senior Living, Inc. (a) (b) |  | 6 |
| Sotera Health LLC (a) | 25 | 211 |
| Spectrum Pharmaceuticals, Inc. (a) | 30 | 11 |
| Spero Therapeutics, Inc. (a) | 10 | 17 |
| Springworks Therapeutics, Inc. (a) | 5 | 135 |
| STAAR Surgical Company (a) | 8 | 368 |
| Standard Biotools Inc. (a) (b) | 6 | 7 |
| Stereotaxis, Inc. (a) | 14 | 30 |
| Stoke Therapeutics, Inc. (a) | 9 | 82 |
| Supernus Pharmaceuticals, Inc. (a) | 9 | 325 |
| Surface Oncology, Inc. (a) | 11 | 9 |
| Surgalign Holdings, Inc. (a) |  | 1 |
| Surmodics, Inc. (a) | 4 | 131 |
| Sutro Biopharma, Inc. (a) | 13 | 104 |
| Symbion, Inc. (a) | 14 | 377 |
| Syndax Pharmaceuticals, Inc. (a) | 12 | 312 |
| Syneos Health, Inc. - Class A (a) | 9 | 324 |
| Synlogic Operating Company, Inc. (a) | 2 | 1 |
| Tactile Systems Technology, Inc. (a) | 6 | 66 |
| Tandem Diabetes Care, Inc. (a) | 1 | 43 |
| Taro Pharmaceutical Industries Ltd (a) | 4 | 125 |
| Tarsus Pharmaceuticals, Inc. (a) | 5 | 68 |
| TCR2 Therapeutics Inc. (a) | 8 | 8 |
| Teladoc Health, Inc. (a) | 14 | 322 |
| Tenet Healthcare Corporation (a) | 9 | 450 |
| The Ensign Group, Inc. | 10 | 907 |
| The Joint Corp (a) | 4 | 55 |
| The Pennant Group, Inc. (a) | 8 | 92 |
| TransMedics Group, Inc. (a) | 5 | 286 |
| Twist Bioscience Corporation (a) | 8 | 191 |
| U. S. Physical Therapy, Inc. | 2 | 167 |
| UFP Technologies, Inc. (a) | 2 | 237 |
| Ultragenyx Pharmaceutical Inc. (a) | 4 | 174 |
| Utah Medical Products, Inc. | 1 | 92 |
| Vanda Pharmaceuticals Inc. (a) | 16 | 120 |
| Vapotherm, Inc. (a) (b) | 6 | 15 |
| Varex Imaging Corporation (a) | 11 | 230 |
| Vaxcyte, Inc. (a) | 1 | 46 |
| VBI Vaccines (Delaware) Inc. (a) | 11 | 4 |
| Veracyte, Inc. (a) | 12 | 288 |
| Verastem, Inc. (a) | 41 | 17 |
| Vericel Corporation (a) | 7 | 191 |
| ViewRay, Inc. (a) | 42 | 189 |
| Viking Therapeutics, Inc. (a) | 17 | 162 |
| Viracta Therapeutics, Inc. (a) | 8 | 11 |
| Voyager Therapeutics, Inc. (a) | 7 | 43 |
| Wave Life Sciences Ltd. (a) | 2 | 14 |
| X4 Pharmaceuticals Inc. (a) | 5 | 5 |
| Xbiotech Inc (a) | 6 | 21 |
| Xencor, Inc. (a) | 10 | 254 |
| Xenon Pharmaceuticals Inc. (a) | 8 | 305 |
| Y-mAbs Therapeutics, Inc. (a) | 5 | 24 |
| Zentalis Pharmaceuticals, Inc. (a) | 2 | 31 |
| | | 59025 |
| **Information Technology 11.4%** | **Information Technology 11.4%** | **Information Technology 11.4%** |
| 3D Systems Corporation (a) | 12 | 91 |
| A10 Networks, Inc. | 21 | 343 |
| ACI Worldwide, Inc. (a) | 30 | 695 |
| Adeia Inc. | 8 | 75 |
| Adtran Holdings, Inc. | 22 | 416 |
| Advanced Energy Industries, Inc. | 9 | 785 |
| Agilysys, Inc. (a) | 5 | 414 |
| Airgain, Inc. (a) | 2 | 15 |
| Akoustis Technologies, Inc. (a) (b) | 8 | 23 |
| Alarm.Com Holdings, Inc. (a) | 12 | 599 |
| Alpha and Omega Semiconductor Limited (a) | 7 | 200 |
| Altair Engineering Inc. - Class A (a) | 11 | 522 |
| Ambarella Inc. (a) | 6 | 480 |
| American Software, Inc. - Class A | 8 | 124 |
| Amkor Technology, Inc. | 45 | 1077 |
| Amtech Systems, Inc. (a) | 3 | 24 |
| AppFolio, Inc. - Class A (a) | 2 | 258 |
| Applied Optoelectronics, Inc. (a) | 5 | 10 |
| Arlo Technologies, Inc. (a) | 16 | 54 |
| Arrow Electronics, Inc. (a) |  | 33 |
| AstroNova, Inc. (a) | 1 | 6 |
| Asure Software, Inc. (a) | 4 | 37 |
| Aviat Networks, Inc. (a) | 2 | 60 |
| Avid Technology, Inc. (a) | 8 | 201 |
| Avidxchange Holdings, Inc. (a) | 7 | 72 |
| Avnet, Inc. | 17 | 712 |
| Aware Inc. (a) | 5 | 8 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Axcelis Technologies, Inc. (a) | 6 | 450 |
| AXT, Inc. (a) | 11 | 50 |
| Badger Meter, Inc. | 5 | 551 |
| Bel Fuse Inc. - Class B | 3 | 97 |
| Belden Inc. | 7 | 515 |
| Benchmark Electronics, Inc. | 9 | 251 |
| Blackbaud, Inc. (a) | 9 | 525 |
| BM Technologies, Inc. - Class A (a) (b) |  | 2 |
| Box, Inc. - Class A (a) | 24 | 741 |
| Brightcove Inc. (a) | 11 | 56 |
| CalAmp Corp. (a) | 8 | 36 |
| Calix, Inc. (a) | 11 | 769 |
| Cambium Networks Corp. (a) | 8 | 164 |
| Cantaloupe, Inc. (a) | 18 | 80 |
| Casa Systems, Inc. (a) | 4 | 12 |
| Cass Information Systems, Inc. | 4 | 175 |
| Cerence Inc. (a) | 6 | 106 |
| CEVA Inc. (a) | 6 | 161 |
| Cirrus Logic, Inc. (a) | 10 | 738 |
| Clearfield, Inc. (a) | 3 | 298 |
| Climb Global Solutions, Inc. | 1 | 37 |
| Coda Octopus Group, Inc. (a) | 1 | 8 |
| Cognyte Software Ltd (a) | 7 | 21 |
| Coherent Corp. (a) | 9 | 328 |
| Cohu, Inc. (a) | 9 | 274 |
| CommScope Holding Company, Inc. (a) | 30 | 222 |
| CommVault Systems, Inc. (a) | 7 | 418 |
| Computer Task Group, Incorporated (a) | 3 | 22 |
| Comtech Telecommunications Corp. | 8 | 96 |
| Concentrix Corporation | 1 | 183 |
| Conduent Incorporated (a) | 57 | 230 |
| Consensus Cloud Solutions, Inc. (a) | 4 | 214 |
| CoreCard Corporation (a) | 1 | 42 |
| CPI Card Group Inc. (a) | 1 | 44 |
| CSG Systems International, Inc. | 7 | 377 |
| CTS Corporation | 5 | 198 |
| Daktronics, Inc. (a) | 10 | 30 |
| Digi International Inc. (a) | 8 | 297 |
| Digital Turbine USA, Inc. (a) | 6 | 89 |
| Diodes Incorporated (a) | 8 | 593 |
| DoubleVerify Holdings, Inc. (a) | 16 | 356 |
| Duck Creek Technologies, Inc. (a) | 18 | 220 |
| DXC Technology Company (a) | 6 | 162 |
| DZS, Inc. (a) | 8 | 103 |
| Ebix, Inc. | 7 | 131 |
| Edgio, Inc. (a) | 47 | 53 |
| Egain Corporation (a) | 8 | 71 |
| EMCORE Corporation (a) | 9 | 8 |
| EngageSmart, Inc. (a) | 9 | 151 |
| Envestnet, Inc. (a) | 8 | 518 |
| ePlus inc. (a) | 5 | 203 |
| Euronet Worldwide, Inc. (a) | 8 | 733 |
| Everbridge, Inc. (a) | 1 | 31 |
| EverCommerce Inc. (a) | 1 | 7 |
| Everspin Technologies, Inc. (a) | 4 | 22 |
| EVERTEC, Inc. | 10 | 329 |
| EVO Payments, Inc. - Class A (a) | 6 | 214 |
| ExlService Holdings, Inc. (a) | 6 | 996 |
| Extreme Networks, Inc. (a) | 24 | 437 |
| Fabrinet (a) | 6 | 810 |
| FARO Technologies, Inc. (a) | 5 | 152 |
| Fastly, Inc. - Class A (a) | 2 | 12 |
| Flywire Corporation (a) | 9 | 221 |
| Formfactor, Inc. (a) | 13 | 286 |
| Freshworks, Inc. - Class A (a) (b) | 2 | 24 |
| Genasys Inc. (a) | 7 | 27 |
| Grid Dynamics Holdings, Inc. - Class A (a) | 10 | 115 |
| GSI Technology, Inc. (a) | 3 | 6 |
| Guidewire Software, Inc. (a) | 9 | 569 |
| Harmonic, Inc. (a) | 19 | 245 |
| I3 Verticals, Inc. - Class A (a) | 6 | 155 |
| IBEX Limited (a) | 1 | 34 |
| Ichor Holdings, Ltd. (a) | 7 | 199 |
| Identiv, Inc. (a) | 6 | 41 |
| Immersion Corporation | 5 | 37 |
| Information Services Group, Inc. | 12 | 56 |
| Innodata Inc. (a) | 6 | 17 |
| Insight Enterprises, Inc. (a) | 6 | 619 |
| InterDigital, Inc. | 5 | 230 |
| International Money Express Inc. (a) | 10 | 249 |
| inTEST Corporation (a) | 3 | 27 |
| Intevac, Inc. (a) | 5 | 29 |
| IPG Photonics Corporation (a) | 9 | 841 |
| Issuer Direct Corporation (a) | 1 | 22 |
| Iteris, Inc. (a) | 8 | 25 |
| Itron, Inc. (a) | 8 | 395 |
| JAMF Holding Corp. (a) | 9 | 194 |
| JFROG Ltd (a) | 6 | 132 |
| Kimball Electronics Group, LLC (a) | 7 | 159 |
| Knowles Corporation (a) | 20 | 322 |
| Kulicke and Soffa Industries, Inc. | 10 | 460 |
| KVH Industries, Inc. (a) | 5 | 47 |
| Kyndryl Holdings, Inc. (a) | 37 | 407 |
| Lantronix, Inc. (a) | 7 | 29 |
| Lattice Semiconductor Corporation (a) | 7 | 483 |
| Littelfuse, Inc. | 2 | 484 |
| LiveRamp Holdings, Inc. (a) | 10 | 227 |
| Lumentum Holdings Inc. (a) | 10 | 506 |
| Luna Innovations Incorporated (a) | 8 | 68 |
| MACOM Technology Solutions Holdings, Inc. (a) | 11 | 665 |
| Magnachip Semiconductor Corporation (a) | 12 | 113 |
| Marqeta, Inc. - Class A (a) | 57 | 350 |
| MAXIMUS, Inc. | 9 | 666 |
| MaxLinear, Inc. (a) | 11 | 377 |
| MeridianLink, Inc. (a) | 1 | 9 |
| Methode Electronics, Inc. | 6 | 263 |
| Mitek Systems, Inc. (a) | 12 | 115 |
| MKS Instruments, Inc. | 2 | 155 |
| Model N, Inc. (a) | 8 | 311 |
| Momentive Global Inc. (a) | 7 | 49 |
| MoneyGram International, Inc. (a) | 16 | 173 |
| N-Able, Inc. (a) | 17 | 180 |
| Napco Security Technologies, Inc. (a) | 9 | 251 |
| National Instruments Corporation | 20 | 753 |
| NCR Corporation (a) | 21 | 491 |
| NETGEAR, Inc. (a) | 8 | 143 |
| NetScout Systems, Inc. (a) | 13 | 429 |
| Network-1 Technologies, Inc. | 3 | 6 |
| Nextnav Inc. (a) (b) | 4 | 10 |
| Nlight, Inc. (a) | 10 | 106 |
| Novanta Inc. (a) | 6 | 869 |
| NVE Corporation | 1 | 79 |
| Olo Inc. - Class A (a) | 14 | 87 |
| ON24, Inc. (a) | 9 | 75 |
| One Stop Systems, Inc. (a) | 1 | 4 |
| Onespan, Inc. (a) | 11 | 120 |
| Onto Innovation Inc. (a) | 9 | 596 |
| Osi Systems, Inc. (a) | 3 | 249 |
| PAR Technology Corporation (a) (b) | 4 | 95 |
| Paya Holdings Inc. - Class A (a) | 20 | 159 |
| Paysafe Limited (a) |  | 5 |
| Paysign, Inc. (a) | 3 | 8 |
| PC Connection, Inc. | 4 | 209 |
| PC-Tel, Inc. | 3 | 12 |
| PDF Solutions, Inc. (a) | 10 | 286 |
| Perficient, Inc. (a) | 6 | 410 |
| PFSweb, Inc. | 6 | 36 |
| Photronics, Inc. (a) | 3 | 54 |
| Pixelworks, Inc. (a) (b) | 12 | 20 |
| Plexus Corp. (a) | 5 | 488 |
| Power Integrations, Inc. | 10 | 723 |
| Powerfleet Inc. (a) | 8 | 22 |
| Powerschool Holdings, Inc. - Class A (a) | 12 | 283 |
| Progress Software Corporation | 7 | 351 |
| Q2 Holdings, Inc. (a) | 3 | 71 |
| Qualys, Inc. (a) | 7 | 765 |
| Rackspace Technology, Inc. (a) | 17 | 50 |
| Rambus Inc. (a) | 20 | 706 |
| Remitly Global, Inc. (a) | 12 | 133 |
| Ribbon Communications Inc. (a) | 48 | 133 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Richardson Electronics, Ltd. | 3 | 61 |
| Rimini Street, Inc. (a) | 23 | 86 |
| Rogers Corporation (a) | 3 | 317 |
| Sanmina Corporation (a) | 10 | 584 |
| Sapiens International Corporation N.V. | 10 | 180 |
| ScanSource, Inc. (a) | 8 | 224 |
| Secureworks Corp. - Class A (a) | 3 | 20 |
| Semtech Corporation (a) | 11 | 306 |
| Shift4 Payments, LLC - Class A (a) | 5 | 262 |
| ShotSpotter, Inc. (a) | 2 | 73 |
| Silicon Laboratories Inc. (a) | 6 | 750 |
| SMART Global Holdings, Inc. (a) | 11 | 167 |
| Smith Micro Software, Inc. (a) | 10 | 21 |
| SolarWinds Corporation (a) | 15 | 138 |
| SPS Commerce, Inc. (a) | 5 | 698 |
| Squarespace, Inc. - Class A (a) | 6 | 134 |
| StarTek, Inc. (a) | 6 | 23 |
| Stratasys, Inc. (a) | 14 | 164 |
| Sumo Logic, Inc. (a) | 22 | 175 |
| Super Micro Computer, Inc. (a) | 8 | 674 |
| Synaptics Incorporated (a) | 7 | 664 |
| Synchronoss Technologies, Inc. (a) | 5 | 3 |
| Taskus, Inc. - Class A (a) (b) | 2 | 35 |
| Telos Corporation (a) | 7 | 33 |
| Teradata Corporation (a) | 17 | 578 |
| Terawulf Inc. (a) (b) |  |  |
| TESSCO Technologies Incorporated (a) | 1 | 2 |
| The Hackett Group, Inc. | 9 | 182 |
| The Western Union Company | 48 | 655 |
| TransAct Technologies Incorporated (a) |  | 1 |
| TTEC Holdings, Inc. | 8 | 358 |
| TTM Technologies, Inc. (a) | 15 | 221 |
| Tucows Inc. - Class A (a) (b) | 1 | 27 |
| Turtle Beach Corporation (a) | 4 | 29 |
| Ultra Clean Holdings, Inc. (a) | 7 | 240 |
| Unisys Corporation (a) | 12 | 62 |
| Universal Display Corporation | 7 | 782 |
| Upland Software, Inc. (a) | 4 | 28 |
| Usio, Inc. (a) | 5 | 8 |
| Varonis Systems, Inc. (a) | 2 | 40 |
| Veeco Instruments Inc. (a) | 10 | 184 |
| Verint Systems Inc. (a) | 11 | 399 |
| Vertex, Inc. - Class A (a) | 3 | 44 |
| ViaSat, Inc. (a) | 11 | 361 |
| Viavi Solutions Inc. (a) | 37 | 386 |
| VirnetX Holding Corporation (a) | 2 | 3 |
| Vishay Intertechnology, Inc. | 24 | 510 |
| Vishay Precision Group, Inc. (a) | 3 | 133 |
| Vm Consolidated, Inc. - Class A (a) | 25 | 344 |
| Vontier Corporation | 25 | 484 |
| Wex, Inc. (a) | 1 | 167 |
| Xerox Holdings Corporation | 29 | 424 |
| Xperi Inc. (a) | 1 | 13 |
| Yext, Inc. (a) | 22 | 146 |
| | | 55856 |
| **Energy 6.6%** | **Energy 6.6%** | **Energy 6.6%** |
| Adams Resources & Energy, Inc. | 1 | 31 |
| Alto Ingredients, Inc. (a) | 20 | 56 |
| Amplify Energy Corp. (a) | 9 | 80 |
| Antero Midstream Corporation | 86 | 932 |
| Arch Resources, Inc. - Class A | 4 | 525 |
| Archrock, Inc. | 24 | 213 |
| Ardmore Shipping Services (Ireland) Limited (a) | 11 | 162 |
| Berry Corporation (Bry) | 20 | 156 |
| Bristow Holdings U.S. Inc. (a) | 7 | 200 |
| Cactus, Inc. - Class A | 10 | 484 |
| California Resources Corporation | 11 | 460 |
| Callon Petroleum Company (a) | 9 | 328 |
| Centrus Energy Corp. - Class A (a) | 4 | 118 |
| ChampionX Corporation | 30 | 881 |
| Chord Energy Corporation | 7 | 921 |
| Civitas Resources, Inc. | 5 | 287 |
| Clean Energy Fuels Corp. (a) | 32 | 165 |
| CNX Resources Corporation (a) | 34 | 571 |
| Comstock Resources, Inc. | 39 | 535 |
| CONSOL Energy Inc. | 8 | 548 |
| Core Laboratories N.V. | 10 | 205 |
| CVR Energy, Inc. | 13 | 396 |
| Delek US Holdings, Inc. | 12 | 313 |
| Denbury Inc. (a) | 8 | 689 |
| DHT Holdings, Inc. | 33 | 293 |
| DMC Global Inc. (a) | 4 | 70 |
| Dorian LPG Ltd. | 12 | 221 |
| Dril-Quip, Inc. (a) | 9 | 241 |
| DT Midstream, Inc. | 14 | 767 |
| Earthstone Energy, Inc. - Class A (a) | 19 | 273 |
| Enlink Midstream, LLC | 76 | 931 |
| Epsilon Energy Ltd. | 5 | 33 |
| Equitrans Midstream Corporation | 69 | 461 |
| Evolution Petroleum Corporation | 8 | 64 |
| Expro Group Holdings N.V. (a) | 4 | 75 |
| Forum Energy Technologies, Inc. (a) | 1 | 44 |
| Geospace Technologies Corporation (a) | 2 | 9 |
| Gevo, Inc. (a) (b) | 5 | 10 |
| Green Plains Inc. (a) | 9 | 263 |
| Gulf Island Fabrication, Inc. (a) | 2 | 8 |
| Gulfport Energy Operating Corporation (a) | 2 | 177 |
| Hallador Energy Company (a) | 9 | 85 |
| Helix Energy Solutions Group, Inc. (a) | 42 | 306 |
| Helmerich & Payne, Inc. | 16 | 806 |
| Independence Contract Drilling, Inc. (a) |  | 1 |
| International Seaways, Inc. | 9 | 335 |
| Kosmos Energy Ltd. (a) | 80 | 507 |
| Laredo Petroleum, Inc. (a) | 3 | 152 |
| Liberty Energy Inc. - Class A | 26 | 421 |
| Lightbridge Corporation (a) |  |  |
| Magnolia Oil & Gas Corporation - Class A | 33 | 770 |
| Mammoth Energy Services, Inc. (a) | 9 | 77 |
| Matador Resources Company | 17 | 1001 |
| Murphy Oil Corporation | 15 | 650 |
| Nabors Industries Ltd (a) | 1 | 220 |
| NACCO Industries, Inc. - Class A | 1 | 51 |
| National Energy Services Reunited Corporation (a) | 25 | 171 |
| Natural Gas Services Group, Inc. (a) | 2 | 26 |
| Newpark Resources, Inc. (a) | 29 | 120 |
| NexTier Oilfield Solutions Inc. (a) | 46 | 430 |
| Nine Energy Service, Inc. (a) | 7 | 98 |
| Noble Corporation PLC (a) | 18 | 671 |
| Nordic American Tankers Limited | 43 | 132 |
| Northern Oil and Gas Incorporated | 11 | 343 |
| Nov Inc. | 16 | 333 |
| Oceaneering International, Inc. (a) | 21 | 359 |
| Oil States International, Inc. (a) | 19 | 141 |
| Overseas Shipholding Group, Inc. - Class A (a) | 22 | 64 |
| Par Pacific Holdings, Inc. (a) | 11 | 262 |
| Patterson-UTI Energy, Inc. | 35 | 592 |
| PBF Energy Inc. - Class A | 22 | 899 |
| PDC Energy, Inc. | 6 | 409 |
| Peabody Energy Corporation (a) | 21 | 547 |
| PEDEVCO Corp. (a) | 7 | 7 |
| Permian Resources Corporation - Class A | 59 | 551 |
| Phx Minerals Inc. - Class A | 10 | 37 |
| Primeenergy Resources Corporation (a) |  | 9 |
| Propetro Holding Corp. (a) | 22 | 230 |
| Range Resources Corporation | 11 | 281 |
| Ranger Oil Corporation - Class A | 1 | 56 |
| REX American Resources Corporation (a) | 5 | 151 |
| Riley Exploration - Permian, LLC | 1 | 39 |
| Ring Energy Inc. (a) | 18 | 45 |
| RPC, Inc. | 34 | 304 |
| SandRidge Energy, Inc. (a) | 10 | 173 |
| Scorpio Tankers Inc. | 12 | 649 |
| SEACOR Marine Holdings Inc. (a) | 6 | 51 |
| Select Energy Services, Inc. - Class A | 24 | 220 |
| SFL Corporation Ltd. | 25 | 229 |
| Sitio Royalties Corp. - Class A (a) | 8 | 220 |
| SM Energy Company | 21 | 731 |
| Smart Sand, Inc. (a) | 10 | 17 |
| Solaris Oilfield Infrastructure, Inc. - Class A | 10 | 97 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Talos Energy Inc. (a) | 15 | 278 |
| TechnipFMC PLC | 69 | 845 |
| Teekay Shipping (Canada) Ltd. (a) | 25 | 115 |
| Teekay Tankers Ltd. - Class A (a) | 8 | 255 |
| TETRA Technologies, Inc. (a) | 36 | 125 |
| Tidewater Inc. (a) | 10 | 353 |
| Transocean Ltd. (a) (c) | 104 | 475 |
| U.S. Silica Holdings, Inc. (a) | 19 | 244 |
| Uranium Energy Corp. (a) | 7 | 27 |
| VAALCO Energy, Inc. | 13 | 59 |
| Valaris Limited (a) | 5 | 348 |
| W&T Offshore, Inc. (a) | 36 | 203 |
| Weatherford International Public Limited Company (a) | 9 | 469 |
| World Fuel Services Corporation | 11 | 312 |
| | | 32380 |
| **Materials 6.3%** | **Materials 6.3%** | **Materials 6.3%** |
| Advanced Emissions Solutions, Inc. (a) | 4 | 8 |
| AdvanSix Inc. | 7 | 284 |
| AgroFresh Solutions, Inc. (a) | 4 | 13 |
| Alpha Metallurgical Resources, Inc. | 4 | 647 |
| American Vanguard Corporation | 9 | 189 |
| Ampco-Pittsburgh Corporation (a) | 3 | 7 |
| Arconic Corporation (a) | 16 | 342 |
| Ardagh Metal Packaging S.A. | 2 | 9 |
| Ascent Industries Co. (a) | 2 | 15 |
| Ashland Global Holdings Inc. | 9 | 990 |
| Aspen Aerogels, Inc. (a) | 2 | 20 |
| ATI Inc. (a) | 30 | 892 |
| Avient Corporation | 16 | 528 |
| Axalta Coating Systems Ltd. (a) | 34 | 860 |
| Balchem Corporation | 6 | 693 |
| Bioceres Crop Solutions Corp. (a) | 2 | 20 |
| Cabot Corporation | 10 | 655 |
| Caledonia Mining Corporation PLC | 2 | 23 |
| Carpenter Technology Corporation | 8 | 286 |
| Century Aluminum Company (a) | 15 | 123 |
| Chase Corporation | 3 | 219 |
| Clearwater Paper Corporation (a) | 5 | 172 |
| Coeur Mining, Inc. (a) | 67 | 224 |
| Commercial Metals Company | 21 | 1031 |
| Compass Minerals International, Inc. | 5 | 216 |
| Core Molding Technologies, Inc. (a) |  | 3 |
| Eagle Materials Inc. | 6 | 815 |
| Ecovyst Inc. (a) | 17 | 155 |
| Element Solutions Inc. | 43 | 779 |
| Ferroglobe PLC (a) | 37 | 144 |
| Flotek Industries, Inc. (a) | 5 | 6 |
| Fortitude Gold Corporation | 2 | 13 |
| Friedman Industries, Incorporated | 2 | 15 |
| FutureFuel Corp. | 10 | 84 |
| Glatfelter Corporation | 11 | 30 |
| Gold Resource Corporation | 18 | 28 |
| Graphic Packaging Holding Company | 29 | 640 |
| Greif, Inc. - Class A | 4 | 286 |
| Greif, Inc. - Class B | 3 | 202 |
| H.B. Fuller Company | 9 | 675 |
| Hawkins, Inc. | 5 | 188 |
| Haynes International, Inc. | 3 | 156 |
| Hecla Mining Company | 96 | 532 |
| Huntsman Corporation | 34 | 940 |
| Ingevity Corporation (a) | 6 | 452 |
| Innospec Inc. | 4 | 414 |
| Intrepid Potash, Inc. (a) | 4 | 118 |
| Kaiser Aluminum Corporation | 2 | 147 |
| Koppers Holdings Inc. | 6 | 165 |
| Kronos Worldwide, Inc. | 11 | 104 |
| Livent Corporation (a) | 28 | 553 |
| Louisiana-Pacific Corporation | 14 | 855 |
| LSB Industries, Inc. (a) | 16 | 210 |
| Materion Corporation | 4 | 307 |
| MATIV Holdings, Inc. | 13 | 269 |
| Mercer International Inc. | 19 | 217 |
| Minera Andes Inc. (a) |  | 2 |
| Minerals Technologies Inc. | 5 | 307 |
| MP Materials Corp. - Class A (a) | 21 | 514 |
| Myers Industries, Inc. | 9 | 208 |
| NewMarket Corporation | 2 | 533 |
| Nexa Resources S.A. | 7 | 43 |
| O-I Glass, Inc. (a) | 25 | 408 |
| Olin Corporation | 5 | 241 |
| Olympic Steel, Inc. | 3 | 99 |
| Orion Engineered Carbons Finance & Co. S.C.A. | 12 | 222 |
| Quaker Chemical Corporation | 3 | 460 |
| Ramaco Resources, Inc. | 9 | 75 |
| Ranpak Holdings Corp - Class A (a) | 12 | 71 |
| Rayonier Advanced Materials Inc. (a) | 17 | 159 |
| Resolute Forest Products Inc. (a) | 16 | 340 |
| Reynolds Group Holdings Limited | 14 | 159 |
| Royal Gold, Inc. | 1 | 108 |
| Ryerson Holding Corporation | 8 | 252 |
| Schnitzer Steel Industries, Inc. - Class A | 7 | 229 |
| Sensient Technologies Corporation | 7 | 528 |
| Silgan Holdings Inc. | 17 | 907 |
| Smith-Midland Corporation (a) | 1 | 18 |
| Sonoco Products Company | 8 | 471 |
| Stepan Company | 4 | 410 |
| Summit Materials, Inc. - Class A (a) | 21 | 585 |
| SunCoke Energy, Inc. | 22 | 189 |
| Sylvamo Corporation | 5 | 264 |
| The Chemours Company | 25 | 766 |
| The Scotts Miracle-Gro Company | 6 | 301 |
| TimkenSteel Corporation (a) | 12 | 216 |
| Tredegar Corporation | 9 | 92 |
| TriMas Corporation | 6 | 177 |
| Trinseo Public Limited Company | 5 | 123 |
| Tronox Holdings PLC | 25 | 345 |
| United States Lime & Minerals, Inc. | 1 | 208 |
| United States Steel Corporation | 37 | 929 |
| Universal Stainless & Alloy Products, Inc. (a) | 1 | 8 |
| Valvoline, Inc. | 29 | 948 |
| Venator Materials PLC (a) | 23 | 13 |
| Warrior Met Coal, Inc. | 10 | 341 |
| Worthington Industries, Inc. | 8 | 415 |
|  |  | 30652 |
| **Consumer Staples 4.4%** | **Consumer Staples 4.4%** | **Consumer Staples 4.4%** |
| Alico, Inc. | 2 | 46 |
| B&G Foods, Inc. | 3 | 34 |
| Bellring Intermediate Holdings, Inc. (a) | 21 | 545 |
| Calavo Growers, Inc. | 5 | 159 |
| Cal-Maine Foods, Inc. | 7 | 398 |
| Celsius Holdings, Inc. (a) | 3 | 296 |
| Central Garden & Pet Company (a) | 2 | 71 |
| Central Garden & Pet Company - Class A (a) | 7 | 263 |
| Coca-Cola Consolidated, Inc. | 1 | 740 |
| Coty Inc. - Class A (a) | 114 | 976 |
| Del Monte Fresh Produce Company | 8 | 217 |
| e.l.f. Beauty, Inc. (a) | 7 | 407 |
| Edgewell Personal Care Colombia S A S | 10 | 376 |
| Energizer Holdings, Inc. | 11 | 383 |
| Farmer Bros. Co. (a) | 4 | 20 |
| Flowers Foods, Inc. | 35 | 1000 |
| Freshpet, Inc. (a) | 6 | 322 |
| Grocery Outlet Holding Corp. (a) | 15 | 446 |
| Herbalife Nutrition Ltd. (a) | 17 | 253 |
| Hostess Brands, Inc. - Class A (a) | 24 | 532 |
| Ingles Markets, Incorporated - Class A | 3 | 263 |
| Ingredion Incorporated | 11 | 1046 |
| Inter Parfums, Inc. | 5 | 504 |
| J & J Snack Foods Corp. | 3 | 418 |
| John B. Sanfilippo & Son, Inc. | 2 | 194 |
| Lancaster Colony Corporation | 4 | 883 |
| Lifecore Biomedical, Inc. (a) | 8 | 54 |
| LifeVantage Corporation | 2 | 7 |
| Limoneira Company | 4 | 44 |
| Medifast, Inc. | 2 | 229 |
| MGPI Processing, Inc. | 3 | 366 |
| Mission Produce, Inc. (a) | 4 | 41 |
| National Beverage Corp. (a) | 10 | 470 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Natural Alternatives International, Inc. (a) | 1 | 7 |
| Natural Grocers By Vitamin Cottage, Inc. | 5 | 50 |
| Natural Health Trends Corp. | 1 | 3 |
| Nature's Sunshine Products, Inc. (a) | 4 | 34 |
| Nu Skin Enterprises, Inc. - Class A | 7 | 314 |
| Oil-Dri Corporation of America | 1 | 27 |
| Olaplex Holdings, Inc. (a) | 6 | 32 |
| Pilgrim's Pride Corporation (a) | 20 | 464 |
| Post Holdings, Inc. (a) | 10 | 919 |
| PriceSmart, Inc. | 5 | 314 |
| Reynolds Consumer Products Inc. | 7 | 199 |
| Rocky Mountain Chocolate Factory, Inc. (a) | 2 | 9 |
| Seaboard Corporation |  | 521 |
| Seneca Foods Corporation - Class A (a) | 2 | 100 |
| Sovos Brands, Inc. (a) | 4 | 63 |
| Spartannash Company | 8 | 233 |
| Spectrum Brands Holdings, Inc. | 6 | 392 |
| Sprouts Farmers Market, Inc. (a) | 19 | 605 |
| The Andersons, Inc. | 7 | 260 |
| The Boston Beer Company, Inc. - Class A (a) | 2 | 528 |
| The Chefs' Warehouse, Inc. (a) | 5 | 181 |
| The Duckhorn Portfolio Inc. (a) | 15 | 248 |
| The Hain Celestial Group, Inc. (a) | 14 | 233 |
| The Honest Company, Inc. (a) | 25 | 75 |
| The Simply Good Foods Company (a) | 17 | 649 |
| The Vita Coco Company, Inc. (a) | 4 | 51 |
| Tootsie Roll Industries, Inc. | 6 | 269 |
| Treehouse Foods, Inc. (a) | 9 | 442 |
| Turning Point Brands, Inc. | 5 | 113 |
| United Natural Foods, Inc. (a) | 11 | 410 |
| United-Guardian, Inc. |  | 1 |
| Universal Corporation | 4 | 230 |
| USANA Health Sciences, Inc. (a) | 3 | 162 |
| UTZ Brands, Inc. - Class A | 2 | 37 |
| Vector Group Ltd. | 25 | 294 |
| Village Super Market, Inc. - Class A | 2 | 51 |
| Vital Farms, Inc. (a) | 12 | 176 |
| WD-40 Company | 2 | 351 |
| Weis Markets, Inc. | 5 | 412 |
| Whole Earth Brands, Inc. - Class A (a) | 11 | 45 |
| | | 21507 |
| **Utilities 3.2%** | **Utilities 3.2%** | **Utilities 3.2%** |
| ALLETE, Inc. | 13 | 846 |
| American States Water Company | 7 | 640 |
| Artesian Resources Corporation - Class A | 2 | 144 |
| Atlantica Sustainable Infrastructure PLC | 18 | 471 |
| Avista Corporation | 12 | 549 |
| Black Hills Corporation | 10 | 716 |
| California Water Service Group | 9 | 544 |
| Chesapeake Utilities Corporation | 3 | 359 |
| Clearway Energy, Inc. - Class A | 3 | 82 |
| Clearway Energy, Inc. - Class C | 3 | 97 |
| Consolidated Water Co. Ltd. | 4 | 64 |
| Genie Energy Ltd. - Class B | 7 | 75 |
| Hawaiian Electric Industries, Inc. | 17 | 713 |
| IDACORP, Inc. | 8 | 861 |
| MGE Energy, Inc. | 6 | 412 |
| Middlesex Water Company | 2 | 188 |
| National Fuel Gas Company | 10 | 634 |
| New Jersey Resources Corporation | 16 | 807 |
| Northwest Natural Holding Company | 5 | 239 |
| NorthWestern Corporation | 9 | 547 |
| One Gas, Inc. | 9 | 645 |
| Ormat Technologies, Inc. (b) | 10 | 839 |
| Otter Tail Corporation | 7 | 407 |
| PNM Resources, Inc. | 15 | 736 |
| Portland General Electric Company | 15 | 720 |
| Pure Cycle Corporation (a) | 6 | 65 |
| RGC Resources, Inc. | 1 | 29 |
| SJW Group | 5 | 380 |
| South Jersey Industries, Inc. | 18 | 653 |
| Southwest Gas Holdings, Inc. | 10 | 640 |
| Spire Inc. | 9 | 612 |
| Sunnova Energy International Inc. (a) (b) | 20 | 359 |
| The York Water Company | 4 | 197 |
| Unitil Corporation | 5 | 249 |
| Via Renewables, Inc. - Class A (b) | 3 | 15 |
|  |  | 15534 |
| **Communication Services 2.9%** | **Communication Services 2.9%** | **Communication Services 2.9%** |
| Altice USA, Inc. - Class A (a) | 42 | 193 |
| AMC Networks, Inc. - Class A (a) | 8 | 123 |
| Angi Inc. - Class A (a) | 21 | 49 |
| Anterix Inc. (a) | 5 | 154 |
| ATN International, Inc. | 4 | 200 |
| Bandwidth Inc. - Class A (a) | 2 | 46 |
| Boston Omaha Corporation - Class A (a) | 7 | 195 |
| Bumble Inc. - Class A (a) | 20 | 429 |
| Cable One, Inc. |  | 90 |
| CarGurus, Inc. - Class A (a) | 17 | 238 |
| Cars.com Inc. (a) | 18 | 246 |
| Cinedigm Corp. - Class A (a) (b) | 35 | 14 |
| Cinemark Holdings, Inc. (a) | 14 | 125 |
| Clear Channel Outdoor Holdings, Inc. (a) | 17 | 18 |
| CM WIND DOWN TOPCO LLC - Class A (a) | 4 | 22 |
| Cogent Communications Holdings, Inc. | 8 | 464 |
| Comscore, Inc. (a) | 23 | 27 |
| Consolidated Communications Holdings, Inc. (a) | 31 | 109 |
| Daily Journal Corporation (a) |  | 74 |
| DHI Group, Inc. (a) | 12 | 64 |
| Dolphin Entertainment, LLC (a) | 2 | 4 |
| EchoStar Corporation - Class A (a) | 6 | 97 |
| Emerald Holding, Inc. (a) | 3 | 10 |
| Entravision Communications Corporation - Class A | 16 | 77 |
| EverQuote, Inc. - Class A (a) | 6 | 96 |
| Fluent Inc. (a) | 18 | 20 |
| Frontier Communications Parent, Inc. (a) | 7 | 187 |
| fuboTV Inc. (a) (b) | 18 | 32 |
| Gaia, Inc. - Class A (a) | 3 | 8 |
| Gannett Co., Inc. (a) | 29 | 59 |
| Gray Television, Inc. | 15 | 167 |
| Harte Hanks, Inc. (a) | 1 | 14 |
| IDT Corporation - Class B (a) | 7 | 193 |
| iHeartMedia, Inc. - Class A (a) | 18 | 112 |
| IMAX Corporation (a) | 15 | 222 |
| Integral Ad Science Holding Corp. (a) | 1 | 12 |
| Intelsat Inflight LLC (a) | 14 | 211 |
| Iridium Communications Inc. | 21 | 1081 |
| John Wiley & Sons, Inc. - Class A | 8 | 312 |
| Lee Enterprises, Incorporated (a) | 1 | 22 |
| Liberty Latin America Ltd. - Class A (a) | 7 | 56 |
| Liberty Latin America Ltd. - Class C (a) | 29 | 221 |
| Liberty Media Corporation - Series A (a) (b) | 2 | 59 |
| Liberty Media Corporation - Series C (a) | 6 | 208 |
| Lions Gate Entertainment Corp. - Class A (a) | 14 | 80 |
| Lions Gate Entertainment Corp. - Class B (a) | 24 | 130 |
| Madison Square Garden Entertainment Corp. - Class A (a) | 4 | 187 |
| Madison Square Garden Entertainment Corp. - Class A | 2 | 455 |
| Magnite, Inc. (a) | 25 | 267 |
| Marchex, Inc. - Class B (a) |  |  |
| Nexstar Media Group, Inc. - Class A | 3 | 594 |
| Ooma, Inc. (a) | 7 | 91 |
| Playtika Holding Corp. (a) | 24 | 204 |
| PubMatic, Inc. - Class A (a) | 9 | 112 |
| QuinStreet, Inc. (a) | 14 | 207 |
| Reading International, Inc. - Class A (a) | 2 | 7 |
| Saga Communications, Inc. - Class A |  | 7 |
| Salem Media Group, Inc. - Class A (a) | 3 | 3 |
| Scholastic Corporation | 5 | 201 |
| Sciplay Corporation - Class A (a) | 6 | 99 |
| Shenandoah Telecommunications Company | 12 | 186 |
| Shutterstock, Inc. | 5 | 289 |
| Sinclair Broadcast Group, Inc. - Class A | 9 | 136 |
| Spok Holdings, Inc. | 1 | 8 |
| TechTarget, Inc. (a) | 4 | 188 |
| TEGNA Inc. | 37 | 783 |
| Telephone and Data Systems, Inc. | 18 | 192 |
| The E.W. Scripps Company - Class A (a) | 15 | 191 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| The Marcus Corporation | 7 | 96 |
| The New York Times Company - Class A | 26 | 833 |
| Thryv Holdings, Inc. (a) | 9 | 168 |
| Townsquare Media, Inc. - Class A (a) | 3 | 23 |
| Travelzoo (a) | 2 | 9 |
| TripAdvisor, Inc. (a) | 18 | 324 |
| Truecar, Inc. (a) | 21 | 54 |
| United States Cellular Corporation (a) | 8 | 166 |
| Urban One, Inc. - Class A (a) | 2 | 9 |
| Urban One, Inc. - Class D (a) | 7 | 27 |
| WideOpenWest, Inc. (a) | 13 | 117 |
| World Wrestling Entertainment, Inc. - Class A | 6 | 425 |
| Yelp Inc. (a) | 11 | 298 |
| Zedge, Inc. - Class B (a) | 1 | 2 |
| Ziff Davis, Inc. (a) | 8 | 666 |
| | | 14194 |
| **Real Estate 0.7%** | **Real Estate 0.7%** | **Real Estate 0.7%** |
| Altisource Portfolio Solutions S.A. (a) (b) | 2 | 20 |
| Cushman & Wakefield PLC (a) | 37 | 461 |
| Douglas Elliman Inc. | 21 | 85 |
| Dwight A. Walker Real Estate, Inc. - Class A | 5 | 96 |
| eXp World Holdings, Inc. (b) | 16 | 175 |
| Five Point Holdings, LLC - Class A (a) | 16 | 38 |
| Florida Rock Properties, Inc. (a) | 3 | 147 |
| Forestar Group Inc. (a) | 14 | 211 |
| Kennedy-Wilson Holdings, Inc. | 22 | 342 |
| Marcus & Millichap Company | 7 | 233 |
| Maui Land & Pineapple Company, Inc. (a) | 1 | 10 |
| Newmark Group, Inc. - Class A | 28 | 223 |
| Rafael Holdings, Inc. - Class B (a) | 4 | 8 |
| Realogy Holdings Corp. (a) | 21 | 132 |
| Stratus Properties Inc. | 2 | 38 |
| Tejon Ranch Co. (a) | 7 | 130 |
| The Howard Hughes Corporation (a) | 8 | 642 |
| The Rmr Group Inc. - Class A | 4 | 113 |
| The St. Joe Company | 11 | 412 |
|  |  | 3516 |
| Total Common Stocks (cost $515,569) | Total Common Stocks (cost $515,569) | 486896 |
| **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** |
| **Industrials 0.0%** | **Industrials 0.0%** | **Industrials 0.0%** |
| WESCO International, Inc. - Series A, 10.63%, (25, 6/22/2025) (f) | 1 | 36 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Qurate Retail, Inc., 8.00%, 03/15/31 |  | 5 |
| Total Preferred Stocks (cost $60) | Total Preferred Stocks (cost $60) | 41 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| Achillion Pharmaceuticals, Inc. (a) (e) | 11 | 16 |
| Flexion Therapeutics, Inc. (a) (e) | 8 | 5 |
| Ikonics Corporation (a) (e) |  |  |
| Progenics Pharmaceuticals, Inc. (a) (e) | 3 | 3 |
| Xeris Pharmaceuticals, Inc. (a) (e) | 14 | 5 |
| ZAGG Inc (a) (e) | 4 |  |
| Total Rights (cost $0) | Total Rights (cost $0) | 29 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Triumph Group, Inc. (a) (g) | 3 | 6 |
| Total Warrants (cost $0) | Total Warrants (cost $0) | 6 |
| **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (d) (h) | 2167 | 2167 |
| **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (d) (h) | 1739 | 1739 |
| Total Short Term Investments (cost $3,906) | Total Short Term Investments (cost $3,906) | 3906 |
| **Total Investments 100.2% (cost $519,535)** | **Total Investments 100.2% (cost $519,535)** | **490878** |
| **Other Assets and Liabilities, Net (0.2)%** | **Other Assets and Liabilities, Net (0.2)%** | **(1090)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **489788** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Investment in affiliate.

(e) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(f) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(g) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(h) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DFA U.S. Small Cap Fund — Long Term Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Long Term Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Long Term Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Long Term Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Long Term Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Long Term Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Long Term Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Long Term Investments in Affiliates** | **JNL/DFA U.S. Small Cap Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Apollo Medical Holdings, Inc. | 767 | 16 | 114 |  | 65 | (472) | 262 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DFA U.S. Small Cap Fund — Restricted Securities** | **JNL/DFA U.S. Small Cap Fund — Restricted Securities** | **JNL/DFA U.S. Small Cap Fund — Restricted Securities** | **JNL/DFA U.S. Small Cap Fund — Restricted Securities** | **JNL/DFA U.S. Small Cap Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Bridgewater Bancshares, Inc. | 06/21/19 | 116 | 135 |  |
| Transocean Ltd. | 03/02/21 | 400 | 475 | 0.1 |
|  |  | 516 | 610 | 0.1 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 486699 | 156 | 41 | 486896 |
| &nbsp;&nbsp;Preferred Stocks | 41 |  |  | 41 |
| &nbsp;&nbsp;Rights |  |  | 29 | 29 |
| &nbsp;&nbsp;Warrants |  | 6 |  | 6 |
| &nbsp;&nbsp;Short Term Investments | 3906 |  |  | 3906 |
|  | 490646 | 162 | 70 | 490878 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 40.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 40.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 40.3%** |
| **Mortgage-Backed Securities 13.0%** | **Mortgage-Backed Securities 13.0%** | **Mortgage-Backed Securities 13.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.93%, (1 Year Treasury + 2.36%), 07/01/27 (a) |  |  |
| 3.00%, 08/01/46 - 07/01/47 | 55002 | 49506 |
| 3.50%, 10/01/47 - 06/01/52 | 28789 | 26390 |
| 4.00%, 10/01/48 - 06/01/52 | 16843 | 15849 |
| 2.00%, 11/01/50 | 21554 | 17879 |
| 4.50%, 08/01/52 - 10/01/52 | 11774 | 11355 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.50%, 03/01/23 - 07/01/42 | 2549 | 2526 |
| 4.00%, 04/01/23 - 07/01/52 | 32983 | 31438 |
| 5.50%, 07/01/23 - 09/01/25 | 11 | 11 |
| 2.14%, 10/01/29 | 19300 | 16645 |
| 2.28%, 11/01/29 | 10700 | 9260 |
| 2.37%, 12/01/29 | 12200 | 10570 |
| 2.46%, 04/01/32 | 11428 | 9521 |
| 3.00%, 07/01/34 - 04/01/47 | 6622 | 6046 |
| 2.50%, 08/01/34 - 01/01/52 | 48300 | 41340 |
| 3.03%, (1 Year USD LIBOR + 1.45%), 01/01/35 (a) | 132 | 131 |
| 3.51%, (1 Year Treasury + 2.24%), 01/01/36 (a) | 1611 | 1640 |
| 5.00%, 12/01/38 - 07/01/52 | 10017 | 9898 |
| 2.89%, (12 Month Treasury Average + 1.20%), 06/01/43 (a) | 49 | 49 |
| 2.00%, 11/01/50 - 02/01/51 | 32467 | 26825 |
| 3.50%, 11/01/50 - 07/01/51 | 33210 | 30625 |
| Government National Mortgage Association |  |  |
| 2.87%, (1 Year Treasury + 1.50%), 05/20/26 - 05/20/30 (a) | 6 | 5 |
| 2.63%, (1 Year Treasury + 1.50%), 02/20/27 - 02/20/32 (a) | 17 | 15 |
| 3.00%, (1 Year Treasury + 1.50%), 04/20/30 (a) | 1 | 1 |
| 5.00%, 02/15/38 - 07/15/39 | 3653 | 3662 |
| 3.00%, 11/15/44 - 07/15/45 | 1084 | 987 |
| 2.50%, 10/20/51 - 11/20/51 | 39927 | 34392 |
|  |  | 356566 |
| **U.S. Treasury Note 11.0%** | **U.S. Treasury Note 11.0%** | **U.S. Treasury Note 11.0%** |
| Treasury, United States Department of |  |  |
| 0.25%, 09/30/23 | 3900 | 3772 |
| 3.00%, 06/30/24 - 07/15/25 | 4900 | 4763 |
| 3.25%, 08/31/24 - 06/30/29 | 28300 | 27646 |
| 4.50%, 11/30/24 - 11/15/25 | 31950 | 32147 |
| 3.13%, 08/15/25 - 08/31/29 | 3550 | 3430 |
| 4.00%, 12/15/25 - 10/31/29 | 840 | 838 |
| 2.75%, 07/31/27 - 08/15/32 | 2430 | 2276 |
| 4.13%, 09/30/27 - 11/15/32 | 31670 | 31949 |
| 3.88%, 11/30/27 (b) | 530 | 527 |
| 1.25%, 03/31/28 - 08/15/31 | 9520 | 8261 |
| 2.63%, 07/31/29 | 25180 | 23185 |
| 3.88%, 09/30/29 - 12/31/29 | 1800 | 1788 |
| 1.38%, 11/15/31 | 650 | 529 |
| 1.88%, 02/15/32 | 620 | 525 |
| 2.88%, 05/15/32 | 172530 | 158943 |
|  |  | 300579 |
| **U.S. Treasury Bond 10.4%** | **U.S. Treasury Bond 10.4%** | **U.S. Treasury Bond 10.4%** |
| Treasury, United States Department of |  |  |
| 2.25%, 05/15/41 | 7880 | 5924 |
| 3.25%, 05/15/42 | 12950 | 11358 |
| 4.00%, 11/15/42 (b) | 1900 | 1862 |
| 1.25%, 05/15/50 | 463500 | 249928 |
| 2.88%, 05/15/52 | 6650 | 5341 |
| 3.00%, 08/15/52 | 8200 | 6788 |
| 4.00%, 11/15/52 | 2260 | 2270 |
|  |  | 283471 |
| **Collateralized Mortgage Obligations 3.9%** | **Collateralized Mortgage Obligations 3.9%** | **Collateralized Mortgage Obligations 3.9%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series JZ-1507, REMIC, 7.00%, 05/15/23 | 1 | 1 |
| Series LZ-2764, REMIC, 4.50%, 03/15/34 | 1362 | 1341 |
| Series QD-4076, REMIC, 2.50%, 11/15/41 | 426 | 407 |
| Series ZL-3979, REMIC, 3.50%, 01/15/42 | 1674 | 1590 |
| Series 2022-M1B-DNA3, REMIC, 6.83%, (SOFR 30-Day Average + 2.90%), 04/25/42 (a) | 10000 | 9885 |
| Series Z-4966, REMIC, 2.50%, 04/25/50 | 16388 | 12832 |
| Series BZ-5000, REMIC, 2.00%, 08/25/50 | 15742 | 9904 |
| Series YZ-5200, REMIC, 2.50%, 02/25/52 | 10159 | 6733 |
| Series 2019-M55D-4, REMIC, 4.00%, 02/25/59 | 5237 | 4867 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2006-3A2-5, REMIC, 3.26%, 05/25/35 (a) | 8 | 8 |
| Series 2020-2M2-R02, REMIC, 6.39%, (1 Month USD LIBOR + 2.00%), 01/25/40 (a) | 3451 | 3397 |
| Series 2018-21-PO, REMIC, 0.00%, 04/25/48 | 6305 | 4606 |
| Series 2018-A-33, REMIC, 3.00%, 05/25/48 | 4629 | 4176 |
| Series 2022-AZ-40, REMIC, 2.00%, 08/25/50 | 20201 | 12929 |
| Series 2020-DZ-63, REMIC, 2.00%, 09/25/50 | 10477 | 6514 |
| Interest Only, Series 2021-NS-48, REMIC, 0.13%, (3.65% - (SOFR 30-Day Average \* 1)), 08/25/51 (a) | 12164 | 356 |
| Series 2021-CZ-85, REMIC, 2.50%, 12/25/51 | 5102 | 2917 |
| Series 2022-ZG-17, REMIC, 2.50%, 01/25/52 | 5997 | 3512 |
| Series 2022-Z-28, REMIC, 2.50%, 02/25/52 | 12176 | 8888 |
| Government National Mortgage Association |  |  |
| Series 2019-CB-71, REMIC, 2.50%, 03/20/49 | 6383 | 5717 |
| Interest Only, Series 2020-IO-188, REMIC, 2.00%, 12/20/50 | 10550 | 1131 |
| Series 2022-HZ-34, REMIC, 2.50%, 02/20/52 | 5973 | 3568 |
| The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities |  |  |
| Interest Only, Series 2021-IU-159, REMIC, 3.00%, 09/20/51 | 11675 | 1924 |
|  |  | 107203 |
| **Sovereign 1.9%** | **Sovereign 1.9%** | **Sovereign 1.9%** |
| Assembleia da Republica |  |  |
| 2.88%, 10/15/25, EUR (c) | 196 | 209 |
| 1.95%, 06/15/29, EUR (c) | 500 | 497 |
| 0.48%, 10/18/30, EUR (c) | 270 | 232 |
| Bundesrepublik Deutschland |  |  |
| 0.00%, 08/15/30, EUR | 640 | 566 |
| 0.00%, 02/15/31, EUR (c) | 1500 | 1309 |
| Cabinet Office, Government of Japan |  |  |
| 1.90%, 03/20/31, JPY | 133000 | 1127 |
| 1.60%, 03/20/33, JPY | 169200 | 1421 |
| 0.50%, 03/20/38 - 09/20/41, JPY | 208500 | 1424 |
| 0.40%, 06/20/41, JPY | 4400 | 29 |
| Commonwealth of Australia |  |  |
| 2.75%, 04/21/24, AUD | 320 | 216 |
| 1.00%, 12/21/30, AUD (c) | 610 | 332 |
| 1.50%, 06/21/31, AUD | 610 | 341 |
| Estado Espanol |  |  |
| 0.60%, 10/31/29, EUR | 1000 | 896 |
| 0.50%, 04/30/30, EUR (c) | 370 | 324 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 3.75%, 01/11/28 | 5975 | 5647 |
| 2.66%, 05/24/31 | 1500 | 1211 |
| 7.75%, 05/29/31, MXN | 6900 | 331 |
| 4.28%, 08/14/41 | 4350 | 3369 |
| 4.35%, 01/15/47 | 600 | 453 |
| 8.00%, 11/07/47, MXN | 6920 | 317 |
| 4.40%, 02/12/52 | 500 | 368 |
| Gouvernement De France |  |  |
| 0.25%, 11/25/26, EUR (c) | 885 | 857 |
| 1.00%, 05/25/27, EUR (c) | 305 | 301 |
| 0.50%, 05/25/29, EUR (c) | 300 | 276 |
| 1.50%, 05/25/31, EUR (c) | 400 | 383 |
| Government of Canada |  |  |
| 0.25%, 08/01/23, CAD | 1050 | 757 |
| 1.50%, 06/01/31, CAD | 500 | 321 |
| Government of the Republic of Panama |  |  |
| 2.25%, 09/29/32 | 1700 | 1260 |
| 4.30%, 04/29/53 | 1700 | 1247 |
| 4.50%, 04/01/56 | 500 | 369 |
| 3.87%, 07/23/60 | 2000 | 1295 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Ireland, Government of |  |  |
| 1.00%, 05/15/26, EUR (c) | 710 | 718 |
| Ministry of Finance |  |  |
| 4.25%, 03/31/23, ILS | 1000 | 285 |
| 2.00%, 03/31/27, ILS | 470 | 125 |
| New Zealand Parliament |  |  |
| 1.50%, 05/15/31, NZD | 1080 | 546 |
| Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia |  |  |
| 2.55%, 06/09/31 (d) | 300 | 253 |
| 3.80%, 06/23/50 (c) | 500 | 388 |
| Presidencia Da Republica Federativa Do Brasil |  |  |
| 5.63%, 02/21/47 | 1900 | 1506 |
| Presidencia de la Republica de Chile |  |  |
| 2.55%, 01/27/32 | 200 | 164 |
| 3.10%, 05/07/41 - 01/22/61 | 4200 | 2635 |
| 3.50%, 01/25/50 | 1000 | 721 |
| Presidencia de la Republica de Colombia |  |  |
| 3.13%, 04/15/31 | 1500 | 1114 |
| 3.25%, 04/22/32 | 1800 | 1309 |
| 5.00%, 06/15/45 | 1000 | 684 |
| 4.13%, 05/15/51 | 2900 | 1733 |
| Presidencia de la Republica Dominicana |  |  |
| 6.00%, 02/22/33 (d) | 600 | 541 |
| Saudi Arabia, Kingdom of |  |  |
| 3.45%, 02/02/61 (c) | 2500 | 1783 |
| Service Public Federal Chancellerie Du Premier Ministre |  |  |
| 1.00%, 06/22/26, EUR (c) | 840 | 847 |
| 0.90%, 06/22/29, EUR (c) | 530 | 500 |
| South Africa, Parliament of |  |  |
| 4.30%, 10/12/28 | 1050 | 936 |
| 8.00%, 01/31/30, ZAR | 3580 | 188 |
| 8.88%, 02/28/35, ZAR | 5400 | 268 |
| The Korea Development Bank |  |  |
| 1.63%, 01/19/31 | 1200 | 939 |
| 2.00%, 10/25/31 | 800 | 633 |
| The Philippines, Government of |  |  |
| 1.65%, 06/10/31 | 500 | 399 |
| 3.70%, 03/01/41 - 02/02/42 | 1400 | 1137 |
| 2.95%, 05/05/45 | 700 | 503 |
| 2.65%, 12/10/45 | 800 | 538 |
| The Republic of Indonesia, The Government of |  |  |
| 2.15%, 07/28/31 | 200 | 166 |
| 3.70%, 10/30/49 | 2900 | 2236 |
| | | 51480 |
| **Municipal 0.1%** | **Municipal 0.1%** | **Municipal 0.1%** |
| California, State of |  |  |
| 7.55%, 04/01/39 | 1570 | 1965 |
| **Asset-Backed Securities 0.0%** | **Asset-Backed Securities 0.0%** | **Asset-Backed Securities 0.0%** |
| U.S. Small Business Administration |  |  |
| 5.13%, 09/01/23 |  |  |
| 5.52%, 06/01/24 | 10 | 10 |
|  |  | 10 |
| Total Government And Agency Obligations (cost $1,213,881) | Total Government And Agency Obligations (cost $1,213,881) | 1101274 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 25.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 25.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 25.2%** |
| Aaset 2021-2 Trust |  |  |
| Series 2021-B-2A, 3.54%, 12/15/28 | 1419 | 1010 |
| ABFC 2006-HE1 Trust |  |  |
| Series 2006-A2B-HE1, REMIC, 4.50%, (1 Month USD LIBOR + 0.11%), 01/25/37 (a) (e) | 2893 | 1686 |
| ABFC 2007-WMC1 Trust |  |  |
| Series 2007-A1A-WMC1, REMIC, 5.64%, (1 Month USD LIBOR + 1.25%), 06/25/37 (a) (e) | 2668 | 1759 |
| AIMCO CLO 10 Ltd |  |  |
| Series 2019-DR-10A, 7.22%, (3 Month USD LIBOR + 2.90%), 07/22/32 (a) | 2000 | 1897 |
| AIMCO CLO Series 2018-A |  |  |
| Series 2018-B-AA, 5.48%, (3 Month USD LIBOR + 1.40%), 04/17/31 (a) | 2500 | 2403 |
| Series 2018-D-AA, 6.63%, (3 Month USD LIBOR + 2.55%), 04/17/31 (a) | 1000 | 928 |
| Alternative Loan Trust |  |  |
| Series 2006-A5-19CB, REMIC, 6.00%, 08/25/36 | 3459 | 2083 |
| Alternative Loan Trust 2004-24CB |  |  |
| Series 2005-1A7-6CB, REMIC, 5.50%, 04/25/35 | 3762 | 3284 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-1A2-27, REMIC, 3.45%, (12 Month Treasury Average + 1.40%), 08/25/35 (a) | 213 | 196 |
| Series 2005-A3-32T1, REMIC, 5.39%, (1 Month USD LIBOR + 1.00%), 08/25/35 (a) | 5351 | 2887 |
| Alternative Loan Trust 2005-45 |  |  |
| Series 2005-1A1-59, REMIC, 5.01%, (1 Month USD LIBOR + 0.66%), 11/20/35 (a) (e) | 3206 | 2801 |
| Series 2005-2A1-J12, REMIC, 4.93%, (1 Month USD LIBOR + 0.54%), 11/25/35 (a) (e) | 2314 | 1299 |
| Alternative Loan Trust 2006-25CB |  |  |
| Series 2006-A4-25CB, REMIC, 6.00%, 10/25/36 | 3555 | 2019 |
| Alternative Loan Trust 2006-9T1 |  |  |
| Series 2006-2A4-6CB, REMIC, 5.75%, 05/25/36 | 5230 | 2185 |
| Alternative Loan Trust 2006-HY11 |  |  |
| Series 2006-A1-HY11, REMIC, 4.63%, (1 Month USD LIBOR + 0.24%), 06/25/36 (a) (e) | 5551 | 5048 |
| Alternative Loan Trust 2006-OA12 |  |  |
| Series 2006-A1B-OA12, REMIC, 4.54%, (1 Month USD LIBOR + 0.19%), 09/20/46 (a) (e) | 1059 | 1004 |
| Alternative Loan Trust 2006-OA17 |  |  |
| Series 2006-1A1A-OA17, REMIC, 4.55%, (1 Month USD LIBOR + 0.20%), 12/20/46 (a) (e) | 3606 | 2976 |
| Alternative Loan Trust 2006-OA21 |  |  |
| Series 2006-A1-OA21, REMIC, 4.54%, (1 Month USD LIBOR + 0.19%), 03/20/47 (a) (e) | 2408 | 1920 |
| Alternative Loan Trust 2006-OC3 |  |  |
| Series 2006-2A3-OC3, REMIC, 4.97%, (1 Month USD LIBOR + 0.58%), 03/25/36 (a) (e) | 5929 | 4966 |
| Alternative Loan Trust 2007-16CB |  |  |
| Series 2007-1A4-16CB, REMIC, 6.00%, 08/25/37 | 3484 | 2709 |
| Alternative Loan Trust 2007-9T1 |  |  |
| Series 2007-2A3-9T1, REMIC, 6.00%, 05/25/37 | 5946 | 2925 |
| Alternative Loan Trust 2007-Oa7 |  |  |
| Series 2007-A1A-OA7, REMIC, 4.75%, (1 Month USD LIBOR + 0.36%), 05/25/47 (a) (e) | 154 | 128 |
| AMSR 2020-SFR5 Trust |  |  |
| Series 2020-E1-SFR5, REMIC, 2.68%, 11/19/25 | 8000 | 7100 |
| Series 2020-E2-SFR5, REMIC, 2.93%, 11/19/25 | 10000 | 8867 |
| AMSR Trust |  |  |
| Series 2021-E1-SFR2, REMIC, 2.48%, 08/19/26 | 3000 | 2582 |
| Series 2021-E2-SFR2, REMIC, 2.58%, 08/19/26 | 2500 | 2145 |
| Series 2021-F1-SFR2, REMIC, 3.28%, 08/19/26 | 3000 | 2588 |
| Series 2021-F2-SFR2, REMIC, 3.67%, 08/19/26 | 2000 | 1727 |
| Apidos CLO XII |  |  |
| Series 2013-DR-12A, 6.68%, (3 Month USD LIBOR + 2.60%), 04/15/31 (a) | 1000 | 909 |
| Apollo Aviation Securitization Equity Trust |  |  |
| Series 2018-A-1A, 3.84%, 09/16/23 (d) (e) | 1229 | 757 |
| Argent Securities Inc. |  |  |
| Series 2006-A2C-W2, REMIC, 4.97%, (1 Month USD LIBOR + 0.58%), 03/25/36 (a) (e) | 7837 | 4073 |
| Argent Securities Trust 2006-M1 |  |  |
| Series 2006-A2C-M1, REMIC, 4.69%, (1 Month USD LIBOR + 0.30%), 07/25/36 (a) (e) | 13837 | 3549 |
| Atrium XIII |  |  |
| Series D-13A, 7.02%, (3 Month USD LIBOR + 2.70%), 11/21/30 (a) | 1000 | 898 |
| Atrium XIV LLC |  |  |
| Series D-14A, 7.03%, (3 Month USD LIBOR + 2.95%), 08/23/30 (a) | 1000 | 920 |
| Atrium XV |  |  |
| Series D-15A, REMIC, 7.32%, (3 Month USD LIBOR + 3.00%), 01/23/31 (a) | 2500 | 2343 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Babson CLO Ltd 2016-I |  |  |
| Series 2016-DR-1A, 7.37%, (3 Month USD LIBOR + 3.05%), 07/23/30 (a) | 1000 | 900 |
| BABSON CLO LTD 2018-3A |  |  |
| Series 2018-D-3A, 7.14%, (3 Month USD LIBOR + 2.90%), 07/20/29 (a) | 500 | 464 |
| BAMLL Commercial Mortgage Securities Trust 2016-ISQR |  |  |
| Series 2016-C-ISQ, REMIC, 3.61%, 08/14/26 (a) | 3125 | 2442 |
| Banc of America Funding Corp |  |  |
| Series 2005-4A1-A, REMIC, 3.43%, 02/20/35 (a) | 247 | 224 |
| Bank 2021-BNK37 |  |  |
| Series 2021-C-BN37, REMIC, 3.11%, 11/18/31 (a) | 2121 | 1534 |
| Bank 2022-BNK39 |  |  |
| Series 2022-E-BNK39, REMIC, 2.50%, 01/16/32 | 900 | 492 |
| Series 2022-AS-BNK39, REMIC, 3.18%, 01/16/32 | 3601 | 2952 |
| Bank of America Corporation |  |  |
| Series 2005-A1-D, REMIC, 3.42%, 05/25/35 (a) | 2647 | 2401 |
| Barings CLO Ltd 2018-I |  |  |
| Series 2018-C-1A, 6.68%, (3 Month USD LIBOR + 2.60%), 04/15/31 (a) | 1000 | 875 |
| Barings CLO Ltd 2019-II |  |  |
| Series 2019-CR-2A, 7.48%, (3 Month USD LIBOR + 3.40%), 04/15/36 (a) | 500 | 455 |
| Barings CLO Ltd 2020-I |  |  |
| Series 2020-DR-1A, 7.28%, (3 Month USD LIBOR + 3.20%), 10/15/36 (a) | 1000 | 924 |
| Barings CLO Ltd. 2019-I |  |  |
| Series 2019-DR-1A, 7.73%, (3 Month USD LIBOR + 3.65%), 04/16/35 (a) | 1000 | 926 |
| BBCMS 2018-TALL Mortgage Trust |  |  |
| Series 2018-F-TALL, REMIC, 7.55%, (1 Month USD LIBOR + 3.24%), 03/16/37 (a) (e) | 4330 | 2624 |
| BBCMS Mortgage Trust 2019-C3 |  |  |
| Series 2019-C-C3, REMIC, 4.18%, 05/17/29 | 4250 | 3503 |
| BBCMS Mortgage Trust 2020-C8 |  |  |
| Series 2020-A5-C8, REMIC, 2.04%, 10/18/30 | 1275 | 1029 |
| BBCMS Mortgage Trust 2022-C17 |  |  |
| Series 2022-A5-C17, REMIC, 4.44%, 08/17/32 | 3037 | 2894 |
| BB-UBS Trust 2012-Show |  |  |
| Interest Only, Series 2012-XB-SHOW, REMIC, 0.14%, 11/07/36 (a) | 6436 | 20 |
| Interest Only, Series 2012-XA-SHOW, REMIC, 0.60%, 11/07/36 (a) | 11689 | 114 |
| BCAP LLC 2010-RR11-II Trust |  |  |
| Series 2010-5A3-RR11, REMIC, 3.76%, 03/27/47 (a) | 4636 | 3784 |
| BCAP LLC 2011-RR4-II Trust |  |  |
| Series 2011-8A1-RR4, REMIC, 5.25%, 02/26/36 | 473 | 202 |
| BCAP LLC 2012-RR1 Trust |  |  |
| Series 2012-6A6-RR1, REMIC, 3.69%, 12/27/46 (a) | 1048 | 1102 |
| BCAP LLC Trust 2007-AA2 |  |  |
| Series 2007-11A-AA2, REMIC, 4.77%, (1 Month USD LIBOR + 0.38%), 05/25/47 (a) (e) | 1613 | 1561 |
| BCAP LLC Trust 2011-RR5 |  |  |
| Series 2011-12A1-RR5, REMIC, 4.61%, 03/26/37 (a) | 72 | 69 |
| Series 2011-9A1-RR5, REMIC, 5.25%, 05/25/37 | 3074 | 1621 |
| BDS 2022-FL11 LLC |  |  |
| Series 2022-ATS-FL11, 6.12%, (1 Month Term SOFR + 1.80%), 03/21/39 (a) | 2192 | 2099 |
| Bear Stearns ALT-A Trust 2006-3 |  |  |
| Series 2005-23A1-4, REMIC, 3.12%, 05/25/35 (a) | 90 | 81 |
| Series 2005-26A1-7, REMIC, 3.59%, 09/25/35 (a) | 5160 | 2112 |
| Series 2005-22A1-7, REMIC, 3.73%, 09/25/35 (a) | 74 | 44 |
| Bear Stearns ARM Trust 2004-1 |  |  |
| Series 2000-A1-2, REMIC, 2.78%, 11/25/30 (a) |  |  |
| Series 2002-1A2-11, REMIC, 3.25%, 02/25/33 (a) | 1 | 1 |
| Series 2002-1A1-11, REMIC, 4.34%, 02/25/33 (a) |  |  |
| Series 2003-6A1-1, REMIC, 3.24%, 04/25/33 (a) | 3 | 3 |
| Series 2003-4A1-8, REMIC, 4.01%, 01/25/34 (a) | 36 | 33 |
| Series 2004-12A5-1, REMIC, 3.08%, 04/25/34 (a) | 97 | 89 |
| Series 2004-2A1-8, REMIC, 3.89%, 11/25/34 (a) | 150 | 135 |
| Bear Stearns Structured Products Inc. Trust 2007-R6 |  |  |
| Series 2007-1A1-R6, REMIC, 3.52%, 01/26/36 (a) | 215 | 170 |
| Series 2007-2A1-R6, REMIC, 5.22%, 12/26/46 (a) | 155 | 110 |
| Benchmark 2018-B2 Mortgage Trust |  |  |
| Series 2018-C-B2, REMIC, 4.23%, 02/17/28 (a) | 1997 | 1654 |
| Benchmark 2019-B13 Mortgage Trust |  |  |
| Series 2019-A3-B13, REMIC, 2.70%, 08/17/29 | 1000 | 841 |
| Benchmark 2020-B19 Mortgage Trust |  |  |
| Series 2020-C-B19, REMIC, 3.21%, 09/17/30 | 4109 | 2873 |
| Benchmark 2021-B30 Mortgage Trust |  |  |
| Series 2021-A5-B30, REMIC, 2.58%, 11/18/31 | 1654 | 1362 |
| Benchmark 2022-B32 Mortgage Trust |  |  |
| Series 2022-AS-B32, REMIC, 3.41%, 01/16/32 (a) | 2886 | 2284 |
| BX Commercial Mortgage Trust 2021-XL2 |  |  |
| Series 2021-E-XL2, REMIC, 6.16%, (1 Month USD LIBOR + 1.85%), 10/16/23 (a) | 4327 | 4068 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-D-OC11, REMIC, 3.94%, 12/11/29 (a) | 520 | 415 |
| Series 2019-E-OC11, REMIC, 3.94%, 12/11/29 (a) | 3435 | 2595 |
| Canyon Capital CLO 2012-1 R Ltd |  |  |
| Series 2012-D-1RA, 7.08%, (3 Month USD LIBOR + 3.00%), 07/15/30 (a) | 1500 | 1355 |
| Canyon Capital CLO 2014-1 Ltd |  |  |
| Series 2014-CR-1A, 7.16%, (3 Month USD LIBOR + 2.75%), 01/30/31 (a) (d) | 1134 | 977 |
| Canyon Capital CLO 2016-1 Ltd |  |  |
| Series 2016-DR-1A, 6.88%, (3 Month USD LIBOR + 2.80%), 07/15/31 (a) | 1000 | 893 |
| Canyon Capital CLO 2019-2 Ltd |  |  |
| Series 2019-DR-2A, 7.38%, (3 Month USD LIBOR + 3.30%), 10/16/34 (a) | 1000 | 900 |
| Canyon Capital CLO 2021-2 Ltd |  |  |
| Series 2021-D-1A, 7.18%, (3 Month USD LIBOR + 3.10%), 04/17/34 (a) | 1000 | 916 |
| Canyon CLO 2018-1 Ltd |  |  |
| Series 2018-D-1A, 6.98%, (3 Month USD LIBOR + 2.90%), 07/15/31 (a) | 1000 | 872 |
| Canyon CLO 2021-3, Ltd. |  |  |
| Series 2021-D-3A, 7.13%, (3 Month USD LIBOR + 3.05%), 07/17/34 (a) | 1000 | 914 |
| Canyon CLO 2021-4 Ltd |  |  |
| Series 2021-E-4A, 10.38%, (3 Month USD LIBOR + 6.30%), 10/16/34 (a) | 1000 | 882 |
| Castlelake Aircraft Structured Trust 2021-1 |  |  |
| Series 2021-A-1A, 3.47%, 01/15/28 (e) | 4798 | 4009 |
| Cathedral Lake VIII, Ltd. |  |  |
| Series 2021-C-8A, 6.86%, (3 Month USD LIBOR + 2.62%), 01/22/35 (a) | 1000 | 923 |
| Series 2021-D1-8A, 7.66%, (3 Month USD LIBOR + 3.42%), 01/22/35 (a) | 1000 | 878 |
| C-BASS 2007-CB1 Trust |  |  |
| Series 2007-AF2-CB1, REMIC, 3.20%, 01/25/37 (a) (e) | 2684 | 871 |
| CF 2019-CF1 Mortgage Trust |  |  |
| Series 2019-65C-CF1, REMIC, 4.12%, 04/17/24 | 2737 | 2457 |
| CFCRE 2016-C6 Mortgage Trust |  |  |
| Series 2016-A2-C6, REMIC, 2.95%, 08/12/26 | 2971 | 2715 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Chase Mortgage Finance Trust |  |  |
| Series 2005-1A1-A1, REMIC, 3.82%, 12/25/35 (a) | 105 | 92 |
| ChaseFlex Trust Series 2007-3 |  |  |
| Series 2007-1A1-3, REMIC, 5.00%, 07/25/37 | 357 | 218 |
| CIFC Funding 2015-IV, Ltd. |  |  |
| Series 2015-CR2-4A, 7.24%, (3 Month USD LIBOR + 3.00%), 04/20/34 (a) | 1000 | 912 |
| CIFC Funding 2017-I, Ltd. |  |  |
| Series 2017-D-1A, 7.78%, (3 Month USD LIBOR + 3.50%), 04/23/29 (a) | 1000 | 946 |
| CIFC Funding 2018-III Ltd |  |  |
| Series 2018-D-3A, 7.04%, (3 Month USD LIBOR + 2.85%), 07/18/31 (a) | 500 | 469 |
| CIFC Funding 2019-III Ltd |  |  |
| Series 2019-CR-3A, 7.13%, (3 Month USD LIBOR + 3.05%), 10/16/34 (a) | 500 | 472 |
| Citicorp Mortgage Securities Trust, Series 2007-2 |  |  |
| Series 2007-1A3-2, REMIC, 6.00%, 02/25/37 | 658 | 587 |
| Citigroup Commercial Mortgage Trust 2016-GC36 |  |  |
| Series 2016-D-GC36, REMIC, 2.85%, 01/10/26 | 2223 | 1276 |
| Series 2016-B-GC36, REMIC, 4.75%, 01/12/26 (a) | 2892 | 2532 |
| Citigroup Commercial Mortgage Trust 2017-C4 |  |  |
| Series 2017-B-C4, REMIC, 4.10%, 10/14/27 (a) | 2000 | 1736 |
| Citigroup Commercial Mortgage Trust 2019-GC41 |  |  |
| Series 2019-B-GC41, REMIC, 3.20%, 08/10/29 | 1762 | 1380 |
| Citigroup Commercial Mortgage Trust 2020-555 |  |  |
| Series 2020-F-555, REMIC, 3.62%, 12/12/29 (a) | 2584 | 1800 |
| Series 2020-G-555, REMIC, 3.62%, 12/12/29 (a) | 2584 | 1669 |
| Citigroup Commercial Mortgage Trust 2022-GC48 |  |  |
| Series 2022-A5-GC48, REMIC, 4.58%, 05/17/32 (a) | 3000 | 2899 |
| Citigroup Mortgage Loan Trust 2007-FS1 |  |  |
| Series 2007-1A1-FS1, REMIC, 4.25%, 10/25/37 (a) (e) | 1942 | 1812 |
| Citigroup Mortgage Loan Trust 2018-RP1 |  |  |
| Series 2018-M3-RP1, REMIC, 3.00%, 09/25/64 (a) | 1500 | 1150 |
| Citigroup Mortgage Loan Trust 2021-JL1 |  |  |
| Series 2021-A-JL1, REMIC, 2.75%, 02/25/62 (a) | 976 | 875 |
| Citigroup Mortgage Loan Trust Inc. |  |  |
| Series 2005-A2A-11, REMIC, 5.41%, (1 Year Treasury + 2.40%), 10/25/35 (a) | 9 | 9 |
| Series 2005-1A3A-8, REMIC, 3.91%, 11/25/35 (a) | 1589 | 1468 |
| Citigroup Mortgage Loan Trust Series 2007 AHL3 |  |  |
| Series 2007-A3A-AHL3, REMIC, 4.45%, (1 Month USD LIBOR + 0.06%), 07/25/45 (a) (e) | 245 | 174 |
| COLT 2020-RPL1 Trust |  |  |
| Series 2020-1-RPL, REMIC, 2.88%, 01/25/65 | 4257 | 2936 |
| COLT Funding LLC |  |  |
| Series 2022-A1-4, REMIC, 4.30%, 03/25/67 (a) | 5991 | 5774 |
| Columbia Cent CLO 27 Ltd |  |  |
| Series 2018-DR-27A, 8.19%, (3 Month USD LIBOR + 3.83%), 01/25/35 (a) | 2500 | 2262 |
| COMM 2014-CCRE16 Mortgage Trust |  |  |
| Series 2014-C-CR16, REMIC, 4.92%, 04/12/24 (a) | 1125 | 1014 |
| COMM 2015-Ccre22 Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-CR22, REMIC, 0.82%, 03/12/48 (a) | 93113 | 1331 |
| COMM 2015-DC1 Mortgage Trust |  |  |
| Series 2015-C-DC1, REMIC, 4.30%, 01/10/25 (a) | 200 | 165 |
| COMM 2017-PANW Mortgage Trust |  |  |
| Series 2017-E-PANW, REMIC, 3.81%, 10/11/24 (a) | 5717 | 5065 |
| Series 2017-D-PANW, REMIC, 3.93%, 10/11/24 (a) | 3425 | 3111 |
| COMM 2020-CX Mortgage Trust |  |  |
| Series 2020-D-CX, REMIC, 2.68%, 11/10/30 (a) | 715 | 495 |
| Connecticut Avenue Securities Trust 2022-R04 |  |  |
| Series 2022-1M2-R04, REMIC, 7.03%, (SOFR 30-Day Average + 3.10%), 03/25/42 (a) | 6000 | 5978 |
| Cook Park CLO, Ltd. |  |  |
| Series 2018-D-1A, 6.68%, (3 Month USD LIBOR + 2.60%), 04/17/30 (a) | 2000 | 1688 |
| Credit Suisse Securities (USA) LLC |  |  |
| Series 2002-A-P1A, REMIC, 3.79%, 03/25/32 (a) | 13 | 12 |
| CSAIL 2016-C6 Commercial Mortgage Trust |  |  |
| Series 2016-B-C6, REMIC, 3.92%, 04/17/26 (a) | 1097 | 980 |
| Series 2016-C-C6, REMIC, 4.92%, 04/17/26 (a) | 389 | 346 |
| Series 2016-D-C6, REMIC, 4.92%, 05/15/26 (a) | 4254 | 3300 |
| CSAIL 2017-CX10 Commercial Mortgage Trust |  |  |
| Series 2017-C-CX10, REMIC, 4.18%, 11/17/27 (a) | 2360 | 1955 |
| CSAIL 2019-C16 Commercial Mortgage Trust |  |  |
| Series 2019-B-C16, REMIC, 3.88%, 06/15/29 | 2673 | 2185 |
| CSMC 2021-B33 |  |  |
| Series 2021-B-B33, REMIC, 3.64%, 10/10/31 (a) | 3495 | 2803 |
| Series 2021-C-B33, REMIC, 3.64%, 10/10/31 (a) | 1175 | 895 |
| CSMC Mortgage-Backed Trust 2006-6 |  |  |
| Series 2006-1A4-6, REMIC, 6.00%, 07/25/36 | 1330 | 711 |
| CSMC Series 2010-18R |  |  |
| Series 2010-4A4-18R, REMIC, 3.50%, 04/27/38 (a) | 227 | 213 |
| CSMC Trust 2017-CALI |  |  |
| Series 2017-F-CALI, REMIC, 3.78%, 11/12/24 (a) | 5200 | 3923 |
| CWABS Asset-Backed Certificates Trust 2006-24 |  |  |
| Series 2006-2A3-24, REMIC, 4.54%, (1 Month USD LIBOR + 0.15%), 04/25/34 (a) (e) | 22 | 22 |
| CWABS, Inc. |  |  |
| Series 2004-M1-3, REMIC, 5.14%, (1 Month USD LIBOR + 0.75%), 06/25/34 (a) (e) | 24 | 23 |
| Series 2005-3A2A-HYB9, REMIC, 5.91%, (1 Year USD LIBOR + 1.75%), 02/20/36 (a) | 13 | 11 |
| CWMBS, Inc. |  |  |
| Series 2004-A14-19, REMIC, 5.50%, 10/25/34 | 1322 | 1241 |
| Series 2004-A2-HYB6, REMIC, 3.87%, 11/21/34 (a) | 272 | 249 |
| Series 2004-A3-22, REMIC, 3.79%, 11/25/34 (a) | 105 | 94 |
| Series 2004-1A1-HYB9, REMIC, 3.67%, 02/20/35 (a) | 25 | 24 |
| Series 2005-1A13-26, REMIC, 5.50%, 11/25/35 | 3309 | 2140 |
| Series 2005-A1-29, REMIC, 5.75%, 12/25/35 | 938 | 498 |
| Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA1 |  |  |
| Series 2007-A1-OA1, REMIC, 4.54%, (1 Month USD LIBOR + 0.15%), 02/25/47 (a) | 2722 | 1573 |
| Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-RAMP1 |  |  |
| Series 2006-A6-AR6, REMIC, 4.77%, (1 Month USD LIBOR + 0.38%), 02/25/37 (a) (e) | 5972 | 5006 |
| Dryden 40 Senior Loan Fund |  |  |
| Series 2015-DR-40A, 7.71%, (3 Month USD LIBOR + 3.10%), 08/15/31 (a) (d) | 1000 | 897 |
| Dryden 43 Senior Loan Fund LLC |  |  |
| Series 2016-DR3-43A, REMIC, 7.49%, (3 Month USD LIBOR + 3.25%), 04/20/34 (a) | 1000 | 913 |
| Dryden 57 CLO Ltd |  |  |
| Series 2018-D-57A, 7.16%, (3 Month USD LIBOR + 2.55%), 05/15/31 (a) | 1000 | 884 |
| Dryden 60 CLO, Ltd. |  |  |
| Series 2018-D-60A, 7.08%, (3 Month USD LIBOR + 3.00%), 07/15/31 (a) | 2000 | 1760 |
| Elevation CLO 2021-14 Ltd |  |  |
| Series 2021-C-14A, 6.54%, (3 Month USD LIBOR + 2.30%), 10/20/34 (a) | 500 | 457 |
| Exeter Automobile Receivables Trust 2021-1 |  |  |
| Series 2021-D-1A, 1.08%, 11/16/26 | 2250 | 2085 |
| Series 2021-E-1A, 2.21%, 02/15/28 | 2850 | 2596 |
| Fillmore Park CLO, Ltd. |  |  |
| Series 2018-D-1A, 6.98%, (3 Month USD LIBOR + 2.90%), 07/15/30 (a) | 1500 | 1388 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| First Horizon Alternative Mortgage Securities Trust 2007-FA4 |  |  |
| Series 2007-1A10-FA4, REMIC, 6.25%, 08/25/37 | 8301 | 3567 |
| First Horizon Mortgage Pass-Through Trust 2006-AR1 |  |  |
| Series 2005-2A1-AR4, REMIC, 3.93%, 10/25/35 (a) | 269 | 234 |
| Series 2005-4A1-AR6, REMIC, 3.75%, 02/25/36 (a) | 56 | 48 |
| FMC GMSR Issuer Trust |  |  |
| Series 2021-A-GT2, 3.85%, 10/25/26 | 3420 | 2815 |
| Galaxy XVIII CLO Ltd |  |  |
| Series 2018-D-28A, 7.08%, (3 Month USD LIBOR + 3.00%), 07/15/31 (a) | 1000 | 874 |
| Gilbert Park CLO, Ltd. |  |  |
| Series 2017-D-1A, 7.03%, (3 Month USD LIBOR + 2.95%), 10/15/30 (a) | 1000 | 931 |
| Series 2017-E-1A, 10.48%, (3 Month USD LIBOR + 6.40%), 10/15/30 (a) | 2000 | 1659 |
| Global SC Finance VI SRL |  |  |
| Series 2020-A-1A, 2.17%, 10/17/40 | 750 | 664 |
| Goldentree Loan Management US CLO 3, Ltd. |  |  |
| Series 2018-D-3A, 7.09%, (3 Month USD LIBOR + 2.85%), 04/22/30 (a) (d) | 1500 | 1409 |
| GOLDENTREE LOAN OPPORTUNITIES |  |  |
| Series 2015-DR2-11A, 6.59%, (3 Month USD LIBOR + 2.40%), 01/21/31 (a) (d) | 1000 | 926 |
| Goodgreen 2020-1 Trust |  |  |
| Series 2020-A-1A, 2.63%, 04/15/55 | 627 | 549 |
| Greenwood Park CLO, Ltd. |  |  |
| Series 2018-D-1A, 6.58%, (3 Month USD LIBOR + 2.50%), 04/15/31 (a) | 1000 | 883 |
| Grippen Park CLO, Ltd. |  |  |
| Series 2017-D-1A, REMIC, 7.54%, (3 Month USD LIBOR + 3.30%), 01/20/30 (a) | 500 | 466 |
| GS Mortgage Securities Corp Trust 2018-RIVR |  |  |
| Series 2018-C-RIVR, REMIC, 5.57%, (1 Month USD LIBOR + 1.25%), 07/16/35 (a) (e) | 1898 | 1542 |
| GS Mortgage Securities Corp. |  |  |
| Series 2005-2A1-AR6, REMIC, 3.77%, 09/25/35 (a) | 104 | 96 |
| Series 2005-6A1-AR7, REMIC, 3.72%, 11/25/35 (a) | 31 | 27 |
| GS Mortgage Securities Trust 2015-GC32 |  |  |
| Series 2015-D-GC32, REMIC, 3.35%, 07/11/25 | 1969 | 1660 |
| GS Mortgage Securities Trust 2016-GS3 |  |  |
| Series 2016-WMB-GS3, REMIC, 3.60%, 09/14/26 (a) | 9000 | 7468 |
| GSAMP Trust 2006-HE4 |  |  |
| Series 2006-A1-HE4, REMIC, 4.67%, (1 Month USD LIBOR + 0.28%), 06/25/36 (a) (e) | 542 | 523 |
| GSR Mortgage Loan Trust 2006-OA1 |  |  |
| Series 2006-1A1-OA1, REMIC, 4.83%, (1 Month USD LIBOR + 0.44%), 08/25/46 (a) (e) | 15461 | 3590 |
| Harborview Mortgage Loan Trust |  |  |
| Series 2005-2A1A-2, REMIC, 4.78%, (1 Month USD LIBOR + 0.44%), 05/19/35 (a) (e) | 30 | 27 |
| Series 2005-3A1-4, REMIC, 3.28%, 07/19/35 (a) | 146 | 109 |
| Hardee's Funding LLC |  |  |
| Series 2018-A23-1A, 5.71%, 06/20/28 | 4787 | 4503 |
| Horizon Aircraft Finance III Limited |  |  |
| Series 2019-A-2, 3.43%, 11/15/26 (d) (e) | 6229 | 4779 |
| HPS Loan Management 8-2016, Ltd. |  |  |
| Series 8A-DR-2016, 7.14%, (3 Month USD LIBOR + 2.90%), 07/22/30 (a) | 2500 | 2129 |
| HSI Asset Securitization Corporation |  |  |
| Series 2006-M1-OPT1, REMIC, 4.93%, (1 Month USD LIBOR + 0.54%), 12/25/35 (a) (e) | 667 | 659 |
| Series 2006-1A1-HE1, REMIC, 4.67%, (1 Month USD LIBOR + 0.28%), 10/25/36 (a) (e) | 5583 | 1834 |
| HSI Asset Securitization Corporation Trust 2007-NC1 |  |  |
| Series 2007-A3-NC1, REMIC, 4.57%, (1 Month USD LIBOR + 0.18%), 04/25/37 (a) (e) | 392 | 237 |
| Imperial Fund Mortgage Trust 2021-NQM4 |  |  |
| Series 2021-M1-NQM4, REMIC, 3.45%, 01/25/57 (a) | 3000 | 1867 |
| IndyMac Bancorp, Inc. |  |  |
| Series 2001-A2-H2, REMIC, 3.54%, 01/25/32 (a) |  |  |
| IndyMac MBS, Inc. |  |  |
| Series 2005-A3-AR11, REMIC, 3.23%, 08/25/35 (a) | 887 | 672 |
| Series 2005-1A1-AR31, REMIC, 3.21%, 01/25/36 (a) | 164 | 136 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-WPT |  |  |
| Series 2018-FFX-WPT, REMIC, 5.36%, 07/07/23 (a) | 3152 | 2736 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-MFP |  |  |
| Series 2019-F-MFP, REMIC, 7.32%, (1 Month USD LIBOR + 3.00%), 07/15/36 (a) | 6698 | 6131 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2020-LOOP |  |  |
| Series 2020-E-LOOP, REMIC, 3.86%, 12/07/26 | 2547 | 1672 |
| J.P. Morgan Mortgage Acquisition Trust 2007-CH1 |  |  |
| Series 2007-MV6-CH1, REMIC, 5.21%, (1 Month USD LIBOR + 0.55%), 11/25/36 (a) (e) | 2414 | 2375 |
| J.P. Morgan Mortgage Trust 2005-A1 |  |  |
| Series 2005-1A2-S3, REMIC, 5.75%, 01/25/36 | 52 | 25 |
| Series 2006-3A1-S1, REMIC, 5.50%, 04/25/36 | 53 | 49 |
| Jersey Mike's Funding, LLC |  |  |
| Series 2019-A2-1A, 4.43%, 02/15/27 | 2977 | 2701 |
| JPMBB Commercial Mortgage Securities Trust 2014-C23 |  |  |
| Series 2014-D-C23, REMIC, 3.98%, 09/17/24 (a) | 3663 | 3162 |
| JPMBB Commercial Mortgage Securities Trust 2015-C27 |  |  |
| Series 2015-C-C27, REMIC, 4.31%, 02/18/25 (a) | 3481 | 3110 |
| JPMDB Commercial Mortgage Securities Trust 2017-C7 |  |  |
| Interest Only, Series 2017-XA-C7, REMIC, 0.83%, 10/17/50 (a) | 87818 | 2552 |
| LCM 28 Ltd |  |  |
| Series D-28A, 7.19%, (3 Month USD LIBOR + 2.95%), 10/21/30 (a) | 1000 | 797 |
| LCM XIV Limited Partnership |  |  |
| Series DR-14A, 6.99%, (3 Month USD LIBOR + 2.75%), 07/21/31 (a) (d) | 2000 | 1662 |
| LCM XV LP |  |  |
| Series DR-15A, 7.94%, (3 Month USD LIBOR + 3.70%), 07/22/30 (a) | 2750 | 2368 |
| LCM XX Limited Partnership |  |  |
| Series DR-20A, 7.04%, (3 Month USD LIBOR + 2.80%), 10/20/27 (a) | 1000 | 951 |
| LCM XXI Limited Partnership |  |  |
| Series DR-21A, 7.04%, (3 Month USD LIBOR + 2.80%), 04/20/28 (a) | 1000 | 954 |
| Lehman XS Trust, Series 2007-2N |  |  |
| Series 2007-3A3-2N, REMIC, 4.56%, (1 Month USD LIBOR + 0.17%), 02/25/37 (a) (e) | 3984 | 3051 |
| LHome Mortgage Trust 2021-RTL2 |  |  |
| Series 2021-A1-RTL2, 2.09%, 06/25/26 | 5100 | 4863 |
| Long Point Park CLO, Ltd. |  |  |
| Series 2017-C-1A, 6.48%, (3 Month USD LIBOR + 2.40%), 01/17/30 (a) | 1000 | 846 |
| Mach 1 Cayman Limited |  |  |
| Series 2019-A-1, 3.47%, 08/17/26 (d) (e) | 5433 | 4418 |
| Madison Park Funding XI, Ltd. |  |  |
| Series 2013-DR-11A, 7.57%, (3 Month USD LIBOR + 3.25%), 07/23/29 (a) | 1000 | 931 |
| Madison Park Funding XIV, Ltd. |  |  |
| Series 2014-DRR-14A, 7.27%, (3 Month USD LIBOR + 2.95%), 10/22/30 (a) | 2000 | 1863 |
| Madison Park Funding XLV Ltd |  |  |
| Series 2020-DR-45A, 7.23%, (3 Month USD LIBOR + 3.15%), 07/17/34 (a) | 1000 | 949 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Madison Park Funding XXXI, Ltd. |  |  |
| Series 2020-DR-46A, 7.23%, (3 Month USD LIBOR + 3.15%), 10/16/34 (a) | 1000 | 936 |
| Magnetite XIV-R, Limited |  |  |
| Series 2015-D-14RA, 7.04%, (3 Month USD LIBOR + 2.85%), 10/20/31 (a) | 1500 | 1384 |
| Magnetite XVIII Ltd |  |  |
| Series 2016-DR-18A, 7.31%, (3 Month USD LIBOR + 2.70%), 11/15/28 (a) | 1000 | 948 |
| Magnetite XXIX, Limited |  |  |
| Series 2021-E-29A, 9.83%, (3 Month USD LIBOR + 5.75%), 01/17/34 (a) | 500 | 463 |
| MARBLE POINT CLO XXI LTD |  |  |
| Series 2021-D1-3A, 7.58%, (3 Month USD LIBOR + 3.50%), 10/17/34 (a) | 2000 | 1793 |
| MASTR Asset Backed Securities Trust 2006-AM1 |  |  |
| Series 2003-M3-OPT1, 8.51%, (1 Month USD LIBOR + 4.13%), 12/25/32 (a) (e) | 733 | 685 |
| MASTR Asset Backed Securities Trust 2007-HE2 |  |  |
| Series 2007-A1-HE2, REMIC, 5.54%, (1 Month USD LIBOR + 1.15%), 08/25/37 (a) (e) | 4211 | 3451 |
| Mastr Asset Backed Securities Trust 2007-WMC1 |  |  |
| Series 2007-A2-WMC1, REMIC, 4.44%, (1 Month USD LIBOR + 0.05%), 01/25/37 (a) (e) | 283 | 86 |
| MASTR Asset Securitization Trust 2006-2 |  |  |
| Series 2006-1A13-2, REMIC, 6.00%, 06/25/36 | 1367 | 911 |
| Series 2006-1A10-2, REMIC, 6.00%, (1 Month USD LIBOR + 1.00%), 06/25/36 (a) | 1163 | 775 |
| Mellon Residential Funding Corporation |  |  |
| Series 1999-A2-TBC3, REMIC, 4.39%, (1 Month USD LIBOR + 0.49%), 10/20/29 (a) | 14 | 14 |
| Merrill Lynch Mortgage Capital Inc. |  |  |
| Series 2005-5A-3, REMIC, 4.89%, (1 Month USD LIBOR + 0.50%), 11/25/35 (a) (e) | 25 | 23 |
| Merrill Lynch Mortgage Investors Trust, Series MLCC 2003-C |  |  |
| Series 2003-1A-A3, REMIC, 3.01%, 05/25/33 (a) | 86 | 79 |
| Mill City Mortgage Loan Trust 2017-1 |  |  |
| Series 2017-B2-1, REMIC, 3.67%, 09/25/30 (a) | 8210 | 6522 |
| MKT 2020-525M Mortgage Trust |  |  |
| Series 2020-E-525M, REMIC, 2.94%, 02/12/30 (a) | 2000 | 1140 |
| Series 2020-F-525M, REMIC, 2.94%, 02/12/30 (a) | 2000 | 1071 |
| Morgan Stanley Capital I Trust 2017-HR2 |  |  |
| Series 2017-C-HR2, REMIC, 4.34%, 12/17/27 (a) | 495 | 421 |
| Morgan Stanley Capital I Trust 2019-NUGS |  |  |
| Series 2019-F-NUGS, REMIC, 7.16%, (1 Month USD LIBOR + 2.84%), 12/15/36 (a) | 3663 | 2815 |
| Morgan Stanley Capital I Trust 2021-L6 |  |  |
| Series 2021-C-L6, REMIC, 3.46%, 07/17/31 (a) | 4713 | 3427 |
| Morgan Stanley Mortgage Loan Trust 2007-2AX |  |  |
| Series 2007-2A1-2AX, REMIC, 4.57%, (1 Month USD LIBOR + 0.18%), 12/25/36 (a) (e) | 10921 | 4315 |
| Morgan Stanley Residential Mortgage Loan Trust 2020-1 |  |  |
| Series 2020-A1-RPL1, REMIC, 2.69%, 10/25/60 | 16068 | 15429 |
| MortgageIT Mortgage Loan Trust 2006-1 |  |  |
| Series 2005-A1-5, REMIC, 4.91%, (1 Month USD LIBOR + 0.52%), 12/25/35 (a) (e) | 828 | 785 |
| Mosaic Solar Loan Trust 2018-1 |  |  |
| Series 2018-A-1A, REMIC, 4.01%, 08/20/30 | 895 | 815 |
| Mosaic Solar Loan Trust 2019-2 |  |  |
| Series 2019-B-2A, REMIC, 3.28%, 05/20/32 | 774 | 661 |
| Mosaic Solar Loan Trust 2020-1 |  |  |
| Series 2020-A-1A, 2.10%, 03/22/32 | 1025 | 904 |
| Series 2020-B-1A, 3.10%, 11/22/32 | 1281 | 1091 |
| Mosaic Solar Loan Trust 2020-2 |  |  |
| Series 2020-B-2A, 2.21%, 05/20/33 | 1154 | 962 |
| Mosaic Solar Loans 2017-2 LLC |  |  |
| Series 2017-A-2A, 3.82%, 01/22/30 | 3604 | 3310 |
| Myers Park CLO, Ltd. |  |  |
| Series 2018-D-1A, 7.29%, (3 Month USD LIBOR + 3.05%), 10/21/30 (a) | 1000 | 884 |
| Natixis Commercial Mortgage Securities Trust 2020-2PAC |  |  |
| Series 2020-AMZ3-2PAC, REMIC, 3.50%, 01/16/25 (a) | 1500 | 1200 |
| Navient Private Education Loan Trust 2017-A |  |  |
| Series 2017-B-A, 3.91%, 09/15/25 | 8000 | 7505 |
| NBC Funding LLC |  |  |
| Series 2021-A2-1, 2.99%, 07/30/26 | 4962 | 4192 |
| Neuberger Berman CLO XVI-S Ltd. |  |  |
| Series 2017-DR-16SA, 6.98%, (3 Month USD LIBOR + 2.90%), 04/17/34 (a) | 2000 | 1819 |
| Neuberger Berman CLO XVIII Ltd |  |  |
| Series 2014-CR2-18A, 7.28%, (3 Month USD LIBOR + 3.00%), 10/21/30 (a) | 1000 | 902 |
| Neuberger Berman Loan Advisers CLO 27, Ltd. |  |  |
| Series 2018-D-27A, 6.68%, (3 Month USD LIBOR + 2.60%), 01/15/30 (a) (d) | 1000 | 909 |
| New Residential Mortgage Loan Trust 2020-NQM1 |  |  |
| Series 2020-M1-NQM1, REMIC, 3.21%, 01/25/60 (a) | 3600 | 2837 |
| Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR4 |  |  |
| Series 2005-3A1-AR4, REMIC, 4.04%, 08/25/35 (a) | 92 | 88 |
| NP SPE II LLC |  |  |
| Series 2017-A1-1A, 3.37%, 10/20/47 | 2561 | 2403 |
| NRPL Trust 2019-3 |  |  |
| Series 2019-A1-3A, REMIC, 3.00%, 07/25/59 (e) | 4349 | 4268 |
| Oak Hill Credit Partners X-R Ltd |  |  |
| Series 2014-D1R-10RA, 7.29%, (3 Month USD LIBOR + 3.05%), 04/20/34 (a) | 2000 | 1860 |
| Ocean Trails CLO V |  |  |
| Series 2014-DRR-5A, 7.39%, (3 Month USD LIBOR + 3.45%), 10/14/31 (a) | 1000 | 834 |
| Octagon Investment Partners 30, Ltd. |  |  |
| Series 2017-CR-1A, 7.54%, (3 Month USD LIBOR + 3.30%), 03/18/30 (a) | 2500 | 2240 |
| Octagon Investment Partners 31, LLC |  |  |
| Series 2017-DR-1A, 7.64%, (3 Month USD LIBOR + 3.40%), 07/22/30 (a) | 1282 | 1179 |
| Octagon Investment Partners 33, Ltd. |  |  |
| Series 2017-C-1A, 6.99%, (3 Month USD LIBOR + 2.75%), 01/21/31 (a) (d) | 1000 | 884 |
| Series 2017-D-1A, 10.54%, (3 Month USD LIBOR + 6.30%), 01/21/31 (a) (d) | 1000 | 839 |
| Octagon Investment Partners 37 Ltd. |  |  |
| Series 2018-C-2A, 7.21%, (3 Month USD LIBOR + 2.85%), 07/25/30 (a) | 1000 | 891 |
| Octagon Investment Partners 40 Ltd. |  |  |
| Series 2019-DR-1A, 7.59%, (3 Month USD LIBOR + 3.35%), 01/20/35 (a) | 1000 | 902 |
| Octagon Investment Partners XVI, Ltd. |  |  |
| Series 2013-DR-1A, 7.08%, (3 Month USD LIBOR + 3.00%), 07/17/30 (a) | 500 | 435 |
| Octagon Investment Partners XXI, Ltd. |  |  |
| Series 2014-CR3-1A, 7.40%, (3 Month USD LIBOR + 2.75%), 02/14/31 (a) | 500 | 458 |
| OCTAGON INVT P 34 17 1A 144A |  |  |
| Series 2017-D-34, 6.74%, (3 Month USD LIBOR + 2.50%), 01/22/30 (a) | 1000 | 885 |
| OHA Credit Funding 1 LTD |  |  |
| Series 2018-D-1A, 7.29%, (3 Month USD LIBOR + 3.05%), 10/21/30 (a) | 1000 | 935 |
| OHA Credit Partners XIII Ltd |  |  |
| Series 2016-DR-13A, 7.48%, (3 Month USD LIBOR + 3.20%), 10/23/34 (a) | 500 | 474 |
| OHA Loan Funding 2015-1 Ltd. |  |  |
| Series 2015-DR3-1A, 7.43%, (3 Month USD LIBOR + 3.20%), 01/19/37 (a) | 1500 | 1420 |
| Option One Mortgage Loan Trust 2005-3 |  |  |
| Series 2005-M3-3, REMIC, 5.15%, (1 Month USD LIBOR + 0.77%), 08/25/35 (a) (e) | 3700 | 3405 |
| Option One Mortgage Loan Trust 2007-6 |  |  |
| Series 2007-2A2-6, REMIC, 4.52%, (1 Month USD LIBOR + 0.13%), 07/25/37 (a) (e) | 673 | 430 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Option One Mortgage Loan Trust 2007-CP1 |  |  |
| Series 2007-2A2-CP1, REMIC, 4.51%, (1 Month USD LIBOR + 0.12%), 03/25/37 (a) (e) | 1987 | 1816 |
| Pagaya AI Debt Selection Trust |  |  |
| Series 2021-NOTE-2, 3.00%, 01/25/29 | 3901 | 3638 |
| Park Place Securities, Inc. |  |  |
| Series 2005-M4-WCW2, REMIC, 5.36%, (1 Month USD LIBOR + 0.98%), 07/25/35 (a) (e) | 5000 | 3957 |
| PMT Credit Risk Transfer Trust 2019-2R |  |  |
| Series 2019-A-2R, REMIC, 2.86%, 05/30/23 (a) | 1446 | 1373 |
| PMT Credit Risk Transfer Trust 2021-1R |  |  |
| Series 2021-A-1R, 6.50%, (1 Month USD LIBOR + 2.90%), 02/27/24 (a) (e) | 1359 | 1294 |
| Prime Mortgage Trust 2005-4 |  |  |
| Series 2004-1A2-CL1, REMIC, 4.79%, (1 Month USD LIBOR + 0.40%), 02/25/34 (a) | 4 | 4 |
| Primose Funding LLC |  |  |
| Series 2019-A2-1A, 4.48%, 07/30/26 | 4850 | 4416 |
| Progress Residential 2019-SFR4 Trust |  |  |
| Series 2019-E-SFR4, 3.44%, 10/21/24 | 7000 | 6530 |
| Progress Residential 2021-SFR1 Trust |  |  |
| Series 2021-F-SFR1, REMIC, 2.76%, 03/19/26 | 6600 | 5535 |
| Progress Residential 2021-SFR3 Trust |  |  |
| Series 2021-E1-SFR3, REMIC, 2.54%, 05/19/26 | 12000 | 10132 |
| Progress Residential 2021-SFR6 Trust |  |  |
| Series 2021-E2-SFR6, REMIC, 2.53%, 07/17/26 | 1150 | 956 |
| Series 2021-F-SFR6, REMIC, 3.42%, 07/17/26 | 2000 | 1668 |
| PRPM 2021-9, LLC |  |  |
| Series 2021-A1-9, 2.36%, 10/25/24 (a) | 2196 | 1989 |
| PRPM, LLC |  |  |
| Series 2020-A1-4, 2.61%, 10/25/23 (e) | 3457 | 3243 |
| RALI Series 2007-QS7 Trust |  |  |
| Series 2007-1A2-QS7, REMIC, 6.00%, 05/25/37 | 2695 | 2159 |
| RASC Series 2006-EMX9 Trust |  |  |
| Series 2006-1A3-EMX9, REMIC, 4.73%, (1 Month USD LIBOR + 0.34%), 09/25/36 (a) (e) | 1060 | 980 |
| Renaissance Home Equity Loan Trust 2006-1 |  |  |
| Series 2006-AF5-1, REMIC, 6.17%, 05/25/36 (e) | 3388 | 1704 |
| Renaissance Home Equity Loan Trust 2006-3 |  |  |
| Series 2006-AF3-2, REMIC, 5.80%, 08/25/36 (e) | 1983 | 775 |
| Renew 20172 |  |  |
| Series 2017-A-2A, 3.22%, 09/22/53 | 3240 | 2804 |
| Residential Accredit Loans, Inc. |  |  |
| Series 2006-A21-QA1, REMIC, 4.64%, 01/25/36 (a) | 3383 | 2287 |
| RR 4 Ltd |  |  |
| Series 2018-C-4A, 7.03%, (3 Month USD LIBOR + 2.95%), 04/15/30 (a) (d) | 1000 | 902 |
| Sapphire Aviation Finance II Limited |  |  |
| Series 2020-A-1A, 3.23%, 03/15/27 | 2240 | 1705 |
| Securitized Asset Backed Receivables LLC Trust 2007-BR2 |  |  |
| Series 2007-A2-BR2, REMIC, 4.62%, (1 Month USD LIBOR + 0.23%), 02/25/37 (a) (e) | 13614 | 6027 |
| Securitized Asset Backed Receivables LLC Trust 2007-HE1 |  |  |
| Series 2007-A2A-HE1, REMIC, 4.51%, (1 Month USD LIBOR + 0.12%), 12/25/36 (a) (e) | 221 | 50 |
| SG Commercial Mortgage Securities Trust 2016-C5 |  |  |
| Series 2016-B-C5, REMIC, 3.93%, 06/12/26 | 2391 | 2065 |
| Interest Only, Series 2016-XA-C5, REMIC, 1.88%, 10/13/48 (a) | 26826 | 1169 |
| SG Mortgage Securities Trust 2006-FRE2 |  |  |
| Series 2006-A2D-FRE2, REMIC, 4.85%, (1 Month USD LIBOR + 0.46%), 07/25/36 (a) (e) | 8207 | 1842 |
| SG Residential Mortgage Trust 2021-1 |  |  |
| Series 2021-M1-1, REMIC, 2.50%, 06/25/23 (a) | 3258 | 1726 |
| Shenton Aircraft Investment I Limited |  |  |
| Series 2015-A-1A, 4.75%, 11/15/27 | 2071 | 1550 |
| SIGNAL RAIL I LLC |  |  |
| Series 2021-A-1, 2.23%, 08/18/51 | 1902 | 1570 |
| SLG Office Trust 2021-OVA |  |  |
| Series 2021-E-OVA, REMIC, 2.85%, 07/17/31 | 3147 | 2202 |
| Series 2021-F-OVA, REMIC, 2.85%, 07/17/31 | 3147 | 2052 |
| SLM Student Loan Trust 2008-9 |  |  |
| Series 2008-A-9, 5.86%, (3 Month USD LIBOR + 1.50%), 04/25/23 (a) | 908 | 893 |
| SMB Private Education Loan Trust 2018-B |  |  |
| Series 2018-A2B-B, 5.04%, (1 Month USD LIBOR + 0.72%), 03/15/28 (a) (d) | 1640 | 1599 |
| SoFi Consumer Loan Program 2021-1 Trust |  |  |
| Series 2021-PT1-1, 9.72%, 05/25/30 | 3330 | 3311 |
| Sound Point CLO IX Ltd |  |  |
| Series 2015-DRRR-2A, 8.74%, (3 Month USD LIBOR + 4.50%), 07/20/32 (a) | 1000 | 813 |
| Sound Point CLO XXIII |  |  |
| Series 2019-DR-2A, 7.38%, (3 Month USD LIBOR + 3.30%), 07/17/34 (a) | 2000 | 1718 |
| Sound Point Clo XXXI Ltd |  |  |
| Series 2021-D-3A, 7.61%, (3 Month USD LIBOR + 3.25%), 10/25/34 (a) | 1000 | 884 |
| Specialty Underwriting & Residential Finance Trust, Series 2007-AB1 |  |  |
| Series 2007-A2B-AB1, REMIC, 4.58%, (1 Month USD LIBOR + 0.19%), 03/25/37 (a) (e) | 6352 | 3402 |
| Sprite 2021-1 Limited |  |  |
| Series 2021-A-1, 3.75%, 10/15/28 (d) (e) | 2705 | 2332 |
| SRVM 191 A2 FIX |  |  |
| Series 2019-A2-1A, 3.88%, 10/25/26 | 3880 | 3430 |
| Start Ltd |  |  |
| Series 2018-A-1, 4.09%, 05/15/25 | 1074 | 870 |
| Starwood Mortgage Residential Trust 2019-INV1 |  |  |
| Series 2019-M1-INV1, REMIC, 3.06%, 09/25/49 (a) | 6721 | 5718 |
| Stewart Park CLO, Ltd. |  |  |
| Series 2015-DR-1A, 6.68%, (3 Month USD LIBOR + 2.60%), 01/15/30 (a) | 2000 | 1790 |
| Stichting Babson Euro CLO 2015-1 |  |  |
| Series 2015-DR-IA, 6.84%, (3 Month USD LIBOR + 2.60%), 01/21/31 (a) (d) | 1280 | 1111 |
| Structured Asset Investment Loan Trust 2005-4 |  |  |
| Series 2006-A4-1, REMIC, 5.01%, (1 Month USD LIBOR + 0.62%), 01/25/36 (a) (e) | 1158 | 1070 |
| Structured Asset Mortgage Investments II Inc. |  |  |
| Series 2005-A3-AR5, REMIC, 4.84%, (1 Month USD LIBOR + 0.50%), 07/19/35 (a) (e) | 98 | 88 |
| Structured Asset Mortgage Investments II Trust 2007-AR2 |  |  |
| Series 2007-2A1-AR2, REMIC, 4.65%, (1 Month USD LIBOR + 0.26%), 03/25/37 (a) (e) | 288 | 134 |
| Structured Asset Mortgage Investments LLC |  |  |
| Series 2002-A1-AR3, REMIC, 5.00%, (1 Month USD LIBOR + 0.66%), 09/19/32 (a) (e) | 5 | 5 |
| Structured Asset Securities Corporation Mortgage Loan Trust 2006-BC3 |  |  |
| Series 2006-A1-BC3, REMIC, 4.71%, (1 Month USD LIBOR + 0.32%), 10/25/36 (a) (e) | 3631 | 2514 |
| Sunnova Helios IV Issuer LLC |  |  |
| Series 2020-A-AA, 2.98%, 06/21/27 | 1887 | 1570 |
| Sunnova Helios VII Issuer, LLC |  |  |
| Series 2021-C-C, 2.63%, 10/20/28 | 3532 | 2428 |
| Sunnova Sol Issuer, LLC |  |  |
| Series 2020-A-1A, 3.35%, 01/30/30 (d) | 2754 | 2250 |
| Sunrun Atlas Issuer 2019-2, LLC |  |  |
| Series 2019-A-2, 3.61%, 11/01/27 | 2746 | 2491 |
| Symphony CLO XVI, Ltd |  |  |
| Series 2015-DR-16A, 7.13%, (3 Month USD LIBOR + 3.05%), 10/15/31 (a) | 1000 | 900 |
| Symphony CLO XVII Ltd |  |  |
| Series 2016-DR-17A, 6.73%, (3 Month USD LIBOR + 2.65%), 04/17/28 (a) | 1000 | 962 |
| Tailwind 2019-1 Limited |  |  |
| Series 2019-A-1, 3.97%, 12/15/26 (e) | 2917 | 2423 |
| TAL Advantage VII, LLC |  |  |
| Series 2020-A-1A, REMIC, 2.05%, 09/20/45 | 573 | 499 |
| Textainer Marine Containers VII Ltd |  |  |
| Series 2020-A-2A, 2.10%, 06/20/30 | 588 | 510 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Thayer Park CLO, Ltd. |  |  |
| Series 2017-CR-1A, 7.04%, (3 Month USD LIBOR + 2.80%), 04/20/34 (a) | 1000 | 877 |
| THL Credit Wind River 2014-2 CLO Ltd |  |  |
| Series 2014-DR-2A, 6.98%, (3 Month USD LIBOR + 2.90%), 01/15/31 (a) | 1000 | 862 |
| Series 2014-ER-2A, 9.83%, (3 Month USD LIBOR + 5.75%), 01/15/31 (a) | 1000 | 726 |
| THL Credit Wind River 2018-1 CLO Ltd. |  |  |
| Series 2018-D-1, 6.98%, (3 Month USD LIBOR + 2.90%), 07/15/30 (a) | 1500 | 1291 |
| Series 2018-E-1, 9.58%, (3 Month USD LIBOR + 5.50%), 07/15/30 (a) | 500 | 396 |
| THL Credit Wind River 2018-2 CLO Ltd. |  |  |
| Series 2018-D-2A, 7.08%, (3 Month USD LIBOR + 3.00%), 07/15/30 (a) | 2000 | 1650 |
| THL Credit Wind River 2018-3 CLO Ltd. |  |  |
| Series 2018-D-3A, 7.19%, (3 Month USD LIBOR + 2.95%), 01/21/31 (a) | 1000 | 857 |
| Thunderbolt Aircraft Lease Limited |  |  |
| Series 2017-A-A, 4.21%, 04/15/24 (d) (e) | 4230 | 3615 |
| TIF Funding II LLC |  |  |
| Series 2021-A-1A, 1.65%, 02/20/46 | 4257 | 3466 |
| Trimaran CAVU 2021-3, Ltd. |  |  |
| Series 2021-D-3A, 7.97%, (3 Month USD LIBOR + 3.78%), 01/18/35 (a) | 4500 | 4073 |
| Trinity Rail Leasing 2018 LLC |  |  |
| Series 2020-A-1A, 1.96%, 10/17/50 | 2810 | 2448 |
| U.S. Auto Funding Trust 2021-1 |  |  |
| Series 2021-C-1A, 2.20%, 05/15/26 | 6000 | 5751 |
| U.S. Department of Veterans Affairs |  |  |
| Series 1994-1ZB-3A, REMIC, 6.50%, 09/15/24 | 22 | 22 |
| UBS Commercial Mortgage Trust 2017-C1 |  |  |
| Series 2017-B-C1, REMIC, 4.04%, 05/17/27 | 5616 | 4902 |
| UBS Commercial Mortgage Trust 2017-C2 |  |  |
| Series 2017-C-C2, REMIC, 4.30%, 08/17/27 (a) | 1600 | 1316 |
| UBS Commercial Mortgage Trust 2017-C4 |  |  |
| Series 2017-C-C4, REMIC, 4.54%, 10/15/27 (a) | 3298 | 2763 |
| UBS Commercial Mortgage Trust 2017-C7 |  |  |
| Series 2017-B-C7, REMIC, 4.29%, 01/18/28 (a) | 2000 | 1766 |
| UBS Commercial Mortgage Trust 2019-C18 |  |  |
| Series 2019-B-C18, REMIC, 3.68%, 12/17/29 | 3659 | 2975 |
| UBS-Barclays Commercial Mortgage Trust 2013-C5 |  |  |
| Series 2013-C-C5, REMIC, 4.07%, 02/10/23 (a) | 4702 | 4499 |
| United Airlines Pass Through Certificates, Series 2016-1 |  |  |
| Series 2016-B-1, 3.65%, 01/07/26 | 768 | 687 |
| Upstart Pass-Through Trust |  |  |
| Series 2021-A-ST1, 2.75%, 02/20/27 | 984 | 928 |
| Upstart Pass-Through Trust Series 2021-St4 |  |  |
| Series 2021-A-ST4, 2.00%, 07/20/27 | 2830 | 2614 |
| Upstart Securitization Trust 2020-2 |  |  |
| Series 2020-A-2, 2.31%, 11/20/30 | 220 | 215 |
| Upstart Securitization Trust 2021-4 |  |  |
| Series 2021-B-4, 1.84%, 09/20/31 | 4000 | 3582 |
| Series 2021-C-4, 3.19%, 09/20/31 | 5000 | 3849 |
| USQ Rail I LLC |  |  |
| Series 2021-A-1A, 2.25%, 02/28/51 | 2282 | 1916 |
| Vantage Data Centers Issuer, LLC |  |  |
| Series 2020-A2-2A, 1.99%, 09/15/27 | 7500 | 6102 |
| VCAT 2021-NPL4 LLC |  |  |
| Series 2021-A1-NPL4, 1.87%, 08/26/24 (e) | 3293 | 2933 |
| VCAT 2021-NPL5 LLC |  |  |
| Series 2021-A1-NPL5, REMIC, 1.87%, 08/26/24 (e) | 3828 | 3339 |
| VCAT Asset Securitization LLC |  |  |
| Series 2021-A1-NPL6, REMIC, 1.92%, 09/25/24 (e) | 3927 | 3411 |
| Venture XIV CLO Ltd |  |  |
| Series 2013-BRR-14A, 6.29%, (3 Month USD LIBOR + 1.55%), 08/28/29 (a) | 1000 | 970 |
| Venture XVIII CLO, Limited |  |  |
| Series 2014-BR-18A, 5.73%, (3 Month USD LIBOR + 1.65%), 10/15/29 (a) | 1000 | 968 |
| Verus Securitization Trust 2020-1 |  |  |
| Series 2020-A3-INV1, REMIC, 3.89%, 03/25/60 (e) | 1863 | 1716 |
| Verus Securitization Trust 2021-R2 |  |  |
| Series 2021-M1-R2, REMIC, 2.24%, 02/25/64 | 3017 | 1992 |
| Volt XCII, LLC |  |  |
| Series 2021-A1-NPL1, 1.89%, 01/25/24 (e) | 1360 | 1164 |
| VOLT XCVII, LLC |  |  |
| Series 2021-A1-NPL6, 2.24%, 03/25/24 (e) | 873 | 762 |
| Voya CLO 2014-1, Ltd. |  |  |
| Series 2014-CR2-1A, 6.73%, (3 Month Term SOFR + 3.06%), 04/18/31 (a) | 1000 | 804 |
| Voya CLO 2018-2 Ltd |  |  |
| Series 2018-D-2A, 6.83%, (3 Month USD LIBOR + 2.75%), 07/15/31 (a) | 1000 | 829 |
| VR Funding LLC |  |  |
| Series 2020-A-1A, 2.79%, 11/15/27 | 2907 | 2477 |
| WaMu Asset-Backed Certificates, WaMu Series 200X-HEX Trust |  |  |
| Series 2004-A5-5, REMIC, 5.51%, (1 Month USD LIBOR + 1.12%), 09/25/34 (a) (e) | 130 | 129 |
| Wamu Mortgage Pass-Through Certificates Series 2002-Ar17 Trust |  |  |
| Series 2002-1A-AR17, REMIC, 3.25%, (12 Month Treasury Average + 1.20%), 11/25/42 (a) | 13 | 12 |
| Wamu Mortgage Pass-Through Certificates Series 2003-S10trust |  |  |
| Series 2005-1A3A-AR18, REMIC, 3.48%, 01/25/36 (a) | 176 | 157 |
| Series 2005-A1A1-AR13, REMIC, 4.97%, (1 Month USD LIBOR + 0.58%), 10/25/45 (a) (e) | 22 | 19 |
| WaMu Mortgage Pass-Through Certificates Series 2007-Hy1 Trust |  |  |
| Series 2007-3A3-HY1, REMIC, 3.21%, 02/25/37 (a) | 933 | 793 |
| Series 2007-4A1-HY1, REMIC, 3.27%, 02/25/37 (a) | 88 | 79 |
| WaMu Mortgage Pass-Through Certificates, Series 2006-AR8 |  |  |
| Series 2006-3A3-AR8, REMIC, 3.76%, 08/25/36 (a) | 963 | 874 |
| WaMu Mortgage Pass-Through Certificates, Series 2007-HY7 |  |  |
| Series 2007-2A3-HY7, REMIC, 3.37%, 07/25/37 (a) | 160 | 138 |
| Washington Mutual Mortgage Pass-Through Certificates Wmalt Series 2006-Ar9 Trust |  |  |
| Series 2006-1A-AR9, REMIC, 2.88%, (12 Month Treasury Average + 0.83%), 11/25/46 (a) (e) | 1355 | 1107 |
| Washington Mutual Mortgage Securities Corp. |  |  |
| Series 2002-2A2-AR1, REMIC, 1.77%, 02/25/31 (a) |  |  |
| Series 2002-1A-AR9, REMIC, 3.45%, (12 Month Treasury Average + 1.40%), 08/25/42 (a) | 20 | 18 |
| WAVE 2019-1 LLC |  |  |
| Series 2019-A-1, 3.60%, 09/15/27 | 2431 | 1831 |
| Wellfleet CLO X, Ltd. |  |  |
| Series 2019-A1R-XA, 5.41%, (3 Month USD LIBOR + 1.17%), 07/20/32 (a) | 2000 | 1948 |
| Wells Fargo & Company |  |  |
| Series 2016-B-C35, REMIC, 3.44%, 07/17/26 | 3589 | 3022 |
| Wells Fargo Alternative Loan 2007-PA6 Trust |  |  |
| Series 2007-A1-PA6, REMIC, 4.80%, 12/25/37 (a) | 474 | 390 |
| Wells Fargo Commercial Mortgage Trust 2016-NXS6 |  |  |
| Series 2016-B-NXS6, REMIC, 3.81%, 09/17/26 | 2770 | 2452 |
| Wells Fargo Commercial Mortgage Trust 2018-C43 |  |  |
| Interest Only, Series 2018-XA-C43, REMIC, 0.60%, 03/17/51 (a) | 64510 | 1602 |
| Wells Fargo Commercial Mortgage Trust 2019-C50 |  |  |
| Series 2019-C-C50, REMIC, 4.35%, 04/17/29 | 3188 | 2534 |
| Wells Fargo Commercial Mortgage Trust 2020-C55 |  |  |
| Series 2020-B-C55, REMIC, 3.14%, 02/15/30 | 1034 | 799 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wells Fargo Mortgage Backed Securities 2007-15 Trust |  |  |
| Series 2007-A1-15, REMIC, 6.00%, 11/25/37 | 2928 | 2357 |
| WFRBS Commercial Mortgage Trust 2014-C23 |  |  |
| Series 2014-D-C23, REMIC, 4.00%, 10/17/57 (a) | 5789 | 5045 |
| WFRBS Commercial Mortgage Trust 2014-C25 |  |  |
| Series 2014-B-C25, REMIC, 4.24%, 11/18/24 (a) | 2050 | 1928 |
| Willis Engine Structured Trust V |  |  |
| Series 2020-A-A, 3.23%, 03/15/28 (e) | 4221 | 3254 |
| Wind River 2014-1 CLO Ltd. |  |  |
| Series 2014-DRR-1A, 7.19%, (3 Month USD LIBOR + 3.00%), 07/18/31 (a) | 1000 | 863 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $813,759) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $813,759) | 689735 |
| **CORPORATE BONDS AND NOTES 24.2%** | **CORPORATE BONDS AND NOTES 24.2%** | **CORPORATE BONDS AND NOTES 24.2%** |
| **Financials 6.0%** | **Financials 6.0%** | **Financials 6.0%** |
| Acrisure, LLC |  |  |
| 4.25%, 02/15/29 (d) | 450 | 374 |
| 6.00%, 08/01/29 (d) | 370 | 298 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.75%, 10/15/27 (d) | 375 | 338 |
| American Express Company |  |  |
| 3.95%, 08/01/25 | 4115 | 4033 |
| AmWINS Group, Inc. |  |  |
| 4.88%, 06/30/29 (d) | 360 | 309 |
| ASP AMC Merger Sub, Inc. |  |  |
| 8.00%, 05/15/25 (d) | 110 | 6 |
| AssuredPartners, Inc. |  |  |
| 7.00%, 08/15/25 (d) | 580 | 564 |
| 5.63%, 01/15/29 (d) | 520 | 432 |
| Australia and New Zealand Banking Group Limited |  |  |
| 2.57%, 11/25/35 (d) | 5820 | 4272 |
| Avation Capital |  |  |
| 9.00%, 10/31/26 (d) (e) (f) | 323 | 254 |
| Aviation Capital Group LLC |  |  |
| 1.95%, 09/20/26 (d) | 3535 | 2993 |
| Avolon Holdings Funding Limited |  |  |
| 3.25%, 02/15/27 (d) | 3805 | 3270 |
| Banco BBVA Peru |  |  |
| 5.25%, 09/22/29 (c) | 300 | 290 |
| Banco Davivienda S.A. |  |  |
| 6.65%, (100, 04/22/31) (d) (g) | 650 | 501 |
| Banco de Credito del Peru |  |  |
| 3.13%, 07/01/30 (c) | 200 | 182 |
| 3.13%, 07/01/30 (d) | 800 | 727 |
| Banco do Brasil S.A |  |  |
| 9.00%, (100, 06/18/24) (c) (g) | 300 | 299 |
| Banco do Estado do Rio Grande do Sul S/A. |  |  |
| 5.38%, 01/28/31 (c) | 400 | 358 |
| Banco Espirito Santo S.A. |  |  |
| 0.00%, 05/08/17 - 01/21/29, EUR (c) (h) (i) | 6400 | 822 |
| Banco Internacional Del Peru S.A.A. – Interbank |  |  |
| 4.00%, 07/08/30 (c) | 500 | 454 |
| Banco Mercantil Del Norte S.A |  |  |
| 6.63%, (100, 01/24/32) (c) (g) | 750 | 621 |
| Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 7.50%, (100, 06/27/29) (c) (g) | 400 | 362 |
| 7.50%, (100, 06/27/29) (d) (g) | 300 | 275 |
| 7.63%, (100, 01/10/28) (c) (g) | 1200 | 1116 |
| Banco Nacional De Comercio Exterior, S.N.C. |  |  |
| 2.72%, 08/11/31 (c) | 1400 | 1163 |
| Banco Nacional De Panama |  |  |
| 2.50%, 08/11/30 (d) | 500 | 401 |
| Bangkok Bank Public Company Limited |  |  |
| 5.00%, (100, 09/23/25) (c) (g) | 1300 | 1229 |
| Bank Hapoalim Ltd |  |  |
| 3.26%, 01/21/32 (j) | 1600 | 1376 |
| Bank Leumi le-Israel B.M. |  |  |
| 3.28%, 01/29/31 (c) | 400 | 354 |
| Bank of America Corporation |  |  |
| 3.84%, 04/25/25 | 1430 | 1396 |
| 4.83%, 07/22/26 | 1640 | 1622 |
| 2.57%, 10/20/32 | 2005 | 1572 |
| 2.48%, 09/21/36 | 5110 | 3767 |
| Bank of Montreal |  |  |
| 3.80%, 12/15/32 (j) | 3205 | 2813 |
| Barclays PLC |  |  |
| 6.02%, (3 Month USD LIBOR + 1.38%), 05/16/24 (a) (j) | 4225 | 4221 |
| BBVA Bancomer S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer |  |  |
| 5.13%, 01/18/33 (c) | 900 | 807 |
| 5.88%, 09/13/34 (c) | 300 | 278 |
| Berkshire Hathaway Finance Corporation |  |  |
| 2.85%, 10/15/50 | 1740 | 1170 |
| 3.85%, 03/15/52 | 1010 | 815 |
| BNP Paribas |  |  |
| 3.05%, 01/13/31 (d) (j) | 4805 | 3945 |
| BPCE |  |  |
| 1.00%, 01/20/26 (d) | 2600 | 2281 |
| Brighthouse Financial, Inc. |  |  |
| 1.00%, 04/12/24 (d) | 990 | 931 |
| 2.00%, 06/28/28 (d) | 1450 | 1205 |
| Capital One Financial Corporation |  |  |
| 4.99%, 07/24/26 | 1180 | 1158 |
| CI Financial Corp. |  |  |
| 4.10%, 06/15/51 | 1385 | 826 |
| Citigroup Inc. |  |  |
| 5.75%, (3 Month USD LIBOR + 1.10%), 05/17/24 (a) | 4670 | 4687 |
| 2.01%, 01/25/26 | 1085 | 1005 |
| 3.07%, 02/24/28 | 1005 | 907 |
| Commonwealth Bank of Australia |  |  |
| 4.32%, 01/10/48 (b) (d) | 4255 | 3173 |
| Corporacion Financiera de Desarrollo S.A. |  |  |
| 5.25%, 07/15/29 (c) | 300 | 289 |
| Credito Real, S.A.B. De C.V., Sofom, E.N.R. |  |  |
| 0.00%, (100, 11/29/27) (c) (g) (h) (i) (k) | 1100 | 7 |
| DBS Group Holdings Ltd |  |  |
| 1.82%, 03/10/31 (c) | 1000 | 888 |
| Discover Financial Services |  |  |
| 4.10%, 02/09/27 | 5280 | 4978 |
| Docuformas, S.A.P.I. de C.V. |  |  |
| 10.25%, 07/24/24 (d) | 700 | 155 |
| Ford Motor Credit Company LLC |  |  |
| 4.39%, 01/08/26 | 600 | 559 |
| 4.95%, 05/28/27 | 400 | 374 |
| 3.63%, 06/17/31 | 540 | 425 |
| Global Aviation Leasing Co., Ltd. |  |  |
| 7.25%, 09/15/24 (d) (e) (f) | 618 | 526 |
| Hightower Holdings LLC |  |  |
| 6.75%, 04/15/29 (d) | 315 | 264 |
| HSBC Holdings PLC |  |  |
| 6.12%, (3 Month USD LIBOR + 1.38%), 09/12/26 (a) (j) | 5230 | 5145 |
| Icahn Enterprises L.P. |  |  |
| 5.25%, 05/15/27 | 545 | 500 |
| Inversiones La Construccion S.A. |  |  |
| 4.75%, 02/07/32 (c) | 900 | 734 |
| Itau Unibanco Holding S.A. |  |  |
| 3.88%, 04/15/31 (c) | 500 | 451 |
| JPMorgan Chase & Co. |  |  |
| 2.60%, 02/24/26 | 1520 | 1430 |
| 4.85%, 07/25/28 | 770 | 752 |
| 2.07%, 06/01/29 | 2185 | 1829 |
| 2.52%, 04/22/31 | 3325 | 2718 |
| 2.58%, 04/22/32 | 2870 | 2296 |
| 2.96%, 01/25/33 | 2765 | 2251 |
| KASIKORNBANK Public Company Limited |  |  |
| 5.28%, (100, 10/14/25) (c) (g) | 600 | 567 |
| LD Holdings Group LLC |  |  |
| 6.50%, 11/01/25 (d) (f) | 130 | 89 |
| 6.13%, 04/01/28 (d) | 60 | 36 |
| LFS Topco LLC |  |  |
| 5.88%, 10/15/26 (d) | 405 | 326 |
| Lloyds Banking Group PLC |  |  |
| 3.57%, 11/07/28 | 4575 | 4119 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Macquarie Group Limited |  |  |
| 2.87%, 01/14/33 (d) | 6140 | 4702 |
| Massachusetts Mutual Life Insurance Company |  |  |
| 3.20%, 12/01/61 (d) | 2300 | 1393 |
| Morgan Stanley |  |  |
| 4.68%, 07/17/26 | 1640 | 1613 |
| 4.21%, 04/20/28 | 1925 | 1828 |
| 2.94%, 01/21/33 | 770 | 624 |
| 2.48%, 09/16/36 | 5160 | 3751 |
| Nasdaq, Inc. |  |  |
| 3.95%, 03/07/52 (k) | 515 | 395 |
| National Australia Bank Limited |  |  |
| 2.99%, 05/21/31 (d) | 3435 | 2695 |
| National Rural Utilities Cooperative Finance Corporation |  |  |
| 5.45%, 10/30/25 | 655 | 664 |
| Nationstar Mortgage Holdings Inc. |  |  |
| 5.75%, 11/15/31 (d) | 630 | 490 |
| NatWest Markets PLC |  |  |
| 0.80%, 08/12/24 (d) | 2490 | 2311 |
| Navient Corporation |  |  |
| 5.00%, 03/15/27 | 290 | 254 |
| NFP Corp. |  |  |
| 4.88%, 08/15/28 (d) | 275 | 234 |
| OneMain Finance Corporation |  |  |
| 6.88%, 03/15/25 | 290 | 279 |
| 7.13%, 03/15/26 | 35 | 33 |
| 5.38%, 11/15/29 | 240 | 197 |
| Oversea-Chinese Banking Corporation Limited |  |  |
| 1.83%, 09/10/30 (c) (j) | 200 | 180 |
| 1.83%, 09/10/30 (d) (j) | 1400 | 1258 |
| PennyMac Financial Services, Inc. |  |  |
| 4.25%, 02/15/29 (d) | 510 | 399 |
| Prudential Financial, Inc. |  |  |
| 3.91%, 12/07/47 | 2515 | 2014 |
| Ryan Specialty Group, LLC |  |  |
| 4.38%, 02/01/30 (d) | 445 | 389 |
| Santander Holdings USA, Inc. |  |  |
| 2.49%, 01/06/28 | 825 | 710 |
| Scotiabank Peru S.A.A. |  |  |
| 8.59%, (3 Month USD LIBOR + 3.86%), 12/13/27 (a) (c) | 400 | 394 |
| Shinhan Financial Group Co., Ltd. |  |  |
| 2.88%, (100, 05/12/26) (d) (g) | 1250 | 1076 |
| Synchrony Financial |  |  |
| 3.95%, 12/01/27 | 3895 | 3475 |
| Temasek Financial (I) Limited |  |  |
| 1.00%, 10/06/30 (c) | 950 | 731 |
| 1.00%, 10/06/30 (d) | 2600 | 2000 |
| 1.63%, 08/02/31 (c) | 750 | 595 |
| The Bank of Nova Scotia |  |  |
| 4.59%, 05/04/37 (j) | 4670 | 3995 |
| The Goldman Sachs Group, Inc. |  |  |
| 5.78%, (3 Month USD LIBOR + 1.17%), 05/15/26 (a) | 4940 | 4899 |
| 4.97%, (SOFR + 0.82%), 09/10/27 (a) | 1715 | 1625 |
| The Toronto-Dominion Bank |  |  |
| 4.69%, 09/15/27 (j) | 6980 | 6902 |
| Transocean Poseidon Limited |  |  |
| 6.88%, 02/01/27 (d) | 359 | 350 |
| Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R. |  |  |
| 0.00%, (100, 01/29/25) (c) (g) (h) (i) (k) | 3100 | 8 |
| Wells Fargo & Company |  |  |
| 3.20%, 06/17/27 | 2235 | 2080 |
| 4.81%, 07/25/28 | 2140 | 2091 |
| 2.88%, 10/30/30 | 2255 | 1917 |
| Westpac Banking Corporation |  |  |
| 3.02%, 11/18/36 | 2970 | 2197 |
| Willis North America Inc. |  |  |
| 4.50%, 09/15/28 | 3980 | 3760 |
| | | 162468 |
| **Utilities 4.0%** | **Utilities 4.0%** | **Utilities 4.0%** |
| Adani Electricity Mumbai Limited |  |  |
| 3.87%, 07/22/31 (c) | 400 | 287 |
| AEP Transmission Company, LLC |  |  |
| 3.10%, 12/01/26 | 2000 | 1871 |
| AES Andres B.V. |  |  |
| 5.70%, 05/04/28 (d) | 1200 | 1039 |
| Ameren Corporation |  |  |
| 3.65%, 02/15/26 | 5000 | 4779 |
| Berkshire Hathaway Energy Company |  |  |
| 4.60%, 05/01/53 (d) | 2710 | 2378 |
| Boston Gas Company |  |  |
| 3.15%, 08/01/27 (d) | 5000 | 4476 |
| Calpine Corporation |  |  |
| 4.50%, 02/15/28 (d) | 265 | 237 |
| 5.13%, 03/15/28 (d) | 165 | 148 |
| 4.63%, 02/01/29 (d) | 215 | 185 |
| Chile Electricity PEC Spa |  |  |
| 0.00%, 01/25/28 (d) (l) | 1750 | 1256 |
| Clearway Energy Operating LLC |  |  |
| 4.75%, 03/15/28 (d) | 375 | 348 |
| Dominion Energy, Inc. |  |  |
| 3.38%, 04/01/30 | 4500 | 3965 |
| DTE Energy Company |  |  |
| 4.22%, 11/01/24 (e) | 2065 | 2032 |
| Duke Energy Corporation |  |  |
| 3.15%, 08/15/27 | 5000 | 4614 |
| 4.30%, 03/15/28 | 1350 | 1302 |
| 2.85%, 03/15/32 | 405 | 342 |
| 3.95%, 08/15/47 | 4095 | 3111 |
| Duquesne Light Holdings, Inc. |  |  |
| 3.62%, 08/01/27 (d) | 5000 | 4461 |
| Emirates Sembcorp Water & Power Company PJSC |  |  |
| 4.45%, 08/01/35 (d) | 1000 | 955 |
| Empresa Electrica Angamos S.A |  |  |
| 4.88%, 05/25/29 (c) | 847 | 754 |
| Empresas Publicas de Medellin E.S.P. |  |  |
| 4.25%, 07/18/29 (c) | 1900 | 1510 |
| 4.38%, 02/15/31 (c) | 1150 | 894 |
| Entergy Corporation |  |  |
| 2.80%, 06/15/30 | 1220 | 1027 |
| Eversource Energy |  |  |
| 2.90%, 10/01/24 | 4000 | 3859 |
| Exelon Corporation |  |  |
| 3.40%, 04/15/26 | 5712 | 5433 |
| 4.10%, 03/15/52 | 740 | 591 |
| Fenix Power Peru S.A. |  |  |
| 4.32%, 09/20/27 (c) | 448 | 410 |
| Fermaca Enterprises S. de R.L. de C.V. |  |  |
| 6.38%, 03/30/38 (c) | 3924 | 3696 |
| Georgia Power Company |  |  |
| 2.20%, 09/15/24 | 2365 | 2249 |
| 3.25%, 03/15/51 | 5845 | 4032 |
| GNL Quintero S.A |  |  |
| 4.63%, 07/31/29 (c) | 2059 | 2002 |
| ITC Holdings Corp. |  |  |
| 3.25%, 06/30/26 | 3000 | 2807 |
| 2.95%, 05/14/30 (d) | 1250 | 1058 |
| JSW Hydro Energy Limited |  |  |
| 4.13%, 05/18/31 (d) | 442 | 370 |
| LLPL Capital Pte. Ltd. |  |  |
| 6.88%, 02/04/39 (d) | 1962 | 1711 |
| Mercury Chile Holdco LLC |  |  |
| 6.50%, 01/24/27 (d) | 1750 | 1670 |
| Mexico Generadora De Energia, S. De R.L. De C.V. |  |  |
| 5.50%, 12/06/32 (c) | 444 | 428 |
| Minejesa Capital B.V. |  |  |
| 4.63%, 08/10/30 (c) | 1970 | 1729 |
| 5.63%, 08/10/37 (c) | 2550 | 1992 |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (c) | 500 | 417 |
| Monongahela Power Company |  |  |
| 5.40%, 12/15/43 (d) | 1770 | 1707 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.26%, 09/01/24 (e) | 1735 | 1714 |
| 3.55%, 05/01/27 | 5000 | 4712 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| NRG Energy, Inc. |  |  |
| 2.00%, 12/02/25 (d) | 1640 | 1462 |
| 3.63%, 02/15/31 (d) | 565 | 432 |
| NSTAR Electric Company |  |  |
| 3.20%, 05/15/27 | 5000 | 4697 |
| Pacific Gas And Electric Company |  |  |
| 2.50%, 02/01/31 | 2945 | 2288 |
| Southwestern Electric Power Company |  |  |
| 2.75%, 10/01/26 | 3000 | 2756 |
| 3.25%, 11/01/51 | 1660 | 1098 |
| Suburban Propane Partners, L.P. |  |  |
| 5.00%, 06/01/31 (d) | 430 | 368 |
| The Brooklyn Union Gas Company |  |  |
| 4.49%, 03/04/49 (d) | 5105 | 3924 |
| The Cleveland Electric Illuminating Company |  |  |
| 3.50%, 04/01/28 (d) | 1500 | 1366 |
| The Southern Company |  |  |
| 3.70%, 04/30/30 (j) | 2500 | 2247 |
| 3.75%, 09/15/51 | 1930 | 1559 |
| Transelec S.A. |  |  |
| 3.88%, 01/12/29 (d) | 2500 | 2261 |
| Transportadora de Gas del Peru S.A. |  |  |
| 4.25%, 04/30/28 (c) | 200 | 188 |
| Virginia Electric and Power Company |  |  |
| 3.75%, 05/15/27 | 930 | 889 |
| | | 110093 |
| **Energy 2.6%** | **Energy 2.6%** | **Energy 2.6%** |
| Aethon United BR LP |  |  |
| 8.25%, 02/15/26 (d) | 305 | 303 |
| AI Candelaria (Spain), S.L.U |  |  |
| 5.75%, 06/15/33 (c) | 500 | 383 |
| 5.75%, 06/15/33 (d) | 1000 | 765 |
| Antero Midstream Partners LP |  |  |
| 5.75%, 03/01/27 (d) | 289 | 273 |
| Antero Resources Corporation |  |  |
| 5.38%, 03/01/30 (d) | 310 | 287 |
| APT Pipelines Limited |  |  |
| 4.25%, 07/15/27 (d) | 5000 | 4676 |
| Bip-V Chinook |  |  |
| 5.50%, 06/15/31 (d) | 1010 | 885 |
| Blue Racer Midstream, LLC |  |  |
| 7.63%, 12/15/25 (d) | 30 | 30 |
| BP Capital Markets America Inc. |  |  |
| 2.94%, 06/04/51 | 2005 | 1323 |
| 3.00%, 03/17/52 | 2650 | 1765 |
| Callon Petroleum Company |  |  |
| 7.50%, 06/15/30 (d) | 490 | 450 |
| Chesapeake Energy Corporation |  |  |
| 5.88%, 02/01/29 (d) | 420 | 400 |
| Chord Energy Corporation |  |  |
| 6.38%, 06/01/26 (d) | 335 | 325 |
| CNX Midstream Partners LP |  |  |
| 4.75%, 04/15/30 (d) | 790 | 652 |
| CNX Resources Corporation |  |  |
| 6.00%, 01/15/29 (d) | 385 | 355 |
| 7.38%, 01/15/31 (d) | 145 | 139 |
| Continental Resources, Inc. |  |  |
| 2.27%, 11/15/26 (d) | 1735 | 1505 |
| CSI Compressco LP |  |  |
| 7.50%, 04/01/25 (d) | 370 | 345 |
| Ecopetrol S.A. |  |  |
| 4.63%, 11/02/31 | 550 | 421 |
| 5.88%, 05/28/45 - 11/02/51 | 3150 | 2135 |
| EIG Pearl Holdings S.a r.l. |  |  |
| 3.55%, 08/31/36 (c) | 1700 | 1428 |
| 4.39%, 11/30/46 (c) | 700 | 537 |
| Empresa Electrica Cochrane SpA |  |  |
| 5.50%, 05/14/27 (c) | 597 | 547 |
| Enable Midstream Partners, LP |  |  |
| 4.40%, 03/15/27 | 1520 | 1449 |
| 5.00%, 05/15/44 (e) | 2645 | 2159 |
| Enbridge Inc. |  |  |
| 3.40%, 08/01/51 | 2245 | 1530 |
| Energy Transfer LP |  |  |
| 4.75%, 01/15/26 | 2115 | 2063 |
| EQM Midstream Partners, LP |  |  |
| 4.75%, 01/15/31 (d) | 415 | 342 |
| Exxon Mobil Corporation |  |  |
| 4.23%, 03/19/40 | 2375 | 2141 |
| Galaxy Pipeline Assets Bidco Limited |  |  |
| 2.16%, 03/31/34 (d) | 2219 | 1886 |
| 2.94%, 09/30/40 (c) | 773 | 623 |
| Gran Tierra Energy Inc. |  |  |
| 7.75%, 05/23/27 (d) | 900 | 732 |
| Gran Tierra Energy International Holdings Ltd |  |  |
| 6.25%, 02/15/25 (c) | 1100 | 947 |
| Guara Norte S.a r.l. |  |  |
| 5.20%, 06/15/34 (c) | 273 | 231 |
| Gulfport Energy Operating Corporation |  |  |
| 8.00%, 05/17/26 (d) | 219 | 217 |
| Halliburton Company |  |  |
| 2.92%, 03/01/30 | 1170 | 1003 |
| Hess Infrastructure Partners LP |  |  |
| 4.25%, 02/15/30 (d) | 765 | 656 |
| 5.50%, 10/15/30 (d) | 370 | 340 |
| Hess Midstream Operations LP |  |  |
| 5.13%, 06/15/28 (d) | 395 | 368 |
| Hilcorp Energy I, L.P. |  |  |
| 6.25%, 11/01/28 (d) | 540 | 490 |
| 5.75%, 02/01/29 (d) | 180 | 161 |
| Hunt Oil USA, Inc. |  |  |
| 6.38%, 06/01/28 (c) | 1311 | 1249 |
| Kinder Morgan Energy Partners, L.P. |  |  |
| 6.95%, 01/15/38 | 3930 | 4186 |
| Leeward Renewable Energy Operations, LLC |  |  |
| 4.25%, 07/01/29 (d) | 420 | 364 |
| Marathon Petroleum Corporation |  |  |
| 5.13%, 12/15/26 | 2150 | 2142 |
| MC Brazil Downstream Trading S.a r.l. |  |  |
| 7.25%, 06/30/31 (c) | 1150 | 948 |
| Moss Creek Resources Holdings, Inc. |  |  |
| 7.50%, 01/15/26 (d) | 120 | 108 |
| Nabors Industries Ltd |  |  |
| 7.25%, 01/15/26 (d) | 340 | 322 |
| NGL Energy Operating LLC |  |  |
| 7.50%, 02/01/26 (d) | 355 | 316 |
| NGL Energy Partners LP |  |  |
| 7.50%, 04/15/26 (b) | 150 | 116 |
| NGPL PipeCo LLC |  |  |
| 3.25%, 07/15/31 (d) | 1090 | 886 |
| NuStar Logistics, L.P. |  |  |
| 6.00%, 06/01/26 | 750 | 724 |
| Occidental Petroleum Corporation |  |  |
| 6.63%, 09/01/30 | 380 | 393 |
| 6.13%, 01/01/31 | 555 | 562 |
| 6.45%, 09/15/36 | 220 | 224 |
| 6.60%, 03/15/46 | 215 | 221 |
| Oleoducto Central S.A. |  |  |
| 4.00%, 07/14/27 (c) | 1750 | 1539 |
| ONEOK, Inc. |  |  |
| 3.40%, 09/01/29 | 1335 | 1154 |
| Par Petroleum, LLC |  |  |
| 7.75%, 12/15/25 (d) | 335 | 323 |
| Parkland Corporation |  |  |
| 4.50%, 10/01/29 (d) | 430 | 360 |
| 4.63%, 05/01/30 (d) | 300 | 250 |
| PBF Holding Company LLC |  |  |
| 6.00%, 02/15/28 | 120 | 106 |
| Petrobras Global Finance B.V. |  |  |
| 6.75%, 06/03/50 | 2400 | 2097 |
| Petroleos del Peru - Petroperu S.A. |  |  |
| 4.75%, 06/19/32 (c) | 1000 | 772 |
| 5.63%, 06/19/47 (c) | 600 | 396 |
| PETRONAS Capital Limited |  |  |
| 2.48%, 01/28/32 (b) (c) | 200 | 165 |
| Pioneer Natural Resources Company |  |  |
| 1.90%, 08/15/30 | 965 | 757 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Qatarenergy |  |  |
| 2.25%, 07/12/31 (c) | 2200 | 1819 |
| Reliance Industries Limited |  |  |
| 2.88%, 01/12/32 (b) (c) | 1200 | 973 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.00%, 03/15/27 | 1875 | 1839 |
| SCC Power PLC |  |  |
| 8.00%, 12/31/28 (d) (f) | 1593 | 543 |
| 4.00%, 05/17/32 (d) (f) | 863 | 26 |
| Southwestern Energy Company |  |  |
| 5.38%, 02/01/29 | 420 | 389 |
| 4.75%, 02/01/32 | 420 | 359 |
| Sunoco LP |  |  |
| 6.00%, 04/15/27 | 225 | 222 |
| 4.50%, 05/15/29 | 160 | 140 |
| Tervita Corporation |  |  |
| 11.00%, 12/01/25 (d) | 246 | 265 |
| TransCanada PipeLines Limited |  |  |
| 4.25%, 05/15/28 | 4000 | 3798 |
| UEP Penonome II S.A. |  |  |
| 6.50%, 10/01/38 (d) | 1523 | 1112 |
| USA Compression Finance Corp. |  |  |
| 6.88%, 09/01/27 | 345 | 324 |
| Viper Energy Partners LP |  |  |
| 5.38%, 11/01/27 (d) | 350 | 333 |
| Weatherford International Ltd. |  |  |
| 11.00%, 12/01/24 (d) | 94 | 97 |
| 6.50%, 09/15/28 (d) | 245 | 240 |
| 8.63%, 04/30/30 (d) | 320 | 309 |
| Western Midstream Operating, LP |  |  |
| 4.30%, 02/01/30 (e) (k) | 435 | 381 |
| | | 71116 |
| **Consumer Discretionary 2.2%** | **Consumer Discretionary 2.2%** | **Consumer Discretionary 2.2%** |
| Academy, Ltd. |  |  |
| 6.00%, 11/15/27 (d) | 405 | 389 |
| American Axle & Manufacturing, Inc. |  |  |
| 5.00%, 10/01/29 | 210 | 168 |
| Ashton Woods USA L.L.C. |  |  |
| 4.63%, 04/01/30 (d) | 295 | 239 |
| BCPE Empire Holdings, Inc. |  |  |
| 7.63%, 05/01/27 (d) | 470 | 422 |
| Boyne USA, Inc. |  |  |
| 4.75%, 05/15/29 (d) | 700 | 627 |
| Caesars Entertainment, Inc. |  |  |
| 4.63%, 10/15/29 (d) | 480 | 390 |
| Carnival Corporation |  |  |
| 5.75%, 03/01/27 (d) | 670 | 478 |
| 9.88%, 08/01/27 (d) | 530 | 502 |
| Carvana Co. |  |  |
| 5.63%, 10/01/25 (d) | 175 | 77 |
| Clarios Global LP |  |  |
| 6.25%, 05/15/26 (d) | 132 | 129 |
| CWT Travel Group Incorporated |  |  |
| 8.50%, 11/19/26 (d) | 173 | 147 |
| Dana Incorporated |  |  |
| 5.38%, 11/15/27 | 120 | 111 |
| 5.63%, 06/15/28 | 310 | 282 |
| 4.25%, 09/01/30 | 95 | 77 |
| Dealer Tire, LLC |  |  |
| 8.00%, 02/01/28 (d) | 310 | 264 |
| Dick's Sporting Goods, Inc. |  |  |
| 3.15%, 01/15/32 | 4410 | 3458 |
| 4.10%, 01/15/52 | 1355 | 882 |
| Dollar General Corporation |  |  |
| 4.25%, 09/20/24 | 1125 | 1110 |
| Dollar Tree, Inc. |  |  |
| 4.00%, 05/15/25 | 3975 | 3873 |
| 3.38%, 12/01/51 | 495 | 334 |
| EG Global Finance PLC |  |  |
| 8.50%, 10/30/25 (d) | 615 | 576 |
| Everi Holdings Inc. |  |  |
| 5.00%, 07/15/29 (d) | 625 | 539 |
| Expedia Group, Inc. |  |  |
| 5.00%, 02/15/26 | 1230 | 1214 |
| 3.80%, 02/15/28 | 2060 | 1893 |
| 3.25%, 02/15/30 | 825 | 699 |
| 2.95%, 03/15/31 (k) | 304 | 245 |
| Ferrellgas Escrow, LLC |  |  |
| 5.38%, 04/01/26 (d) | 330 | 301 |
| Fertitta Entertainment LLC |  |  |
| 6.75%, 01/15/30 (d) | 555 | 448 |
| Ford Motor Company |  |  |
| 3.25%, 02/12/32 | 1300 | 978 |
| Full House Resorts, Inc. |  |  |
| 8.25%, 02/15/28 (d) | 615 | 543 |
| General Motors Financial Company, Inc. |  |  |
| 2.40%, 10/15/28 | 2825 | 2350 |
| 3.10%, 01/12/32 | 2910 | 2286 |
| Golden Entertainment, Inc. |  |  |
| 7.63%, 04/15/26 (d) | 315 | 311 |
| Group 1 Automotive, Inc. |  |  |
| 4.00%, 08/15/28 (d) | 215 | 183 |
| Hyundai Capital America |  |  |
| 2.65%, 02/10/25 (d) | 4565 | 4290 |
| 1.80%, 10/15/25 (d) | 75 | 68 |
| Installed Building Products, Inc. |  |  |
| 5.75%, 02/01/28 (d) | 425 | 383 |
| Light & Wonder, Inc. |  |  |
| 6.63%, 03/01/30 (d) | 495 | 418 |
| Lions Gate Capital Holdings LLC |  |  |
| 5.50%, 04/15/29 (d) | 340 | 197 |
| Lowe`s Companies, Inc. |  |  |
| 4.40%, 09/08/25 | 1340 | 1322 |
| 5.63%, 04/15/53 | 1335 | 1287 |
| LSF9 Atlantis |  |  |
| 7.75%, 02/15/26 (d) | 550 | 488 |
| M/I Homes, Inc. |  |  |
| 4.95%, 02/01/28 | 380 | 338 |
| Magallanes, Inc. |  |  |
| 3.76%, 03/15/27 (d) | 2515 | 2270 |
| 4.05%, 03/15/29 (d) | 2520 | 2184 |
| Magnum Management Corporation |  |  |
| 5.25%, 07/15/29 | 550 | 496 |
| Marriott International, Inc. |  |  |
| 3.13%, 06/15/26 | 2295 | 2145 |
| 2.75%, 10/15/33 (k) | 2840 | 2178 |
| Mattamy Homes Limited |  |  |
| 4.63%, 03/01/30 (d) | 400 | 327 |
| McDonald's Corporation |  |  |
| 4.45%, 03/01/47 | 2685 | 2325 |
| MGM Resorts International |  |  |
| 6.75%, 05/01/25 | 465 | 469 |
| Midwest Gaming Borrower, LLC |  |  |
| 4.88%, 05/01/29 (d) | 405 | 346 |
| Murphy Oil USA, Inc. |  |  |
| 4.75%, 09/15/29 | 335 | 306 |
| NCL Corporation Ltd. |  |  |
| 5.88%, 03/15/26 (d) | 165 | 130 |
| PENN Entertainment, Inc. |  |  |
| 5.63%, 01/15/27 (d) | 655 | 593 |
| 4.13%, 07/01/29 (b) (d) | 300 | 237 |
| PetSmart, Inc. |  |  |
| 4.75%, 02/15/28 (d) | 830 | 752 |
| 7.75%, 02/15/29 (d) | 500 | 466 |
| Premier Entertainment Sub, LLC |  |  |
| 5.63%, 09/01/29 (d) | 385 | 283 |
| 5.88%, 09/01/31 (d) | 140 | 99 |
| Rent-A-Center, Inc. |  |  |
| 6.38%, 02/15/29 (d) | 265 | 215 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.50%, 08/31/26 (d) | 525 | 442 |
| Sonic Automotive, Inc. |  |  |
| 4.63%, 11/15/29 (d) | 525 | 423 |
| SRS Distribution Inc. |  |  |
| 4.63%, 07/01/28 (d) | 315 | 281 |
| 6.13%, 07/01/29 (d) | 390 | 317 |
| Staples, Inc. |  |  |
| 7.50%, 04/15/26 (d) | 375 | 323 |
| 10.75%, 04/15/27 (b) (d) | 150 | 108 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Station Casinos LLC |  |  |
| 4.63%, 12/01/31 (d) | 305 | 246 |
| Superior Plus LP |  |  |
| 4.50%, 03/15/29 (d) | 510 | 438 |
| SWF Escrow Issuer Corporation |  |  |
| 6.50%, 10/01/29 (d) | 180 | 104 |
| The Gap, Inc. |  |  |
| 3.88%, 10/01/31 (d) | 415 | 293 |
| The Goodyear Tire & Rubber Company |  |  |
| 5.25%, 07/15/31 | 560 | 458 |
| Univision Communications Inc. |  |  |
| 4.50%, 05/01/29 (d) | 325 | 272 |
| 7.38%, 06/30/30 (d) | 550 | 526 |
| Victoria's Secret & Co. |  |  |
| 4.63%, 07/15/29 (d) | 425 | 333 |
| Viking Cruises Limited |  |  |
| 13.00%, 05/15/25 (d) | 135 | 143 |
| 5.88%, 09/15/27 (d) | 1025 | 837 |
| Volkswagen Group of America, Inc. |  |  |
| 4.25%, 11/13/23 (d) | 1975 | 1955 |
| Wheel Pros, Inc. |  |  |
| 6.50%, 05/15/29 (d) | 130 | 49 |
| Yum! Brands, Inc. |  |  |
| 4.75%, 01/15/30 (d) | 370 | 340 |
| | | 59025 |
| **Industrials 2.1%** | **Industrials 2.1%** | **Industrials 2.1%** |
| Adani Ports and Special Economic Zone Limited |  |  |
| 4.00%, 07/30/27 (c) | 400 | 349 |
| 4.38%, 07/03/29 (c) | 800 | 673 |
| 3.10%, 02/02/31 (c) | 500 | 369 |
| Advanced Drainage Systems, Inc. |  |  |
| 5.00%, 09/30/27 (d) | 360 | 338 |
| Air Lease Corporation |  |  |
| 1.88%, 08/15/26 | 1595 | 1388 |
| American Airlines, Inc. |  |  |
| 5.75%, 04/20/29 (d) | 695 | 636 |
| ARD Finance S.A. |  |  |
| 6.50%, 06/30/27 (d) (f) | 200 | 140 |
| Ardagh Metal Packaging Finance Public Limited Company |  |  |
| 4.00%, 09/01/29 (d) | 850 | 674 |
| Ardagh Packaging Finance Public Limited Company |  |  |
| 5.25%, 08/15/27 (d) | 280 | 206 |
| Beacon Roofing Supply, Inc. |  |  |
| 4.13%, 05/15/29 (d) | 170 | 142 |
| Berry Global, Inc. |  |  |
| 1.65%, 01/15/27 | 1710 | 1458 |
| Bioceanico Sovereign Certificate Limited |  |  |
| 0.00%, 06/05/34 (c) (l) | 502 | 332 |
| BOC Aviation Limited |  |  |
| 5.85%, (3 Month USD LIBOR + 1.13%), 09/26/23 (a) (d) | 4175 | 4174 |
| Bombardier Inc. |  |  |
| 7.88%, 04/15/27 (d) | 385 | 375 |
| Builders FirstSource, Inc. |  |  |
| 5.00%, 03/01/30 (d) | 400 | 357 |
| 4.25%, 02/01/32 (d) | 410 | 334 |
| Carrier Global Corporation |  |  |
| 3.38%, 04/05/40 | 4370 | 3324 |
| Clean Harbors, Inc. |  |  |
| 5.13%, 07/15/29 (d) | 135 | 125 |
| Cornerstone Building Brands, Inc. |  |  |
| 6.13%, 01/15/29 (d) | 430 | 303 |
| CSX Corporation |  |  |
| 3.80%, 11/01/46 | 5755 | 4559 |
| Empresa de Transporte de Pasajeros Metro S.A. |  |  |
| 5.00%, 01/25/47 (d) | 1095 | 953 |
| Fideicomiso Patrimonio Autonomo Panamericana |  |  |
| 8.25%, 01/15/35 (c) | 287 | 255 |
| Flowserve Corporation |  |  |
| 2.80%, 01/15/32 | 3020 | 2270 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 5.50%, 05/01/28 (d) | 520 | 443 |
| Garda World Security Corporation |  |  |
| 4.63%, 02/15/27 (d) | 625 | 553 |
| 6.00%, 06/01/29 (d) | 475 | 388 |
| Griffon Corporation |  |  |
| 5.75%, 03/01/28 | 875 | 800 |
| Jeld-Wen, Inc. |  |  |
| 4.63%, 12/15/25 (d) | 265 | 221 |
| Lima Metro Line 2 Finance Limited |  |  |
| 5.88%, 07/05/34 (c) | 1656 | 1619 |
| Madison IAQ LLC |  |  |
| 4.13%, 06/30/28 (d) | 335 | 279 |
| 5.88%, 06/30/29 (d) | 325 | 224 |
| MV24 Capital B.V. |  |  |
| 6.75%, 06/01/34 (c) | 343 | 313 |
| Northrop Grumman Corporation |  |  |
| 5.15%, 05/01/40 | 3485 | 3392 |
| Owens Corning |  |  |
| 4.40%, 01/30/48 | 2575 | 2005 |
| Parker-Hannifin Corporation |  |  |
| 4.25%, 09/15/27 | 1180 | 1147 |
| Penske Truck Leasing Co., L.P. |  |  |
| 3.40%, 11/15/26 (d) | 75 | 69 |
| 4.20%, 04/01/27 (d) | 2455 | 2303 |
| Pike Corporation |  |  |
| 5.50%, 09/01/28 (d) | 610 | 533 |
| Raytheon Technologies Corporation |  |  |
| 3.03%, 03/15/52 | 3300 | 2255 |
| Roller Bearing Company of America, Inc. |  |  |
| 4.38%, 10/15/29 (d) | 210 | 182 |
| Seaspan Corporation |  |  |
| 5.50%, 08/01/29 (d) | 330 | 250 |
| Simpar Europe |  |  |
| 5.20%, 01/26/31 (c) | 200 | 151 |
| Sydney Airport Finance Company Pty Limited |  |  |
| 3.38%, 04/30/25 (d) | 2650 | 2518 |
| 3.63%, 04/28/26 (d) | 1973 | 1853 |
| The Boeing Company |  |  |
| 2.95%, 02/01/30 | 2730 | 2319 |
| 3.75%, 02/01/50 | 1620 | 1123 |
| The Dun & Bradstreet Corporation |  |  |
| 5.00%, 12/15/29 (d) | 655 | 564 |
| Titan Acquisition Limited |  |  |
| 7.75%, 04/15/26 (d) | 325 | 293 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.25%, 07/15/27 (d) | 750 | 667 |
| TMS International Corp. |  |  |
| 6.25%, 04/15/29 (d) | 220 | 158 |
| TransDigm Inc. |  |  |
| 8.00%, 12/15/25 (d) | 100 | 101 |
| 6.25%, 03/15/26 (d) | 605 | 598 |
| 5.50%, 11/15/27 | 545 | 512 |
| Trident TPI Holdings, Inc. |  |  |
| 6.63%, 11/01/25 (d) | 380 | 334 |
| Triton Container International Limited |  |  |
| 1.15%, 06/07/24 (d) | 1070 | 990 |
| 3.25%, 03/15/32 | 1860 | 1435 |
| Triumph Group, Inc. |  |  |
| 7.75%, 08/15/25 (b) | 160 | 136 |
| Uber Technologies, Inc. |  |  |
| 4.50%, 08/15/29 (d) | 385 | 336 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.38%, 04/15/26 (d) | 145 | 135 |
| 4.63%, 04/15/29 (d) | 630 | 550 |
| Weir Group PLC(The) |  |  |
| 2.20%, 05/13/26 (d) | 2820 | 2511 |
|  |  | 57994 |
| **Communication Services 1.6%** | **Communication Services 1.6%** | **Communication Services 1.6%** |
| Acuris Finance |  |  |
| 5.00%, 05/01/28 (d) | 675 | 539 |
| Altice Financing S.A. |  |  |
| 5.00%, 01/15/28 (d) | 245 | 198 |
| Altice France |  |  |
| 6.00%, 02/15/28 (d) | 435 | 257 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Altice France Holding S.A. |  |  |
| 5.50%, 10/15/29 (d) | 470 | 360 |
| AMC Entertainment Holdings, Inc. |  |  |
| 7.50%, 02/15/29 (d) | 135 | 73 |
| Arches Buyer Inc. |  |  |
| 4.25%, 06/01/28 (d) | 135 | 106 |
| AT&T Inc. |  |  |
| 2.75%, 06/01/31 | 5530 | 4596 |
| 3.50%, 09/15/53 | 6373 | 4341 |
| 3.55%, 09/15/55 | 2593 | 1746 |
| Bell Canada inc. |  |  |
| 3.65%, 08/15/52 | 565 | 414 |
| C&W Senior Financing Designated Activity Company |  |  |
| 6.88%, 09/15/27 (b) (c) | 950 | 886 |
| CCO Holdings, LLC |  |  |
| 4.75%, 03/01/30 (d) | 735 | 635 |
| 4.50%, 08/15/30 (d) | 380 | 315 |
| 4.75%, 02/01/32 (d) | 385 | 312 |
| 4.25%, 01/15/34 (d) | 385 | 285 |
| Cengage Learning, Inc. |  |  |
| 9.50%, 06/15/24 (b) (d) | 495 | 471 |
| Charter Communications Operating, LLC |  |  |
| 4.91%, 07/23/25 | 2163 | 2120 |
| 3.50%, 03/01/42 | 2790 | 1803 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.75%, 04/15/28 (b) (d) | 85 | 62 |
| 7.50%, 06/01/29 (d) | 290 | 211 |
| Comcast Corporation |  |  |
| 3.95%, 10/15/25 | 1465 | 1434 |
| 3.40%, 04/01/30 | 2510 | 2289 |
| Commscope Technologies LLC |  |  |
| 5.00%, 03/15/27 (d) | 245 | 168 |
| Commscope, Inc. |  |  |
| 4.75%, 09/01/29 (d) | 490 | 396 |
| Consolidated Communications, Inc. |  |  |
| 5.00%, 10/01/28 (d) | 375 | 277 |
| CSC Holdings, LLC |  |  |
| 5.75%, 01/15/30 (d) | 795 | 450 |
| Diamond Sports Group, LLC |  |  |
| 5.38%, 08/15/26 (d) | 405 | 48 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (d) | 470 | 421 |
| DISH DBS Corporation |  |  |
| 5.88%, 11/15/24 | 120 | 112 |
| 5.75%, 12/01/28 (d) | 405 | 324 |
| 5.13%, 06/01/29 | 210 | 135 |
| Frontier Communications Holdings, LLC |  |  |
| 5.88%, 11/01/29 | 29 | 23 |
| 6.00%, 01/15/30 (b) (d) | 445 | 350 |
| Frontier Communications Parent, Inc. |  |  |
| 5.88%, 10/15/27 (d) | 130 | 121 |
| 5.00%, 05/01/28 (d) | 260 | 227 |
| GCI, LLC |  |  |
| 4.75%, 10/15/28 (d) | 380 | 323 |
| iHeartCommunications, Inc. |  |  |
| 8.38%, 05/01/27 | 70 | 60 |
| 5.25%, 08/15/27 (d) | 285 | 241 |
| Intelsat Jackson Holdings S.A. |  |  |
| 6.50%, 03/15/30 (d) | 310 | 278 |
| KT Corp |  |  |
| 2.50%, 07/18/26 (c) | 1500 | 1366 |
| 1.38%, 01/21/27 (c) | 1000 | 857 |
| Level 3 Financing, Inc. |  |  |
| 4.25%, 07/01/28 (d) | 305 | 240 |
| Live Nation Entertainment, Inc. |  |  |
| 5.63%, 03/15/26 (d) | 945 | 897 |
| 6.50%, 05/15/27 (d) | 205 | 201 |
| Lumen Technologies Inc. |  |  |
| 5.13%, 12/15/26 (b) (d) | 310 | 269 |
| 4.00%, 02/15/27 (d) | 195 | 165 |
| 8.00%, 06/01/36 | 290 | 135 |
| Match Group Holdings II, LLC |  |  |
| 5.00%, 12/15/27 (d) | 340 | 316 |
| MVC Acquisition Corp. |  |  |
| 5.75%, 08/01/28 (d) | 385 | 324 |
| NBN Co Limited |  |  |
| 1.45%, 05/05/26 (d) | 2100 | 1857 |
| Netflix, Inc. |  |  |
| 5.38%, 11/15/29 (d) | 230 | 225 |
| 4.88%, 06/15/30 (d) | 160 | 150 |
| Network I2I Limited |  |  |
| 3.98%, (100, 03/03/26) (c) (g) | 850 | 741 |
| News Corporation |  |  |
| 5.13%, 02/15/32 (d) | 160 | 145 |
| Radiate HoldCo, LLC |  |  |
| 4.50%, 09/15/26 (d) | 315 | 232 |
| 6.50%, 09/15/28 (d) | 120 | 50 |
| Scripps Escrow II, Inc. |  |  |
| 3.88%, 01/15/29 (d) | 205 | 167 |
| Scripps Escrow, Inc. |  |  |
| 5.88%, 07/15/27 (d) | 130 | 116 |
| Singtel Group Treasury Pte. Ltd. |  |  |
| 1.88%, 06/10/30 (c) | 200 | 163 |
| Sirius XM Radio Inc. |  |  |
| 5.50%, 07/01/29 (d) | 325 | 297 |
| 4.13%, 07/01/30 (d) | 540 | 446 |
| Telesat Canada |  |  |
| 4.88%, 06/01/27 (d) | 220 | 100 |
| 6.50%, 10/15/27 (d) | 230 | 68 |
| The Interpublic Group of Companies, Inc. |  |  |
| 5.40%, 10/01/48 | 1680 | 1542 |
| T-Mobile USA, Inc. |  |  |
| 2.25%, 02/15/26 | 2265 | 2063 |
| 3.40%, 10/15/52 | 2645 | 1796 |
| Townsquare Media, Inc. |  |  |
| 6.88%, 02/01/26 (d) | 155 | 137 |
| Verizon Communications Inc. |  |  |
| 3.88%, 03/01/52 | 760 | 579 |
| VTR Comunicaciones SpA |  |  |
| 5.13%, 01/15/28 (c) | 400 | 248 |
| VTR Finance N.V. |  |  |
| 6.38%, 07/15/28 (c) | 700 | 273 |
| Zayo Group Holdings, Inc. |  |  |
| 4.00%, 03/01/27 (d) | 245 | 182 |
| 6.13%, 03/01/28 (d) | 115 | 66 |
| | | 43820 |
| **Information Technology 1.4%** | **Information Technology 1.4%** | **Information Technology 1.4%** |
| Arrow Electronics, Inc. |  |  |
| 3.88%, 01/12/28 | 2295 | 2089 |
| Boxer Parent Company Inc. |  |  |
| 7.13%, 10/02/25 (d) | 35 | 34 |
| Broadcom Inc. |  |  |
| 3.42%, 04/15/33 (d) | 4150 | 3331 |
| Camelot Finance S.A. |  |  |
| 4.50%, 11/01/26 (d) | 455 | 421 |
| Castle United States Holding Corporation |  |  |
| 9.50%, 02/15/28 (d) | 280 | 110 |
| Clarivate Science Holdings Corporation |  |  |
| 4.88%, 07/01/29 (b) (d) | 270 | 230 |
| Coherent Corp. |  |  |
| 5.00%, 12/15/29 (d) | 590 | 510 |
| Endure Digital, Inc. |  |  |
| 6.00%, 02/15/29 (d) | 290 | 189 |
| Fortinet, Inc. |  |  |
| 1.00%, 03/15/26 | 2602 | 2275 |
| Global Payments Inc. |  |  |
| 4.95%, 08/15/27 | 2155 | 2095 |
| Helios Software Holdings, Inc. |  |  |
| 4.63%, 05/01/28 (d) | 650 | 495 |
| Marvell Technology, Inc. |  |  |
| 4.20%, 06/22/23 | 3805 | 3795 |
| Minerva Merger Sub Inc |  |  |
| 6.50%, 02/15/30 (d) | 610 | 452 |
| NetApp, Inc. |  |  |
| 1.88%, 06/22/25 | 2350 | 2156 |
| NXP B.V. |  |  |
| 3.88%, 06/18/26 | 2430 | 2313 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Oracle Corporation |  |  |
| 6.25%, 11/09/32 | 1230 | 1292 |
| 3.80%, 11/15/37 | 860 | 680 |
| 3.85%, 04/01/60 | 3880 | 2599 |
| Renesas Electronics Corporation |  |  |
| 2.17%, 11/25/26 (d) (k) | 5285 | 4529 |
| The Western Union Company |  |  |
| 2.75%, 03/15/31 (k) | 5040 | 3819 |
| TSMC Global Limited |  |  |
| 1.25%, 04/23/26 (d) | 3115 | 2760 |
| Virtusa Corporation |  |  |
| 7.13%, 12/15/28 (d) | 160 | 123 |
| VMware, Inc. |  |  |
| 2.20%, 08/15/31 | 2690 | 2042 |
| Workday, Inc. |  |  |
| 3.70%, 04/01/29 | 1085 | 996 |
| | | 39335 |
| **Materials 1.2%** | **Materials 1.2%** | **Materials 1.2%** |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.75%, 10/01/30 | 700 | 611 |
| Arconic Corporation |  |  |
| 6.13%, 02/15/28 (d) | 765 | 719 |
| Braskem Idesa, S.A.P.I. |  |  |
| 6.99%, 02/20/32 (c) | 550 | 393 |
| Braskem Netherlands Finance B.V. |  |  |
| 8.50%, 01/23/81 (c) | 1400 | 1357 |
| Cap S.A. |  |  |
| 3.90%, 04/27/31 (c) | 1450 | 1136 |
| 3.90%, 04/27/31 (d) | 600 | 470 |
| CCL Industries Inc. |  |  |
| 3.05%, 06/01/30 (d) | 2135 | 1759 |
| CEMEX S.A.B. de C.V. |  |  |
| 5.13%, (100, 06/08/26) (c) (g) | 1000 | 926 |
| CF Industries, Inc. |  |  |
| 5.38%, 03/15/44 | 2570 | 2306 |
| CVR Partners, LP |  |  |
| 6.13%, 06/15/28 (d) | 390 | 350 |
| EQUATE Petrochemical B.V. |  |  |
| 2.63%, 04/28/28 (c) | 200 | 174 |
| EverArc Escrow |  |  |
| 5.00%, 10/30/29 (d) | 520 | 428 |
| Freeport-McMoRan Inc. |  |  |
| 4.38%, 08/01/28 | 300 | 281 |
| 5.25%, 09/01/29 | 300 | 289 |
| 4.63%, 08/01/30 | 1000 | 935 |
| Glatfelter Corporation |  |  |
| 4.75%, 11/15/29 (d) | 355 | 216 |
| Glencore Funding LLC |  |  |
| 1.63%, 04/27/26 (d) | 2115 | 1871 |
| 3.38%, 09/23/51 (d) | 2060 | 1360 |
| GrafTech Finance Inc. |  |  |
| 4.63%, 12/15/28 (d) | 210 | 173 |
| Illuminate Buyer LLC |  |  |
| 9.00%, 07/01/28 (d) | 520 | 438 |
| JSW Steel Limited |  |  |
| 5.05%, 04/05/32 (c) | 1600 | 1264 |
| LG Chem, Ltd. |  |  |
| 2.38%, 07/07/31 (d) | 300 | 236 |
| MATIV Holdings, Inc. |  |  |
| 6.88%, 10/01/26 (d) (j) | 315 | 278 |
| Olympus Water US Holding Corporation |  |  |
| 4.25%, 10/01/28 (d) | 595 | 488 |
| 6.25%, 10/01/29 (b) (d) | 400 | 304 |
| Packaging Corporation of America |  |  |
| 3.40%, 12/15/27 | 2725 | 2507 |
| PT Freeport Indonesia |  |  |
| 5.32%, 04/14/32 (d) | 600 | 552 |
| 6.20%, 04/14/52 (c) | 500 | 436 |
| PT Indonesia Asahan Aluminium (Persero) |  |  |
| 5.80%, 05/15/50 (c) | 200 | 168 |
| Sasol Financing USA LLC |  |  |
| 5.50%, 03/18/31 | 1100 | 893 |
| SunCoke Energy, Inc. |  |  |
| 4.88%, 06/30/29 (d) | 510 | 435 |
| The Scotts Miracle-Gro Company |  |  |
| 4.50%, 10/15/29 | 420 | 340 |
| Unifrax Escrow Issuer Corporation |  |  |
| 5.25%, 09/30/28 (d) | 575 | 463 |
| UPL Corporation Limited |  |  |
| 4.50%, 03/08/28 (c) | 700 | 591 |
| 4.63%, 06/16/30 (c) | 800 | 640 |
| Vedanta Resources Finance II PLC |  |  |
| 9.25%, 04/23/26 (d) | 1300 | 839 |
| Vedanta Resources Limited |  |  |
| 6.13%, 08/09/24 (c) | 1400 | 880 |
| W. R. Grace Holdings LLC |  |  |
| 5.63%, 08/15/29 (d) | 360 | 291 |
| WestRock Company |  |  |
| 3.75%, 03/15/25 | 4125 | 3989 |
|  |  | 31786 |
| **Consumer Staples 1.1%** | **Consumer Staples 1.1%** | **Consumer Staples 1.1%** |
| Adani International Container Terminal Private Limited |  |  |
| 3.00%, 02/16/31 (c) | 844 | 663 |
| 3.00%, 02/16/31 (d) | 562 | 443 |
| Allied Universal Holdco LLC |  |  |
| 6.63%, 07/15/26 (d) | 370 | 339 |
| 9.75%, 07/15/27 (d) | 480 | 421 |
| 6.00%, 06/01/29 (d) | 435 | 318 |
| Anheuser-Busch Companies, LLC |  |  |
| 4.90%, 02/01/46 | 1765 | 1615 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 4.60%, 04/15/48 | 2526 | 2229 |
| APi Escrow Corp. |  |  |
| 4.75%, 10/15/29 (d) | 480 | 420 |
| B. A. T. Capital Corporation |  |  |
| 3.46%, 09/06/29 | 5145 | 4416 |
| Constellation Brands, Inc. |  |  |
| 3.15%, 08/01/29 | 1830 | 1606 |
| 2.88%, 05/01/30 | 875 | 744 |
| Coty Inc. |  |  |
| 5.00%, 04/15/26 (d) | 405 | 386 |
| 6.50%, 04/15/26 (b) (d) | 245 | 235 |
| Energizer Holdings, Inc. |  |  |
| 6.50%, 12/31/27 (d) | 305 | 291 |
| Grifols Escrow Issuer S.A. |  |  |
| 4.75%, 10/15/28 (d) | 1060 | 917 |
| Kronos Acquisition Holdings Inc |  |  |
| 5.00%, 12/31/26 (d) | 320 | 279 |
| 7.00%, 12/31/27 (b) (d) | 265 | 218 |
| Legends Hospitality Holding Company, LLC |  |  |
| 5.00%, 02/01/26 (d) | 345 | 307 |
| Matterhorn Merger Sub, LLC |  |  |
| 8.50%, 06/01/26 (d) | 450 | 258 |
| Metis Merger Subordinated LLC |  |  |
| 6.50%, 05/15/29 (d) | 390 | 330 |
| Movida Europe S.A. |  |  |
| 5.25%, 02/08/31 (c) | 400 | 300 |
| PECF USS Intermediate Holding III Corporation |  |  |
| 8.00%, 11/15/29 (d) | 290 | 188 |
| PepsiCo, Inc. |  |  |
| 3.60%, 02/18/28 | 1430 | 1374 |
| Performance Food Group Company |  |  |
| 5.50%, 10/15/27 (d) | 470 | 446 |
| Performance Food Group, Inc. |  |  |
| 4.25%, 08/01/29 (d) | 385 | 334 |
| Post Holdings, Inc. |  |  |
| 5.50%, 12/15/29 (d) | 130 | 118 |
| 4.63%, 04/15/30 (d) | 92 | 79 |
| Primo Water Holdings Inc. |  |  |
| 4.38%, 04/30/29 (d) | 330 | 285 |
| PSA Treasury Pte. Ltd. |  |  |
| 2.25%, 04/30/30 (c) | 500 | 420 |
| PT Indofood CBP Sukses Makmur TBK |  |  |
| 3.40%, 06/09/31 (c) | 300 | 248 |
| 3.54%, 04/27/32 (c) | 200 | 164 |
| Rutas 2 And 7 Finance Ltd |  |  |
| 0.00%, 09/30/36 (c) (l) | 373 | 234 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| SEG Holding, LLC |  |  |
| 5.63%, 10/15/28 (d) | 630 | 588 |
| Smithfield Foods, Inc. |  |  |
| 4.25%, 02/01/27 (d) | 4490 | 4129 |
| Spectrum Brands, Inc. |  |  |
| 5.00%, 10/01/29 (d) | 360 | 315 |
| Sysco Corporation |  |  |
| 3.30%, 02/15/50 | 3505 | 2406 |
| Triton Water Holdings Incorporated |  |  |
| 6.25%, 04/01/29 (d) | 345 | 279 |
| U.S. Foods Inc. |  |  |
| 4.75%, 02/15/29 (d) | 345 | 306 |
| 4.63%, 06/01/30 (d) | 295 | 261 |
| United Natural Foods, Inc. |  |  |
| 6.75%, 10/15/28 (d) | 450 | 433 |
| Wash Multifamily Acquisition Inc. |  |  |
| 5.75%, 04/15/26 (d) | 550 | 518 |
| | | 29860 |
| **Real Estate 1.0%** | **Real Estate 1.0%** | **Real Estate 1.0%** |
| Agree Limited Partnership |  |  |
| 2.60%, 06/15/33 | 1045 | 788 |
| Alexandria Real Estate Equities, Inc. |  |  |
| 3.00%, 05/18/51 | 2050 | 1310 |
| American Tower Corporation |  |  |
| 3.38%, 10/15/26 | 5000 | 4677 |
| Corporate Office Properties Trust |  |  |
| 2.90%, 12/01/33 | 2010 | 1421 |
| Crown Castle Inc. |  |  |
| 3.65%, 09/01/27 | 9695 | 9025 |
| Equinix, Inc. |  |  |
| 1.80%, 07/15/27 | 2450 | 2100 |
| 2.15%, 07/15/30 | 2250 | 1794 |
| Host Hotels & Resorts, L.P. |  |  |
| 2.90%, 12/15/31 (k) | 3010 | 2299 |
| Invitation Homes Operating Partnership LP |  |  |
| 2.70%, 01/15/34 | 2175 | 1592 |
| Iron Mountain Incorporated |  |  |
| 4.88%, 09/15/29 (d) | 365 | 318 |
| 4.50%, 02/15/31 (d) | 275 | 227 |
| Park Intermediate Holdings LLC |  |  |
| 4.88%, 05/15/29 (d) | 285 | 241 |
| Realogy Group LLC |  |  |
| 5.25%, 04/15/30 (d) | 550 | 401 |
| Sabra Health Care Limited Partnership |  |  |
| 3.20%, 12/01/31 | 500 | 374 |
| Uniti Group Inc. |  |  |
| 6.50%, 02/15/29 (d) | 325 | 215 |
| Vornado Realty L.P. |  |  |
| 2.15%, 06/01/26 | 1100 | 930 |
| XHR LP |  |  |
| 6.38%, 08/15/25 (d) | 280 | 273 |
| 4.88%, 06/01/29 (d) | 415 | 341 |
|  |  | 28326 |
| **Health Care 1.0%** | **Health Care 1.0%** | **Health Care 1.0%** |
| 1375209 BC Ltd |  |  |
| 9.00%, 01/30/28 (d) | 87 | 85 |
| AbbVie Inc. |  |  |
| 4.70%, 05/14/45 | 5220 | 4673 |
| AdaptHealth LLC |  |  |
| 5.13%, 03/01/30 (d) | 985 | 838 |
| Bausch Health Companies Inc. |  |  |
| 6.13%, 02/01/27 (d) | 190 | 131 |
| 4.88%, 06/01/28 (d) | 420 | 269 |
| 11.00%, 09/30/28 (d) | 155 | 122 |
| 14.00%, 10/15/30 (d) | 30 | 18 |
| Catalent Pharma Solutions, Inc. |  |  |
| 3.50%, 04/01/30 (b) (d) | 225 | 177 |
| Centene Corporation |  |  |
| 2.50%, 03/01/31 | 4030 | 3157 |
| Community Health Systems, Inc. |  |  |
| 6.00%, 01/15/29 (d) | 285 | 239 |
| 6.88%, 04/15/29 (d) | 275 | 143 |
| 4.75%, 02/15/31 (d) | 395 | 287 |
| Elevance Health, Inc. |  |  |
| 2.38%, 01/15/25 | 1975 | 1876 |
| 4.55%, 05/15/52 | 790 | 692 |
| Emergent BioSolutions Inc. |  |  |
| 3.88%, 08/15/28 (d) | 260 | 128 |
| Encompass Health Corporation |  |  |
| 4.50%, 02/01/28 | 180 | 163 |
| 4.75%, 02/01/30 | 60 | 53 |
| 4.63%, 04/01/31 | 475 | 408 |
| Endo Luxembourg Finance Company I S.a r.l. |  |  |
| 0.00%, 04/01/29 (d) (h) (i) | 225 | 171 |
| HCA Inc. |  |  |
| 4.13%, 06/15/29 | 2300 | 2100 |
| Health Care Service Corporation, A Mutual Legal Reserve Company |  |  |
| 3.20%, 06/01/50 (d) | 1695 | 1178 |
| Illumina, Inc. |  |  |
| 0.55%, 03/23/23 | 1455 | 1441 |
| Legacy Lifepoint Health, LLC |  |  |
| 6.75%, 04/15/25 (d) | 245 | 230 |
| 4.38%, 02/15/27 (d) | 415 | 351 |
| ModivCare Inc. |  |  |
| 5.00%, 10/01/29 (d) | 185 | 156 |
| Mozart Debt Merger Sub Inc. |  |  |
| 5.25%, 10/01/29 (b) (d) | 595 | 473 |
| Organon & Co. |  |  |
| 5.13%, 04/30/31 (d) | 795 | 689 |
| Owens & Minor, Inc. |  |  |
| 6.63%, 04/01/30 (d) | 570 | 490 |
| Radiology Partners, Inc. |  |  |
| 9.25%, 02/01/28 (d) | 275 | 155 |
| Royalty Pharma PLC |  |  |
| 3.30%, 09/02/40 | 3335 | 2330 |
| RP Escrow Issuer LLC |  |  |
| 5.25%, 12/15/25 (d) | 375 | 287 |
| Select Medical Corporation |  |  |
| 6.25%, 08/15/26 (d) | 540 | 515 |
| Tenet Healthcare Corporation |  |  |
| 6.25%, 02/01/27 (d) | 335 | 322 |
| 6.13%, 10/01/28 - 06/15/30 (d) | 785 | 731 |
| The Providence Service Corporation |  |  |
| 5.88%, 11/15/25 (d) | 270 | 256 |
| UnitedHealth Group Incorporated |  |  |
| 4.95%, 05/15/62 | 1100 | 1038 |
| Viatris Inc. |  |  |
| 1.65%, 06/22/25 | 1650 | 1495 |
|  |  | 27867 |
| Total Corporate Bonds And Notes (cost $780,820) | Total Corporate Bonds And Notes (cost $780,820) | 661690 |
| **SENIOR FLOATING RATE INSTRUMENTS 3.5%** | **SENIOR FLOATING RATE INSTRUMENTS 3.5%** | **SENIOR FLOATING RATE INSTRUMENTS 3.5%** |
| **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** |
| AI Aqua Merger Sub, Inc. |  |  |
| 2021 1st Lien Term Loan B, 7.97%, (SOFR + 3.75%), 06/17/28 (a) | 703 | 661 |
| Alterra Mountain Company |  |  |
| 2021 Series B-2 Consenting Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 07/30/28 (a) | 662 | 653 |
| American Tire Distributors Holdings, Inc. |  |  |
| 2021 Term Loan B, 10.61%, (3 Month USD LIBOR + 6.25%), 10/07/28 (a) | 289 | 263 |
| Caesars Resort Collection, LLC |  |  |
| 2020 Term Loan B1, 7.57%, (1 Month USD LIBOR + 3.50%), 06/19/25 (a) | 347 | 346 |
| Carnival Corporation |  |  |
| USD Term Loan B, 5.88%, (1 Month USD LIBOR + 3.00%), 06/29/25 (a) | 200 | 191 |
| 2021 Incremental Term Loan B, 6.13%, (1 Month USD LIBOR + 3.25%), 10/08/28 (a) | 571 | 533 |
| Clarios Global LP |  |  |
| 2021 USD Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 04/30/26 (a) | 724 | 708 |
| Comet Acquisition, Inc. |  |  |
| Term Loan, 6.92%, (3 Month USD LIBOR + 3.25%), 10/23/25 (a) | 125 | 121 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Conservice Midco, LLC |  |  |
| 2020 Term Loan B, 8.32%, (1 Month USD LIBOR + 4.25%), 05/07/27 (a) | 313 | 303 |
| DexKo Global Inc. |  |  |
| 2021 USD Term Loan B, 7.42%, (3 Month USD LIBOR + 3.75%), 09/24/28 (a) (f) | 103 | 92 |
| 2021 USD Term Loan B, 7.82%, (3 Month USD LIBOR + 3.75%), 09/24/28 (a) | 189 | 169 |
| Everi Holdings Inc. |  |  |
| 2021 Term Loan B, 6.57%, (1 Month USD LIBOR + 2.50%), 12/31/24 (a) | 153 | 152 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 8.09%, (SOFR + 4.00%), 01/13/29 (a) (f) | 417 | 396 |
| Gates Global LLC |  |  |
| 2022 Term Loan B4, 7.59%, (1 Month Term SOFR + 3.50%), 11/09/29 (a) | 120 | 119 |
| Getty Images, Inc. |  |  |
| 2019 USD Term Loan B, 8.62%, (1 Month USD LIBOR + 4.50%), 02/13/26 (a) | 286 | 285 |
| Great Outdoors Group, LLC |  |  |
| 2021 Term Loan B1, 7.82%, (1 Month USD LIBOR + 3.75%), 02/26/28 (a) | 577 | 553 |
| Jo-Ann Stores, Inc. |  |  |
| 2021 Term Loan B1, 9.08%, (3 Month USD LIBOR + 4.75%), 06/30/28 (a) | 499 | 335 |
| Kestrel Bidco Inc. |  |  |
| Term Loan B, 7.35%, (1 Month USD LIBOR + 3.00%), 07/31/26 (a) | 248 | 225 |
| Kronos Acquisition Holdings Inc. |  |  |
| 2021 Term Loan B, 8.48%, (3 Month USD LIBOR + 3.75%), 12/22/26 (a) | 583 | 553 |
| LaserShip, Inc. |  |  |
| 2021 Term Loan, 7.38%, (3 Month USD LIBOR + 4.50%), 04/30/28 (a) | 237 | 169 |
| 2021 2nd Lien Term Loan, 10.38%, (3 Month USD LIBOR + 7.50%), 05/07/29 (a) (m) | 75 | 44 |
| LBM Acquisition LLC |  |  |
| Term Loan B, 7.12%, (6 Month USD LIBOR + 3.75%), 12/08/27 (a) | 250 | 216 |
| Mavis Tire Express Services Corp. |  |  |
| 2021 Term Loan B, 8.50%, (3 Month Term SOFR + 4.00%), 04/13/26 (a) | 681 | 649 |
| Mileage Plus Holdings LLC |  |  |
| 2020 Term Loan B, 10.00%, (3 Month USD LIBOR + 5.25%), 12/31/23 (a) | 319 | 328 |
| Mister Car Wash Holdings, Inc. |  |  |
| 2019 Term Loan B, 7.07%, (1 Month USD LIBOR + 3.00%), 05/08/26 (a) | 533 | 525 |
| PCI Gaming Authority |  |  |
| Term Loan, 6.57%, (1 Month USD LIBOR + 2.50%), 05/15/26 (a) | 138 | 137 |
| Penn National Gaming, Inc. |  |  |
| 2022 Term Loan B, 6.94%, (1 Month Term SOFR + 2.75%), 04/13/29 (a) | 139 | 138 |
| Perrigo Investments, LLC |  |  |
| Term Loan B, 6.69%, (1 Month Term SOFR + 2.50%), 04/05/29 (a) (f) | 204 | 202 |
| PetSmart, Inc. |  |  |
| 2021 Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 12/31/24 (a) | 823 | 804 |
| Playa Hotels & Resorts B.V. |  |  |
| 2022 Term Loan B, 8.58%, (3 Month Term SOFR + 4.25%), 11/22/28 (a) | 320 | 311 |
| Prometric Holdings, Inc. |  |  |
| 1st Lien Term Loan, 7.08%, (1 Month USD LIBOR + 3.00%), 01/18/25 (a) | 583 | 510 |
| Rent-A-Center, Inc. |  |  |
| 2021 First Lien Term Loan B, 7.69%, (3 Month USD LIBOR + 3.25%), 02/04/28 (a) | 236 | 227 |
| Restoration Hardware, Inc. |  |  |
| Term Loan B, 6.57%, (1 Month USD LIBOR + 2.50%), 10/15/28 (a) | 415 | 381 |
| Scientific Games Holdings LP |  |  |
| 2022 USD Term Loan B, 7.10%, (3 Month Term SOFR + 3.50%), 02/03/29 (a) | 280 | 267 |
| Scientific Games International, Inc. |  |  |
| 2022 USD Term Loan, 7.42%, (1 Month Term SOFR + 3.00%), 04/07/29 (a) | 274 | 269 |
| Six Flags Theme Parks, Inc. |  |  |
| 2019 Term Loan B, 5.83%, (1 Month USD LIBOR + 1.75%), 04/09/26 (a) | 278 | 270 |
| SkyMiles IP Ltd. |  |  |
| 2020 Skymiles Term Loan B, 7.99%, (3 Month USD LIBOR + 3.75%), 09/16/27 (a) | 295 | 300 |
| SMG US Midco 2, Inc. |  |  |
| 2020 Term Loan, 6.91%, (3 Month USD LIBOR + 2.50%), 01/23/25 (a) | 117 | 113 |
| 2020 Term Loan, 6.91%, (1 Month USD LIBOR + 2.50%), 01/23/25 (a) | 299 | 290 |
| Spin Holdco Inc. |  |  |
| 2021 Term Loan, 8.76%, (3 Month USD LIBOR + 4.00%), 02/26/28 (a) | 409 | 344 |
| Springs Windows Fashions, LLC |  |  |
| 2021 Term Loan B, 8.75%, (3 Month USD LIBOR + 4.00%), 12/31/24 (a) | 248 | 202 |
| SRS Distribution Inc. |  |  |
| 2021 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 05/20/28 (a) | 693 | 662 |
| Staples, Inc. |  |  |
| 7 Year Term Loan, 9.44%, (3 Month USD LIBOR + 5.00%), 04/05/26 (a) | 365 | 337 |
| Stars Group Holdings B.V. (The) |  |  |
| 2018 USD Incremental Term Loan, 5.89%, (3 Month USD LIBOR + 2.25%), 06/29/25 (a) | 492 | 484 |
| Tamko Building Products, LLC |  |  |
| Term Loan B, 6.67%, (3 Month USD LIBOR + 3.00%), 05/15/26 (a) | 136 | 131 |
| Term Loan B, 7.41%, (3 Month USD LIBOR + 3.00%), 05/15/26 (a) | 297 | 286 |
| Term Loan B, 7.73%, (3 Month USD LIBOR + 3.00%), 05/15/26 (a) | 146 | 141 |
| Tecta America Corp. |  |  |
| 2021 Term Loan, 8.45%, (1 Month USD LIBOR + 4.25%), 12/31/24 (a) | 266 | 255 |
| TGP Holdings III, LLC |  |  |
| 2021 Delayed Draw Term Loan , 7.32%, (1 Month USD LIBOR + 3.25%), 06/24/28 (a) | 4 | 3 |
| 2021 Term Loan, 7.32%, (1 Month USD LIBOR + 3.25%), 06/24/28 (a) | 118 | 94 |
| 2021 Delayed Draw Term Loan , 7.64%, (3 Month USD LIBOR + 3.25%), 06/24/28 (a) | 4 | 3 |
| Travel Leaders Group, LLC |  |  |
| 2018 Term Loan B, 8.07%, (1 Month USD LIBOR + 4.00%), 01/25/24 (a) | 236 | 215 |
| Victoria's Secret & Co. |  |  |
| Term Loan B, 7.98%, (3 Month USD LIBOR + 3.25%), 06/30/28 (a) | 286 | 278 |
| Wand NewCo 3, Inc. |  |  |
| 2020 Term Loan, 7.07%, (1 Month USD LIBOR + 3.00%), 02/05/26 (a) | 547 | 517 |
| Whatabrands LLC |  |  |
| 2021 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 07/21/28 (a) | 406 | 392 |
| Wheel Pros, LLC |  |  |
| 2021 Term Loan, 8.82%, (3 Month USD LIBOR + 4.50%), 04/23/28 (a) | 151 | 101 |
| Zelis Healthcare Corporation |  |  |
| 2021 Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 09/30/26 (a) (f) | 653 | 645 |
| | | 17898 |
| **Information Technology 0.6%** | **Information Technology 0.6%** | **Information Technology 0.6%** |
| Access CIG, LLC |  |  |
| 2018 1st Lien Term Loan, 7.82%, (3 Month USD LIBOR + 3.75%), 02/14/25 (a) | 824 | 805 |
| Applied Systems, Inc. |  |  |
| 2022 Extended 1st Lien Term Loan, 8.66%, (3 Month Term SOFR + 4.50%), 09/19/26 (a) | 804 | 799 |
| 2022 Extended 2nd Lien Term Loan, 9.17%, (3 Month Term SOFR + 6.75%), 09/19/27 (a) | 390 | 386 |
| Ascend Learning, LLC |  |  |
| 2021 Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 11/18/28 (a) | 697 | 657 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2021 2nd Lien Term Loan, 9.82%, (1 Month USD LIBOR + 5.75%), 11/18/29 (a) | 130 | 111 |
| Banff Merger Sub Inc |  |  |
| 2021 USD Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 10/01/25 (a) | 342 | 327 |
| Blackhawk Network Holdings, Inc |  |  |
| 2018 1st Lien Term Loan, 7.08%, (3 Month Term SOFR + 3.00%), 05/31/25 (a) | 588 | 572 |
| Castle US Holding Corporation |  |  |
| USD Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 02/28/27 (a) | 631 | 384 |
| CDK Global, Inc. |  |  |
| 2022 USD Term Loan B, 8.11%, (3 Month Term SOFR + 4.50%), 06/09/29 (a) | 280 | 277 |
| CMG Media Corporation |  |  |
| 2021 Term Loan, 7.57%, (3 Month USD LIBOR + 3.50%), 12/17/26 (a) | 295 | 275 |
| Constant Contact Inc |  |  |
| Term Loan, 7.91%, (3 Month USD LIBOR + 4.00%), 12/31/24 (a) | 243 | 213 |
| CoreLogic, Inc. |  |  |
| Term Loan, 7.63%, (1 Month USD LIBOR + 3.50%), 04/14/28 (a) | 286 | 238 |
| Cornerstone OnDemand, Inc. |  |  |
| 2021 Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 09/08/26 (a) | 591 | 526 |
| DCert Buyer, Inc. |  |  |
| 2019 Term Loan B, 8.70%, (6 Month Term SOFR + 4.00%), 07/31/26 (a) | 409 | 394 |
| 2021 2nd Lien Term Loan, 11.70%, (6 Month USD LIBOR + 7.00%), 02/16/29 (a) | 115 | 105 |
| Delta TopCo, Inc. |  |  |
| 2020 2nd Lien Term Loan, 11.65%, (3 Month USD LIBOR + 7.25%), 12/01/28 (a) | 90 | 70 |
| Endure Digital Inc. |  |  |
| Term Loan, 7.72%, (1 Month USD LIBOR + 3.50%), 01/27/28 (a) | 253 | 226 |
| eResearchTechnology, Inc. |  |  |
| 2020 1st Lien Term Loan, 8.57%, (1 Month USD LIBOR + 4.50%), 02/05/27 (a) | 39 | 35 |
| Finastra USA, Inc. |  |  |
| USD 1st Lien Term Loan, 6.87%, (3 Month USD LIBOR + 3.50%), 04/26/24 (a) | 483 | 426 |
| USD 2nd Lien Term Loan , 10.62%, (3 Month USD LIBOR + 7.25%), 04/27/25 (a) | 145 | 107 |
| Go Daddy Operating Company, LLC |  |  |
| 2022 Term Loan B5, 7.34%, (1 Month Term SOFR + 3.25%), 10/21/29 (a) | 105 | 105 |
| GoTo Group, Inc. |  |  |
| Term Loan B, 9.14%, (3 Month USD LIBOR + 4.75%), 08/31/27 (a) | 242 | 154 |
| Grab Holdings Inc |  |  |
| Term Loan B, 8.57%, (1 Month USD LIBOR + 4.50%), 01/20/26 (a) | 490 | 483 |
| Greeneden U.S. Holdings II, LLC |  |  |
| 2020 USD Term Loan B4, 8.07%, (1 Month USD LIBOR + 4.00%), 10/08/27 (a) | 674 | 645 |
| Helios Software Holdings, Inc. |  |  |
| 2021 USD Term Loan B, 7.45%, (3 Month Term SOFR + 3.75%), 03/05/28 (a) | 569 | 557 |
| Hyland Software, Inc. |  |  |
| 2018 1st Lien Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 07/01/24 (a) | 674 | 664 |
| 2021 2nd Lien Term Loan, 10.32%, (1 Month USD LIBOR + 6.25%), 07/07/25 (a) | 186 | 176 |
| I-Logic Technologies Bidco Limited |  |  |
| 2021 USD Term Loan B, 7.70%, (3 Month Term SOFR + 4.00%), 12/31/24 (a) | 227 | 223 |
| Informatica LLC |  |  |
| 2021 USD Term Loan B, 6.87%, (1 Month USD LIBOR + 2.75%), 10/13/28 (a) | 571 | 559 |
| Ivanti Software, Inc. |  |  |
| 2021 Term Loan B, 9.01%, (3 Month USD LIBOR + 4.25%), 11/20/27 (a) | 141 | 111 |
| McAfee, LLC |  |  |
| 2022 USD Term Loan B, 7.97%, (1 Month Term SOFR + 3.75%), 02/03/29 (a) | 504 | 468 |
| MedAssets Software Intermediate Holdings, Inc. |  |  |
| 2021 Term Loan, 8.07%, (1 Month USD LIBOR + 4.00%), 11/18/28 (a) | 372 | 314 |
| Mitchell International, Inc. |  |  |
| 2021 Term Loan B, 8.41%, (3 Month USD LIBOR + 3.75%), 10/01/28 (a) | 483 | 444 |
| 2021 2nd Lien Term Loan, 11.23%, (3 Month USD LIBOR + 6.50%), 10/01/29 (a) | 70 | 58 |
| NCR Corporation |  |  |
| 2019 Term Loan, 6.92%, (3 Month USD LIBOR + 2.50%), 04/12/25 (a) | 144 | 139 |
| OneDigital Borrower LLC |  |  |
| 2021 Term Loan, 8.49%, (SOFR + 4.25%), 11/16/27 (a) | 702 | 662 |
| Peraton Corp. |  |  |
| Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 02/22/28 (a) | 817 | 796 |
| PointClickCare Technologies, Inc. |  |  |
| Term Loan B, 5.94%, (6 Month USD LIBOR + 3.00%), 12/16/27 (a) | 192 | 186 |
| Project Alpha Intermediate Holding, Inc. |  |  |
| 2021 Term Loan B, 8.08%, (1 Month USD LIBOR + 4.00%), 04/26/24 (a) | 866 | 844 |
| Proofpoint, Inc. |  |  |
| 1st Lien Term Loan, 7.98%, (3 Month USD LIBOR + 3.25%), 06/09/28 (a) | 462 | 443 |
| Redstone Holdco 2 LP |  |  |
| 2021 Term Loan, 9.11%, (3 Month USD LIBOR + 4.75%), 04/27/28 (a) | 172 | 118 |
| Renaissance Holding Corp. |  |  |
| 2018 1st Lien Term Loan, 7.32%, (1 Month USD LIBOR + 3.25%), 05/21/25 (a) | 612 | 582 |
| 2018 2nd Lien Term Loan, 11.07%, (1 Month USD LIBOR + 7.00%), 05/29/26 (a) | 205 | 190 |
| Sophia, L.P. |  |  |
| 2021 Term Loan B, 7.17%, (3 Month USD LIBOR + 3.50%), 10/07/27 (a) | 804 | 774 |
| Surf Holdings, LLC |  |  |
| USD Term Loan , 8.23%, (3 Month USD LIBOR + 3.50%), 01/15/27 (a) | 333 | 322 |
| Tempo Acquisition LLC |  |  |
| 2022 Term Loan B, 7.09%, (1 Month Term SOFR + 3.00%), 08/31/28 (a) (f) | 267 | 266 |
| Ultimate Software Group Inc (The) |  |  |
| Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 04/08/26 (a) | 47 | 46 |
| 2021 Term Loan, 7.00%, (3 Month USD LIBOR + 3.25%), 05/03/26 (a) | 224 | 213 |
| 2021 2nd Lien Term Loan, 9.00%, (1 Month USD LIBOR + 5.25%), 05/03/27 (a) | 120 | 110 |
| Ultra Clean Holdings, Inc |  |  |
| 2021 Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 08/27/25 (a) | 193 | 192 |
| VT Topco, Inc. |  |  |
| 2021 Incremental Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 08/01/25 (a) | 108 | 105 |
| | | 17882 |
| **Industrials 0.6%** | **Industrials 0.6%** | **Industrials 0.6%** |
| Air Canada |  |  |
| 2021 Term Loan B, 8.13%, (3 Month USD LIBOR + 3.50%), 07/27/28 (a) | 269 | 265 |
| Alliance Laundry Systems LLC |  |  |
| Term Loan B, 7.41%, (3 Month USD LIBOR + 3.50%), 09/30/27 (a) | 165 | 161 |
| Allied Universal Holdco LLC |  |  |
| 2021 USD Incremental Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 05/04/28 (a) | 566 | 537 |
| Amentum Government Services Holdings LLC |  |  |
| Term Loan B, 7.67%, (3 Month USD LIBOR + 4.00%), 01/24/27 (a) | 102 | 100 |
| Term Loan B, 7.67%, (3 Month USD LIBOR + 4.00%), 01/24/27 (a) | 203 | 198 |
| Term Loan B, 8.17%, (3 Month USD LIBOR + 4.00%), 01/24/27 (a) | 101 | 99 |
| 2022 Term Loan, 8.34%, (3 Month Term SOFR + 4.00%), 02/07/29 (a) |  |  |
| 2022 Term Loan, 8.53%, (3 Month Term SOFR + 4.00%), 02/07/29 (a) | 87 | 85 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2022 Term Loan, 8.76%, (3 Month Term SOFR + 4.00%), 02/07/29 (a) | 77 | 75 |
| American Airlines, Inc. |  |  |
| 2017 1st Lien Term Loan, 6.14%, (3 Month USD LIBOR + 1.75%), 01/29/27 (a) | 369 | 349 |
| 2021 Term Loan, 8.99%, (3 Month USD LIBOR + 4.75%), 03/10/28 (a) | 425 | 423 |
| American Trailer World Corp. |  |  |
| Term Loan B, 7.94%, (1 Month Term SOFR + 3.75%), 02/17/28 (a) | 215 | 185 |
| APX Group, Inc. |  |  |
| 2021 Term Loan B, 6.73%, (3 Month USD LIBOR + 3.25%), 07/01/28 (a) | 332 | 327 |
| 2021 Term Loan B, 9.75%, (3 Month USD LIBOR + 2.25%), 07/01/28 (a) |  |  |
| Artera Services, LLC |  |  |
| Incremental Term Loan, 7.17%, (3 Month USD LIBOR + 3.50%), 03/06/25 (a) | 68 | 55 |
| Brookfield WEC Holdings Inc. |  |  |
| 2021 Term Loan, 6.82%, (1 Month USD LIBOR + 2.75%), 08/01/25 (a) | 392 | 386 |
| Brown Group Holding, LLC |  |  |
| Term Loan B, 6.57%, (1 Month USD LIBOR + 2.50%), 12/31/24 (a) | 69 | 68 |
| Camelot U.S. Acquisition LLC |  |  |
| 2020 Incremental Term Loan B, 7.07%, (1 Month USD LIBOR + 3.00%), 10/30/26 (a) | 18 | 17 |
| CNT Holdings I Corp |  |  |
| 2020 Term Loan, 7.24%, (3 Month Term SOFR + 3.50%), 10/16/27 (a) | 818 | 790 |
| Columbus McKinnon Corporation |  |  |
| 2021 Term Loan B, 6.44%, (3 Month USD LIBOR + 2.75%), 04/07/28 (a) | 45 | 44 |
| Compass Power Generation LLC |  |  |
| 2022 Term Loan B2, 8.45%, (1 Month Term SOFR + 4.25%), 03/07/29 (a) (f) | 448 | 443 |
| DG Investment Intermediate Holdings 2, Inc. |  |  |
| 2021 Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 12/31/24 (a) | 579 | 553 |
| 2021 2nd Lien Term Loan, 10.82%, (1 Month USD LIBOR + 6.75%), 03/18/29 (a) | 80 | 70 |
| Dun & Bradstreet Corporation (The) |  |  |
| 2022 Incremental Term Loan B2, 7.57%, (1 Month Term SOFR + 3.25%), 01/07/29 (a) | 119 | 117 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2020 CAD Term Loan B2, 7.57%, (1 Month USD LIBOR + 3.50%), 04/06/26 (a) | 146 | 139 |
| 2020 Term Loan B1, 7.57%, (1 Month USD LIBOR + 3.50%), 04/06/26 (a) | 272 | 259 |
| EAB Global, Inc. |  |  |
| 2021 Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 12/31/24 (a) | 328 | 315 |
| Echo Global Logistics, Inc. |  |  |
| Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 11/09/28 (a) | 353 | 331 |
| Element Materials Technology Group US Holdings Inc |  |  |
| 2022 USD Term Loan, 7.90%, (3 Month Term SOFR + 4.25%), 04/12/29 (a) | 171 | 167 |
| 2022 USD Delayed Draw Term Loan, 7.90%, (3 Month Term SOFR + 4.25%), 04/12/29 (a) | 79 | 77 |
| Filtration Group Corporation |  |  |
| 2018 1st Lien Term Loan, 7.07%, (1 Month USD LIBOR + 3.00%), 03/27/25 (a) | 538 | 531 |
| First Advantage Holdings, LLC |  |  |
| 2021 Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 01/31/27 (a) | 378 | 371 |
| Garda World Security Corporation |  |  |
| 2021 Term Loan B, 8.93%, (3 Month USD LIBOR + 4.25%), 10/30/26 (a) | 561 | 545 |
| 2022 Term Loan B, 8.53%, (3 Month Term SOFR + 4.25%), 02/10/29 (a) | 284 | 273 |
| GIP II Blue Holding, L.P |  |  |
| Term Loan B, 8.17%, (3 Month USD LIBOR + 4.50%), 09/22/28 (a) | 201 | 199 |
| Grinding Media Inc. |  |  |
| 2021 Term Loan B, 7.70%, (3 Month USD LIBOR + 4.00%), 12/31/24 (a) (m) | 271 | 251 |
| 2021 Term Loan B, 8.76%, (3 Month USD LIBOR + 4.00%), 12/31/24 (a) (m) | 143 | 133 |
| Hillman Group Inc. (The) |  |  |
| 2021 Delayed Draw Term Loan , 7.14%, 02/24/28 (a) | 3 | 3 |
| 2021 Term Loan B1, 7.14%, (3 Month USD LIBOR + 2.75%), 02/24/28 (a) | 167 | 162 |
| Kenan Advantage Group, Inc. |  |  |
| 2021 Term Loan B1, 7.82%, (1 Month USD LIBOR + 3.75%), 12/31/24 (a) | 619 | 602 |
| K-Mac Holdings Corp |  |  |
| 2021 Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 06/23/28 (a) | 330 | 314 |
| Madison IAQ LLC |  |  |
| Term Loan, 7.99%, (3 Month USD LIBOR + 3.25%), 06/15/28 (a) | 494 | 458 |
| Minotaur Acquisition, Inc. |  |  |
| Term Loan B, 8.94%, (1 Month Term SOFR + 4.75%), 02/27/26 (a) | 673 | 642 |
| Mirion Technologies, Inc. |  |  |
| 2021 Term Loan, 5.63%, (6 Month USD LIBOR + 2.75%), 10/05/28 (a) | 422 | 413 |
| Packers Holdings, LLC |  |  |
| 2021 Term Loan, 7.54%, (3 Month USD LIBOR + 3.25%), 03/04/28 (a) | 563 | 490 |
| Pike Corporation |  |  |
| 2021 Incremental Term Loan B, 7.08%, (1 Month USD LIBOR + 3.00%), 01/15/28 (a) | 163 | 161 |
| Polaris Newco LLC |  |  |
| USD Term Loan B, 7.67%, (3 Month USD LIBOR + 4.00%), 06/03/28 (a) | 580 | 528 |
| Spirit Aerosystems, Inc. |  |  |
| 2022 Term Loan, 8.45%, (1 Month Term SOFR + 4.50%), 11/23/27 (a) | 160 | 158 |
| Titan Acquisition Limited |  |  |
| 2018 Term Loan B, 5.88%, (6 Month USD LIBOR + 3.00%), 03/16/25 (a) | 640 | 596 |
| Uber Technologies, Inc. |  |  |
| 2021 Term Loan B, 8.23%, (3 Month USD LIBOR + 3.50%), 02/16/27 (a) | 29 | 29 |
| United Airlines, Inc. |  |  |
| 2021 Term Loan B, 8.11%, (3 Month USD LIBOR + 3.75%), 04/14/28 (a) | 684 | 674 |
| Univar Inc. |  |  |
| 2019 USD Term Loan B5, 6.07%, (1 Month USD LIBOR + 2.00%), 11/08/26 (a) | 92 | 92 |
| Vertical US Newco Inc |  |  |
| Term Loan B, 6.87%, (6 Month USD LIBOR + 3.50%), 07/29/27 (a) | 804 | 772 |
| Viad Corp |  |  |
| Initial Term Loan, 9.07%, (1 Month USD LIBOR + 5.00%), 12/31/24 (a) | 232 | 218 |
| VT Topco, Inc. |  |  |
| 2021 Delayed Draw Term Loan , 0.00%, 08/01/25 (a) (n) | 4 | 4 |
| Worldwide Express Operations, LLC |  |  |
| 2021 1st Lien Term Loan, 7.67%, (3 Month USD LIBOR + 4.00%), 07/22/28 (a) | 569 | 519 |
| | | 15773 |
| **Financials 0.4%** | **Financials 0.4%** | **Financials 0.4%** |
| Acrisure, LLC |  |  |
| 2020 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 01/30/27 (a) | 586 | 549 |
| 2021 First Lien Term Loan B, 8.32%, (1 Month USD LIBOR + 4.25%), 02/15/27 (a) | 238 | 229 |
| Alliant Holdings Intermediate, LLC |  |  |
| Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 05/10/25 (a) | 488 | 481 |
| 2021 Term Loan B4, 7.85%, (1 Month USD LIBOR + 3.50%), 11/06/27 (a) | 267 | 260 |
| AllSpring Buyer LLC |  |  |
| Term Loan B, 6.69%, (3 Month USD LIBOR + 3.00%), 04/21/28 (a) | 335 | 329 |
| AmWINS Group, Inc. |  |  |
| 2021 Term Loan B, 6.32%, (1 Month USD LIBOR + 2.25%), 02/16/28 (a) | 434 | 426 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| AssuredPartners, Inc. |  |  |
| 2020 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 02/13/27 (a) | 623 | 604 |
| 2022 Term Loan, 7.59%, (1 Month Term SOFR + 3.50%), 02/13/27 (a) | 184 | 178 |
| Astra Acquisition Corp. |  |  |
| 2021 1st Lien Term Loan, 9.32%, (1 Month USD LIBOR + 5.25%), 10/20/28 (a) | 270 | 238 |
| 2021 2nd Lien Term Loan, 12.95%, (1 Month USD LIBOR + 8.88%), 10/22/29 (a) (m) | 280 | 249 |
| Asurion LLC |  |  |
| 2021 2nd Lien Term Loan B3, 9.32%, (1 Month USD LIBOR + 5.25%), 02/05/28 (a) | 100 | 78 |
| 2021 Second Lien Term Loan B4, 9.32%, (1 Month USD LIBOR + 5.25%), 01/15/29 (a) | 670 | 518 |
| BCP Renaissance Parent LLC |  |  |
| 2022 Term Loan B3, 7.05%, (3 Month Term SOFR + 3.50%), 10/31/26 (a) (f) | 247 | 245 |
| Castlelake Aviation Limited |  |  |
| Term Loan B, 7.52%, (3 Month USD LIBOR + 2.75%), 10/22/26 (a) | 640 | 634 |
| Deerfield Dakota Holding, LLC |  |  |
| 2020 USD Term Loan B, 7.84%, (1 Month Term SOFR + 3.75%), 03/05/27 (a) | 818 | 762 |
| Edelman Financial Center, LLC |  |  |
| 2018 2nd Lien Term Loan, 10.82%, (1 Month USD LIBOR + 6.75%), 06/26/26 (a) | 185 | 166 |
| 2021 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 03/15/28 (a) | 362 | 337 |
| Eisner Advisory Group LLC |  |  |
| Term Loan, 9.45%, (1 Month Term SOFR + 4.48%), 12/31/24 (a) | 272 | 255 |
| Greystone Select Financial LLC |  |  |
| Term Loan B, 9.23%, (3 Month USD LIBOR + 5.00%), 12/31/24 (a) | 123 | 117 |
| Gulf Finance, LLC |  |  |
| 2021 Term Loan, 10.83%, (1 Month USD LIBOR + 6.75%), 08/25/26 (a) | 87 | 82 |
| 2021 Term Loan, 10.97%, (1 Month USD LIBOR + 6.75%), 08/25/26 (a) | 153 | 144 |
| HighTower Holdings LLC |  |  |
| 2021 Term Loan B, 8.28%, (3 Month USD LIBOR + 4.00%), 04/08/26 (a) | 450 | 411 |
| ION Trading Finance Limited |  |  |
| 2021 USD Term Loan, 8.42%, (3 Month USD LIBOR + 4.75%), 03/26/28 (a) | 573 | 542 |
| KKR Apple Bidco, LLC |  |  |
| 2021 Term Loan, 6.82%, (1 Month USD LIBOR + 2.75%), 07/14/28 (a) | 292 | 288 |
| Lions Gate Capital Holdings LLC |  |  |
| 2018 Term Loan B, 6.32%, (1 Month USD LIBOR + 2.25%), 03/20/25 (a) | 122 | 116 |
| PAI Holdco, Inc. |  |  |
| 2020 Term Loan B, 8.16%, (3 Month USD LIBOR + 3.75%), 10/13/25 (a) | 343 | 301 |
| Park River Holdings Inc |  |  |
| Term Loan, 6.99%, (3 Month USD LIBOR + 3.25%), 01/20/28 (a) | 252 | 220 |
| Sweetwater Borrower, LLC |  |  |
| Term Loan B, 8.38%, (1 Month USD LIBOR + 4.25%), 12/31/24 (a) | 178 | 165 |
| Tiger Acquisition, LLC |  |  |
| 2021 Term Loan, 7.32%, (1 Month USD LIBOR + 3.25%), 05/21/28 (a) | 241 | 228 |
| Trans Union, LLC |  |  |
| 2021 Term Loan B6, 6.32%, (1 Month USD LIBOR + 1.75%), 11/16/28 (a) | 271 | 268 |
| Travelport Finance (Luxembourg) S.a.r.l. |  |  |
| 2020 Super Priority Term Loan, 12.42%, (3 Month USD LIBOR + 7.25%), 02/28/25 (a) (f) | 418 | 418 |
| VS Buyer, LLC |  |  |
| Term Loan B, 7.07%, (1 Month USD LIBOR + 3.00%), 02/19/27 (a) | 803 | 778 |
| Walker & Dunlop, Inc. |  |  |
| 2021 Term Loan, 6.44%, (SOFR + 2.25%), 10/14/28 (a) | 193 | 189 |
| | | 10805 |
| **Health Care 0.4%** | **Health Care 0.4%** | **Health Care 0.4%** |
| Air Methods Corporation |  |  |
| 2017 Term Loan B, 7.17%, (3 Month USD LIBOR + 3.50%), 04/12/24 (a) | 232 | 130 |
| Aveanna Healthcare, LLC |  |  |
| 2021 Term Loan B, 8.14%, (3 Month USD LIBOR + 3.75%), 12/31/24 (a) | 176 | 135 |
| 2021 Delayed Draw Term Loan , 0.00%, (3 Month USD LIBOR + 3.75%), 06/30/28 (a) (n) | 8 | 6 |
| 2021 Delayed Draw Term Loan , 8.14%, (3 Month USD LIBOR + 3.75%), 06/30/28 (a) | 5 | 4 |
| 2021 2nd Lien Term Loan, 11.39%, (3 Month USD LIBOR + 7.00%), 12/08/29 (a) (m) | 225 | 124 |
| Bausch & Lomb, Inc. |  |  |
| Term Loan, 7.84%, (3 Month Term SOFR + 3.25%), 05/05/27 (a) | 687 | 652 |
| CHG Healthcare Services Inc. |  |  |
| 2021 Term Loan, 7.32%, (1 Month USD LIBOR + 3.25%), 09/22/28 (a) | 449 | 439 |
| Envision Healthcare Corporation |  |  |
| 2022 Third Out Term Loan, 7.87%, (3 Month Term SOFR + 3.75%), 03/31/27 (a) (f) | 364 | 91 |
| 2022 Second Out Term Loan, 8.37%, (3 Month Term SOFR + 4.25%), 03/31/27 (a) (f) | 149 | 51 |
| Gainwell Acquisition Corp. |  |  |
| Term Loan B, 7.67%, (3 Month USD LIBOR + 4.00%), 08/17/27 (a) | 813 | 762 |
| Global Medical Response, Inc. |  |  |
| 2017 Incremental Term Loan, 8.32%, (1 Month USD LIBOR + 4.25%), 09/26/24 (a) | 188 | 132 |
| 2020 Term Loan B, 8.42%, (1 Month USD LIBOR + 4.25%), 09/24/25 (a) | 250 | 174 |
| Heartland Dental, LLC |  |  |
| 2021 Incremental Term Loan, 8.39%, (3 Month USD LIBOR + 4.00%), 04/30/25 (a) | 592 | 549 |
| Horizon Therapeutics USA Inc. |  |  |
| 2021 Term Loan B2, 6.19%, (3 Month USD LIBOR + 1.75%), 02/25/28 (a) | 360 | 359 |
| ICON Luxembourg S.A.R.L. |  |  |
| LUX Term Loan, 5.94%, (3 Month USD LIBOR + 2.25%), 06/16/28 (a) | 204 | 204 |
| Jazz Financing Lux S.a.r.l. |  |  |
| USD Term Loan , 7.57%, (1 Month USD LIBOR + 3.50%), 04/22/28 (a) | 724 | 717 |
| Maravai Intermediate Holdings, LLC |  |  |
| 2022 Term Loan B, 6.96%, (SOFR + 3.00%), 10/15/27 (a) (f) | 121 | 119 |
| MED ParentCo LP |  |  |
| 1st Lien Term Loan, 8.32%, (1 Month USD LIBOR + 4.25%), 08/01/26 (a) | 372 | 316 |
| Medline Borrower, LP |  |  |
| USD Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 09/30/28 (a) | 829 | 786 |
| Organon & Co |  |  |
| USD Term Loan , 7.75%, (3 Month USD LIBOR + 3.00%), 04/07/28 (a) | 754 | 745 |
| Packaging Coordinators Midco, Inc. |  |  |
| 2020 1st Lien Term Loan, 7.17%, (3 Month USD LIBOR + 3.50%), 11/30/27 (a) | 822 | 778 |
| Parexel International Corporation |  |  |
| 2021 1st Lien Term Loan, 7.32%, (1 Month USD LIBOR + 3.25%), 08/10/28 (a) | 662 | 636 |
| Pediatric Associates Holding Company, LLC |  |  |
| 2021 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 02/08/29 (a) | 379 | 359 |
| 2022 Delayed Draw Term Loan, 7.32%, (1 Month USD LIBOR + 3.25%), 02/08/29 (a) | 29 | 27 |
| PetVet Care Centers, LLC |  |  |
| 2021 Term Loan B3, 7.57%, (1 Month USD LIBOR + 3.50%), 02/14/25 (a) | 375 | 351 |
| PRA Health Sciences, Inc. |  |  |
| US Term Loan, 5.94%, (3 Month USD LIBOR + 2.25%), 06/16/28 (a) | 51 | 51 |
| Radiology Partners Inc |  |  |
| 2018 1st Lien Term Loan B, 8.64%, (3 Month USD LIBOR + 4.25%), 06/28/25 (a) | 591 | 494 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Southern Veterinary Partners, LLC |  |  |
| Term Loan, 8.07%, (1 Month USD LIBOR + 4.00%), 10/05/27 (a) | 605 | 578 |
| | | 9769 |
| **Communication Services 0.3%** | **Communication Services 0.3%** | **Communication Services 0.3%** |
| AMC Entertainment Holdings, Inc. |  |  |
| 2019 Term Loan B, 7.27%, (1 Month USD LIBOR + 3.00%), 03/20/26 (a) | 99 | 53 |
| Cablevision Lightpath LLC |  |  |
| Term Loan B, 7.57%, (1 Month USD LIBOR + 3.25%), 09/15/27 (a) | 265 | 253 |
| Cengage Learning, Inc. |  |  |
| 2021 Term Loan B, 7.81%, (6 Month USD LIBOR + 4.75%), 06/29/26 (a) | 662 | 594 |
| CenturyLink, Inc. |  |  |
| 2020 Term Loan B, 6.32%, (1 Month USD LIBOR + 2.25%), 03/15/27 (a) | 352 | 334 |
| Charter Communications Operating, LLC |  |  |
| 2019 Term Loan B2, 5.51%, (1 Month USD LIBOR + 1.75%), 02/01/27 (a) | 327 | 319 |
| Cincinnati Bell, Inc. |  |  |
| 2021 Term Loan B2, 7.44%, (1 Month Term SOFR + 3.25%), 11/17/28 (a) | 114 | 111 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| Term Loan B, 7.91%, (3 Month USD LIBOR + 3.50%), 08/08/26 (a) | 418 | 380 |
| Connect Finco Sarl |  |  |
| 2021 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 12/11/26 (a) | 205 | 202 |
| Cyxtera DC Holdings, Inc. |  |  |
| Term Loan B, 7.36%, (3 Month USD LIBOR + 3.00%), 03/15/24 (a) | 411 | 346 |
| Diamond Sports Group, LLC |  |  |
| 2022 2nd Lien Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 08/24/26 (a) (f) | 238 | 29 |
| DirecTV Financing, LLC |  |  |
| Term Loan, 9.07%, (1 Month USD LIBOR + 5.00%), 07/22/27 (a) | 469 | 456 |
| E.W. Scripps Company (The) |  |  |
| 2019 Term Loan B2, 6.63%, (1 Month USD LIBOR + 2.56%), 05/01/26 (a) | 307 | 301 |
| Formula One Holdings Limited. |  |  |
| Term Loan B, 7.34%, (3 Month Term SOFR + 3.25%), 01/15/30 (a) | 510 | 509 |
| GOGO Intermediate Holdings LLC |  |  |
| Term Loan B, 8.16%, (3 Month USD LIBOR + 3.75%), 04/21/28 (a) | 822 | 814 |
| iHeartCommunications, Inc. |  |  |
| 2020 Term Loan, 7.07%, (1 Month USD LIBOR + 3.00%), 05/01/26 (a) | 315 | 288 |
| Intelsat Jackson Holdings S.A. |  |  |
| 2021 Exit Term Loan B, 7.44%, (SOFR + 4.50%), 01/25/29 (a) | 563 | 542 |
| NASCAR Holdings, Inc |  |  |
| Term Loan B, 6.57%, (1 Month USD LIBOR + 2.50%), 07/19/26 (a) | 129 | 128 |
| PUG LLC |  |  |
| USD Term Loan , 7.57%, (1 Month USD LIBOR + 3.50%), 01/31/27 (a) | 503 | 414 |
| Radiate Holdco, LLC |  |  |
| 2021 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 09/25/26 (a) | 827 | 668 |
| Securus Technologies Holdings, Inc. |  |  |
| 2017 1st Lien Term Loan, 8.17%, (3 Month USD LIBOR + 4.50%), 06/20/24 (a) | 189 | 141 |
| Sinclair Television Group Inc. |  |  |
| Term Loan B2B, 6.58%, (1 Month USD LIBOR + 2.50%), 07/18/26 (a) | 331 | 314 |
| Solis IV BV |  |  |
| USD Term Loan B1, 7.86%, (3 Month Term SOFR + 3.50%), 02/09/29 (a) | 651 | 571 |
| Telesat Canada |  |  |
| Term Loan B5, 7.17%, (3 Month USD LIBOR + 2.75%), 11/22/26 (a) | 183 | 84 |
| Univision Communications Inc. |  |  |
| 2022 First Lien Term Loan B, 7.79%, (3 Month Term SOFR + 4.25%), 06/10/29 (a) | 85 | 83 |
| Zayo Group Holdings, Inc. |  |  |
| USD Term Loan , 7.07%, (1 Month USD LIBOR + 3.00%), 02/18/27 (a) | 217 | 175 |
| Ziggo Financing Partnership |  |  |
| USD Term Loan I, 6.82%, (1 Month USD LIBOR + 2.50%), 04/17/28 (a) | 270 | 263 |
|  |  | 8372 |
| **Materials 0.2%** | **Materials 0.2%** | **Materials 0.2%** |
| Axalta Coating Systems Dutch Holding B B.V. |  |  |
| 2022 USD Term Loan B, 0.00%, (SOFR + 3.00%), 11/30/29 (a) (n) | 290 | 290 |
| BCPE Empire Holdings, Inc. |  |  |
| 2022 Incremental Term Loan, 8.81%, (1 Month Term SOFR + 4.63%), 06/11/26 (a) | 65 | 63 |
| Charter NEX US, Inc. |  |  |
| 2021 Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 12/01/27 (a) | 408 | 395 |
| Cyanco Intermediate Corporation |  |  |
| 2018 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 03/07/25 (a) | 120 | 115 |
| Diamond (BC) B.V. |  |  |
| 2021 Term Loan B, 7.16%, (3 Month USD LIBOR + 2.75%), 09/14/28 (a) | 787 | 760 |
| Illuminate Buyer, LLC |  |  |
| 2021 Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 06/30/27 (a) | 452 | 432 |
| Messer Industries GmbH |  |  |
| 2018 USD Term Loan, 6.17%, (3 Month USD LIBOR + 2.50%), 09/19/25 (a) | 361 | 357 |
| Olympus Water US Holding Corporation |  |  |
| 2021 USD Term Loan B, 7.44%, (3 Month USD LIBOR + 3.75%), 09/21/28 (a) | 342 | 327 |
| Pathway Vet Alliance LLC |  |  |
| 2021 Term Loan, 7.42%, (3 Month USD LIBOR + 3.75%), 03/31/27 (a) | 365 | 302 |
| Phoenix Services International, LLC |  |  |
| 2022 DIP PIK Roll Up Term Loan, 15.73%, (SOFR + 12.00%), 03/29/23 (a) (f) | 21 | 20 |
| 2022 DIP New Money Term Loan, 16.09%, (SOFR + 12.00%), 03/29/23 (a) (f) | 14 | 13 |
| Term Loan, 9.75%, (PRIME + 2.75%), 01/29/25 (a) | 120 | 10 |
| PMHC II, Inc. |  |  |
| 2022 Term Loan B, 8.49%, (3 Month Term SOFR + 4.25%), 02/03/29 (a) | 254 | 214 |
| Polar US Borrower, LLC |  |  |
| 2018 1st Lien Term Loan, 9.02%, (3 Month USD LIBOR + 4.75%), 08/21/25 (a) | 318 | 256 |
| PQ Corporation |  |  |
| 2021 Term Loan B, 6.91%, (3 Month USD LIBOR + 2.50%), 05/26/28 (a) | 138 | 136 |
| Pregis TopCo Corporation |  |  |
| 1st Lien Term Loan, 8.20%, (1 Month USD LIBOR + 3.75%), 07/25/26 (a) | 480 | 466 |
| Pretium PKG Holdings, Inc. |  |  |
| 2021 1st Lien Term Loan, 7.74%, (3 Month USD LIBOR + 4.00%), 09/22/28 (a) | 96 | 76 |
| 2021 1st Lien Term Loan, 7.74%, (3 Month USD LIBOR + 4.00%), 09/22/28 (a) | 187 | 148 |
| 2021 1st Lien Term Loan, 8.73%, (3 Month USD LIBOR + 4.00%), 09/22/28 (a) | 94 | 74 |
| 2021 2nd Lien Term Loan, 10.49%, (3 Month USD LIBOR + 6.75%), 09/22/29 (a) | 40 | 24 |
| 2021 2nd Lien Term Loan, 11.48%, (3 Month USD LIBOR + 6.75%), 09/22/29 (a) | 40 | 24 |
| Quikrete Holdings, Inc. |  |  |
| 2021 Term Loan B1, 7.07%, (1 Month USD LIBOR + 3.00%), 12/24/24 (a) | 174 | 172 |
| TricorBraun Holdings, Inc. |  |  |
| 2021 Term Loan, 7.32%, (1 Month USD LIBOR + 3.25%), 01/29/28 (a) | 661 | 629 |
| Trident TPI Holdings, Inc. |  |  |
| 2021 Delayed Draw Term Loan , 7.67%, (3 Month USD LIBOR + 4.00%), 07/22/26 (a) | 8 | 7 |
| 2021 Incremental Term Loan, 7.67%, (3 Month USD LIBOR + 4.00%), 07/22/26 (a) | 86 | 83 |
| 2021 Delayed Draw Term Loan , 8.07%, (3 Month USD LIBOR + 4.00%), 07/22/26 (a) | 5 | 4 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Vantage Specialty Chemicals, Inc. |  |  |
| 2017 1st Lien Term Loan, 7.17%, (3 Month USD LIBOR + 3.50%), 10/20/24 (a) | 297 | 290 |
| 2017 1st Lien Term Loan, 7.91%, (3 Month USD LIBOR + 3.50%), 10/20/24 (a) | 282 | 275 |
| | | 5962 |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| Artera Services, LLC |  |  |
| 2018 1st Lien Term Loan, 6.92%, (3 Month USD LIBOR + 3.25%), 02/28/25 (a) | 268 | 217 |
| Atlas Purchaser, Inc. |  |  |
| 2021 Term Loan, 9.81%, (3 Month USD LIBOR + 5.25%), 12/31/24 (a) | 206 | 144 |
| CQP Holdco LP |  |  |
| 2021 Term Loan B, 7.42%, (3 Month USD LIBOR + 3.75%), 05/26/28 (a) | 882 | 876 |
| EG America LLC |  |  |
| 2018 USD Term Loan, 7.67%, (3 Month USD LIBOR + 4.00%), 02/06/25 (a) | 228 | 215 |
| EG Group Limited |  |  |
| 2021 Term Loan, 7.92%, (3 Month USD LIBOR + 4.25%), 03/11/26 (a) | 217 | 203 |
| ExGen Renewables IV, LLC |  |  |
| 2020 Term Loan, 7.24%, (3 Month USD LIBOR + 2.50%), 12/11/27 (a) | 272 | 269 |
| Foresight Energy LLC |  |  |
| 2020 Exit Term Loan A, 11.67%, (3 Month USD LIBOR + 8.00%), 06/30/27 (a) (m) | 138 | 136 |
| Freeport LNG Investments, LLLP |  |  |
| Term Loan B, 7.74%, (3 Month USD LIBOR + 3.50%), 11/17/28 (a) | 364 | 345 |
| Granite Holdings US Acquisition Co. |  |  |
| 2021 Term Loan B, 7.67%, (3 Month USD LIBOR + 4.00%), 09/30/26 (a) | 680 | 680 |
| Oryx Midstream Services Permian Basin LLC |  |  |
| Term Loan B, 7.92%, (3 Month USD LIBOR + 3.25%), 12/31/24 (a) | 324 | 319 |
| Prairie ECI Acquiror LP |  |  |
| Term Loan B, 8.82%, (1 Month USD LIBOR + 4.75%), 03/07/26 (a) | 197 | 191 |
| Traverse Midstream Partners LLC |  |  |
| 2017 Term Loan, 8.80%, (3 Month Term SOFR + 4.25%), 09/22/24 (a) | 355 | 354 |
|  |  | 3949 |
| **Consumer Staples 0.1%** | **Consumer Staples 0.1%** | **Consumer Staples 0.1%** |
| Conair Holdings, LLC |  |  |
| Term Loan B, 7.42%, (3 Month USD LIBOR + 3.75%), 05/13/28 (a) | 494 | 413 |
| H Food Holdings LLC |  |  |
| 2018 Term Loan B, 7.76%, (1 Month USD LIBOR + 3.69%), 05/17/25 (a) | 669 | 592 |
| Monogram Food Solutions, LLC |  |  |
| Term Loan B, 8.12%, (1 Month USD LIBOR + 4.00%), 12/31/24 (a) | 450 | 434 |
| PECF USS Intermediate Holding III Corporation |  |  |
| Term Loan B, 8.32%, (1 Month USD LIBOR + 4.25%), 11/04/28 (a) | 613 | 509 |
| Rentpath, Inc. |  |  |
| 2021 Stub Current Face Term Loan, 0.00%, 12/31/24 (h) (i) (m) | 33 |  |
| Reynolds Consumer Products LLC |  |  |
| Term Loan, 5.82%, (1 Month USD LIBOR + 1.75%), 01/30/27 (a) | 162 | 160 |
| Sunshine Luxembourg VII SARL |  |  |
| 2021 Term Loan B3, 7.42%, (3 Month USD LIBOR + 3.75%), 10/02/26 (a) | 126 | 121 |
| Triton Water Holdings, Inc |  |  |
| Term Loan, 7.17%, (3 Month USD LIBOR + 3.50%), 03/16/28 (a) | 607 | 563 |
| United Natural Foods, Inc. |  |  |
| Term Loan B, 7.45%, (1 Month Term SOFR + 3.25%), 10/10/25 (a) | 131 | 131 |
| Verscend Holding Corp. |  |  |
| 2021 Term Loan B, 8.07%, (1 Month USD LIBOR + 4.00%), 08/27/25 (a) | 810 | 803 |
|  |  | 3726 |
| **Utilities 0.1%** | **Utilities 0.1%** | **Utilities 0.1%** |
| Calpine Corporation |  |  |
| 2019 Term Loan B10, 6.07%, (1 Month USD LIBOR + 2.00%), 08/02/26 (a) | 53 | 52 |
| Edgewater Generation, L.L.C. |  |  |
| Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 11/29/25 (a) | 288 | 272 |
| NEP/NCP Holdco, Inc. |  |  |
| 2018 1st Lien Term Loan, 7.32%, (1 Month USD LIBOR + 3.25%), 10/05/25 (a) | 247 | 211 |
| Pacific Gas & Electric Company |  |  |
| 2020 Term Loan, 7.13%, (1 Month USD LIBOR + 3.00%), 06/18/25 (a) | 419 | 415 |
| Vistra Operations Company LLC |  |  |
| 1st Lien Term Loan B3, 5.82%, (1 Month USD LIBOR + 1.75%), 12/11/25 (a) | 288 | 285 |
| 1st Lien Term Loan B3, 6.09%, (1 Month USD LIBOR + 1.75%), 12/11/25 (a) | 72 | 71 |
| Waterbridge Midstream Operating LLC |  |  |
| Term Loan B, 9.13%, (3 Month USD LIBOR + 5.75%), 06/22/26 (a) | 235 | 226 |
|  |  | 1532 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| Iron Mountain, Inc. |  |  |
| 2018 Term Loan B, 5.82%, (1 Month USD LIBOR + 1.75%), 03/02/26 (a) | 318 | 312 |
| Total Senior Floating Rate Instruments (cost $102,432) | Total Senior Floating Rate Instruments (cost $102,432) | 95980 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| El Paso Electric Company (h) (m) | 20 | 361 |
| Frontera Holdings LLC (h) (m) |  |  |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| Gulfport Energy Operating Corporation (h) | 2 | 148 |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| Intelsat Jackson Holdings, Ltd. (h) (m) | 4 | 99 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| CW Travel Holdings (h) (m) | 5 | 35 |
| Total Common Stocks (cost $565) | Total Common Stocks (cost $565) | 643 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| Intelsat Jackson Holdings, Ltd. (h) (m) |  | 3 |
| Intelsat Jackson Holdings, Ltd. (h) (m) |  | 3 |
| Total Rights (cost $0) | Total Rights (cost $0) | 6 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Avation PLC (h) | 10 | 4 |
| Total Warrants (cost $0) | Total Warrants (cost $0) | 4 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| Gulfport Energy Operating Corporation (h) (m) (o) | 510 |  |
| Intelsat Jackson Holdings S.A. (h) (m) (o) | 440 |  |
| Total Other Equity Interests (cost $0) | Total Other Equity Interests (cost $0) |  |
| **SHORT TERM INVESTMENTS 6.4%** | **SHORT TERM INVESTMENTS 6.4%** | **SHORT TERM INVESTMENTS 6.4%** |
| **Investment Companies 4.8%** | **Investment Companies 4.8%** | **Investment Companies 4.8%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (p) (q) | 131175 | 131175 |
| **U.S. Treasury Bill 1.3%** | **U.S. Treasury Bill 1.3%** | **U.S. Treasury Bill 1.3%** |
| Treasury, United States Department of |  |  |
| 4.19%, 02/21/23 | 33500 | 33311 |
| 2.06%, 04/20/23 | 1840 | 1816 |
|  |  | 35127 |
| **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** | **Securities Lending Collateral 0.3%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (p) (q) | 8025 | 8025 |
| Total Short Term Investments (cost $174,333) | Total Short Term Investments (cost $174,333) | 174327 |
| **Total Investments 99.6% (cost $3,085,790)** | **Total Investments 99.6% (cost $3,085,790)** | **2723659** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (29) |
| **Other Assets and Liabilities, Net 0.4%** | **Other Assets and Liabilities, Net 0.4%** | **11241** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2734871** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $246,951 and 9.0% of the Fund.

(e) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(f) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(g) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(h) Non-income producing security.

(i) As of December 31, 2022, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(j) Convertible security.

(k) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(l) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(m) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(n) This senior floating rate interest will settle after December 31, 2022. If a reference rate and spread is presented, it will go into effect upon settlement.

(o) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(p) Investment in affiliate.

(q) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adani Electricity Mumbai Limited, 3.87%, 07/22/31 | 12/12/22 | 296 | 287 |  |
| Adani International Container Terminal Private Limited, 3.00%, 02/16/31 | 12/17/21 | 823 | 663 |  |
| Adani Ports and Special Economic Zone Limited, 4.00%, 07/30/27 | 12/14/21 | 401 | 349 |  |
| Adani Ports and Special Economic Zone Limited, 4.38%, 07/03/29 | 05/19/21 | 813 | 673 |  |
| Adani Ports and Special Economic Zone Limited, 3.10%, 02/02/31 | 06/02/21 | 483 | 369 |  |
| AI Candelaria (Spain), S.L.U, 5.75%, 06/15/33 | 04/11/22 | 418 | 383 |  |
| Assembleia da Republica, 2.88%, 10/15/25 | 02/27/19 | 237 | 209 |  |
| Assembleia da Republica, 1.95%, 06/15/29 | 08/22/19 | 617 | 497 |  |
| Assembleia da Republica, 0.48%, 10/18/30 | 12/16/20 | 342 | 232 |  |
| Banco BBVA Peru, 5.25%, 09/22/29 | 12/01/20 | 313 | 290 |  |
| Banco de Credito del Peru, 3.13%, 07/01/30 | 09/02/21 | 200 | 182 |  |
| Banco do Brasil S.A, 9.00% (callable at 100, 06/18/24) | 12/12/22 | 299 | 299 |  |
| Banco do Estado do Rio Grande do Sul S/A., 5.38%, 01/28/31 | 05/10/21 | 399 | 358 |  |
| Banco Espirito Santo S.A., 0.00%, 05/08/17 | 07/10/15 | 5090 | 591 |  |
| Banco Espirito Santo S.A., 0.00%, 01/21/29 | 12/09/15 | 1852 | 231 |  |
| Banco Internacional Del Peru S.A.A. – Interbank, 4.00%, 07/08/30 | 12/04/20 | 510 | 454 |  |
| Banco Mercantil Del Norte S.A, 6.63% (callable at 100, 01/24/32) | 09/07/22 | 632 | 621 |  |
| Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte, 7.50% (callable at 100, 06/27/29) | 09/25/19 | 401 | 362 |  |
| Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte, 7.63% (callable at 100, 01/10/28) | 11/08/18 | 1175 | 1116 | 0.1 |
| Banco Nacional De Comercio Exterior, S.N.C., 2.72%, 08/11/31 | 08/11/22 | 1196 | 1163 | 0.1 |
| Bangkok Bank Public Company Limited, 5.00% (callable at 100, 09/23/25) | 12/04/20 | 1338 | 1229 | 0.1 |
| Bank Leumi le-Israel B.M., 3.28%, 01/29/31 | 09/15/22 | 351 | 354 |  |
| BBVA Bancomer S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer, 5.13%, 01/18/33 | 06/22/22 | 774 | 807 |  |
| BBVA Bancomer S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer, 5.88%, 09/13/34 | 12/21/22 | 279 | 278 |  |
| Bioceanico Sovereign Certificate Limited, 0.00%, 06/05/34 | 08/25/22 | 342 | 332 |  |
| Braskem Idesa, S.A.P.I., 6.99%, 02/20/32 | 08/22/22 | 421 | 393 |  |
| Braskem Netherlands Finance B.V., 8.50%, 01/23/81 | 11/16/22 | 1359 | 1357 | 0.1 |
| Bundesrepublik Deutschland, 0.00%, 02/15/31 | 07/21/21 | 1681 | 1309 | 0.1 |
| C&W Senior Financing Designated Activity Company, 6.88%, 09/15/27 | 03/21/22 | 940 | 886 |  |
| Cap S.A., 3.90%, 04/27/31 | 12/13/21 | 1380 | 1136 | 0.1 |
| CEMEX S.A.B. de C.V., 5.13% (callable at 100, 06/08/26) | 08/18/22 | 856 | 926 | 0.1 |
| Commonwealth of Australia, 1.00%, 12/21/30 | 01/12/21 | 466 | 332 |  |
| Corporacion Financiera de Desarrollo S.A., 5.25%, 07/15/29 | 12/05/22 | 287 | 289 |  |
| Credito Real, S.A.B. De C.V., Sofom, E.N.R., 0.00% (callable at 100, 11/29/27) | 10/10/18 | 1064 | 7 |  |
| DBS Group Holdings Ltd, 1.82%, 03/10/31 | 05/20/21 | 1001 | 888 |  |
| EIG Pearl Holdings S.a r.l., 3.55%, 08/31/36 | 05/26/22 | 1516 | 1428 | 0.1 |
| EIG Pearl Holdings S.a r.l., 4.39%, 11/30/46 | 11/30/22 | 533 | 537 |  |
| Empresa Electrica Angamos S.A, 4.88%, 05/25/29 | 05/24/18 | 843 | 754 |  |
| Empresa Electrica Cochrane SpA, 5.50%, 05/14/27 | 12/09/20 | 620 | 547 |  |
| Empresas Publicas de Medellin E.S.P., 4.25%, 07/18/29 | 06/03/21 | 1889 | 1510 | 0.1 |
| Empresas Publicas de Medellin E.S.P., 4.38%, 02/15/31 | 05/18/21 | 1133 | 894 | 0.1 |
| EQUATE Petrochemical B.V., 2.63%, 04/28/28 | 11/03/21 | 200 | 174 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Core Fixed Income Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Estado Espanol, 0.50%, 04/30/30 | 04/14/21 | 451 | 324 |  |
| Fenix Power Peru S.A., 4.32%, 09/20/27 | 02/24/21 | 462 | 410 |  |
| Fermaca Enterprises S. de R.L. de C.V., 6.38%, 03/30/38 | 09/27/17 | 4241 | 3696 | 0.2 |
| Fideicomiso Patrimonio Autonomo Panamericana, 8.25%, 01/15/35 | 01/24/19 | 304 | 255 |  |
| Galaxy Pipeline Assets Bidco Limited, 2.94%, 09/30/40 | 12/20/21 | 772 | 623 |  |
| GNL Quintero S.A, 4.63%, 07/31/29 | 11/08/17 | 2115 | 2002 | 0.1 |
| Gouvernement De France, 0.25%, 11/25/26 | 02/04/19 | 1008 | 857 |  |
| Gouvernement De France, 1.00%, 05/25/27 | 04/03/18 | 364 | 301 |  |
| Gouvernement De France, 0.50%, 05/25/29 | 06/02/20 | 348 | 276 |  |
| Gouvernement De France, 1.50%, 05/25/31 | 04/12/21 | 538 | 383 |  |
| Gran Tierra Energy International Holdings Ltd, 6.25%, 02/15/25 | 08/16/18 | 1088 | 947 | 0.1 |
| Guara Norte S.a r.l., 5.20%, 06/15/34 | 12/14/22 | 233 | 231 |  |
| Hunt Oil USA, Inc., 6.38%, 06/01/28 | 08/09/22 | 1255 | 1249 | 0.1 |
| Inversiones La Construccion S.A., 4.75%, 02/07/32 | 08/31/22 | 685 | 734 |  |
| Ireland, Government of, 1.00%, 05/15/26 | 09/27/17 | 836 | 718 |  |
| Itau Unibanco Holding S.A., 3.88%, 04/15/31 | 12/08/21 | 479 | 451 |  |
| JSW Steel Limited, 5.05%, 04/05/32 | 07/27/22 | 1291 | 1264 | 0.1 |
| KASIKORNBANK Public Company Limited, 5.28% (callable at 100, 10/14/25) | 01/08/21 | 617 | 567 |  |
| KT Corp, 2.50%, 07/18/26 | 05/05/21 | 1558 | 1366 | 0.1 |
| KT Corp, 1.38%, 01/21/27 | 10/18/21 | 986 | 857 |  |
| Lima Metro Line 2 Finance Limited, 5.88%, 07/05/34 | 10/24/17 | 1790 | 1619 | 0.1 |
| MC Brazil Downstream Trading S.a r.l., 7.25%, 06/30/31 | 03/31/22 | 1063 | 948 | 0.1 |
| Mexico Generadora De Energia, S. De R.L. De C.V., 5.50%, 12/06/32 | 05/25/22 | 431 | 428 |  |
| Minejesa Capital B.V., 4.63%, 08/10/30 | 04/03/19 | 2023 | 1729 | 0.1 |
| Minejesa Capital B.V., 5.63%, 08/10/37 | 03/12/19 | 2438 | 1992 | 0.1 |
| Mong Duong Finance Holdings B.V., 5.13%, 05/07/29 | 09/16/22 | 409 | 417 |  |
| Movida Europe S.A., 5.25%, 02/08/31 | 03/31/22 | 347 | 300 |  |
| MV24 Capital B.V., 6.75%, 06/01/34 | 08/09/22 | 320 | 313 |  |
| Network I2I Limited, 3.98% (callable at 100, 03/03/26) | 07/29/22 | 720 | 741 |  |
| Oleoducto Central S.A., 4.00%, 07/14/27 | 09/03/21 | 1712 | 1539 | 0.1 |
| Oversea-Chinese Banking Corporation Limited, 1.83%, 09/10/30 | 08/19/21 | 201 | 180 |  |
| Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia, 3.80%, 06/23/50 | 03/29/21 | 512 | 388 |  |
| Petroleos del Peru - Petroperu S.A., 4.75%, 06/19/32 | 03/30/22 | 901 | 772 |  |
| Petroleos del Peru - Petroperu S.A., 5.63%, 06/19/47 | 03/31/22 | 476 | 396 |  |
| PETRONAS Capital Limited, 2.48%, 01/28/32 | 10/27/21 | 198 | 165 |  |
| PSA Treasury Pte. Ltd., 2.25%, 04/30/30 | 11/17/21 | 507 | 420 |  |
| PT Freeport Indonesia, 6.20%, 04/14/52 | 08/15/22 | 479 | 436 |  |
| PT Indofood CBP Sukses Makmur TBK, 3.40%, 06/09/31 | 11/29/22 | 243 | 248 |  |
| PT Indofood CBP Sukses Makmur TBK, 3.54%, 04/27/32 | 11/30/22 | 162 | 164 |  |
| PT Indonesia Asahan Aluminium (Persero), 5.80%, 05/15/50 | 06/14/22 | 165 | 168 |  |
| Qatarenergy, 2.25%, 07/12/31 | 10/18/21 | 2171 | 1819 | 0.1 |
| Reliance Industries Limited, 2.88%, 01/12/32 | 03/22/22 | 1102 | 973 | 0.1 |
| Rutas 2 And 7 Finance Ltd, 0.00%, 09/30/36 | 11/30/22 | 234 | 234 |  |
| Saudi Arabia, Kingdom of, 3.45%, 02/02/61 | 03/24/21 | 2355 | 1783 | 0.1 |
| Scotiabank Peru S.A.A., 8.59%, 12/13/27 | 12/14/22 | 396 | 394 |  |
| Service Public Federal Chancellerie Du Premier Ministre, 1.00%, 06/22/26 | 02/04/19 | 982 | 847 |  |
| Service Public Federal Chancellerie Du Premier Ministre, 0.90%, 06/22/29 | 04/22/20 | 601 | 500 |  |
| Simpar Europe, 5.20%, 01/26/31 | 03/31/22 | 181 | 151 |  |
| Singtel Group Treasury Pte. Ltd., 1.88%, 06/10/30 | 10/28/21 | 198 | 163 |  |
| Temasek Financial (I) Limited, 1.00%, 10/06/30 | 01/28/21 | 925 | 731 |  |
| Temasek Financial (I) Limited, 1.63%, 08/02/31 | 11/10/21 | 735 | 595 |  |
| Transportadora de Gas del Peru S.A., 4.25%, 04/30/28 | 06/07/22 | 195 | 188 |  |
| Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R., 0.00% (callable at 100, 01/29/25) | 07/17/18 | 2854 | 8 |  |
| UPL Corporation Limited, 4.50%, 03/08/28 | 03/14/19 | 689 | 591 |  |
| UPL Corporation Limited, 4.63%, 06/16/30 | 08/11/22 | 657 | 640 |  |
| Vedanta Resources Limited, 6.13%, 08/09/24 | 03/01/19 | 1348 | 880 |  |
| VTR Comunicaciones SpA, 5.13%, 01/15/28 | 05/31/22 | 332 | 248 |  |
| VTR Finance N.V., 6.38%, 07/15/28 | 04/21/22 | 654 | 273 |  |
|  |  | 87107 | 67588 | 2.5 |

---

---

| | | |
|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund – Unfunded Commitments** |  |  |
|  | **Unfunded Commitment ($)**  | **Unrealized Appreciation/(Depreciation) ($)**  |
| Hillman Group Inc. (The) - 2021 Delayed Draw Term Loan  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)  |
| Pediatric Associates Holding Company, LLC - 2022 Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)  |
| TGP Holdings III, LLC - 2021 Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)  |
| VT Topco, Inc. - 2021 Delayed Draw Term Loan  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** | **JNL/DoubleLine Core Fixed Income Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| JPY/USD | GSC | 01/13/23 | JPY | 58620 | 447 | 6 |
| USD/AUD | SSB | 01/13/23 | AUD | (520) | (354) | (9) |
| USD/ILS | CIT | 01/12/23 | ILS | (760) | (216) | 4 |
| USD/JPY | GSC | 01/13/23 | JPY | (58620) | (447) | (30) |
|  |  |  |  |  | (570) | (29) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 1101274 |  | 1101274 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 689735 |  | 689735 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 661690 |  | 661690 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 95043 | 937 | 95980 |
| &nbsp;&nbsp;Common Stocks | 148 |  | 495 | 643 |
| &nbsp;&nbsp;Rights |  |  | 6 | 6 |
| &nbsp;&nbsp;Warrants | 4 |  |  | 4 |
| &nbsp;&nbsp;Other Equity Interests |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 139200 | 35127 |  | 174327 |
|  | 139352 | 2582869 | 1438 | 2723659 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Senior Floating Rate Instruments<sup>1</sup> |  |  | (4) | (4) |
|  |  |  | (4) | (4) |
| **Assets - Investments in Other Financial Instruments<sup>2</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 10 |  | 10 |
|  |  | 10 |  | 10 |
| **Liabilities - Investments in Other Financial Instruments<sup>2</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (39) |  | (39) |
|  |  | (39) |  | (39) |

---

<sup>1</sup> Unfunded commitments are not reflected in total investments in the Schedule of Investments. Net unrealized appreciation (depreciation) is reflected as an asset or liability, if applicable, in the table. See Unfunded Commitments table following Schedule of Investments.

<sup>2</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** |
| **CORPORATE BONDS AND NOTES 66.3%** | **CORPORATE BONDS AND NOTES 66.3%** | **CORPORATE BONDS AND NOTES 66.3%** |
| **Singapore 8.2%** | **Singapore 8.2%** | **Singapore 8.2%** |
| DBS Group Holdings Ltd |  |  |
| 1.82%, 03/10/31 (a) | 7986 | 7089 |
| LLPL Capital Pte. Ltd. |  |  |
| 6.88%, 02/04/39 (a) | 6911 | 6012 |
| Oversea-Chinese Banking Corporation Limited |  |  |
| 1.83%, 09/10/30 (a) (b) | 1000 | 899 |
| 1.83%, 09/10/30 (b) (c) | 3000 | 2696 |
| PSA Treasury Pte. Ltd. |  |  |
| 2.25%, 04/30/30 (a) | 6000 | 5035 |
| Rutas 2 And 7 Finance Ltd |  |  |
| 0.00%, 09/30/36 (a) (d) | 1036 | 648 |
| Singtel Group Treasury Pte. Ltd. |  |  |
| 1.88%, 06/10/30 (a) | 3500 | 2845 |
| Temasek Financial (I) Limited |  |  |
| 1.00%, 10/06/30 (a) | 250 | 192 |
| 1.00%, 10/06/30 (c) | 12950 | 9964 |
| 1.63%, 08/02/31 (a) | 8500 | 6741 |
| United Overseas Bank Limited |  |  |
| 1.75%, 03/16/31 (a) | 5500 | 4855 |
|  |  | 46976 |
| **Colombia 7.5%** | **Colombia 7.5%** | **Colombia 7.5%** |
| Banco Davivienda S.A. |  |  |
| 6.65%, (100, 04/22/31) (c) (e) | 2950 | 2274 |
| Banco GNB Sudameris S.A. |  |  |
| 7.50%, 04/16/31 (a) | 800 | 579 |
| Ecopetrol S.A. |  |  |
| 6.88%, 04/29/30 | 2000 | 1815 |
| 4.63%, 11/02/31 | 5150 | 3947 |
| 5.88%, 05/28/45 - 11/02/51 | 11640 | 7891 |
| Empresas Publicas de Medellin E.S.P. |  |  |
| 4.25%, 07/18/29 (a) | 10042 | 7983 |
| 4.38%, 02/15/31 (a) | 4900 | 3810 |
| Fideicomiso Patrimonio Autonomo Panamericana |  |  |
| 8.25%, 01/15/35 (a) | 765 | 679 |
| Gran Tierra Energy International Holdings Ltd |  |  |
| 6.25%, 02/15/25 (a) | 6400 | 5512 |
| Gran Tierra Energy International Holdings Ltd. |  |  |
| 6.25%, 02/15/25 (c) | 300 | 263 |
| Grupo Aval Acciones y Valores S.A. |  |  |
| 4.38%, 02/04/30 (c) | 200 | 162 |
| Oleoducto Central S.A. |  |  |
| 4.00%, 07/14/27 (a) | 9150 | 8049 |
|  |  | 42964 |
| **India 5.7%** | **India 5.7%** | **India 5.7%** |
| Adani Electricity Mumbai Limited |  |  |
| 3.87%, 07/22/31 (a) | 600 | 431 |
| Adani International Container Terminal Private Limited |  |  |
| 3.00%, 02/16/31 (a) | 6511 | 5119 |
| 3.00%, 02/16/31 (c) | 750 | 590 |
| Adani Ports and Special Economic Zone Limited |  |  |
| 4.00%, 07/30/27 (a) | 2600 | 2268 |
| 4.38%, 07/03/29 (a) | 800 | 673 |
| 3.10%, 02/02/31 (a) | 4700 | 3466 |
| JSW Hydro Energy Limited |  |  |
| 4.13%, 05/18/31 (c) | 1416 | 1183 |
| JSW Steel Limited |  |  |
| 5.05%, 04/05/32 (a) | 8155 | 6444 |
| Reliance Industries Limited |  |  |
| 2.88%, 01/12/32 (a) (f) | 6400 | 5191 |
| UltraTech Cement Limited |  |  |
| 2.80%, 02/16/31 (a) | 1100 | 884 |
| UPL Corporation Limited |  |  |
| 4.50%, 03/08/28 (a) | 1191 | 1005 |
| Vedanta Resources Finance II PLC |  |  |
| 9.25%, 04/23/26 (c) | 2200 | 1420 |
| Vedanta Resources Limited |  |  |
| 6.13%, 08/09/24 (a) | 6500 | 4087 |
|  |  | 32761 |
| **Mexico 5.6%** | **Mexico 5.6%** | **Mexico 5.6%** |
| Alpha Holding, S.A. de C.V |  |  |
| 0.00%, 02/10/25 (c) (g) (h) | 292 | 6 |
| Banco Mercantil Del Norte S.A |  |  |
| 6.63%, (100, 01/24/32) (a) (e) | 1500 | 1242 |
| Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 7.50%, (100, 06/27/29) (a) (e) | 1500 | 1357 |
| 7.50%, (100, 06/27/29) (c) (e) | 530 | 485 |
| 7.63%, (100, 01/10/28) (a) (e) | 6800 | 6324 |
| Banco Nacional De Comercio Exterior, S.N.C. |  |  |
| 2.72%, 08/11/31 (a) | 3500 | 2908 |
| BBVA Bancomer S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer |  |  |
| 5.13%, 01/18/33 (a) | 3900 | 3499 |
| 5.88%, 09/13/34 (a) | 3400 | 3147 |
| Braskem Idesa, S.A.P.I. |  |  |
| 6.99%, 02/20/32 (a) | 2900 | 2073 |
| CEMEX S.A.B. de C.V. |  |  |
| 5.13%, (100, 06/08/26) (a) (e) | 5200 | 4817 |
| Credito Real, S.A.B. De C.V., Sofom, E.N.R. |  |  |
| 0.00%, (100, 11/29/27) (a) (e) (g) (h) (i) | 3200 | 20 |
| Docuformas, S.A.P.I. de C.V. |  |  |
| 10.25%, 07/24/24 (c) | 2400 | 530 |
| Mexico Generadora De Energia, S. De R.L. De C.V. |  |  |
| 5.50%, 12/06/32 (a) | 513 | 494 |
| Petroleos Mexicanos |  |  |
| 6.75%, 09/21/47 | 7650 | 4901 |
| Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R. |  |  |
| 0.00%, (100, 01/29/25) (a) (e) (g) (h) (i) | 8350 | 21 |
|  |  | 31824 |
| **Peru 4.9%** | **Peru 4.9%** | **Peru 4.9%** |
| Aby Transmision Sur S.A. |  |  |
| 6.88%, 04/30/43 (c) | 903 | 821 |
| Banco de Credito del Peru |  |  |
| 3.13%, 07/01/30 (a) | 2500 | 2273 |
| Banco Internacional Del Peru S.A.A. – Interbank |  |  |
| 4.00%, 07/08/30 (a) | 8100 | 7351 |
| Corporacion Financiera de Desarrollo S.A. |  |  |
| 5.25%, 07/15/29 (a) | 676 | 651 |
| Fenix Power Peru S.A. |  |  |
| 4.32%, 09/20/27 (a) | 1121 | 1025 |
| Hunt Oil USA, Inc. |  |  |
| 6.38%, 06/01/28 (a) | 6613 | 6299 |
| Inkia Energy Limited |  |  |
| 5.88%, 11/09/27 (a) | 3273 | 3085 |
| Orazul Energy Egenor S. Enc. Por A. |  |  |
| 5.63%, 04/28/27 (a) | 718 | 646 |
| Petroleos del Peru - Petroperu S.A. |  |  |
| 4.75%, 06/19/32 (a) | 4700 | 3631 |
| 5.63%, 06/19/47 (a) | 1600 | 1056 |
| Scotiabank Peru S.A.A. |  |  |
| 8.59%, (3 Month USD LIBOR + 3.86%), 12/13/27 (a) (j) | 1000 | 986 |
|  |  | 27824 |
| **Netherlands 4.7%** | **Netherlands 4.7%** | **Netherlands 4.7%** |
| AES Andres B.V. |  |  |
| 5.70%, 05/04/28 (c) | 5700 | 4936 |
| Braskem Netherlands Finance B.V. |  |  |
| 8.50%, 01/23/81 (a) | 500 | 485 |
| 8.50%, 01/23/81 (c) | 6000 | 5814 |
| Digicel International Finance Limited |  |  |
| 13.00%, 12/31/25 (c) (k) | 250 | 156 |
| 8.00%, 12/31/26 (c) | 164 | 73 |
| EQUATE Petrochemical B.V. |  |  |
| 2.63%, 04/28/28 (a) | 1600 | 1392 |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (a) | 1400 | 1167 |
| MV24 Capital B.V. |  |  |
| 6.75%, 06/01/34 (a) | 1794 | 1640 |
| Petrobras Global Finance B.V. |  |  |
| 6.75%, 06/03/50 | 9400 | 8214 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| VTR Finance N.V. |  |  |
| 6.38%, 07/15/28 (a) | 8000 | 3120 |
| | | 26997 |
| **Chile 4.4%** | **Chile 4.4%** | **Chile 4.4%** |
| AES Andes SA |  |  |
| 6.35%, 10/07/79 (a) | 4100 | 3792 |
| 6.35%, 10/07/79 (c) | 2000 | 1850 |
| Agrosuper S.A. |  |  |
| 4.60%, 01/20/32 (c) | 1000 | 875 |
| Cap S.A. |  |  |
| 3.90%, 04/27/31 (a) | 5214 | 4085 |
| 3.90%, 04/27/31 (c) | 2250 | 1763 |
| Chile Electricity PEC Spa |  |  |
| 0.00%, 01/25/28 (c) (d) | 4700 | 3372 |
| Empresa Electrica Angamos S.A |  |  |
| 4.88%, 05/25/29 (a) | 1639 | 1458 |
| Empresa Electrica Cochrane SpA |  |  |
| 5.50%, 05/14/27 (a) | 3934 | 3606 |
| Inversiones La Construccion S.A. |  |  |
| 4.75%, 02/07/32 (a) | 4900 | 3998 |
| Telefonica Moviles Chile S.A. |  |  |
| 3.54%, 11/18/31 (c) | 400 | 329 |
|  |  | 25128 |
| **Indonesia 4.3%** | **Indonesia 4.3%** | **Indonesia 4.3%** |
| LLPL Capital Pte. Ltd. |  |  |
| 6.88%, 02/04/39 (c) | 4130 | 3601 |
| Minejesa Capital B.V. |  |  |
| 4.63%, 08/10/30 (a) | 6198 | 5439 |
| 5.63%, 08/10/37 (a) | 10800 | 8437 |
| PT Freeport Indonesia |  |  |
| 5.32%, 04/14/32 (c) | 3400 | 3126 |
| 6.20%, 04/14/52 (a) | 3600 | 3143 |
| PT Indofood CBP Sukses Makmur TBK |  |  |
| 3.54%, 04/27/32 (a) | 500 | 409 |
| PT Indonesia Asahan Aluminium (Persero) |  |  |
| 5.80%, 05/15/50 (a) | 700 | 586 |
|  |  | 24741 |
| **Brazil 3.4%** | **Brazil 3.4%** | **Brazil 3.4%** |
| Banco do Brasil S.A |  |  |
| 6.25%, (100, 04/15/24) (a) (e) | 6000 | 5505 |
| 9.00%, (100, 06/18/24) (a) (e) | 2661 | 2651 |
| Banco do Estado do Rio Grande do Sul S/A. |  |  |
| 5.38%, 01/28/31 (a) | 3000 | 2686 |
| Itau Unibanco Holding S.A. |  |  |
| 3.88%, 04/15/31 (a) | 1560 | 1406 |
| MC Brazil Downstream Trading S.a r.l. |  |  |
| 7.25%, 06/30/31 (a) | 8503 | 6986 |
|  |  | 19234 |
| **Luxembourg 3.1%** | **Luxembourg 3.1%** | **Luxembourg 3.1%** |
| EIG Pearl Holdings S.a r.l. |  |  |
| 3.55%, 08/31/36 (a) | 6300 | 5292 |
| 4.39%, 11/30/46 (a) | 2200 | 1689 |
| Guara Norte S.a r.l. |  |  |
| 5.20%, 06/15/34 (a) | 455 | 385 |
| Minerva Luxembourg S.A. |  |  |
| 4.38%, 03/18/31 (c) (f) | 4600 | 3773 |
| Movida Europe S.A. |  |  |
| 5.25%, 02/08/31 (a) | 4000 | 3002 |
| Simpar Europe |  |  |
| 5.20%, 01/26/31 (a) | 4525 | 3420 |
|  |  | 17561 |
| **United States of America 2.5%** | **United States of America 2.5%** | **United States of America 2.5%** |
| Freeport-McMoRan Inc. |  |  |
| 4.38%, 08/01/28 | 1380 | 1294 |
| 5.25%, 09/01/29 | 1500 | 1447 |
| 4.63%, 08/01/30 | 5000 | 4674 |
| Mercury Chile Holdco LLC |  |  |
| 6.50%, 01/24/27 (c) | 1500 | 1431 |
| Periama Holdings, LLC |  |  |
| 5.95%, 04/19/26 (a) | 200 | 185 |
| Sasol Financing USA LLC |  |  |
| 5.50%, 03/18/31 | 6133 | 4979 |
|  |  | 14010 |
| **Jersey 2.1%** | **Jersey 2.1%** | **Jersey 2.1%** |
| Galaxy Pipeline Assets Bidco Limited |  |  |
| 2.16%, 03/31/34 (c) | 8322 | 7073 |
| 2.63%, 03/31/36 (a) | 3400 | 2727 |
| 2.94%, 09/30/40 (a) | 2390 | 1924 |
|  |  | 11724 |
| **Mauritius 1.6%** | **Mauritius 1.6%** | **Mauritius 1.6%** |
| Network I2I Limited |  |  |
| 3.98%, (100, 03/03/26) (a) (e) | 4950 | 4314 |
| UPL Corporation Limited |  |  |
| 4.63%, 06/16/30 (a) | 5819 | 4655 |
|  |  | 8969 |
| **Ireland 1.3%** | **Ireland 1.3%** | **Ireland 1.3%** |
| C&W Senior Financing Designated Activity Company |  |  |
| 6.88%, 09/15/27 (a) (f) | 8000 | 7460 |
| **Spain 1.1%** | **Spain 1.1%** | **Spain 1.1%** |
| AI Candelaria (Spain), S.L.U |  |  |
| 7.50%, 12/15/28 (a) | 259 | 246 |
| 5.75%, 06/15/33 (c) | 4000 | 3061 |
| 5.75%, 06/15/33 (a) | 4225 | 3233 |
|  |  | 6540 |
| **Israel 1.1%** | **Israel 1.1%** | **Israel 1.1%** |
| Bank Hapoalim Ltd |  |  |
| 3.26%, 01/21/32 (b) | 6900 | 5936 |
| Bank Leumi le-Israel B.M. |  |  |
| 3.28%, 01/29/31 (a) | 200 | 177 |
|  |  | 6113 |
| **Panama 1.0%** | **Panama 1.0%** | **Panama 1.0%** |
| Banco Nacional De Panama |  |  |
| 2.50%, 08/11/30 (c) | 1500 | 1203 |
| UEP Penonome II S.A. |  |  |
| 6.50%, 10/01/38 (a) | 1293 | 948 |
| 6.50%, 10/01/38 (c) | 5170 | 3774 |
|  |  | 5925 |
| **South Korea 0.9%** | **South Korea 0.9%** | **South Korea 0.9%** |
| LG Chem, Ltd. |  |  |
| 2.38%, 07/07/31 (c) | 1200 | 943 |
| Shinhan Financial Group Co., Ltd. |  |  |
| 2.88%, (100, 05/12/26) (c) (e) | 4800 | 4130 |
|  |  | 5073 |
| **Qatar 0.8%** | **Qatar 0.8%** | **Qatar 0.8%** |
| Qatarenergy |  |  |
| 2.25%, 07/12/31 (a) | 5500 | 4547 |
| **United Kingdom 0.7%** | **United Kingdom 0.7%** | **United Kingdom 0.7%** |
| Antofagasta PLC |  |  |
| 2.38%, 10/14/30 (a) | 3550 | 2853 |
| SCC Power PLC |  |  |
| 8.00%, 12/31/28 (c) (k) | 2423 | 826 |
| 4.00%, 05/17/32 (c) (k) | 1313 | 39 |
|  |  | 3718 |
| **Malaysia 0.5%** | **Malaysia 0.5%** | **Malaysia 0.5%** |
| PETRONAS Capital Limited |  |  |
| 2.48%, 01/28/32 (a) (f) | 500 | 413 |
| 2.48%, 01/28/32 (c) | 3000 | 2474 |
|  |  | 2887 |
| **Isle of Man 0.3%** | **Isle of Man 0.3%** | **Isle of Man 0.3%** |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.75%, 10/01/30 | 2000 | 1746 |
| **Canada 0.2%** | **Canada 0.2%** | **Canada 0.2%** |
| MEGlobal Canada ULC |  |  |
| 5.88%, 05/18/30 (c) | 1200 | 1206 |
| **Paraguay 0.2%** | **Paraguay 0.2%** | **Paraguay 0.2%** |
| Bioceanico Sovereign Certificate Limited |  |  |
| 0.00%, 06/05/34 (a) (d) | 1827 | 1206 |
| **Thailand 0.1%** | **Thailand 0.1%** | **Thailand 0.1%** |
| KASIKORNBANK Public Company Limited |  |  |
| 4.00%, (100, 02/10/27) (a) (e) | 300 | 251 |
| PTTEP Treasury Center Company Limited |  |  |
| 2.59%, 06/10/27 (c) | 400 | 354 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2.99%, 01/15/30 (c) | 260 | 223 |
| | | 828 |
| **Austria 0.1%** | **Austria 0.1%** | **Austria 0.1%** |
| Suzano Austria GmbH |  |  |
| 3.13%, 01/15/32 | 800 | 624 |
| **Bermuda 0.0%** | **Bermuda 0.0%** | **Bermuda 0.0%** |
| DGL3 Limited |  |  |
| 7.00%, (100, 06/01/23) (b) (c) (e) (k) | 830 | 83 |
| 8.00%, 04/01/25 (c) (k) (l) | 621 | 169 |
|  |  | 252 |
| **Argentina 0.0%** | **Argentina 0.0%** | **Argentina 0.0%** |
| Pampa Energia S.A. |  |  |
| 9.13%, 04/15/29 (a) | 150 | 137 |
| Total Corporate Bonds And Notes (cost $449,820) | Total Corporate Bonds And Notes (cost $449,820) | 378975 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 32.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 32.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 32.2%** |
| **Mexico 5.7%** | **Mexico 5.7%** | **Mexico 5.7%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 2.66%, 05/24/31 | 7600 | 6136 |
| 4.75%, 04/27/32 (f) | 2650 | 2483 |
| 4.28%, 08/14/41 | 20250 | 15683 |
| 4.35%, 01/15/47 | 2500 | 1886 |
| 5.00%, 04/27/51 | 1400 | 1142 |
| 4.40%, 02/12/52 | 6850 | 5046 |
|  |  | 32376 |
| **Colombia 4.7%** | **Colombia 4.7%** | **Colombia 4.7%** |
| Presidencia de la Republica de Colombia |  |  |
| 3.13%, 04/15/31 | 6000 | 4455 |
| 3.25%, 04/22/32 | 12000 | 8729 |
| 5.00%, 06/15/45 | 15700 | 10734 |
| 4.13%, 05/15/51 | 4600 | 2750 |
|  |  | 26668 |
| **Panama 3.9%** | **Panama 3.9%** | **Panama 3.9%** |
| Government of the Republic of Panama |  |  |
| 2.25%, 09/29/32 | 14000 | 10377 |
| 4.30%, 04/29/53 | 1800 | 1321 |
| 4.50%, 04/01/56 | 2000 | 1475 |
| 3.87%, 07/23/60 | 13700 | 8871 |
|  |  | 22044 |
| **Indonesia 3.2%** | **Indonesia 3.2%** | **Indonesia 3.2%** |
| Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia |  |  |
| 3.80%, 06/23/50 (a) | 6000 | 4657 |
| The Republic of Indonesia, The Government of |  |  |
| 2.15%, 07/28/31 | 4200 | 3486 |
| 4.35%, 01/11/48 | 1200 | 1031 |
| 3.70%, 10/30/49 | 12100 | 9332 |
|  |  | 18506 |
| **Dominican Republic 2.6%** | **Dominican Republic 2.6%** | **Dominican Republic 2.6%** |
| Presidencia de la Republica Dominicana |  |  |
| 4.88%, 09/23/32 (c) | 14200 | 11839 |
| 6.00%, 02/22/33 (c) | 1500 | 1352 |
| 5.88%, 01/30/60 (a) | 2200 | 1611 |
|  |  | 14802 |
| **Philippines 2.5%** | **Philippines 2.5%** | **Philippines 2.5%** |
| The Philippines, Government of |  |  |
| 1.65%, 06/10/31 | 400 | 319 |
| 3.70%, 03/01/41 - 02/02/42 | 14050 | 11418 |
| 2.95%, 05/05/45 | 2400 | 1723 |
| 2.65%, 12/10/45 | 1600 | 1076 |
|  |  | 14536 |
| **Chile 2.5%** | **Chile 2.5%** | **Chile 2.5%** |
| Presidencia de la Republica de Chile |  |  |
| 2.55%, 07/27/33 | 3500 | 2739 |
| 3.10%, 05/07/41 - 01/22/61 | 9500 | 6228 |
| 3.50%, 01/25/50 | 7600 | 5477 |
|  |  | 14444 |
| **Saudi Arabia 2.5%** | **Saudi Arabia 2.5%** | **Saudi Arabia 2.5%** |
| Saudi Arabia, Kingdom of |  |  |
| 2.25%, 02/02/33 (a) | 600 | 488 |
| 3.45%, 02/02/61 (a) | 18900 | 13477 |
|  |  | 13965 |
| **South Korea 1.6%** | **South Korea 1.6%** | **South Korea 1.6%** |
| The Korea Development Bank |  |  |
| 1.63%, 01/19/31 | 3300 | 2581 |
| 2.00%, 10/25/31 | 8150 | 6446 |
|  |  | 9027 |
| **South Africa 1.0%** | **South Africa 1.0%** | **South Africa 1.0%** |
| South Africa, Parliament of |  |  |
| 4.30%, 10/12/28 | 4500 | 4011 |
| 5.88%, 04/20/32 | 800 | 721 |
| 7.30%, 04/20/52 | 800 | 688 |
|  |  | 5420 |
| **Brazil 0.8%** | **Brazil 0.8%** | **Brazil 0.8%** |
| Presidencia Da Republica Federativa Do Brasil |  |  |
| 5.63%, 02/21/47 | 5900 | 4676 |
| **Peru 0.6%** | **Peru 0.6%** | **Peru 0.6%** |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 3.30%, 03/11/41 | 5000 | 3654 |
| **United Arab Emirates 0.6%** | **United Arab Emirates 0.6%** | **United Arab Emirates 0.6%** |
| Abu Dhabi, Government of |  |  |
| 3.13%, 09/30/49 (a) | 4900 | 3608 |
| **Ukraine 0.0%** | **Ukraine 0.0%** | **Ukraine 0.0%** |
| Cabinet of Ministers of Ukraine |  |  |
| 0.00%, 09/01/24 - 09/01/25 (a) (g) (h) | 510 | 124 |
| Total Government And Agency Obligations (cost $243,016) | Total Government And Agency Obligations (cost $243,016) | 183850 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| **United States of America 0.0%** | **United States of America 0.0%** | **United States of America 0.0%** |
| Altaba Inc. (a) (g) (m) (n) | 310 |  |
| Altaba Inc. (c) (g) (m) (n) | 310 |  |
| Total Other Equity Interests (cost $0) | Total Other Equity Interests (cost $0) |  |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **United States of America 0.0%** | **United States of America 0.0%** | **United States of America 0.0%** |
| New Cotai LLC (g) (m) |  |  |
| Total Common Stocks (cost $0) | Total Common Stocks (cost $0) |  |
| **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** | **SHORT TERM INVESTMENTS 0.4%** |
| **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (o) (p) | 2307 | 2307 |
| Total Short Term Investments (cost $2,307) | Total Short Term Investments (cost $2,307) | 2307 |
| **Total Investments 98.9% (cost $695,143)** | **Total Investments 98.9% (cost $695,143)** | **565132** |
| **Other Assets and Liabilities, Net 1.1%** | **Other Assets and Liabilities, Net 1.1%** | **6482** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **571614** |

---

(a) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(b) Convertible security.

(c) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $90,242 and 15.8% of the Fund.

(d) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(e) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(f) All or a portion of the security was on loan as of December 31, 2022.

(g) Non-income producing security.

(h) As of December 31, 2022, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(i) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(j) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(k) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(l) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(m) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(n) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(o) Investment in affiliate.

(p) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Abu Dhabi, Government of, 3.13%, 09/30/49 | 03/22/21 | 4754 | 3608 | 0.6 |
| Adani Electricity Mumbai Limited, 3.87%, 07/22/31 | 12/12/22 | 439 | 431 | 0.1 |
| Adani International Container Terminal Private Limited, 3.00%, 02/16/31 | 06/09/21 | 6206 | 5119 | 0.9 |
| Adani Ports and Special Economic Zone Limited, 4.00%, 07/30/27 | 12/14/21 | 2584 | 2268 | 0.4 |
| Adani Ports and Special Economic Zone Limited, 4.38%, 07/03/29 | 05/19/21 | 814 | 673 | 0.1 |
| Adani Ports and Special Economic Zone Limited, 3.10%, 02/02/31 | 06/02/21 | 4339 | 3466 | 0.6 |
| AES Andes SA, 6.35%, 10/07/79 | 11/18/19 | 4103 | 3792 | 0.7 |
| AI Candelaria (Spain), S.L.U, 7.50%, 12/15/28 | 03/29/22 | 255 | 246 |  |
| AI Candelaria (Spain), S.L.U, 5.75%, 06/15/33 | 03/31/22 | 3587 | 3233 | 0.6 |
| Altaba Inc. (callable at 100, 02/10/23) | 09/30/22 |  |  |  |
| Antofagasta PLC, 2.38%, 10/14/30 | 06/23/21 | 3448 | 2853 | 0.5 |
| Banco de Credito del Peru, 3.13%, 07/01/30 | 12/07/20 | 2522 | 2273 | 0.4 |
| Banco do Brasil S.A, 6.25% (callable at 100, 04/15/24) | 06/04/18 | 4927 | 5505 | 1.0 |
| Banco do Brasil S.A, 9.00% (callable at 100, 06/18/24) | 12/09/21 | 2725 | 2651 | 0.5 |
| Banco do Estado do Rio Grande do Sul S/A., 5.38%, 01/28/31 | 05/06/21 | 2981 | 2686 | 0.5 |
| Banco GNB Sudameris S.A., 7.50%, 04/16/31 | 09/16/22 | 617 | 579 | 0.1 |
| Banco Internacional Del Peru S.A.A. – Interbank, 4.00%, 07/08/30 | 12/01/20 | 8032 | 7351 | 1.3 |
| Banco Mercantil Del Norte S.A, 6.63% (callable at 100, 01/24/32) | 09/07/22 | 1263 | 1242 | 0.2 |
| Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte, 7.50% (callable at 100, 06/27/29) | 09/25/19 | 1504 | 1357 | 0.2 |
| Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte, 7.63% (callable at 100, 01/10/28) | 07/05/18 | 6731 | 6324 | 1.1 |
| Banco Nacional De Comercio Exterior, S.N.C., 2.72%, 08/11/31 | 08/11/22 | 3012 | 2908 | 0.5 |
| Bank Leumi le-Israel B.M., 3.28%, 01/29/31 | 09/27/22 | 173 | 177 |  |
| BBVA Bancomer S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer, 5.13%, 01/18/33 | 06/22/22 | 3348 | 3499 | 0.6 |
| BBVA Bancomer S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer, 5.88%, 09/13/34 | 06/22/22 | 3029 | 3147 | 0.6 |
| Bioceanico Sovereign Certificate Limited, 0.00%, 06/05/34 | 08/25/22 | 1242 | 1206 | 0.2 |
| Braskem Idesa, S.A.P.I., 6.99%, 02/20/32 | 08/22/22 | 2232 | 2073 | 0.4 |
| Braskem Netherlands Finance B.V., 8.50%, 01/23/81 | 12/22/22 | 484 | 485 | 0.1 |
| C&W Senior Financing Designated Activity Company, 6.88%, 09/15/27 | 03/21/22 | 7830 | 7460 | 1.3 |
| Cabinet of Ministers of Ukraine, 0.00%, 09/01/24 | 08/15/19 | 380 | 94 |  |
| Cabinet of Ministers of Ukraine, 0.00%, 09/01/25 | 08/15/19 | 131 | 30 |  |
| Cap S.A., 3.90%, 04/27/31 | 12/10/21 | 4960 | 4085 | 0.7 |
| CEMEX S.A.B. de C.V., 5.13% (callable at 100, 06/08/26) | 07/07/22 | 4356 | 4817 | 0.8 |
| Corporacion Financiera de Desarrollo S.A., 5.25%, 07/15/29 | 12/05/22 | 650 | 651 | 0.1 |
| Credito Real, S.A.B. De C.V., Sofom, E.N.R., 0.00% (callable at 100, 11/29/27) | 08/01/18 | 3123 | 20 |  |
| DBS Group Holdings Ltd, 1.82%, 03/10/31 | 05/20/21 | 7927 | 7089 | 1.2 |
| EIG Pearl Holdings S.a r.l., 3.55%, 08/31/36 | 05/26/22 | 5510 | 5292 | 0.9 |
| EIG Pearl Holdings S.a r.l., 4.39%, 11/30/46 | 11/21/22 | 1655 | 1689 | 0.3 |
| Empresa Electrica Angamos S.A, 4.88%, 05/25/29 | 05/24/18 | 1649 | 1458 | 0.3 |
| Empresa Electrica Cochrane SpA, 5.50%, 05/14/27 | 12/09/20 | 4044 | 3606 | 0.6 |
| Empresas Publicas de Medellin E.S.P., 4.25%, 07/18/29 | 06/03/21 | 9549 | 7983 | 1.4 |
| Empresas Publicas de Medellin E.S.P., 4.38%, 02/15/31 | 05/18/21 | 4777 | 3810 | 0.7 |
| EQUATE Petrochemical B.V., 2.63%, 04/28/28 | 11/03/21 | 1602 | 1392 | 0.2 |
| Fenix Power Peru S.A., 4.32%, 09/20/27 | 05/06/21 | 1134 | 1025 | 0.2 |
| Fideicomiso Patrimonio Autonomo Panamericana, 8.25%, 01/15/35 | 01/24/19 | 811 | 679 | 0.1 |
| Galaxy Pipeline Assets Bidco Limited, 2.63%, 03/31/36 | 04/09/21 | 3377 | 2727 | 0.5 |
| Galaxy Pipeline Assets Bidco Limited, 2.94%, 09/30/40 | 12/20/21 | 2385 | 1924 | 0.3 |
| Gran Tierra Energy International Holdings Ltd, 6.25%, 02/15/25 | 05/24/18 | 6303 | 5512 | 1.0 |
| Guara Norte S.a r.l., 5.20%, 06/15/34 | 12/14/22 | 388 | 385 | 0.1 |
| Hunt Oil USA, Inc., 6.38%, 06/01/28 | 04/28/20 | 6332 | 6299 | 1.1 |
| Inkia Energy Limited, 5.88%, 11/09/27 | 07/24/18 | 3219 | 3085 | 0.5 |
| Inversiones La Construccion S.A., 4.75%, 02/07/32 | 08/31/22 | 3751 | 3998 | 0.7 |
| Itau Unibanco Holding S.A., 3.88%, 04/15/31 | 09/23/21 | 1510 | 1406 | 0.2 |
| JSW Steel Limited, 5.05%, 04/05/32 | 07/27/22 | 6557 | 6444 | 1.1 |
| KASIKORNBANK Public Company Limited, 4.00% (callable at 100, 02/10/27) | 08/03/22 | 251 | 251 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** | **JNL/DoubleLine Emerging Markets Fixed Income Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| LLPL Capital Pte. Ltd., 6.88%, 02/04/39 | 06/14/19 | 6807 | 6012 | 1.1 |
| MC Brazil Downstream Trading S.a r.l., 7.25%, 06/30/31 | 03/31/22 | 7665 | 6986 | 1.2 |
| Mexico Generadora De Energia, S. De R.L. De C.V., 5.50%, 12/06/32 | 05/26/22 | 497 | 494 | 0.1 |
| Minejesa Capital B.V., 4.63%, 08/10/30 | 03/07/19 | 6382 | 5439 | 1.0 |
| Minejesa Capital B.V., 5.63%, 08/10/37 | 03/01/19 | 10772 | 8437 | 1.5 |
| Mong Duong Finance Holdings B.V., 5.13%, 05/07/29 | 09/16/22 | 1144 | 1167 | 0.2 |
| Movida Europe S.A., 5.25%, 02/08/31 | 03/31/22 | 3305 | 3002 | 0.5 |
| MV24 Capital B.V., 6.75%, 06/01/34 | 08/09/22 | 1674 | 1640 | 0.3 |
| Network I2I Limited, 3.98% (callable at 100, 03/03/26) | 07/29/22 | 4203 | 4314 | 0.8 |
| Oleoducto Central S.A., 4.00%, 07/14/27 | 09/07/21 | 8901 | 8049 | 1.4 |
| Orazul Energy Egenor S. Enc. Por A., 5.63%, 04/28/27 | 06/03/21 | 721 | 646 | 0.1 |
| Oversea-Chinese Banking Corporation Limited, 1.83%, 09/10/30 | 02/04/21 | 1010 | 899 | 0.2 |
| Pampa Energia S.A., 9.13%, 04/15/29 | 11/27/19 | 126 | 137 |  |
| Periama Holdings, LLC, 5.95%, 04/19/26 | 07/27/22 | 184 | 185 |  |
| Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia, 3.80%, 06/23/50 | 03/18/21 | 6097 | 4657 | 0.8 |
| Petroleos del Peru - Petroperu S.A., 4.75%, 06/19/32 | 03/30/22 | 4240 | 3631 | 0.6 |
| Petroleos del Peru - Petroperu S.A., 5.63%, 06/19/47 | 03/31/22 | 1357 | 1056 | 0.2 |
| PETRONAS Capital Limited, 2.48%, 01/28/32 | 10/27/21 | 495 | 413 | 0.1 |
| Presidencia de la Republica Dominicana, 5.88%, 01/30/60 | 03/18/21 | 2113 | 1611 | 0.3 |
| PSA Treasury Pte. Ltd., 2.25%, 04/30/30 | 06/02/21 | 6084 | 5035 | 0.9 |
| PT Freeport Indonesia, 6.20%, 04/14/52 | 08/15/22 | 3446 | 3143 | 0.5 |
| PT Indofood CBP Sukses Makmur TBK, 3.54%, 04/27/32 | 11/30/22 | 406 | 409 | 0.1 |
| PT Indonesia Asahan Aluminium (Persero), 5.80%, 05/15/50 | 06/14/22 | 577 | 586 | 0.1 |
| Qatarenergy, 2.25%, 07/12/31 | 10/27/21 | 5448 | 4547 | 0.8 |
| Reliance Industries Limited, 2.88%, 01/12/32 | 03/22/22 | 5877 | 5191 | 0.9 |
| Rutas 2 And 7 Finance Ltd, 0.00%, 09/30/36 | 08/09/22 | 669 | 648 | 0.1 |
| Saudi Arabia, Kingdom of, 2.25%, 02/02/33 | 07/08/21 | 587 | 488 | 0.1 |
| Saudi Arabia, Kingdom of, 3.45%, 02/02/61 | 03/19/21 | 17628 | 13477 | 2.4 |
| Scotiabank Peru S.A.A., 8.59%, 12/13/27 | 12/14/22 | 990 | 986 | 0.2 |
| Simpar Europe, 5.20%, 01/26/31 | 03/31/22 | 3754 | 3420 | 0.6 |
| Singtel Group Treasury Pte. Ltd., 1.88%, 06/10/30 | 06/02/21 | 3441 | 2845 | 0.5 |
| Temasek Financial (I) Limited, 1.00%, 10/06/30 | 01/28/21 | 244 | 192 |  |
| Temasek Financial (I) Limited, 1.63%, 08/02/31 | 11/03/21 | 8259 | 6741 | 1.2 |
| UEP Penonome II S.A., 6.50%, 10/01/38 | 02/16/21 | 1323 | 948 | 0.2 |
| UltraTech Cement Limited, 2.80%, 02/16/31 | 05/21/21 | 1057 | 884 | 0.2 |
| Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R., 0.00% (callable at 100, 01/29/25) | 06/22/18 | 7694 | 21 |  |
| United Overseas Bank Limited, 1.75%, 03/16/31 | 02/11/21 | 5493 | 4855 | 0.8 |
| UPL Corporation Limited, 4.50%, 03/08/28 | 07/22/22 | 978 | 1005 | 0.2 |
| UPL Corporation Limited, 4.63%, 06/16/30 | 07/06/22 | 4762 | 4655 | 0.8 |
| Vedanta Resources Limited, 6.13%, 08/09/24 | 06/06/18 | 6288 | 4087 | 0.7 |
| VTR Finance N.V., 6.38%, 07/15/28 | 06/22/21 | 7775 | 3120 | 0.5 |
|  |  | 329985 | 278421 | 48.7 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 378975 |  | 378975 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 183850 |  | 183850 |
| &nbsp;&nbsp;Other Equity Interests |  |  |  |  |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 2307 |  |  | 2307 |
|  | 2307 | 562825 |  | 565132 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 52.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 52.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 52.3%** |
| 37 Capital CLO 1, LTD |  |  |
| Series 2021-A-1A, REMIC, 5.28%, (3 Month USD LIBOR + 1.20%), 10/16/34 (a) | 10000 | 9622 |
| 5 Bryant Park 2018-5Bp Mortgage Trust |  |  |
| Series 2018-D-5BP, REMIC, 5.82%, (1 Month USD LIBOR + 1.50%), 06/15/33 (a) | 861 | 762 |
| Affirm Asset Securitization Trust 2020-Z1 |  |  |
| Series 2020-A-Z1, 3.46%, 10/15/24 | 443 | 442 |
| Affirm Asset Securitization Trust 2020-Z2 |  |  |
| Series 2020-A-Z2, 1.90%, 01/15/25 | 906 | 892 |
| Affirm Asset Securitization Trust 2021-B |  |  |
| Series 2021-A-B, 1.03%, 03/15/24 | 1800 | 1706 |
| Series 2021-B-B, 1.24%, 04/15/24 | 1300 | 1206 |
| Affirm Asset Securitization Trust 2022-A |  |  |
| Series 2022-A-A, 4.30%, 11/15/24 | 6250 | 5931 |
| Ajax Mortgage Loan Trust 2020-A |  |  |
| Series 2020-A-A, 2.38%, 12/25/59 (b) | 2339 | 2284 |
| AJAX Mortgage Loan Trust 2021-C |  |  |
| Series 2021-A-C, 2.12%, 01/25/61 (b) | 1498 | 1403 |
| Aligned Data Centers Issuer, LLC |  |  |
| Series 2021-A2-1A, 1.94%, 08/17/26 | 2000 | 1704 |
| Allegro CLO VII Ltd |  |  |
| Series 2018-A-1A, 5.18%, (3 Month USD LIBOR + 1.10%), 06/13/31 (a) (c) | 3000 | 2944 |
| Allegro CLO X Ltd |  |  |
| Series 2019-AR-1A, 5.39%, (3 Month USD LIBOR + 1.15%), 04/20/32 (a) | 3500 | 3426 |
| Alternative Loan Trust |  |  |
| Series 2006-A16-19CB, REMIC, 6.00%, 08/25/36 | 824 | 495 |
| Alternative Loan Trust 2006-29T1 |  |  |
| Series 2006-2A6-29T1, REMIC, 6.50%, 10/25/36 | 679 | 443 |
| Alternative Loan Trust 2006-OC8 |  |  |
| Series 2006-1A2-OC8, REMIC, 4.71%, (1 Month USD LIBOR + 0.32%), 11/25/36 (a) (b) | 1049 | 880 |
| Alternative Loan Trust 2007-12T1 |  |  |
| Series 2007-A6-12T1, REMIC, 6.00%, 06/25/37 | 4443 | 2338 |
| Alternative Loan Trust 2007-23CB |  |  |
| Series 2007-A5-23CB, REMIC, 6.50%, 09/25/37 | 5956 | 3500 |
| American Home Mortgage Investment Trust 2004-3 |  |  |
| Series 2004-M1-2, REMIC, 5.29%, (1 Month USD LIBOR + 0.90%), 02/25/44 (a) (b) | 2412 | 2192 |
| Anchorage Capital Clo 19, Ltd. |  |  |
| Series 2021-A-19A, 5.29%, (3 Month USD LIBOR + 1.21%), 10/16/34 (a) | 7000 | 6818 |
| Anchorage Capital CLO 4 Ltd. |  |  |
| Series 2014-B-4RA, 5.87%, (3 Month USD LIBOR + 1.50%), 01/28/31 (a) | 2000 | 1944 |
| Anchorage Capital CLO 9, Ltd. |  |  |
| Series 2016-AR2-9A, 5.22%, (3 Month USD LIBOR + 1.14%), 07/15/32 (a) | 7500 | 7336 |
| Angel Oak Mortgage Trust 2020-6 |  |  |
| Series 2020-A3-6, REMIC, 1.78%, 09/25/24 | 750 | 630 |
| Angel Oak Mortgage Trust 2021-7 |  |  |
| Series 2021-A1-7, REMIC, 1.98%, 11/25/25 | 3942 | 3227 |
| Arbor Multifamily Mortgage Securities Trust 2020-MF1 |  |  |
| Interest Only, Series 2020-XA-MF1, REMIC, 0.96%, 05/15/53 (a) | 24483 | 1235 |
| Arbor Multifamily Mortgage Securities Trust 2021-Mf2 |  |  |
| Interest Only, Series 2021-XA-MF2, REMIC, 1.12%, 06/15/54 (a) | 51239 | 3374 |
| AREIT 2019-CRE3 Trust |  |  |
| Series 2019-D-CRE3, 7.09%, (1 Month Term SOFR + 2.76%), 09/15/36 (a) (b) | 4369 | 4087 |
| Ares XXXVII CLO Ltd |  |  |
| Series 2015-A3R-4A, 5.58%, (3 Month USD LIBOR + 1.50%), 10/15/30 (a) | 2750 | 2649 |
| Arivo Acceptance Auto Loan Receivables Trust 2021-1 |  |  |
| Series 2021-A-1A, 1.19%, 07/15/24 | 983 | 944 |
| Arroyo Mortgage Trust 2019-3 |  |  |
| Series 2019-A3-3, REMIC, 3.42%, 12/25/25 (a) | 1138 | 1004 |
| Atlas Senior Loan Fund III, Ltd. |  |  |
| Series 2013-AR-1A, 5.48%, (3 Month USD LIBOR + 0.83%), 11/17/27 (a) | 1292 | 1277 |
| Atlas Senior Loan Fund XVI, Ltd. |  |  |
| Series 2018-B-11A, 5.98%, (3 Month USD LIBOR + 1.65%), 07/28/31 (a) (c) | 2000 | 1885 |
| Bain Capital Credit CLO 2022-3, Limited |  |  |
| Series 2022-B-3A, 5.86%, (3 Month Term SOFR + 2.00%), 07/17/35 (a) | 10500 | 9867 |
| Banc of America Alternative Loan Trust 2006-3 |  |  |
| Series 2022-A-FL8, 6.03%, (SOFR 30-Day Average + 2.20%), 01/19/37 (a) | 3000 | 2948 |
| Series 2005-2CB1-10, REMIC, 6.00%, 11/25/35 | 339 | 297 |
| Banc of America Funding 2006-D Trust |  |  |
| Series 2006-A1-D, REMIC, 2.89%, 05/20/36 (a) | 1853 | 1454 |
| Bank 2017-BNK4 |  |  |
| Interest Only, Series 2017-XA-BNK4, REMIC, 1.34%, 05/17/50 (a) | 13117 | 566 |
| Bank 2021-BNK36 |  |  |
| Interest Only, Series 2021-XA-BN36, REMIC, 0.91%, 09/17/64 (a) | 80054 | 3726 |
| Battalion CLO XI Ltd. |  |  |
| Series 2017-AR-11A, 5.47%, (3 Month USD LIBOR + 1.15%), 04/24/34 (a) | 8000 | 7778 |
| Battalion CLO XV Ltd. |  |  |
| Series 2020-A1-15A, 5.43%, (3 Month USD LIBOR + 1.35%), 01/18/33 (a) | 5000 | 4895 |
| Battalion CLO XX Ltd. |  |  |
| Series 2021-A-20A, 5.26%, (3 Month USD LIBOR + 1.18%), 07/17/34 (a) | 1500 | 1461 |
| BBCMS 2018-TALL Mortgage Trust |  |  |
| Series 2018-F-TALL, REMIC, 7.55%, (1 Month USD LIBOR + 3.24%), 03/16/37 (a) (b) | 4000 | 2424 |
| BBCMS 2019-BWAY Mortgage Trust |  |  |
| Series 2019-E-BWAY, REMIC, 7.17%, (1 Month USD LIBOR + 2.85%), 11/15/34 (a) | 2715 | 2068 |
| BBCMS Mortgage Trust 2017-C1 |  |  |
| Interest Only, Series 2017-XA-C1, REMIC, 1.46%, 02/17/50 (a) | 19215 | 883 |
| BBCMS Mortgage Trust 2021-C10 |  |  |
| Interest Only, Series 2021-XB-C10, REMIC, 1.02%, 07/17/54 (a) | 26096 | 1722 |
| Interest Only, Series 2021-XD-C10, REMIC, 1.70%, 07/17/54 (a) | 16250 | 1677 |
| BB-UBS Trust |  |  |
| Series 2012-TE-TFT, REMIC, 3.56%, 06/07/30 (a) | 2998 | 2144 |
| Bear Stearns ARM Trust 2007-1 |  |  |
| Series 2007-4A1-1, REMIC, 3.61%, 02/25/47 (a) | 7313 | 5949 |
| Benchmark 2020-B22 Mortgage Trust |  |  |
| Interest Only, Series 2020-XA-B22, REMIC, 1.52%, 01/16/54 (a) | 30576 | 2613 |
| Benefit Street Partners CLO XXIV Ltd |  |  |
| Series 2021-A-24A, 5.41%, (3 Month USD LIBOR + 1.17%), 10/20/34 (a) | 5000 | 4874 |
| BlueMountain CLO Ltd |  |  |
| Series 2021-A1-31A, 5.38%, (3 Month USD LIBOR + 1.15%), 04/19/34 (a) | 4000 | 3892 |
| Bravo Residential Funding Trust 2021-A |  |  |
| Series 2021-A1-A, 1.99%, 01/25/24 (b) | 4044 | 3718 |
| Bravo Residential Funding Trust 2021-B |  |  |
| Series 2021-A1-B, 2.12%, 04/25/69 (b) | 5514 | 5148 |
| BRSP 2021-FL1, Ltd. |  |  |
| Series 2021-AS-FL1, 5.94%, (1 Month USD LIBOR + 1.60%), 08/19/38 (a) (b) | 4812 | 4540 |
| BSPRT 2021-FL7 Issuer, Ltd. |  |  |
| Series 2021-B-FL7, 6.37%, (1 Month USD LIBOR + 2.05%), 12/15/38 (a) | 2000 | 1876 |
| Business Jet Securities 2021-1, LLC |  |  |
| Series 2021-A-1A, 2.16%, 04/15/27 | 1228 | 1074 |
| BX Commercial Mortgage Trust 2021-SOAR |  |  |
| Series 2021-E-SOAR, REMIC, 6.12%, (1 Month USD LIBOR + 1.80%), 06/15/23 (a) | 4962 | 4671 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BX Trust 2021-MFM1 |  |  |
| Series 2021-E-MFM1, REMIC, 6.57%, (1 Month USD LIBOR + 2.25%), 01/17/23 (a) | 1800 | 1674 |
| Series 2021-D-VIEW, REMIC, 7.22%, (1 Month USD LIBOR + 2.90%), 06/15/23 (a) | 741 | 695 |
| Series 2021-E-VIEW, REMIC, 7.92%, (1 Month USD LIBOR + 3.60%), 06/15/23 (a) | 2153 | 1973 |
| BX Trust 2021-RISE |  |  |
| Series 2021-D-RISE, REMIC, 6.07%, (1 Month USD LIBOR + 1.75%), 11/15/23 (a) | 5423 | 5096 |
| BX Trust 2021-SDMF |  |  |
| Series 2021-D-SDMF, REMIC, 5.70%, (1 Month USD LIBOR + 1.39%), 09/15/23 (a) | 3500 | 3282 |
| CAL Funding IV Ltd |  |  |
| Series 2020-A-1A, REMIC, 2.22%, 03/27/28 | 2426 | 2143 |
| Carbon Capital VI Commercial Mortgage 2017-FL1 Tru |  |  |
| Series 2019-B-FL2, REMIC, 7.17%, (1 Month USD LIBOR + 2.85%), 10/15/35 (a) | 1752 | 1644 |
| Carlyle Global Market Strategies Euro CLO 2016-1 Designated Activity Company |  |  |
| Series 2016-A1R2-1A, 5.38%, (3 Month USD LIBOR + 1.14%), 04/20/34 (a) | 4500 | 4380 |
| Carrington Mortgage Loan Trust, Series 2006-NC4 |  |  |
| Series 2006-A3-NC4, REMIC, 4.55%, (1 Month USD LIBOR + 0.16%), 07/25/36 (a) (b) | 2139 | 2037 |
| Carvana Auto Receivables Trust 2020-P1 |  |  |
| Series 2020-D-P1, 1.82%, 09/08/25 | 1300 | 1103 |
| Castlelake Aircraft Structured Trust 2019-1 |  |  |
| Series 2019-A-1A, 3.97%, 04/15/26 (b) | 2125 | 1815 |
| Cathedral Lake VIII, Ltd. |  |  |
| Series 2021-A1-8A, 5.46%, (3 Month USD LIBOR + 1.22%), 01/22/35 (a) | 5000 | 4832 |
| CBAM 2017-1 Ltd |  |  |
| Series 2017-B-1A, 6.04%, (3 Month USD LIBOR + 1.80%), 07/22/30 (a) | 1000 | 969 |
| CBAM 2017-2 Ltd |  |  |
| Series 2017-AR-2A, 5.27%, (3 Month USD LIBOR + 1.19%), 07/17/34 (a) | 5000 | 4825 |
| CD 2017-CD4 Mortgage Trust |  |  |
| Interest Only, Series 2017-XA-CD4, REMIC, 1.23%, 05/12/50 (a) | 14587 | 582 |
| CD 2017-CD6 Mortgage Trust |  |  |
| Series 2017-C-CD6, REMIC, 4.23%, 11/15/27 (a) | 350 | 296 |
| CFCRE 2016-C4 Mortgage Trust |  |  |
| Series 2016-C-C4, REMIC, 4.84%, 04/10/26 (a) | 2332 | 2114 |
| Interest Only, Series 2016-XA-C4, REMIC, 1.61%, 05/10/58 (a) | 14332 | 564 |
| CHCP 2021-FL1 Ltd. |  |  |
| Series 2021-C-FL1, 6.54%, (1 Month Term SOFR + 2.21%), 02/16/38 (a) (b) | 2500 | 2313 |
| CHL Mortgage Pass-Through Trust 2007-10 |  |  |
| Series 2007-A19-10, REMIC, 6.00%, 07/25/37 | 2860 | 1503 |
| CIFC Funding 2019-VI Ltd |  |  |
| Series 2019-A1-6A, 5.41%, (3 Month USD LIBOR + 1.33%), 01/18/33 (a) | 5500 | 5435 |
| Citigroup Commercial Mortgage Trust 2014-GC19 |  |  |
| Interest Only, Series 2014-XA-GC19, REMIC, 1.10%, 03/12/47 (a) | 23437 | 194 |
| Citigroup Commercial Mortgage Trust 2014-GC21 |  |  |
| Interest Only, Series 2014-XA-GC21, REMIC, 1.12%, 05/10/47 (a) | 21366 | 235 |
| Citigroup Commercial Mortgage Trust 2015-GC27 |  |  |
| Series 2015-C-GC27, REMIC, 4.42%, 01/10/25 (a) | 1520 | 1397 |
| Citigroup Commercial Mortgage Trust 2016-GC36 |  |  |
| Interest Only, Series 2016-XA-GC36, REMIC, 1.21%, 02/12/49 (a) | 3826 | 113 |
| Citigroup Commercial Mortgage Trust 2016-GC37 |  |  |
| Interest Only, Series 2016-XA-GC37, REMIC, 1.65%, 04/12/49 (a) | 3295 | 135 |
| Citigroup Commercial Mortgage Trust 2016-P3 |  |  |
| Interest Only, Series 2016-XA-P3, REMIC, 1.66%, 04/16/49 (a) | 6201 | 223 |
| Citigroup Commercial Mortgage Trust 2016-P5 |  |  |
| Interest Only, Series 2016-XA-P5, REMIC, 1.38%, 10/13/49 (a) | 9092 | 358 |
| Citigroup Commercial Mortgage Trust 2017-P7 |  |  |
| Interest Only, Series 2017-XA-P7, REMIC, 1.11%, 04/15/50 (a) | 11309 | 409 |
| Citigroup Commercial Mortgage Trust 2018-TBR |  |  |
| Series 2018-E-TBR, REMIC, 7.12%, (1 Month USD LIBOR + 2.80%), 12/15/36 (a) | 4739 | 4491 |
| Citigroup Mortgage Loan Trust 2014-6 |  |  |
| Series 2014-2A2-6, REMIC, 3.81%, (1 Month USD LIBOR + 0.20%), 04/26/38 (a) (b) | 14064 | 12558 |
| Citimortgage Alternative Loan Trust, Series 2006-A3 |  |  |
| Series 2006-1A13-A3, REMIC, 6.00%, 07/25/36 | 668 | 574 |
| CLNC 2019-FL1, Ltd. |  |  |
| Series 2019-D-FL1, 6.82%, (SOFR 30-Day Average + 3.01%), 04/19/26 (a) | 3000 | 2792 |
| CMALT (CitiMortgage Alternative Loan Trust), Series 2007-A6 |  |  |
| Series 2007-1A16-A6, REMIC, 6.00%, 06/25/37 | 963 | 814 |
| Colt 2021-RPL1 Trust |  |  |
| Series 2021-A1-RPL1, REMIC, 1.67%, 09/25/61 | 3928 | 3434 |
| COLT 2022-2 Mortgage Loan Trust |  |  |
| Series 2022-A1-2, REMIC, 2.99%, 02/25/67 (b) | 4307 | 3896 |
| COMM 2013-CCRE12 Mortgage Trust |  |  |
| Interest Only, Series 2013-XA-CR12, REMIC, 1.06%, 10/15/46 (a) | 29418 | 157 |
| COMM 2014-CCRE16 Mortgage Trust |  |  |
| Series 2014-C-CR16, REMIC, 4.92%, 04/12/24 (a) | 1544 | 1391 |
| COMM 2014-UBS3 Mortgage Trust |  |  |
| Interest Only, Series 2014-XA-UBS3, REMIC, 1.06%, 06/12/47 (a) | 29761 | 295 |
| COMM 2015-CCRE25 Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-CR25, REMIC, 0.80%, 08/12/48 (a) | 19121 | 328 |
| COMM 2015-Ccre26 Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-CR26, REMIC, 0.90%, 10/13/48 (a) | 4416 | 85 |
| COMM 2015-CCRE27 Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-CR27, REMIC, 0.91%, 10/13/48 (a) | 10132 | 204 |
| COMM 2015-LC21 Mortgage Trust |  |  |
| Series 2015-B-LC21, REMIC, 4.33%, 06/12/25 (a) | 5124 | 4727 |
| Interest Only, Series 2015-XA-LC21, REMIC, 0.65%, 07/10/48 (a) | 16754 | 214 |
| COMM 2016-COR1 Mortgage Trust |  |  |
| Series 2016-C-COR1, REMIC, 4.33%, 10/13/26 (a) | 1276 | 1119 |
| COMM 2018-HCLV Mortgage Trust |  |  |
| Series 2018-D-HCLV, REMIC, 6.49%, (1 Month USD LIBOR + 2.28%), 09/15/33 (a) | 197 | 169 |
| Commonbond Student Loan Trust 2016-A |  |  |
| Series 2016-A1-A, REMIC, 3.32%, 05/25/40 | 432 | 410 |
| CQS US CLO 2021-1 Ltd |  |  |
| Series 2021-A-1A, 5.46%, (3 Month USD LIBOR + 1.22%), 01/22/35 (a) | 6000 | 5778 |
| Series 2021-B-1A, 6.12%, (3 Month USD LIBOR + 1.88%), 01/22/35 (a) | 3400 | 3171 |
| Credit Suisse ABS Trust 2020-AT1 |  |  |
| Series 2020-A-AT1, 2.61%, 12/15/23 | 739 | 719 |
| Credit Suisse First Boston Mortgage Acceptance Corp. |  |  |
| Series 2005-2A1-11, REMIC, 6.00%, 12/25/35 | 480 | 345 |
| Crown City CLO |  |  |
| Series 2021-A1A-1A, 5.41%, (3 Month USD LIBOR + 1.17%), 07/20/34 (a) | 3000 | 2899 |
| CSMC 2020-NET |  |  |
| Series 2020-D-NET, REMIC, 3.83%, 08/15/25 (a) | 4356 | 3784 |
| CSMC 2020-RPL2 Trust |  |  |
| Series 2020-A12-RPL2, REMIC, 3.46%, 02/25/60 (a) | 3643 | 3597 |
| CSMC 2020-RPL3 Trust |  |  |
| Series 2020-A1-RPL3, REMIC, 2.69%, 03/25/60 (a) | 5125 | 4785 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CSMC 2020-SPT1 Trust |  |  |
| Series 2020-A3-SPT1, REMIC, 2.73%, 07/25/24 (b) | 500 | 440 |
| CVP CLO 2017-2 Ltd |  |  |
| Series 2017-A-2A, 5.43%, (3 Month USD LIBOR + 1.19%), 01/21/31 (a) (c) | 10000 | 9852 |
| CWMBS, Inc. |  |  |
| Series 2006-A1-OA2, REMIC, 4.77%, (1 Month USD LIBOR + 0.42%), 05/20/46 (a) (b) | 1614 | 1325 |
| DBGS 2018-BIOD Mortgage Trust |  |  |
| Series 2018-F-BIOD, REMIC, 6.32%, (1 Month USD LIBOR + 2.00%), 05/15/35 (a) (b) | 3105 | 2927 |
| DBJPM 2016-C1 Mortgage Trust |  |  |
| Series 2016-C-C1, REMIC, 3.32%, 03/12/26 (a) | 801 | 677 |
| Interest Only, Series 2016-XA-C1, REMIC, 1.37%, 05/12/49 (a) | 11509 | 389 |
| DBUBS 2017-BRBK Mortgage Trust |  |  |
| Series 2017-F-BRBK, REMIC, 3.53%, 10/11/24 (a) | 585 | 511 |
| Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-2 |  |  |
| Series 2007-2A1-2, REMIC, 4.99%, (1 Month USD LIBOR + 0.30%), 09/25/47 (a) (b) | 916 | 758 |
| Domino's Pizza, Inc. |  |  |
| Series 2015-A2II-1A, 4.47%, 10/25/25 | 2632 | 2506 |
| Elevation CLO 2018-9, Ltd. |  |  |
| Series 2018-A1-9A, 5.20%, (3 Month USD LIBOR + 1.12%), 07/15/31 (a) | 6000 | 5869 |
| Elmwood CLO II Ltd |  |  |
| Series 2019-AR-2A, 5.39%, (3 Month USD LIBOR + 1.15%), 04/20/34 (a) | 5000 | 4882 |
| Exeter Automobile Receivables Trust 2021-1 |  |  |
| Series 2021-D-1A, 1.08%, 11/16/26 | 1500 | 1390 |
| Series 2021-E-1A, 2.21%, 02/15/28 | 3350 | 3051 |
| First Franklin Mortgage Loan Trust 2004-FF10 Asset-Backed Certificates, Series 2004-FF10 |  |  |
| Series 2005-A6M-FF10, REMIC, 5.09%, (1 Month USD LIBOR + 0.70%), 11/25/35 (a) (b) | 1071 | 1011 |
| Foundation Finance Trust 2019-1 |  |  |
| Series 2019-A-1A, 3.86%, 12/15/24 | 652 | 638 |
| Fountainbleu Miami Beach Trust |  |  |
| Series 2019-G-FBLU, REMIC, 3.96%, 12/12/24 (a) | 1870 | 1671 |
| FREMF 2016-KF18 Mortgage Trust |  |  |
| Series 2016-B-KF18, REMIC, 9.64%, (1 Month USD LIBOR + 5.50%), 05/25/26 (a) | 457 | 442 |
| FREMF 2017-KF27 Mortgage Trust |  |  |
| Series 2017-B-KF27, REMIC, 8.49%, (1 Month USD LIBOR + 4.35%), 12/25/26 (a) | 266 | 254 |
| FREMF 2017-KF29 Mortgage Trust |  |  |
| Series 2017-B-KF29, REMIC, 7.69%, (1 Month USD LIBOR + 3.55%), 02/25/24 (a) | 254 | 245 |
| FREMF 2017-KF30 Mortgage Trust |  |  |
| Series 2017-B-KF30, REMIC, 7.64%, (1 Month USD LIBOR + 3.25%), 03/25/27 (a) | 500 | 478 |
| FREMF 2019-Kf61 Mortgage Trust |  |  |
| Series 2019-B-KF61, REMIC, 6.34%, (1 Month USD LIBOR + 2.20%), 03/25/29 (a) | 1897 | 1782 |
| FS Rialto 2022-FL5 Issuer LLC |  |  |
| Series 2022-A-FL5, 6.63%, (1 Month Term SOFR + 2.30%), 06/19/37 (a) | 4125 | 4005 |
| Galaxy XXII CLO Ltd |  |  |
| Series 2016-ARR-22A, 5.28%, (3 Month USD LIBOR + 1.20%), 04/17/34 (a) | 8000 | 7780 |
| GCAT 2021-NQM4 TRUST |  |  |
| Series 2021-A3-NQM4, REMIC, 1.56%, 08/25/66 (a) | 3635 | 2730 |
| Generate CLO 6 Ltd |  |  |
| Series A1R-6A, 5.52%, (3 Month USD LIBOR + 1.20%), 01/22/35 (a) | 5000 | 4867 |
| Generate CLO IX Ltd |  |  |
| Series A-9A, REMIC, 5.44%, (3 Month USD LIBOR + 1.20%), 10/20/34 (a) | 7500 | 7231 |
| Global SC Finance VI SRL |  |  |
| Series 2020-A-1A, 2.17%, 10/17/40 | 1500 | 1327 |
| Greystone Commercial Real Estate Notes |  |  |
| Series 2019-D-FL2, 6.72%, (1 Month USD LIBOR + 2.40%), 02/15/25 (a) | 3777 | 3615 |
| Greystone CRE Notes 2021-FL3, Ltd. |  |  |
| Series 2021-C-FL3, 6.57%, (1 Month USD LIBOR + 2.25%), 07/15/39 (a) | 1300 | 1178 |
| GS Mortgage Securities Corp Trust 2018-RIVR |  |  |
| Series 2018-G-RIVR, REMIC, 6.92%, (1 Month USD LIBOR + 2.60%), 07/16/35 (a) (b) | 2000 | 1029 |
| GS Mortgage Securities Corporation Trust 2021-ARDN |  |  |
| Series 2021-E-ARDN, REMIC, 7.67%, (1 Month USD LIBOR + 3.35%), 11/15/23 (a) | 5290 | 4963 |
| GS Mortgage Securities Trust 2014-GC24 |  |  |
| Interest Only, Series 2014-XA-GC24, REMIC, 0.71%, 09/12/47 (a) | 8120 | 74 |
| GS Mortgage Securities Trust 2015-GS1 |  |  |
| Interest Only, Series 2015-XA-GS1, REMIC, 0.76%, 11/13/48 (a) | 5324 | 97 |
| GS Mortgage Securities Trust 2017-GS6 |  |  |
| Interest Only, Series 2017-XA-GS6, REMIC, 1.01%, 05/12/50 (a) | 22231 | 781 |
| GS Mortgage Securities Trust 2017-GS8 |  |  |
| Interest Only, Series 2017-XA-GS8, REMIC, 0.95%, 11/11/50 (a) | 29936 | 1058 |
| GS Mortgage Securities Trust 2020-GSA2 |  |  |
| Interest Only, Series 2020-XA-GSA2, REMIC, 1.73%, 12/12/53 (a) | 28670 | 2630 |
| GS Mortgage-Backed Securities Trust 2019-SL1 |  |  |
| Series 2019-A1-SL1, REMIC, 2.63%, 01/25/59 (a) | 197 | 195 |
| Gulf Stream Meridian 3 Ltd |  |  |
| Series 2021-A1-IIIA, 5.40%, (3 Month USD LIBOR + 1.32%), 04/17/34 (a) | 10000 | 9791 |
| Gulf Stream Meridian 4 Ltd |  |  |
| Series 2021-A1-4A, 5.28%, (3 Month USD LIBOR + 1.20%), 07/17/34 (a) | 10000 | 9766 |
| HalseyPoint CLO I, Ltd |  |  |
| Series 2019-A1A1-1A, 5.59%, (3 Month USD LIBOR + 1.35%), 01/20/33 (a) | 2500 | 2456 |
| Harborview Mortgage Loan Trust, 2006-11 |  |  |
| Series 2006-A1A-11, REMIC, 4.68%, (1 Month USD LIBOR + 0.34%), 12/19/36 (a) (b) | 4775 | 4096 |
| Hayfin Kingsland VIII Ltd |  |  |
| Series 2018-A-8A, 5.36%, (3 Month USD LIBOR + 1.12%), 04/21/31 (a) | 4000 | 3934 |
| Highbridge Loan Management 3-2014 |  |  |
| Series 3A-CR-2014, 7.79%, (3 Month USD LIBOR + 3.60%), 07/18/29 (a) | 1900 | 1716 |
| Horizon Aircraft Finance III Limited |  |  |
| Series 2019-A-2, 3.43%, 11/15/26 (b) (c) | 7207 | 5530 |
| IndyMac MBS, Inc. |  |  |
| Series 2005-1A2-A15, REMIC, 5.75%, 02/25/36 | 395 | 367 |
| Series 2006-A10-A2, REMIC, 6.00%, 05/25/36 | 1098 | 463 |
| J.P. Morgan Chase Commercial Mortgage Securities Corp. |  |  |
| Series 2019-C-UES, REMIC, 4.34%, 05/07/24 | 1177 | 1094 |
| Series 2019-D-UES, REMIC, 4.45%, 05/07/24 (a) | 1205 | 1107 |
| Series 2019-E-UES, REMIC, 4.45%, 05/07/24 (a) | 1406 | 1283 |
| Series 2019-F-UES, REMIC, 4.45%, 05/07/24 (a) | 1476 | 1343 |
| Series 2019-G-UES, REMIC, 4.45%, 05/07/24 (a) | 1612 | 1441 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2014-C20 |  |  |
| Series 2014-B-C20, REMIC, 4.40%, 06/17/24 (a) | 3529 | 3177 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-AON |  |  |
| Series 2018-E-AON, REMIC, 4.77%, 07/10/23 (a) | 3103 | 2566 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-WPT |  |  |
| Series 2018-EFX-WPT, REMIC, 5.36%, 07/07/23 (a) | 3141 | 2754 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-MFP |  |  |
| Series 2019-F-MFP, REMIC, 7.32%, (1 Month USD LIBOR + 3.00%), 07/15/36 (a) | 2160 | 1977 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2020-NNN |  |  |
| Series 2020-EFX-NNN, REMIC, 3.97%, 01/16/25 | 2898 | 2473 |
| Jamestown CLO IX Ltd |  |  |
| Series 2016-A1RR-9A, 5.60%, (3 Month USD LIBOR + 1.24%), 07/25/34 (a) | 4000 | 3902 |
| Jimmy Johns Funding LLC |  |  |
| Series 2017-A2II-1A, 4.85%, 07/30/27 | 1823 | 1649 |
| JPMBB Commercial Mortgage Securities Trust 2014-C23 |  |  |
| Series 2014-D-C23, REMIC, 3.98%, 09/17/24 (a) | 2274 | 1963 |
| JPMBB Commercial Mortgage Securities Trust 2015-C31 |  |  |
| Series 2015-C-C32, REMIC, 4.65%, 10/20/25 (a) | 366 | 259 |
| Interest Only, Series 2015-XA-C32, REMIC, 1.11%, 11/18/48 (a) | 8368 | 147 |
| JPMCC Commercial Mortgage Securities Trust 2015-JP1 |  |  |
| Interest Only, Series 2015-XA-JP1, REMIC, 0.89%, 01/15/49 (a) | 3200 | 69 |
| JPMCC Commercial Mortgage Securities Trust 2016-JP4 |  |  |
| Interest Only, Series 2016-XA-JP4, REMIC, 0.59%, 12/17/49 (a) | 15205 | 262 |
| JPMDB Commercial Mortgage Securities Trust 2016-C2 |  |  |
| Interest Only, Series 2016-XA-C2, REMIC, 1.49%, 06/17/49 (a) | 25135 | 913 |
| Kayne CLO 7 Ltd |  |  |
| Series 2020-A1-7A, 5.28%, (3 Month USD LIBOR + 1.20%), 04/18/33 (a) | 5000 | 4901 |
| Kestrel Aircraft Funding Limited |  |  |
| Series 2018-A-1A, 4.25%, 10/15/25 (c) | 1578 | 1258 |
| KREF 2022-FL3 Ltd. |  |  |
| Series 2022-A-FL3, 5.38%, (1 Month Term SOFR + 1.45%), 02/22/39 (a) (b) | 1268 | 1211 |
| LCCM 2017-LC26 Commercial Mortgage Trust |  |  |
| Series 2017-C-LC26, REMIC, 4.71%, 06/11/27 | 2900 | 2417 |
| LCCM 2021-FL3 Trust |  |  |
| Series 2021-AS-FL3, REMIC, 6.12%, (1 Month USD LIBOR + 1.80%), 11/17/36 (a) (b) | 2250 | 2127 |
| Series 2021-B-FL3, REMIC, 6.52%, (1 Month USD LIBOR + 2.20%), 11/17/36 (a) (b) | 2250 | 2117 |
| LCM XVII Limited Partnership |  |  |
| Series A2RR-17A, 5.23%, (3 Month USD LIBOR + 1.15%), 10/15/31 (a) | 5000 | 4911 |
| Legacy Mortgage Asset Trust 2020-GS3 |  |  |
| Series 2020-A1-GS3, REMIC, 3.25%, 05/25/60 (a) (b) | 6655 | 6486 |
| Legacy Mortgage Asset Trust 2021-GS3 |  |  |
| Series 2021-A1-GS3, REMIC, 1.75%, 05/25/23 (b) | 4114 | 3731 |
| Legacy Mortgage Asset Trust 2021-GS4 |  |  |
| Series 2021-A1-GS4, REMIC, 1.65%, 08/25/23 (b) | 4925 | 4372 |
| Lendbuzz Securitization Trust 2022-1 |  |  |
| Series 2022-A-1A, 4.22%, 05/17/27 | 2266 | 2174 |
| Loanpal Solar Loan 2020-3 LLC |  |  |
| Series 2020-A-3GS, 2.47%, 08/20/35 | 1953 | 1478 |
| Loanpal Solar Loan 2021-1 Ltd. |  |  |
| Series 2021-A-1GS, 2.29%, 10/20/34 | 2063 | 1550 |
| Logan CLO III Ltd |  |  |
| Series 2022-B-1A, 6.04%, (3 Month Term SOFR + 2.05%), 04/23/35 (a) | 5000 | 4914 |
| Long Beach Mortgage Loan Trust 2006-6 |  |  |
| Series 2006-2A3-6, REMIC, 4.69%, (1 Month USD LIBOR + 0.30%), 07/25/36 (a) (b) | 9884 | 3958 |
| LSTAR Commercial Mortgage Trust 2016-4 |  |  |
| Interest Only, Series 2016-XA-4, REMIC, 1.70%, 03/12/49 (a) | 9537 | 260 |
| Lunar Aircraft 2020-1 Limited |  |  |
| Series 2020-A-1A, 3.38%, 02/15/27 (b) | 2103 | 1720 |
| Madison Park Funding XXXI, Ltd. |  |  |
| Series 2018-B-31A, 6.02%, (3 Month USD LIBOR + 1.70%), 01/23/31 (a) | 1000 | 975 |
| Marathon CLO V Ltd. |  |  |
| Series 2013-A1R-5A, 5.55%, (3 Month USD LIBOR + 0.87%), 11/22/27 (a) | 83 | 83 |
| Marble Point CLO XIV Ltd |  |  |
| Series 2018-A1R-2A, 5.52%, (3 Month USD LIBOR + 1.28%), 01/20/32 (a) | 8000 | 7818 |
| Marble Point CLO XXII Ltd. |  |  |
| Series 2021-A-2A, 5.56%, (3 Month USD LIBOR + 1.20%), 07/25/34 (a) | 7500 | 7223 |
| Marlette Funding Trust |  |  |
| Series 2021-C-1A, 1.41%, 06/16/31 | 1450 | 1379 |
| Series 2021-D-1A, 2.47%, 06/16/31 | 1500 | 1358 |
| Merrill Lynch Mortgage Investors Trust, Series MLCC 2006-2 |  |  |
| Series 2006-A2C-AHL1, REMIC, 4.71%, (1 Month USD LIBOR + 0.16%), 05/25/37 (a) (b) | 6727 | 3774 |
| MF1 2021-FL6 Ltd. |  |  |
| Series 2021-C-FL6, 6.18%, (1 Month USD LIBOR + 1.85%), 07/18/36 (a) | 4700 | 4320 |
| MKS Clo 2017-1, Ltd. |  |  |
| Series 2017-AR-1A, 5.24%, (3 Month USD LIBOR + 1.00%), 07/22/30 (a) | 7476 | 7352 |
| Morgan Stanley ABS Capital I Inc. Trust 2007-HE3 |  |  |
| Series 2007-A1-HE3, REMIC, 4.52%, (1 Month USD LIBOR + 0.13%), 12/25/36 (a) (b) | 3128 | 1837 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 |  |  |
| Interest Only, Series 2014-XA-C15, REMIC, 0.87%, 04/17/47 (a) | 9655 | 47 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28 |  |  |
| Interest Only, Series 2016-XA-C28, REMIC, 1.15%, 01/15/49 (a) | 3462 | 93 |
| Morgan Stanley Capital I Inc. |  |  |
| Series 2021-D-ILP, REMIC, 5.89%, (1 Month USD LIBOR + 1.58%), 11/30/31 (a) | 5404 | 5067 |
| Morgan Stanley Capital I Trust 2015-UBS8 |  |  |
| Interest Only, Series 2015-XA-UBS8, REMIC, 0.86%, 12/17/48 (a) | 4393 | 85 |
| Morgan Stanley Capital I Trust 2017-H1 |  |  |
| Interest Only, Series 2017-XA-H1, REMIC, 1.33%, 06/17/50 (a) | 23117 | 873 |
| Morgan Stanley Capital I Trust 2019-NUGS |  |  |
| Series 2019-F-NUGS, REMIC, 7.16%, (1 Month USD LIBOR + 2.84%), 12/15/36 (a) | 4283 | 3292 |
| Mosaic Solar Loan Trust 2020-1 |  |  |
| Series 2020-A-1A, 2.10%, 03/22/32 | 359 | 316 |
| Series 2020-B-1A, 3.10%, 11/22/32 | 3381 | 2880 |
| Mosaic Solar Loan Trust 2020-2 |  |  |
| Series 2020-B-2A, 2.21%, 05/20/33 | 1298 | 1082 |
| MP CLO VIII Ltd |  |  |
| Series 2015-ARR-2A, 5.57%, (3 Month USD LIBOR + 1.20%), 04/28/34 (a) | 3000 | 2890 |
| Nassau 2018-I Ltd. |  |  |
| Series 2018-A-IA, 5.23%, (3 Month USD LIBOR + 1.15%), 07/15/31 (a) | 5000 | 4867 |
| Natixis Commercial Mortgage Securities Trust 2018-FL1 |  |  |
| Series 2018-C-FL1, REMIC, 6.52%, (1 Month USD LIBOR + 2.20%), 06/15/35 (a) | 3129 | 2917 |
| Navient Private Education Refi Loan Trust 2018-A |  |  |
| Series 2018-B-A, 3.68%, 11/17/25 | 3000 | 2868 |
| New Mountain CLO 2 Ltd |  |  |
| Series CLO-A-2A, 5.27%, (3 Month USD LIBOR + 1.19%), 04/17/34 (a) | 4000 | 3877 |
| New York Mortgage Trust |  |  |
| Series 2021-A1-BPL1, REMIC, 2.24%, 05/25/23 (b) | 7400 | 6917 |
| NLY 2019-FL2 Issuer Ltd. |  |  |
| Series 2019-B-FL2, 6.22%, (1 Month USD LIBOR + 1.90%), 01/15/23 (a) | 3226 | 3211 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| NYMT Loan Trust 2020-SP2 |  |  |
| Series 2020-A1-SP2, REMIC, 2.94%, 10/25/23 (a) | 9146 | 8800 |
| NYT 2019-NYT Mortgage Trust |  |  |
| Series 2019-E-NYT, REMIC, 6.82%, (1 Month USD LIBOR + 2.50%), 12/15/35 (a) (b) | 3935 | 3242 |
| OBX 2020-EXP2 Trust |  |  |
| Series 2020-A3-EXP2, REMIC, 2.50%, 07/25/36 (a) | 414 | 342 |
| OFSI BSL IX, Ltd. |  |  |
| Series 2018-A-1A, 5.23%, (3 Month USD LIBOR + 1.15%), 07/15/31 (a) (c) | 8000 | 7822 |
| OHA Credit Partners VII Ltd |  |  |
| Series 2012-AR3-7A, 5.75%, (3 Month USD LIBOR + 1.07%), 02/21/34 (a) | 5000 | 4882 |
| ONE 2021-PARK Mortgage Trust |  |  |
| Series 2021-D-PARK, REMIC, 5.95%, (1 Month Term SOFR + 1.61%), 03/15/23 (a) | 1000 | 912 |
| Series 2021-E-PARK, REMIC, 6.20%, (1 Month Term SOFR + 1.86%), 03/15/23 (a) | 2000 | 1801 |
| One New York Plaza Trust 2020-1NYP |  |  |
| Series 2020-C-1NYP, REMIC, 6.52%, (1 Month USD LIBOR + 2.20%), 01/17/23 (a) | 2850 | 2660 |
| Oxford Finance LLC |  |  |
| Series 2020-A2-1, 3.10%, 12/15/24 | 1572 | 1554 |
| Pagaya AI Debt Selection Trust |  |  |
| Series 2021-B-HG1, 1.82%, 01/16/29 | 1703 | 1627 |
| Series 2021-NOTE-2, 3.00%, 01/25/29 | 2229 | 2079 |
| Pagaya AI Debt Selection Trust 2021-1 |  |  |
| Series 2021-A-1, 1.18%, 11/15/27 | 516 | 509 |
| Pagaya AI Debt Selection Trust 2021-5 |  |  |
| Series 2021-B-5, 2.63%, 08/15/29 | 9999 | 9021 |
| Series 2021-C-5, 3.93%, 08/15/29 | 10999 | 9603 |
| Pagaya AI Debt Trust 2022-1 |  |  |
| Series 2022-B-1, 3.34%, 10/15/29 | 4499 | 4054 |
| Palmer Square CLO Ltd |  |  |
| Series 2021-A-2A, 5.23%, (3 Month USD LIBOR + 1.15%), 07/17/34 (a) | 5000 | 4871 |
| Park Avenue Institutional Advisers CLO Ltd 2016-1 |  |  |
| Series 2016-A1R-1A, 5.89%, (3 Month USD LIBOR + 1.20%), 08/25/31 (a) (c) | 4500 | 4417 |
| Planet Fitness Master |  |  |
| Series 2022-A2I-1A, 3.25%, 12/07/26 | 993 | 859 |
| PRET 2021-RN3 LLC |  |  |
| Series 2021-A1-RN3, 1.84%, 09/25/24 (a) (b) | 3982 | 3530 |
| PRET 2022-NPL2 LLC |  |  |
| Series 2022-A1-NPL2, 5.24%, 04/25/25 (b) | 4276 | 4007 |
| Pretium Mortgage Credit Partners I 2021-NPL1, LLC |  |  |
| Series 2021-A1-NPL1, REMIC, 2.24%, 03/27/24 (b) | 3192 | 2909 |
| Series 2021-A1-NPL2, REMIC, 1.99%, 06/27/24 (b) | 3490 | 3083 |
| Pretium Mortgage Credit Partners LLC |  |  |
| Series 2021-A1-NPL3, 1.87%, 07/25/24 (b) | 17301 | 15113 |
| Series 2021-A1-RN2, 1.74%, 09/25/24 (b) | 1868 | 1686 |
| Prosper Marketplace Issuance Trust, Series 2019-2 |  |  |
| Series 2019-C-2A, REMIC, 5.05%, 09/15/25 | 265 | 265 |
| PRPM 2021-4, LLC |  |  |
| Series 2021-A1-4, 1.87%, 04/25/24 (b) | 3960 | 3521 |
| PRPM 2021-7, LLC |  |  |
| Series 2021-A1-7, REMIC, 1.99%, 08/25/24 (b) | 5311 | 4772 |
| PRPM, LLC |  |  |
| Series 2021-A1-2, 2.12%, 03/25/24 (a) (b) | 2573 | 2334 |
| Purewest Funding LLC |  |  |
| Series 2021-A1-1, 4.09%, 12/20/36 | 3363 | 3150 |
| RALI Series 2006-QS12 Trust |  |  |
| Series 2006-2A3-QS12, REMIC, 6.00%, 09/25/36 | 719 | 559 |
| RALI Series 2007-QS4 Trust |  |  |
| Series 2007-3A4-QS4, REMIC, 6.00%, 03/25/37 | 1435 | 1170 |
| RALI Series 2007-QS8 Trust |  |  |
| Series 2007-A3-QS8, REMIC, 4.99%, (1 Month USD LIBOR + 0.60%), 06/25/37 (a) | 1201 | 857 |
| RBSSP Resecuritization Trust 2009-2 |  |  |
| Series 2009-3A2-2, REMIC, 4.09%, (1 Month USD LIBOR + 0.50%), 04/26/35 (a) | 599 | 535 |
| Residential Mortgage Loan Trust 2019-2 |  |  |
| Series 2019-M1-2, REMIC, 3.86%, 07/25/23 (a) | 12000 | 11162 |
| RFMSI Series 2006-S4 Trust |  |  |
| Series 2006-A5-S4, REMIC, 6.00%, 04/25/36 | 435 | 345 |
| Sandstone Peak Ltd. |  |  |
| Series 2021-A1-1A, 5.30%, (3 Month USD LIBOR + 1.22%), 10/16/34 (a) | 4000 | 3861 |
| Santander Drive Auto Receivables Trust 2020-4 |  |  |
| Series 2020-D-4, 1.48%, 09/15/25 | 2000 | 1910 |
| Sapphire Aviation Finance II Limited |  |  |
| Series 2020-A-1A, 3.23%, 03/15/27 | 4480 | 3409 |
| Securitized Asset Backed Receivables LLC Trust 2006-WM4 |  |  |
| Series 2006-A2C-WM4, REMIC, 4.71%, (1 Month USD LIBOR + 0.32%), 11/25/36 (a) (b) | 16845 | 4686 |
| Securitized Asset Backed Receivables LLC Trust 2007-HE1 |  |  |
| Series 2007-A2B-HE1, REMIC, 4.61%, (1 Month USD LIBOR + 0.22%), 12/25/36 (a) (b) | 5273 | 1174 |
| Sierra Timeshare 2021-2 Receivables Funding LLC |  |  |
| Series 2021-C-2A, 1.95%, 09/20/38 | 1181 | 1075 |
| SMR 2022-IND Mortgage Trust |  |  |
| Series 2022-A-IND, REMIC, 5.99%, (1 Month Term SOFR + 1.65%), 02/15/24 (a) | 5075 | 4799 |
| SoFi Consumer Loan Program 2021-1 Trust |  |  |
| Series 2021-PT1-1, 9.72%, 05/25/30 | 4996 | 4967 |
| SoFi Professional Loan Program 2017-A LLC |  |  |
| Series 2017-A2B-A, 2.40%, 03/26/40 | 72 | 71 |
| SOHO Trust 2021-SOHO |  |  |
| Series 2021-B-SOHO, REMIC, 2.79%, 08/12/38 (a) | 4887 | 3559 |
| Sound Point CLO XXIII |  |  |
| Series 2019-AR-2A, 5.25%, (3 Month USD LIBOR + 1.17%), 07/17/34 (a) | 10000 | 9635 |
| Sound Point CLO XXVI Ltd |  |  |
| Series 2020-AR-1A, 5.41%, (3 Month USD LIBOR + 1.17%), 07/20/34 (a) | 7500 | 7211 |
| SREIT Commercial Mortgage Trust 2021-MFP |  |  |
| Series 2021-D-MFP, REMIC, 5.90%, (1 Month USD LIBOR + 1.58%), 11/15/23 (a) | 2250 | 2126 |
| Start Ltd |  |  |
| Series 2018-A-1, 4.09%, 05/15/25 | 537 | 435 |
| Starwood Mortgage Residential Trust 2021-5 |  |  |
| Series 2021-A1-5, REMIC, 1.92%, 09/25/66 (a) | 8709 | 7113 |
| Steele Creek CLO 2017-1, Ltd. |  |  |
| Series 2017-A-1A, 5.33%, (3 Month USD LIBOR + 1.25%), 10/15/30 (a) | 1000 | 984 |
| Steele Creek CLO 2019-1, Ltd |  |  |
| Series 2019-BR-1A, 5.88%, (3 Month USD LIBOR + 1.80%), 04/15/32 (a) | 5000 | 4712 |
| Structured Adjustable Rate Mortgage Loan Trust 2005-3XS |  |  |
| Series 2005-4A1-22, REMIC, 4.26%, 12/25/35 (a) | 610 | 520 |
| Structured Adjustable Rate Mortgage Loan Trust Series 2006-11 |  |  |
| Series 2006-1A1-11, REMIC, 4.71%, (1 Month USD LIBOR + 0.32%), 12/25/36 (a) (b) | 3685 | 3290 |
| Structured Asset Securities Corporation |  |  |
| Series 2005-1A1-5, REMIC, 5.75%, 04/25/35 | 1904 | 1145 |
| STWD 2019-FL1, Ltd. |  |  |
| Series 2019-D-FL1, 6.68%, (1 Month USD LIBOR + 2.35%), 02/15/25 (a) | 1525 | 1403 |
| Taco Bell Funding, LLC |  |  |
| Series 2021-A2I-1A, 1.95%, 02/25/27 | 1683 | 1409 |
| Theorem Funding Trust 2021-1 |  |  |
| Series 2021-B-1A, 1.84%, 12/15/27 | 2000 | 1862 |
| TIF Funding II LLC |  |  |
| Series 2021-A-1A, 1.65%, 02/20/46 | 3406 | 2773 |
| Trestles CLO 2017-1, Ltd. |  |  |
| Series 2021-A-4A, 5.45%, (3 Month USD LIBOR + 1.17%), 07/21/34 (a) | 5000 | 4891 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Trimaran CAVU 2021-3, Ltd. |  |  |
| Series 2021-A-3A, 5.40%, (3 Month USD LIBOR + 1.21%), 01/18/35 (a) | 6500 | 6258 |
| TRTX 2022-FL5 Issuer, Ltd. |  |  |
| Series 2022-A-FL5, 5.46%, (SOFR 30-Day Average + 1.65%), 02/17/39 (a) (b) | 3420 | 3292 |
| U.S. Auto Funding Trust 2021-1 |  |  |
| Series 2021-B-1A, 1.49%, 03/17/25 | 2250 | 2226 |
| UBS Commercial Mortgage Trust 2017-C4 |  |  |
| Series 2017-C-C4, REMIC, 4.54%, 10/15/27 (a) | 3500 | 2933 |
| UBS Commercial Mortgage Trust 2018-C8 |  |  |
| Series 2018-C-C8, REMIC, 4.71%, 02/17/28 (a) | 1858 | 1587 |
| UBS-Barclays Commercial Mortgage Trust 2013-C5 |  |  |
| Series 2013-B-C5, REMIC, 3.65%, 02/10/23 (a) | 4089 | 3984 |
| Upstart Pass-Through Trust Series 2020-ST1 |  |  |
| Series 2020-A-ST1, 3.75%, 02/20/28 | 728 | 710 |
| Upstart Pass-Through Trust Series 2020-ST6 |  |  |
| Series 2020-A-ST6, 3.00%, 01/20/27 | 1655 | 1567 |
| Upstart Pass-Through Trust Series 2021-St3 |  |  |
| Series 2021-A-ST3, 2.00%, 05/20/27 | 729 | 680 |
| Upstart Pass-Through Trust Series 2021-ST8 |  |  |
| Series 2021-A-ST8, 1.75%, 10/20/29 | 5417 | 5028 |
| Upstart Securitization Trust 2017-2 |  |  |
| Series 2021-A-3, 0.83%, 07/20/31 | 635 | 622 |
| Series 2021-B-3, 1.66%, 07/20/31 | 1000 | 931 |
| Upstart Securitization Trust 2021-1 |  |  |
| Series 2021-B-1, 1.89%, 03/20/31 | 500 | 488 |
| Upstart Securitization Trust 2021-2 |  |  |
| Series 2021-B-2, 1.75%, 06/20/31 | 2000 | 1903 |
| Upstart Securitization Trust 2021-4 |  |  |
| Series 2021-C-4, 3.19%, 09/20/31 | 1500 | 1155 |
| Vantage Data Centers Issuer, LLC |  |  |
| Series 2018-A2-2A, 4.20%, 11/15/23 | 2158 | 2154 |
| VCAT 2021-NPL4 LLC |  |  |
| Series 2021-A1-NPL4, 1.87%, 08/26/24 (b) | 3754 | 3344 |
| VCAT 2021-NPL5 LLC |  |  |
| Series 2021-A1-NPL5, REMIC, 1.87%, 08/26/24 (b) | 3828 | 3339 |
| VCAT Asset Securitization LLC |  |  |
| Series 2021-A1-NPL6, REMIC, 1.92%, 09/25/24 (b) | 3927 | 3411 |
| Velocity Commercial Capital Loan Trust 2019-2 |  |  |
| Series 2019-A-2, REMIC, 3.13%, 06/25/25 (a) | 3492 | 3274 |
| Verus Securitization Trust 2020-1 |  |  |
| Series 2020-A2-INV1, REMIC, 3.04%, 03/25/60 (b) | 2500 | 2350 |
| Verus Securitization Trust 2021-7 |  |  |
| Series 2021-A1-7, REMIC, 1.83%, 10/25/66 (a) | 1634 | 1400 |
| Vibrant CLO, Ltd. |  |  |
| Series 2018-A1-10A, 5.44%, (3 Month USD LIBOR + 1.20%), 10/20/31 (a) (c) | 3000 | 2931 |
| VMC Finance 2019-FL3 LLC |  |  |
| Series 2019-C-FL3, 5.93%, (1 Month USD LIBOR + 2.05%), 09/17/36 (a) (b) | 3260 | 3035 |
| Volt CI LLC |  |  |
| Series 2021-A1-NP10, 1.99%, 04/25/24 (b) | 2529 | 2259 |
| Volt XCII, LLC |  |  |
| Series 2021-A1-NPL1, 1.89%, 01/25/24 (b) | 11668 | 9988 |
| Volt XCIV, LLC |  |  |
| Series 2021-A1-NPL3, 2.24%, 01/25/24 (b) | 3998 | 3585 |
| Volt XCIX, LLC |  |  |
| Series 2021-A1-NPL8, 2.12%, 03/25/24 (b) | 7018 | 6199 |
| VOLT XCVII, LLC |  |  |
| Series 2021-A1-NPL6, 2.24%, 03/25/24 (b) | 615 | 537 |
| WaMu Asset-Backed Certificates, WaMu Series 200X-HEX Trust |  |  |
| Series 2006-2A4-2, REMIC, 4.97%, (1 Month USD LIBOR + 0.58%), 04/25/36 (a) (b) | 6849 | 2411 |
| Washington Mutual Asset-Backed Certificates WMABS Series 2006-HE5 Trust |  |  |
| Series 2006-2A2-HE5, REMIC, 4.57%, (1 Month USD LIBOR + 0.18%), 10/25/36 (a) (b) | 7940 | 2619 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR2 Trust |  |  |
| Series 2006-M1-HE1, REMIC, 4.90%, (1 Month USD LIBOR + 0.51%), 02/25/36 (a) (b) | 14984 | 12830 |
| Wellfleet CLO 2018-2, LLC |  |  |
| Series 2018-A1-2A, 5.44%, (3 Month USD LIBOR + 1.20%), 10/20/31 (a) | 4500 | 4370 |
| Wellfleet CLO 2020-1, Ltd. |  |  |
| Series 2020-A1A-1, 5.39%, (3 Month USD LIBOR + 1.31%), 04/15/33 (a) | 5000 | 4891 |
| Wellfleet CLO 2021-2 Ltd |  |  |
| Series 2021-A1-2A, 5.28%, (3 Month USD LIBOR + 1.20%), 07/17/34 (a) | 5000 | 4849 |
| Wellfleet CLO X, Ltd. |  |  |
| Series 2019-A1R-XA, 5.41%, (3 Month USD LIBOR + 1.17%), 07/20/32 (a) | 10000 | 9742 |
| Wells Fargo & Company |  |  |
| Series 2016-B-C34, REMIC, 4.09%, 04/17/26 | 2000 | 1781 |
| Interest Only, Series 2016-XA-C33, REMIC, 1.58%, 03/17/59 (a) | 1972 | 78 |
| Wells Fargo Alternative Loan 2007-PA3 Trust |  |  |
| Series 2007-3A1-PA3, REMIC, 6.25%, 07/25/37 | 330 | 255 |
| Wells Fargo Commercial Mortgage Trust 2015-LC20 |  |  |
| Series 2015-C-LC20, REMIC, 4.06%, 03/17/25 (a) | 719 | 648 |
| Wells Fargo Commercial Mortgage Trust 2015-NXS4 |  |  |
| Series 2015-D-NXS4, REMIC, 3.69%, 11/18/25 (a) | 375 | 319 |
| Wells Fargo Commercial Mortgage Trust 2015-P2 |  |  |
| Interest Only, Series 2015-XA-P2, REMIC, 0.93%, 12/17/48 (a) | 3283 | 71 |
| Wells Fargo Commercial Mortgage Trust 2017-C38 |  |  |
| Interest Only, Series 2017-XA-C38, REMIC, 0.97%, 07/15/50 (a) | 23221 | 768 |
| Wells Fargo Commercial Mortgage Trust 2018-C47 |  |  |
| Series 2018-C-C47, REMIC, 4.93%, 10/17/28 (a) | 344 | 289 |
| Wells Fargo Commercial Mortgage Trust 2018-C48 |  |  |
| Interest Only, Series 2018-XA-C48, REMIC, 0.88%, 01/18/52 (a) | 13603 | 562 |
| Wells Fargo Commercial Mortgage Trust 2022-ONL |  |  |
| Series 2022-A-ONL, REMIC, 3.86%, 02/18/27 | 5250 | 4830 |
| Wells Fargo Mortgage Backed Securities 2007-7 Trust |  |  |
| Series 2007-A1-7, REMIC, 6.00%, 06/25/37 | 215 | 179 |
| Wells Fargo Mortgage Backed Securities 2007-AR4 Trust |  |  |
| Series 2007-A1-AR4, REMIC, 4.10%, 08/25/37 (a) | 143 | 119 |
| WFRBS Commercial Mortgage Trust 2013-C18 |  |  |
| Interest Only, Series 2013-XA-C18, REMIC, 0.73%, 12/17/46 (a) | 32653 | 157 |
| WFRBS Commercial Mortgage Trust 2014-C19 |  |  |
| Interest Only, Series 2014-XA-C19, REMIC, 0.96%, 03/15/47 (a) | 28815 | 227 |
| WFRBS Commercial Mortgage Trust 2014-C21 |  |  |
| Interest Only, Series 2014-XA-C21, REMIC, 1.00%, 08/16/47 (a) | 2149 | 25 |
| Whitebox CLO III Ltd |  |  |
| Series 2021-A1-3A, 5.30%, (3 Month USD LIBOR + 1.22%), 10/16/34 (a) | 15000 | 14606 |
| Willis Engine Structured Trust V |  |  |
| Series 2020-A-A, 3.23%, 03/15/28 (b) | 2533 | 1952 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| FREMF Mortgage Trust |  |  |
| Series 2019-B-KF69, REMIC, 6.44%, (1 Month USD LIBOR + 2.30%), 08/27/29 (a) | 1476 | 1377 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $1,000,007) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $1,000,007) | 912260 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 23.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 23.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 23.7%** |
| **U.S. Treasury Note 20.4%** | **U.S. Treasury Note 20.4%** | **U.S. Treasury Note 20.4%** |
| Treasury, United States Department of |  |  |
| 2.50%, 05/31/24 (d) | 53270 | 51664 |
| 3.00%, 06/30/24 | 34770 | 33933 |
| 3.00%, 07/31/24 (d) | 34900 | 34033 |
| 3.25%, 08/31/24 | 21770 | 21321 |
| 4.25%, 09/30/24 | 34370 | 34193 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 4.38%, 10/31/24 | 30020 | 29931 |
| 4.50%, 11/30/24 | 51490 | 51498 |
| 3.13%, 08/15/25 | 26240 | 25473 |
| 3.50%, 09/15/25 | 21910 | 21465 |
| 4.25%, 10/15/25 (d) | 21520 | 21503 |
| 4.50%, 11/15/25 (d) | 29740 | 29926 |
| | | 354940 |
| **Commercial Mortgage-Backed Securities 1.1%** | **Commercial Mortgage-Backed Securities 1.1%** | **Commercial Mortgage-Backed Securities 1.1%** |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2020-1A1-M49, REMIC, 1.25%, 11/25/30 (a) | 7482 | 6503 |
| Series 2022-A1-M1S, REMIC, 2.08%, 04/25/32 (a) | 14484 | 13076 |
|  |  | 19579 |
| **Mortgage-Backed Securities 0.9%** | **Mortgage-Backed Securities 0.9%** | **Mortgage-Backed Securities 0.9%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 2.00%, 03/01/36 | 8330 | 7443 |
| Federal National Mortgage Association, Inc. |  |  |
| 2.00%, 11/01/40 | 7035 | 5977 |
| 3.88%, (1 Year USD LIBOR + 1.63%), 11/01/42 (a) | 533 | 534 |
| 3.33%, (1 Year USD LIBOR + 1.67%), 05/01/44 (a) | 922 | 932 |
|  |  | 14886 |
| **Collateralized Mortgage Obligations 0.8%** | **Collateralized Mortgage Obligations 0.8%** | **Collateralized Mortgage Obligations 0.8%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series AN-4030, REMIC, 1.75%, 04/15/27 | 1034 | 995 |
| Series CD-4484, REMIC, 1.75%, 07/15/30 | 1066 | 992 |
| Series NH-5105, REMIC, 2.00%, 02/25/37 | 3813 | 3342 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2021-CG-29, REMIC, 1.25%, 05/25/41 | 4223 | 3655 |
| Series 2016-PA-72, REMIC, 3.00%, 07/25/46 | 899 | 835 |
| Series 2021-HG-21, REMIC, 2.00%, 11/25/47 | 4569 | 3993 |
| Government National Mortgage Association |  |  |
| Series 2016-UD-136, REMIC, 3.00%, 04/20/45 | 126 | 126 |
|  |  | 13938 |
| **Sovereign 0.5%** | **Sovereign 0.5%** | **Sovereign 0.5%** |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 2.39%, 01/23/26 | 1000 | 921 |
| Government of the Republic of Panama |  |  |
| 3.75%, 03/16/25 | 1500 | 1451 |
| Presidencia de la Republica de Chile |  |  |
| 3.13%, 01/21/26 | 700 | 663 |
| Presidencia de la Republica de Colombia |  |  |
| 4.50%, 01/28/26 | 3100 | 2909 |
| South Africa, Parliament of |  |  |
| 4.67%, 01/17/24 | 1600 | 1574 |
| 4.88%, 04/14/26 | 700 | 676 |
| The Korea Development Bank |  |  |
| 1.00%, 09/09/26 | 1200 | 1047 |
|  |  | 9241 |
| Total Government And Agency Obligations (cost $422,831) | Total Government And Agency Obligations (cost $422,831) | 412584 |
| **CORPORATE BONDS AND NOTES 13.1%** | **CORPORATE BONDS AND NOTES 13.1%** | **CORPORATE BONDS AND NOTES 13.1%** |
| **Financials 5.0%** | **Financials 5.0%** | **Financials 5.0%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 1.75%, 10/29/24 | 1790 | 1651 |
| American Express Company |  |  |
| 5.39%, (3 Month USD LIBOR + 0.65%), 02/27/23 (a) | 545 | 545 |
| 5.00%, (SOFR + 0.93%), 03/04/25 (a) | 1075 | 1072 |
| Avolon Holdings Funding Limited |  |  |
| 5.13%, 10/01/23 (c) | 865 | 855 |
| Banco Bilbao Vizcaya Argentaria Colombia S.A |  |  |
| 4.88%, 04/21/25 (e) | 900 | 863 |
| Banco Continental S.A.E.C.A. |  |  |
| 2.75%, 12/10/25 (e) | 400 | 357 |
| 2.75%, 12/10/25 (c) | 550 | 491 |
| Banco de Credito del Peru |  |  |
| 3.13%, 07/01/30 (e) | 1150 | 1046 |
| 3.25%, 09/30/31 (e) | 200 | 176 |
| 3.25%, 09/30/31 (c) | 1650 | 1458 |
| Banco Del Estado De Chile |  |  |
| 2.70%, 01/09/25 (e) | 400 | 379 |
| Banco do Brasil S.A |  |  |
| 3.25%, 09/30/26 (c) | 1000 | 920 |
| Banco Internacional Del Peru S.A.A. – Interbank |  |  |
| 6.63%, 03/19/29 (e) | 550 | 546 |
| 4.00%, 07/08/30 (e) | 1300 | 1180 |
| Banco Latinoamericano de Comercio Exterior, S.A. |  |  |
| 2.38%, 09/14/25 (e) | 500 | 457 |
| 2.38%, 09/14/25 (c) | 300 | 274 |
| Banco Mercantil Del Norte S.A |  |  |
| 5.88%, (100, 01/24/27) (e) (f) | 500 | 445 |
| Banco Nacional De Comercio Exterior, S.N.C. |  |  |
| 2.72%, 08/11/31 (e) | 400 | 332 |
| Banco Santander-Chile |  |  |
| 2.70%, 01/10/25 (e) | 500 | 475 |
| Bancolombia SA |  |  |
| 7.14%, (5 Year Treasury + 2.93%), 10/18/27 (a) | 1400 | 1377 |
| 4.63%, 12/18/29 | 2200 | 1937 |
| Bank Hapoalim Ltd |  |  |
| 3.26%, 01/21/32 (g) | 1400 | 1204 |
| Bank Leumi le-Israel B.M. |  |  |
| 3.28%, 01/29/31 (e) | 1400 | 1240 |
| Bank of America Corporation |  |  |
| 5.56%, (3 Month USD LIBOR + 0.79%), 03/05/24 (a) | 2201 | 2199 |
| 4.50%, (SOFR + 0.69%), 04/22/25 (a) | 1120 | 1103 |
| 4.92%, (SOFR + 1.10%), 04/25/25 (a) | 938 | 932 |
| Bank of Montreal |  |  |
| 1.50%, 01/10/25 (g) | 1675 | 1565 |
| Barclays PLC |  |  |
| 1.01%, 12/10/24 | 1783 | 1697 |
| BBVA Bancomer S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer |  |  |
| 1.88%, 09/18/25 (e) | 400 | 366 |
| 5.35%, 11/12/29 (e) | 900 | 867 |
| BNP Paribas |  |  |
| 4.71%, 01/10/25 (c) | 1735 | 1718 |
| BOC Aviation (USA) Corporation |  |  |
| 1.63%, 04/29/24 (c) | 1305 | 1239 |
| BPCE |  |  |
| 2.38%, 01/14/25 (c) | 1780 | 1658 |
| Brighthouse Financial, Inc. |  |  |
| 0.60%, 06/28/23 (c) | 755 | 740 |
| Canadian Imperial Bank of Commerce |  |  |
| 0.45%, 06/22/23 (g) | 850 | 832 |
| 3.95%, 08/04/25 (g) | 150 | 147 |
| Capital One Financial Corporation |  |  |
| 4.99%, 07/24/26 | 795 | 780 |
| Caterpillar Financial Services Corporation |  |  |
| 3.65%, 08/12/25 | 1275 | 1244 |
| Citigroup Inc. |  |  |
| 5.78%, (3 Month USD LIBOR + 1.02%), 06/01/24 (a) | 1145 | 1145 |
| 1.28%, 11/03/25 | 585 | 539 |
| Commonwealth Bank of Australia |  |  |
| 4.05%, (SOFR + 0.40%), 07/07/25 (a) (c) | 1650 | 1626 |
| Corporacion Financiera de Desarrollo S.A. |  |  |
| 5.25%, 07/15/29 (e) | 1000 | 963 |
| DBS Group Holdings Ltd |  |  |
| 4.52%, 12/11/28 (e) | 200 | 198 |
| 1.82%, 03/10/31 (e) | 2600 | 2308 |
| Gruposura Finance |  |  |
| 5.50%, 04/29/26 (e) | 800 | 776 |
| HSBC Holdings PLC |  |  |
| 1.16%, 11/22/24 (g) | 1820 | 1732 |
| Interoceanica IV Finance Ltd |  |  |
| 0.00%, 11/30/25 (e) (h) | 146 | 119 |
| Itau Unibanco Holding S.A. |  |  |
| 3.88%, 04/15/31 (e) | 1750 | 1577 |
| JPMorgan Chase & Co. |  |  |
| 0.56%, 02/16/25 | 1045 | 986 |
| 3.90%, 07/15/25 | 1680 | 1642 |
| 5.13%, (SOFR + 1.32%), 04/26/26 (a) | 2315 | 2295 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Lloyds Banking Group PLC |  |  |
| 0.70%, 05/11/24 | 1700 | 1667 |
| Macquarie Group Limited |  |  |
| 4.15%, 03/27/24 (c) | 925 | 922 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 3.88%, 03/15/24 | 1595 | 1572 |
| Mitsubishi UFJ Financial Group Inc |  |  |
| 5.19%, (3 Month USD LIBOR + 0.86%), 07/26/23 (a) | 1820 | 1823 |
| 3.78%, 03/02/25 | 150 | 146 |
| Mizuho Financial Group, Inc. |  |  |
| 4.94%, (SOFR + 0.96%), 05/22/26 (a) | 1610 | 1578 |
| Morgan Stanley |  |  |
| 0.53%, 01/25/24 | 1725 | 1716 |
| 0.73%, 04/05/24 | 1590 | 1567 |
| NatWest Group PLC |  |  |
| 6.27%, (3 Month USD LIBOR + 1.55%), 06/25/24 (a) (g) | 1630 | 1630 |
| New York Life Global Funding |  |  |
| 3.60%, 08/05/25 (c) | 670 | 645 |
| NongHyup Bank |  |  |
| 1.25%, 07/20/25 (c) | 600 | 540 |
| Oversea-Chinese Banking Corporation Limited |  |  |
| 1.83%, 09/10/30 (e) (g) | 1700 | 1528 |
| 1.83%, 09/10/30 (c) (g) | 800 | 719 |
| Royal Bank of Canada |  |  |
| 4.27%, (SOFR + 0.53%), 01/20/26 (a) | 1685 | 1634 |
| Scotiabank Peru S.A.A. |  |  |
| 8.59%, (3 Month USD LIBOR + 3.86%), 12/13/27 (a) (e) | 600 | 591 |
| Sumitomo Mitsui Trust Bank Ltd |  |  |
| 0.80%, 09/12/23 (c) | 1735 | 1680 |
| Synchrony Financial |  |  |
| 4.38%, 03/19/24 | 15 | 15 |
| 4.25%, 08/15/24 | 1675 | 1638 |
| The Bank of Nova Scotia |  |  |
| 0.55%, 09/15/23 (g) | 1220 | 1179 |
| The Charles Schwab Corporation |  |  |
| 5.12%, (SOFR + 1.05%), 03/03/27 (a) | 1610 | 1566 |
| The Goldman Sachs Group, Inc. |  |  |
| 3.50%, 04/01/25 | 1705 | 1641 |
| The Toronto-Dominion Bank |  |  |
| 0.70%, 09/10/24 (g) | 1670 | 1553 |
| Toyota Motor Credit Corporation |  |  |
| 3.65%, 08/18/25 | 890 | 866 |
| Truist Financial Corporation |  |  |
| 4.53%, (SOFR + 0.40%), 06/09/25 (a) | 880 | 861 |
| UBS Group AG |  |  |
| 1.01%, 07/30/24 (c) (g) | 1785 | 1734 |
| United Overseas Bank Limited |  |  |
| 1.75%, 03/16/31 (e) | 2000 | 1765 |
| Wells Fargo & Company |  |  |
| 1.65%, 06/02/24 | 1635 | 1609 |
| 5.10%, (SOFR + 1.32%), 04/25/26 (a) | 710 | 706 |
| 4.54%, 08/15/26 | 665 | 652 |
| | | 88016 |
| **Utilities 1.6%** | **Utilities 1.6%** | **Utilities 1.6%** |
| Atmos Energy Corporation |  |  |
| 0.63%, 03/09/23 | 744 | 739 |
| Chile Electricity PEC Spa |  |  |
| 0.00%, 01/25/28 (c) (h) | 2400 | 1722 |
| Duke Energy Corporation |  |  |
| 5.00%, 12/08/25 | 800 | 798 |
| Empresa Electrica Angamos S.A |  |  |
| 4.88%, 05/25/29 (e) | 452 | 402 |
| Enel Generacion Chile S.A. |  |  |
| 4.25%, 04/15/24 | 2100 | 2065 |
| Entergy Corporation |  |  |
| 0.90%, 09/15/25 | 1795 | 1600 |
| Fenix Power Peru S.A. |  |  |
| 4.32%, 09/20/27 (e) | 1494 | 1367 |
| GNL Quintero S.A |  |  |
| 4.63%, 07/31/29 (e) | 1318 | 1282 |
| Inkia Energy Limited |  |  |
| 5.88%, 11/09/27 (e) | 965 | 910 |
| Kallpa Generacion S.A. |  |  |
| 4.88%, 05/24/26 (e) | 600 | 578 |
| Korea Electric Power Corp |  |  |
| 1.13%, 06/15/25 (c) | 1000 | 903 |
| 0.75%, 01/27/26 (c) | 1500 | 1314 |
| Mercury Chile Holdco LLC |  |  |
| 6.50%, 01/24/27 (e) | 1500 | 1431 |
| 6.50%, 01/24/27 (c) | 400 | 382 |
| Mexico Generadora De Energia, S. De R.L. De C.V. |  |  |
| 5.50%, 12/06/32 (e) | 342 | 329 |
| Minejesa Capital B.V. |  |  |
| 4.63%, 08/10/30 (e) | 2200 | 1931 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.20%, 06/20/24 | 460 | 455 |
| 4.26%, 09/01/24 (b) | 190 | 188 |
| Orazul Energy Egenor S. Enc. Por A. |  |  |
| 5.63%, 04/28/27 (e) | 1319 | 1186 |
| Pacific Gas And Electric Company |  |  |
| 3.25%, 02/16/24 | 680 | 663 |
| 4.95%, 06/08/25 | 925 | 911 |
| Public Service Enterprise Group Incorporated |  |  |
| 0.84%, 11/08/23 | 1225 | 1180 |
| Southern California Edison Company |  |  |
| 4.43%, (SOFR + 0.83%), 04/01/24 (a) | 1570 | 1558 |
| TNB Global Ventures Capital Berhad |  |  |
| 3.24%, 10/19/26 (e) | 2650 | 2451 |
| Transportadora de Gas del Peru S.A. |  |  |
| 4.25%, 04/30/28 (e) | 1300 | 1220 |
|  |  | 27565 |
| **Energy 1.1%** | **Energy 1.1%** | **Energy 1.1%** |
| AI Candelaria (Spain), S.L.U |  |  |
| 7.50%, 12/15/28 (e) | 1177 | 1118 |
| Ecopetrol S.A. |  |  |
| 5.88%, 09/18/23 | 800 | 797 |
| 4.13%, 01/16/25 | 1470 | 1401 |
| Empresa Electrica Cochrane SpA |  |  |
| 5.50%, 05/14/27 (e) | 1062 | 973 |
| Enbridge Inc. |  |  |
| 0.55%, 10/04/23 | 840 | 812 |
| 2.50%, 02/14/25 | 820 | 774 |
| Energy Transfer LP |  |  |
| 5.88%, 01/15/24 | 1400 | 1404 |
| 4.50%, 04/15/24 | 220 | 217 |
| Galaxy Pipeline Assets Bidco Limited |  |  |
| 1.75%, 09/30/27 (e) | 2517 | 2326 |
| Guara Norte S.a r.l. |  |  |
| 5.20%, 06/15/34 (e) | 182 | 154 |
| Hunt Oil USA, Inc. |  |  |
| 6.38%, 06/01/28 (e) | 1573 | 1498 |
| Kinder Morgan, Inc. |  |  |
| 4.30%, 06/01/25 | 770 | 756 |
| Phillips 66 |  |  |
| 3.85%, 04/09/25 | 725 | 706 |
| 1.30%, 02/15/26 | 85 | 76 |
| Pioneer Natural Resources Company |  |  |
| 0.55%, 05/15/23 | 795 | 782 |
| PT Pertamina (Persero) |  |  |
| 1.40%, 02/09/26 (e) | 1000 | 889 |
| Qatarenergy |  |  |
| 1.38%, 09/12/26 (e) | 1500 | 1332 |
| SA Global Sukuk Limited |  |  |
| 1.60%, 06/17/26 (e) | 1400 | 1250 |
| 1.60%, 06/17/26 (c) | 500 | 447 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.63%, 03/01/25 | 780 | 781 |
| The Williams Companies, Inc. |  |  |
| 4.55%, 06/24/24 | 755 | 746 |
|  |  | 19239 |
| **Consumer Discretionary 1.0%** | **Consumer Discretionary 1.0%** | **Consumer Discretionary 1.0%** |
| Amazon.com, Inc. |  |  |
| 4.60%, 12/01/25 | 1640 | 1638 |
| Daimler Trucks Finance North America LLC |  |  |
| 1.63%, 12/13/24 (c) | 1100 | 1023 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Dollar General Corporation |  |  |
| 4.15%, 11/01/25 | 810 | 793 |
| Dollar Tree, Inc. |  |  |
| 4.00%, 05/15/25 | 1480 | 1442 |
| Expedia Group, Inc. |  |  |
| 6.25%, 05/01/25 (c) | 1590 | 1601 |
| General Motors Financial Company, Inc. |  |  |
| 5.25%, 03/01/26 | 1625 | 1599 |
| Hyatt Hotels Corporation |  |  |
| 1.30%, 10/01/23 (i) | 1390 | 1348 |
| Hyundai Capital America |  |  |
| 1.00%, 09/17/24 (c) | 1040 | 957 |
| Lowe`s Companies, Inc. |  |  |
| 4.40%, 09/08/25 | 560 | 553 |
| Magallanes, Inc. |  |  |
| 3.79%, 03/15/25 (c) | 1705 | 1630 |
| Marriott International, Inc. |  |  |
| 3.60%, 04/15/24 | 1700 | 1665 |
| McDonald's Corporation |  |  |
| 1.45%, 09/01/25 | 1730 | 1588 |
| Nissan Motor Acceptance Company LLC |  |  |
| 1.13%, 09/16/24 (c) | 525 | 479 |
| Volkswagen Group of America, Inc. |  |  |
| 0.88%, 11/22/23 (c) | 1635 | 1570 |
| | | 17886 |
| **Health Care 0.9%** | **Health Care 0.9%** | **Health Care 0.9%** |
| AbbVie Inc. |  |  |
| 2.60%, 11/21/24 | 780 | 747 |
| AstraZeneca PLC |  |  |
| 3.50%, 08/17/23 | 1585 | 1575 |
| Cardinal Health, Inc. |  |  |
| 3.08%, 06/15/24 | 2335 | 2269 |
| Cigna Corporation |  |  |
| 0.61%, 03/15/24 | 555 | 526 |
| Elevance Health, Inc. |  |  |
| 3.50%, 08/15/24 | 2515 | 2455 |
| HCA Inc. |  |  |
| 5.00%, 03/15/24 | 1595 | 1587 |
| Mylan Inc |  |  |
| 3.13%, 01/15/23 (c) | 200 | 200 |
| Royalty Pharma PLC |  |  |
| 0.75%, 09/02/23 | 1600 | 1557 |
| 1.20%, 09/02/25 | 85 | 76 |
| Shire Acquisitions Investments Ireland Designated Activity Company |  |  |
| 2.88%, 09/23/23 | 605 | 597 |
| Thermo Fisher Scientific Inc. |  |  |
| 0.80%, 10/18/23 | 1120 | 1085 |
| UnitedHealth Group Incorporated |  |  |
| 0.55%, 05/15/24 | 400 | 378 |
| 3.70%, 05/15/27 | 630 | 610 |
| Viatris Inc. |  |  |
| 1.65%, 06/22/25 | 710 | 643 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 1.45%, 11/22/24 | 1710 | 1591 |
|  |  | 15896 |
| **Materials 0.9%** | **Materials 0.9%** | **Materials 0.9%** |
| Avery Dennison Corporation |  |  |
| 0.85%, 08/15/24 | 620 | 579 |
| Braskem Netherlands Finance B.V. |  |  |
| 8.50%, 01/23/81 (e) | 1600 | 1550 |
| CSN Resources S.A. |  |  |
| 7.63%, 04/17/26 (e) | 200 | 200 |
| EQUATE Petrochemical B.V. |  |  |
| 4.25%, 11/03/26 (e) | 600 | 573 |
| Freeport-McMoRan Inc. |  |  |
| 4.13%, 03/01/28 | 1100 | 1021 |
| Glencore Funding LLC |  |  |
| 4.13%, 03/12/24 (c) | 470 | 462 |
| 4.00%, 04/16/25 (c) | 1165 | 1124 |
| 1.63%, 09/01/25 (c) | 60 | 54 |
| Gold Fields Orogen Holding (BVI) Limited |  |  |
| 5.13%, 05/15/24 (e) | 200 | 198 |
| LG Chem, Ltd. |  |  |
| 3.25%, 10/15/24 (e) | 1500 | 1443 |
| MEGlobal Canada ULC |  |  |
| 5.00%, 05/18/25 (e) | 200 | 196 |
| MOS Holdings Inc. |  |  |
| 4.25%, 11/15/23 | 1243 | 1238 |
| Orbia Advance Corporation, S.A.B. de C.V. |  |  |
| 1.88%, 05/11/26 (e) | 600 | 524 |
| Periama Holdings, LLC |  |  |
| 5.95%, 04/19/26 (e) | 1100 | 1020 |
| PT Freeport Indonesia |  |  |
| 4.76%, 04/14/27 (e) | 800 | 768 |
| 4.76%, 04/14/27 (c) | 600 | 576 |
| PT Indonesia Asahan Aluminium (Persero) |  |  |
| 4.75%, 05/15/25 (e) | 800 | 784 |
| Sasol Financing USA LLC |  |  |
| 4.38%, 09/18/26 | 800 | 709 |
| Sociedad Quimica Y Minera De Chile S.A. |  |  |
| 4.38%, 01/28/25 (e) | 1000 | 992 |
| UPL Corporation Limited |  |  |
| 4.50%, 03/08/28 (e) | 800 | 675 |
| Vedanta Resources Limited |  |  |
| 7.13%, 05/31/23 (e) | 500 | 465 |
|  |  | 15151 |
| **Communication Services 0.7%** | **Communication Services 0.7%** | **Communication Services 0.7%** |
| Axiata SPV2 Berhad |  |  |
| 4.36%, 03/24/26 (e) | 1035 | 1009 |
| Comcast Corporation |  |  |
| 5.25%, 11/07/25 | 1535 | 1556 |
| DGL3 Limited |  |  |
| 7.00%, (100, 06/01/23) (c) (f) (g) (j) | 56 | 6 |
| 8.00%, 04/01/25 (b) (c) (j) | 165 | 45 |
| KT Corp |  |  |
| 1.00%, 09/01/25 (e) | 1000 | 892 |
| 2.50%, 07/18/26 (e) | 200 | 182 |
| Millicom International Cellular SA |  |  |
| 6.63%, 10/15/26 (e) | 450 | 448 |
| 5.13%, 01/15/28 (e) | 675 | 627 |
| Omnicom Group Inc. |  |  |
| 3.65%, 11/01/24 | 1215 | 1188 |
| Sable International Finance Limited |  |  |
| 5.75%, 09/07/27 (e) | 2073 | 1918 |
| Singtel Group Treasury Pte. Ltd. |  |  |
| 2.38%, 10/03/26 (e) | 1500 | 1377 |
| Verizon Communications Inc. |  |  |
| 5.71%, (3 Month USD LIBOR + 1.10%), 05/15/25 (a) | 1580 | 1588 |
| VTR Comunicaciones SpA |  |  |
| 5.13%, 01/15/28 (e) | 1450 | 899 |
| VTR Finance N.V. |  |  |
| 6.38%, 07/15/28 (e) | 200 | 78 |
|  |  | 11813 |
| **Industrials 0.7%** | **Industrials 0.7%** | **Industrials 0.7%** |
| Adani Ports and Special Economic Zone Limited |  |  |
| 3.38%, 07/24/24 (e) | 800 | 758 |
| 4.00%, 07/30/27 (e) | 500 | 436 |
| Canadian Pacific Railway Limited |  |  |
| 1.35%, 12/02/24 | 1705 | 1591 |
| MV24 Capital B.V. |  |  |
| 6.75%, 06/01/34 (e) | 343 | 313 |
| Northrop Grumman Corporation |  |  |
| 2.93%, 01/15/25 | 1273 | 1221 |
| Parker-Hannifin Corporation |  |  |
| 3.65%, 06/15/24 | 700 | 685 |
| Penske Truck Leasing Co., L.P. |  |  |
| 2.70%, 11/01/24 (c) | 1720 | 1623 |
| PSA Treasury Pte. Ltd. |  |  |
| 2.50%, 04/12/26 (e) | 600 | 558 |
| Republic Services, Inc. |  |  |
| 2.50%, 08/15/24 | 1695 | 1625 |
| The Boeing Company |  |  |
| 4.51%, 05/01/23 (i) | 675 | 674 |
| 4.88%, 05/01/25 (i) | 125 | 124 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Triton Container International Limited |  |  |
| 0.80%, 08/01/23 (c) | 1785 | 1735 |
| | | 11343 |
| **Consumer Staples 0.5%** | **Consumer Staples 0.5%** | **Consumer Staples 0.5%** |
| Adani International Container Terminal Private Limited |  |  |
| 3.00%, 02/16/31 (e) | 750 | 590 |
| B. A. T. Capital Corporation |  |  |
| 2.79%, 09/06/24 | 740 | 709 |
| B.A.T. International Finance P.L.C. |  |  |
| 1.67%, 03/25/26 | 1015 | 899 |
| Campbell Soup Company |  |  |
| 3.95%, 03/15/25 | 1700 | 1661 |
| Camposol SA |  |  |
| 6.00%, 02/03/27 (e) | 350 | 210 |
| Cencosud S.A. |  |  |
| 5.15%, 02/12/25 (e) | 400 | 397 |
| Conagra Brands, Inc. |  |  |
| 4.30%, 05/01/24 | 420 | 415 |
| Constellation Brands, Inc. |  |  |
| 3.60%, 05/09/24 | 805 | 789 |
| General Mills, Inc. |  |  |
| 4.00%, 04/17/25 | 775 | 758 |
| 5.24%, 11/18/25 | 670 | 672 |
| JDE Peet's N.V. |  |  |
| 0.80%, 09/24/24 (c) | 670 | 613 |
| Keurig Dr Pepper Inc. |  |  |
| 0.75%, 03/15/24 | 1760 | 1671 |
|  |  | 9384 |
| **Information Technology 0.4%** | **Information Technology 0.4%** | **Information Technology 0.4%** |
| Broadcom Corporation |  |  |
| 3.88%, 01/15/27 | 30 | 28 |
| Broadcom Inc. |  |  |
| 3.15%, 11/15/25 | 835 | 792 |
| Dell International L.L.C. |  |  |
| 4.00%, 07/15/24 (i) | 765 | 751 |
| 5.85%, 07/15/25 (i) | 875 | 886 |
| Microchip Technology Incorporated |  |  |
| 0.97%, 02/15/24 | 1780 | 1692 |
| NVIDIA Corporation |  |  |
| 0.58%, 06/14/24 | 1670 | 1576 |
| Oracle Corporation |  |  |
| 5.80%, 11/10/25 | 780 | 797 |
| Workday, Inc. |  |  |
| 3.50%, 04/01/27 | 830 | 776 |
|  |  | 7298 |
| **Real Estate 0.3%** | **Real Estate 0.3%** | **Real Estate 0.3%** |
| Equinix, Inc. |  |  |
| 1.25%, 07/15/25 | 1740 | 1574 |
| Simon Property Group, L.P. |  |  |
| 2.00%, 09/13/24 | 1315 | 1250 |
| Welltower OP LLC |  |  |
| 3.63%, 03/15/24 | 1665 | 1629 |
|  |  | 4453 |
| Total Corporate Bonds And Notes (cost $240,964) | Total Corporate Bonds And Notes (cost $240,964) | 228044 |
| **SENIOR FLOATING RATE INSTRUMENTS 7.5%** | **SENIOR FLOATING RATE INSTRUMENTS 7.5%** | **SENIOR FLOATING RATE INSTRUMENTS 7.5%** |
| **Health Care 1.6%** | **Health Care 1.6%** | **Health Care 1.6%** |
| Avantor Funding, Inc. |  |  |
| 2021 Term Loan B5, 6.32%, (1 Month USD LIBOR + 2.25%), 11/08/27 (a) | 3031 | 3012 |
| Catalent Pharma Solutions Inc. |  |  |
| 2021 Term Loan B3, 6.37%, (1 Month USD LIBOR + 2.00%), 05/18/26 (a) | 1302 | 1278 |
| Elanco Animal Health Incorporated |  |  |
| Term Loan B, 5.87%, (1 Month USD LIBOR + 1.75%), 02/04/27 (a) | 4417 | 4234 |
| Grifols Worldwide Operations USA, Inc. |  |  |
| USD 2019 Term Loan B, 6.07%, (1 Month USD LIBOR + 2.00%), 11/15/27 (a) | 4440 | 4286 |
| Horizon Therapeutics USA Inc. |  |  |
| 2021 Term Loan B2, 6.19%, (3 Month USD LIBOR + 1.75%), 02/25/28 (a) | 4969 | 4963 |
| ICON Luxembourg S.A.R.L. |  |  |
| LUX Term Loan, 5.94%, (3 Month USD LIBOR + 2.25%), 06/16/28 (a) | 3240 | 3227 |
| ICU Medical, Inc. |  |  |
| Term Loan B, 5.95%, (3 Month Term SOFR + 2.50%), 12/16/28 (a) | 490 | 473 |
| Term Loan B, 6.92%, (1 Month Term SOFR + 2.50%), 12/16/28 (a) | 66 | 64 |
| IQVIA Inc. |  |  |
| 2018 USD Term Loan B3, 5.42%, (3 Month USD LIBOR + 1.75%), 06/07/25 (a) | 4361 | 4337 |
| Maravai Intermediate Holdings, LLC |  |  |
| 2022 Term Loan B, 6.96%, (SOFR + 3.00%), 10/15/27 (a) (j) | 72 | 71 |
| PRA Health Sciences, Inc. |  |  |
| US Term Loan, 5.94%, (3 Month USD LIBOR + 2.25%), 06/16/28 (a) | 807 | 804 |
| Select Medical Corporation |  |  |
| 2017 Term Loan B, 6.58%, (1 Month USD LIBOR + 2.50%), 02/13/24 (a) | 508 | 496 |
| Sound Inpatient Physicians |  |  |
| 2018 1st Lien Term Loan, 7.07%, (1 Month USD LIBOR + 3.00%), 06/19/25 (a) | 505 | 408 |
|  |  | 27653 |
| **Consumer Discretionary 1.3%** | **Consumer Discretionary 1.3%** | **Consumer Discretionary 1.3%** |
| 1011778 B.C. Unlimited Liability Company |  |  |
| Term Loan B4, 5.82%, (1 Month USD LIBOR + 1.75%), 11/14/26 (a) | 3845 | 3773 |
| Term Loan B4, 6.16%, (3 Month USD LIBOR + 1.75%), 11/14/26 (a) | 1143 | 1122 |
| Alterra Mountain Company |  |  |
| 2021 Series B-2 Consenting Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 07/30/28 (a) | 468 | 461 |
| Aramark Services, Inc. |  |  |
| 2018 Term Loan B3, 5.82%, (1 Month USD LIBOR + 1.75%), 03/01/25 (a) | 440 | 437 |
| 2019 Term Loan B4, 5.82%, (1 Month USD LIBOR + 1.75%), 12/04/26 (a) | 173 | 169 |
| Caesars Resort Collection, LLC |  |  |
| 2017 1st Lien Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 12/23/24 (a) | 119 | 119 |
| 2020 Term Loan B1, 7.57%, (1 Month USD LIBOR + 3.50%), 06/19/25 (a) | 109 | 108 |
| Carnival Corporation |  |  |
| USD Term Loan B, 5.88%, (1 Month USD LIBOR + 3.00%), 06/29/25 (a) | 122 | 117 |
| Conservice Midco, LLC |  |  |
| 2020 Term Loan B, 8.32%, (1 Month USD LIBOR + 4.25%), 05/07/27 (a) | 191 | 185 |
| GOBP Holdings, Inc. |  |  |
| 2020 Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 10/22/25 (a) | 424 | 423 |
| Hilton Domestic Operating Company, Inc. |  |  |
| 2019 Term Loan B2, 6.17%, (3 Month USD LIBOR + 1.75%), 10/25/23 (a) | 400 | 399 |
| KFC Holding Co. |  |  |
| 2021 Term Loan B, 6.09%, (1 Month USD LIBOR + 1.75%), 03/10/28 (a) | 1315 | 1297 |
| Marriott Ownership Resorts, Inc. |  |  |
| 2019 Term Loan B, 5.82%, (1 Month USD LIBOR + 1.75%), 08/29/25 (a) | 585 | 578 |
| PCI Gaming Authority |  |  |
| Term Loan, 6.57%, (1 Month USD LIBOR + 2.50%), 05/15/26 (a) | 133 | 132 |
| Setanta Aircraft Leasing Designated Activity Co. |  |  |
| Term Loan B, 5.67%, (3 Month USD LIBOR + 2.00%), 11/05/28 (a) | 3190 | 3169 |
| SkyMiles IP Ltd. |  |  |
| 2020 Skymiles Term Loan B, 7.99%, (3 Month USD LIBOR + 3.75%), 09/16/27 (a) | 175 | 178 |
| SMG US Midco 2, Inc. |  |  |
| 2020 Term Loan, 6.91%, (3 Month USD LIBOR + 2.50%), 01/23/25 (a) | 109 | 106 |
| 2020 Term Loan, 6.91%, (1 Month USD LIBOR + 2.50%), 01/23/25 (a) | 280 | 272 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Stars Group Holdings B.V. (The) |  |  |
| 2018 USD Incremental Term Loan, 5.89%, (3 Month USD LIBOR + 2.25%), 06/29/25 (a) | 4644 | 4572 |
| WMG Acquisition Corp. |  |  |
| 2021 Term Loan G, 6.20%, (1 Month USD LIBOR + 2.13%), 01/13/28 (a) | 4427 | 4369 |
| | | 21986 |
| **Communication Services 0.8%** | **Communication Services 0.8%** | **Communication Services 0.8%** |
| Cable One, Inc. |  |  |
| 2021 Term Loan B4, 6.07%, (1 Month USD LIBOR + 2.00%), 12/31/24 (a) | 1624 | 1581 |
| Cablevision Lightpath LLC |  |  |
| Term Loan B, 7.57%, (1 Month USD LIBOR + 3.25%), 09/15/27 (a) | 157 | 150 |
| Charter Communications Operating, LLC |  |  |
| 2019 Term Loan B2, 5.51%, (1 Month USD LIBOR + 1.75%), 02/01/27 (a) | 4922 | 4799 |
| Connect Finco Sarl |  |  |
| 2021 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 12/11/26 (a) | 122 | 120 |
| Cyxtera DC Holdings, Inc. |  |  |
| Term Loan B, 7.36%, (3 Month USD LIBOR + 3.00%), 03/15/24 (a) | 310 | 261 |
| Diamond Sports Group, LLC |  |  |
| 2022 2nd Lien Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 08/24/26 (a) (j) | 111 | 13 |
| E.W. Scripps Company (The) |  |  |
| 2019 Term Loan B2, 6.63%, (1 Month USD LIBOR + 2.56%), 05/01/26 (a) | 487 | 478 |
| Gray Television, Inc. |  |  |
| 2018 Term Loan C, 6.62%, (1 Month USD LIBOR + 2.50%), 10/30/25 (a) | 651 | 632 |
| 2021 Term Loan D, 7.12%, (1 Month USD LIBOR + 3.00%), 10/27/28 (a) | 1312 | 1271 |
| iHeartCommunications, Inc. |  |  |
| 2020 Term Loan, 7.07%, (1 Month USD LIBOR + 3.00%), 05/01/26 (a) | 186 | 170 |
| Level 3 Financing Inc. |  |  |
| 2019 Term Loan B, 5.82%, (1 Month USD LIBOR + 1.75%), 03/01/27 (a) | 3397 | 3248 |
| NASCAR Holdings, Inc |  |  |
| Term Loan B, 6.57%, (1 Month USD LIBOR + 2.50%), 07/19/26 (a) | 112 | 111 |
| Virgin Media Bristol LLC |  |  |
| USD Term Loan N, 6.82%, (1 Month USD LIBOR + 2.50%), 10/03/27 (a) | 695 | 682 |
| Ziggo Financing Partnership |  |  |
| USD Term Loan I, 6.82%, (1 Month USD LIBOR + 2.50%), 04/17/28 (a) | 60 | 58 |
|  |  | 13574 |
| **Financials 0.6%** | **Financials 0.6%** | **Financials 0.6%** |
| Fleetcor Technologies Operating Company, LLC |  |  |
| 2021 Term Loan B4, 5.82%, (1 Month USD LIBOR + 1.75%), 04/21/28 (a) | 4956 | 4899 |
| Focus Financial Partners, LLC |  |  |
| 2021 Term Loan B4, 6.59%, (1 Month USD LIBOR + 2.50%), 12/31/24 (a) (j) | 1322 | 1295 |
| Lions Gate Capital Holdings LLC |  |  |
| 2018 Term Loan B, 6.32%, (1 Month USD LIBOR + 2.25%), 03/20/25 (a) | 107 | 102 |
| PAI Holdco, Inc. |  |  |
| 2020 Term Loan B, 8.16%, (3 Month USD LIBOR + 3.75%), 10/13/25 (a) | 133 | 117 |
| Trans Union, LLC |  |  |
| 2019 Term Loan B5, 5.82%, (1 Month USD LIBOR + 1.75%), 11/13/26 (a) | 2895 | 2851 |
| 2021 Term Loan B6, 6.32%, (1 Month USD LIBOR + 1.75%), 11/16/28 (a) | 1282 | 1268 |
| Victory Capital Holdings, Inc. |  |  |
| 2021 Term Loan B, 5.96%, (3 Month Term SOFR + 2.25%), 07/01/26 (a) | 126 | 125 |
| Walker & Dunlop, Inc. |  |  |
| 2021 Term Loan, 6.44%, (SOFR + 2.25%), 10/14/28 (a) | 644 | 629 |
|  |  | 11286 |
| **Information Technology 0.6%** | **Information Technology 0.6%** | **Information Technology 0.6%** |
| eResearchTechnology, Inc. |  |  |
| 2020 1st Lien Term Loan, 8.57%, (1 Month USD LIBOR + 4.50%), 02/05/27 (a) | 34 | 30 |
| Finastra USA, Inc. |  |  |
| USD 2nd Lien Term Loan , 10.62%, (3 Month USD LIBOR + 7.25%), 04/27/25 (a) | 85 | 63 |
| Go Daddy Operating Company, LLC |  |  |
| 2021 Term Loan B4, 6.07%, (1 Month USD LIBOR + 2.00%), 08/10/27 (a) | 273 | 270 |
| 2022 Term Loan B5, 7.34%, (1 Month Term SOFR + 3.25%), 10/21/29 (a) | 4799 | 4786 |
| Hyland Software, Inc. |  |  |
| 2021 2nd Lien Term Loan, 10.32%, (1 Month USD LIBOR + 6.25%), 07/07/25 (a) | 123 | 116 |
| NCR Corporation |  |  |
| 2019 Term Loan, 6.92%, (3 Month USD LIBOR + 2.50%), 04/12/25 (a) | 125 | 121 |
| NortonLifeLock Inc. |  |  |
| 2022 Term Loan B, 6.19%, (1 Month Term SOFR + 2.00%), 01/28/29 (a) | 4422 | 4340 |
| PointClickCare Technologies, Inc. |  |  |
| Term Loan B, 5.94%, (6 Month USD LIBOR + 3.00%), 12/16/27 (a) | 123 | 119 |
| SS&C Technologies Inc. |  |  |
| 2018 Term Loan B5, 5.82%, (1 Month USD LIBOR + 1.75%), 04/15/25 (a) | 1117 | 1096 |
|  |  | 10941 |
| **Materials 0.6%** | **Materials 0.6%** | **Materials 0.6%** |
| Asplundh Tree Expert, LLC |  |  |
| 2021 Term Loan B, 5.82%, (1 Month USD LIBOR + 1.75%), 09/07/27 (a) | 4892 | 4884 |
| Axalta Coating Systems Dutch Holding B B.V. |  |  |
| 2022 USD Term Loan B, 0.00%, (SOFR + 3.00%), 11/30/29 (a) (k) | 1830 | 1830 |
| Cyanco Intermediate Corporation |  |  |
| 2018 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 03/07/25 (a) | 111 | 107 |
| Element Solutions Inc. |  |  |
| 2019 Term Loan B1, 5.73%, (1 Month USD LIBOR + 2.00%), 01/31/26 (a) | 2181 | 2174 |
| 2019 Term Loan B1, 6.09%, (1 Month USD LIBOR + 2.00%), 01/31/26 (a) | 1193 | 1189 |
| Phoenix Services International, LLC |  |  |
| 2022 DIP PIK Roll Up Term Loan, 15.73%, (SOFR + 12.00%), 03/29/23 (a) (j) | 19 | 18 |
| 2022 DIP New Money Term Loan, 16.09%, (SOFR + 12.00%), 03/29/23 (a) (j) | 13 | 12 |
| Term Loan, 9.75%, (PRIME + 2.75%), 01/29/25 (a) | 108 | 9 |
|  |  | 10223 |
| **Industrials 0.5%** | **Industrials 0.5%** | **Industrials 0.5%** |
| Ali Group North America Corporation |  |  |
| 2021 Term Loan B, 6.20%, (1 Month USD LIBOR + 2.00%), 10/13/28 (a) | 1234 | 1222 |
| Alliance Laundry Systems LLC |  |  |
| Term Loan B, 7.41%, (3 Month USD LIBOR + 3.50%), 09/30/27 (a) | 97 | 95 |
| Amentum Government Services Holdings LLC |  |  |
| Term Loan B, 7.67%, (3 Month USD LIBOR + 4.00%), 01/24/27 (a) | 41 | 41 |
| Term Loan B, 7.67%, (3 Month USD LIBOR + 4.00%), 01/24/27 (a) | 21 | 20 |
| Term Loan B, 8.17%, (3 Month USD LIBOR + 4.00%), 01/24/27 (a) | 21 | 20 |
| American Airlines, Inc. |  |  |
| 2017 1st Lien Term Loan, 6.14%, (3 Month USD LIBOR + 1.75%), 01/29/27 (a) | 88 | 83 |
| APi Group DE, Inc. |  |  |
| Term Loan B, 6.57%, (1 Month USD LIBOR + 2.50%), 09/25/26 (a) | 428 | 425 |
| Berry Global, Inc. |  |  |
| 2021 Term Loan Z, 6.02%, (1 Month USD LIBOR + 1.75%), 07/01/26 (a) | 1858 | 1841 |
| Camelot U.S. Acquisition LLC |  |  |
| 2020 Incremental Term Loan B, 7.07%, (1 Month USD LIBOR + 3.00%), 10/30/26 (a) | 26 | 26 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Clean Harbors Inc. |  |  |
| 2021 Incremental Term Loan B, 6.07%, (1 Month USD LIBOR + 2.00%), 09/21/28 (a) | 1114 | 1107 |
| First Advantage Holdings, LLC |  |  |
| 2021 Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 01/31/27 (a) | 191 | 187 |
| Generac Power Systems, Inc. |  |  |
| 2019 Term Loan B, 5.97%, (1 Month Term SOFR + 1.75%), 12/11/26 (a) | 109 | 105 |
| Graham Packaging Company Inc. |  |  |
| 2021 Term Loan, 7.07%, (1 Month USD LIBOR + 3.00%), 08/04/27 (a) | 260 | 255 |
| Standard Industries Inc. |  |  |
| 2021 Term Loan B, 6.42%, (3 Month USD LIBOR + 2.25%), 08/05/28 (a) | 2146 | 2118 |
| TransDigm, Inc. |  |  |
| 2020 Term Loan F, 5.92%, (3 Month USD LIBOR + 2.25%), 06/09/23 (a) | 588 | 580 |
| Univar Inc. |  |  |
| 2019 USD Term Loan B5, 6.07%, (1 Month USD LIBOR + 2.00%), 11/08/26 (a) | 82 | 82 |
| Univar Solutions USA Inc. |  |  |
| Term Loan B6, 5.82%, (1 Month USD LIBOR + 1.75%), 05/26/28 (a) | 857 | 852 |
| | | 9059 |
| **Consumer Staples 0.5%** | **Consumer Staples 0.5%** | **Consumer Staples 0.5%** |
| Energizer Holdings, Inc. |  |  |
| 2020 Term Loan, 6.63%, (1 Month USD LIBOR + 2.25%), 12/16/27 (a) | 2884 | 2823 |
| Froneri International Ltd. |  |  |
| 2020 USD Term Loan, 6.32%, (1 Month USD LIBOR + 2.25%), 01/29/27 (a) | 477 | 464 |
| Rentpath, Inc. |  |  |
| 2021 Stub Current Face Term Loan, 0.00%, 12/31/24 (l) (m) (n) | 30 |  |
| Reynolds Consumer Products LLC |  |  |
| Term Loan, 5.82%, (1 Month USD LIBOR + 1.75%), 01/30/27 (a) | 4868 | 4824 |
| Sunshine Luxembourg VII SARL |  |  |
| 2021 Term Loan B3, 7.42%, (3 Month USD LIBOR + 3.75%), 10/02/26 (a) | 107 | 102 |
| United Natural Foods, Inc. |  |  |
| Term Loan B, 7.45%, (1 Month Term SOFR + 3.25%), 10/10/25 (a) | 40 | 39 |
| US Foods, Inc. |  |  |
| 2019 Term Loan B, 6.07%, (1 Month USD LIBOR + 2.00%), 08/14/26 (a) | 551 | 544 |
|  |  | 8796 |
| **Utilities 0.4%** | **Utilities 0.4%** | **Utilities 0.4%** |
| Calpine Corporation |  |  |
| Term Loan B9, 6.08%, (1 Month USD LIBOR + 2.00%), 03/22/26 (a) | 827 | 815 |
| 2019 Term Loan B10, 6.07%, (1 Month USD LIBOR + 2.00%), 08/02/26 (a) | 39 | 38 |
| 2020 Term Loan B5, 6.58%, (1 Month USD LIBOR + 2.50%), 12/02/27 (a) | 1378 | 1363 |
| Vistra Operations Company LLC |  |  |
| 1st Lien Term Loan B3, 5.82%, (1 Month USD LIBOR + 1.75%), 12/11/25 (a) | 3892 | 3854 |
| 1st Lien Term Loan B3, 6.09%, (1 Month USD LIBOR + 1.75%), 12/11/25 (a) | 968 | 958 |
|  |  | 7028 |
| **Real Estate 0.3%** | **Real Estate 0.3%** | **Real Estate 0.3%** |
| Iron Mountain, Inc. |  |  |
| 2018 Term Loan B, 5.82%, (1 Month USD LIBOR + 1.75%), 03/02/26 (a) | 4879 | 4800 |
| **Energy 0.3%** | **Energy 0.3%** | **Energy 0.3%** |
| ExGen Renewables IV, LLC |  |  |
| 2020 Term Loan, 7.24%, (3 Month USD LIBOR + 2.50%), 12/11/27 (a) | 171 | 169 |
| Pilot Travel Centers LLC |  |  |
| 2021 Term Loan B, 6.19%, (1 Month Term SOFR + 2.00%), 07/29/28 (a) | 4418 | 4361 |
| Prairie ECI Acquiror LP |  |  |
| Term Loan B, 8.82%, (1 Month USD LIBOR + 4.75%), 03/07/26 (a) | 177 | 171 |
|  |  | 4701 |
| Total Senior Floating Rate Instruments (cost $131,948) | Total Senior Floating Rate Instruments (cost $131,948) | 130047 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| El Paso Electric Company (l) (n) | 15 | 283 |
| Frontera Holdings LLC (l) (n) |  |  |
| Total Common Stocks (cost $179) | Total Common Stocks (cost $179) | 283 |
| **SHORT TERM INVESTMENTS 7.0%** | **SHORT TERM INVESTMENTS 7.0%** | **SHORT TERM INVESTMENTS 7.0%** |
| **U.S. Treasury Bill 6.1%** | **U.S. Treasury Bill 6.1%** | **U.S. Treasury Bill 6.1%** |
| Treasury, United States Department of |  |  |
| 2.69%, 01/26/23 | 50000 | 49871 |
| 4.35%, 03/23/23 (d) | 21800 | 21597 |
| 3.42%, 08/10/23 (d) | 35820 | 34855 |
|  |  | 106323 |
| **Investment Companies 0.9%** | **Investment Companies 0.9%** | **Investment Companies 0.9%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (o) (p) | 16461 | 16461 |
| Total Short Term Investments (cost $123,028) | Total Short Term Investments (cost $123,028) | 122784 |
| **Total Investments 103.6% (cost $1,918,957)** | **Total Investments 103.6% (cost $1,918,957)** | **1806002** |
| **Other Derivative Instruments (4.2)%** | **Other Derivative Instruments (4.2)%** | **(73835)** |
| **Other Assets and Liabilities, Net 0.6%** | **Other Assets and Liabilities, Net 0.6%** | **11422** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1743589** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(b) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(c) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $72,324 and 4.1% of the Fund.

(d) All or a portion of the security is pledged or segregated as collateral.

(e) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(f) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(g) Convertible security.

(h) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(i) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(j) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(k) This senior floating rate interest will settle after December 31, 2022. If a reference rate and spread is presented, it will go into effect upon settlement.

(l) Non-income producing security.

(m) As of December 31, 2022, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(n) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

Financial Statements.

(o) Investment in affiliate.

(p) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 84.0% |
| **Cayman Islands** | 6.9 |
| **Ireland** | 1.0 |
| **United Kingdom** | 0.9 |
| **Peru** | 0.8 |
| **Jersey** | 0.7 |
| **Colombia** | 0.7 |
| **Canada** | 0.6 |
| **Chile** | 0.6 |
| **Singapore** | 0.5 |
| **South Korea** | 0.4 |
| **Japan** | 0.3 |
| **Indonesia** | 0.3 |
| **Bermuda** | 0.3 |
| **Malaysia** | 0.2 |
| **France** | 0.2 |
| **India** | 0.2 |
| **Mexico** | 0.2 |
| **Netherlands** | 0.2 |
| **Australia** | 0.2 |
| **Brazil** | 0.1 |
| **Israel** | 0.1 |
| **South Africa** | 0.1 |
| **Switzerland** | 0.1 |
| **Panama** | 0.1 |
| **Qatar** | 0.1 |
| **Spain** | 0.1 |
| **Paraguay** | 0.1 |
| **Kuwait** |  |
| **Luxembourg** |  |
| **Virgin Islands (British)** |  |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adani International Container Terminal Private Limited, 3.00%, 02/16/31 | 08/10/22 | 618 | 590 |  |
| Adani Ports and Special Economic Zone Limited, 3.38%, 07/24/24 | 11/09/21 | 818 | 758 |  |
| Adani Ports and Special Economic Zone Limited, 4.00%, 07/30/27 | 08/01/22 | 457 | 436 |  |
| AI Candelaria (Spain), S.L.U, 7.50%, 12/15/28 | 06/01/22 | 1129 | 1118 | 0.1 |
| Axiata SPV2 Berhad, 4.36%, 03/24/26 | 01/22/21 | 1126 | 1009 | 0.1 |
| Banco Bilbao Vizcaya Argentaria Colombia S.A, 4.88%, 04/21/25 | 02/18/21 | 942 | 863 | 0.1 |
| Banco Continental S.A.E.C.A., 2.75%, 12/10/25 | 05/27/22 | 364 | 357 |  |
| Banco de Credito del Peru, 3.13%, 07/01/30 | 04/05/21 | 1154 | 1046 | 0.1 |
| Banco de Credito del Peru, 3.25%, 09/30/31 | 06/17/21 | 199 | 176 |  |
| Banco Del Estado De Chile, 2.70%, 01/09/25 | 11/16/21 | 407 | 379 |  |
| Banco Internacional Del Peru S.A.A. – Interbank, 6.63%, 03/19/29 | 12/14/21 | 567 | 546 |  |
| Banco Internacional Del Peru S.A.A. – Interbank, 4.00%, 07/08/30 | 05/13/21 | 1294 | 1180 | 0.1 |
| Banco Latinoamericano de Comercio Exterior, S.A., 2.38%, 09/14/25 | 11/16/21 | 504 | 457 |  |
| Banco Mercantil Del Norte S.A, 5.88% (callable at 100, 01/24/27) | 09/15/22 | 428 | 445 |  |
| Banco Nacional De Comercio Exterior, S.N.C., 2.72%, 08/11/31 | 08/11/22 | 354 | 332 |  |
| Banco Santander-Chile, 2.70%, 01/10/25 | 11/16/21 | 508 | 475 |  |
| Bank Leumi le-Israel B.M., 3.28%, 01/29/31 | 08/24/22 | 1255 | 1240 | 0.1 |
| BBVA Bancomer S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer, 1.88%, 09/18/25 | 06/01/22 | 375 | 366 |  |
| BBVA Bancomer S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer, 5.35%, 11/12/29 | 04/04/19 | 875 | 867 | 0.1 |
| Braskem Netherlands Finance B.V., 8.50%, 01/23/81 | 07/07/22 | 1604 | 1550 | 0.1 |
| Camposol SA, 6.00%, 02/03/27 | 06/16/21 | 358 | 210 |  |
| Cencosud S.A., 5.15%, 02/12/25 | 08/12/22 | 404 | 397 |  |
| Corporacion Financiera de Desarrollo S.A., 5.25%, 07/15/29 | 05/20/21 | 1021 | 963 | 0.1 |
| CSN Resources S.A., 7.63%, 04/17/26 | 08/15/22 | 202 | 200 |  |
| DBS Group Holdings Ltd, 4.52%, 12/11/28 | 03/21/22 | 203 | 198 |  |
| DBS Group Holdings Ltd, 1.82%, 03/10/31 | 07/28/21 | 2601 | 2308 | 0.1 |
| Empresa Electrica Angamos S.A, 4.88%, 05/25/29 | 01/10/20 | 457 | 402 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Empresa Electrica Cochrane SpA, 5.50%, 05/14/27 | 05/11/21 | 1048 | 973 | 0.1 |
| EQUATE Petrochemical B.V., 4.25%, 11/03/26 | 11/12/21 | 644 | 573 |  |
| Fenix Power Peru S.A., 4.32%, 09/20/27 | 12/11/20 | 1544 | 1367 | 0.1 |
| Galaxy Pipeline Assets Bidco Limited, 1.75%, 09/30/27 | 02/09/21 | 2543 | 2326 | 0.1 |
| GNL Quintero S.A, 4.63%, 07/31/29 | 08/04/21 | 1414 | 1282 | 0.1 |
| Gold Fields Orogen Holding (BVI) Limited, 5.13%, 05/15/24 | 04/11/22 | 202 | 198 |  |
| Gruposura Finance, 5.50%, 04/29/26 | 06/09/21 | 844 | 776 |  |
| Guara Norte S.a r.l., 5.20%, 06/15/34 | 11/21/22 | 149 | 154 |  |
| Hunt Oil USA, Inc., 6.38%, 06/01/28 | 04/22/22 | 1536 | 1498 | 0.1 |
| Inkia Energy Limited, 5.88%, 11/09/27 | 12/20/21 | 959 | 910 | 0.1 |
| Interoceanica IV Finance Ltd, 0.00%, 11/30/25 | 12/06/19 | 140 | 119 |  |
| Itau Unibanco Holding S.A., 3.88%, 04/15/31 | 06/10/21 | 1715 | 1577 | 0.1 |
| Kallpa Generacion S.A., 4.88%, 05/24/26 | 05/26/22 | 589 | 578 |  |
| KT Corp, 1.00%, 09/01/25 | 01/27/21 | 1005 | 892 | 0.1 |
| KT Corp, 2.50%, 07/18/26 | 07/28/21 | 208 | 182 |  |
| LG Chem, Ltd., 3.25%, 10/15/24 | 05/18/20 | 1547 | 1443 | 0.1 |
| MEGlobal Canada ULC, 5.00%, 05/18/25 | 03/23/22 | 206 | 196 |  |
| Mercury Chile Holdco LLC, 6.50%, 01/24/27 | 04/20/22 | 1430 | 1431 | 0.1 |
| Mexico Generadora De Energia, S. De R.L. De C.V., 5.50%, 12/06/32 | 09/08/22 | 328 | 329 |  |
| Millicom International Cellular SA, 6.63%, 10/15/26 | 03/24/22 | 453 | 448 |  |
| Millicom International Cellular SA, 5.13%, 01/15/28 | 06/21/21 | 691 | 627 |  |
| Minejesa Capital B.V., 4.63%, 08/10/30 | 05/07/21 | 2218 | 1931 | 0.1 |
| MV24 Capital B.V., 6.75%, 06/01/34 | 09/22/22 | 300 | 313 |  |
| Orazul Energy Egenor S. Enc. Por A., 5.63%, 04/28/27 | 07/01/21 | 1344 | 1186 | 0.1 |
| Orbia Advance Corporation, S.A.B. de C.V., 1.88%, 05/11/26 | 05/26/22 | 551 | 524 |  |
| Oversea-Chinese Banking Corporation Limited, 1.83%, 09/10/30 | 10/23/20 | 1703 | 1528 | 0.1 |
| Periama Holdings, LLC, 5.95%, 04/19/26 | 07/26/22 | 1019 | 1020 | 0.1 |
| PSA Treasury Pte. Ltd., 2.50%, 04/12/26 | 02/02/21 | 623 | 558 |  |
| PT Freeport Indonesia, 4.76%, 04/14/27 | 09/15/22 | 772 | 768 |  |
| PT Indonesia Asahan Aluminium (Persero), 4.75%, 05/15/25 | 05/10/22 | 797 | 784 | 0.1 |
| PT Pertamina (Persero), 1.40%, 02/09/26 | 09/15/21 | 936 | 889 | 0.1 |
| Qatarenergy, 1.38%, 09/12/26 | 11/02/21 | 1485 | 1332 | 0.1 |
| SA Global Sukuk Limited, 1.60%, 06/17/26 | 08/13/21 | 1396 | 1250 | 0.1 |
| Sable International Finance Limited, 5.75%, 09/07/27 | 06/11/21 | 2105 | 1918 | 0.1 |
| Scotiabank Peru S.A.A., 8.59%, 12/13/27 | 10/16/19 | 599 | 591 |  |
| Singtel Group Treasury Pte. Ltd., 2.38%, 10/03/26 | 05/21/20 | 1557 | 1377 | 0.1 |
| Sociedad Quimica Y Minera De Chile S.A., 4.38%, 01/28/25 | 05/26/22 | 995 | 992 | 0.1 |
| TNB Global Ventures Capital Berhad, 3.24%, 10/19/26 | 01/14/21 | 2790 | 2451 | 0.1 |
| Transportadora de Gas del Peru S.A., 4.25%, 04/30/28 | 05/20/21 | 1372 | 1220 | 0.1 |
| United Overseas Bank Limited, 1.75%, 03/16/31 | 09/27/21 | 1993 | 1765 | 0.1 |
| UPL Corporation Limited, 4.50%, 03/08/28 | 07/21/22 | 646 | 675 |  |
| Vedanta Resources Limited, 7.13%, 05/31/23 | 01/16/19 | 498 | 465 |  |
| VTR Comunicaciones SpA, 5.13%, 01/15/28 | 06/17/21 | 1493 | 899 | 0.1 |
| VTR Finance N.V., 6.38%, 07/15/28 | 04/21/22 | 187 | 78 |  |
|  |  | 66798 | 61261 | 3.5 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Unrealized Appreciation (Depreciation) ($)** |
| **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** |
| **INDEX** | **INDEX** | **INDEX** | **INDEX** | **INDEX** | **INDEX** | **INDEX** |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.40% (MT) | BCL | 06/23/23 | 90000  |  | (1010) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.40% (MT) | BCL | 05/12/23 | 75000  |  | 2668 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.40% (MT) | BCL | 02/10/23 | 80000  |  | (3040) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.40% (MT) | BCL | 01/13/23 | 70000  |  | (2367) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.40% (MT) | BCL | 04/14/23 | 55000  |  | (2807) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.40% (MT) | BCL | 03/03/23 | 90000  |  | (6040) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.40% (MT) | BCL | 01/23/23 | 80000  |  | (6071) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.39% (MT) | BNP | 05/04/23 | 60000  |  | 3970 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.39% (MT) | BNP | 02/02/23 | 75000  |  | (943) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.39% (MT) | BNP | 03/16/23 | 2500  |  | (195) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.39% (MT) | BNP | 06/08/23 | 70000  |  | (5467) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.39% (MT) | BNP | 03/16/23 | 97000  |  | (9292) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.39% (MT) | BNP | 04/20/23 | 85000  |  | (85) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.39% (MT) | BNP | 04/06/23 | 80000  |  | (1977) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.39% (MT) | BNP | 06/15/23 | 75000  |  | (2607) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.38% (MT) | BOA | 02/16/23 | 75000  |  | (1029) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.38% (MT) | BOA | 01/26/23 | 75000  |  | (66) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements (continued)** | **JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements (continued)** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Unrealized Appreciation (Depreciation) ($)** |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.40% (MT)<br> CIB | 01/04/23 | 80000  |  | (6486) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.40% (MT)<br> CIB | 03/22/23 | 90000  |  | (13019) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.40% (MT)<br> CIB | 02/15/23 | 75000  |  | (3905) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.40% (MT)<br> CIB | 05/26/23 | 75000  |  | (5712) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.40% (MT)<br> CIB | 05/19/23 | 55000  |  | (2517) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.40% (MT)<br> CIB | 04/26/23 | 55000  |  | 1304 |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.40% (MT)<br> CIB | 06/30/23 | 75000  |  | (2607) |
| Schiller Barclays CAPE US Sector II Index (MT) ‡ | Fixed Rate of 0.40% (MT)<br> CIB | 03/08/23 | 90000  |  | (4535) |
|  |  |  |  |  | (73835) |

---

‡Shiller Barclays CAPE US Sector Index aims to provide notional long exposure to the top four United States equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE Ratio (the "Relative CAPE Indicator") and that possess relatively strong price momentum over the period of six months. Each U.S. sector is represented by an ETF that invests primarily in equity securities of companies in the relevant sector. The components of the index are publicly available at

https://indices.barclays/IM/12/en/indices/details.app;ticker=BXIICS2E;tab=constituents.

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 912260 |  | 912260 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 412584 |  | 412584 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 228044 |  | 228044 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 130047 |  | 130047 |
| &nbsp;&nbsp;Common Stocks |  |  | 283 | 283 |
| &nbsp;&nbsp;Short Term Investments | 16461 | 106323 |  | 122784 |
|  | 16461 | 1789258 | 283 | 1806002 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | 7942 |  | 7942 |
|  |  | 7942 |  | 7942 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (81777) |  | (81777) |
|  |  | (81777) |  | (81777) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 58.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 58.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 58.9%** |
| **Mortgage-Backed Securities 28.5%** | **Mortgage-Backed Securities 28.5%** | **Mortgage-Backed Securities 28.5%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.00%, 06/01/43 - 03/01/52 | 76186 | 68807 |
| 4.00%, 09/01/43 - 02/01/44 | 4030 | 3914 |
| 3.50%, 02/01/46 - 05/01/52 | 31009 | 28482 |
| 2.50%, 09/01/50 - 12/01/50 | 21344 | 18231 |
| 4.50%, 08/01/52 | 8334 | 8041 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.50%, 04/01/26 - 06/01/52 | 14988 | 14481 |
| 2.48%, 11/01/29 | 25000 | 21912 |
| 1.90%, 05/01/30 | 25000 | 20835 |
| 1.88%, 02/01/32 | 10000 | 8011 |
| 2.63%, 04/01/32 | 62149 | 52034 |
| 1.83%, 11/01/33 | 6300 | 4792 |
| 3.00%, 03/01/35 - 04/01/51 | 53846 | 48214 |
| 1.50%, 05/01/36 | 16139 | 14097 |
| 2.00%, 05/01/36 - 02/01/51 | 72926 | 61793 |
| 3.50%, 09/01/43 - 04/01/52 | 62415 | 57464 |
| 2.20%, 09/01/46 | 26579 | 19905 |
| 4.00%, 08/01/47 - 07/01/52 | 37188 | 35464 |
| 2.50%, 09/01/50 - 03/01/51 | 72776 | 62376 |
| Government National Mortgage Association |  |  |
| 3.50%, 10/20/45 | 1381 | 1272 |
| 2.50%, 08/20/51 | 36326 | 31319 |
|  |  | 581444 |
| **Collateralized Mortgage Obligations 14.2%** | **Collateralized Mortgage Obligations 14.2%** | **Collateralized Mortgage Obligations 14.2%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A-4260, REMIC, 3.00%, 02/15/32 | 1995 | 1947 |
| Series AY-4092, REMIC, 3.00%, 08/15/32 | 8200 | 7521 |
| Series EY-4215, REMIC, 3.00%, 06/15/33 | 10000 | 9073 |
| Series UB-4247, REMIC, 3.00%, 09/15/33 | 6199 | 5696 |
| Series EB-4247, REMIC, 3.50%, 09/15/33 | 5000 | 4788 |
| Series GA-4376, REMIC, 3.00%, 04/15/40 | 107 | 106 |
| Interest Only, Series SP-3770, REMIC, 2.18%, (6.50% - (1 Month USD LIBOR \* 1)), 11/15/40 (a) | 470 | 10 |
| Interest Only, Series SM-3780, REMIC, 2.18%, (6.50% - (1 Month USD LIBOR \* 1)), 12/15/40 (a) | 5966 | 589 |
| Series KA-4366, REMIC, 3.00%, 03/15/41 | 777 | 766 |
| Series SL-4061, REMIC, 0.47%, (7.06% - (1 Month USD LIBOR \* 1.75)), 06/15/42 (a) | 36 | 24 |
| Series KM-4141, REMIC, 1.75%, 12/15/42 | 8911 | 7634 |
| Series CS-4156, REMIC, 0.46%, (5.40% - (1 Month USD LIBOR \* 1.2)), 01/15/43 (a) | 3279 | 2272 |
| Series UZ-4508, REMIC, 3.00%, 07/15/43 | 515 | 399 |
| Series ZX-4404, REMIC, 4.00%, 04/15/44 | 58576 | 56244 |
| Series AB-4533, REMIC, 3.00%, 06/15/44 | 2968 | 2785 |
| Series CA-4573, REMIC, 3.00%, 11/15/44 | 10196 | 9564 |
| Series LZ-4410, REMIC, 4.00%, 11/15/44 | 2055 | 1923 |
| Series KZ-4440, REMIC, 3.00%, 02/15/45 | 13601 | 11802 |
| Series DZ-4894, REMIC, 3.50%, 06/15/49 | 5941 | 5501 |
| Interest Only, Series MS-4291, REMIC, 1.58%, (5.90% - (1 Month USD LIBOR \* 1)), 01/15/54 (a) | 2169 | 211 |
| Federal National Mortgage Association, Inc. |  |  |
| Interest Only, Series 2010-CS-134, REMIC, 2.29%, (6.68% - (1 Month USD LIBOR \* 1)), 12/25/25 (a) | 199 | 2 |
| Series 2013-QZ-54, REMIC, 3.00%, 06/25/33 | 190 | 167 |
| Series 2013-WB-100, REMIC, 3.00%, 10/25/33 | 17433 | 16413 |
| Interest Only, Series 2005-S-2, REMIC, 2.21%, (6.60% - (1 Month USD LIBOR \* 1)), 02/25/35 (a) | 3020 | 221 |
| Interest Only, Series 2011-PS-84, REMIC, 2.21%, (6.60% - (1 Month USD LIBOR \* 1)), 01/25/40 (a) | 382 | 1 |
| Series 2010-KD-120, REMIC, 4.00%, 10/25/40 | 279 | 269 |
| Series 2013-PB-59, REMIC, 2.00%, 09/25/41 | 1591 | 1483 |
| Interest Only, Series 2011-ES-93, REMIC, 2.11%, (6.50% - (1 Month USD LIBOR \* 1)), 09/25/41 (a) | 1029 | 110 |
| Series 2014-KZ-11, REMIC, 2.50%, 10/25/41 | 3854 | 3396 |
| Interest Only, Series 2018-ST-25, REMIC, 1.66%, (6.05% - (1 Month USD LIBOR \* 1)), 03/25/42 (a) | 7578 | 604 |
| Series 2012-BZ-14, REMIC, 4.00%, 03/25/42 | 834 | 797 |
| Series 2012-Z-31, REMIC, 4.00%, 04/25/42 | 806 | 770 |
| Series 2012-CZ-87, REMIC, 3.00%, 08/25/42 | 12053 | 10916 |
| Series 2015-AC-88, REMIC, 3.00%, 04/25/43 | 1987 | 1913 |
| Series 2016-A-9, REMIC, 3.00%, 09/25/43 | 87 | 86 |
| Series 2013-AZ-133, REMIC, 4.00%, 01/25/44 | 14416 | 13762 |
| Series 2016-PA-81, REMIC, 3.00%, 02/25/44 | 1383 | 1334 |
| Series 2014-GZ-85, REMIC, 3.00%, 12/25/44 | 12775 | 11107 |
| Series 2015-CE-78, REMIC, 2.50%, 11/25/45 | 11976 | 11104 |
| Series 2017-ZC-4, REMIC, 3.50%, 02/25/47 | 10960 | 10359 |
| Series 2022-DZ-18, REMIC, 3.50%, 04/25/52 | 10266 | 7861 |
| Series 2022-ZQ-16, REMIC, 3.50%, 04/25/52 | 7843 | 6060 |
| Government National Mortage Association REMIC Trust 2020-095 |  |  |
| Interest Only, Series 2020-IH-86, REMIC, 3.00%, 06/20/50 | 14858 | 2077 |
| Interest Only, Series 2020-WI-86, REMIC, 3.00%, 06/20/50 | 28693 | 4400 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2010-PS-116, REMIC, 1.75%, (6.10% - (1 Month USD LIBOR \* 1)), 03/20/40 (a) | 803 | 4 |
| Series 2012-Z-32, REMIC, 3.50%, 03/20/42 | 1145 | 1089 |
| Interest Only, Series 2022-SA-22, REMIC, 0.00%, (3.60% - (SOFR 30-Day Average \* 1)), 08/20/50 (a) | 13523 | 284 |
| Series 2022-BZ-174, REMIC, 3.50%, 08/20/50 | 20044 | 16774 |
| Interest Only, Series 2020-IE-160, REMIC, 2.50%, 10/20/50 | 43412 | 5574 |
| Interest Only, Series 2020-SB-185, REMIC, 1.95%, (6.30% - (1 Month USD LIBOR \* 1)), 12/20/50 (a) | 43922 | 5663 |
| Interest Only, Series 2021-IM-15J, REMIC, 2.50%, 01/20/51 | 54072 | 7010 |
| Interest Only, Series 2021-IB-30, REMIC, 2.50%, 02/20/51 | 29390 | 4010 |
| Interest Only, Series 2021-IM-24, REMIC, 3.00%, 02/20/51 | 17367 | 2609 |
| Interest Only, Series 2021-S-59, REMIC, 0.00%, (2.60% - (SOFR 30-Day Average \* 1)), 04/20/51 (a) | 19638 | 270 |
| Interest Only, Series 2021-SL-58, REMIC, 0.00%, (3.75% - (1 Month USD LIBOR \* 1)), 04/20/51 (a) | 60242 | 1922 |
| Interest Only, Series 2021-IK-114, REMIC, 3.00%, 06/20/51 | 41818 | 6370 |
| Government National Mortgage Association Guaranteed REMIC Pass-Through Securities |  |  |
| Interest Only, Series 2022-IO-83, REMIC, 2.50%, 11/20/51 | 32596 | 4326 |
|  |  | 289972 |
| **U.S. Treasury Bond 13.1%** | **U.S. Treasury Bond 13.1%** | **U.S. Treasury Bond 13.1%** |
| Treasury, United States Department of |  |  |
| 2.38%, 05/15/51 | 100000 | 71875 |
| 3.00%, 08/15/52 | 235000 | 194536 |
|  |  | 266411 |
| **Commercial Mortgage-Backed Securities 2.7%** | **Commercial Mortgage-Backed Securities 2.7%** | **Commercial Mortgage-Backed Securities 2.7%** |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2022-A1X-M4, REMIC, 2.46%, 05/25/30 (a) | 20189 | 18381 |
| Interest Only, Series 2020-X1-M15, REMIC, 1.48%, 09/25/31 (a) | 40214 | 2253 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2021-IO-84, REMIC, 0.79%, 04/16/61 (a) | 78325 | 4785 |
| Interest Only, Series 2022-IO-14, REMIC, 0.66%, 12/16/61 (a) | 38785 | 2102 |
| Interest Only, Series 2021-IO-20, REMIC, 1.14%, 08/16/62 (a) | 63705 | 5020 |
| Interest Only, REMIC, 0.82%, 02/16/63 (a) | 56347 | 3611 |
| Interest Only, Series 2021-IO-52, REMIC, 0.72%, 04/16/63 (a) | 67989 | 3613 |
| Interest Only, Series 2021-IO-45, REMIC, 0.81%, 04/16/63 (a) | 11316 | 717 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Interest Only, Series 2021-IO-22, REMIC, 0.98%, 05/16/63 (a) | 18631 | 1333 |
| Interest Only, Series 2021-IO-129, REMIC, 0.99%, 06/16/63 (a) | 81724 | 6027 |
| Interest Only, Series 2021-IO-79, REMIC, 0.91%, 08/16/63 (a) | 43645 | 2924 |
| Interest Only, Series 2022-IO-130, REMIC, 0.38%, 11/16/63 (a) | 80296 | 3617 |
| Interest Only, Series 2022-IO-118, REMIC, 0.64%, 06/16/64 (a) | 29525 | 1710 |
| | | 56093 |
| **U.S. Treasury Note 0.4%** | **U.S. Treasury Note 0.4%** | **U.S. Treasury Note 0.4%** |
| Treasury, United States Department of |  |  |
| 4.13%, 11/15/32 | 7100 | 7242 |
| Total Government And Agency Obligations (cost $1,382,391) | Total Government And Agency Obligations (cost $1,382,391) | 1201162 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 38.7%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 38.7%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 38.7%** |
| ABFC 2007-WMC1 Trust |  |  |
| Series 2007-A1A-WMC1, REMIC, 5.64%, (1 Month USD LIBOR + 1.25%), 06/25/37 (a) (b) | 3633 | 2395 |
| Affirm Asset Securitization Trust 2020-Z1 |  |  |
| Series 2020-A-Z1, 3.46%, 10/15/24 | 388 | 386 |
| Affirm Asset Securitization Trust 2021-B |  |  |
| Series 2021-C-B, 1.40%, 04/15/24 | 3750 | 3419 |
| Aircraft Lease Securitisation Limited |  |  |
| Series 2007-2F5-M1, REMIC, 4.15%, 12/25/28 (a) (b) | 2478 | 2063 |
| Ajax Mortgage Loan Trust 2019-G |  |  |
| Series 2019-A-G, REMIC, 3.00%, 09/25/59 (b) | 5377 | 5529 |
| Aligned Data Centers Issuer, LLC |  |  |
| Series 2021-A2-1A, 1.94%, 08/17/26 | 5000 | 4259 |
| Series 2021-B-1A, 2.48%, 08/17/26 | 4000 | 3294 |
| Alternative Loan Trust |  |  |
| Series 2006-A16-19CB, REMIC, 6.00%, 08/25/36 | 1500 | 901 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-A2-23CB, REMIC, 5.50%, 07/25/35 | 1883 | 1594 |
| Alternative Loan Trust 2006-15CB |  |  |
| Series 2006-1A7-23CB, REMIC, 6.00%, 08/25/36 | 1202 | 1108 |
| Alternative Loan Trust 2006-OC8 |  |  |
| Series 2006-1A2-OC8, REMIC, 4.71%, (1 Month USD LIBOR + 0.32%), 11/25/36 (a) (b) | 3582 | 3004 |
| Alternative Loan Trust 2007-3T1 |  |  |
| Series 2007-1A6-3T1, REMIC, 6.25%, 04/25/37 | 11131 | 5718 |
| Alternative Loan Trust 2007-5CB |  |  |
| Interest Only, Series 2007-1A5-5CB, REMIC, 1.01%, (5.40% - (1 Month USD LIBOR \* 1)), 04/25/37 (a) | 3255 | 241 |
| Series 2007-1A6-5CB, REMIC, 4.99%, (1 Month USD LIBOR + 0.60%), 04/25/37 (a) | 3255 | 1529 |
| AMSR 2019-SFR1 Trust |  |  |
| Series 2019-E-SFR1, REMIC, 3.47%, 01/20/27 | 3300 | 2800 |
| Anchorage Capital CLO 2018-10, Ltd. |  |  |
| Series 2018-A1A-10A, 5.28%, (3 Month USD LIBOR + 1.20%), 10/15/31 (a) | 2000 | 1973 |
| Apidos CLO XII |  |  |
| Series 2013-CR-12A, 5.88%, (3 Month USD LIBOR + 1.80%), 04/15/31 (a) | 1000 | 940 |
| Apidos CLO XXXIX |  |  |
| Series 2022-A1-39A, 5.29%, (3 Month Term SOFR + 1.30%), 04/23/35 (a) | 2000 | 1970 |
| Aqua Finance Trust 2017-A |  |  |
| Series 2017-A-A, 3.72%, 10/15/24 | 714 | 704 |
| Atrium Hotel Portfolio Trust 2017-Atrm |  |  |
| Series 2017-E-ATRM, REMIC, 7.62%, (1 Month USD LIBOR + 3.05%), 12/15/36 (a) (b) | 2378 | 2105 |
| Banc of America Alternative Loan Trust 2006-4 |  |  |
| Series 2006-5CB1-4, REMIC, 6.50%, 05/25/36 | 2971 | 2627 |
| Bank 2020-BNK25 |  |  |
| Series 2020-AS-BN25, REMIC, 2.84%, 01/17/30 | 306 | 255 |
| BBCMS 2017-DELC Mortgage Trust |  |  |
| Series 2017-E-DELC, REMIC, 6.94%, (1 Month USD LIBOR + 2.63%), 08/15/36 (a) (b) | 1660 | 1610 |
| Series 2017-F-DELC, REMIC, 7.94%, (1 Month USD LIBOR + 3.63%), 08/15/36 (a) (b) | 1653 | 1588 |
| BBCMS 2018-TALL Mortgage Trust |  |  |
| Series 2018-F-TALL, REMIC, 7.55%, (1 Month USD LIBOR + 3.24%), 03/16/37 (a) (b) | 6125 | 3712 |
| BBCMS Mortgage Trust 2021-C10 |  |  |
| Interest Only, Series 2021-XA-C10, REMIC, 1.30%, 07/17/54 (a) | 22752 | 1637 |
| BBCMS Mortgage Trust 2021-C11 |  |  |
| Interest Only, Series 2021-XA-C11, REMIC, 1.38%, 09/17/54 (a) | 43095 | 3307 |
| BBCMS Mortgage Trust 2021-C12 |  |  |
| Interest Only, Series 2021-XA-C12, REMIC, 0.96%, 11/18/54 (a) | 12457 | 695 |
| BBCMS Mortgage Trust 2021-C9 |  |  |
| Interest Only, Series 2021-XA-C9, REMIC, 1.63%, 02/18/54 (a) | 35748 | 3204 |
| BBCMS Trust 2018-CBM |  |  |
| Series 2018-A-CBM, REMIC, 5.32%, (1 Month USD LIBOR + 1.00%), 07/15/37 (a) (b) | 1599 | 1533 |
| Bear Stearns Asset Backed Securities I LLC |  |  |
| Series 2006-21A3-AC2, REMIC, 6.00%, 03/25/36 | 353 | 343 |
| Benchmark 2018-B7 Mortgage Trust |  |  |
| Interest Only, Series 2018-XA-B7, REMIC, 0.43%, 05/16/53 (a) | 90128 | 1518 |
| Benchmark 2020-B19 Mortgage Trust |  |  |
| Interest Only, Series 2020-XA-B19, REMIC, 1.77%, 09/17/53 (a) | 36311 | 2778 |
| Benchmark 2021-B27 Mortgage Trust |  |  |
| Interest Only, Series 2021-XA-B27, REMIC, 1.27%, 07/17/54 (a) | 20268 | 1423 |
| Benchmark 2021-B29 Mortgage Trust |  |  |
| Interest Only, Series 2021-XB-B29, REMIC, 0.70%, 09/17/54 (a) | 38734 | 1817 |
| BlueMountain CLO 2014-2 Ltd |  |  |
| Series 2014-BR2-2A, 5.99%, (3 Month USD LIBOR + 1.75%), 10/21/30 (a) | 3000 | 2864 |
| Bravo Residential Funding Trust 2020-RPL1 |  |  |
| Series 2020-M1-RPL1, REMIC, 3.25%, 05/25/59 (a) | 4500 | 3885 |
| Bravo Residential Funding Trust 2021-A |  |  |
| Series 2021-A1-A, 1.99%, 01/25/24 (b) | 7855 | 7222 |
| BX Commercial Mortgage Trust 2021-VOLT |  |  |
| Series 2021-E-VOLT, REMIC, 6.32%, (1 Month USD LIBOR + 2.00%), 09/15/23 (a) | 3062 | 2849 |
| Series 2021-F-VOLT, REMIC, 6.72%, (1 Month USD LIBOR + 2.40%), 09/15/23 (a) | 3062 | 2818 |
| BX Commercial Mortgage Trust 2021-XL2 |  |  |
| Series 2021-E-XL2, REMIC, 6.16%, (1 Month USD LIBOR + 1.85%), 10/16/23 (a) | 4132 | 3885 |
| BX Trust 2017-APPL |  |  |
| Series 2017-E-SLCT, REMIC, 7.47%, (1 Month USD LIBOR + 3.15%), 07/17/34 (a) (b) | 970 | 956 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-E-OC11, REMIC, 3.94%, 12/11/29 (a) | 4941 | 3733 |
| BX Trust 2021-RISE |  |  |
| Series 2021-D-RISE, REMIC, 6.07%, (1 Month USD LIBOR + 1.75%), 11/15/23 (a) | 1084 | 1019 |
| CAL Funding IV Ltd |  |  |
| Series 2020-A-1A, REMIC, 2.22%, 03/27/28 | 2426 | 2143 |
| Carlyle Global Market Strategies Euro CLO 2016-1 Designated Activity Company |  |  |
| Series 2016-A1R2-1A, 5.38%, (3 Month USD LIBOR + 1.14%), 04/20/34 (a) | 2000 | 1947 |
| Carrington Mortgage Loan Trust, Series 2007-RFC1 |  |  |
| Series 2007-A3-RFC1, REMIC, 4.53%, (1 Month USD LIBOR + 0.14%), 09/25/36 (a) (b) | 3340 | 3198 |
| CD 2017-CD6 Mortgage Trust |  |  |
| Series 2017-C-CD6, REMIC, 4.23%, 11/15/27 (a) | 243 | 206 |
| CFCRE 2016-C4 Mortgage Trust |  |  |
| Interest Only, Series 2016-XA-C4, REMIC, 1.61%, 05/10/58 (a) | 72212 | 2844 |
| Chase Mortgage Finance Trust Series 2006-S2 |  |  |
| Series 2006-2A1-S2, REMIC, 6.00%, 10/25/36 | 6600 | 2908 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CHL Mortgage Pass-Through Trust 2006-18 |  |  |
| Series 2006-1A35-20, REMIC, 6.00%, 02/25/37 | 2119 | 1150 |
| CHL Mortgage Pass-Through Trust 2007-8 |  |  |
| Series 2007-1A5-8, REMIC, 5.44%, 01/25/38 | 2139 | 1003 |
| Citigroup Commercial Mortgage Trust 2014-GC21 |  |  |
| Interest Only, Series 2014-XA-GC21, REMIC, 1.12%, 05/10/47 (a) | 20331 | 224 |
| Citigroup Commercial Mortgage Trust 2016-GC36 |  |  |
| Interest Only, Series 2016-XA-GC36, REMIC, 1.21%, 02/12/49 (a) | 19425 | 574 |
| Citigroup Commercial Mortgage Trust 2016-P3 |  |  |
| Interest Only, Series 2016-XA-P3, REMIC, 1.66%, 04/16/49 (a) | 14818 | 534 |
| Citigroup Mortgage Loan Trust 2007-AR8 |  |  |
| Series 2007-1A1A-AR8, REMIC, 3.31%, 07/25/47 (a) | 1494 | 1244 |
| Citigroup Mortgage Loan Trust 2021-JL1 |  |  |
| Series 2021-A-JL1, REMIC, 2.75%, 02/25/62 (a) | 1464 | 1313 |
| CLNC 2019-FL1, Ltd. |  |  |
| Series 2019-A-FL1, 5.17%, (SOFR 30-Day Average + 1.36%), 09/19/25 (a) | 1171 | 1142 |
| Cmalt (Citimortgage Alternative Loan Trust), Series 2006-A4 |  |  |
| Series 2006-1A1-A4, REMIC, 6.00%, 09/25/36 | 1160 | 970 |
| CMALT (Citimortgage Alternative Loan Trust), Series 2007-A5 |  |  |
| Series 2007-1A11-A5, REMIC, 6.00%, 05/25/37 | 921 | 834 |
| COMM 2013-CCRE12 Mortgage Trust |  |  |
| Interest Only, Series 2013-XA-CR12, REMIC, 1.06%, 10/15/46 (a) | 27993 | 149 |
| COMM 2014-CCRE17 Mortgage Trust |  |  |
| Interest Only, Series 2014-XA-CR17, REMIC, 0.95%, 05/10/47 (a) | 26692 | 233 |
| COMM 2014-CCRE19 Mortgage Trust |  |  |
| Series 2014-C-CR19, REMIC, 4.70%, 08/12/24 (a) | 1163 | 1080 |
| COMM 2015-Ccre26 Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-CR26, REMIC, 0.90%, 10/13/48 (a) | 25268 | 484 |
| COMM 2015-DC1 Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-DC1, REMIC, 0.98%, 02/12/48 (a) | 19827 | 298 |
| COMM 2016-DC2 Mortgage Trust |  |  |
| Series 2016-C-DC2, REMIC, 4.66%, 02/12/26 (a) | 1340 | 1200 |
| Interest Only, Series 2016-XA-DC2, REMIC, 0.94%, 02/12/49 (a) | 14833 | 341 |
| COMM 2018-HCLV Mortgage Trust |  |  |
| Series 2018-A-HCLV, REMIC, 5.32%, (1 Month USD LIBOR + 1.10%), 09/15/33 (a) | 3070 | 2859 |
| Commonbond Student Loan Trust 2018-B-GS |  |  |
| Series 2018-C-BGS, REMIC, 4.12%, 08/25/28 | 90 | 81 |
| Credit Suisse First Boston Mortgage Acceptance Corp. |  |  |
| Series 2005-7A1-11, REMIC, 6.00%, 12/25/35 | 5555 | 3133 |
| Credit Suisse Securities (USA) LLC |  |  |
| Series 2005-3A2-9, REMIC, 6.00%, 10/25/35 | 4001 | 1376 |
| Series 2006-2A3-2, REMIC, 6.00%, 03/25/36 | 2235 | 995 |
| CSAIL 2015-C1 Commercial Mortgage Trust |  |  |
| Interest Only, Series 2015-XA-C1, REMIC, 0.82%, 04/15/50 (a) | 17672 | 219 |
| CSAIL 2015-C4 Commercial Mortgage Trust |  |  |
| Series 2015-C-C4, REMIC, 4.56%, 11/18/25 (a) | 1911 | 1724 |
| CSAIL 2019-C16 Commercial Mortgage Trust |  |  |
| Interest Only, Series 2019-XA-C16, REMIC, 1.55%, 06/17/52 (a) | 8921 | 630 |
| CSMC 2020-SPT1 Trust |  |  |
| Series 2020-M1-SPT1, REMIC, 3.39%, 07/25/24 (a) | 7000 | 5722 |
| CSMC 2021-B33 |  |  |
| Series 2021-A1-B33, REMIC, 3.05%, 10/10/31 | 977 | 838 |
| Series 2021-A2-B33, REMIC, 3.17%, 10/10/31 | 3482 | 2732 |
| CSMC 2021-JR1 Trust |  |  |
| Series 2021-A1-JR1, REMIC, 2.46%, 04/25/24 (a) | 513 | 479 |
| CSMC 2021-JR2 Trust |  |  |
| Series 2021-A1-JR2, REMIC, 2.22%, 09/25/24 (a) | 7252 | 6610 |
| CSMCM Trust |  |  |
| Interest Only, Series 2018-CERT-SP3, 2.33%, 09/25/58 (a) | 17793 | 14377 |
| CVP CLO 2017-2 Ltd |  |  |
| Series 2017-A-2A, 5.43%, (3 Month USD LIBOR + 1.19%), 01/21/31 (a) (c) | 2000 | 1970 |
| Databank Issuer, LLC |  |  |
| Series 2021-A2-1A, REMIC, 2.06%, 02/25/26 | 2000 | 1728 |
| DBJPM 2016-C1 Mortgage Trust |  |  |
| Interest Only, Series 2016-XA-C1, REMIC, 1.37%, 05/12/49 (a) | 20645 | 698 |
| DBUBS 2017-BRBK Mortgage Trust |  |  |
| Series 2017-F-BRBK, REMIC, 3.53%, 10/11/24 (a) | 4600 | 4019 |
| Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-2 |  |  |
| Series 2007-2A1-2, REMIC, 4.99%, (1 Month USD LIBOR + 0.30%), 09/25/47 (a) (b) | 10843 | 8974 |
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2006-Ar1 |  |  |
| Series 2006-1A3-AR1, REMIC, 5.05%, (1 Month USD LIBOR + 0.66%), 02/25/36 (a) (b) | 8645 | 8009 |
| DOLP Trust 2021-NYC |  |  |
| Series 2021-D-NYC, REMIC, 3.70%, 05/12/31 | 1000 | 653 |
| Series 2021-E-NYC, REMIC, 3.70%, 05/12/31 | 1000 | 627 |
| Dryden 53 CLO Ltd., Series 2017-53A |  |  |
| Series 2017-B-53A, 5.48%, (3 Month USD LIBOR + 1.40%), 01/15/31 (a) | 1000 | 964 |
| Elevation CLO 2018-9, Ltd. |  |  |
| Series 2018-A1-9A, 5.20%, (3 Month USD LIBOR + 1.12%), 07/15/31 (a) | 2500 | 2445 |
| First Franklin Mortgage Loan Trust, Series 2007-FF2 |  |  |
| Series 2007-A1-FF2, REMIC, 4.53%, (1 Month USD LIBOR + 0.14%), 07/25/23 (a) (b) | 5443 | 2972 |
| First Horizon Mortgage Pass-Through Trust 2006-AR1 |  |  |
| Series 2006-1A2-FA2, REMIC, 6.00%, 05/25/36 | 2653 | 1270 |
| FirstKey Homes 2020-SFR1 Trust |  |  |
| Series 2020-D-SFR1, 2.24%, 09/17/25 | 5100 | 4555 |
| FMC GMSR Issuer Trust |  |  |
| Series 2021-A-GT1, 3.62%, 07/25/26 (b) | 10500 | 8663 |
| Series 2021-A-GT2, 3.85%, 10/25/26 | 11300 | 9302 |
| FS Rialto 2021-FL2 Issuer, Ltd. |  |  |
| Series 2021-A-FL2, 5.55%, (1 Month USD LIBOR + 1.22%), 05/18/38 (a) (b) | 3500 | 3324 |
| Galaxy XXII CLO Ltd |  |  |
| Series 2016-ARR-22A, 5.28%, (3 Month USD LIBOR + 1.20%), 04/17/34 (a) | 4500 | 4376 |
| Global SC Finance VI SRL |  |  |
| Series 2020-A-1A, 2.17%, 10/17/40 | 1500 | 1327 |
| Goodgreen 2020-1 Trust |  |  |
| Series 2020-A-1A, 2.63%, 04/15/55 | 2853 | 2500 |
| Grace Trust |  |  |
| Series 2020-D-GRCE, REMIC, 2.68%, 12/12/30 (a) | 1845 | 1265 |
| Great Wolf Trust 2019-WOLF |  |  |
| Series 2019-E-WOLF, REMIC, 7.05%, (1 Month USD LIBOR + 2.73%), 12/15/36 (a) (b) | 3908 | 3698 |
| Series 2019-F-WOLF, REMIC, 7.45%, (1 Month USD LIBOR + 3.13%), 12/15/36 (a) (b) | 3908 | 3664 |
| GS Mortgage Securities Corp Trust 2018-TWR |  |  |
| Series 2018-A-TWR, REMIC, 5.22%, (1 Month USD LIBOR + 0.90%), 07/15/31 (a) | 436 | 402 |
| Series 2018-D-TWR, REMIC, 5.92%, (1 Month USD LIBOR + 1.60%), 07/15/31 (a) | 1000 | 862 |
| Series 2018-E-TWR, REMIC, 6.42%, (1 Month USD LIBOR + 2.10%), 07/15/31 (a) | 1000 | 843 |
| Series 2018-F-TWR, REMIC, 7.12%, (1 Month USD LIBOR + 2.80%), 07/15/31 (a) | 1000 | 823 |
| Series 2018-G-TWR, REMIC, 8.24%, (1 Month USD LIBOR + 3.92%), 07/15/31 (a) | 1000 | 783 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| GS Mortgage Securities Corp. |  |  |
| Series 2006-AF5B-7, REMIC, 6.22%, 03/25/46 (b) | 4010 | 1546 |
| GS Mortgage Securities Trust 2014-GC24 |  |  |
| Interest Only, Series 2014-XA-GC24, REMIC, 0.71%, 09/12/47 (a) | 37577 | 342 |
| GS Mortgage Securities Trust 2015-GC34 |  |  |
| Series 2015-B-GC34, REMIC, 4.47%, 10/10/25 (a) | 782 | 710 |
| Interest Only, Series 2015-XA-GC34, REMIC, 1.20%, 10/13/48 (a) | 21161 | 567 |
| GS Mortgage Securities Trust 2015-GS1 |  |  |
| Interest Only, Series 2015-XA-GS1, REMIC, 0.76%, 11/13/48 (a) | 32408 | 590 |
| GS Mortgage Securities Trust 2016-GS3 |  |  |
| Interest Only, Series 2016-XA-GS3, REMIC, 1.20%, 10/13/49 (a) | 23583 | 799 |
| GS Mortgage Securities Trust 2017-GS7 |  |  |
| Series 2017-C-GS7, REMIC, 4.24%, 07/12/27 | 4800 | 4082 |
| Interest Only, Series 2017-C-2, REMIC, 1.08%, 08/12/50 (a) | 32530 | 1216 |
| GS Mortgage Securities Trust 2018-GS9 |  |  |
| Series 2018-C-GS9, REMIC, 4.36%, 03/10/28 (a) | 2000 | 1645 |
| GS Mortgage Securities Trust 2019-GC38 |  |  |
| Interest Only, Series 2019-XA-GC38, REMIC, 0.95%, 02/12/52 (a) | 43285 | 1848 |
| GS Mortgage Securities Trust 2020-GC45 |  |  |
| Interest Only, Series 2020-XA-GC45, REMIC, 0.67%, 02/14/53 (a) | 48701 | 1582 |
| GSR Mortgage Loan Trust 2006-OA1 |  |  |
| Series 2006-3A2-OA1, REMIC, 2.79%, (COFI 11D (11th District Cost of Funds) + 1.50%), 08/25/46 (a) | 12564 | 1889 |
| Gulf Stream Meridian 4 Ltd |  |  |
| Series 2021-A1-4A, 5.28%, (3 Month USD LIBOR + 1.20%), 07/17/34 (a) | 2500 | 2442 |
| Halcyon Loan Advisors Funding 2013-2 Ltd. |  |  |
| Series 2013-D-2A, 8.24%, (3 Month USD LIBOR + 3.80%), 08/01/25 (a) | 535 | 428 |
| HalseyPoint CLO I, Ltd |  |  |
| Series 2019-B1-1A, 6.44%, (3 Month USD LIBOR + 2.20%), 01/20/33 (a) | 3000 | 2914 |
| Hayfin Kingsland VIII Ltd |  |  |
| Series 2018-A-8A, 5.36%, (3 Month USD LIBOR + 1.12%), 04/21/31 (a) | 2000 | 1967 |
| HERO Funding Trust 2016-4A |  |  |
| Series 2016-A2-4A, REMIC, 4.29%, 09/20/37 | 2049 | 1976 |
| Home Partners of America 2018-1 Trust |  |  |
| Series 2021-D-1, REMIC, 2.48%, 09/19/29 | 2279 | 1782 |
| Series 2021-E-1, REMIC, 2.58%, 09/19/29 | 1042 | 806 |
| Series 2021-F-1, REMIC, 3.33%, 09/19/29 | 1200 | 916 |
| Homeward Opportunities Fund Trust 2020-BPL1 |  |  |
| Series 2020-A1-BPL1, 3.23%, 08/25/23 (b) | 3790 | 3781 |
| Hospitality Investors Trust, Inc. |  |  |
| Series 2019-F-HIT, REMIC, 7.47%, (1 Month USD LIBOR + 3.15%), 11/17/36 (a) | 2657 | 2490 |
| HSI Asset Securitization Corporation Trust 2007-NC1 |  |  |
| Series 2007-A2-NC1, REMIC, 4.53%, (1 Month USD LIBOR + 0.14%), 04/25/37 (a) (b) | 2074 | 1247 |
| Series 2007-A4-NC1, REMIC, 4.67%, (1 Month USD LIBOR + 0.28%), 04/25/37 (a) (b) | 9762 | 5942 |
| IndyMac INDA Mortgage Loan Trust 2006-AR2 |  |  |
| Series 2006-4A1-AR2, REMIC, 3.27%, 09/25/36 (a) | 979 | 855 |
| IndyMac MBS, Inc. |  |  |
| Series 2005-A6-A8CB, REMIC, 5.00%, 07/25/35 | 7158 | 4322 |
| Ixis Real Estate Capital Trust 2006-HE1 |  |  |
| Series 2006-A4-HE1, REMIC, 4.99%, (1 Month USD LIBOR + 0.60%), 03/25/36 (a) (b) | 4391 | 2261 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust |  |  |
| Series 2018-E-BCON, REMIC, 3.76%, 01/06/23 (a) | 1187 | 1131 |
| Series 2022-A-NLP, REMIC, 4.93%, (1 Month Term SOFR + 0.60%), 04/15/37 (a) | 3484 | 3223 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-WPT |  |  |
| Series 2018-FFX-WPT, REMIC, 5.36%, 07/07/23 (a) | 2666 | 2315 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2020-LOOP |  |  |
| Series 2020-E-LOOP, REMIC, 3.86%, 12/07/26 | 2666 | 1750 |
| J.P. Morgan Mortgage Acquisition Trust 2006-HE3 |  |  |
| Series 2006-A3-HE3, REMIC, 4.61%, (1 Month USD LIBOR + 0.22%), 01/25/34 (a) (b) | 4783 | 4150 |
| Series 2006-A4-HE3, REMIC, 4.71%, (1 Month USD LIBOR + 0.32%), 07/25/36 (a) (b) | 1788 | 1558 |
| Series 2006-A5-HE3, REMIC, 4.87%, (1 Month USD LIBOR + 0.48%), 11/25/36 (a) (b) | 4624 | 4049 |
| Jamestown CLO Ltd |  |  |
| Series 2018-A1-6RA, 5.51%, (3 Month USD LIBOR + 1.15%), 04/25/30 (a) (c) | 2954 | 2913 |
| Series 2018-A2A-6RA, 6.14%, (3 Month USD LIBOR + 1.78%), 04/25/30 (a) | 1000 | 967 |
| JP Morgan Mortgage Acquisition Trust 2006-WMC4 |  |  |
| Series 2006-A5-WMC4, REMIC, 4.60%, (1 Month USD LIBOR + 0.21%), 12/25/36 (a) (b) | 21761 | 10880 |
| JP Morgan Resecuritization Trust Series 2009-10 |  |  |
| Series 2009-4A2-10, REMIC, 1.58%, 03/26/37 (a) | 1164 | 1141 |
| JPMBB Commercial Mortgage Securities Trust 2014-C21 |  |  |
| Series 2014-B-C21, REMIC, 4.34%, 07/17/24 (a) | 1469 | 1392 |
| Series 2014-C-C21, REMIC, 4.64%, 07/17/24 (a) | 2000 | 1841 |
| JPMBB Commercial Mortgage Securities Trust 2015-C31 |  |  |
| Series 2015-C-C32, REMIC, 4.65%, 10/20/25 (a) | 2065 | 1464 |
| JPMBB Commercial Mortgage Securities Trust 2015-C33 |  |  |
| Series 2015-C-C33, REMIC, 4.62%, 11/18/25 (a) | 2224 | 1961 |
| JPMCC Commercial Mortgage Securities Trust 2016-JP2 |  |  |
| Series 2016-B-JP2, REMIC, 3.46%, 07/17/26 | 5081 | 4286 |
| JPMDB Commercial Mortgage Securities Trust 2016-C2 |  |  |
| Interest Only, Series 2016-XA-C2, REMIC, 1.49%, 06/17/49 (a) | 18378 | 668 |
| JPMDB Commercial Mortgage Securities Trust 2019-COR6 |  |  |
| Series 2019-AS-COR6, REMIC, 3.41%, 11/15/29 | 4415 | 3806 |
| JPMDB Commercial Mortgage Securities Trust 2020-COR7 |  |  |
| Series 2020-B-COR7, REMIC, 3.29%, 03/15/30 (a) | 4562 | 3611 |
| Interest Only, Series 2020-XA-COR7, REMIC, 1.65%, 05/15/53 (a) | 38896 | 2908 |
| Labrador Aviation Finance Limited |  |  |
| Series 2016-A1-1A, 4.30%, 01/15/24 (b) | 12619 | 10007 |
| LHome Mortgage Trust 2021-RTL2 |  |  |
| Series 2021-A2-RTL2, 2.78%, 06/25/26 | 6000 | 5245 |
| Loancore 2019-CRE2 Issuer Ltd. |  |  |
| Series 2019-AS-CRE2, 5.82%, (1 Month USD LIBOR + 1.50%), 02/15/24 (a) | 3117 | 3098 |
| LSTAR Commercial Mortgage Trust 2017-5 |  |  |
| Interest Only, Series 2017-X-5, REMIC, 0.79%, 03/11/50 (a) | 32605 | 670 |
| Madison Park Funding XVIII, Ltd. |  |  |
| Series 2015-DR-18A, 7.23%, (3 Month USD LIBOR + 2.95%), 10/21/30 (a) | 1500 | 1356 |
| Master Asset Securitization Trust |  |  |
| Series 2006-1A13-1, REMIC, 5.75%, 05/25/36 | 2212 | 1518 |
| MASTR Adjustable Rate Mortgages Trust 2007-R5 |  |  |
| Series 2007-A1-R5, REMIC, 3.60%, 11/25/35 (a) | 12017 | 8108 |
| MASTR Alternative Loan Trust 2007-1 |  |  |
| Series 2007-2A1-1, REMIC, 6.50%, 10/25/36 | 2642 | 965 |
| ME Funding LLC 2019-1 |  |  |
| Series 2019-A2-1, 6.45%, 07/30/24 | 6305 | 6114 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| MED Trust 2021-MDLN |  |  |
| Series 2021-G-MDLN, REMIC, 9.57%, (1 Month USD LIBOR + 5.25%), 11/15/23 (a) | 4422 | 3997 |
| Merrill Lynch Alternative Note Asset Trust Series |  |  |
| Series 2007-1A1-OAR5, REMIC, 3.04%, 10/25/47 (a) | 10363 | 3433 |
| Merrill Lynch Mortgage Capital Inc. |  |  |
| Series 2006-A1-AR1, REMIC, 4.72%, (1 Month USD LIBOR + 0.33%), 03/25/37 (a) (b) | 29787 | 10788 |
| Merrill Lynch Mortgage Investors Trust, Series 2006-HE3 |  |  |
| Series 2006-A3-HE3, REMIC, 4.69%, (1 Month USD LIBOR + 0.30%), 06/25/37 (a) (b) | 17097 | 4405 |
| MidOcean Credit CLO |  |  |
| Series 2018-A1-9A, 5.39%, (3 Month USD LIBOR + 1.15%), 07/21/31 (a) (c) | 2500 | 2447 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 |  |  |
| Interest Only, Series 2013-XA-C7, REMIC, 0.87%, 02/16/46 (a) | 1356 | 2 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 |  |  |
| Series 2014-C-C18, REMIC, 4.47%, 09/17/24 (a) | 1500 | 1349 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2014-C19 |  |  |
| Series 2014-C-C19, REMIC, 4.00%, 12/17/24 | 2000 | 1783 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28 |  |  |
| Interest Only, Series 2016-XA-C28, REMIC, 1.15%, 01/15/49 (a) | 18286 | 490 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30 |  |  |
| Interest Only, Series 2016-XA-C30, REMIC, 1.35%, 09/17/49 (a) | 16798 | 616 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 |  |  |
| Series 2016-C-C31, REMIC, 4.27%, 10/19/26 (a) | 2960 | 2397 |
| Morgan Stanley Capital I Trust 2019-L3 |  |  |
| Series 2019-AS-L3, REMIC, 3.49%, 11/16/29 (a) | 3847 | 3337 |
| Interest Only, Series 2019-XA-L3, REMIC, 0.64%, 11/18/52 (a) | 70696 | 2369 |
| Morgan Stanley Mortgage Loan Trust 2006-16AX |  |  |
| Series 2006-A2C-WMC2, REMIC, 4.69%, (1 Month USD LIBOR + 0.30%), 07/25/36 (a) (b) | 18395 | 6560 |
| Morgan Stanley Mortgage Loan Trust 2007-12 |  |  |
| Series 2007-3A22-12, REMIC, 6.00%, 08/25/37 | 1110 | 488 |
| Morgan Stanley Mortgage Loan Trust 2007-8XS |  |  |
| Series 2007-A1-8XS, REMIC, 5.75%, 04/25/37 (a) | 1023 | 498 |
| Mosaic Solar Loan Trust 2020-1 |  |  |
| Series 2020-B-1A, 3.10%, 11/22/32 | 1908 | 1626 |
| MP CLO VIII Ltd |  |  |
| Series 2015-ARR-2A, 5.57%, (3 Month USD LIBOR + 1.20%), 04/28/34 (a) | 1500 | 1445 |
| MRCD 2019-PARK Mortgage Trust |  |  |
| Series 2019-F-PARK, REMIC, 2.72%, 12/15/24 | 1018 | 854 |
| Series 2019-G-PARK, REMIC, 2.72%, 12/15/24 | 4267 | 3418 |
| Nassau 2018-I Ltd. |  |  |
| Series 2018-A-IA, 5.23%, (3 Month USD LIBOR + 1.15%), 07/15/31 (a) | 2000 | 1947 |
| Natixis Commercial Mortgage Securities Trust 2018-FL1 |  |  |
| Series 2018-A-FL1, REMIC, 5.27%, (1 Month USD LIBOR + 0.95%), 06/15/35 (a) | 1179 | 1144 |
| Natixis Commercial Mortgage Securities Trust 2020-2PAC |  |  |
| Series 2020-D-2PAC, REMIC, 3.75%, 04/17/25 | 4415 | 3884 |
| New Residential Mortgage Loan Trust 2020-RPL1 |  |  |
| Series 2020-M2-RPL1, REMIC, 3.50%, 11/25/59 (a) | 5300 | 3946 |
| NLY 2019-FL2 Issuer Ltd. |  |  |
| Series 2019-B-FL2, 6.22%, (1 Month USD LIBOR + 1.90%), 01/15/23 (a) | 3371 | 3355 |
| Series 2019-AS-FL2, 5.92%, (1 Month USD LIBOR + 1.60%), 02/15/36 (a) | 3371 | 3367 |
| Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR4 |  |  |
| Series 2006-3A-AR1, REMIC, 3.75%, 02/25/36 (a) | 411 | 289 |
| Nomura Resecuritization Trust 2011-4R |  |  |
| Series 2011-2A10-4RA, REMIC, 3.23%, 07/26/41 (a) | 6429 | 5467 |
| NP SPE II LLC |  |  |
| Series 2019-A2-1A, 3.24%, 09/20/26 | 7500 | 6235 |
| Ocean Trails CLO X |  |  |
| Series 2020-AR-10A, 5.30%, (3 Month USD LIBOR + 1.22%), 10/16/34 (a) | 1000 | 967 |
| OFSI BSL IX, Ltd. |  |  |
| Series 2018-A-1A, 5.23%, (3 Month USD LIBOR + 1.15%), 07/15/31 (a) (c) | 2000 | 1955 |
| Park Avenue Institutional Advisers CLO Ltd 2016-1 |  |  |
| Series 2016-A1R-1A, 5.89%, (3 Month USD LIBOR + 1.20%), 08/25/31 (a) (c) | 2500 | 2454 |
| PMT Credit Risk Transfer Trust 2019-3R |  |  |
| Series 2019-A-3R, REMIC, 7.09%, (1 Month USD LIBOR + 2.70%), 10/29/24 (a) (b) | 672 | 646 |
| PMT Credit Risk Transfer Trust 2021-1R |  |  |
| Series 2021-A-1R, 6.50%, (1 Month USD LIBOR + 2.90%), 02/27/24 (a) (b) | 2492 | 2373 |
| PMT Issuer Trust - FMSR |  |  |
| Series 2021-A-FT1, 7.39%, (1 Month USD LIBOR + 3.00%), 03/25/26 (a) (c) | 2000 | 1852 |
| PR Mortgage Loan Trust |  |  |
| Series 2014-APT-1, REMIC, 5.87%, 09/25/47 (a) | 5815 | 5200 |
| PRET 2021-NPL5 LLC |  |  |
| Series 2021-A1-NPL5, 2.49%, 10/25/24 (b) | 11516 | 10114 |
| Pretium Mortgage Credit Partners I 2021-NPL1, LLC |  |  |
| Series 2021-A1-NPL1, REMIC, 2.24%, 03/27/24 (b) | 313 | 285 |
| Pretium Mortgage Credit Partners LLC |  |  |
| Series 2021-A1-RN2, 1.74%, 09/25/24 (b) | 3736 | 3372 |
| Primose Funding LLC |  |  |
| Series 2019-A2-1A, 4.48%, 07/30/26 | 9700 | 8832 |
| Progress Residential 2021-SFR3 Trust |  |  |
| Series 2021-E2-SFR3, REMIC, 2.69%, 05/19/26 | 8500 | 7125 |
| Progress Residential 2021-SFR5 Trust |  |  |
| Series 2021-E1-SFR5, REMIC, 2.21%, 07/17/26 | 15840 | 13343 |
| Progress Residential 2021-SFR8 Trust |  |  |
| Series 2021-E2-SFR8, REMIC, 2.53%, 10/19/26 | 5100 | 4196 |
| PRPM 2021-6, LLC |  |  |
| Series 2021-A1-6, 1.79%, 07/25/24 (b) | 10202 | 9138 |
| PRPM 2021-7, LLC |  |  |
| Series 2021-A1-7, REMIC, 1.99%, 08/25/24 (b) | 3612 | 3245 |
| PRPM 2021-9, LLC |  |  |
| Series 2021-A1-9, 2.36%, 10/25/24 (a) | 3413 | 3092 |
| PRPM, LLC |  |  |
| Series 2021-A1-2, 2.12%, 03/25/24 (a) (b) | 1136 | 1031 |
| RALI Series 2006-QS4 Trust |  |  |
| Series 2006-A4-QS4, REMIC, 6.00%, 04/25/36 | 1562 | 1206 |
| RALI Series 2006-QS5 Trust |  |  |
| Series 2006-A4-QS5, REMIC, 6.00%, 05/25/36 | 1676 | 1324 |
| Raptor Aircraft Finance I Limited |  |  |
| Series 2019-A-1, 4.21%, 08/23/26 (b) (c) | 3524 | 2566 |
| Rate Adjustable Mortgage Trust |  |  |
| Series 2005-6A21-4, REMIC, 3.64%, 08/25/35 (a) | 3338 | 2785 |
| RBSGC Mortgage Loan Trust 2007-B |  |  |
| Series 2007-1A4-B, REMIC, 4.84%, (1 Month USD LIBOR + 0.45%), 12/25/36 (a) | 2607 | 859 |
| Interest Only, Series 2007-1A6-B, REMIC, 1.66%, (6.05% - (1 Month USD LIBOR \* 1)), 01/25/37 (a) | 2607 | 244 |
| RBSGC Mortgage Loan Trust, 2007-A |  |  |
| Series 2007-2A1-A, REMIC, 6.75%, 01/25/37 | 2628 | 2391 |
| Residential Accredit Loans, Inc. |  |  |
| Series 2006-A21-QA1, REMIC, 4.64%, 01/25/36 (a) | 4309 | 2913 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Residential Asset Securitization Trust 2006-A12 |  |  |
| Series 2006-A1-A12, REMIC, 6.25%, 11/25/36 | 8963 | 3723 |
| Residential Asset Securitization Trust 2006-A6 |  |  |
| Series 2006-2A11-A6, REMIC, 6.00%, 07/25/36 | 2641 | 1450 |
| Residential Asset Securitization Trust 2007-A3 |  |  |
| Series 2007-1A1-A3, REMIC, 4.84%, (1 Month USD LIBOR + 0.45%), 04/25/37 (a) | 5180 | 2311 |
| Series 2007-1A2-A3, REMIC, 12.74%, (46.38% - (1 Month USD LIBOR \* 7.67)), 04/25/37 (a) | 675 | 677 |
| Residential Asset Securitization Trust 2007-A6 |  |  |
| Series 2007-2A1-A6, REMIC, 6.50%, 06/25/37 | 2896 | 684 |
| Residential Asset Securitization Trust 2007-A8 |  |  |
| Series 2007-1A1-A8, REMIC, 6.00%, 08/25/37 | 15500 | 8468 |
| RFMSI Series 2006-S6 Trust |  |  |
| Series 2006-A14-S6, REMIC, 6.00%, 07/25/36 | 191 | 157 |
| RFMSI Series 2007 S7 Trust |  |  |
| Series 2007-A20-S7, REMIC, 6.00%, 07/25/37 | 1075 | 833 |
| RFMSI Series 2007-S2 Trust |  |  |
| Series 2007-A4-S2, REMIC, 6.00%, 02/25/37 | 540 | 426 |
| RFMSI Series 2007-S4 Trust |  |  |
| Series 2007-A2-S4, REMIC, 6.00%, 04/25/37 | 803 | 644 |
| RFMSI Series 2007-S5 Trust |  |  |
| Series 2007-A2-S5, REMIC, 6.00%, 05/25/37 | 4749 | 3728 |
| Rockford Tower CLO 2018-1 Ltd |  |  |
| Series 2018-A-1A, 5.78%, (3 Month USD LIBOR + 1.10%), 05/20/31 (a) (c) | 3000 | 2950 |
| Sapphire Aviation Finance II Limited |  |  |
| Series 2020-A-1A, 3.23%, 03/15/27 | 7466 | 5682 |
| Shackleton 2015-VIII CLO LTD |  |  |
| Series 2015-AR-7RA, 5.23%, (3 Month USD LIBOR + 1.15%), 07/15/31 (a) | 2000 | 1963 |
| Shenton Aircraft Investment I Limited |  |  |
| Series 2015-A-1A, 4.75%, 11/15/27 | 7140 | 5343 |
| Short-Term Investments Trust |  |  |
| Series 2018-A-SELF, REMIC, 5.22%, (1 Month USD LIBOR + 0.90%), 10/15/37 (a) | 2097 | 2057 |
| SLG Office Trust 2021-OVA |  |  |
| Series 2021-E-OVA, REMIC, 2.85%, 07/17/31 | 3062 | 2143 |
| Series 2021-F-OVA, REMIC, 2.85%, 07/17/31 | 3062 | 1996 |
| SoFi Consumer Loan Program 2021-1 Trust |  |  |
| Series 2021-PT1-1, 9.72%, 05/25/30 | 3330 | 3311 |
| SoFi Professional Loan Program 2017-F LLC |  |  |
| Series 2017-BFX-F, 3.62%, 05/25/27 | 8000 | 6767 |
| SOHO Trust 2021-SOHO |  |  |
| Series 2021-B-SOHO, REMIC, 2.79%, 08/12/38 (a) | 4623 | 3367 |
| Sound Point CLO IV-R, Ltd. |  |  |
| Series 2013-A-3RA, 5.34%, (3 Month USD LIBOR + 1.15%), 04/18/31 (a) (c) | 3000 | 2936 |
| Sound Point CLO XXIII |  |  |
| Series 2019-AR-2A, 5.25%, (3 Month USD LIBOR + 1.17%), 07/17/34 (a) | 2000 | 1927 |
| Sound Pt CLO XXI Ltd |  |  |
| Series 2018-A1A-21, 5.51%, (3 Month USD LIBOR + 1.18%), 10/27/31 (a) (c) | 3250 | 3171 |
| Starm Mortgage Loan Trust 2007-2 |  |  |
| Series 2007-4A1-2, REMIC, 2.41%, 04/25/37 (a) | 447 | 229 |
| Starwood Mortgage Residential Trust 2021-2 |  |  |
| Series 2021-B1-2, REMIC, 2.75%, 05/25/23 (a) | 5537 | 4193 |
| STEELE CREEK CLO 2016-1 LTD |  |  |
| Series 2016-AR-1A, 5.89%, (3 Month USD LIBOR + 1.12%), 06/16/31 (a) (c) | 2000 | 1955 |
| Steele Creek CLO 2019-1, Ltd |  |  |
| Series 2019-BR-1A, 5.88%, (3 Month USD LIBOR + 1.80%), 04/15/32 (a) | 1000 | 942 |
| Structured Adjustable Rate Mortgage Loan Trust 2005-3XS |  |  |
| Series 2005-2A-21, REMIC, 4.23%, 11/25/35 (a) | 3619 | 2967 |
| Structured Asset Investment Loan Trust 2006-3 |  |  |
| Series 2006-A1-3, REMIC, 4.55%, (1 Month USD LIBOR + 0.16%), 06/25/36 (a) (b) | 5325 | 3224 |
| Structured Asset Investment Loan Trust 2006-4 |  |  |
| Series 2006-A5-4, REMIC, 4.70%, (1 Month USD LIBOR + 0.31%), 07/25/36 (a) (b) | 20500 | 6014 |
| Structured Asset Investment Loan Trust 2006-BNC3 |  |  |
| Series 2006-A1-BNC3, REMIC, 4.57%, (1 Month USD LIBOR + 0.18%), 09/25/36 (a) (b) | 5177 | 3294 |
| Structured Asset Securities Corporation |  |  |
| Series 2005-1A1-5, REMIC, 5.75%, 04/25/35 | 5427 | 3264 |
| Sunnova Helios III Issuer, LLC |  |  |
| Series 2019-A-AA, 3.75%, 06/20/29 | 3653 | 3148 |
| Sunnova Sol II Issuer, LLC |  |  |
| Series 2020-A-2A, 2.73%, 10/30/30 | 7166 | 5678 |
| Taco Bell Funding, LLC |  |  |
| Series 2021-A2I-1A, 1.95%, 02/25/27 | 4950 | 4145 |
| Series 2021-A23-1A, 2.54%, 08/25/31 | 3960 | 3024 |
| Toorak Mortgage Trust 2020-1 |  |  |
| Series 2020-A2-1, 3.23%, 03/25/23 (b) | 5100 | 4804 |
| Trinity Rail Leasing 2010 LLC |  |  |
| Series 2010-A-1A, 5.19%, 01/16/31 (c) | 3316 | 3206 |
| TRTX 2019-FL3 Issuer, Ltd. |  |  |
| Series 2019-AS-FL3, 5.89%, (1 Month Term SOFR + 1.56%), 03/15/24 (a) | 3766 | 3757 |
| TRTX 2021-FL4 Issuer, Ltd. |  |  |
| Series 2021-A-FL4, 5.53%, (1 Month USD LIBOR + 1.20%), 03/17/38 (a) (b) | 3000 | 2869 |
| UBS Commercial Mortgage Trust 2017-C1 |  |  |
| Interest Only, Series 2017-XA-C1, REMIC, 1.52%, 06/17/50 (a) | 15217 | 772 |
| Upstart Securitization Trust 2020-2 |  |  |
| Series 2020-A-2, 2.31%, 11/20/30 | 629 | 615 |
| Upstart Securitization Trust 2021-4 |  |  |
| Series 2021-B-4, 1.84%, 09/20/31 | 5250 | 4701 |
| Series 2021-C-4, 3.19%, 09/20/31 | 5250 | 4042 |
| Vantage Data Centers Issuer, LLC |  |  |
| Series 2018-A2-2A, 4.20%, 11/15/23 | 4556 | 4547 |
| VCAT 2021-NPL4 LLC |  |  |
| Series 2021-A1-NPL4, 1.87%, 08/26/24 (b) | 3293 | 2933 |
| Velocity Commercial Capital Loan Trust 2017-2 |  |  |
| Series 2017-AFX-2, REMIC, 3.07%, 07/25/26 (a) | 2086 | 1970 |
| Vibrant CLO III Ltd |  |  |
| Series 2015-A1RR-3A, REMIC, 5.49%, (3 Month USD LIBOR + 1.25%), 10/20/31 (a) | 1184 | 1157 |
| Visio 2021-1R Trust |  |  |
| Series 2021-M1-1R, REMIC, 2.73%, 05/25/56 | 6161 | 4780 |
| VOLT CV LLC |  |  |
| Series 2021-A1-CF2, 2.49%, 11/25/24 (b) | 872 | 768 |
| Volt XCII, LLC |  |  |
| Series 2021-A1-NPL1, 1.89%, 01/25/24 (b) | 6803 | 5824 |
| Volt XCIV, LLC |  |  |
| Series 2021-A1-NPL3, 2.24%, 01/25/24 (b) | 2453 | 2199 |
| Volt XCVI, LLC |  |  |
| Series 2021-A1-NPL5, 2.12%, 02/26/24 (b) | 5751 | 5195 |
| VOLT XCVII, LLC |  |  |
| Series 2021-A1-NPL6, 2.24%, 03/25/24 (b) | 1847 | 1613 |
| WaMu Asset-Backed Certificates, WaMu Series 200X-HEX Trust |  |  |
| Series 2006-2A3-2, REMIC, 4.77%, (1 Month USD LIBOR + 0.38%), 04/25/36 (a) (b) | 14269 | 4998 |
| Washington Mutual Asset-Backed Certificates WMABS Series 2006-HE5 Trust |  |  |
| Series 2006-2A2-HE5, REMIC, 4.57%, (1 Month USD LIBOR + 0.18%), 10/25/36 (a) (b) | 56 | 18 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-5 Trust |  |  |
| Series 2006-1A5-5, REMIC, 6.00%, 07/25/36 | 1048 | 791 |
| Series 2006-1A7-5, REMIC, 6.00%, 07/25/36 | 1871 | 1412 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-7 Trust |  |  |
| Series 2006-A4-7, REMIC, 4.05%, 09/25/36 (a) (b) | 17769 | 5128 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-2 Trust |  |  |
| Series 2007-2A2-2, REMIC, 5.50%, 04/25/37 | 1042 | 1017 |
| Waterfall Commercial Mortgage Trust 2015-SBC5 |  |  |
| Series 2015-A-SBC5, REMIC, 4.10%, 01/14/26 (a) | 1444 | 1421 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wellfleet CLO 2017-3 Ltd |  |  |
| Series 2017-A1-3A, 5.23%, (3 Month USD LIBOR + 1.15%), 01/17/31 (a) | 3250 | 3196 |
| Wellfleet CLO 2018-2, LLC |  |  |
| Series 2018-A1-2A, 5.44%, (3 Month USD LIBOR + 1.20%), 10/20/31 (a) | 2000 | 1942 |
| Wells Fargo & Company |  |  |
| Series 2016-C-C32, REMIC, 4.73%, 01/16/26 (a) | 1577 | 1433 |
| Series 2016-C-C34, REMIC, 5.06%, 04/17/26 (a) | 1937 | 1707 |
| Series 2016-C-LC24, REMIC, 4.43%, 09/17/26 (a) | 2000 | 1743 |
| Interest Only, Series 2016-XA-C33, REMIC, 1.58%, 03/17/59 (a) | 10676 | 420 |
| Wells Fargo Alternative Loan 2007-PA3 Trust |  |  |
| Series 2007-2A1-PA3, REMIC, 6.00%, 07/25/37 | 1195 | 1002 |
| Series 2007-3A1-PA3, REMIC, 6.25%, 07/25/37 | 1151 | 888 |
| Wells Fargo Alternative Loan 2007-PA5 Trust |  |  |
| Series 2007-1A1-PA5, REMIC, 6.25%, 11/25/37 | 427 | 353 |
| Wells Fargo Commercial Mortgage Trust 2015-C31 |  |  |
| Series 2015-C-C31, REMIC, 4.60%, 11/18/25 (a) | 1850 | 1635 |
| Wells Fargo Commercial Mortgage Trust 2015-LC20 |  |  |
| Series 2015-C-LC20, REMIC, 4.06%, 03/17/25 (a) | 2386 | 2151 |
| Interest Only, Series 2015-XA-LC20, REMIC, 1.29%, 04/15/50 (a) | 19859 | 361 |
| Wells Fargo Commercial Mortgage Trust 2015-NXS4 |  |  |
| Series 2015-D-NXS4, REMIC, 3.69%, 11/18/25 (a) | 2031 | 1730 |
| Wells Fargo Commercial Mortgage Trust 2015-P2 |  |  |
| Interest Only, Series 2015-XA-P2, REMIC, 0.93%, 12/17/48 (a) | 17616 | 383 |
| Wells Fargo Commercial Mortgage Trust 2017-C39 |  |  |
| Interest Only, Series 2017-XA-C39, REMIC, 1.10%, 09/16/50 (a) | 68307 | 2390 |
| Wells Fargo Commercial Mortgage Trust 2017-RC1 |  |  |
| Interest Only, Series 2017-XA-RC1, REMIC, 1.38%, 01/16/60 (a) | 16137 | 736 |
| Wells Fargo Commercial Mortgage Trust 2019-C54 |  |  |
| Interest Only, Series 2019-XA-C54, REMIC, 0.83%, 12/17/52 (a) | 37178 | 1562 |
| Wells Fargo Commercial Mortgage Trust 2020-C55 |  |  |
| Interest Only, Series 2020-XA-C55, REMIC, 1.30%, 02/18/53 (a) | 58459 | 3738 |
| Wells Fargo Commercial Mortgage Trust 2020-C56 |  |  |
| Interest Only, Series 2020-XA-C56, REMIC, 1.40%, 06/17/53 (a) | 58358 | 3821 |
| Wells Fargo Commercial Mortgage Trust 2020-C58 |  |  |
| Interest Only, Series 2020-XA-C58, REMIC, 1.87%, 07/17/53 (a) | 32447 | 3178 |
| Wells Fargo Mortgage Backed Securities 2007-7 Trust |  |  |
| Series 2007-A38-7, REMIC, 6.00%, 06/25/37 | 715 | 589 |
| WFRBS Commercial Mortgage Trust 2014-C19 |  |  |
| Interest Only, Series 2014-XA-C19, REMIC, 0.96%, 03/15/47 (a) | 13431 | 106 |
| WFRBS Commercial Mortgage Trust 2014-C25 |  |  |
| Interest Only, Series 2014-XA-C25, REMIC, 0.79%, 11/18/47 (a) | 23128 | 264 |
| Willis Engine Structured Trust IV |  |  |
| Series 2018-A-A, 4.75%, 09/15/26 (b) (c) | 1495 | 1173 |
| Wind River 2014-1 CLO Ltd. |  |  |
| Series 2014-ARR-1A, 5.24%, (3 Month USD LIBOR + 1.05%), 07/18/31 (a) | 2490 | 2433 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $949,453) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $949,453) | 789466 |
| **SHORT TERM INVESTMENTS 1.9%** | **SHORT TERM INVESTMENTS 1.9%** | **SHORT TERM INVESTMENTS 1.9%** |
| **Investment Companies 1.9%** | **Investment Companies 1.9%** | **Investment Companies 1.9%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (d) (e) | 38251 | 38251 |
| Total Short Term Investments (cost $38,251) | Total Short Term Investments (cost $38,251) | 38251 |
| **Total Investments 99.5% (cost $2,370,095)** | **Total Investments 99.5% (cost $2,370,095)** | **2028879** |
| **Other Assets and Liabilities, Net 0.5%** | **Other Assets and Liabilities, Net 0.5%** | **10140** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2039019** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(b) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(c) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $31,548 and 1.5% of the Fund.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 1201162 |  | 1201162 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 789466 |  | 789466 |
| &nbsp;&nbsp;Short Term Investments | 38251 |  |  | 38251 |
|  | 38251 | 1990628 |  | 2028879 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 46.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 46.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 46.9%** |
| **Mortgage-Backed Securities 20.6%** | **Mortgage-Backed Securities 20.6%** | **Mortgage-Backed Securities 20.6%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.00%, 12/01/32 - 09/01/52 | 14350 | 12853 |
| 1.50%, 07/01/35 | 195 | 170 |
| 2.00%, 12/01/36 - 04/01/52 | 9775 | 8052 |
| 4.00%, 05/01/38 - 05/01/48 | 3823 | 3675 |
| 3.50%, 08/01/47 - 03/01/52 | 2657 | 2464 |
| 2.50%, 07/01/50 - 04/01/52 | 11506 | 9836 |
| 2.50%, 11/01/50 (a) | 2697 | 2314 |
| 3.50%, 03/01/52 (a) | 1615 | 1484 |
| 5.00%, 10/01/52 - 12/01/52 | 15238 | 15071 |
| 5.50%, 10/01/52 | 150 | 150 |
| 4.50%, 11/01/52 | 14850 | 14319 |
| Federal National Mortgage Association, Inc. |  |  |
| 2.50%, 05/01/35 - 04/01/52 | 22267 | 19170 |
| 2.00%, 10/01/35 - 03/01/52 | 18509 | 15492 |
| 1.50%, 01/01/36 - 01/01/37 | 923 | 805 |
| 3.50%, 05/01/36 - 04/01/52 | 22044 | 20297 |
| TBA, 1.50%, 01/15/38 - 01/15/53 (b) | 15050 | 12320 |
| TBA, 2.00%, 01/15/38 - 02/15/53 (b) | 34075 | 28375 |
| TBA, 2.50%, 01/15/38 - 02/15/53 (b) | 10550 | 9012 |
| 4.00%, 06/01/38 - 01/01/53 | 11324 | 10789 |
| 4.50%, 03/01/39 - 09/01/49 | 4730 | 4660 |
| 3.00%, 04/01/40 - 05/01/52 | 13003 | 11602 |
| 2.00%, 04/01/51 (a) | 3899 | 3204 |
| 3.50%, 11/01/51 (a) | 3679 | 3358 |
| 5.00%, 09/01/52 - 12/01/52 | 2832 | 2832 |
| 5.50%, 10/01/52 - 11/01/52 | 2078 | 2090 |
| 6.00%, 11/01/52 | 199 | 203 |
| TBA, 3.00%, 01/15/53 (b) | 2000 | 1757 |
| TBA, 4.00%, 01/15/53 (b) | 1050 | 986 |
| TBA, 5.50%, 01/15/53 (b) | 3350 | 3360 |
| Government National Mortgage Association |  |  |
| 4.00%, 02/20/41 - 08/20/48 | 4600 | 4428 |
| 4.00%, 11/20/44 (a) | 554 | 537 |
| 3.50%, 09/20/45 - 02/20/46 | 3493 | 3279 |
| 5.00%, 04/20/48 | 446 | 452 |
| 3.00%, 12/20/49 - 11/20/50 | 405 | 364 |
| 2.00%, 01/20/51 - 04/20/51 | 1833 | 1546 |
| 2.50%, 07/20/51 - 12/20/51 | 1672 | 1454 |
| TBA, 2.00%, 01/15/53 - 03/15/53 (b) | 15850 | 13309 |
| TBA, 2.50%, 01/15/53 - 02/15/53 (b) | 11400 | 9879 |
| TBA, 3.00%, 01/15/53 - 02/15/53 (b) | 8350 | 7441 |
| TBA, 3.50%, 01/15/53 - 02/15/53 (b) | 2650 | 2435 |
|  |  | 265824 |
| **U.S. Treasury Note 13.6%** | **U.S. Treasury Note 13.6%** | **U.S. Treasury Note 13.6%** |
| Treasury, United States Department of |  |  |
| 4.38%, 10/31/24 | 900 | 897 |
| 4.13%, 10/31/27 | 30000 | 30103 |
| 1.25%, 05/31/28 - 09/30/28 | 53868 | 46512 |
| 1.13%, 08/31/28 | 7790 | 6654 |
| 2.38%, 03/31/29 | 23000 | 20926 |
| 3.13%, 08/31/29 | 21040 | 19972 |
| 4.00%, 10/31/29 | 30000 | 30005 |
| 2.75%, 08/15/32 | 22578 | 20535 |
|  |  | 175604 |
| **U.S. Treasury Bond 10.3%** | **U.S. Treasury Bond 10.3%** | **U.S. Treasury Bond 10.3%** |
| Treasury, United States Department of |  |  |
| 0.00%, 11/15/35 - 08/15/41 (c) | 51970 | 26255 |
| 1.75%, 08/15/41 | 7868 | 5388 |
| 2.00%, 11/15/41 (a) | 7700 | 5504 |
| 3.25%, 05/15/42 | 6600 | 5788 |
| 3.63%, 02/15/44 | 2020 | 1854 |
| 3.13%, 08/15/44 | 6470 | 5461 |
| 3.00%, 11/15/44 | 1900 | 1568 |
| 2.88%, 08/15/45 - 05/15/52 | 17606 | 14147 |
| 2.00%, 08/15/51 | 44007 | 28859 |
| 1.88%, 11/15/51 | 19398 | 12321 |
| 2.25%, 02/15/52 | 36390 | 25388 |
|  |  | 132533 |
| **Sovereign 1.8%** | **Sovereign 1.8%** | **Sovereign 1.8%** |
| Abu Dhabi, Government of |  |  |
| 1.70%, 03/02/31 (d) | 130 | 107 |
| 3.13%, 09/30/49 (d) | 480 | 353 |
| 3.88%, 04/16/50 (d) | 710 | 602 |
| 3.00%, 09/15/51 (d) | 105 | 75 |
| Angola, Government of |  |  |
| 9.50%, 11/12/25 (d) | 220 | 226 |
| 8.25%, 05/09/28 (d) | 125 | 114 |
| 8.75%, 04/14/32 (d) | 100 | 86 |
| 9.38%, 05/08/48 (d) | 20 | 16 |
| Bermuda, Government of |  |  |
| 3.72%, 01/25/27 (d) | 215 | 204 |
| 3.38%, 08/20/50 (d) | 60 | 42 |
| Cabinet of Ministers of Ukraine |  |  |
| 0.00%, 09/01/24 - 09/25/34 (d) (e) (f) | 620 | 138 |
| 0.00%, 09/01/25 - 08/01/41 (d) (e) (f) | 625 | 141 |
| Cameroon, Government of |  |  |
| 9.50%, 11/19/25 (d) | 95 | 91 |
| Cenub Qaz Dehlizi, Qsc |  |  |
| 6.88%, 03/24/26 (d) | 405 | 415 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 2.78%, 01/23/31 | 325 | 270 |
| 3.00%, 01/15/34 | 90 | 71 |
| 3.30%, 03/11/41 | 85 | 62 |
| Dubai, Government of |  |  |
| 5.25%, 01/30/43 (g) | 200 | 181 |
| Gabon, Government of |  |  |
| 7.00%, 11/24/31 (d) | 80 | 65 |
| Ghana, Government of |  |  |
| 7.75%, 04/07/29 (d) | 200 | 73 |
| 10.75%, 10/14/30 (d) | 80 | 56 |
| 8.63%, 06/16/49 (d) | 35 | 12 |
| Gobierno de la Provincia de Buenos Aires |  |  |
| 5.25%, 09/01/37 (d) (h) | 115 | 40 |
| Gobierno de la Republica de Costa Rica |  |  |
| 5.63%, 04/30/43 (d) | 85 | 70 |
| Gobierno de la Republica de Guatemala |  |  |
| 4.90%, 06/01/30 (d) | 10 | 9 |
| 5.38%, 04/24/32 (d) | 240 | 234 |
| 6.13%, 06/01/50 (d) | 45 | 42 |
| Gobierno de la Republica del Ecuador |  |  |
| 5.50%, 07/31/30 (d) (h) | 280 | 178 |
| 2.50%, 07/31/35 (d) (h) | 150 | 68 |
| Gobierno de La Republica del Paraguay |  |  |
| 4.95%, 04/28/31 (d) | 200 | 194 |
| 2.74%, 01/29/33 (d) | 200 | 162 |
| 5.40%, 03/30/50 (d) | 30 | 26 |
| Gobierno De La Republica Oriental Del Uruguay |  |  |
| 5.10%, 06/18/50 | 150 | 148 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 3.75%, 01/11/28 | 125 | 118 |
| 4.50%, 04/22/29 | 70 | 67 |
| 3.25%, 04/16/30 (i) | 135 | 118 |
| 2.66%, 05/24/31 | 100 | 81 |
| 3.50%, 02/12/34 | 125 | 100 |
| 6.05%, 01/11/40 | 145 | 141 |
| 5.75%, 10/12/10 | 210 | 178 |
| Government of Commonwealth of the Bahamas |  |  |
| 6.00%, 11/21/28 (d) | 70 | 53 |
| Government of Saudi Arabia |  |  |
| 3.63%, 03/04/28 (d) | 65 | 62 |
| 3.25%, 10/22/30 (d) | 385 | 350 |
| 2.25%, 02/02/33 (d) | 200 | 163 |
| 4.50%, 10/26/46 (d) | 125 | 110 |
| 4.63%, 10/04/47 (d) | 110 | 98 |
| 3.75%, 01/21/55 (d) | 100 | 78 |
| 4.50%, 04/22/60 (d) | 300 | 265 |
| 3.45%, 02/02/61 (d) | 135 | 96 |
| Government of the Republic of Panama |  |  |
| 2.25%, 09/29/32 | 220 | 163 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 6.40%, 02/14/35 | 200 | 204 |
| 4.50%, 05/15/47 | 100 | 78 |
| 3.87%, 07/23/60 | 225 | 146 |
| Government of the Republic of Serbia |  |  |
| 2.13%, 12/01/30 (d) | 200 | 143 |
| Government of the Republic of Zambia |  |  |
| 8.97%, 07/30/27 (d) | 80 | 35 |
| Government of the Sultanate of Oman |  |  |
| 4.75%, 06/15/26 (d) | 50 | 48 |
| 5.38%, 03/08/27 (d) | 225 | 220 |
| 5.63%, 01/17/28 (d) | 370 | 364 |
| 6.00%, 08/01/29 (d) | 50 | 50 |
| 6.25%, 01/25/31 (d) | 200 | 201 |
| 6.50%, 03/08/47 (d) | 25 | 23 |
| 6.75%, 01/17/48 (d) | 115 | 108 |
| Jamaica, Government of |  |  |
| 6.75%, 04/28/28 | 55 | 58 |
| 7.88%, 07/28/45 | 35 | 39 |
| Kenya, Government of |  |  |
| 6.88%, 06/24/24 (d) | 65 | 60 |
| 7.00%, 05/22/27 (d) | 80 | 71 |
| 6.30%, 01/23/34 (d) | 40 | 31 |
| Kingdom of Bahrain |  |  |
| 5.63%, 05/18/34 (d) | 45 | 39 |
| Koztarsasagi Elnoki Hivatal |  |  |
| 2.13%, 09/22/31 (d) | 200 | 148 |
| Ministerio De Gobierno |  |  |
| 6.88%, 12/10/25 (d) (h) | 241 | 195 |
| 6.99%, 06/01/27 (d) (h) | 102 | 67 |
| Ministerul Finantelor Publice |  |  |
| 3.00%, 02/27/27 (d) | 98 | 87 |
| 3.00%, 02/14/31 (d) (i) | 135 | 106 |
| 3.63%, 03/27/32 (d) | 98 | 78 |
| 4.00%, 02/14/51 (d) | 50 | 33 |
| Ministry of Defence State of Israel |  |  |
| 3.38%, 01/15/50 | 135 | 104 |
| Ministry of Diwan Amiri Affairs |  |  |
| 4.00%, 03/14/29 (d) | 200 | 196 |
| 3.75%, 04/16/30 (d) | 340 | 329 |
| 4.63%, 06/02/46 (d) | 165 | 156 |
| 4.82%, 03/14/49 (d) | 275 | 267 |
| 4.40%, 04/16/50 (d) | 1090 | 994 |
| Minstry of Finance, Lebenon Republic of |  |  |
| 0.00%, 03/09/20 - 04/14/20 (e) (f) (g) | 315 | 19 |
| Morocco, Kingdom of |  |  |
| 5.50%, 12/11/42 (d) | 15 | 13 |
| Nigeria, Federal Government of |  |  |
| 6.38%, 07/12/23 (d) | 35 | 35 |
| 7.63%, 11/21/25 (d) | 145 | 133 |
| 6.13%, 09/28/28 (d) | 250 | 193 |
| 7.14%, 02/23/30 (d) | 90 | 69 |
| 7.70%, 02/23/38 (d) | 60 | 41 |
| Pakistan, Government of |  |  |
| 8.25%, 04/15/24 (d) | 40 | 21 |
| 6.00%, 04/08/26 (d) | 145 | 58 |
| 6.88%, 12/05/27 (d) | 25 | 10 |
| Presidence de la Republique de Cote d'Ivoire |  |  |
| 6.38%, 03/03/28 (d) | 150 | 145 |
| 6.13%, 06/15/33 (d) | 200 | 177 |
| Presidencia Da Republica Federativa Do Brasil |  |  |
| 3.88%, 06/12/30 | 330 | 286 |
| 8.25%, 01/20/34 | 225 | 252 |
| 7.13%, 01/20/37 | 115 | 120 |
| Presidencia De La Nacion |  |  |
| 1.00%, 07/09/29 | 153 | 41 |
| 0.50%, 07/09/30 (h) | 1489 | 409 |
| 1.50%, 07/09/35 (h) | 681 | 179 |
| 3.88%, 01/09/38 (h) | 349 | 110 |
| 3.50%, 07/09/41 (h) | 245 | 70 |
| Presidencia de la Republica de Chile |  |  |
| 2.75%, 01/31/27 | 200 | 184 |
| 2.45%, 01/31/31 (i) | 285 | 237 |
| 4.00%, 01/31/52 | 200 | 155 |
| Presidencia de la Republica de Colombia |  |  |
| 3.00%, 01/30/30 | 350 | 268 |
| 3.13%, 04/15/31 | 115 | 85 |
| 8.00%, 04/20/33 | 50 | 50 |
| 7.38%, 09/18/37 | 30 | 28 |
| 6.13%, 01/18/41 | 10 | 8 |
| 5.00%, 06/15/45 | 190 | 130 |
| 5.20%, 05/15/49 | 150 | 102 |
| 4.13%, 05/15/51 | 50 | 30 |
| Presidencia de la Republica de El Salvador |  |  |
| 6.38%, 01/18/27 (d) | 15 | 7 |
| 7.65%, 06/15/35 (g) | 20 | 8 |
| 7.63%, 02/01/41 (d) | 20 | 8 |
| 7.12%, 01/20/50 (d) | 40 | 16 |
| Presidencia de la Republica Dominicana |  |  |
| 6.88%, 01/29/26 (d) | 145 | 146 |
| 5.95%, 01/25/27 (d) | 240 | 235 |
| 6.00%, 07/19/28 (d) | 75 | 72 |
| 5.30%, 01/21/41 (d) | 95 | 74 |
| 6.85%, 01/27/45 (d) | 80 | 70 |
| 6.40%, 06/05/49 (d) | 190 | 153 |
| 5.88%, 01/30/60 (d) | 80 | 59 |
| Senegal, Government of |  |  |
| 6.25%, 05/23/33 (d) | 75 | 62 |
| South Africa, Parliament of |  |  |
| 4.85%, 09/27/27 - 09/30/29 | 110 | 102 |
| 5.88%, 04/20/32 | 60 | 54 |
| 5.00%, 10/12/46 | 85 | 59 |
| 5.65%, 09/27/47 | 40 | 29 |
| 5.75%, 09/30/49 | 100 | 73 |
| The Arab Republic of Egypt |  |  |
| 7.50%, 01/31/27 (d) | 530 | 474 |
| 8.70%, 03/01/49 (d) | 275 | 183 |
| 7.50%, 02/16/61 (d) | 120 | 74 |
| The Democratic Socialist Republic of Sri Lanka |  |  |
| 0.00%, 07/18/26 - 05/11/27 (d) (e) (f) | 60 | 19 |
| 0.00%, 03/14/29 - 03/28/30 (d) (e) (f) | 185 | 57 |
| The Government of Barbados |  |  |
| 6.50%, 10/01/29 (d) | 125 | 116 |
| The Government of the Republic of Armenia |  |  |
| 3.60%, 02/02/31 (d) | 70 | 56 |
| The Hashemite Kingdom of Jordan, The Government of |  |  |
| 4.95%, 07/07/25 (d) | 200 | 191 |
| The Ministry of Finance of Georgia |  |  |
| 2.75%, 04/22/26 (d) | 200 | 181 |
| The Philippines, Government of |  |  |
| 3.56%, 09/29/32 | 200 | 182 |
| 2.95%, 05/05/45 | 35 | 25 |
| 2.65%, 12/10/45 | 70 | 47 |
| 5.95%, 10/13/47 | 200 | 214 |
| The Republic of Indonesia, The Government of |  |  |
| 4.10%, 04/24/28 | 105 | 103 |
| 8.50%, 10/12/35 (d) | 165 | 209 |
| 6.63%, 02/17/37 (d) | 30 | 34 |
| 7.75%, 01/17/38 (d) | 160 | 192 |
| 5.25%, 01/17/42 (d) | 45 | 44 |
| 6.75%, 01/15/44 (d) | 70 | 79 |
| 5.13%, 01/15/45 (d) | 85 | 82 |
| 5.95%, 01/08/46 (d) | 220 | 228 |
| 4.35%, 01/11/48 | 90 | 77 |
| 3.50%, 02/14/50 | 60 | 45 |
| 4.20%, 10/15/50 | 1515 | 1246 |
| The Republic of Korea, Government of |  |  |
| 1.00%, 09/16/30 | 200 | 158 |
| The Republic of Rwanda, Government of |  |  |
| 5.50%, 08/09/31 (d) | 130 | 99 |
| The Republic of Uzbekistan |  |  |
| 4.75%, 02/20/24 (d) | 45 | 44 |
| 3.70%, 11/25/30 (d) | 200 | 168 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 6.35%, 08/10/24 | 110 | 108 |
| 4.25%, 03/13/25 - 04/14/26 | 375 | 340 |
| 6.38%, 10/14/25 | 95 | 91 |
| 4.75%, 01/26/26 | 260 | 236 |
| 4.88%, 10/09/26 - 04/16/43 | 355 | 281 |
| 6.00%, 03/25/27 - 01/14/41 | 70 | 57 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 9.88%, 01/15/28 | 145 | 150 |
| 5.13%, 02/17/28 | 110 | 95 |
| 6.13%, 10/24/28 | 75 | 67 |
| 5.75%, 05/11/47 | 80 | 55 |
| United Arab Emirates, Government of |  |  |
| 4.05%, 07/07/32 (d) | 200 | 197 |
| Urzad Rady Ministrow |  |  |
| 5.75%, 11/16/32 | 90 | 95 |
| | | 22774 |
| **Municipal 0.5%** | **Municipal 0.5%** | **Municipal 0.5%** |
| California, State of |  |  |
| 7.63%, 03/01/40 | 1390 | 1755 |
| Illinois, State of |  |  |
| 5.10%, 06/01/33 | 2535 | 2433 |
| 6.63%, 02/01/35 | 310 | 314 |
| 7.35%, 07/01/35 | 566 | 596 |
| New Jersey Economic Development Authority |  |  |
| 7.43%, 02/15/29 | 1024 | 1102 |
|  |  | 6200 |
| **Collateralized Mortgage Obligations 0.1%** | **Collateralized Mortgage Obligations 0.1%** | **Collateralized Mortgage Obligations 0.1%** |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2013-DJ-44, REMIC, 1.85%, 05/25/33 | 630 | 569 |
| Government National Mortgage Association |  |  |
| Series 2017-BA-139, REMIC, 3.00%, 09/20/47 | 279 | 250 |
| Series 2019-F-11, REMIC, 4.75%, (1 Month USD LIBOR + 0.40%), 01/20/49 (j) | 196 | 194 |
| Series 2019-NF-23, REMIC, 4.80%, (1 Month USD LIBOR + 0.45%), 02/20/49 (j) | 104 | 103 |
| Series 2019-FB-153, REMIC, 4.80%, (1 Month USD LIBOR + 0.45%), 12/20/49 (j) | 476 | 467 |
|  |  | 1583 |
| **Commercial Mortgage-Backed Securities 0.0%** | **Commercial Mortgage-Backed Securities 0.0%** | **Commercial Mortgage-Backed Securities 0.0%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A2-K150, 3.71%, 11/25/32 | 500 | 470 |
| Total Government And Agency Obligations (cost $686,361) | Total Government And Agency Obligations (cost $686,361) | 604988 |
| **CORPORATE BONDS AND NOTES 35.4%** | **CORPORATE BONDS AND NOTES 35.4%** | **CORPORATE BONDS AND NOTES 35.4%** |
| **Financials 13.5%** | **Financials 13.5%** | **Financials 13.5%** |
| 1MDB Global Investments Limited |  |  |
| 4.40%, 03/09/23 (g) | 1000 | 975 |
| Access Bank PLC |  |  |
| 6.13%, 09/21/26 (d) | 200 | 155 |
| Acrisure, LLC |  |  |
| 4.25%, 02/15/29 (d) | 290 | 241 |
| 6.00%, 08/01/29 (d) | 140 | 113 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 4.88%, 01/16/24 | 800 | 792 |
| 2.88%, 08/14/24 | 888 | 841 |
| 1.65%, 10/29/24 | 1538 | 1420 |
| 6.50%, 07/15/25 | 540 | 549 |
| 2.45%, 10/29/26 | 561 | 491 |
| 3.00%, 10/29/28 | 588 | 494 |
| 3.30%, 01/30/32 | 629 | 491 |
| AIA Group Limited |  |  |
| 3.20%, 09/16/40 (d) | 538 | 386 |
| Alliant Holdings Intermediate, LLC |  |  |
| 4.25%, 10/15/27 (d) | 25 | 23 |
| 6.75%, 10/15/27 (d) | 680 | 613 |
| 5.88%, 11/01/29 (d) | 115 | 95 |
| Ally Financial Inc. |  |  |
| 4.70%, (100, 05/15/26) (k) | 700 | 470 |
| 1.45%, 10/02/23 | 349 | 338 |
| 5.13%, 09/30/24 | 304 | 301 |
| 5.75%, 11/20/25 | 670 | 650 |
| 7.10%, 11/15/27 (i) | 1430 | 1458 |
| 8.00%, 11/01/31 | 1114 | 1149 |
| AmWINS Group, Inc. |  |  |
| 4.88%, 06/30/29 (d) | 55 | 47 |
| Ares Capital Corporation |  |  |
| 3.88%, 01/15/26 | 1926 | 1766 |
| AssuredPartners, Inc. |  |  |
| 5.63%, 01/15/29 (d) | 75 | 62 |
| Avolon Holdings Funding Limited |  |  |
| 3.95%, 07/01/24 (d) | 850 | 814 |
| 4.38%, 05/01/26 (d) | 2900 | 2636 |
| Banco De Desarrollo Para America Latina |  |  |
| 2.38%, 05/12/23 | 1100 | 1088 |
| Banco do Brasil S.A |  |  |
| 6.25%, (100, 04/15/24) (d) (k) | 120 | 108 |
| Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte |  |  |
| 6.75%, (100, 09/27/24) (d) (k) | 75 | 73 |
| 7.63%, (100, 01/10/28) (d) (k) | 50 | 47 |
| Bank of America Corporation |  |  |
| 4.20%, 08/26/24 | 100 | 98 |
| 4.18%, 11/25/27 | 3725 | 3538 |
| 4.38%, 04/27/28 | 3800 | 3632 |
| 2.30%, 07/21/32 | 1360 | 1047 |
| 2.97%, 02/04/33 | 3100 | 2500 |
| 5.02%, 07/22/33 | 5250 | 4981 |
| Barclays PLC |  |  |
| 2.85%, 05/07/26 (l) | 1270 | 1178 |
| 5.09%, 06/20/30 (l) | 2500 | 2296 |
| BBVA Bancomer S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer |  |  |
| 5.35%, 11/12/29 (d) | 40 | 39 |
| 5.13%, 01/18/33 (d) | 50 | 45 |
| Blackstone Private Credit Fund |  |  |
| 4.70%, 03/24/25 | 4923 | 4720 |
| 7.05%, 09/29/25 (d) | 1229 | 1218 |
| BNP Paribas |  |  |
| 2.22%, 06/09/26 (d) (l) | 1123 | 1032 |
| BroadStreet Partners, Inc. |  |  |
| 5.88%, 04/15/29 (d) | 50 | 43 |
| Capital One Financial Corporation |  |  |
| 2.64%, 03/03/26 | 644 | 603 |
| 4.99%, 07/24/26 | 1017 | 998 |
| 4.93%, 05/10/28 | 2117 | 2051 |
| 3.27%, 03/01/30 | 2123 | 1805 |
| 5.25%, 07/26/30 | 1600 | 1526 |
| CIT Group Inc. |  |  |
| 3.93%, 06/19/24 | 185 | 183 |
| Citigroup Inc. |  |  |
| 4.60%, 03/09/26 | 309 | 304 |
| 4.30%, 11/20/26 | 200 | 194 |
| 3.07%, 02/24/28 | 4000 | 3609 |
| 2.67%, 01/29/31 | 2300 | 1886 |
| 4.41%, 03/31/31 | 1522 | 1399 |
| 4.91%, 05/24/33 | 491 | 460 |
| Cobra AcquisitionCo LLC |  |  |
| 6.38%, 11/01/29 (d) | 85 | 50 |
| Coinbase Global, Inc. |  |  |
| 3.38%, 10/01/28 (d) | 235 | 124 |
| 3.63%, 10/01/31 (d) | 285 | 138 |
| Commonwealth Bank of Australia |  |  |
| 3.61%, 09/12/34 (d) (l) | 384 | 317 |
| Corebridge Financial, Inc. |  |  |
| 3.50%, 04/04/25 (d) | 294 | 282 |
| 3.65%, 04/05/27 (d) | 420 | 391 |
| 3.85%, 04/05/29 (d) | 412 | 375 |
| 3.90%, 04/05/32 (d) | 4490 | 3933 |
| 4.35%, 04/05/42 (d) | 111 | 91 |
| 4.40%, 04/05/52 (d) | 330 | 263 |
| Credit Suisse Group AG |  |  |
| 6.50%, 08/08/23 (d) (l) | 400 | 386 |
| 4.21%, 06/12/24 (d) | 1000 | 974 |
| 2.59%, 09/11/25 (d) (l) | 1546 | 1379 |
| 4.28%, 01/09/28 (d) (l) | 2059 | 1704 |
| 3.87%, 01/12/29 (d) (l) | 303 | 243 |
| 4.19%, 04/01/31 (d) (l) | 1376 | 1065 |
| Credit Suisse Group Funding (Guernsey) Limited |  |  |
| 4.55%, 04/17/26 (l) | 699 | 610 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 4.50%, 04/01/25 | 4957 | 4709 |
| 3.73%, 01/14/32 (l) | 2500 | 1832 |
| Discover Bank |  |  |
| 4.68%, 08/09/28 | 2000 | 1922 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Discover Financial Services |  |  |
| 4.50%, 01/30/26 | 2000 | 1927 |
| 6.70%, 11/29/32 | 257 | 262 |
| EG Global Finance PLC |  |  |
| 6.75%, 02/07/25 (d) | 441 | 381 |
| Five Corners Funding Trust II |  |  |
| 2.85%, 05/15/30 (d) | 1710 | 1435 |
| Ford Motor Credit Company LLC |  |  |
| 4.06%, 11/01/24 | 2990 | 2881 |
| 4.69%, 06/09/25 | 160 | 153 |
| 5.13%, 06/16/25 | 120 | 116 |
| 2.70%, 08/10/26 | 200 | 174 |
| 4.27%, 01/09/27 | 80 | 72 |
| 4.95%, 05/28/27 | 1700 | 1588 |
| 4.13%, 08/17/27 | 165 | 147 |
| 5.11%, 05/03/29 | 355 | 321 |
| Hightower Holdings LLC |  |  |
| 6.75%, 04/15/29 (d) | 290 | 243 |
| HSBC Holdings PLC |  |  |
| 4.95%, 03/31/30 (l) | 205 | 195 |
| HUB International Limited |  |  |
| 7.00%, 05/01/26 (d) | 85 | 83 |
| 5.63%, 12/01/29 (d) | 80 | 70 |
| Icahn Enterprises L.P. |  |  |
| 4.75%, 09/15/24 | 185 | 179 |
| 6.25%, 05/15/26 | 2085 | 2017 |
| 5.25%, 05/15/27 | 390 | 358 |
| Intesa Sanpaolo SPA |  |  |
| 5.71%, 01/15/26 (d) | 3028 | 2918 |
| 4.20%, 06/01/32 (d) | 200 | 147 |
| Itau Unibanco Holding S.A. |  |  |
| 7.69%, (5 Year Treasury + 3.98%), (100, 06/12/23) (d) (j) (k) | 155 | 151 |
| Jane Street Group, LLC |  |  |
| 4.50%, 11/15/29 (d) | 50 | 44 |
| JPMorgan Chase & Co. |  |  |
| 3.96%, 01/29/27 | 2050 | 1957 |
| 4.32%, 04/26/28 | 3800 | 3623 |
| 3.51%, 01/23/29 | 1850 | 1680 |
| 4.49%, 03/24/31 | 4900 | 4582 |
| 2.96%, 05/13/31 | 677 | 557 |
| 4.59%, 04/26/33 | 3532 | 3273 |
| 4.91%, 07/25/33 | 1287 | 1224 |
| 5.72%, 09/14/33 | 1700 | 1671 |
| MDGH - GMTN B.V. |  |  |
| 2.88%, 11/07/29 (d) | 200 | 180 |
| Morgan Stanley |  |  |
| 4.00%, 07/23/25 | 150 | 147 |
| 3.63%, 01/20/27 | 150 | 142 |
| 4.21%, 04/20/28 | 5800 | 5509 |
| 4.43%, 01/23/30 | 1000 | 934 |
| 3.62%, 04/01/31 | 4344 | 3805 |
| 4.89%, 07/20/33 | 1207 | 1136 |
| MSCI Inc. |  |  |
| 3.25%, 08/15/33 (d) | 75 | 58 |
| NatWest Group PLC |  |  |
| 5.13%, 05/28/24 (l) | 1500 | 1487 |
| 4.52%, 06/25/24 (l) | 1975 | 1956 |
| 4.27%, 03/22/25 (l) | 1225 | 1195 |
| 3.07%, 05/22/28 (l) | 712 | 637 |
| NBK Tier 1 Financing Limited |  |  |
| 3.63%, (100, 02/24/27) (d) (k) | 200 | 175 |
| 4.50%, (100, 08/27/25) (d) (k) | 100 | 92 |
| OneMain Finance Corporation |  |  |
| 6.88%, 03/15/25 | 540 | 519 |
| 7.13%, 03/15/26 | 300 | 285 |
| 3.50%, 01/15/27 | 180 | 149 |
| Pine Street Trust I |  |  |
| 4.57%, 02/15/29 (d) | 1000 | 927 |
| Pine Street Trust II |  |  |
| 5.57%, 02/15/49 (d) | 1000 | 903 |
| PTT Treasury Center Company Limited |  |  |
| 3.70%, 07/16/70 (d) | 50 | 31 |
| Regions Bank |  |  |
| 6.45%, 06/26/37 | 500 | 519 |
| Ryan Specialty Group, LLC |  |  |
| 4.38%, 02/01/30 (d) | 135 | 118 |
| Shriram Finance Limited |  |  |
| 4.15%, 07/18/25 (d) | 200 | 184 |
| Societe Generale |  |  |
| 1.04%, 06/18/25 (d) (l) | 2800 | 2606 |
| 1.49%, 12/14/26 (d) | 1483 | 1292 |
| Starwood Property Trust, Inc. |  |  |
| 4.75%, 03/15/25 | 200 | 191 |
| Synchrony Financial |  |  |
| 5.15%, 03/19/29 | 2759 | 2603 |
| TCS Finance Designated Activity Company |  |  |
| 6.00%, (100, 12/20/26) (d) (e) (g) (k) | 200 | 81 |
| Teachers Insurance & Annuity Association of America |  |  |
| 4.90%, 09/15/44 (d) | 640 | 585 |
| The Goldman Sachs Group, Inc. |  |  |
| 3.62%, 03/15/28 | 3900 | 3631 |
| 4.22%, 05/01/29 | 5000 | 4658 |
| 3.80%, 03/15/30 | 2570 | 2310 |
| 2.38%, 07/21/32 | 1355 | 1050 |
| 3.10%, 02/24/33 | 2900 | 2365 |
| Tiaa Asset Management, LLC |  |  |
| 4.00%, 11/01/28 (d) | 425 | 397 |
| Trade and Development Bank of Mongolia LLC |  |  |
| 7.25%, 10/23/23 (d) | 15 | 13 |
| Transocean Poseidon Limited |  |  |
| 6.88%, 02/01/27 (d) | 346 | 337 |
| UBS Group AG |  |  |
| 1.49%, 08/10/27 (d) (l) | 836 | 719 |
| Unum Group |  |  |
| 4.00%, 06/15/29 | 1500 | 1355 |
| 5.75%, 08/15/42 | 1500 | 1343 |
| USIS Merger Sub, Inc. |  |  |
| 6.88%, 05/01/25 (d) | 480 | 461 |
| VistaJet Malta Finance P.L.C. |  |  |
| 6.38%, 02/01/30 (d) | 160 | 129 |
| Wells Fargo & Company |  |  |
| 3.53%, 03/24/28 | 5123 | 4749 |
| 4.48%, 04/04/31 | 4110 | 3852 |
| 5.01%, 04/04/51 | 3036 | 2701 |
| Westpac Banking Corporation |  |  |
| 4.11%, 07/24/34 (l) | 558 | 477 |
| | | 174281 |
| **Energy 5.1%** | **Energy 5.1%** | **Energy 5.1%** |
| Apache Corporation |  |  |
| 5.10%, 09/01/40 | 85 | 70 |
| 7.38%, 08/15/47 | 30 | 30 |
| Aydem Yenilenebilir Enerji Anonim Sirketi |  |  |
| 7.75%, 02/02/27 (d) | 200 | 164 |
| Canacol Energy Ltd. |  |  |
| 5.75%, 11/24/28 (d) | 200 | 176 |
| Cenovus Energy Inc. |  |  |
| 2.65%, 01/15/32 | 1400 | 1116 |
| 6.75%, 11/15/39 | 124 | 128 |
| 5.40%, 06/15/47 | 149 | 135 |
| 3.75%, 02/15/52 | 140 | 99 |
| Cheniere Energy Partners, L.P. |  |  |
| 4.00%, 03/01/31 | 100 | 86 |
| 3.25%, 01/31/32 | 95 | 76 |
| Citgo Petroleum Corporation |  |  |
| 7.00%, 06/15/25 (d) | 35 | 34 |
| 6.38%, 06/15/26 (d) | 295 | 284 |
| CNX Midstream Partners LP |  |  |
| 4.75%, 04/15/30 (d) | 40 | 33 |
| CNX Resources Corporation |  |  |
| 6.00%, 01/15/29 (d) | 45 | 42 |
| Colgate Energy Partners III, LLC |  |  |
| 5.88%, 07/01/29 (d) | 50 | 43 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 03/01/29 (d) | 115 | 104 |
| 5.88%, 01/15/30 (d) | 60 | 52 |
| Continental Resources, Inc. |  |  |
| 4.50%, 04/15/23 | 876 | 872 |
| 5.75%, 01/15/31 (d) | 280 | 261 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Crestwood Midstream Partners LP |  |  |
| 5.63%, 05/01/27 (d) | 848 | 791 |
| 6.00%, 02/01/29 (d) | 100 | 92 |
| CrownRock, L.P. |  |  |
| 5.00%, 05/01/29 (d) | 35 | 31 |
| CVR Energy, Inc. |  |  |
| 5.25%, 02/15/25 (d) | 200 | 184 |
| 5.75%, 02/15/28 (d) | 285 | 247 |
| DCP Midstream Operating, LP |  |  |
| 5.38%, 07/15/25 | 400 | 396 |
| 5.63%, 07/15/27 | 230 | 229 |
| Delek Group Ltd. |  |  |
| 7.49%, 12/30/23 | 215 | 214 |
| Delek Logistics Partners, LP |  |  |
| 7.13%, 06/01/28 (d) | 65 | 59 |
| Devon Energy Corporation |  |  |
| 5.25%, 10/15/27 | 62 | 62 |
| DT Midstream, Inc. |  |  |
| 4.13%, 06/15/29 (d) | 100 | 86 |
| EIG Pearl Holdings S.a r.l. |  |  |
| 3.55%, 08/31/36 (d) | 275 | 231 |
| Endeavor Energy Resources, L.P. |  |  |
| 5.75%, 01/30/28 (d) | 160 | 153 |
| Energean Israel Finance Ltd |  |  |
| 4.88%, 03/30/26 (g) | 130 | 120 |
| Energean PLC |  |  |
| 6.50%, 04/30/27 (d) | 200 | 184 |
| Energy Transfer LP |  |  |
| 5.50%, 06/01/27 | 1400 | 1391 |
| 5.25%, 04/15/29 | 3925 | 3805 |
| 3.75%, 05/15/30 | 327 | 288 |
| 5.30%, 04/15/47 | 700 | 586 |
| 6.00%, 06/15/48 | 490 | 444 |
| 5.00%, 05/15/50 | 930 | 751 |
| Enfragen Energia Sur SA. |  |  |
| 5.38%, 12/30/30 (d) | 230 | 161 |
| Enlink Midstream, LLC |  |  |
| 5.63%, 01/15/28 (d) | 195 | 186 |
| ENN Clean Energy International Investment Limited |  |  |
| 3.38%, 05/12/26 (d) | 200 | 176 |
| EQM Midstream Partners, LP |  |  |
| 7.50%, 06/01/27 (d) | 195 | 191 |
| 6.50%, 07/01/27 (d) | 115 | 110 |
| 4.50%, 01/15/29 (d) | 100 | 85 |
| EQT Corporation |  |  |
| 3.90%, 10/01/27 | 165 | 152 |
| 5.00%, 01/15/29 | 65 | 61 |
| Galaxy Pipeline Assets Bidco Limited |  |  |
| 2.16%, 03/31/34 (d) | 74 | 63 |
| 2.63%, 03/31/36 (d) | 240 | 193 |
| Genesis Energy, L.P. |  |  |
| 8.00%, 01/15/27 | 145 | 136 |
| Geopark Limited |  |  |
| 5.50%, 01/17/27 (d) | 80 | 69 |
| Guara Norte S.a r.l. |  |  |
| 5.20%, 06/15/34 (d) | 182 | 154 |
| Halliburton Company |  |  |
| 3.80%, 11/15/25 | 5 | 5 |
| Hess Corporation |  |  |
| 4.30%, 04/01/27 | 820 | 781 |
| 7.13%, 03/15/33 | 2751 | 2976 |
| 5.60%, 02/15/41 | 1013 | 943 |
| 5.80%, 04/01/47 | 601 | 575 |
| Hess Infrastructure Partners LP |  |  |
| 5.63%, 02/15/26 (d) | 345 | 335 |
| 4.25%, 02/15/30 (d) | 60 | 51 |
| 5.50%, 10/15/30 (d) | 45 | 41 |
| Hilcorp Energy I, L.P. |  |  |
| 6.00%, 04/15/30 (d) | 200 | 179 |
| Holly Energy Partners, L.P. |  |  |
| 6.38%, 04/15/27 (d) | 85 | 84 |
| 5.00%, 02/01/28 (d) | 230 | 211 |
| Investment Energy Resources Limited |  |  |
| 6.25%, 04/26/29 (d) | 200 | 188 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/29 (d) | 110 | 93 |
| Kinetik Holdings LP |  |  |
| 5.88%, 06/15/30 (d) | 95 | 89 |
| Kosmos Energy Ltd. |  |  |
| 7.13%, 04/04/26 (d) | 345 | 295 |
| Leeward Renewable Energy Operations, LLC |  |  |
| 4.25%, 07/01/29 (d) | 90 | 78 |
| Leviathan Bond Ltd |  |  |
| 5.75%, 06/30/23 (g) | 45 | 45 |
| 6.13%, 06/30/25 (g) | 120 | 117 |
| 6.50%, 06/30/27 (g) | 25 | 24 |
| MC Brazil Downstream Trading S.a r.l. |  |  |
| 7.25%, 06/30/31 (d) | 140 | 115 |
| Medco Oak Tree Pte. Ltd. |  |  |
| 7.38%, 05/14/26 (d) | 25 | 24 |
| Medco Platinum Road Pte. Ltd. |  |  |
| 6.75%, 01/30/25 (d) | 230 | 223 |
| MEG Energy Corp. |  |  |
| 7.13%, 02/01/27 (d) | 497 | 507 |
| Mesquite Energy, Inc. |  |  |
| 0.00%, 02/15/23 (d) (e) (f) | 269 | 3 |
| 13.00%, 07/15/23 (g) (l) (m) (n) | 52 | 347 |
| 13.00%, 07/15/23 (g) (l) (m) (n) | 30 | 201 |
| MPLX LP |  |  |
| 4.80%, 02/15/29 | 500 | 478 |
| 4.95%, 09/01/32 | 993 | 931 |
| 4.50%, 04/15/38 | 675 | 569 |
| 4.70%, 04/15/48 | 325 | 259 |
| Murphy Oil Corporation |  |  |
| 5.88%, 12/01/27 | 220 | 212 |
| National company KazMunayGaz JSC |  |  |
| 5.75%, 04/19/47 (d) | 35 | 27 |
| New Fortress Energy Inc. |  |  |
| 6.75%, 09/15/25 (d) | 345 | 327 |
| NGL Energy Operating LLC |  |  |
| 7.50%, 02/01/26 (d) | 220 | 196 |
| Nostrum Oil & Gas Finance B.V. |  |  |
| 0.00%, 07/25/22 (d) (e) (f) | 570 | 147 |
| Occidental Petroleum Corporation |  |  |
| 5.55%, 03/15/26 | 595 | 593 |
| 3.50%, 08/15/29 | 175 | 156 |
| 8.88%, 07/15/30 | 125 | 141 |
| 7.50%, 05/01/31 | 3780 | 4049 |
| 7.88%, 09/15/31 | 35 | 39 |
| 6.45%, 09/15/36 | 1450 | 1479 |
| 4.30%, 08/15/39 | 60 | 48 |
| 6.20%, 03/15/40 | 60 | 59 |
| 6.60%, 03/15/46 | 1375 | 1415 |
| 4.40%, 04/15/46 - 08/15/49 | 305 | 240 |
| 4.10%, 02/15/47 | 240 | 182 |
| 4.20%, 03/15/48 | 115 | 88 |
| Oleoducto Central S.A. |  |  |
| 4.00%, 07/14/27 (d) | 195 | 172 |
| PBF Holding Company LLC |  |  |
| 6.00%, 02/15/28 | 170 | 150 |
| PDC Energy, Inc. |  |  |
| 5.75%, 05/15/26 | 50 | 48 |
| PDV America, Inc. |  |  |
| 9.25%, 08/01/24 (d) | 90 | 90 |
| Pemex Project Funding Master Trust |  |  |
| 6.63%, 06/15/35 | 410 | 297 |
| Petrobras Global Finance B.V. |  |  |
| 6.88%, 01/20/40 | 70 | 66 |
| 6.75%, 06/03/50 | 90 | 79 |
| Petroleos de Venezuela, S.A. |  |  |
| 0.00%, 10/28/22 - 04/12/27 (e) (f) (g) (o) | 10380 | 443 |
| Petroleos Mexicanos |  |  |
| 4.88%, 01/18/24 | 185 | 180 |
| 6.88%, 10/16/25 - 08/04/26 | 135 | 130 |
| 6.49%, 01/23/27 | 395 | 361 |
| 6.50%, 03/13/27 - 06/02/41 | 260 | 227 |
| 6.84%, 01/23/30 | 435 | 361 |
| 5.95%, 01/28/31 | 2445 | 1855 |
| 6.70%, 02/16/32 | 130 | 102 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 6.38%, 01/23/45 | 60 | 37 |
| 6.75%, 09/21/47 | 8670 | 5554 |
| 6.35%, 02/12/48 | 4400 | 2700 |
| 7.69%, 01/23/50 | 741 | 513 |
| 6.95%, 01/28/60 | 115 | 73 |
| PETRONAS Capital Limited |  |  |
| 3.50%, 04/21/30 (d) | 50 | 46 |
| 3.40%, 04/28/61 (d) | 60 | 41 |
| Phillips 66 |  |  |
| 3.85%, 04/09/25 | 87 | 85 |
| Pioneer Natural Resources Company |  |  |
| 0.25%, 05/15/25 (l) | 203 | 475 |
| Plains All American Pipeline, L.P. |  |  |
| 4.50%, 12/15/26 | 1450 | 1395 |
| 3.55%, 12/15/29 | 188 | 163 |
| PT Adaro Indonesia |  |  |
| 4.25%, 10/31/24 (d) | 165 | 159 |
| PT Pertamina (Persero) |  |  |
| 4.18%, 01/21/50 (d) | 50 | 38 |
| Qatarenergy |  |  |
| 1.38%, 09/12/26 (d) | 325 | 289 |
| 2.25%, 07/12/31 (d) | 240 | 199 |
| 3.13%, 07/12/41 (d) | 60 | 46 |
| 3.30%, 07/12/51 (d) | 350 | 258 |
| Range Resources Corporation |  |  |
| 4.88%, 05/15/25 | 155 | 148 |
| SA Global Sukuk Limited |  |  |
| 1.60%, 06/17/26 (d) | 200 | 179 |
| Sabine Pass Liquefaction, LLC |  |  |
| 4.50%, 05/15/30 | 1251 | 1162 |
| Saudi Arabian Oil Company |  |  |
| 1.63%, 11/24/25 (d) | 350 | 319 |
| 3.50%, 04/16/29 (d) | 415 | 381 |
| 4.25%, 04/16/39 (d) | 285 | 254 |
| 4.38%, 04/16/49 (d) | 40 | 34 |
| 3.50%, 11/24/70 (d) | 65 | 44 |
| Sinopec Group Overseas Development (2018) Limited |  |  |
| 2.70%, 05/13/30 (d) | 50 | 44 |
| SM Energy Company |  |  |
| 5.63%, 06/01/25 | 25 | 24 |
| 6.75%, 09/15/26 | 110 | 107 |
| 6.63%, 01/15/27 | 215 | 207 |
| Southwestern Energy Company |  |  |
| 4.75%, 02/01/32 | 95 | 81 |
| Sunnova Energy Corporation |  |  |
| 5.88%, 09/01/26 (d) | 65 | 58 |
| Sunoco Logistics Partners Operations L.P. |  |  |
| 5.40%, 10/01/47 | 200 | 171 |
| Sunoco LP |  |  |
| 6.00%, 04/15/27 | 5 | 5 |
| 5.88%, 03/15/28 | 95 | 90 |
| 4.50%, 05/15/29 | 235 | 206 |
| Tallgrass Energy Partners, LP |  |  |
| 7.50%, 10/01/25 (d) | 500 | 504 |
| 6.00%, 12/31/30 (d) | 195 | 170 |
| Targa Resources Partners LP |  |  |
| 6.50%, 07/15/27 | 400 | 404 |
| 5.50%, 03/01/30 | 50 | 47 |
| Teine Energy Ltd. |  |  |
| 6.88%, 04/15/29 (d) | 100 | 90 |
| Tengizchevroil Finance Company S.A R.L. |  |  |
| 3.25%, 08/15/30 (d) | 140 | 100 |
| The Oil And Gas Holding Company B.S.C. |  |  |
| 7.63%, 11/07/24 (d) | 190 | 193 |
| 7.50%, 10/25/27 (d) | 110 | 112 |
| 8.38%, 11/07/28 (d) | 40 | 42 |
| The Williams Companies, Inc. |  |  |
| 3.50%, 11/15/30 | 1306 | 1144 |
| 4.65%, 08/15/32 | 1037 | 967 |
| 5.30%, 08/15/52 | 235 | 211 |
| Transcontinental Gas Pipe Line Company, LLC |  |  |
| 3.25%, 05/15/30 | 158 | 137 |
| 3.95%, 05/15/50 | 509 | 390 |
| Transocean Inc |  |  |
| 11.50%, 01/30/27 (d) | 185 | 186 |
| Tullow Oil PLC |  |  |
| 7.00%, 03/01/25 (d) | 40 | 24 |
| 10.25%, 05/15/26 (d) | 226 | 181 |
| Venture Global Calcasieu Pass, LLC |  |  |
| 3.88%, 08/15/29 - 11/01/33 (d) | 210 | 179 |
| 4.13%, 08/15/31 (d) | 110 | 94 |
| Western Midstream Operating, LP |  |  |
| 4.30%, 02/01/30 (h) (p) | 4580 | 4013 |
| YPF S.A. |  |  |
| 8.75%, 04/04/24 (d) | 192 | 183 |
| 8.50%, 03/23/25 (d) | 152 | 139 |
| | | 65707 |
| **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** |
| American Homes 4 Rent, L.P. |  |  |
| 3.63%, 04/15/32 | 451 | 379 |
| Boston Properties Limited Partnership |  |  |
| 6.75%, 12/01/27 | 740 | 764 |
| Brandywine Operating Partnership, L.P. |  |  |
| 4.10%, 10/01/24 | 1233 | 1176 |
| 7.55%, 03/15/28 (p) | 1062 | 1043 |
| 4.55%, 10/01/29 | 189 | 158 |
| Brixmor Operating Partnership LP |  |  |
| 3.85%, 02/01/25 | 3000 | 2876 |
| CBRE Services, Inc. |  |  |
| 2.50%, 04/01/31 | 819 | 647 |
| Corporate Office Properties Trust |  |  |
| 2.25%, 03/15/26 | 257 | 227 |
| 2.75%, 04/15/31 | 187 | 140 |
| CTR Partnership, L.P. |  |  |
| 3.88%, 06/30/28 (d) | 110 | 93 |
| Global Net Lease Operating Partnership, L.P. |  |  |
| 3.75%, 12/15/27 (d) | 245 | 204 |
| Hat Holdings I LLC |  |  |
| 3.38%, 06/15/26 (d) | 120 | 104 |
| Healthcare Realty Holdings, L.P. |  |  |
| 3.50%, 08/01/26 | 201 | 187 |
| 3.10%, 02/15/30 | 193 | 162 |
| Hudson Pacific Properties, L.P. |  |  |
| 4.65%, 04/01/29 | 2500 | 2131 |
| Invitation Homes Operating Partnership LP |  |  |
| 4.15%, 04/15/32 | 2513 | 2193 |
| Kennedy-Wilson, Inc. |  |  |
| 4.75%, 02/01/30 | 140 | 107 |
| Kilroy Realty, L.P. |  |  |
| 4.75%, 12/15/28 | 925 | 841 |
| Ladder Capital Finance Holdings LLLP |  |  |
| 4.75%, 06/15/29 (d) | 90 | 73 |
| Omega Healthcare Investors, Inc. |  |  |
| 4.95%, 04/01/24 | 900 | 886 |
| 4.50%, 04/01/27 | 5000 | 4686 |
| 3.63%, 10/01/29 | 852 | 701 |
| 3.38%, 02/01/31 | 3626 | 2806 |
| 3.25%, 04/15/33 | 978 | 706 |
| Piedmont Operating Partnership, LP |  |  |
| 2.75%, 04/01/32 | 207 | 145 |
| Realogy Group LLC |  |  |
| 5.25%, 04/15/30 (d) | 185 | 135 |
| Realty Income Corporation |  |  |
| 3.40%, 01/15/28 | 238 | 219 |
| 2.20%, 06/15/28 | 133 | 114 |
| 3.25%, 01/15/31 | 156 | 135 |
| 2.85%, 12/15/32 | 164 | 133 |
| Retail Properties of America, Inc. |  |  |
| 4.75%, 09/15/30 | 58 | 51 |
| Sabra Health Care Limited Partnership |  |  |
| 3.20%, 12/01/31 | 1350 | 1009 |
| Service Properties Trust |  |  |
| 4.95%, 02/15/27 - 10/01/29 | 180 | 132 |
| 5.50%, 12/15/27 | 80 | 69 |
| 4.38%, 02/15/30 | 170 | 114 |
| Store Capital Corporation |  |  |
| 2.75%, 11/18/30 | 329 | 251 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sun Communities Operating Limited Partnership |  |  |
| 2.30%, 11/01/28 | 233 | 194 |
| 2.70%, 07/15/31 | 617 | 486 |
| Tanger Properties Limited Partnership |  |  |
| 3.13%, 09/01/26 | 3000 | 2725 |
| 2.75%, 09/01/31 | 1630 | 1180 |
| The Howard Hughes Corporation |  |  |
| 4.13%, 02/01/29 (d) | 195 | 163 |
| Uniti Group Inc. |  |  |
| 7.88%, 02/15/25 (d) | 1325 | 1286 |
| 4.75%, 04/15/28 (d) | 85 | 68 |
| 6.00%, 01/15/30 (d) | 260 | 165 |
| Ventas Realty, Limited Partnership |  |  |
| 3.00%, 01/15/30 | 1104 | 928 |
| 4.75%, 11/15/30 | 1439 | 1352 |
| VICI Properties Inc. |  |  |
| 5.63%, 05/01/24 (d) | 200 | 199 |
| 3.50%, 02/15/25 (d) | 5 | 5 |
| 4.63%, 06/15/25 (d) | 55 | 53 |
| 4.50%, 09/01/26 (d) | 365 | 344 |
| 4.25%, 12/01/26 (d) | 120 | 112 |
| 4.63%, 12/01/29 (d) | 150 | 136 |
| VICI Properties L.P. |  |  |
| 4.38%, 05/15/25 | 112 | 109 |
| 4.75%, 02/15/28 | 969 | 921 |
| 4.95%, 02/15/30 | 1407 | 1325 |
| 5.13%, 05/15/32 | 345 | 320 |
| Vornado Realty L.P. |  |  |
| 2.15%, 06/01/26 | 271 | 229 |
| | | 38097 |
| **Communication Services 2.7%** | **Communication Services 2.7%** | **Communication Services 2.7%** |
| Acuris Finance |  |  |
| 5.00%, 05/01/28 (d) | 100 | 80 |
| Advantage Sales & Marketing Inc. |  |  |
| 6.50%, 11/15/28 (d) | 455 | 344 |
| Altice Financing S.A. |  |  |
| 5.00%, 01/15/28 (d) | 200 | 162 |
| Altice France |  |  |
| 6.00%, 02/15/28 (d) | 725 | 428 |
| Altice France Holding S.A. |  |  |
| 5.13%, 01/15/29 (d) | 270 | 206 |
| Arches Buyer Inc. |  |  |
| 4.25%, 06/01/28 (d) | 60 | 47 |
| 6.13%, 12/01/28 (d) (i) | 20 | 16 |
| AT&T Inc. |  |  |
| 4.35%, 03/01/29 | 450 | 429 |
| 4.30%, 02/15/30 | 415 | 391 |
| 2.55%, 12/01/33 | 238 | 183 |
| 4.90%, 08/15/37 | 400 | 369 |
| 3.80%, 12/01/57 | 4900 | 3396 |
| Axian Telecom |  |  |
| 7.38%, 02/16/27 (d) | 200 | 174 |
| B2W Digital Lux S.a r.l. |  |  |
| 4.38%, 12/20/30 (d) | 200 | 127 |
| Baidu, Inc. |  |  |
| 1.72%, 04/09/26 | 240 | 212 |
| Bharti Airtel International (Netherlands) B.V. |  |  |
| 5.35%, 05/20/24 (d) | 130 | 130 |
| C&W Senior Financing Designated Activity Company |  |  |
| 6.88%, 09/15/27 (d) | 660 | 613 |
| Cable Onda, S.A. |  |  |
| 4.50%, 01/30/30 (d) | 260 | 233 |
| Cablevision Lightpath LLC |  |  |
| 3.88%, 09/15/27 (d) | 45 | 37 |
| 5.63%, 09/15/28 (d) | 35 | 26 |
| CCO Holdings, LLC |  |  |
| 5.13%, 05/01/27 (d) | 285 | 266 |
| 5.00%, 02/01/28 (d) | 645 | 586 |
| 4.75%, 03/01/30 (d) | 180 | 155 |
| 4.50%, 08/15/30 (d) | 110 | 91 |
| 4.50%, 05/01/32 | 225 | 179 |
| 4.50%, 06/01/33 (d) | 190 | 146 |
| Charter Communications Operating, LLC |  |  |
| 4.91%, 07/23/25 | 1700 | 1666 |
| 4.40%, 04/01/33 | 487 | 417 |
| 5.38%, 05/01/47 | 1000 | 787 |
| 5.25%, 04/01/53 | 5987 | 4657 |
| 5.50%, 04/01/63 | 487 | 373 |
| Colombia Telecomunicaciones S A E S P Bic |  |  |
| 4.95%, 07/17/30 (d) | 45 | 36 |
| Commscope, Inc. |  |  |
| 7.13%, 07/01/28 (d) | 150 | 108 |
| 4.75%, 09/01/29 (d) | 145 | 117 |
| Consolidated Communications, Inc. |  |  |
| 5.00%, 10/01/28 (d) | 55 | 41 |
| CSC Holdings, LLC |  |  |
| 5.50%, 04/15/27 (d) | 200 | 168 |
| 5.75%, 01/15/30 (d) | 585 | 331 |
| 4.13%, 12/01/30 (d) | 190 | 134 |
| 4.50%, 11/15/31 (d) | 150 | 104 |
| CT Trust |  |  |
| 5.13%, 02/03/32 (d) | 200 | 176 |
| DGL3 Limited |  |  |
| 6.75%, 03/01/23 (d) | 50 | 19 |
| Diamond Sports Group, LLC |  |  |
| 5.38%, 08/15/26 (d) | 460 | 55 |
| DISH DBS Corporation |  |  |
| 7.75%, 07/01/26 | 500 | 404 |
| Dish Network Corporation |  |  |
| 2.38%, 03/15/24 (l) | 205 | 185 |
| 3.38%, 08/15/26 (l) | 697 | 438 |
| 11.75%, 11/15/27 (d) | 575 | 591 |
| Fox Corporation |  |  |
| 4.71%, 01/25/29 | 550 | 532 |
| Frontier Communications Holdings, LLC |  |  |
| 5.88%, 11/01/29 | 12 | 9 |
| 6.00%, 01/15/30 (d) | 115 | 90 |
| 8.75%, 05/15/30 (d) | 120 | 123 |
| Frontier Communications Parent, Inc. |  |  |
| 5.88%, 10/15/27 (d) | 585 | 544 |
| 5.00%, 05/01/28 (d) | 140 | 122 |
| 6.75%, 05/01/29 (d) | 100 | 83 |
| Gray Television, Inc. |  |  |
| 4.75%, 10/15/30 (d) | 90 | 65 |
| IHS Holding Limited |  |  |
| 5.63%, 11/29/26 (d) | 200 | 166 |
| Intelsat Jackson Holdings S.A. |  |  |
| 6.50%, 03/15/30 (d) | 340 | 305 |
| LCPR Senior Secured Financing Designated Activity Company |  |  |
| 5.13%, 07/15/29 (d) | 400 | 333 |
| Level 3 Financing, Inc. |  |  |
| 4.63%, 09/15/27 (d) | 190 | 159 |
| 3.63%, 01/15/29 (d) | 35 | 26 |
| Liquid Telecommunications Financing PLC |  |  |
| 5.50%, 09/04/26 (d) | 200 | 144 |
| Live Nation Entertainment, Inc. |  |  |
| 2.00%, 02/15/25 (l) | 53 | 52 |
| Match Group Holdings II, LLC |  |  |
| 4.13%, 08/01/30 (d) | 45 | 37 |
| 3.63%, 10/01/31 (d) | 140 | 107 |
| Millicom International Cellular SA |  |  |
| 5.13%, 01/15/28 (d) | 135 | 126 |
| 4.50%, 04/27/31 (d) | 200 | 169 |
| MTN (Mauritius) Investments Limited |  |  |
| 4.76%, 11/11/24 (d) | 60 | 58 |
| 6.50%, 10/13/26 (d) | 70 | 70 |
| Network I2I Limited |  |  |
| 3.98%, (100, 03/03/26) (d) (k) | 50 | 44 |
| 5.65%, (100, 01/15/25) (d) (k) | 120 | 114 |
| Northwest Fiber, LLC |  |  |
| 4.75%, 04/30/27 (d) | 65 | 57 |
| 6.00%, 02/15/28 (d) | 35 | 27 |
| 10.75%, 06/01/28 (d) | 280 | 261 |
| Ooredoo International Finance Limited |  |  |
| 5.00%, 10/19/25 (d) | 50 | 50 |
| 2.63%, 04/08/31 (d) | 200 | 172 |
| Radiate HoldCo, LLC |  |  |
| 4.50%, 09/15/26 (d) | 240 | 176 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 6.50%, 09/15/28 (d) | 290 | 122 |
| Roblox Corporation |  |  |
| 3.88%, 05/01/30 (d) | 230 | 181 |
| Rogers Communications Inc. |  |  |
| 3.80%, 03/15/32 (d) | 546 | 471 |
| Sable International Finance Limited |  |  |
| 5.75%, 09/07/27 (d) | 145 | 134 |
| Sirius XM Radio Inc. |  |  |
| 5.00%, 08/01/27 (d) | 400 | 370 |
| 4.13%, 07/01/30 (d) | 55 | 45 |
| Sprint Capital Corporation |  |  |
| 6.88%, 11/15/28 | 665 | 692 |
| 8.75%, 03/15/32 | 655 | 779 |
| TEGNA Inc. |  |  |
| 4.75%, 03/15/26 (d) | 200 | 195 |
| Telecom Italia SPA |  |  |
| 5.30%, 05/30/24 (d) | 130 | 123 |
| Telefonica Celular del Paraguay S.A. |  |  |
| 5.88%, 04/15/27 (d) | 80 | 77 |
| Tencent Holdings Limited |  |  |
| 1.81%, 01/26/26 (d) | 50 | 45 |
| 3.98%, 04/11/29 (d) | 40 | 37 |
| 2.39%, 06/03/30 (d) | 65 | 53 |
| 2.88%, 04/22/31 (d) (i) | 200 | 166 |
| Terrier Media Buyer, Inc. |  |  |
| 8.88%, 12/15/27 (d) | 121 | 91 |
| The Walt Disney Company |  |  |
| 4.70%, 03/23/50 | 1045 | 968 |
| T-Mobile USA, Inc. |  |  |
| 2.63%, 04/15/26 | 195 | 179 |
| 3.75%, 04/15/27 | 870 | 821 |
| 4.75%, 02/01/28 | 65 | 63 |
| 3.38%, 04/15/29 | 100 | 88 |
| 3.88%, 04/15/30 | 335 | 305 |
| 4.38%, 04/15/40 | 40 | 34 |
| 4.50%, 04/15/50 | 40 | 33 |
| VEON Holdings B.V. |  |  |
| 7.25%, 04/26/23 (d) (e) (g) | 95 | 86 |
| Verizon Communications Inc. |  |  |
| 3.00%, 03/22/27 | 184 | 171 |
| 2.55%, 03/21/31 | 846 | 696 |
| 4.86%, 08/21/46 | 580 | 524 |
| 5.01%, 04/15/49 | 138 | 126 |
| 2.99%, 10/30/56 | 2128 | 1306 |
| Virgin Media Finance PLC |  |  |
| 5.00%, 07/15/30 (d) | 215 | 173 |
| Virgin Media Secured Finance PLC |  |  |
| 4.50%, 08/15/30 (d) | 220 | 184 |
| Virgin Media Vendor Financing Notes IV Designated Activity Company |  |  |
| 5.00%, 07/15/28 (d) | 225 | 197 |
| VTR Comunicaciones SpA |  |  |
| 5.13%, 01/15/28 (d) | 157 | 98 |
| 4.38%, 04/15/29 (d) | 100 | 59 |
| VTR Finance N.V. |  |  |
| 6.38%, 07/15/28 (d) | 70 | 27 |
| Windstream Escrow, LLC |  |  |
| 7.75%, 08/15/28 (d) | 410 | 335 |
| Zayo Group Holdings, Inc. |  |  |
| 4.00%, 03/01/27 (d) | 95 | 70 |
| 6.13%, 03/01/28 (d) | 90 | 51 |
| Ziggo B.V. |  |  |
| 4.88%, 01/15/30 (d) | 100 | 84 |
| Ziggo Bond Company B.V. |  |  |
| 5.13%, 02/28/30 (d) | 545 | 442 |
| | | 34755 |
| **Consumer Discretionary 2.4%** | **Consumer Discretionary 2.4%** | **Consumer Discretionary 2.4%** |
| Adtalem Global Education Inc. |  |  |
| 5.50%, 03/01/28 (d) | 154 | 141 |
| Affinity Gaming |  |  |
| 6.88%, 12/15/27 (d) | 90 | 77 |
| Alibaba Group Holding Limited |  |  |
| 2.13%, 02/09/31 (i) | 65 | 52 |
| Aramark Services, Inc. |  |  |
| 6.38%, 05/01/25 (d) | 130 | 129 |
| 5.00%, 02/01/28 (d) | 365 | 341 |
| Asbury Automotive Group, Inc. |  |  |
| 4.63%, 11/15/29 (d) | 60 | 51 |
| 5.00%, 02/15/32 (d) | 65 | 54 |
| Ashton Woods USA L.L.C. |  |  |
| 4.63%, 04/01/30 (d) | 55 | 45 |
| At Home Group, Inc. |  |  |
| 4.88%, 07/15/28 (d) (i) | 50 | 35 |
| AutoNation, Inc. |  |  |
| 4.75%, 06/01/30 (p) | 117 | 104 |
| AutoZone, Inc. |  |  |
| 3.63%, 04/15/25 | 164 | 159 |
| 4.00%, 04/15/30 | 762 | 706 |
| 1.65%, 01/15/31 | 1000 | 776 |
| Azul Investments LLP |  |  |
| 5.88%, 10/26/24 (d) | 170 | 136 |
| 7.25%, 06/15/26 (d) (i) | 200 | 123 |
| Bath & Body Works, Inc. |  |  |
| 7.50%, 06/15/29 (i) | 115 | 113 |
| 6.63%, 10/01/30 (d) | 320 | 300 |
| Booking Holdings Inc. |  |  |
| 0.75%, 05/01/25 (i) (l) | 62 | 83 |
| Boyd Gaming Corporation |  |  |
| 4.75%, 12/01/27 | 185 | 172 |
| Caesars Entertainment, Inc. |  |  |
| 4.63%, 10/15/29 (d) | 110 | 89 |
| Carnival Corporation |  |  |
| 10.50%, 02/01/26 - 06/01/30 (d) | 505 | 473 |
| 7.63%, 03/01/26 (d) (i) | 125 | 100 |
| 4.00%, 08/01/28 (d) | 135 | 110 |
| Carrols Holdco Inc. |  |  |
| 5.88%, 07/01/29 (d) (i) | 90 | 63 |
| Carvana Co. |  |  |
| 5.88%, 10/01/28 (d) | 110 | 42 |
| 4.88%, 09/01/29 (d) | 15 | 6 |
| 10.25%, 05/01/30 (d) | 145 | 68 |
| Century Communities, Inc. |  |  |
| 3.88%, 08/15/29 (d) (p) | 110 | 86 |
| Corporacion GEO S.A.B. de C.V. |  |  |
| 0.00%, 12/31/49 (e) (f) (m) | 99 |  |
| Crocs, Inc. |  |  |
| 4.13%, 08/15/31 (d) | 95 | 77 |
| Dana Incorporated |  |  |
| 4.50%, 02/15/32 | 95 | 77 |
| Discovery Communications, LLC |  |  |
| 3.63%, 05/15/30 | 539 | 446 |
| 4.65%, 05/15/50 | 1453 | 1009 |
| EG Global Finance PLC |  |  |
| 8.50%, 10/30/25 (d) | 234 | 219 |
| Eldorado Resorts, Inc. |  |  |
| 6.25%, 07/01/25 (d) | 335 | 326 |
| 8.13%, 07/01/27 (d) | 305 | 300 |
| Entertainment Studios, Inc. |  |  |
| 10.50%, 02/15/28 (d) | 140 | 53 |
| Fertitta Entertainment LLC |  |  |
| 4.63%, 01/15/29 (d) | 205 | 174 |
| 6.75%, 01/15/30 (d) | 120 | 97 |
| Foot Locker, Inc. |  |  |
| 4.00%, 10/01/29 (d) | 50 | 39 |
| General Motors Financial Company, Inc. |  |  |
| 4.30%, 04/06/29 | 1000 | 897 |
| GENM Capital Labuan Limited |  |  |
| 3.88%, 04/19/31 (d) | 200 | 151 |
| Golden Entertainment, Inc. |  |  |
| 7.63%, 04/15/26 (d) | 300 | 296 |
| Hasbro, Inc. |  |  |
| 3.00%, 11/19/24 (p) | 432 | 415 |
| Hilton Grand Vacations Borrower LLC |  |  |
| 5.00%, 06/01/29 (d) | 100 | 87 |
| Jacobs Entertainment, Inc. |  |  |
| 6.75%, 02/15/29 (d) | 55 | 50 |
| JD.com, Inc. |  |  |
| 3.38%, 01/14/30 | 185 | 162 |
| Kontoor Brands, Inc. |  |  |
| 4.13%, 11/15/29 (d) | 30 | 24 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| LBM Acquisition, LLC |  |  |
| 6.25%, 01/15/29 (d) | 245 | 159 |
| LCM Investments Holdings II, LLC |  |  |
| 4.88%, 05/01/29 (d) | 40 | 32 |
| Levi Strauss & Co. |  |  |
| 3.50%, 03/01/31 (d) | 100 | 80 |
| Life Time, Inc. |  |  |
| 5.75%, 01/15/26 (d) | 100 | 93 |
| Lowe`s Companies, Inc. |  |  |
| 3.35%, 04/01/27 | 89 | 84 |
| 4.50%, 04/15/30 | 549 | 526 |
| 3.75%, 04/01/32 | 3974 | 3542 |
| 4.25%, 04/01/52 | 1117 | 895 |
| 4.45%, 04/01/62 | 1267 | 992 |
| Magallanes, Inc. |  |  |
| 3.43%, 03/15/24 (d) | 540 | 524 |
| 3.64%, 03/15/25 (d) | 296 | 282 |
| 3.76%, 03/15/27 (d) | 579 | 523 |
| 4.05%, 03/15/29 (d) | 201 | 174 |
| 4.28%, 03/15/32 (d) | 1014 | 836 |
| 5.05%, 03/15/42 (d) | 474 | 365 |
| 5.14%, 03/15/52 (d) | 5149 | 3781 |
| Magic Mergeco, Inc. |  |  |
| 5.25%, 05/01/28 (d) | 100 | 81 |
| 7.88%, 05/01/29 (d) | 180 | 121 |
| Marriott Ownership Resorts, Inc. |  |  |
| 6.13%, 09/15/25 (d) | 27 | 28 |
| 4.50%, 06/15/29 (d) | 90 | 75 |
| Mattel, Inc. |  |  |
| 5.88%, 12/15/27 (d) | 50 | 49 |
| McDonald's Corporation |  |  |
| 3.50%, 07/01/27 | 243 | 231 |
| MCE Finance Limited |  |  |
| 5.75%, 07/21/28 (d) | 110 | 92 |
| 5.38%, 12/04/29 (d) | 95 | 77 |
| Meituan |  |  |
| 2.13%, 10/28/25 (d) | 200 | 178 |
| 3.05%, 10/28/30 (d) | 200 | 155 |
| Metalsa, S.A. de C.V. |  |  |
| 3.75%, 05/04/31 (d) | 150 | 118 |
| NagaCorp Ltd. |  |  |
| 7.95%, 07/06/24 (g) | 200 | 183 |
| NCL Corporation Ltd. |  |  |
| 3.63%, 12/15/24 (d) | 515 | 441 |
| 5.88%, 03/15/26 - 02/15/27 (d) | 180 | 151 |
| NCL Finance, Ltd. |  |  |
| 6.13%, 03/15/28 (d) | 40 | 30 |
| Newell Brands Inc. |  |  |
| 5.63%, 04/01/36 (h) (p) | 25 | 22 |
| Party City Holdings Inc. |  |  |
| 8.75%, 02/15/26 (d) | 45 | 13 |
| Patrick Industries, Inc. |  |  |
| 4.75%, 05/01/29 (d) | 100 | 84 |
| Prosus N.V. |  |  |
| 3.68%, 01/21/30 (d) | 45 | 38 |
| 4.19%, 01/19/32 (d) | 200 | 166 |
| Real Hero Merger |  |  |
| 6.25%, 02/01/29 (d) | 30 | 21 |
| Rent-A-Center, Inc. |  |  |
| 6.38%, 02/15/29 (d) | 30 | 24 |
| Restaurant Brands International Limited Partnership |  |  |
| 5.75%, 04/15/25 (d) | 60 | 60 |
| 4.38%, 01/15/28 (d) | 170 | 153 |
| 4.00%, 10/15/30 (d) | 300 | 244 |
| Rivian Holdings LLC |  |  |
| 10.54%, (6 Month USD LIBOR + 6.00%), 10/15/26 (d) (j) | 645 | 623 |
| Royal Caribbean Cruises Ltd. |  |  |
| 11.50%, 06/01/25 (d) | 170 | 182 |
| 5.50%, 08/31/26 (d) | 230 | 194 |
| 5.38%, 07/15/27 (d) | 85 | 69 |
| 11.63%, 08/15/27 (d) | 40 | 40 |
| SkyMiles IP Ltd. |  |  |
| 4.50%, 10/20/25 (d) | 25 | 24 |
| Spectrum Management Holding Company, LLC |  |  |
| 5.88%, 11/15/40 | 425 | 373 |
| 5.50%, 09/01/41 | 2000 | 1661 |
| SRS Distribution Inc. |  |  |
| 4.63%, 07/01/28 (d) | 80 | 71 |
| 6.13%, 07/01/29 (d) | 45 | 37 |
| 6.00%, 12/01/29 (d) | 65 | 52 |
| Station Casinos LLC |  |  |
| 4.50%, 02/15/28 (d) | 430 | 373 |
| Studio City Company Limited |  |  |
| 7.00%, 02/15/27 (d) | 85 | 79 |
| Tempur Sealy International, Inc. |  |  |
| 3.88%, 10/15/31 (d) | 95 | 74 |
| The Gap, Inc. |  |  |
| 3.88%, 10/01/31 (d) | 95 | 67 |
| Thor Industries, Inc. |  |  |
| 4.00%, 10/15/29 (d) | 120 | 95 |
| TopBuild Corp. |  |  |
| 4.13%, 02/15/32 (d) | 195 | 158 |
| Topgolf Callaway Brands Corp. |  |  |
| 2.75%, 05/01/26 (l) | 51 | 66 |
| Tupy Overseas S.A. |  |  |
| 4.50%, 02/16/31 (d) | 200 | 167 |
| TV Azteca S.A.B. de C.V. |  |  |
| 0.00%, 08/09/24 (e) (f) (g) | 300 | 135 |
| Univision Communications Inc. |  |  |
| 6.63%, 06/01/27 (d) | 515 | 497 |
| 4.50%, 05/01/29 (d) | 120 | 100 |
| Vail Resorts, Inc. |  |  |
| 0.00%, 01/01/26 (c) (l) | 58 | 54 |
| Victoria's Secret & Co. |  |  |
| 4.63%, 07/15/29 (d) | 65 | 51 |
| Viking Cruises Limited |  |  |
| 13.00%, 05/15/25 (d) | 145 | 154 |
| Wolverine World Wide, Inc. |  |  |
| 4.00%, 08/15/29 (d) | 175 | 133 |
| Wynn Las Vegas, LLC |  |  |
| 5.50%, 03/01/25 (d) | 240 | 229 |
| 5.25%, 05/15/27 (d) | 160 | 145 |
| Wynn Resorts Finance, LLC |  |  |
| 7.75%, 04/15/25 (d) | 155 | 154 |
| Yum! Brands, Inc. |  |  |
| 4.63%, 01/31/32 | 195 | 173 |
| | | 31486 |
| **Consumer Staples 2.1%** | **Consumer Staples 2.1%** | **Consumer Staples 2.1%** |
| Adecoagro S.A. |  |  |
| 6.00%, 09/21/27 (d) | 150 | 142 |
| Allied Universal Holdco LLC |  |  |
| 4.63%, 06/01/28 (d) | 87 | 72 |
| Altria Group, Inc. |  |  |
| 4.40%, 02/14/26 | 13 | 13 |
| 3.88%, 09/16/46 | 4000 | 2688 |
| Anheuser-Busch Companies, LLC |  |  |
| 4.70%, 02/01/36 | 975 | 919 |
| 4.90%, 02/01/46 | 1025 | 938 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 4.35%, 06/01/40 | 500 | 442 |
| 4.60%, 04/15/48 | 650 | 574 |
| 4.50%, 06/01/50 | 500 | 442 |
| 5.80%, 01/23/59 | 1000 | 1032 |
| 4.60%, 06/01/60 (i) | 5100 | 4415 |
| APX Group, Inc. |  |  |
| 6.75%, 02/15/27 (d) | 210 | 202 |
| Atlas LuxCo 4 S.a r.l. |  |  |
| 4.63%, 06/01/28 (d) | 58 | 49 |
| Bellring Intermediate Holdings, Inc. |  |  |
| 7.00%, 03/15/30 (d) | 90 | 87 |
| Brand Energy & Infrastructure Services, Inc. |  |  |
| 8.50%, 07/15/25 (d) (i) | 625 | 499 |
| BRF S.A. |  |  |
| 4.88%, 01/24/30 (d) | 70 | 59 |
| C&S Group Enterprises LLC |  |  |
| 5.00%, 12/15/28 (d) | 245 | 185 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Camposol SA |  |  |
| 6.00%, 02/03/27 (d) | 50 | 30 |
| Central American Bottling Corporation |  |  |
| 5.25%, 04/27/29 (d) | 70 | 66 |
| Central Garden & Pet Company |  |  |
| 4.13%, 04/30/31 (d) | 250 | 207 |
| Cosan Overseas Limited |  |  |
| 8.25%, (100, 05/05/23) (g) (k) | 190 | 190 |
| Darling Ingredients Inc. |  |  |
| 6.00%, 06/15/30 (d) | 60 | 59 |
| DP World Crescent Limited |  |  |
| 3.75%, 01/30/30 (d) | 175 | 161 |
| Gems Menasa (Cayman) Limited |  |  |
| 7.13%, 07/31/26 (d) | 440 | 423 |
| Grifols Escrow Issuer S.A. |  |  |
| 4.75%, 10/15/28 (d) | 200 | 173 |
| Grupo Bimbo S.A.B. de C.V. |  |  |
| 5.95%, (100, 04/17/23) (d) (k) | 105 | 104 |
| Imperial Brands Finance PLC |  |  |
| 6.13%, 07/27/27 (d) | 536 | 532 |
| JBS USA Food Company |  |  |
| 2.50%, 01/15/27 (d) | 1190 | 1043 |
| 5.13%, 02/01/28 (d) | 515 | 487 |
| 5.50%, 01/15/30 (d) | 1080 | 1027 |
| 3.63%, 01/15/32 (d) | 210 | 171 |
| 3.00%, 05/15/32 (d) | 5280 | 4051 |
| 5.75%, 04/01/33 (d) | 1060 | 1013 |
| Legends Hospitality Holding Company, LLC |  |  |
| 5.00%, 02/01/26 (d) | 55 | 49 |
| Natura Cosmeticos S.A. |  |  |
| 4.13%, 05/03/28 (d) (i) | 200 | 163 |
| NBM US Holdings, Inc. |  |  |
| 6.63%, 08/06/29 (d) | 175 | 170 |
| Performance Food Group Company |  |  |
| 5.50%, 10/15/27 (d) | 180 | 171 |
| Performance Food Group, Inc. |  |  |
| 6.88%, 05/01/25 (d) | 210 | 210 |
| 4.25%, 08/01/29 (d) | 50 | 43 |
| Pilgrim's Pride Corporation |  |  |
| 4.25%, 04/15/31 (d) | 195 | 166 |
| Post Holdings, Inc. |  |  |
| 5.63%, 01/15/28 (d) | 70 | 66 |
| 5.50%, 12/15/29 (d) | 246 | 223 |
| 4.63%, 04/15/30 (d) | 95 | 82 |
| Reynolds American Inc. |  |  |
| 4.45%, 06/12/25 | 325 | 318 |
| 5.85%, 08/15/45 | 1000 | 855 |
| Safeway Inc. |  |  |
| 4.63%, 01/15/27 (d) | 40 | 37 |
| 3.50%, 03/15/29 (d) | 140 | 117 |
| 4.88%, 02/15/30 (d) | 330 | 294 |
| Sysco Corporation |  |  |
| 5.95%, 04/01/30 (p) | 332 | 344 |
| 6.60%, 04/01/50 (p) | 500 | 545 |
| The Bidvest Group (UK) PLC |  |  |
| 3.63%, 09/23/26 (d) | 200 | 180 |
| Treehouse Foods, Inc. |  |  |
| 4.00%, 09/01/28 | 145 | 124 |
| Triton Water Holdings Incorporated |  |  |
| 6.25%, 04/01/29 (d) | 245 | 198 |
| Turning Point Brands, Inc. |  |  |
| 5.63%, 02/15/26 (d) | 100 | 86 |
| U.S. Foods Inc. |  |  |
| 4.75%, 02/15/29 (d) | 130 | 115 |
| 4.63%, 06/01/30 (d) | 45 | 40 |
| United Natural Foods, Inc. |  |  |
| 6.75%, 10/15/28 (d) | 95 | 91 |
| | | 27182 |
| **Industrials 1.7%** | **Industrials 1.7%** | **Industrials 1.7%** |
| Advanced Drainage Systems, Inc. |  |  |
| 5.00%, 09/30/27 (d) | 425 | 399 |
| Aeropuerto Internacional de Tocumen, S.A. |  |  |
| 4.00%, 08/11/41 (d) | 200 | 165 |
| 5.13%, 08/11/61 (d) | 200 | 164 |
| Air Lease Corporation |  |  |
| 3.38%, 07/01/25 | 961 | 906 |
| 3.75%, 06/01/26 | 3475 | 3255 |
| American Airlines, Inc. |  |  |
| 5.50%, 04/20/26 (d) | 45 | 43 |
| Arcosa, Inc. |  |  |
| 4.38%, 04/15/29 (d) | 60 | 52 |
| Ardagh Metal Packaging Finance Public Limited Company |  |  |
| 3.25%, 09/01/28 (d) | 35 | 30 |
| Ardagh Packaging Finance Public Limited Company |  |  |
| 4.13%, 08/15/26 (d) | 110 | 95 |
| Artera Services, LLC |  |  |
| 9.03%, 12/04/25 (d) | 120 | 100 |
| ASGN Incorporated |  |  |
| 4.63%, 05/15/28 (d) | 465 | 421 |
| Bombardier Inc. |  |  |
| 7.50%, 03/15/25 (d) | 54 | 54 |
| 7.13%, 06/15/26 (d) | 130 | 127 |
| 7.88%, 04/15/27 (d) | 290 | 282 |
| Builders FirstSource, Inc. |  |  |
| 4.25%, 02/01/32 (d) | 90 | 73 |
| BWXT Government Group, Inc. |  |  |
| 4.13%, 06/30/28 (d) | 175 | 157 |
| 4.13%, 04/15/29 (d) | 245 | 212 |
| Cargo Aircraft Management, Inc. |  |  |
| 4.75%, 02/01/28 (d) | 145 | 131 |
| Clydesdale Acquisition Holdings Inc |  |  |
| 6.63%, 04/15/29 (d) | 45 | 43 |
| CoreCivic, Inc. |  |  |
| 4.63%, 05/01/23 | 300 | 300 |
| DAE Funding LLC |  |  |
| 1.55%, 08/01/24 (d) | 200 | 186 |
| DP World Limited |  |  |
| 5.63%, 09/25/48 (d) | 35 | 33 |
| Dycom Industries, Inc. |  |  |
| 4.50%, 04/15/29 (d) | 150 | 131 |
| Embraer Netherlands Finance B.V. |  |  |
| 5.05%, 06/15/25 | 160 | 156 |
| Foundation Building Materials, Inc. |  |  |
| 6.00%, 03/01/29 (d) | 60 | 45 |
| FTI Consulting, Inc. |  |  |
| 2.00%, 08/15/23 (l) | 37 | 58 |
| Global Infrastructure Solutions Inc. |  |  |
| 5.63%, 06/01/29 (d) | 150 | 117 |
| Graphic Packaging International, LLC |  |  |
| 3.75%, 02/01/30 (d) | 45 | 38 |
| Great Lakes Dredge & Dock Corporation |  |  |
| 5.25%, 06/01/29 (d) | 60 | 46 |
| Howmet Aerospace Inc. |  |  |
| 5.95%, 02/01/37 | 10 | 10 |
| HTA Group Limited |  |  |
| 7.00%, 12/18/25 (d) | 130 | 120 |
| Intelligent Packaging Limited Purchaser Inc. |  |  |
| 6.00%, 09/15/28 (d) | 35 | 28 |
| KBR, Inc. |  |  |
| 2.50%, 11/01/23 (l) | 60 | 125 |
| Madison IAQ LLC |  |  |
| 4.13%, 06/30/28 (d) | 70 | 58 |
| 5.88%, 06/30/29 (d) | 555 | 382 |
| Misc Capital Two Labuan Ltd |  |  |
| 3.75%, 04/06/27 (d) | 200 | 183 |
| MIWD Holdco II LLC |  |  |
| 5.50%, 02/01/30 (d) | 25 | 20 |
| Moog Inc. |  |  |
| 4.25%, 12/15/27 (d) | 95 | 88 |
| Mueller Water Products, Inc. |  |  |
| 4.00%, 06/15/29 (d) | 110 | 97 |
| Navios South American Logistics Inc. |  |  |
| 10.75%, 07/01/25 (d) | 315 | 299 |
| OI European Group B.V. |  |  |
| 4.75%, 02/15/30 (d) | 95 | 84 |
| Park Aerospace Holdings Limited |  |  |
| 5.50%, 02/15/24 (d) | 4000 | 3951 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Pike Corporation |  |  |
| 5.50%, 09/01/28 (d) | 565 | 494 |
| Pitney Bowes Inc. |  |  |
| 6.88%, 03/15/27 (d) | 50 | 43 |
| 7.25%, 03/15/29 (d) | 100 | 78 |
| RailWorks Holdings, LP |  |  |
| 8.25%, 11/15/28 (d) | 140 | 130 |
| Roller Bearing Company of America, Inc. |  |  |
| 4.38%, 10/15/29 (d) | 25 | 22 |
| Seaspan Corporation |  |  |
| 5.50%, 08/01/29 (d) | 140 | 106 |
| Sensata Technologies B.V. |  |  |
| 4.00%, 04/15/29 (d) | 155 | 134 |
| Stericycle, Inc. |  |  |
| 3.88%, 01/15/29 (d) | 170 | 148 |
| The Boeing Company |  |  |
| 5.04%, 05/01/27 (p) | 555 | 549 |
| 5.15%, 05/01/30 (p) | 555 | 541 |
| 5.71%, 05/01/40 (p) | 560 | 534 |
| 5.81%, 05/01/50 (p) | 1300 | 1213 |
| 5.93%, 05/01/60 (p) | 560 | 513 |
| The GEO Group, Inc. |  |  |
| 10.50%, 06/30/28 | 41 | 41 |
| 9.50%, 12/31/28 (d) | 185 | 179 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.25%, 07/15/27 (d) | 475 | 423 |
| TMS International Corp. |  |  |
| 6.25%, 04/15/29 (d) | 70 | 50 |
| TransDigm Inc. |  |  |
| 8.00%, 12/15/25 (d) | 10 | 10 |
| 6.38%, 06/15/26 | 365 | 356 |
| 7.50%, 03/15/27 | 60 | 59 |
| 5.50%, 11/15/27 | 830 | 779 |
| 4.88%, 05/01/29 | 200 | 174 |
| Transdigm UK Holdings PLC |  |  |
| 6.88%, 05/15/26 | 65 | 64 |
| Trivium Packaging Finance B.V. |  |  |
| 5.50%, 08/15/26 (d) | 1036 | 968 |
| 8.50%, 08/15/27 (d) | 15 | 14 |
| Turkiye Sise ve Cam Fabrikalari Anonim Sirketi |  |  |
| 6.95%, 03/14/26 (d) | 100 | 97 |
| Uber Technologies, Inc. |  |  |
| 4.50%, 08/15/29 (d) | 100 | 87 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.38%, 04/15/26 (d) | 100 | 93 |
| Vertiv Group Corporation |  |  |
| 4.13%, 11/15/28 (d) | 230 | 196 |
| Victors Merger Corporation |  |  |
| 6.38%, 05/15/29 (d) | 150 | 83 |
| XPO, Inc. |  |  |
| 6.25%, 05/01/25 (d) | 124 | 125 |
| | | 21567 |
| **Utilities 1.5%** | **Utilities 1.5%** | **Utilities 1.5%** |
| Abu Dhabi National Energy Company PJSC |  |  |
| 4.88%, 04/23/30 (d) | 40 | 41 |
| 4.00%, 10/03/49 (d) | 95 | 82 |
| Adani Electricity Mumbai Limited |  |  |
| 3.87%, 07/22/31 (d) | 200 | 144 |
| Clearway Energy Operating LLC |  |  |
| 4.75%, 03/15/28 (d) | 35 | 32 |
| Cleco Corporate Holdings LLC |  |  |
| 3.38%, 09/15/29 | 1499 | 1262 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 4.69%, 05/15/29 (d) | 200 | 177 |
| Duke Energy Corporation |  |  |
| 2.45%, 06/01/30 | 427 | 353 |
| Duquesne Light Holdings, Inc. |  |  |
| 2.53%, 10/01/30 (d) | 209 | 166 |
| 2.78%, 01/07/32 (d) | 659 | 516 |
| ESKOM Holdings |  |  |
| 6.75%, 08/06/23 (d) | 115 | 110 |
| 7.13%, 02/11/25 (d) | 120 | 109 |
| 6.35%, 08/10/28 (d) | 150 | 138 |
| 8.45%, 08/10/28 (d) | 25 | 22 |
| Exelon Corporation |  |  |
| 2.75%, 03/15/27 | 193 | 176 |
| 4.05%, 04/15/30 | 250 | 233 |
| 3.35%, 03/15/32 | 2834 | 2471 |
| 4.70%, 04/15/50 | 111 | 98 |
| 4.10%, 03/15/52 | 174 | 139 |
| FEL Energy VI S.a r.l. |  |  |
| 5.75%, 12/01/40 (d) | 185 | 158 |
| InterGen N.V. |  |  |
| 7.00%, 06/30/23 (d) | 1020 | 999 |
| Lamar Funding Limited |  |  |
| 3.96%, 05/07/25 (d) | 145 | 137 |
| Mong Duong Finance Holdings B.V. |  |  |
| 5.13%, 05/07/29 (d) | 130 | 108 |
| NiSource Inc. |  |  |
| 2.95%, 09/01/29 | 1265 | 1099 |
| NRG Energy, Inc. |  |  |
| 3.38%, 02/15/29 (d) | 40 | 32 |
| 3.63%, 02/15/31 (d) | 85 | 65 |
| Pacific Gas And Electric Company |  |  |
| 4.95%, 07/01/50 | 450 | 352 |
| Pattern Energy Group Inc. |  |  |
| 4.50%, 08/15/28 (d) | 80 | 72 |
| PG&E Corporation |  |  |
| 5.00%, 07/01/28 | 860 | 787 |
| 5.25%, 07/01/30 | 705 | 642 |
| Promigas SA ESP |  |  |
| 3.75%, 10/16/29 (d) | 75 | 61 |
| Puget Energy, Inc. |  |  |
| 4.10%, 06/15/30 | 516 | 462 |
| 4.22%, 03/15/32 | 2096 | 1865 |
| Termocandelaria Power Ltd. |  |  |
| 7.88%, 01/30/29 (d) | 110 | 101 |
| The AES Corporation |  |  |
| 3.30%, 07/15/25 (d) | 1317 | 1244 |
| 3.95%, 07/15/30 (d) | 1148 | 1015 |
| 2.45%, 01/15/31 | 4200 | 3347 |
| The Israel Electric Corporation Ltd. |  |  |
| 3.75%, 02/22/32 | 200 | 174 |
| Vistra Operations Company LLC |  |  |
| 5.63%, 02/15/27 (d) | 140 | 134 |
| 5.00%, 07/31/27 (d) | 430 | 400 |
|  |  | 19523 |
| **Health Care 1.4%** | **Health Care 1.4%** | **Health Care 1.4%** |
| 1375209 BC Ltd |  |  |
| 9.00%, 01/30/28 (d) | 117 | 114 |
| 180 Medical, Inc. |  |  |
| 3.88%, 10/15/29 (d) | 200 | 172 |
| AHP Health Partners, Inc. |  |  |
| 5.75%, 07/15/29 (d) | 105 | 82 |
| Avantor, Inc. |  |  |
| 4.63%, 07/15/28 (d) | 285 | 259 |
| Bausch Health Companies Inc. |  |  |
| 5.50%, 11/01/25 (d) | 130 | 111 |
| 11.00%, 09/30/28 (d) | 208 | 163 |
| 14.00%, 10/15/30 (d) | 40 | 24 |
| BCPE Cycle Merger Sub II Inc |  |  |
| 10.63%, 07/15/27 (d) | 95 | 20 |
| Cano Health, LLC |  |  |
| 6.25%, 10/01/28 (d) | 25 | 15 |
| Catalent Pharma Solutions, Inc. |  |  |
| 3.13%, 02/15/29 (d) | 250 | 199 |
| 3.50%, 04/01/30 (d) (i) | 85 | 67 |
| Centene Corporation |  |  |
| 4.25%, 12/15/27 | 540 | 507 |
| 2.45%, 07/15/28 | 1240 | 1047 |
| 4.63%, 12/15/29 | 840 | 768 |
| 3.38%, 02/15/30 | 495 | 420 |
| 2.63%, 08/01/31 | 520 | 409 |
| Charles River Laboratories International, Inc. |  |  |
| 4.25%, 05/01/28 (d) | 20 | 18 |
| 3.75%, 03/15/29 (d) | 70 | 62 |
| Cigna Corporation |  |  |
| 4.90%, 12/15/48 | 1000 | 910 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Community Health Systems, Inc. |  |  |
| 8.00%, 03/15/26 (d) | 625 | 570 |
| 5.63%, 03/15/27 (d) | 145 | 124 |
| 6.00%, 01/15/29 (d) | 145 | 121 |
| 6.88%, 04/15/29 (d) | 120 | 62 |
| 6.13%, 04/01/30 (d) | 405 | 204 |
| 5.25%, 05/15/30 (d) | 210 | 159 |
| 4.75%, 02/15/31 (d) | 100 | 73 |
| CVS Health Corporation |  |  |
| 3.00%, 08/15/26 | 92 | 86 |
| 3.63%, 04/01/27 | 259 | 246 |
| 4.78%, 03/25/38 | 550 | 504 |
| DaVita Inc. |  |  |
| 4.63%, 06/01/30 (d) | 450 | 363 |
| Emergent BioSolutions Inc. |  |  |
| 3.88%, 08/15/28 (d) | 410 | 202 |
| Garden SpinCo Corporation |  |  |
| 8.63%, 07/20/30 (d) | 40 | 42 |
| HCA Inc. |  |  |
| 5.88%, 02/15/26 - 02/01/29 | 1898 | 1907 |
| 5.63%, 09/01/28 | 783 | 779 |
| 3.50%, 09/01/30 | 888 | 764 |
| 3.63%, 03/15/32 (d) | 137 | 116 |
| HealthEquity, Inc. |  |  |
| 4.50%, 10/01/29 (d) | 40 | 36 |
| Humana Inc. |  |  |
| 3.70%, 03/23/29 | 350 | 320 |
| Jazz Securities Designated Activity Company |  |  |
| 4.38%, 01/15/29 (d) | 85 | 76 |
| ModivCare Inc. |  |  |
| 5.00%, 10/01/29 (d) | 40 | 34 |
| Molina Healthcare, Inc. |  |  |
| 3.88%, 11/15/30 - 05/15/32 (d) | 215 | 180 |
| Mozart Debt Merger Sub Inc. |  |  |
| 3.88%, 04/01/29 (d) | 280 | 226 |
| 5.25%, 10/01/29 (d) (i) | 110 | 87 |
| Organon & Co. |  |  |
| 4.13%, 04/30/28 (d) | 60 | 53 |
| 5.13%, 04/30/31 (d) | 350 | 303 |
| Owens & Minor, Inc. |  |  |
| 4.50%, 03/31/29 (d) | 60 | 48 |
| Surgery Center Holdings, Inc. |  |  |
| 6.75%, 07/01/25 (d) | 98 | 97 |
| Tenet Healthcare Corporation |  |  |
| 4.88%, 01/01/26 (d) | 100 | 95 |
| 6.25%, 02/01/27 (d) | 270 | 259 |
| 5.13%, 11/01/27 (d) | 500 | 467 |
| 4.63%, 06/15/28 (d) | 70 | 63 |
| 6.13%, 10/01/28 (d) | 285 | 256 |
| 4.25%, 06/01/29 (d) | 200 | 173 |
| 4.38%, 01/15/30 (d) | 105 | 91 |
| Viatris Inc. |  |  |
| 1.65%, 06/22/25 | 147 | 133 |
| 2.70%, 06/22/30 | 3945 | 3093 |
| 3.85%, 06/22/40 | 325 | 218 |
| 4.00%, 06/22/50 | 560 | 347 |
| | | 18344 |
| **Information Technology 1.2%** | **Information Technology 1.2%** | **Information Technology 1.2%** |
| Black Knight Infoserv, LLC |  |  |
| 3.63%, 09/01/28 (d) | 255 | 222 |
| Booz Allen Hamilton Inc. |  |  |
| 4.00%, 07/01/29 (d) | 35 | 31 |
| Boxer Parent Company Inc. |  |  |
| 7.13%, 10/02/25 (d) | 80 | 78 |
| Broadcom Inc. |  |  |
| 1.95%, 02/15/28 (d) | 271 | 229 |
| 2.45%, 02/15/31 (d) | 2643 | 2080 |
| 2.60%, 02/15/33 (d) | 2342 | 1758 |
| 3.50%, 02/15/41 (d) | 1862 | 1332 |
| 3.75%, 02/15/51 (d) | 874 | 610 |
| CA Magnum Holdings |  |  |
| 5.38%, 10/31/26 (d) | 200 | 182 |
| Clarivate Science Holdings Corporation |  |  |
| 3.88%, 07/01/28 (d) | 65 | 56 |
| 4.88%, 07/01/29 (d) (i) | 60 | 51 |
| Coherent Corp. |  |  |
| 5.00%, 12/15/29 (d) | 420 | 363 |
| Dell International L.L.C. |  |  |
| 5.45%, 06/15/23 (p) | 300 | 301 |
| 5.85%, 07/15/25 (p) | 182 | 184 |
| 6.02%, 06/15/26 (p) | 250 | 255 |
| 6.10%, 07/15/27 (p) | 334 | 343 |
| 6.20%, 07/15/30 (p) | 289 | 294 |
| Elastic N.V. |  |  |
| 4.13%, 07/15/29 (d) | 50 | 40 |
| Entegris Escrow Corporation |  |  |
| 5.95%, 06/15/30 (d) | 185 | 171 |
| Entegris, Inc. |  |  |
| 3.63%, 05/01/29 (d) (i) | 250 | 201 |
| Fair Isaac Corporation |  |  |
| 4.00%, 06/15/28 (d) | 110 | 100 |
| Gartner, Inc. |  |  |
| 3.75%, 10/01/30 (d) | 95 | 82 |
| Lenovo Group Limited |  |  |
| 3.42%, 11/02/30 (d) | 200 | 159 |
| MicroStrategy Incorporated |  |  |
| 6.13%, 06/15/28 (d) (i) | 205 | 149 |
| Minerva Merger Sub Inc |  |  |
| 6.50%, 02/15/30 (d) | 350 | 259 |
| On Semiconductor Corporation |  |  |
| 1.63%, 10/15/23 (l) | 24 | 72 |
| 3.88%, 09/01/28 (d) | 110 | 96 |
| Open Text Corporation |  |  |
| 3.88%, 02/15/28 (d) | 105 | 90 |
| Oracle Corporation |  |  |
| 2.80%, 04/01/27 | 991 | 903 |
| 2.30%, 03/25/28 | 1508 | 1307 |
| 2.88%, 03/25/31 | 1920 | 1591 |
| 3.60%, 04/01/40 | 990 | 733 |
| SS&C Technologies, Inc. |  |  |
| 5.50%, 09/30/27 (d) | 500 | 471 |
| TTM Technologies, Inc. |  |  |
| 4.00%, 03/01/29 (d) | 115 | 99 |
| Twilio Inc. |  |  |
| 3.63%, 03/15/29 | 70 | 57 |
| 3.88%, 03/15/31 | 75 | 60 |
| Viavi Solutions Inc. |  |  |
| 3.75%, 10/01/29 (d) (p) | 185 | 154 |
| Virtusa Corporation |  |  |
| 7.13%, 12/15/28 (d) | 55 | 42 |
|  |  | 15205 |
| **Materials 0.8%** | **Materials 0.8%** | **Materials 0.8%** |
| Alcoa Nederland Holding B.V. |  |  |
| 4.13%, 03/31/29 (d) | 100 | 89 |
| Antofagasta PLC |  |  |
| 2.38%, 10/14/30 (d) | 200 | 161 |
| Aris Mining Corporation |  |  |
| 6.88%, 08/09/26 (d) | 150 | 118 |
| ATI Inc. |  |  |
| 5.88%, 12/01/27 | 391 | 374 |
| 4.88%, 10/01/29 | 45 | 40 |
| 5.13%, 10/01/31 | 30 | 26 |
| Ball Corporation |  |  |
| 3.13%, 09/15/31 | 140 | 112 |
| Big River Steel LLC |  |  |
| 6.63%, 01/31/29 (d) | 220 | 211 |
| Braskem Idesa, S.A.P.I. |  |  |
| 7.45%, 11/15/29 (d) | 25 | 20 |
| Celtic Resources Holdings Designated Activity Company |  |  |
| 0.00%, 10/09/24 (d) (e) (f) (g) (m) | 100 |  |
| CEMEX S.A.B. de C.V. |  |  |
| 5.13%, (100, 06/08/26) (d) (k) | 255 | 236 |
| 3.88%, 07/11/31 (d) | 145 | 123 |
| Cerdia Finanz GmbH |  |  |
| 10.50%, 02/15/27 (d) | 90 | 76 |
| CF Industries, Inc. |  |  |
| 4.95%, 06/01/43 | 5 | 4 |
| 5.38%, 03/15/44 | 525 | 471 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Cleveland-Cliffs Inc. |  |  |
| 4.63%, 03/01/29 (d) (i) | 100 | 89 |
| 4.88%, 03/01/31 (d) (i) | 100 | 89 |
| Commercial Metals Company |  |  |
| 4.13%, 01/15/30 | 45 | 40 |
| 4.38%, 03/15/32 | 45 | 39 |
| Compania de Minas Buenaventura S.A.A. |  |  |
| 5.50%, 07/23/26 (d) | 55 | 48 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.00%, 09/30/29 (d) | 25 | 22 |
| 3.15%, 01/14/30 (d) | 60 | 53 |
| 3.70%, 01/30/50 (d) | 140 | 105 |
| CSN Resources S.A. |  |  |
| 5.88%, 04/08/32 (d) | 85 | 71 |
| Diamond (BC) B.V. |  |  |
| 4.63%, 10/01/29 (d) | 45 | 36 |
| Endeavour Mining PLC |  |  |
| 5.00%, 10/14/26 (d) | 200 | 169 |
| EQUATE Petrochemical B.V. |  |  |
| 4.25%, 11/03/26 (d) | 50 | 48 |
| ERO Copper Corp. |  |  |
| 6.50%, 02/15/30 (d) | 330 | 264 |
| First Quantum Minerals Ltd |  |  |
| 7.50%, 04/01/25 (d) | 50 | 49 |
| 6.88%, 03/01/26 - 10/15/27 (d) | 300 | 284 |
| FMG Resources (August 2006) Pty Ltd |  |  |
| 4.50%, 09/15/27 (d) | 5 | 5 |
| Fresnillo PLC |  |  |
| 4.25%, 10/02/50 (d) | 200 | 158 |
| Glatfelter Corporation |  |  |
| 4.75%, 11/15/29 (d) | 75 | 46 |
| Gold Fields Orogen Holding (BVI) Limited |  |  |
| 5.13%, 05/15/24 (d) | 100 | 99 |
| GrafTech Finance Inc. |  |  |
| 4.63%, 12/15/28 (d) | 115 | 95 |
| Infrabuild Australia Pty Ltd |  |  |
| 12.00%, 10/01/24 (d) | 145 | 140 |
| JSW Steel Limited |  |  |
| 3.95%, 04/05/27 (d) | 200 | 172 |
| Kaiser Aluminum Corporation |  |  |
| 4.63%, 03/01/28 (d) | 270 | 237 |
| LSB Industries, Inc. |  |  |
| 6.25%, 10/15/28 (d) | 190 | 173 |
| MEGlobal Canada ULC |  |  |
| 5.00%, 05/18/25 (d) | 95 | 93 |
| Mercer International Inc. |  |  |
| 5.13%, 02/01/29 | 100 | 84 |
| Methanex Corporation |  |  |
| 5.13%, 10/15/27 | 285 | 265 |
| 5.25%, 12/15/29 | 135 | 120 |
| 5.65%, 12/01/44 | 95 | 73 |
| Mineral Resources Limited |  |  |
| 8.00%, 11/01/27 (d) | 140 | 143 |
| Nexa Resources S.A. |  |  |
| 6.50%, 01/18/28 (d) | 120 | 117 |
| Novelis Corporation |  |  |
| 3.88%, 08/15/31 (d) | 90 | 74 |
| Nufarm Australia Limited |  |  |
| 5.00%, 01/27/30 (d) | 370 | 323 |
| OCP S.A. |  |  |
| 5.63%, 04/25/24 (d) | 140 | 140 |
| 4.50%, 10/22/25 (d) | 25 | 24 |
| 3.75%, 06/23/31 (d) | 335 | 281 |
| 6.88%, 04/25/44 (d) | 20 | 19 |
| Olin Corporation |  |  |
| 5.00%, 02/01/30 | 270 | 246 |
| Olympus Water US Holding Corporation |  |  |
| 4.25%, 10/01/28 (d) | 200 | 164 |
| Orbia Advance Corporation, S.A.B. de C.V. |  |  |
| 1.88%, 05/11/26 (d) | 125 | 109 |
| 2.88%, 05/11/31 (d) | 70 | 55 |
| PT Freeport Indonesia |  |  |
| 4.76%, 04/14/27 (d) | 200 | 192 |
| 6.20%, 04/14/52 (d) | 200 | 175 |
| PT Indonesia Asahan Aluminium (Persero) |  |  |
| 5.45%, 05/15/30 (d) | 130 | 124 |
| S.P.C.M. SA |  |  |
| 3.13%, 03/15/27 (d) | 95 | 82 |
| SABIC Capital II B.V. |  |  |
| 4.00%, 10/10/23 (d) | 200 | 198 |
| Sasol Financing USA LLC |  |  |
| 5.88%, 03/27/24 | 130 | 127 |
| 4.38%, 09/18/26 (i) | 200 | 177 |
| Sibur Securities Designated Activity Company |  |  |
| 0.00%, 07/08/25 (d) (e) (f) (g) | 50 | 34 |
| Stillwater Mining Company |  |  |
| 4.00%, 11/16/26 (d) | 200 | 177 |
| The Chemours Company |  |  |
| 5.38%, 05/15/27 | 490 | 452 |
| 5.75%, 11/15/28 (d) | 515 | 462 |
| The Scotts Miracle-Gro Company |  |  |
| 4.38%, 02/01/32 | 100 | 76 |
| Valvoline, Inc. |  |  |
| 4.25%, 02/15/30 (d) | 215 | 210 |
| Volcan Compania Minera S.A.A. |  |  |
| 4.38%, 02/11/26 (d) | 40 | 35 |
| W. R. Grace Holdings LLC |  |  |
| 4.88%, 06/15/27 (d) | 300 | 266 |
| 5.63%, 08/15/29 (d) | 90 | 73 |
| | | 9782 |
| Total Corporate Bonds And Notes (cost $518,952) | Total Corporate Bonds And Notes (cost $518,952) | 455929 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 10.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 10.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 10.2%** |
| AASET 2019-2 Trust |  |  |
| Series 2019-A-2, 3.38%, 10/16/26 (h) | 731 | 532 |
| Series 2019-B-2, 4.46%, 10/16/26 (h) | 220 | 68 |
| AASET 2020-1 Trust |  |  |
| Series 2020-A-1A, 3.35%, 01/15/27 (h) | 213 | 167 |
| Series 2020-B-1A, 4.34%, 01/15/27 (h) | 139 | 65 |
| Aaset 2021-1 Trust |  |  |
| Series 2021-A-1A, 2.95%, 11/16/41 | 764 | 627 |
| Aaset 2021-2 Trust |  |  |
| Series 2021-A-2A, 2.80%, 12/15/28 | 1515 | 1217 |
| AASET 2022-1 LLC |  |  |
| Series 2022-A-1A, 6.00%, 05/16/29 | 1816 | 1693 |
| Aimco CLO 11 Ltd |  |  |
| Series 2020-AR-11A, 5.21%, (3 Month USD LIBOR + 1.13%), 10/17/34 (j) | 582 | 567 |
| Aimco CLO 14 Ltd |  |  |
| Series 2021-A-14A, 5.23%, (3 Month USD LIBOR + 0.99%), 04/20/34 (j) | 1573 | 1525 |
| Aimco CLO Series 2018-B |  |  |
| Series 2018-AR-BA, 5.18%, (3 Month USD LIBOR + 1.10%), 01/15/32 (j) | 571 | 561 |
| Allegro CLO XIII, Ltd. |  |  |
| Series 2021-A-1A, 5.38%, (3 Month USD LIBOR + 1.14%), 07/20/34 (j) | 716 | 696 |
| Allegro CLO XV, Ltd. |  |  |
| Series 2022-A-1A, 2.70%, (SOFR 90-Day Average + 1.50%), 07/20/35 (j) | 893 | 869 |
| AMMC CLO XI Limited |  |  |
| Series 2012-A1R2-11A, 5.42%, (3 Month USD LIBOR + 1.01%), 04/30/31 (d) (j) | 1000 | 982 |
| Ares LIV CLO Ltd |  |  |
| Series 2019-A-54A, 5.40%, (3 Month USD LIBOR + 1.32%), 10/15/32 (j) | 778 | 763 |
| Ares LIX CLO Ltd |  |  |
| Series 2021-A-59A, 5.39%, (3 Month USD LIBOR + 1.03%), 04/25/34 (j) | 521 | 505 |
| Ares LV CLO Ltd |  |  |
| Series 2020-A1R-55A, 5.21%, (3 Month USD LIBOR + 1.13%), 07/17/34 (j) | 908 | 887 |
| Ares LVIII CLO Ltd. |  |  |
| Series 2020-AR-58A, 5.19%, (3 Month Term SOFR + 1.33%), 01/16/35 (j) | 1109 | 1064 |
| Ares XLI CLO Ltd. |  |  |
| Series 2016-AR2-41A, 5.15%, (3 Month USD LIBOR + 1.07%), 04/17/34 (j) | 2135 | 2072 |
| Ares XXXIV CLO, Ltd. |  |  |
| Series 2015-AR2-2A, 5.33%, (3 Month USD LIBOR + 1.25%), 04/18/33 (j) | 303 | 297 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BAMLL Commercial Mortgage Securities Trust 2019-BPR |  |  |
| Series 2019-ANM-BPR, REMIC, 3.11%, 11/07/24 | 534 | 486 |
| Series 2019-AMP-BPR, REMIC, 3.29%, 11/07/24 | 1300 | 1168 |
| Series 2019-BNM-BPR, REMIC, 3.47%, 11/07/24 | 100 | 88 |
| Series 2019-CNM-BPR, REMIC, 3.72%, 11/07/24 (j) | 100 | 80 |
| BAMLL Commercial Mortgage Securities Trust 2022- DKLX |  |  |
| Series 2022-A-DKLX, REMIC, 5.49%, (1 Month Term SOFR + 1.15%), 01/16/24 (j) | 617 | 594 |
| Series 2022-B-DKLX, REMIC, 5.89%, (1 Month Term SOFR + 1.55%), 01/16/24 (j) | 117 | 111 |
| Series 2022-C-DKLX, REMIC, 6.49%, (1 Month Term SOFR + 2.15%), 01/16/24 (j) | 100 | 95 |
| Bank 2019-BNK21 |  |  |
| Series 2019-A5-BN21, REMIC, 2.85%, 09/17/29 | 94 | 82 |
| Bank 2020-BNK25 |  |  |
| Interest Only, Series 2020-XB-BN25, REMIC, 0.44%, 01/18/63 (j) | 3200 | 80 |
| BANK 2022-BNK44 |  |  |
| Series 2022-A5-BNK44, REMIC, 5.75%, 10/18/32 (j) | 3815 | 3980 |
| Barings CLO Ltd 2020-I |  |  |
| Series 2020-AR-1A, 5.23%, (3 Month USD LIBOR + 1.15%), 10/15/36 (j) | 589 | 573 |
| Barings CLO Ltd. 2020-IV |  |  |
| Series 2020-A-4A, 5.46%, (3 Month USD LIBOR + 1.22%), 01/20/32 (j) | 1300 | 1279 |
| Barings CLO Ltd. 2021-I |  |  |
| Series 2021-A-1A, 5.38%, (3 Month USD LIBOR + 1.02%), 04/25/34 (j) | 1146 | 1113 |
| Beechwood Park CLO Ltd |  |  |
| Series 2019-A1R-1A, 5.23%, (3 Month Term SOFR + 1.30%), 01/17/35 (j) | 1132 | 1114 |
| Benchmark 2018-B4 Mortgage Trust |  |  |
| Series 2018-A5-B4, REMIC, 4.12%, 06/16/28 (j) | 106 | 101 |
| Benchmark 2019-B12 Mortgage Trust |  |  |
| Interest Only, Series 2019-XA-B12, REMIC, 1.03%, 08/16/52 (j) | 7051 | 293 |
| Benchmark 2019-B14 Mortgage Trust |  |  |
| Interest Only, Series 2019-XA-B14, REMIC, 0.78%, 12/15/62 (j) | 4936 | 156 |
| Bethpage Park CLO, Ltd. |  |  |
| Series 2021-A-1A, 5.21%, (3 Month USD LIBOR + 1.13%), 10/15/36 (j) | 888 | 862 |
| BFLD Trust 2020-OBRK |  |  |
| Series 2020-A-OBRK, REMIC, 6.37%, (1 Month USD LIBOR + 2.05%), 11/15/28 (j) | 592 | 586 |
| Blackbird Capital II Aircraft Lease Limited |  |  |
| Series 2021-A-1A, 2.44%, 07/17/28 | 1129 | 908 |
| BPR Trust 2022-OANA |  |  |
| Series 2022-A-OANA, REMIC, 6.23%, (1 Month Term SOFR + 1.90%), 04/15/24 (j) | 2225 | 2172 |
| Series 2022-B-OANA, REMIC, 6.78%, (1 Month Term SOFR + 2.45%), 04/15/24 (j) | 591 | 555 |
| Bristol Park CLO, Ltd. |  |  |
| Series 2016-AR-1A, 5.07%, (3 Month USD LIBOR + 0.99%), 04/16/29 (j) | 874 | 862 |
| BX 2021-PAC Mortgage Trust |  |  |
| Series 2021-A-PAC, REMIC, 5.01%, (1 Month USD LIBOR + 0.69%), 11/15/38 (j) | 1203 | 1155 |
| Series 2021-B-PAC, REMIC, 5.22%, (1 Month USD LIBOR + 0.90%), 11/15/38 (j) | 180 | 170 |
| Series 2021-C-PAC, REMIC, 5.42%, (1 Month USD LIBOR + 1.10%), 11/15/38 (j) | 241 | 227 |
| Series 2021-D-PAC, REMIC, 5.62%, (1 Month USD LIBOR + 1.30%), 11/15/38 (j) | 234 | 218 |
| Series 2021-E-PAC, REMIC, 6.27%, (1 Month USD LIBOR + 1.95%), 11/15/38 (j) | 813 | 760 |
| BX Commercial Mortgage Trust 2019-XL |  |  |
| Series 2019-A-XL, REMIC, 5.37%, (1 Month Term SOFR + 1.03%), 10/15/36 (j) | 233 | 229 |
| Series 2019-B-XL, REMIC, 5.53%, (1 Month Term SOFR + 1.19%), 10/15/36 (j) | 376 | 369 |
| Series 2019-C-XL, REMIC, 5.70%, (1 Month Term SOFR + 1.36%), 10/15/36 (j) | 473 | 461 |
| Series 2019-D-XL, REMIC, 5.90%, (1 Month Term SOFR + 1.56%), 10/15/36 (j) | 670 | 649 |
| Series 2019-E-XL, REMIC, 6.25%, (1 Month Term SOFR + 1.91%), 10/15/36 (j) | 3066 | 2960 |
| BX Commercial Mortgage Trust 2022-LP2 |  |  |
| Series 2022-A-LP2, REMIC, 5.35%, (SOFR 30-Day Average + 1.01%), 02/16/27 (j) | 1445 | 1393 |
| Series 2022-B-LP2, REMIC, 5.65%, (SOFR 30-Day Average + 1.31%), 02/16/27 (j) | 435 | 415 |
| Series 2022-C-LP2, REMIC, 5.90%, (SOFR 30-Day Average + 1.56%), 02/16/27 (j) | 435 | 411 |
| Series 2022-D-LP2, REMIC, 6.30%, (SOFR 30-Day Average + 1.96%), 02/16/27 (j) | 435 | 411 |
| BX Trust 2022-GPA |  |  |
| Series 2022-A-GPA, REMIC, 5.96%, (1 Month Term SOFR + 2.17%), 08/15/24 (j) | 652 | 648 |
| BX Trust 2022-IND |  |  |
| Series 2022-A-IND, REMIC, 5.83%, (1 Month Term SOFR + 1.49%), 04/15/24 (j) | 1117 | 1094 |
| Series 2022-B-IND, REMIC, 6.28%, (1 Month Term SOFR + 1.94%), 04/15/24 (j) | 569 | 551 |
| Series 2022-C-IND, REMIC, 6.63%, (1 Month Term SOFR + 2.29%), 04/15/24 (j) | 129 | 123 |
| Series 2022-D-IND, REMIC, 7.17%, (1 Month Term SOFR + 2.84%), 04/15/24 (j) | 107 | 101 |
| Castlelake Aircraft Structured Trust 2021-1 |  |  |
| Series 2021-A-1A, 3.47%, 01/15/28 (h) | 247 | 206 |
| Cedar Funding Vi CLO, Ltd. |  |  |
| Series 2016-ARR-6A, 5.29%, (3 Month USD LIBOR + 1.05%), 04/20/34 (j) | 6596 | 6380 |
| Cedar Funding X CLO Ltd |  |  |
| Series 2019-AR-10A, 5.34%, (3 Month USD LIBOR + 1.10%), 10/20/32 (j) | 710 | 693 |
| Cedar Funding XII CLO Ltd |  |  |
| Series 2020-A1R-12A, 5.49%, (3 Month USD LIBOR + 1.13%), 10/25/34 (j) | 542 | 526 |
| Cedar Funding XV CLO Ltd |  |  |
| Series 2022-A-15A, 5.28%, (3 Month Term SOFR + 1.32%), 04/20/35 (j) | 1052 | 1013 |
| Cent CLO |  |  |
| Series 2022-A1-32A, 4.18%, (3 Month Term SOFR + 1.70%), 07/24/34 (j) | 1282 | 1231 |
| CF Hippolyta Issuer LLC |  |  |
| Series 2021-A1-1A, REMIC, 1.53%, 03/15/26 | 1469 | 1268 |
| CFMT 2021-HB6 LLC |  |  |
| Series 2021-A-HB6, 0.90%, 03/25/24 (j) | 502 | 475 |
| CHC Commercial Mortgage Trust 2019-CHC |  |  |
| Series 2019-A-CHC, REMIC, 5.44%, (1 Month USD LIBOR + 1.12%), 06/17/24 (j) | 1439 | 1411 |
| Series 2019-B-CHC, REMIC, 5.82%, (1 Month USD LIBOR + 1.50%), 06/15/34 (j) | 236 | 227 |
| Series 2019-C-CHC, REMIC, 6.07%, (1 Month USD LIBOR + 1.75%), 06/15/34 (j) | 267 | 251 |
| CIM Retail Portfolio Trust 2021-RETL |  |  |
| Series 2021-C-RETL, REMIC, 6.62%, (1 Month USD LIBOR + 2.30%), 08/15/23 (j) | 12 | 12 |
| Series 2021-D-RETL, REMIC, 7.37%, (1 Month USD LIBOR + 3.05%), 08/15/23 (j) | 165 | 161 |
| Citigroup Commercial Mortgage Trust 2019-GC41 |  |  |
| Interest Only, Series 2019-XA-GC41, REMIC, 1.04%, 08/11/56 (j) | 3446 | 156 |
| Columbia Cent CLO 29 Limited |  |  |
| Series 2020-AR-29A, 5.41%, (3 Month USD LIBOR + 1.17%), 10/20/34 (j) | 882 | 856 |
| Columbia Cent CLO 30 Limited |  |  |
| Series 2020-A1-30A, 5.55%, (3 Month USD LIBOR + 1.31%), 01/20/34 (j) | 1720 | 1684 |
| Series 2021-A1-31A, 5.44%, (3 Month USD LIBOR + 1.20%), 04/20/34 (j) | 1270 | 1233 |
| COMM 2014-CCRE18 Mortgage Trust |  |  |
| Series 2014-A5-CR18, REMIC, 3.83%, 06/17/24 | 180 | 173 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CSMC 2019-ICE4 |  |  |
| Series 2019-B-ICE4, REMIC, 5.55%, (1 Month USD LIBOR + 1.23%), 05/15/36 (j) | 646 | 635 |
| Series 2019-C-ICE4, REMIC, 5.75%, (1 Month USD LIBOR + 1.43%), 05/15/36 (j) | 125 | 122 |
| CSMC 2020-NET |  |  |
| Series 2020-A-NET, REMIC, 2.26%, 08/15/25 | 296 | 266 |
| Dryden 37 Senior Loan Fund |  |  |
| Series 2020-AR-85A, 5.23%, (3 Month USD LIBOR + 1.15%), 10/15/35 (j) | 798 | 775 |
| Dryden 76 CLO Ltd |  |  |
| Series 2019-A1R-76A, 3.86%, (3 Month USD LIBOR + 1.15%), 10/20/34 (j) | 1176 | 1143 |
| Dryden 78 CLO Ltd |  |  |
| Series 2020-A-78A, 5.26%, (3 Month USD LIBOR + 1.18%), 04/18/33 (j) | 600 | 587 |
| Dryden 83 CLO, Ltd. |  |  |
| Series 2020-A-83A, 5.41%, (3 Month USD LIBOR + 1.22%), 01/18/32 (j) | 917 | 902 |
| Dryden 90 CLO, Ltd. |  |  |
| Series 2021-A1A-90A, 5.81%, (3 Month USD LIBOR + 1.13%), 02/20/35 (j) | 457 | 443 |
| Dryden 98 CLO Ltd |  |  |
| Series 2022-A-98A, 3.73%, (SOFR 90-Day Average + 1.30%), 04/20/35 (j) | 591 | 571 |
| Eaton Vance CLO 2013-1 Ltd |  |  |
| Series 2013-A13R-1A, 5.33%, (3 Month USD LIBOR + 1.25%), 01/17/34 (j) | 270 | 263 |
| Eaton Vance CLO 2019-1 Ltd |  |  |
| Series 2019-AR-1A, 5.18%, (3 Month USD LIBOR + 1.10%), 04/15/31 (j) | 646 | 634 |
| Eaton Vance CLO 2020-2 Ltd |  |  |
| Series 2020-AR-2A, 5.23%, (3 Month USD LIBOR + 1.15%), 01/16/35 (j) | 1020 | 995 |
| ELP Commercial Mortgage Trust 2021-ELP |  |  |
| Series 2021-A-ELP, REMIC, 5.02%, (1 Month USD LIBOR + 0.70%), 11/15/23 (j) | 1641 | 1571 |
| Extended Stay America Trust 2021-ESH |  |  |
| Series 2021-A-ESH, REMIC, 5.40%, (1 Month USD LIBOR + 1.08%), 07/17/23 (j) | 556 | 541 |
| Series 2021-B-ESH, REMIC, 5.70%, (1 Month USD LIBOR + 1.38%), 07/17/23 (j) | 317 | 305 |
| Series 2021-C-ESH, REMIC, 6.02%, (1 Month USD LIBOR + 1.70%), 07/17/23 (j) | 233 | 224 |
| Series 2021-D-ESH, REMIC, 6.57%, (1 Month USD LIBOR + 2.25%), 07/17/23 (j) | 470 | 450 |
| Flatiron CLO 19 Ltd |  |  |
| Series 2019-AR-1A, 5.72%, (3 Month USD LIBOR + 1.08%), 11/16/34 (j) | 1000 | 976 |
| Flatiron CLO 21 Ltd |  |  |
| Series 2021-A1-1A, 5.34%, (3 Month USD LIBOR + 1.11%), 07/19/34 (j) | 651 | 635 |
| Flatiron CLO Ltd |  |  |
| Series 2020-A-1A, 5.98%, (3 Month USD LIBOR + 1.30%), 11/21/33 (j) | 1494 | 1460 |
| GS Mortgage Securities Corporation Trust 2021-IP |  |  |
| Series 2021-A-IP, REMIC, 5.27%, (1 Month USD LIBOR + 0.95%), 10/15/36 (j) | 710 | 662 |
| Series 2021-B-IP, REMIC, 5.47%, (1 Month USD LIBOR + 1.15%), 10/15/36 (j) | 110 | 103 |
| Series 2021-C-IP, REMIC, 5.87%, (1 Month USD LIBOR + 1.55%), 10/15/36 (j) | 100 | 93 |
| Intown 2022-Stay Mortgage Trust |  |  |
| Series 2022-A-STAY, REMIC, 6.28%, (1 Month Term SOFR + 2.49%), 08/15/24 (j) | 1098 | 1091 |
| Invesco CLO Ltd |  |  |
| Series 2021-A-3A, 5.45%, (3 Month USD LIBOR + 1.13%), 10/23/34 (j) | 621 | 602 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-WPT |  |  |
| Series 2018-AFX-WPT, REMIC, 4.25%, 07/07/23 | 339 | 319 |
| KKR CLO 16 Ltd |  |  |
| Series 2022-A1-41A, 3.68%, (SOFR 90-Day Average + 1.33%), 12/31/35 (j) | 1373 | 1322 |
| LIFE 2021-BMR Mortgage Trust |  |  |
| Series 2021-A-BMR, REMIC, 5.02%, (1 Month USD LIBOR + 0.70%), 03/15/23 (j) | 1055 | 1021 |
| Series 2021-B-BMR, REMIC, 5.20%, (1 Month USD LIBOR + 0.88%), 03/15/23 (j) | 255 | 243 |
| Series 2021-C-BMR, REMIC, 5.42%, (1 Month USD LIBOR + 1.10%), 03/15/23 (j) | 160 | 152 |
| Series 2021-D-BMR, REMIC, 5.72%, (1 Month USD LIBOR + 1.40%), 03/15/23 (j) | 223 | 211 |
| Series 2021-E-BMR, REMIC, 6.07%, (1 Month USD LIBOR + 1.75%), 03/15/23 (j) | 195 | 184 |
| LIFE 2022-BMR2 Mortgage Trust |  |  |
| Series 2022-A1-BMR2, REMIC, 5.63%, (1 Month Term SOFR + 1.30%), 05/15/24 (j) | 2042 | 1991 |
| Series 2022-B-BMR2, REMIC, 6.13%, (1 Month Term SOFR + 1.79%), 05/15/24 (j) | 1221 | 1183 |
| Series 2022-C-BMR2, REMIC, 6.43%, (1 Month Term SOFR + 2.09%), 05/15/24 (j) | 684 | 662 |
| Series 2022-D-BMR2, REMIC, 6.88%, (1 Month Term SOFR + 2.54%), 05/15/24 (j) | 608 | 582 |
| Lucali Limited |  |  |
| Series 2020-A-1A, 3.72%, (3 Month USD LIBOR + 1.21%), 01/18/33 (j) | 640 | 631 |
| Madison Park Funding LII Ltd |  |  |
| Series 2021-A-52A, 5.42%, (3 Month USD LIBOR + 1.10%), 01/22/35 (j) | 994 | 962 |
| Madison Park Funding Ltd |  |  |
| Series 2021-A-50A, 3.88%, (3 Month USD LIBOR + 1.14%), 04/19/34 (j) | 1340 | 1311 |
| Madison Park Funding XIX, Ltd. |  |  |
| Series 2015-A1R2-19A, 5.24%, (3 Month USD LIBOR + 0.92%), 01/24/28 (j) | 619 | 612 |
| Madison Park Funding XLV Ltd |  |  |
| Series 2020-AR-45A, 5.20%, (3 Month USD LIBOR + 1.12%), 07/17/34 (j) | 653 | 637 |
| Madison Park Funding XXXII Ltd |  |  |
| Series 2018-A2R-32A, 5.52%, (3 Month USD LIBOR + 1.20%), 01/22/31 (j) | 290 | 281 |
| Magnetite CLO Ltd |  |  |
| Series 2021-A-30A, 5.49%, (3 Month USD LIBOR + 1.13%), 10/25/34 (j) | 1072 | 1044 |
| Magnetite XXI, Limited |  |  |
| Series 2019-AR-21A, 5.26%, (3 Month USD LIBOR + 1.02%), 04/20/34 (j) | 920 | 897 |
| Magnetite XXIII Ltd |  |  |
| Series 2019-AR-23A, 5.49%, (3 Month USD LIBOR + 1.13%), 01/25/35 (j) | 731 | 710 |
| Magnetite XXIX, Limited |  |  |
| Series 2021-A-29A, 5.07%, (3 Month USD LIBOR + 0.99%), 01/17/34 (j) | 1150 | 1128 |
| Magnetite XXVII Ltd |  |  |
| Series 2020-AR-27A, 5.38%, (3 Month USD LIBOR + 1.14%), 10/20/34 (j) | 250 | 243 |
| MHP Commercial Mortgage Trust 2021-STOR |  |  |
| Series 2021-A-STOR, REMIC, 5.02%, (1 Month USD LIBOR + 0.70%), 07/17/23 (j) | 603 | 581 |
| Milos CLO, Ltd. |  |  |
| Series 2017-AR-1A, 5.31%, (3 Month USD LIBOR + 1.07%), 10/21/30 (j) | 915 | 902 |
| Morgan Stanley Capital I Trust 2019-MEAD |  |  |
| Series 2019-A-MEAD, REMIC, 3.17%, 11/13/24 | 1163 | 1085 |
| Series 2019-B-MEAD, REMIC, 3.18%, 11/13/24 (j) | 168 | 152 |
| Series 2019-C-MEAD, REMIC, 3.18%, 11/13/24 (j) | 161 | 142 |
| Morgan Stanley Capital I Trust 2019-NUGS |  |  |
| Series 2019-A-NUGS, REMIC, 5.27%, (1 Month USD LIBOR + 0.95%), 12/15/36 (j) | 900 | 862 |
| Navient Student Loan Trust 2016-5 |  |  |
| Series 2016-A-5A, 5.64%, (1 Month USD LIBOR + 1.25%), 12/25/28 (j) | 6590 | 6340 |
| Navient Student Loan Trust 2016-7 |  |  |
| Series 2016-A-7A, 5.54%, (1 Month USD LIBOR + 1.15%), 12/25/28 (j) | 2933 | 2838 |
| Peace Park CLO Ltd |  |  |
| Series 2021-A-1A, 3.84%, (3 Month USD LIBOR + 1.13%), 10/20/34 (j) | 898 | 874 |
| Planet Fitness Master |  |  |
| Series 2018-A2II-1A, 4.67%, 09/05/25 | 1421 | 1326 |
| Series 2022-A2I-1A, 3.25%, 12/07/26 | 683 | 591 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2022-A2II-1A, 4.01%, 12/07/26 | 610 | 476 |
| Series 2019-A2-1A, 3.86%, 12/05/49 (d) | 641 | 528 |
| Prima Capital CRE Securitization |  |  |
| Series 2021-A-9A, 5.84%, (1 Month USD LIBOR + 1.45%), 03/26/40 (j) | 70 | 69 |
| Prima Capital CRE Securitization 2021-1X |  |  |
| Series 2021-B-9A, 6.19%, (1 Month USD LIBOR + 1.80%), 03/26/40 (j) | 313 | 306 |
| Rockland Park Limited |  |  |
| Series 2021-A-1A, 5.36%, (3 Month USD LIBOR + 1.12%), 04/20/34 (j) | 1241 | 1211 |
| RR 7 Ltd |  |  |
| Series 2019-A1AB-7A, 5.20%, (3 Month Term SOFR + 1.34%), 01/15/37 (j) | 1141 | 1113 |
| Sapphire Aviation Finance II Limited |  |  |
| Series 2020-A-1A, 3.23%, 03/15/27 | 637 | 485 |
| Series 2020-B-1A, 4.34%, 03/15/27 | 234 | 129 |
| SBA Towers, LLC |  |  |
| Series 2019-1C-1, 2.84%, 01/15/25 | 896 | 836 |
| Series 2020-2C-1, 1.88%, 01/15/26 | 365 | 321 |
| Series 2020-2C-2, 2.33%, 01/15/28 | 279 | 230 |
| Silver Aircraft Lease Investment Limited |  |  |
| Series 2019-A-1, 3.97%, 07/15/26 (h) | 661 | 522 |
| SPGN 2022-TFLM Mortgage Trust |  |  |
| Series 2022-B-TFLM, REMIC, 6.34%, (1 Month Term SOFR + 2.00%), 02/15/24 (j) | 278 | 262 |
| Series 2022-C-TFLM, REMIC, 6.99%, (1 Month Term SOFR + 2.65%), 02/15/24 (j) | 145 | 136 |
| SREIT Commercial Mortgage Trust 2021-MFP |  |  |
| Series 2021-A-MFP, REMIC, 5.05%, (1 Month USD LIBOR + 0.73%), 11/15/23 (j) | 1105 | 1063 |
| Series 2021-B-MFP, REMIC, 5.40%, (1 Month USD LIBOR + 1.08%), 11/15/23 (j) | 633 | 603 |
| Series 2021-C-MFP, REMIC, 5.65%, (1 Month USD LIBOR + 1.33%), 11/15/23 (j) | 393 | 373 |
| Series 2021-D-MFP, REMIC, 5.90%, (1 Month USD LIBOR + 1.58%), 11/15/23 (j) | 258 | 244 |
| Stratus CLO 2022-1 Ltd |  |  |
| Series 2022-A-1A, 3.99%, (3 Month Term SOFR + 1.75%), 07/20/30 (j) | 248 | 245 |
| Symphony CLO XIX Ltd |  |  |
| Series 2018-A-19A, 5.04%, (3 Month USD LIBOR + 0.96%), 04/16/31 (j) | 559 | 550 |
| Symphony CLO XXV, Ltd. |  |  |
| Series 2021-A-25A, 5.21%, (3 Month USD LIBOR + 0.98%), 04/19/34 (j) | 1153 | 1119 |
| Symphony CLO XXVI, Ltd. |  |  |
| Series 2021-AR-26A, 3.79%, (3 Month USD LIBOR + 1.08%), 04/20/33 (j) | 2158 | 2096 |
| Symphony CLO XXXII |  |  |
| Series 2022-A1-32A, 5.36%, (3 Month Term SOFR + 1.32%), 04/23/35 (j) | 1176 | 1149 |
| Thunderbolt II Aircraft Lease Limited |  |  |
| Series 2018-A-A, 4.15%, 09/15/25 (h) | 1226 | 938 |
| Thunderbolt III Aircraft Lease Limited |  |  |
| Series 2019-A-1, 3.67%, 11/15/26 (h) | 983 | 768 |
| Upstart Securitization Trust 2021-1 |  |  |
| Series 2021-A-1, 0.87%, 03/20/31 | 4 | 4 |
| VLS Commercial Mortgage Trust 2020-LAB |  |  |
| Series 2020-A-LAB, REMIC, 2.13%, 10/11/30 | 1051 | 813 |
| Series 2020-B-LAB, REMIC, 2.45%, 10/11/30 | 70 | 53 |
| Voya CLO 2020-1 Ltd |  |  |
| Series 2020-AR-1A, 5.23%, (3 Month USD LIBOR + 1.15%), 07/17/34 (j) | 1175 | 1145 |
| Voya CLO 2020-2 Ltd |  |  |
| Series 2020-A1R-2A, 5.39%, (3 Month USD LIBOR + 1.16%), 07/19/34 (j) | 598 | 585 |
| Voya CLO 2020-3 Ltd |  |  |
| Series 2020-AR-3A, 5.39%, (3 Month USD LIBOR + 1.15%), 10/20/34 (j) | 1189 | 1157 |
| Wells Fargo Commercial Mortgage Trust 2015-C26 |  |  |
| Series 2015-A4-C26, REMIC, 3.17%, 01/17/25 | 575 | 547 |
| Wells Fargo Commercial Mortgage Trust 2021-FCMT |  |  |
| Series 2021-A-FCMT, REMIC, 5.52%, (1 Month USD LIBOR + 1.20%), 05/15/24 (j) | 688 | 640 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $138,278) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $138,278) | 131580 |
| **SENIOR FLOATING RATE INSTRUMENTS 7.1%** | **SENIOR FLOATING RATE INSTRUMENTS 7.1%** | **SENIOR FLOATING RATE INSTRUMENTS 7.1%** |
| **Consumer Discretionary 1.7%** | **Consumer Discretionary 1.7%** | **Consumer Discretionary 1.7%** |
| 1011778 B.C. Unlimited Liability Company |  |  |
| Term Loan B4, 5.82%, (1 Month USD LIBOR + 1.75%), 11/14/26 (j) | 187 | 183 |
| Term Loan B4, 6.16%, (3 Month USD LIBOR + 1.75%), 11/14/26 (j) | 56 | 55 |
| 19th Holdings Golf, LLC |  |  |
| 2022 Term Loan B, 7.28%, (SOFR + 3.00%), 01/27/29 (j) | 140 | 128 |
| Academy, Ltd. |  |  |
| 2021 Term Loan, 7.87%, (1 Month USD LIBOR + 3.75%), 11/05/27 (j) | 146 | 145 |
| ACProducts, Inc. |  |  |
| 2021 Term Loan B, 7.13%, (3 Month USD LIBOR + 4.25%), 05/17/28 (j) | 111 | 83 |
| 2021 Term Loan B, 7.92%, (3 Month USD LIBOR + 4.25%), 05/17/28 (j) | 37 | 27 |
| 2021 Term Loan B, 0.00%, (3 Month USD LIBOR + 4.25%), 06/30/28 (j) (q) | 35 | 26 |
| Adtalem Global Education Inc. |  |  |
| 2021 Term Loan B, 8.39%, (3 Month USD LIBOR + 4.00%), 02/11/28 (j) | 116 | 115 |
| Advantage Sales & Marketing, Inc. |  |  |
| 2021 Term Loan, 8.28%, (3 Month USD LIBOR + 4.50%), 10/28/27 (j) | 379 | 312 |
| AI Aqua Merger Sub, Inc. |  |  |
| 2021 1st Lien Term Loan B, 7.97%, (SOFR + 3.75%), 06/17/28 (j) | 160 | 150 |
| Alterra Mountain Company |  |  |
| 2021 Series B-2 Consenting Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 07/30/28 (j) | 166 | 164 |
| Anastasia Parent, LLC |  |  |
| 2018 Term Loan B, 7.42%, (3 Month USD LIBOR + 3.75%), 08/03/25 (j) | 241 | 177 |
| AP Core Holdings II, LLC |  |  |
| Amortization Term Loan B1, 9.57%, (1 Month USD LIBOR + 5.50%), 07/21/27 (j) | 52 | 46 |
| High-Yield Term Loan B2, 9.57%, (1 Month USD LIBOR + 5.50%), 07/21/27 (j) | 175 | 157 |
| Apro, LLC |  |  |
| 2021 Term Loan, 8.52%, (3 Month USD LIBOR + 3.75%), 11/14/26 (j) | 156 | 151 |
| Aramark Services, Inc. |  |  |
| 2019 Term Loan B4, 5.82%, (1 Month USD LIBOR + 1.75%), 12/04/26 (j) | 117 | 114 |
| 2021 Term Loan B, 6.57%, (1 Month USD LIBOR + 2.50%), 04/06/28 (j) | 85 | 84 |
| Arcis Golf LLC |  |  |
| Term Loan B, 8.32%, (1 Month USD LIBOR + 4.25%), 11/24/28 (j) | 154 | 150 |
| At Home Group Inc. |  |  |
| Term Loan B, 8.98%, (3 Month USD LIBOR + 4.25%), 12/31/24 (j) | 139 | 109 |
| Bally's Corporation |  |  |
| 2021 Term Loan B, 7.54%, (3 Month USD LIBOR + 3.25%), 08/05/28 (j) | 252 | 233 |
| Bombardier Recreational Products Inc. |  |  |
| 2022 Incremental Term Loan B, 0.00%, (SOFR + 3.50%), 12/08/29 (j) (q) | 145 | 142 |
| Bombardier Recreational Products, Inc. |  |  |
| 2020 Term Loan, 6.07%, (1 Month USD LIBOR + 2.00%), 05/24/27 (j) | 54 | 52 |
| BrightView Landscapes, LLC |  |  |
| 2022 Term Loan B, 7.34%, (1 Month Term SOFR + 3.25%), 04/14/29 (j) | 149 | 143 |
| Caesars Resort Collection, LLC |  |  |
| 2017 1st Lien Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 12/23/24 (j) | 591 | 589 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2020 Term Loan B1, 7.57%, (1 Month USD LIBOR + 3.50%), 06/19/25 (j) | 527 | 526 |
| Callaway Golf Company |  |  |
| Term Loan B, 8.57%, (1 Month USD LIBOR + 4.50%), 12/31/25 (j) | 228 | 227 |
| Canada Goose Inc. |  |  |
| 2021 Term Loan, 7.14%, (3 Month USD LIBOR + 3.50%), 10/07/27 (j) | 64 | 62 |
| Canister International Group Inc. |  |  |
| Term Loan B, 8.82%, (1 Month USD LIBOR + 4.75%), 12/21/26 (j) | 122 | 121 |
| Carnival Corporation |  |  |
| USD Term Loan B, 5.88%, (1 Month USD LIBOR + 3.00%), 06/29/25 (j) | 132 | 126 |
| 2021 Incremental Term Loan B, 6.13%, (1 Month USD LIBOR + 3.25%), 10/08/28 (j) | 352 | 329 |
| Cast and Crew Payroll, LLC |  |  |
| 2019 1st Lien Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 02/07/26 (j) | 170 | 168 |
| 2021 Incremental Term Loan, 7.84%, (1 Month Term SOFR + 3.75%), 12/30/28 (j) | 99 | 98 |
| City Football Group Limited |  |  |
| Term Loan, 7.86%, (1 Month USD LIBOR + 3.00%), 07/08/28 (j) | 586 | 547 |
| Clarios Global LP |  |  |
| 2021 USD Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 04/30/26 (j) | 127 | 125 |
| Crocs, Inc. |  |  |
| Term Loan B, 7.73%, (SOFR + 3.50%), 01/27/29 (j) | 502 | 492 |
| CWGS Group, LLC |  |  |
| 2021 Term Loan B, 6.57%, (1 Month USD LIBOR + 2.50%), 05/25/28 (j) | 28 | 26 |
| 2021 Term Loan B, 6.82%, (1 Month USD LIBOR + 2.50%), 05/25/28 (j) | 338 | 312 |
| Dave & Buster's, Inc. |  |  |
| 2022 Term Loan B, 9.19%, (1 Month Term SOFR + 5.00%), 06/23/29 (j) | 95 | 94 |
| Driven Holdings, LLC |  |  |
| Term Loan B, 7.74%, (3 Month USD LIBOR + 3.00%), 11/17/28 (j) | 35 | 33 |
| ECL Entertainment, LLC |  |  |
| Term Loan, 11.57%, (1 Month USD LIBOR + 7.50%), 03/31/28 (j) | 79 | 79 |
| Empire Today, LLC |  |  |
| 2021 Term Loan B, 9.29%, (3 Month USD LIBOR + 5.00%), 04/01/28 (j) | 79 | 59 |
| Employbridge LLC |  |  |
| 2021 Term Loan B, 8.42%, (3 Month USD LIBOR + 4.75%), 07/16/28 (j) | 144 | 116 |
| Equinox Holdings, Inc. |  |  |
| 2017 1st Lien Term Loan, 6.67%, (3 Month USD LIBOR + 3.00%), 03/08/24 (j) | 482 | 361 |
| 2017 2nd Lien Term Loan, 10.67%, (3 Month USD LIBOR + 7.00%), 09/08/24 (j) | 30 | 19 |
| ERM Emerald US Inc. |  |  |
| USD Term Loan B1, 6.92%, (3 Month USD LIBOR + 3.25%), 06/24/26 (j) | 43 | 43 |
| USD Term Loan B1, 6.92%, (1 Month USD LIBOR + 3.25%), 06/24/26 (j) | 6 | 6 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 8.09%, (SOFR + 4.00%), 01/13/29 (j) (n) | 1480 | 1405 |
| Flynn Restaurant Group LP |  |  |
| 2021 Term Loan B, 8.32%, (1 Month USD LIBOR + 4.25%), 11/22/28 (j) | 45 | 42 |
| Four Seasons Hotels Limited |  |  |
| 2022 Term Loan B, 7.44%, (1 Month Term SOFR + 3.35%), 11/30/29 (j) | 211 | 211 |
| Franchise Group Intermediate Holdco, LLC |  |  |
| 2021 First Out Term Loan B, 8.69%, (3 Month USD LIBOR + 4.75%), 02/24/26 (j) | 249 | 239 |
| Galaxy US Opco Inc. |  |  |
| Term Loan, 8.84%, (1 Month Term SOFR + 4.75%), 04/19/29 (j) | 90 | 82 |
| Global Education Management Systems Establishment |  |  |
| Term Loan, 8.57%, (3 Month USD LIBOR + 5.00%), 07/30/26 (j) | 213 | 211 |
| Golden Entertainment, Inc. |  |  |
| 2017 1st Lien Term Loan, 7.39%, (3 Month USD LIBOR + 3.00%), 06/10/24 (j) | 477 | 475 |
| Great Outdoors Group, LLC |  |  |
| 2021 Term Loan B1, 0.00%, (1 Month USD LIBOR + 3.75%), 02/26/28 (j) (q) |  |  |
| 2021 Term Loan B1, 7.82%, (1 Month USD LIBOR + 3.75%), 02/26/28 (j) | 3027 | 2902 |
| Groupe Solmax Inc. |  |  |
| Term Loan, 0.00%, (3 Month USD LIBOR + 4.75%), 12/30/24 (j) (q) |  |  |
| Term Loan, 8.39%, (3 Month USD LIBOR + 4.75%), 12/30/24 (j) | 100 | 82 |
| GVC Holdings (Gibraltar) Limited |  |  |
| 2021 USD Term Loan B4, 6.17%, (3 Month USD LIBOR + 2.50%), 03/16/27 (j) | 94 | 93 |
| 2022 Term Loan B, 7.51%, (3 Month Term SOFR + 3.50%), 10/18/29 (j) | 205 | 204 |
| Herschend Entertainment Company, LLC |  |  |
| 2021 Term Loan, 7.88%, (1 Month USD LIBOR + 3.75%), 08/18/28 (j) | 54 | 54 |
| Hilton Grand Vacations Borrower LLC |  |  |
| 2021 Term Loan B, 7.07%, (1 Month USD LIBOR + 3.00%), 05/20/28 (j) | 525 | 521 |
| J&J Ventures Gaming, LLC |  |  |
| Term Loan, 7.67%, (3 Month USD LIBOR + 4.00%), 04/07/28 (j) | 109 | 104 |
| Jo-Ann Stores, Inc. |  |  |
| 2021 Term Loan B1, 9.08%, (3 Month USD LIBOR + 4.75%), 06/30/28 (j) | 89 | 60 |
| JP Intermediate B, LLC |  |  |
| Term Loan, 9.91%, (3 Month USD LIBOR + 5.50%), 11/20/25 (j) | 150 | 108 |
| Kestrel Bidco Inc. |  |  |
| Term Loan B, 7.35%, (1 Month USD LIBOR + 3.00%), 07/31/26 (j) | 42 | 38 |
| KNS Acquisition Corp. |  |  |
| Term Loan, 10.42%, (3 Month USD LIBOR + 6.25%), 04/16/27 (j) | 123 | 111 |
| Kronos Acquisition Holdings Inc. |  |  |
| 2021 Term Loan B, 8.48%, (3 Month USD LIBOR + 3.75%), 12/22/26 (j) | 211 | 201 |
| KUEHG Corp. |  |  |
| 2018 Incremental Term Loan, 7.82%, (3 Month USD LIBOR + 3.75%), 02/21/25 (j) | 236 | 225 |
| Lakeshore Intermediate LLC |  |  |
| Term Loan, 7.61%, (3 Month USD LIBOR + 3.50%), 09/20/28 (j) | 54 | 53 |
| LaserShip, Inc. |  |  |
| 2021 Term Loan, 7.38%, (3 Month USD LIBOR + 4.50%), 04/30/28 (j) | 99 | 70 |
| LBM Acquisition LLC |  |  |
| Term Loan B, 7.12%, (6 Month USD LIBOR + 3.75%), 12/08/27 (j) | 78 | 68 |
| Learning Care Group (US) No. 2 Inc. |  |  |
| 2020 Incremental Term Loan, 12.17%, (3 Month USD LIBOR + 8.50%), 03/13/25 (j) (m) | 2 | 2 |
| 2020 Incremental Term Loan, 12.73%, (3 Month USD LIBOR + 8.50%), 03/13/25 (j) (m) | 36 | 34 |
| 2020 Incremental Term Loan, 13.23%, (3 Month USD LIBOR + 8.50%), 03/13/25 (j) (m) | 35 | 34 |
| Les Schwab Tire Centers |  |  |
| Term Loan B, 7.71%, (3 Month USD LIBOR + 3.25%), 10/26/27 (j) | 152 | 150 |
| LIDS Holdings, Inc. |  |  |
| Term Loan, 9.93%, (1 Month Term SOFR + 5.50%), 12/03/26 (j) (m) | 32 | 30 |
| Term Loan, 10.15%, (3 Month Term SOFR + 5.50%), 12/03/26 (j) (m) | 113 | 105 |
| MajorDrive Holdings IV LLC |  |  |
| Term Loan B, 8.76%, (3 Month USD LIBOR + 4.00%), 05/12/28 (j) | 94 | 88 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Mattress Firm Inc |  |  |
| 2021 Term Loan B, 8.43%, (3 Month USD LIBOR + 4.25%), 09/21/28 (j) | 95 | 81 |
| Michaels Companies, Inc. |  |  |
| 2021 Term Loan B, 7.92%, (3 Month USD LIBOR + 4.25%), 04/08/28 (j) | 187 | 161 |
| Mileage Plus Holdings LLC |  |  |
| 2020 Term Loan B, 10.00%, (3 Month USD LIBOR + 5.25%), 12/31/23 (j) | 189 | 194 |
| Motel 6 |  |  |
| Term Loan B, 9.32%, (1 Month USD LIBOR + 5.00%), 09/09/26 (j) | 64 | 63 |
| Naked Juice LLC |  |  |
| Term Loan, 6.90%, (SOFR + 3.25%), 01/20/29 (j) (n) | 194 | 173 |
| 2nd Lien Term Loan, 9.65%, (SOFR + 6.00%), 01/25/30 (j) | 55 | 43 |
| Oravel Stays Singapore Pte. Ltd. |  |  |
| Term Loan B, 12.98%, (3 Month USD LIBOR + 8.25%), 06/02/26 (j) | 69 | 60 |
| P.F. Chang's China Bistro Inc. |  |  |
| 2019 Term Loan B, 11.23%, (3 Month USD LIBOR + 6.50%), 03/01/26 (j) | 118 | 101 |
| Pacific Bells, LLC |  |  |
| Term Loan B, 8.31%, (1 Month USD LIBOR + 4.50%), 10/12/28 (j) | 144 | 135 |
| PCI Gaming Authority |  |  |
| Term Loan, 6.57%, (1 Month USD LIBOR + 2.50%), 05/15/26 (j) | 69 | 69 |
| Penn National Gaming, Inc. |  |  |
| 2022 Term Loan B, 6.94%, (1 Month Term SOFR + 2.75%), 04/13/29 (j) | 65 | 64 |
| Perrigo Investments, LLC |  |  |
| Term Loan B, 6.69%, (1 Month Term SOFR + 2.50%), 04/05/29 (j) (n) | 129 | 128 |
| Petco Health and Wellness Company, Inc. |  |  |
| 2021 Term Loan B, 6.92%, (3 Month USD LIBOR + 3.25%), 02/25/28 (j) | 88 | 86 |
| Playa Hotels & Resorts B.V. |  |  |
| 2022 Term Loan B, 8.58%, (3 Month Term SOFR + 4.25%), 11/22/28 (j) | 110 | 107 |
| Recorded Books Inc. |  |  |
| 2021 Term Loan, 8.32%, (3 Month Term SOFR + 4.00%), 08/29/25 (j) | 60 | 59 |
| Red Planet Borrower, LLC |  |  |
| Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 09/23/28 (j) | 104 | 63 |
| Restoration Hardware, Inc. |  |  |
| Term Loan B, 6.57%, (1 Month USD LIBOR + 2.50%), 10/15/28 (j) | 128 | 118 |
| 2022 Incremental Term Loan, 7.44%, (1 Month Term SOFR + 3.25%), 10/20/28 (j) | 424 | 395 |
| RVR Dealership Holdings, LLC |  |  |
| Term Loan B, 8.07%, (SOFR + 3.75%), 02/08/28 (j) | 65 | 60 |
| Scientific Games Holdings LP |  |  |
| 2022 USD Term Loan B, 7.10%, (3 Month Term SOFR + 3.50%), 02/03/29 (j) | 250 | 238 |
| Scientific Games International, Inc. |  |  |
| 2022 USD Term Loan, 7.42%, (1 Month Term SOFR + 3.00%), 04/07/29 (j) | 264 | 259 |
| SeaWorld Parks & Entertainment, Inc. |  |  |
| 2021 Term Loan B, 7.13%, (1 Month USD LIBOR + 3.00%), 08/12/28 (j) | 84 | 82 |
| SkyMiles IP Ltd. |  |  |
| 2020 Skymiles Term Loan B, 7.99%, (3 Month USD LIBOR + 3.75%), 09/16/27 (j) | 245 | 249 |
| SP PF Buyer LLC |  |  |
| Term Loan, 8.57%, (1 Month USD LIBOR + 4.50%), 12/14/25 (j) | 122 | 80 |
| Specialty Building Products Holdings, LLC |  |  |
| 2021 Term Loan B, 7.64%, (3 Month USD LIBOR + 3.25%), 10/05/28 (j) | 69 | 62 |
| Spin Holdco Inc. |  |  |
| 2021 Term Loan, 8.76%, (3 Month USD LIBOR + 4.00%), 02/26/28 (j) | 740 | 621 |
| SRS Distribution Inc. |  |  |
| 2021 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 05/20/28 (j) | 341 | 325 |
| St. George Warehousing & Trucking Co. of CA, Inc. |  |  |
| 2022 Term Loan, 10.19%, (1 Month Term SOFR + 6.00%), 03/24/28 (j) | 90 | 86 |
| Stars Group Holdings B.V. (The) |  |  |
| 2018 USD Incremental Term Loan, 5.89%, (3 Month USD LIBOR + 2.25%), 06/29/25 (j) | 253 | 249 |
| Station Casinos LLC |  |  |
| 2020 Term Loan B, 6.33%, (1 Month USD LIBOR + 2.25%), 01/30/27 (j) | 307 | 299 |
| TGP Holdings III, LLC |  |  |
| 2021 Delayed Draw Term Loan , 0.00%, (1 Month USD LIBOR + 3.25%), 06/24/28 (j) (q) | 7 | 6 |
| 2021 Delayed Draw Term Loan , 7.32%, (1 Month USD LIBOR + 3.25%), 06/24/28 (j) | 4 | 3 |
| 2021 Term Loan, 7.32%, (1 Month USD LIBOR + 3.25%), 06/24/28 (j) | 54 | 43 |
| Thor Industries, Inc. |  |  |
| 2021 USD Term Loan, 7.13%, (1 Month USD LIBOR + 3.00%), 02/01/26 (j) | 91 | 90 |
| TKC Holdings, Inc. |  |  |
| 2021 Term Loan, 9.18%, (1 Month USD LIBOR + 5.50%), 05/03/28 (j) | 107 | 89 |
| Tory Burch LLC |  |  |
| Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 04/14/28 (j) | 208 | 191 |
| Truck Hero, Inc. |  |  |
| 2021 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.75%), 01/20/28 (j) | 123 | 105 |
| UFC Holdings, LLC |  |  |
| 2021 Term Loan B, 7.11%, (3 Month USD LIBOR + 2.75%), 04/29/26 (j) | 93 | 92 |
| United PF Holdings, LLC |  |  |
| 2019 1st Lien Term Loan, 7.67%, (3 Month USD LIBOR + 4.00%), 12/30/26 (j) | 448 | 361 |
| 2020 Incremental Term Loan, 12.17%, (3 Month USD LIBOR + 8.50%), 12/30/26 (j) (m) | 29 | 26 |
| Victoria's Secret & Co. |  |  |
| Term Loan B, 7.98%, (3 Month USD LIBOR + 3.25%), 06/30/28 (j) | 153 | 149 |
| Weber-Stephen Products LLC |  |  |
| Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 10/20/27 (j) | 100 | 84 |
| WH Borrower, LLC |  |  |
| Term Loan, 9.36%, (SOFR + 5.50%), 02/09/27 (j) | 145 | 137 |
| Whatabrands LLC |  |  |
| 2021 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 07/21/28 (j) | 352 | 339 |
| WOOF Holdings, Inc |  |  |
| 1st Lien Term Loan, 8.10%, (1 Month USD LIBOR + 3.75%), 12/16/27 (j) | 222 | 208 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| Term Loan B, 5.82%, (1 Month USD LIBOR + 1.75%), 03/29/25 (j) | 150 | 150 |
| Zelis Healthcare Corporation |  |  |
| 2021 Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 09/30/26 (j) (n) | 226 | 223 |
| | | 22512 |
| **Information Technology 1.2%** | **Information Technology 1.2%** | **Information Technology 1.2%** |
| A&V Holdings Midco, LLC |  |  |
| 2020 Term Loan B, 9.54%, (3 Month USD LIBOR + 5.38%), 03/10/27 (j) (m) | 172 | 167 |
| Applied Systems, Inc. |  |  |
| 2022 Extended 1st Lien Term Loan, 0.00%, (3 Month Term SOFR + 4.50%), 09/19/26 (j) (q) | 60 | 60 |
| 2022 Extended 1st Lien Term Loan, 8.66%, (3 Month Term SOFR + 4.50%), 09/19/26 (j) | 60 | 60 |
| AppLovin Corporation |  |  |
| 2018 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 08/18/25 (j) | 213 | 205 |
| 2021 Term Loan B, 6.67%, (3 Month USD LIBOR + 3.00%), 10/25/28 (j) | 45 | 42 |
| Aptean, Inc. |  |  |
| 2019 Term Loan, 8.98%, (3 Month USD LIBOR + 4.25%), 04/23/26 (j) | 122 | 117 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Arches Buyer Inc. |  |  |
| 2021 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 12/06/27 (j) | 101 | 94 |
| Array Technologies, Inc. |  |  |
| Term Loan B, 7.94%, (3 Month USD LIBOR + 3.25%), 10/07/27 (j) | 273 | 261 |
| Ascend Learning, LLC |  |  |
| 2021 Term Loan, 0.00%, (1 Month USD LIBOR + 3.50%), 11/18/28 (j) (q) | 95 | 90 |
| 2021 Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 11/18/28 (j) | 491 | 463 |
| 2021 2nd Lien Term Loan, 9.82%, (1 Month USD LIBOR + 5.75%), 11/18/29 (j) | 10 | 9 |
| CCC Intelligent Solutions Inc. |  |  |
| Term Loan, 6.32%, (1 Month USD LIBOR + 2.25%), 09/16/28 (j) | 74 | 74 |
| CDK Global, Inc. |  |  |
| 2022 USD Term Loan B, 8.11%, (3 Month Term SOFR + 4.50%), 06/09/29 (j) | 465 | 460 |
| Ceridian HCM Holding Inc. |  |  |
| 2018 Term Loan B, 6.57%, (1 Month USD LIBOR + 2.50%), 04/05/25 (j) | 180 | 177 |
| CMG Media Corporation |  |  |
| 2021 Term Loan, 7.57%, (3 Month USD LIBOR + 3.50%), 12/17/26 (j) | 505 | 472 |
| CommScope, Inc. |  |  |
| 2019 Term Loan B, 0.00%, (1 Month USD LIBOR + 3.25%), 02/07/26 (j) (q) | 45 | 42 |
| 2019 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 02/07/26 (j) | 395 | 371 |
| ConnectWise, LLC |  |  |
| 2021 Term Loan B, 7.17%, (3 Month USD LIBOR + 3.50%), 09/23/28 (j) | 183 | 174 |
| CoreLogic, Inc. |  |  |
| Term Loan, 7.63%, (1 Month USD LIBOR + 3.50%), 04/14/28 (j) | 511 | 425 |
| DCert Buyer, Inc. |  |  |
| 2019 Term Loan B, 8.70%, (6 Month Term SOFR + 4.00%), 07/31/26 (j) | 465 | 449 |
| 2021 2nd Lien Term Loan, 11.70%, (6 Month USD LIBOR + 7.00%), 02/16/29 (j) | 140 | 127 |
| Dotdash Meredith Inc |  |  |
| Term Loan B, 8.22%, (SOFR + 4.00%), 11/23/28 (j) | 322 | 277 |
| Entegris, Inc. |  |  |
| 2022 Term Loan B, 5.46%, (SOFR + 3.00%), 03/02/29 (j) | 317 | 315 |
| 2022 Term Loan B, 7.09%, (SOFR + 3.00%), 03/02/29 (j) | 78 | 78 |
| Epicor Software Corporation |  |  |
| 2020 Term Loan, 7.32%, (1 Month USD LIBOR + 3.25%), 07/21/27 (j) | 216 | 207 |
| Finastra USA, Inc. |  |  |
| USD 1st Lien Term Loan, 6.87%, (3 Month USD LIBOR + 3.50%), 04/26/24 (j) | 120 | 106 |
| USD 2nd Lien Term Loan , 10.62%, (3 Month USD LIBOR + 7.25%), 04/27/25 (j) | 55 | 41 |
| Flexera Software LLC |  |  |
| 2021 Term Loan B, 7.83%, (1 Month USD LIBOR + 3.75%), 01/26/28 (j) | 157 | 150 |
| Go Daddy Operating Company, LLC |  |  |
| 2021 Term Loan B4, 6.07%, (1 Month USD LIBOR + 2.00%), 08/10/27 (j) | 122 | 121 |
| 2022 Term Loan B5, 7.34%, (1 Month Term SOFR + 3.25%), 10/21/29 (j) | 184 | 183 |
| Greeneden U.S. Holdings II, LLC |  |  |
| 2020 USD Term Loan B4, 8.07%, (1 Month USD LIBOR + 4.00%), 10/08/27 (j) | 172 | 165 |
| GT Polaris, Inc. |  |  |
| 2021 Term Loan, 8.16%, (3 Month USD LIBOR + 3.75%), 09/24/27 (j) | 128 | 116 |
| Hyland Software, Inc. |  |  |
| 2018 1st Lien Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 07/01/24 (j) | 309 | 304 |
| II-VI Incorporated |  |  |
| 2022 Term Loan B, 6.92%, (3 Month USD LIBOR + 2.75%), 12/08/28 (j) | 367 | 363 |
| I-Logic Technologies Bidco Limited |  |  |
| 2021 USD Term Loan B, 7.70%, (3 Month Term SOFR + 4.00%), 12/31/24 (j) | 74 | 73 |
| Imprivata, Inc |  |  |
| Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 11/24/27 (j) | 123 | 118 |
| Indy US Bidco, LLC |  |  |
| 2021 USD Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 03/06/28 (j) (n) | 56 | 48 |
| 2021 USD Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 03/06/28 (j) | 32 | 28 |
| LHS Borrower, LLC |  |  |
| 2022 Term Loan B, 8.94%, (SOFR + 4.75%), 02/02/29 (j) | 164 | 133 |
| MA FinanceCo., LLC |  |  |
| 2020 USD Term Loan B4, 8.97%, (3 Month USD LIBOR + 4.25%), 05/28/25 (j) | 32 | 32 |
| Maxar Technologies Ltd. |  |  |
| 2022 Term Loan B, 8.44%, (1 Month Term SOFR + 4.25%), 06/09/29 (j) | 119 | 119 |
| McAfee, LLC |  |  |
| 2022 USD Term Loan B, 7.97%, (1 Month Term SOFR + 3.75%), 02/03/29 (j) | 270 | 251 |
| MH Sub I, LLC |  |  |
| 2017 1st Lien Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 08/09/24 (j) | 231 | 224 |
| 2020 Incremental Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 09/15/24 (j) | 371 | 360 |
| 2021 2nd Lien Term Loan, 10.65%, (3 Month Term SOFR + 6.25%), 02/12/29 (j) | 100 | 89 |
| MKS Instruments, Inc. |  |  |
| 2022 USD Term Loan B, 7.17%, (1 Month Term SOFR + 2.75%), 04/08/29 (j) | 324 | 320 |
| Motus, LLC |  |  |
| 2021 Term Loan, 8.07%, (1 Month USD LIBOR + 4.00%), 11/02/28 (j) | 45 | 41 |
| NAVEX TopCo, Inc. |  |  |
| 2018 1st Lien Term Loan, 7.33%, (1 Month USD LIBOR + 3.25%), 09/04/25 (j) | 24 | 24 |
| NEXUS Buyer LLC |  |  |
| 2021 Second Lien Term Loan, 10.32%, (1 Month USD LIBOR + 6.25%), 10/29/29 (j) | 60 | 55 |
| NortonLifeLock Inc. |  |  |
| 2022 Term Loan B, 6.19%, (1 Month Term SOFR + 2.00%), 01/28/29 (j) | 355 | 348 |
| Open Text Corporation |  |  |
| 2022 Term Loan B, 0.00%, (SOFR + 3.50%), 11/16/29 (j) (q) | 370 | 361 |
| Patagonia Holdco LLC |  |  |
| Term Loan B1, 9.96%, (3 Month Term SOFR + 5.75%), 08/01/29 (j) (n) | 175 | 138 |
| Peraton Corp. |  |  |
| Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 02/22/28 (j) | 914 | 891 |
| Project Boost Purchaser, LLC |  |  |
| 2019 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 05/22/26 (j) | 54 | 52 |
| Proofpoint, Inc. |  |  |
| 1st Lien Term Loan, 7.98%, (3 Month USD LIBOR + 3.25%), 06/09/28 (j) | 387 | 371 |
| Rackspace Technology Global, Inc. |  |  |
| 2021 Term Loan B, 7.38%, (3 Month USD LIBOR + 2.75%), 02/02/28 (j) | 335 | 208 |
| RealPage, Inc |  |  |
| 1st Lien Term Loan, 7.07%, (1 Month USD LIBOR + 3.00%), 02/18/28 (j) | 193 | 183 |
| Renaissance Holding Corp. |  |  |
| 2018 1st Lien Term Loan, 7.32%, (1 Month USD LIBOR + 3.25%), 05/21/25 (j) | 172 | 164 |
| 2022 Incremental Term Loan, 8.72%, (1 Month Term SOFR + 4.50%), 03/17/29 (j) | 75 | 72 |
| Sabre GLBL Inc. |  |  |
| 2021 Term Loan B1, 7.57%, (1 Month USD LIBOR + 3.50%), 12/17/27 (j) | 34 | 31 |
| 2021 Term Loan B2, 7.57%, (1 Month USD LIBOR + 3.50%), 12/17/27 (j) | 54 | 49 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Seattle Spinco, Inc. |  |  |
| USD Term Loan B3, 6.82%, (1 Month USD LIBOR + 2.75%), 04/19/24 (j) | 155 | 154 |
| 2022 USD Term Loan B5, 8.42%, (SOFR + 4.00%), 01/13/27 (j) | 784 | 782 |
| Signal Parent, Inc |  |  |
| Term Loan B, 7.89%, (3 Month USD LIBOR + 3.50%), 03/24/28 (j) | 158 | 94 |
| Sophia, L.P. |  |  |
| 2021 Term Loan B, 7.17%, (3 Month USD LIBOR + 3.50%), 10/07/27 (j) | 290 | 279 |
| 2022 Incremental Term Loan B, 8.34%, (SOFR + 4.25%), 10/07/27 (j) | 30 | 29 |
| SS&C European Holdings Sarl |  |  |
| 2018 Term Loan B4, 5.82%, (1 Month USD LIBOR + 1.75%), 02/27/25 (j) | 203 | 199 |
| SS&C Technologies Inc. |  |  |
| 2018 Term Loan B3, 5.82%, (1 Month USD LIBOR + 1.75%), 02/27/25 (j) | 249 | 245 |
| 2018 Term Loan B5, 5.82%, (1 Month USD LIBOR + 1.75%), 04/15/25 (j) | 112 | 110 |
| Tempo Acquisition LLC |  |  |
| 2022 Term Loan B, 7.09%, (1 Month Term SOFR + 3.00%), 08/31/28 (j) (n) | 305 | 304 |
| TTM Technologies, Inc. |  |  |
| 2017 Term Loan, 6.62%, (1 Month USD LIBOR + 2.50%), 09/28/24 (j) | 96 | 96 |
| Ultimate Software Group Inc (The) |  |  |
| Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 04/08/26 (j) | 232 | 223 |
| 2021 Term Loan, 7.00%, (3 Month USD LIBOR + 3.25%), 05/03/26 (j) | 904 | 859 |
| 2021 2nd Lien Term Loan, 9.00%, (1 Month USD LIBOR + 5.25%), 05/03/27 (j) | 205 | 188 |
| Virgin Pulse, Inc. |  |  |
| 2021 Term Loan, 8.07%, (1 Month USD LIBOR + 4.00%), 03/30/28 (j) | 178 | 150 |
| VM Consolidated, Inc. |  |  |
| 2021 Term Loan B, 6.13%, (1 Month USD LIBOR + 3.25%), 03/19/28 (j) | 181 | 180 |
| | | 15440 |
| **Industrials 1.2%** | **Industrials 1.2%** | **Industrials 1.2%** |
| ADS Tactical, Inc. |  |  |
| 2021 Term Loan B, 10.14%, (3 Month USD LIBOR + 5.75%), 03/04/28 (j) | 139 | 124 |
| Air Canada |  |  |
| 2021 Term Loan B, 8.13%, (3 Month USD LIBOR + 3.50%), 07/27/28 (j) | 109 | 108 |
| AIT Worldwide Logistics, Inc |  |  |
| 2021 Term Loan, 8.49%, (3 Month USD LIBOR + 4.75%), 04/01/28 (j) | 169 | 154 |
| Ali Group North America Corporation |  |  |
| 2021 Term Loan B, 6.20%, (1 Month USD LIBOR + 2.00%), 10/13/28 (j) | 106 | 105 |
| Alliance Laundry Systems LLC |  |  |
| Term Loan B, 7.41%, (3 Month USD LIBOR + 3.50%), 09/30/27 (j) | 194 | 190 |
| Allied Universal Holdco LLC |  |  |
| 2021 USD Incremental Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 05/04/28 (j) | 337 | 319 |
| Amentum Government Services Holdings LLC |  |  |
| Term Loan B, 7.67%, (3 Month USD LIBOR + 4.00%), 01/24/27 (j) | 78 | 76 |
| Term Loan B, 7.67%, (3 Month USD LIBOR + 4.00%), 01/24/27 (j) | 39 | 38 |
| Term Loan B, 8.17%, (3 Month USD LIBOR + 4.00%), 01/24/27 (j) | 39 | 38 |
| 2020 2nd Lien Term Loan, 12.92%, (3 Month USD LIBOR + 8.75%), 01/31/28 (j) | 19 | 17 |
| 2020 2nd Lien Term Loan, 12.92%, (6 Month USD LIBOR + 8.75%), 01/31/28 (j) | 36 | 33 |
| 2022 Term Loan, 8.53%, (3 Month Term SOFR + 4.00%), 02/07/29 (j) | 190 | 185 |
| 2022 Term Loan, 8.76%, (3 Month Term SOFR + 4.00%), 02/07/29 (j) | 169 | 164 |
| American Airlines, Inc. |  |  |
| 2021 Term Loan, 8.99%, (3 Month USD LIBOR + 4.75%), 03/10/28 (j) | 420 | 418 |
| American Trailer World Corp. |  |  |
| Term Loan B, 7.94%, (1 Month Term SOFR + 3.75%), 02/17/28 (j) | 116 | 99 |
| Amynta Agency Borrower Inc. |  |  |
| 2022 Incremental Term Loan B, 11.00%, (PRIME + 4.00%), 02/28/25 (j) (m) | 65 | 62 |
| Anticimex International AB |  |  |
| 2021 USD Term Loan B1, 8.23%, (3 Month USD LIBOR + 3.50%), 07/21/28 (j) | 89 | 86 |
| 2021 USD Incremental Term Loan, 8.73%, (3 Month USD LIBOR + 4.00%), 11/16/28 (j) | 45 | 43 |
| APi Group DE, Inc. |  |  |
| Term Loan B, 6.57%, (1 Month USD LIBOR + 2.50%), 09/25/26 (j) | 98 | 97 |
| 2021 Incremental Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 10/07/28 (j) | 35 | 34 |
| APX Group, Inc. |  |  |
| 2021 Term Loan B, 6.73%, (3 Month USD LIBOR + 3.25%), 07/01/28 (j) | 129 | 127 |
| 2021 Term Loan B, 9.75%, (3 Month USD LIBOR + 2.25%), 07/01/28 (j) |  |  |
| Artera Services, LLC |  |  |
| Incremental Term Loan, 7.17%, (3 Month USD LIBOR + 3.50%), 03/06/25 (j) | 138 | 113 |
| AVSC Holding Corp. |  |  |
| 2020 Term Loan B1, 7.98%, (3 Month USD LIBOR + 3.25%), 12/05/25 (j) | 173 | 158 |
| AZZ Inc. |  |  |
| Term Loan B, 8.34%, (1 Month Term SOFR + 4.25%), 05/06/29 (j) | 208 | 208 |
| Bakelite US Holdco, Inc. |  |  |
| 2022 Term Loan, 7.67%, (SOFR + 4.00%), 01/30/29 (j) | 70 | 65 |
| Berry Global, Inc. |  |  |
| 2021 Term Loan Z, 6.02%, (1 Month USD LIBOR + 1.75%), 07/01/26 (j) | 182 | 181 |
| Brand Energy & Infrastructure Services, Inc. |  |  |
| 2017 Term Loan, 7.92%, (3 Month USD LIBOR + 4.25%), 06/16/24 (j) | 2 | 1 |
| Term Loan, 8.03%, (3 Month USD LIBOR + 4.25%), 06/16/24 (j) | 117 | 105 |
| 2017 Term Loan, 8.61%, (3 Month USD LIBOR + 4.25%), 06/16/24 - 06/17/24 (j) | 474 | 422 |
| Brookfield WEC Holdings Inc. |  |  |
| 2021 Term Loan, 6.82%, (1 Month USD LIBOR + 2.75%), 08/01/25 (j) | 426 | 419 |
| 2022 Term Loan, 7.84%, (1 Month Term SOFR + 3.75%), 08/01/25 (j) | 274 | 273 |
| Brown Group Holding, LLC |  |  |
| 2022 Incremental Term Loan B2, 7.84%, (1 Month Term SOFR + 3.75%), 06/09/29 (j) | 11 | 11 |
| 2022 Incremental Term Loan B2, 7.84%, (3 Month Term SOFR + 3.75%), 06/09/29 (j) | 29 | 29 |
| Camelot U.S. Acquisition LLC |  |  |
| 2020 Incremental Term Loan B, 7.07%, (1 Month USD LIBOR + 3.00%), 10/30/26 (j) | 386 | 380 |
| Term Loan B, 7.07%, (1 Month USD LIBOR + 3.00%), 10/31/26 (j) | 117 | 115 |
| Chart Industries, Inc. |  |  |
| 2022 Term Loan B, 0.00%, (SOFR + 3.75%), 12/08/29 (j) (q) | 150 | 148 |
| Clean Harbors Inc. |  |  |
| 2021 Incremental Term Loan B, 6.07%, (1 Month USD LIBOR + 2.00%), 09/21/28 (j) | 40 | 39 |
| Clydesdale Acquisition Holdings Inc |  |  |
| Term Loan B, 8.36%, (1 Month Term SOFR + 4.18%), 03/30/29 (j) | 746 | 709 |
| CNT Holdings I Corp |  |  |
| 2020 Term Loan, 7.24%, (3 Month Term SOFR + 3.50%), 10/16/27 (j) | 147 | 142 |
| Congruex Group LLC |  |  |
| Term Loan, 9.99%, (3 Month Term SOFR + 5.75%), 04/26/29 (j) | 134 | 130 |
| Corporation Service Company |  |  |
| Term Loan B, 7.42%, (1 Month Term SOFR + 3.25%), 08/10/29 (j) | 90 | 89 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Covanta Holding Corporation |  |  |
| 2021 Term Loan B, 6.57%, (1 Month Term SOFR + 2.50%), 11/16/28 (j) | 111 | 110 |
| 2021 Term Loan C, 6.57%, (1 Month Term SOFR + 2.50%), 11/16/28 (j) | 8 | 8 |
| DG Investment Intermediate Holdings 2, Inc. |  |  |
| 2021 Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 12/31/24 (j) | 15 | 14 |
| 2022 Incremental Term Loan, 8.05%, (1 Month Term SOFR + 4.75%), 03/31/28 (j) | 42 | 40 |
| 2022 Incremental Term Loan, 8.84%, (1 Month Term SOFR + 4.75%), 03/31/28 (j) | 113 | 108 |
| 2021 2nd Lien Term Loan, 10.82%, (1 Month USD LIBOR + 6.75%), 03/18/29 (j) | 75 | 66 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2020 CAD Term Loan B2, 7.57%, (1 Month USD LIBOR + 3.50%), 04/06/26 (j) | 41 | 39 |
| 2020 Term Loan B1, 7.57%, (1 Month USD LIBOR + 3.50%), 04/06/26 (j) | 77 | 73 |
| EAB Global, Inc. |  |  |
| 2021 Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 12/31/24 (j) | 40 | 38 |
| Echo Global Logistics, Inc. |  |  |
| Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 11/09/28 (j) | 99 | 93 |
| EOS Finco Sarl |  |  |
| 2022 USD Term Loan, 9.61%, (3 Month Term SOFR + 6.00%), 08/03/29 (j) | 95 | 92 |
| Filtration Group Corporation |  |  |
| 2018 1st Lien Term Loan, 7.07%, (1 Month USD LIBOR + 3.00%), 03/27/25 (j) | 231 | 228 |
| First Advantage Holdings, LLC |  |  |
| 2021 Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 01/31/27 (j) | 66 | 65 |
| First Student Bidco Inc |  |  |
| Term Loan C, 7.73%, (3 Month USD LIBOR + 3.00%), 07/12/28 (j) | 44 | 40 |
| Term Loan B, 7.73%, (3 Month USD LIBOR + 3.00%), 07/13/28 (j) | 120 | 108 |
| 2022 Incremental Term Loan B, 7.65%, (3 Month Term SOFR + 4.00%), 07/21/28 (j) | 47 | 44 |
| 2022 Incremental Term Loan C, 7.65%, (3 Month Term SOFR + 4.00%), 07/21/28 (j) | 3 | 3 |
| Focus Financial Partners, LLC |  |  |
| 2022 Term Loan B5, 7.33%, (1 Month Term SOFR + 3.25%), 06/30/28 (j) | 244 | 241 |
| Genesee & Wyoming Inc. (New) |  |  |
| Term Loan, 5.67%, (3 Month USD LIBOR + 2.00%), 10/29/26 (j) | 83 | 82 |
| GIP II Blue Holding, L.P |  |  |
| Term Loan B, 8.17%, (3 Month USD LIBOR + 4.50%), 09/22/28 (j) | 392 | 388 |
| GIP III Stetson I, L.P |  |  |
| 2018 Term Loan B, 8.32%, (1 Month USD LIBOR + 4.25%), 12/06/24 (j) | 288 | 281 |
| Graham Packaging Company Inc. |  |  |
| 2021 Term Loan, 7.07%, (1 Month USD LIBOR + 3.00%), 08/04/27 (j) | 173 | 170 |
| Griffon Corporation |  |  |
| Term Loan B, 7.01%, (PRIME + 1.50%), 01/24/29 (j) | 207 | 203 |
| Harbor Freight Tools USA, Inc. |  |  |
| 2021 Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 10/19/27 (j) | 213 | 202 |
| INEOS Styrolution US Holding LLC |  |  |
| 2021 USD Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 01/21/26 (j) | 236 | 231 |
| Ingersoll-Rand Services Company |  |  |
| 2020 USD Spinco Term Loan, 5.94%, (1 Month Term SOFR + 1.75%), 02/05/27 (j) | 112 | 111 |
| Madison IAQ LLC |  |  |
| Term Loan, 7.99%, (3 Month USD LIBOR + 3.25%), 06/15/28 (j) | 202 | 188 |
| MHI Holdings,LLC |  |  |
| Term Loan B, 9.07%, (1 Month USD LIBOR + 5.00%), 09/18/26 (j) | 109 | 107 |
| Midas Intermediate Holdco II, LLC |  |  |
| 2022 PIK Term Loan, 12.67%, (1 Month Term SOFR + 8.35%), 06/30/27 (j) (n) | 92 | 79 |
| Neptune Bidco US Inc |  |  |
| 2022 USD Term Loan B, 0.00%, (3 Month Term SOFR + 5.00%), 04/11/29 (j) (q) | 430 | 383 |
| 2022 USD Term Loan B, 8.82%, (3 Month Term SOFR + 5.00%), 04/11/29 (j) | 335 | 298 |
| Novae LLC |  |  |
| 1st Lien Term Loan, 9.70%, (6 Month USD LIBOR + 5.00%), 01/19/29 (j) (m) (n) | 79 | 64 |
| Oscar AcquisitionCo, LLC |  |  |
| Term Loan B, 8.15%, (3 Month Term SOFR + 4.50%), 04/29/29 (j) | 279 | 264 |
| Osmose Utilities Services, Inc. |  |  |
| Term Loan, 7.27%, (3 Month USD LIBOR + 3.25%), 06/18/28 (j) | 10 | 9 |
| Pike Corporation |  |  |
| 2021 Incremental Term Loan B, 7.08%, (1 Month USD LIBOR + 3.00%), 01/15/28 (j) | 101 | 99 |
| 2022 Term Loan B, 7.59%, (1 Month Term SOFR + 3.50%), 01/21/28 (j) | 85 | 84 |
| Polaris Newco LLC |  |  |
| USD Term Loan B, 7.67%, (3 Month USD LIBOR + 4.00%), 06/03/28 (j) | 708 | 645 |
| Power Stop, LLC |  |  |
| 2022 Term Loan, 9.48%, (3 Month USD LIBOR + 4.75%), 01/26/29 (j) | 233 | 160 |
| Resideo Funding Inc. |  |  |
| 2021 Term Loan, 6.50%, (1 Month USD LIBOR + 2.25%), 02/09/28 (j) | 10 | 10 |
| 2021 Term Loan, 6.55%, (1 Month USD LIBOR + 2.25%), 02/09/28 (j) | 10 | 10 |
| 2021 Term Loan, 6.88%, (3 Month USD LIBOR + 2.25%), 02/09/28 (j) | 53 | 53 |
| Restaurant Technologies, Inc. |  |  |
| 2022 Term Loan B, 7.80%, (3 Month Term SOFR + 4.25%), 03/17/29 (j) | 210 | 205 |
| Reynolds Group Holdings Inc. |  |  |
| 2020 Term Loan B2, 7.32%, (1 Month USD LIBOR + 3.25%), 02/03/26 (j) | 156 | 155 |
| 2021 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.25%), 09/20/28 (j) | 118 | 117 |
| Standard Industries Inc. |  |  |
| 2021 Term Loan B, 6.42%, (3 Month USD LIBOR + 2.25%), 08/05/28 (j) | 76 | 75 |
| TransDigm Inc. |  |  |
| 2022 Term Loan H, 5.92%, (3 Month Term SOFR + 3.25%), 02/28/27 (j) | 50 | 50 |
| TransDigm, Inc. |  |  |
| 2020 Term Loan F, 5.92%, (3 Month USD LIBOR + 2.25%), 06/09/23 (j) | 963 | 950 |
| 2020 Term Loan E, 5.92%, (3 Month USD LIBOR + 2.25%), 05/30/25 (j) | 178 | 176 |
| Uber Technologies, Inc. |  |  |
| 2021 Term Loan B, 8.23%, (3 Month USD LIBOR + 3.50%), 02/16/27 (j) | 516 | 515 |
| United Airlines, Inc. |  |  |
| 2021 Term Loan B, 8.11%, (3 Month USD LIBOR + 3.75%), 04/14/28 (j) | 383 | 378 |
| USIC Holdings, Inc. |  |  |
| 2021 Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 05/06/28 (j) | 104 | 99 |
| Vaco Holdings, LLC |  |  |
| 2022 Term Loan, 8.70%, (3 Month Term SOFR + 5.00%), 01/07/29 (j) | 57 | 55 |
| 2022 Term Loan, 9.19%, (3 Month Term SOFR + 5.00%), 01/07/29 (j) | 2 | 2 |
| Vertical US Newco Inc |  |  |
| Term Loan B, 6.87%, (6 Month USD LIBOR + 3.50%), 07/29/27 (j) | 38 | 37 |
| Vertiv Group Corporation |  |  |
| 2021 Term Loan B, 6.89%, (1 Month USD LIBOR + 2.75%), 03/02/27 (j) | 331 | 319 |
| Worldwide Express Operations, LLC |  |  |
| 2021 1st Lien Term Loan, 7.67%, (3 Month USD LIBOR + 4.00%), 07/22/28 (j) | 124 | 113 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Zekelman Industries, Inc. |  |  |
| 2020 Term Loan, 6.73%, (3 Month USD LIBOR + 2.00%), 01/17/27 (j) | 96 | 94 |
| | | 15125 |
| **Communication Services 0.9%** | **Communication Services 0.9%** | **Communication Services 0.9%** |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2021 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 12/04/24 (j) | 130 | 129 |
| 2021 Term Loan B1, 0.00%, (SOFR + 3.50%), 12/08/28 (j) (q) | 325 | 314 |
| 2021 Term Loan B1, 7.69%, (SOFR + 3.50%), 12/08/28 (j) | 242 | 234 |
| 2021 2nd Lien Term Loan, 10.19%, (SOFR + 6.00%), 12/10/29 (j) | 60 | 55 |
| Allen Media, LLC |  |  |
| 2021 Term Loan B, 9.20%, (3 Month USD LIBOR + 5.50%), 02/10/27 (j) (n) | 433 | 353 |
| Altice Financing SA |  |  |
| 2022 USD Term Loan B2, 9.57%, (3 Month Term SOFR + 5.00%), 10/31/27 (j) | 70 | 67 |
| Altice France S.A. |  |  |
| USD Term Loan B12, 7.77%, (3 Month USD LIBOR + 3.69%), 01/31/26 (j) | 964 | 891 |
| 2018 Term Loan B13, 8.65%, (3 Month USD LIBOR + 4.00%), 07/13/26 (j) | 214 | 198 |
| Cablevision Lightpath LLC |  |  |
| Term Loan B, 7.57%, (1 Month USD LIBOR + 3.25%), 09/15/27 (j) | 49 | 47 |
| Charter Communications Operating, LLC |  |  |
| 2019 Term Loan B2, 5.51%, (1 Month USD LIBOR + 1.75%), 02/01/27 (j) | 620 | 604 |
| Cincinnati Bell, Inc. |  |  |
| 2021 Term Loan B2, 7.44%, (1 Month Term SOFR + 3.25%), 11/17/28 (j) | 79 | 78 |
| Colibri Group LLC |  |  |
| 2022 Term Loan, 8.48%, (SOFR + 5.00%), 03/04/29 (j) | 119 | 111 |
| 2022 Term Loan, 8.87%, (SOFR + 5.00%), 03/04/29 (j) | 5 | 4 |
| Connect Finco Sarl |  |  |
| 2021 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 12/11/26 (j) | 81 | 80 |
| Consolidated Communications, Inc. |  |  |
| 2021 Term Loan B, 7.63%, (1 Month USD LIBOR + 3.50%), 09/15/27 (j) | 331 | 291 |
| Coral-US Co-Borrower, LLC |  |  |
| 2020 Term Loan B2, 6.57%, (1 Month USD LIBOR + 2.25%), 01/22/28 (j) | 245 | 237 |
| 2021 Term Loan B6, 7.32%, (1 Month USD LIBOR + 3.00%), 09/23/29 (j) | 55 | 53 |
| Crown Finance US, Inc. |  |  |
| 2022 DIP Term Loan, 14.21%, (3 Month Term SOFR + 10.00%), 09/09/23 (j) | 156 | 153 |
| CSC Holdings, LLC |  |  |
| 2017 Term Loan B1, 6.57%, (1 Month USD LIBOR + 2.25%), 07/15/25 (j) | 473 | 446 |
| 2018 Incremental Term Loan, 6.57%, (1 Month USD LIBOR + 2.25%), 01/31/26 (j) | 39 | 36 |
| Diamond Sports Group, LLC |  |  |
| 2022 First Priority Term Loan, 12.32%, (SOFR + 8.10%), 05/19/26 (j) | 56 | 53 |
| 2022 2nd Lien Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 08/24/26 (j) (n) | 581 | 70 |
| DirecTV Financing, LLC |  |  |
| Term Loan, 9.07%, (1 Month USD LIBOR + 5.00%), 07/22/27 (j) | 161 | 156 |
| E.W. Scripps Company (The) |  |  |
| 2020 Term Loan B3, 6.82%, (1 Month USD LIBOR + 2.75%), 12/15/27 (j) | 80 | 78 |
| Formula One Holdings Limited. |  |  |
| Term Loan B, 7.34%, (3 Month Term SOFR + 3.25%), 01/15/30 (j) | 305 | 305 |
| Frontier Communications Corp. |  |  |
| 2021 1st Lien Term Loan, 7.44%, (3 Month USD LIBOR + 3.75%), 10/08/27 (j) | 571 | 543 |
| Gray Television, Inc. |  |  |
| 2021 Term Loan D, 7.12%, (1 Month USD LIBOR + 3.00%), 10/27/28 (j) | 198 | 192 |
| GTT Communications, Inc. |  |  |
| 2018 USD Term Loan B, 10.00%, (PRIME + 3.75%), 04/27/25 (j) | 314 | 141 |
| Intelsat Jackson Holdings S.A. |  |  |
| 2021 Exit Term Loan B, 7.44%, (SOFR + 4.50%), 01/25/29 (j) | 1086 | 1046 |
| LCPR Loan Financing LLC |  |  |
| 2021 Term Loan B, 8.07%, (1 Month USD LIBOR + 3.75%), 09/25/28 (j) | 80 | 79 |
| Level 3 Financing Inc. |  |  |
| 2019 Term Loan B, 5.82%, (1 Month USD LIBOR + 1.75%), 03/01/27 (j) | 192 | 183 |
| Nexstar Broadcasting, Inc. |  |  |
| 2019 Term Loan B4, 6.57%, (1 Month USD LIBOR + 2.50%), 06/13/26 (j) | 156 | 155 |
| Northwest Fiber, LLC |  |  |
| 2021 Term Loan, 7.98%, (3 Month USD LIBOR + 3.75%), 04/30/27 (j) | 170 | 165 |
| Radiate Holdco, LLC |  |  |
| 2021 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 09/25/26 (j) | 327 | 264 |
| Red Ventures, LLC |  |  |
| 2020 Term Loan B2, 6.57%, (1 Month USD LIBOR + 2.50%), 11/08/24 (j) | 115 | 114 |
| Securus Technologies Holdings, Inc. |  |  |
| 2017 1st Lien Term Loan, 8.17%, (3 Month USD LIBOR + 4.50%), 06/20/24 (j) | 299 | 222 |
| 2017 2nd Lien Term Loan, 12.66%, (3 Month USD LIBOR + 8.25%), 06/30/25 (j) | 150 | 97 |
| Sinclair Television Group Inc. |  |  |
| Term Loan B2B, 6.58%, (1 Month USD LIBOR + 2.50%), 07/18/26 (j) | 87 | 83 |
| 2022 Term Loan B4, 7.94%, (1 Month Term SOFR + 3.75%), 04/13/29 (j) | 85 | 80 |
| Solis IV BV |  |  |
| USD Term Loan B1, 7.86%, (3 Month Term SOFR + 3.50%), 02/09/29 (j) | 757 | 662 |
| Springer Nature Deutschland GmbH |  |  |
| 2021 USD Term Loan B18, 6.12%, (1 Month USD LIBOR + 3.00%), 08/14/26 (j) | 162 | 161 |
| 2021 USD Term Loan B18, 6.67%, (1 Month USD LIBOR + 3.00%), 08/14/26 (j) | 15 | 15 |
| SRAM, LLC |  |  |
| 2021 Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 05/12/28 (j) | 102 | 100 |
| Stars Group Holdings B.V. (The) |  |  |
| 2022 USD Term Loan B, 7.04%, (3 Month Term SOFR + 3.25%), 07/04/28 (j) | 100 | 99 |
| Univision Communications Inc. |  |  |
| 2021 First Lien Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 03/15/26 (j) | 149 | 146 |
| 2022 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 05/06/28 (j) | 476 | 461 |
| 2022 First Lien Term Loan B, 7.79%, (3 Month Term SOFR + 4.25%), 06/10/29 (j) | 60 | 59 |
| Virgin Media Bristol LLC |  |  |
| USD Term Loan N, 6.82%, (1 Month USD LIBOR + 2.50%), 10/03/27 (j) | 125 | 123 |
| Windstream Services, LLC |  |  |
| 2020 Exit Term Loan B, 0.00%, (1 Month USD LIBOR + 6.25%), 08/24/27 (j) (q) | 100 | 90 |
| 2020 Exit Term Loan B, 10.44%, (1 Month USD LIBOR + 6.25%), 08/24/27 (j) | 186 | 168 |
| Zayo Group Holdings, Inc. |  |  |
| USD Term Loan , 7.07%, (1 Month USD LIBOR + 3.00%), 02/18/27 (j) | 499 | 403 |
| 2022 USD Incremental Term Loan B, 8.34%, (1 Month Term SOFR + 4.25%), 03/09/27 (j) | 208 | 172 |
|  |  | 11066 |
| **Financials 0.7%** | **Financials 0.7%** | **Financials 0.7%** |
| Acrisure, LLC |  |  |
| 2020 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 01/30/27 (j) | 499 | 467 |
| 2021 First Lien Term Loan B, 8.32%, (1 Month USD LIBOR + 4.25%), 02/15/27 (j) | 173 | 168 |
| 2022 Incremental Term Loan, 9.92%, (3 Month Term SOFR + 5.75%), 02/15/27 (j) | 190 | 188 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| AlixPartners, LLP |  |  |
| 2021 USD Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 02/04/28 (j) | 118 | 117 |
| Alliant Holdings Intermediate, LLC |  |  |
| 2021 Term Loan B4, 7.85%, (1 Month USD LIBOR + 3.50%), 11/06/27 (j) | 420 | 410 |
| AmWINS Group, Inc. |  |  |
| 2021 Term Loan B, 6.32%, (1 Month USD LIBOR + 2.25%), 02/16/28 (j) | 226 | 222 |
| Archkey Solutions LLC |  |  |
| Term Loan, 9.32%, (1 Month USD LIBOR + 5.25%), 06/30/28 (j) | 20 | 19 |
| Term Loan, 9.66%, (3 Month USD LIBOR + 5.25%), 06/30/28 (j) | 35 | 33 |
| AssuredPartners, Inc. |  |  |
| 2021 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 02/12/27 (j) | 73 | 71 |
| 2020 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 02/13/27 (j) | 78 | 75 |
| Asurion LLC |  |  |
| 2020 Term Loan B8, 7.32%, (1 Month USD LIBOR + 3.25%), 12/31/23 (j) | 1315 | 1169 |
| 2021 Term Loan B9, 7.32%, (1 Month USD LIBOR + 3.25%), 02/05/28 (j) | 162 | 142 |
| 2021 2nd Lien Term Loan B3, 9.32%, (1 Month USD LIBOR + 5.25%), 02/05/28 (j) | 375 | 291 |
| 2022 Term Loan B10, 7.13%, (3 Month Term SOFR + 4.00%), 08/16/28 (j) | 150 | 133 |
| 2021 Second Lien Term Loan B4, 9.32%, (1 Month USD LIBOR + 5.25%), 01/15/29 (j) | 145 | 112 |
| BCP Renaissance Parent LLC |  |  |
| 2022 Term Loan B3, 7.05%, (3 Month Term SOFR + 3.50%), 10/31/26 (j) (n) | 143 | 141 |
| Broadstreet Partners, Inc. |  |  |
| 2021 Term Loan B2, 7.32%, (1 Month USD LIBOR + 3.25%), 01/27/27 (j) | 49 | 48 |
| Byju's Alpha, Inc. |  |  |
| Term Loan B, 10.70%, (1 Month USD LIBOR + 6.00%), 11/05/26 (j) | 158 | 125 |
| Citadel Securities LP |  |  |
| 2021 Term Loan B, 6.70%, (1 Month Term SOFR + 2.50%), 02/01/28 (j) | 217 | 212 |
| 2022 Incremental Term Loan B, 7.02%, (1 Month Term SOFR + 3.00%), 02/02/28 (j) | 100 | 99 |
| Crown Finance US, Inc. |  |  |
| 2018 USD Term Loan, 4.00%, (3 Month USD LIBOR + 2.50%), 02/05/25 (j) | 281 | 50 |
| Deerfield Dakota Holding, LLC |  |  |
| 2020 USD Term Loan B, 7.84%, (1 Month Term SOFR + 3.75%), 03/05/27 (j) | 122 | 114 |
| FinCo I LLC |  |  |
| 2020 Term Loan B, 6.57%, (1 Month USD LIBOR + 2.50%), 06/27/25 (j) | 74 | 73 |
| Franklin Square Holdings, L.P. |  |  |
| 2018 Term Loan B, 6.37%, (1 Month USD LIBOR + 2.25%), 07/26/25 (j) | 73 | 72 |
| Harbourvest Partners, LLC |  |  |
| 2018 Term Loan B, 6.59%, (1 Month USD LIBOR + 2.25%), 02/21/25 (j) | 138 | 137 |
| Harland Clarke Holdings Corp. |  |  |
| Term Loan B7, 8.42%, (3 Month USD LIBOR + 4.75%), 10/31/23 (j) | 14 | 10 |
| HighTower Holdings LLC |  |  |
| 2021 Term Loan B, 8.28%, (3 Month USD LIBOR + 4.00%), 04/08/26 (j) | 169 | 154 |
| Hub International Limited |  |  |
| 2021 Term Loan B, 0.00%, (3 Month USD LIBOR + 3.25%), 04/25/25 (j) (q) |  |  |
| 2018 Term Loan B, 6.98%, (3 Month USD LIBOR + 3.00%), 04/25/25 (j) | 2 | 2 |
| 2021 Term Loan B, 7.23%, (3 Month USD LIBOR + 3.25%), 04/25/25 (j) | 1 | 1 |
| 2018 Term Loan B, 7.33%, (3 Month USD LIBOR + 3.00%), 04/25/25 (j) | 771 | 761 |
| 2021 Term Loan B, 7.53%, (3 Month USD LIBOR + 3.25%), 04/25/25 (j) | 240 | 238 |
| ION Trading Finance Limited |  |  |
| 2021 USD Term Loan, 8.42%, (3 Month USD LIBOR + 4.75%), 03/26/28 (j) | 409 | 387 |
| Lightstone Holdco LLC |  |  |
| 2022 Extended Term Loan B, 10.15%, (1 Month Term SOFR + 5.75%), 02/01/27 (j) (n) | 159 | 145 |
| 2022 Extended Term Loan C, 10.15%, (1 Month Term SOFR + 5.75%), 02/01/27 (j) (n) | 9 | 8 |
| Luxembourg Investment Company 428 S.a r.l. |  |  |
| Term Loan B, 8.55%, (SOFR + 5.00%), 10/22/28 (j) | 57 | 45 |
| NEXUS Buyer LLC |  |  |
| Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 10/14/26 (j) | 203 | 194 |
| Park Place Technologies, LLC |  |  |
| 2020 Term Loan, 9.19%, (1 Month Term SOFR + 5.00%), 11/10/27 (j) | 98 | 93 |
| RC Buyer, Inc. |  |  |
| 2021 Term Loan, 7.17%, (3 Month USD LIBOR + 3.50%), 07/28/28 (j) | 54 | 51 |
| RLG Holdings, LLC |  |  |
| 2021 Term Loan, 8.07%, (1 Month USD LIBOR + 4.00%), 07/02/28 (j) | 79 | 74 |
| Ryan Specialty Group, LLC |  |  |
| Term Loan, 7.19%, (1 Month Term SOFR + 3.00%), 07/23/27 (j) | 176 | 174 |
| Superannuation and Investments US LLC |  |  |
| USD Term Loan , 7.82%, (1 Month USD LIBOR + 3.75%), 09/23/28 (j) | 50 | 49 |
| Sweetwater Borrower, LLC |  |  |
| Term Loan B, 8.38%, (1 Month USD LIBOR + 4.25%), 12/31/24 (j) | 156 | 144 |
| Tiger Acquisition, LLC |  |  |
| 2021 Term Loan, 7.32%, (1 Month USD LIBOR + 3.25%), 05/21/28 (j) | 109 | 103 |
| Trans Union, LLC |  |  |
| 2019 Term Loan B5, 5.82%, (1 Month USD LIBOR + 1.75%), 11/13/26 (j) | 116 | 114 |
| 2021 Term Loan B6, 6.32%, (1 Month USD LIBOR + 1.75%), 11/16/28 (j) | 202 | 199 |
| Travelport Finance (Luxembourg) S.a.r.l. |  |  |
| 2020 Super Priority Term Loan, 12.42%, (3 Month USD LIBOR + 7.25%), 02/28/25 (j) (n) | 113 | 113 |
| 2021 Consented Term Loan, 10.42%, (3 Month USD LIBOR + 6.75%), 05/29/26 (j) (n) | 91 | 61 |
| USI, Inc. |  |  |
| 2022 Incremental Term Loan, 7.68%, (1 Month Term SOFR + 3.75%), 11/16/29 (j) | 360 | 356 |
| VFH Parent LLC |  |  |
| 2022 Term Loan B, 7.42%, (SOFR + 3.00%), 01/07/29 (j) | 255 | 248 |
| VS Buyer, LLC |  |  |
| Term Loan B, 7.07%, (1 Month USD LIBOR + 3.00%), 02/19/27 (j) | 294 | 285 |
| Walker & Dunlop, Inc. |  |  |
| 2021 Term Loan, 6.44%, (SOFR + 2.25%), 10/14/28 (j) | 109 | 107 |
| | | 8804 |
| **Health Care 0.6%** | **Health Care 0.6%** | **Health Care 0.6%** |
| Accelerated Health Systems, LLC |  |  |
| 2022 Term Loan B, 7.95%, (3 Month Term SOFR + 4.25%), 02/01/29 (j) | 50 | 40 |
| AEA International Holdings (Lux) S.a.r.l. |  |  |
| Term Loan B, 7.44%, (3 Month USD LIBOR + 3.75%), 08/05/28 (j) | 59 | 59 |
| AHP Health Partners, Inc. |  |  |
| 2021 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 08/23/28 (j) | 99 | 97 |
| ANCR Holdings Inc. |  |  |
| Term Loan, 14.00%, (3 Month USD LIBOR + 13.00%), 09/21/27 (j) (m) | 12 | 12 |
| Athenahealth, Inc. |  |  |
| 2022 Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 3.50%), 01/27/29 (j) (q) | 161 | 145 |
| 2022 Term Loan B, 7.82%, (1 Month Term SOFR + 3.50%), 01/27/29 (j) | 944 | 850 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Avantor Funding, Inc. |  |  |
| 2021 Term Loan B5, 6.32%, (1 Month USD LIBOR + 2.25%), 11/08/27 (j) | 192 | 191 |
| CHG Healthcare Services Inc. |  |  |
| 2021 Term Loan, 7.32%, (1 Month USD LIBOR + 3.25%), 09/22/28 (j) | 59 | 58 |
| Da Vinci Purchaser Corp. |  |  |
| 2019 Term Loan, 7.67%, (1 Month USD LIBOR + 4.00%), 12/10/26 (j) | 171 | 155 |
| 2019 Term Loan, 8.07%, (1 Month USD LIBOR + 4.00%), 12/10/26 (j) | 103 | 93 |
| Elanco Animal Health Incorporated |  |  |
| Term Loan B, 5.87%, (1 Month USD LIBOR + 1.75%), 02/04/27 (j) | 340 | 326 |
| Electron BidCo Inc. |  |  |
| 2021 Term Loan, 7.07%, (1 Month USD LIBOR + 3.00%), 10/29/28 (j) | 94 | 92 |
| Embecta Corp |  |  |
| Term Loan B, 6.55%, (6 Month Term SOFR + 3.00%), 01/27/29 (j) | 129 | 123 |
| Ensemble RCM, LLC |  |  |
| Term Loan, 7.94%, (3 Month USD LIBOR + 3.75%), 07/24/26 (j) | 146 | 145 |
| Gainwell Acquisition Corp. |  |  |
| Term Loan B, 7.67%, (3 Month USD LIBOR + 4.00%), 08/17/27 (j) | 777 | 728 |
| Help At Home, Inc. |  |  |
| 2020 Delayed Draw Term Loan, 8.71%, (1 Month Term SOFR + 5.00%), 10/20/27 (j) | 6 | 6 |
| 2020 Term Loan B, 8.71%, (1 Month Term SOFR + 5.00%), 10/20/27 (j) | 46 | 44 |
| Horizon Therapeutics USA Inc. |  |  |
| 2021 Term Loan B2, 6.19%, (3 Month USD LIBOR + 1.75%), 02/25/28 (j) | 108 | 108 |
| Hunter Holdco 3 Limited |  |  |
| USD Term Loan B, 7.92%, (3 Month USD LIBOR + 4.25%), 08/05/28 (j) | 172 | 168 |
| ICON Luxembourg S.A.R.L. |  |  |
| LUX Term Loan, 5.94%, (3 Month USD LIBOR + 2.25%), 06/16/28 (j) | 403 | 401 |
| ICU Medical, Inc. |  |  |
| Term Loan B, 5.95%, (3 Month Term SOFR + 2.50%), 12/16/28 (j) | 79 | 76 |
| Term Loan B, 6.92%, (1 Month Term SOFR + 2.50%), 12/16/28 (j) | 11 | 10 |
| Insulet Corporation |  |  |
| Term Loan B, 7.32%, (3 Month Term SOFR + 3.25%), 04/29/28 (j) | 386 | 380 |
| Jazz Financing Lux S.a.r.l. |  |  |
| USD Term Loan , 7.57%, (1 Month USD LIBOR + 3.50%), 04/22/28 (j) | 561 | 556 |
| Lonza Group AG |  |  |
| USD Term Loan B, 7.67%, (3 Month USD LIBOR + 4.00%), 04/29/28 (j) | 137 | 125 |
| Maravai Intermediate Holdings, LLC |  |  |
| 2022 Term Loan B, 6.96%, (SOFR + 3.00%), 10/15/27 (j) (n) | 159 | 156 |
| MED ParentCo LP |  |  |
| 1st Lien Term Loan, 8.32%, (1 Month USD LIBOR + 4.25%), 08/01/26 (j) | 88 | 74 |
| 2nd Lien Term Loan, 12.32%, (1 Month USD LIBOR + 8.25%), 07/31/27 (j) | 35 | 26 |
| Medline Borrower, LP |  |  |
| USD Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 09/30/28 (j) | 263 | 250 |
| MJH Healthcare Holdings, LLC |  |  |
| 2022 Term Loan B, 7.30%, (SOFR + 3.50%), 01/24/29 (j) | 60 | 57 |
| Organon & Co |  |  |
| USD Term Loan , 7.75%, (3 Month USD LIBOR + 3.00%), 04/07/28 (j) | 410 | 406 |
| Packaging Coordinators Midco, Inc. |  |  |
| 2020 1st Lien Term Loan, 7.17%, (3 Month USD LIBOR + 3.50%), 11/30/27 (j) | 84 | 79 |
| Parexel International Corporation |  |  |
| 2021 1st Lien Term Loan, 7.32%, (1 Month USD LIBOR + 3.25%), 08/10/28 (j) | 403 | 387 |
| PetIQ, LLC |  |  |
| 2021 Term Loan, 8.57%, (1 Month USD LIBOR + 4.25%), 04/07/28 (j) (m) | 113 | 102 |
| Pluto Acquisition I, Inc. |  |  |
| 2021 1st Lien Term Loan, 8.73%, (3 Month USD LIBOR + 4.00%), 06/20/26 (j) | 123 | 82 |
| PRA Health Sciences, Inc. |  |  |
| US Term Loan, 5.94%, (3 Month USD LIBOR + 2.25%), 06/16/28 (j) | 100 | 100 |
| Rockwood Service Corporation |  |  |
| 2020 Term Loan, 8.32%, (1 Month USD LIBOR + 4.25%), 12/21/26 (j) | 157 | 154 |
| Surgery Center Holdings, Inc. |  |  |
| 2021 Term Loan, 8.05%, (3 Month USD LIBOR + 3.75%), 08/31/26 (j) | 131 | 130 |
| U.S. Anesthesia Partners, Inc. |  |  |
| 2021 Term Loan, 8.37%, (1 Month USD LIBOR + 4.25%), 09/22/28 (j) | 178 | 169 |
| Upstream Rehabilition, Inc. |  |  |
| 2021 Term Loan, 8.06%, (SOFR + 4.25%), 11/20/26 (j) | 142 | 122 |
| US Radiology Specialists, Inc. |  |  |
| 2020 Term Loan, 8.92%, (3 Month USD LIBOR + 5.25%), 12/10/27 (j) | 74 | 67 |
| | | 7349 |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| Aruba Investments, Inc. |  |  |
| 2020 USD Term Loan, 8.14%, (3 Month USD LIBOR + 4.00%), 10/28/27 (j) | 213 | 206 |
| 2020 2nd Lien Term Loan, 12.14%, (3 Month USD LIBOR + 7.75%), 10/28/28 (j) | 140 | 127 |
| Atkore International, Inc. |  |  |
| 2021 Term Loan B, 6.19%, (3 Month USD LIBOR + 2.00%), 05/18/28 (j) | 79 | 79 |
| Avient Corporation |  |  |
| Term Loan B, 7.34%, (3 Month Term SOFR + 3.25%), 07/27/29 (j) | 46 | 46 |
| Axalta Coating Systems Dutch Holding B B.V. |  |  |
| 2022 USD Term Loan B, 0.00%, (SOFR + 3.00%), 11/30/29 (j) (q) | 55 | 55 |
| BCPE Empire Holdings, Inc. |  |  |
| 2019 Term Loan B, 8.07%, (1 Month USD LIBOR + 4.00%), 06/11/26 (j) | 55 | 53 |
| 2022 Incremental Term Loan, 8.81%, (1 Month Term SOFR + 4.63%), 06/11/26 (j) | 109 | 106 |
| 2021 Term Loan, 8.07%, (1 Month USD LIBOR + 4.00%), 06/12/26 (j) | 123 | 120 |
| Berlin Packaging LLC |  |  |
| 2021 Term Loan B5, 4.67%, (3 Month USD LIBOR + 3.75%), 03/11/28 (j) | 16 | 15 |
| 2021 Term Loan B5, 7.88%, (3 Month USD LIBOR + 3.75%), 03/11/28 (j) | 267 | 256 |
| Charter NEX US, Inc. |  |  |
| 2021 Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 12/01/27 (j) | 123 | 119 |
| Chemours Company (The) |  |  |
| 2018 USD Term Loan B, 0.00%, (1 Month USD LIBOR + 1.75%), 03/27/25 (j) (q) | 15 | 15 |
| 2018 USD Term Loan B, 5.83%, (1 Month USD LIBOR + 1.75%), 03/27/25 (j) | 35 | 34 |
| 2021 Term Loan B, 9.56%, (SOFR + 5.75%), 11/15/28 (j) | 65 | 52 |
| Consolidated Energy Finance, S.A. |  |  |
| Term Loan B, 6.57%, (1 Month USD LIBOR + 2.50%), 05/07/25 (j) | 212 | 207 |
| 2021 Incremental Term Loan, 7.72%, (3 Month USD LIBOR + 3.50%), 05/07/25 (j) (m) | 138 | 132 |
| Diamond (BC) B.V. |  |  |
| 2021 Term Loan B, 7.16%, (3 Month USD LIBOR + 2.75%), 09/14/28 (j) | 134 | 129 |
| Discovery Purchaser Corporation |  |  |
| Term Loan, 7.97%, (3 Month Term SOFR + 4.38%), 08/04/29 (j) | 195 | 177 |
| Gemini HDPE LLC |  |  |
| 2020 Term Loan B, 7.36%, (3 Month USD LIBOR + 3.00%), 12/11/27 (j) | 93 | 91 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Hexion Holdings Corporation |  |  |
| 2022 USD Term Loan, 8.93%, (SOFR + 4.50%), 03/02/29 (j) | 329 | 282 |
| 2022 USD 2nd Lien Term Loan, 11.86%, (SOFR + 7.44%), 02/09/30 (j) (m) | 50 | 39 |
| Klockner-Pentaplast of America, Inc. |  |  |
| 2021 Term Loan B, 8.26%, (3 Month USD LIBOR + 4.75%), 02/04/26 (j) | 84 | 74 |
| Messer Industries GmbH |  |  |
| 2018 USD Term Loan, 6.17%, (3 Month USD LIBOR + 2.50%), 09/19/25 (j) | 113 | 112 |
| New Arclin U.S. Holding Corp. |  |  |
| 2021 Delayed Draw Term Loan , 0.00%, (3 Month USD LIBOR + 1.00%), 09/22/28 (j) (q) | 34 | 30 |
| 2021 Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 09/22/28 (j) | 229 | 201 |
| Olympus Water US Holding Corporation |  |  |
| 2021 USD Term Loan B, 7.44%, (3 Month USD LIBOR + 3.75%), 09/21/28 (j) | 208 | 200 |
| 2022 Incremental Term Loan, 8.15%, (3 Month Term SOFR + 4.50%), 11/09/28 (j) | 129 | 125 |
| Pathway Vet Alliance LLC |  |  |
| 2021 Term Loan, 7.42%, (3 Month USD LIBOR + 3.75%), 03/31/27 (j) | 241 | 199 |
| Pregis TopCo Corporation |  |  |
| 1st Lien Term Loan, 8.20%, (1 Month USD LIBOR + 3.75%), 07/25/26 (j) | 73 | 71 |
| 2021 Incremental Term Loan, 8.07%, (1 Month USD LIBOR + 4.00%), 07/31/26 (j) | 74 | 72 |
| Ring Container Technologies Group, LLC |  |  |
| 2021 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 08/12/28 (j) | 84 | 83 |
| Runner Buyer, Inc. |  |  |
| 2021 Term Loan B, 10.23%, (3 Month USD LIBOR + 5.50%), 10/08/28 (j) (m) | 69 | 49 |
| Sabert Corporation |  |  |
| Term Loan B, 8.62%, (1 Month USD LIBOR + 4.50%), 11/22/26 (j) (m) | 186 | 184 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| Term Loan B, 8.44%, (1 Month Term SOFR + 4.25%), 03/24/29 (j) | 45 | 44 |
| Spa Holdings 3 Oy |  |  |
| USD Term Loan B, 7.42%, (3 Month USD LIBOR + 3.75%), 03/18/28 (j) | 93 | 89 |
| Starfruit Finco B.V |  |  |
| 2018 USD Term Loan B, 7.16%, (3 Month USD LIBOR + 2.75%), 09/10/25 (j) | 270 | 266 |
| TricorBraun Holdings, Inc. |  |  |
| 2021 Term Loan, 7.32%, (1 Month USD LIBOR + 3.25%), 01/29/28 (j) | 158 | 150 |
| W.R. Grace & Co.-Conn. |  |  |
| 2021 Term Loan B, 7.44%, (3 Month USD LIBOR + 3.75%), 08/11/28 (j) | 149 | 146 |
| White Cap Buyer LLC |  |  |
| Term Loan B, 7.84%, (1 Month Term SOFR + 3.75%), 10/08/27 (j) | 152 | 147 |
| | | 4582 |
| **Energy 0.2%** | **Energy 0.2%** | **Energy 0.2%** |
| CQP Holdco LP |  |  |
| 2021 Term Loan B, 7.42%, (3 Month USD LIBOR + 3.75%), 05/26/28 (j) | 751 | 746 |
| Crown Subsea Communications Holding,Inc. |  |  |
| 2021 Term Loan, 8.87%, (1 Month USD LIBOR + 4.75%), 04/20/27 (j) | 131 | 128 |
| Delek US Holdings, Inc. |  |  |
| 2022 Term Loan B, 7.69%, (1 Month Term SOFR + 3.50%), 11/10/29 (j) | 300 | 288 |
| EG America LLC |  |  |
| 2018 USD Term Loan, 7.67%, (3 Month USD LIBOR + 4.00%), 02/06/25 (j) | 444 | 419 |
| Esdec Solar Group B.V. |  |  |
| Term Loan B, 8.92%, (3 Month USD LIBOR + 4.75%), 08/23/28 (j) | 119 | 115 |
| ExGen Renewables IV, LLC |  |  |
| 2020 Term Loan, 7.24%, (3 Month USD LIBOR + 2.50%), 12/11/27 (j) | 92 | 91 |
| Granite Generation LLC |  |  |
| Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 10/22/26 (j) | 74 | 72 |
| Limetree Bay Terminals, LLC |  |  |
| 2022 Incremental Term Loan, 7.67%, (3 Month USD LIBOR + 4.00%), 02/15/24 (j) (n) | 161 | 112 |
| Pilot Travel Centers LLC |  |  |
| 2021 Term Loan B, 6.19%, (1 Month Term SOFR + 2.00%), 07/29/28 (j) | 253 | 250 |
| TerraForm Power Operating, LLC |  |  |
| 2022 Term Loan B, 6.40%, (3 Month Term SOFR + 2.75%), 05/30/29 (j) | 99 | 99 |
| Traverse Midstream Partners LLC |  |  |
| 2017 Term Loan, 8.80%, (3 Month Term SOFR + 4.25%), 09/22/24 (j) | 72 | 72 |
| WIN Waste Innovations Holdings, Inc. |  |  |
| 2021 Term Loan B, 6.42%, (3 Month USD LIBOR + 2.75%), 03/31/28 (j) | 134 | 127 |
|  |  | 2519 |
| **Consumer Staples 0.2%** | **Consumer Staples 0.2%** | **Consumer Staples 0.2%** |
| 8th Avenue Food & Provisions, Inc. |  |  |
| 2018 1st Lien Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 09/19/25 (j) | 39 | 33 |
| 2021 Incremental Term Loan, 8.82%, (1 Month USD LIBOR + 4.75%), 10/01/25 (j) | 35 | 29 |
| Avis Budget Car Rental, LLC |  |  |
| 2022 Term Loan C, 7.69%, (1 Month Term SOFR + 3.50%), 03/15/29 (j) | 79 | 78 |
| BJ's Wholesale Club, Inc. |  |  |
| 2017 1st Lien Term Loan, 6.27%, (1 Month USD LIBOR + 2.00%), 01/26/24 (j) | 50 | 50 |
| 2017 1st Lien Term Loan, 0.00%, (1 Month USD LIBOR + 2.00%), 02/03/24 (j) (q) | 50 | 50 |
| BW Gas & Convenience Holdings, LLC |  |  |
| 2021 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 03/17/28 (j) | 74 | 71 |
| Cardenas Markets, Inc. |  |  |
| 2022 Term Loan, 9.79%, (3 Month Term SOFR + 6.75%), 07/20/29 (j) | 80 | 78 |
| Charlotte Buyer, Inc. |  |  |
| 1st Lien Term Loan, 9.53%, (3 Month Term SOFR + 5.25%), 02/03/28 (j) | 70 | 66 |
| Chobani, LLC |  |  |
| 2020 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 10/20/27 (j) | 136 | 133 |
| Conair Holdings, LLC |  |  |
| Term Loan B, 7.42%, (3 Month USD LIBOR + 3.75%), 05/13/28 (j) | 153 | 128 |
| Del Monte Foods, Inc. |  |  |
| 2022 Term Loan, 8.57%, (SOFR + 4.25%), 02/15/29 (j) | 200 | 194 |
| Froneri International Ltd. |  |  |
| 2020 USD Term Loan, 6.32%, (1 Month USD LIBOR + 2.25%), 01/29/27 (j) | 176 | 170 |
| Journey Personal Care Corp. |  |  |
| 2021 Term Loan B, 7.92%, (3 Month USD LIBOR + 4.25%), 12/31/24 (j) | 49 | 36 |
| kdc/one Development Corporation, Inc. |  |  |
| 2020 Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 12/21/25 (j) | 98 | 94 |
| PECF USS Intermediate Holding III Corporation |  |  |
| Term Loan B, 8.32%, (1 Month USD LIBOR + 4.25%), 11/04/28 (j) | 198 | 165 |
| Reynolds Consumer Products LLC |  |  |
| Term Loan, 5.82%, (1 Month USD LIBOR + 1.75%), 01/30/27 (j) | 149 | 148 |
| Shearer's Foods, Inc. |  |  |
| 2021 Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 09/15/27 (j) | 106 | 101 |
| Triton Water Holdings, Inc |  |  |
| Term Loan, 7.17%, (3 Month USD LIBOR + 3.50%), 03/16/28 (j) | 366 | 339 |
| US Foods, Inc. |  |  |
| 2019 Term Loan B, 6.07%, (1 Month USD LIBOR + 2.00%), 08/14/26 (j) | 104 | 103 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Verscend Holding Corp. |  |  |
| 2021 Term Loan B, 8.07%, (1 Month USD LIBOR + 4.00%), 08/27/25 (j) | 348 | 345 |
| | | 2411 |
| **Utilities 0.1%** | **Utilities 0.1%** | **Utilities 0.1%** |
| Pacific Gas & Electric Company |  |  |
| 2020 Term Loan, 7.13%, (1 Month USD LIBOR + 3.00%), 06/18/25 (j) | 512 | 507 |
| Vistra Operations Company LLC |  |  |
| 1st Lien Term Loan B3, 5.82%, (1 Month USD LIBOR + 1.75%), 12/11/25 (j) | 223 | 220 |
| 1st Lien Term Loan B3, 6.09%, (1 Month USD LIBOR + 1.75%), 12/11/25 (j) | 55 | 55 |
|  |  | 782 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| Cushman & Wakefield U.S. Borrower, LLC |  |  |
| 2020 Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 08/15/25 (j) | 276 | 269 |
| Icebox Holdco III, Inc. |  |  |
| 2021 1st Lien Term Loan, 7.42%, (3 Month USD LIBOR + 3.25%), 12/14/28 (j) | 70 | 64 |
| KREF Holdings X LLC |  |  |
| 2021 Term Loan, 7.81%, (1 Month USD LIBOR + 3.50%), 09/01/27 (j) (n) | 74 | 71 |
|  |  | 404 |
| Total Senior Floating Rate Instruments (cost $96,119) | Total Senior Floating Rate Instruments (cost $96,119) | 90994 |
| **COMMON STOCKS 0.1%** | **COMMON STOCKS 0.1%** | **COMMON STOCKS 0.1%** |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| California Resources Corporation | 2 | 70 |
| Chesapeake Energy Corporation | 5 | 444 |
| EQT Corporation | 3 | 88 |
| Limetree Bay Cayman Limited (e) (m) |  | 1 |
| Mesquite Energy, Inc. (e) (m) | 4 | 240 |
|  |  | 843 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| ACNR Holdings Inc. (e) (m) |  | 289 |
| Perrigo Company Public Limited Company (e) (m) | 7 | 7 |
|  |  | 296 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Caesars Entertainment, Inc. (e) | 2 | 79 |
| CEC Entertainment Company, LLC (e) (m) | 5 | 97 |
|  |  | 176 |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| Altice USA, Inc. - Class A (e) | 4 | 18 |
| Frontier Communications Parent, Inc. (e) | 2 | 51 |
|  |  | 69 |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| Micron Technology, Inc. | 1 | 48 |
| Total Common Stocks (cost $650) | Total Common Stocks (cost $650) | 1432 |
| **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| PG&E Corporation, 5.50%, 08/16/23 (l) | 1 | 144 |
| Total Preferred Stocks (cost $117) | Total Preferred Stocks (cost $117) | 144 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| California Resources Corporation (e) |  | 5 |
| Cineworld Group PLC (e) (o) | 12 |  |
| Total Warrants (cost $0) | Total Warrants (cost $0) | 5 |
| **SHORT TERM INVESTMENTS 6.4%** | **SHORT TERM INVESTMENTS 6.4%** | **SHORT TERM INVESTMENTS 6.4%** |
| **Investment Companies 5.8%** | **Investment Companies 5.8%** | **Investment Companies 5.8%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (r) (s) | 75182 | 75182 |
| **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (r) (s) | 7484 | 7484 |
| Total Short Term Investments (cost $82,666) | Total Short Term Investments (cost $82,666) | 82666 |
| **Total Investments 106.1% (cost $1,523,143)** | **Total Investments 106.1% (cost $1,523,143)** | **1367738** |
| **Total Forward Sales Commitments (1.8)% (proceeds $22,939)** | **Total Forward Sales Commitments (1.8)% (proceeds $22,939)** | **(22621)** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (9) |
| **Other Assets and Liabilities, Net (4.3)%** | **Other Assets and Liabilities, Net (4.3)%** | **(56181)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1288927** |

---

(a) All or a portion of the security is pledged or segregated as collateral.

(b) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2022, the total payable for investments purchased on a delayed delivery basis was $90,090.

(c) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(d) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $149,358 and 11.6% of the Fund.

(e) Non-income producing security.

(f) As of December 31, 2022, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(g) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(h) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(i) All or a portion of the security was on loan as of December 31, 2022.

(j) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(k) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(l) Convertible security.

(m) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(n) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(o) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(p) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(q) This senior floating rate interest will settle after December 31, 2022. If a reference rate and spread is presented, it will go into effect upon settlement.

(r) Investment in affiliate.

(s) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **FORWARD SALES COMMITMENTS (1.8%)** | **FORWARD SALES COMMITMENTS (1.8%)** | **FORWARD SALES COMMITMENTS (1.8%)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS (1.8%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (1.8%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (1.8%)** |
| **Mortgage-Backed Securities (1.8%)** | **Mortgage-Backed Securities (1.8%)** | **Mortgage-Backed Securities (1.8%)** |
| Federal National Mortgage Association, Inc. |  |  |
| 3.50%, 01/15/53 | (5675) | (5163) |
| 4.50%, 01/15/53 | (8950) | (8630) |
| 5.00%, 01/15/53 | (8950) | (8828) |
| Total Government And Agency Obligations (proceeds $22,939) | Total Government And Agency Obligations (proceeds $22,939) | (22621) |
| **Total Forward Sales Commitments (1.8%) (proceeds $22,939)** | **Total Forward Sales Commitments (1.8%) (proceeds $22,939)** | **(22621)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — Restricted Securities** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Restricted Securities** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Restricted Securities** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Restricted Securities** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| 1MDB Global Investments Limited, 4.40%, 03/09/23 | 07/08/19 | 998 | 975 | 0.1 |
| Celtic Resources Holdings Designated Activity Company, 0.00%, 10/09/24 | 10/02/19 | 102 |  |  |
| Cosan Overseas Limited, 8.25% (callable at 100, 05/05/23) | 06/27/19 | 190 | 190 |  |
| Dubai, Government of, 5.25%, 01/30/43 | 10/27/22 | 170 | 181 |  |
| Energean Israel Finance Ltd, 4.88%, 03/30/26 | 03/09/21 | 130 | 120 |  |
| Leviathan Bond Ltd, 5.75%, 06/30/23 | 08/05/20 | 45 | 45 |  |
| Leviathan Bond Ltd, 6.13%, 06/30/25 | 09/22/20 | 123 | 117 |  |
| Leviathan Bond Ltd, 6.50%, 06/30/27 | 12/13/22 | 24 | 24 |  |
| Mesquite Energy, Inc., 13.00%, 07/15/23 | 07/09/20 | 30 | 201 |  |
| Mesquite Energy, Inc., 13.00%, 07/15/23 | 11/05/20 | 52 | 347 |  |
| Minstry of Finance, Lebenon Republic of, 0.00%, 03/09/20 | 06/24/19 | 217 | 13 |  |
| Minstry of Finance, Lebenon Republic of, 0.00%, 04/14/20 | 07/01/19 | 74 | 6 |  |
| NagaCorp Ltd., 7.95%, 07/06/24 | 08/04/20 | 199 | 183 |  |
| Petroleos de Venezuela, S.A., 0.00%, 10/28/22 | 05/15/17 | 3158 | 384 | 0.1 |
| Petroleos de Venezuela, S.A., 0.00%, 04/12/27 | 10/23/17 | 402 | 59 |  |
| Presidencia de la Republica de El Salvador, 7.65%, 06/15/35 | 07/30/19 | 22 | 8 |  |
| Sibur Securities Designated Activity Company, 0.00%, 07/08/25 | 10/06/20 | 51 | 34 |  |
| TCS Finance Designated Activity Company, 6.00% (callable at 100, 12/20/26) | 09/13/21 | 200 | 81 |  |
| TV Azteca S.A.B. de C.V., 0.00%, 08/09/24 | 07/01/19 | 300 | 135 |  |
| VEON Holdings B.V., 7.25%, 04/26/23 | 06/25/19 | 95 | 86 |  |
|  |  | 6582 | 3189 | 0.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — Futures Contracts** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Futures Contracts** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Futures Contracts** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Futures Contracts** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Futures Contracts** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 10 Year Note | 24 | March 2023 | 2717 | (1) | (22) |
| United States 2 Year Note | 107 | April 2023 | 21915 | (17) | 29 |
| United States 5 Year Note | 13 | April 2023 | 1401 | 3 | 2 |
|  |  |  |  | (15) | 9 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States Long Bond | (55) | March 2023 | (6931) | 9 | 37 |
| United States Ultra Bond | (8) | March 2023 | (1113) | 4 | 38 |
|  |  |  |  | 13 | 75 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| U.S. SOFR (A) | Paying | 4.50<br> (A) | 03/15/25 | 2520 | (2) | (13) |
| U.S. SOFR (A) | Paying | 4.00<br> (A) | 03/15/28 | 1747 | (4) | (28) |
| U.S. SOFR (A) | Paying | 3.75<br> (A) | 03/15/33 | 186 | (1) | (6) |
| U.S. SOFR (A) | Paying | 3.25<br> (A) | 03/15/53 | 32 |  | (2) |
|  |  |  |  |  | (7) | (49) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 604988 |  | 604988 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 455381 | 548 | 455929 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 131580 |  | 131580 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 89952 | 1042 | 90994 |
| &nbsp;&nbsp;Common Stocks | 798 |  | 634 | 1432 |
| &nbsp;&nbsp;Preferred Stocks | 144 |  |  | 144 |
| &nbsp;&nbsp;Warrants | 5 |  |  | 5 |
| &nbsp;&nbsp;Short Term Investments | 82666 |  |  | 82666 |
|  | 83613 | 1281901 | 2224 | 1367738 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Government And Agency Obligations |  | (22621) |  | (22621) |
|  |  | (22621) |  | (22621) |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 106 |  |  | 106 |
|  | 106 |  |  | 106 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (22) |  |  | (22) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (49) |  | (49) |
|  | (22) | (49) |  | (71) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** |
| **COMMON STOCKS 98.4%** | **COMMON STOCKS 98.4%** | **COMMON STOCKS 98.4%** |
| **United States of America 57.4%** | **United States of America 57.4%** | **United States of America 57.4%** |
| Alliant Energy Corporation | 327 | 18038 |
| American Tower Corporation | 197 | 41677 |
| Avista Corporation | 111 | 4918 |
| CenterPoint Energy, Inc. | 552 | 16557 |
| Cheniere Energy, Inc. | 179 | 26787 |
| Crown Castle Inc. | 213 | 28921 |
| CSX Corporation | 762 | 23616 |
| Dominion Energy, Inc. | 495 | 30344 |
| DT Midstream, Inc. | 324 | 17897 |
| Duke Energy Corporation | 371 | 38188 |
| Entergy Corporation | 295 | 33144 |
| Evergy, Inc. | 362 | 22758 |
| Exelon Corporation | 228 | 9848 |
| FirstEnergy Corp. | 488 | 20482 |
| NextEra Energy, Inc. | 657 | 54888 |
| One Gas, Inc. | 136 | 10316 |
| Pinnacle West Capital Corporation | 145 | 11049 |
| PPL Corporation | 1041 | 30416 |
| Republic Services, Inc. | 35 | 4563 |
| Sempra Energy | 53 | 8181 |
| Targa Resources Corp. | 236 | 17312 |
| Union Pacific Corporation | 133 | 27569 |
| Xcel Energy Inc. | 416 | 29194 |
|  |  | 526663 |
| **Australia 11.2%** | **Australia 11.2%** | **Australia 11.2%** |
| Atlas Arteria Limited | 5165 | 23238 |
| Aurizon Holdings Limited | 5750 | 14607 |
| Transurban Holdings Limited | 7316 | 64632 |
|  |  | 102477 |
| **France 4.7%** | **France 4.7%** | **France 4.7%** |
| Getlink S.E. | 625 | 10036 |
| Rubis | 511 | 13485 |
| VINCI | 199 | 19912 |
|  |  | 43433 |
| **Spain 4.4%** | **Spain 4.4%** | **Spain 4.4%** |
| AENA, S.M.E., S.A. (a) (b) | 320 | 40271 |
| **Canada 4.3%** | **Canada 4.3%** | **Canada 4.3%** |
| Emera Incorporated | 588 | 22485 |
| Pembina Pipeline Corporation | 492 | 16690 |
|  |  | 39175 |
| **China 4.1%** | **China 4.1%** | **China 4.1%** |
| ENN energy Holdings Limited | 1253 | 17446 |
| Guangdong Investment Limited | 9862 | 10067 |
| Jiangsu Expressway Company Limited - Class H | 11582 | 10561 |
|  |  | 38074 |
| **Mexico 3.9%** | **Mexico 3.9%** | **Mexico 3.9%** |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Class B | 940 | 21913 |
| Promotora y Operadora de Infraestructura, S.A.B. de C.V. | 1661 | 13516 |
|  |  | 35429 |
| **United Kingdom 3.3%** | **United Kingdom 3.3%** | **United Kingdom 3.3%** |
| SSE PLC | 1441 | 29946 |
| **Italy 1.8%** | **Italy 1.8%** | **Italy 1.8%** |
| Hera S.p.A. | 2047 | 5523 |
| Infrastrutture Wireless Italiane S.p.A. (b) | 1093 | 11028 |
|  |  | 16551 |
| **Switzerland 1.7%** | **Switzerland 1.7%** | **Switzerland 1.7%** |
| Flughafen Zurich AG - Class N (a) | 101 | 15598 |
| **Brazil 1.6%** | **Brazil 1.6%** | **Brazil 1.6%** |
| CCR S.A. | 7308 | 14921 |
| Total Common Stocks (cost $917,872) | Total Common Stocks (cost $917,872) | 902538 |
| **SHORT TERM INVESTMENTS 1.1%** | **SHORT TERM INVESTMENTS 1.1%** | **SHORT TERM INVESTMENTS 1.1%** |
| **Investment Companies 1.1%** | **Investment Companies 1.1%** | **Investment Companies 1.1%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 10034 | 10034 |
| Total Short Term Investments (cost $10,034) | Total Short Term Investments (cost $10,034) | 10034 |
| **Total Investments 99.5% (cost $927,906)** | **Total Investments 99.5% (cost $927,906)** | **912572** |
| **Other Assets and Liabilities, Net 0.5%** | **Other Assets and Liabilities, Net 0.5%** | **4208** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **916780** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/First Sentier Global Infrastructure Fund — Restricted Securities** | **JNL/First Sentier Global Infrastructure Fund — Restricted Securities** | **JNL/First Sentier Global Infrastructure Fund — Restricted Securities** | **JNL/First Sentier Global Infrastructure Fund — Restricted Securities** | **JNL/First Sentier Global Infrastructure Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| AENA, S.M.E., S.A. | 09/22/20 | 49106 | 40271 | 4.4 |
| Infrastrutture Wireless Italiane S.p.A. | 10/30/20 | 12203 | 11028 | 1.2 |
|  |  | 61309 | 51299 | 5.6 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 601267 | 301271 |  | 902538 |
| &nbsp;&nbsp;Short Term Investments | 10034 |  |  | 10034 |
|  | 611301 | 301271 |  | 912572 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** |
| **CORPORATE BONDS AND NOTES 47.2%** | **CORPORATE BONDS AND NOTES 47.2%** | **CORPORATE BONDS AND NOTES 47.2%** |
| **Health Care 10.6%** | **Health Care 10.6%** | **Health Care 10.6%** |
| 1375209 BC Ltd |  |  |
| 9.00%, 01/30/28 (a) (b) | 5151 | 5018 |
| AbbVie Inc. |  |  |
| 3.80%, 03/15/25 | 7500 | 7317 |
| Bausch Health Companies Inc. |  |  |
| 5.50%, 11/01/25 (a) (b) | 5220 | 4444 |
| 6.13%, 02/01/27 (b) | 11732 | 8071 |
| 5.75%, 08/15/27 (b) | 4700 | 3199 |
| 11.00%, 09/30/28 (b) | 9144 | 7171 |
| Centene Corporation |  |  |
| 4.25%, 12/15/27 | 5000 | 4694 |
| 4.63%, 12/15/29 | 4780 | 4372 |
| Community Health Systems, Inc. |  |  |
| 8.00%, 03/15/26 (a) (b) | 40000 | 36467 |
| 6.88%, 04/15/29 (b) | 12847 | 6661 |
| 6.13%, 04/01/30 (a) (b) | 8000 | 4028 |
| 5.25%, 05/15/30 (b) | 8000 | 6042 |
| CVS Health Corporation |  |  |
| 4.30%, 03/25/28 | 3500 | 3386 |
| 5.05%, 03/25/48 | 1600 | 1444 |
| DaVita Inc. |  |  |
| 4.63%, 06/01/30 (b) | 9360 | 7543 |
| 3.75%, 02/15/31 (b) | 2000 | 1492 |
| Endo Designated Activity Company |  |  |
| 0.00%, 10/15/24 (b) (c) (d) | 2500 | 1996 |
| Ge Healthcare Holding LLC |  |  |
| 5.91%, 11/22/32 (a) (b) | 4000 | 4150 |
| Mozart Debt Merger Sub Inc. |  |  |
| 3.88%, 04/01/29 (b) | 10000 | 8060 |
| 5.25%, 10/01/29 (b) | 9000 | 7153 |
| Mylan II B.V. |  |  |
| 3.95%, 06/15/26 | 2700 | 2524 |
| Par Pharmaceutical, Inc. |  |  |
| 0.00%, 04/01/27 (b) (c) (d) | 4724 | 3590 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/30 | 2500 | 1956 |
| Tenet Healthcare Corporation |  |  |
| 6.25%, 02/01/27 (b) | 6000 | 5763 |
| 6.13%, 06/15/30 (b) | 20000 | 19048 |
| UnitedHealth Group Incorporated |  |  |
| 5.35%, 02/15/33 | 5000 | 5179 |
|  |  | 170768 |
| **Consumer Discretionary 6.5%** | **Consumer Discretionary 6.5%** | **Consumer Discretionary 6.5%** |
| Amazon.com, Inc. |  |  |
| 3.60%, 04/13/32 | 3000 | 2749 |
| Boyd Gaming Corporation |  |  |
| 4.75%, 06/15/31 (b) | 5000 | 4352 |
| Dornoch Debt Merger Subordinated Incorporated |  |  |
| 6.63%, 10/15/29 (b) | 6215 | 4394 |
| Eldorado Resorts, Inc. |  |  |
| 6.25%, 07/01/25 (b) | 10000 | 9729 |
| Expedia Group, Inc. |  |  |
| 3.80%, 02/15/28 | 3871 | 3558 |
| Fertitta Entertainment LLC |  |  |
| 4.63%, 01/15/29 (b) | 3100 | 2624 |
| 6.75%, 01/15/30 (a) (b) | 3000 | 2422 |
| Ford Motor Company |  |  |
| 4.35%, 12/08/26 (a) | 5000 | 4733 |
| 3.25%, 02/12/32 | 3000 | 2257 |
| General Motors Company |  |  |
| 5.60%, 10/15/32 | 2500 | 2331 |
| 5.15%, 04/01/38 | 3500 | 3042 |
| General Motors Financial Company, Inc. |  |  |
| 2.40%, 04/10/28 | 2500 | 2106 |
| 4.30%, 04/06/29 | 5000 | 4483 |
| Lowe`s Companies, Inc. |  |  |
| 5.00%, 04/15/33 | 7000 | 6849 |
| Magallanes, Inc. |  |  |
| 3.76%, 03/15/27 (b) | 3000 | 2708 |
| 4.28%, 03/15/32 (b) | 3000 | 2474 |
| McDonald's Corporation |  |  |
| 4.60%, 09/09/32 | 4000 | 3916 |
| PENN Entertainment, Inc. |  |  |
| 4.13%, 07/01/29 (a) (b) | 7000 | 5538 |
| SkyMiles IP Ltd. |  |  |
| 4.75%, 10/20/28 (b) | 7000 | 6593 |
| Target Corporation |  |  |
| 4.50%, 09/15/32 | 3000 | 2922 |
| The Goodyear Tire & Rubber Company |  |  |
| 5.00%, 07/15/29 (a) | 7500 | 6256 |
| Univision Communications Inc. |  |  |
| 6.63%, 06/01/27 (b) | 8000 | 7726 |
| Wynn Las Vegas, LLC |  |  |
| 5.50%, 03/01/25 (b) | 9500 | 9052 |
| 5.25%, 05/15/27 (a) (b) | 2000 | 1810 |
|  |  | 104624 |
| **Financials 5.8%** | **Financials 5.8%** | **Financials 5.8%** |
| Bank of America Corporation |  |  |
| 6.10%, (100, 03/17/25) (e) | 4000 | 3890 |
| 6.25%, (100, 09/05/24) (a) (e) | 2500 | 2410 |
| 3.42%, 12/20/28 | 10000 | 9059 |
| Barclays PLC |  |  |
| 5.75%, 08/09/33 (f) | 8500 | 8071 |
| 7.44%, 11/02/33 (f) | 5000 | 5258 |
| Capital One Financial Corporation |  |  |
| 4.20%, 10/29/25 | 7500 | 7277 |
| 5.25%, 07/26/30 | 5000 | 4770 |
| Citigroup Inc. |  |  |
| 4.13%, 07/25/28 | 7500 | 6982 |
| 6.27%, 11/17/33 | 3000 | 3096 |
| Coinbase Global, Inc. |  |  |
| 3.63%, 10/01/31 (b) | 2172 | 1048 |
| Ford Motor Credit Company LLC |  |  |
| 5.13%, 06/16/25 | 10000 | 9640 |
| 4.95%, 05/28/27 | 4000 | 3736 |
| JPMorgan Chase & Co. |  |  |
| 5.15%, (100, 05/01/23) (e) | 1800 | 1757 |
| KeyBank National Association |  |  |
| 4.90%, 08/08/32 | 1500 | 1385 |
| Morgan Stanley |  |  |
| 6.34%, 10/18/33 | 4000 | 4186 |
| The Goldman Sachs Group, Inc. |  |  |
| 3.27%, 09/29/25 | 6500 | 6266 |
| The PNC Financial Services Group, Inc. |  |  |
| 6.04%, 10/28/33 | 4000 | 4178 |
| Truist Financial Corporation |  |  |
| 4.92%, 07/28/33 | 2000 | 1878 |
| U.S. Bancorp |  |  |
| 5.85%, 10/21/33 | 4500 | 4674 |
| Wells Fargo & Company |  |  |
| 3.20%, 06/17/27 | 4000 | 3722 |
|  |  | 93283 |
| **Industrials 5.6%** | **Industrials 5.6%** | **Industrials 5.6%** |
| American Airlines, Inc. |  |  |
| 5.50%, 04/20/26 (b) | 10000 | 9617 |
| Ardagh Packaging Finance Public Limited Company |  |  |
| 4.13%, 08/15/26 (b) | 3000 | 2601 |
| 5.25%, 08/15/27 (b) | 12500 | 9332 |
| Carrier Global Corporation |  |  |
| 2.72%, 02/15/30 | 2500 | 2108 |
| Cornerstone Building Brands, Inc. |  |  |
| 8.75%, 08/01/28 (b) | 4000 | 3669 |
| Mauser Packaging Solutions Holding Company |  |  |
| 5.50%, 04/15/24 (b) | 5000 | 4865 |
| 7.25%, 04/15/25 (b) | 13000 | 12033 |
| Raytheon Technologies Corporation |  |  |
| 3.95%, 08/16/25 | 7000 | 6839 |
| Reynolds Group Issuer Inc. |  |  |
| 4.00%, 10/15/27 (b) | 3690 | 3276 |
| Roller Bearing Company of America, Inc. |  |  |
| 4.38%, 10/15/29 (b) | 3000 | 2594 |
| The Boeing Company |  |  |
| 5.04%, 05/01/27 (g) | 2000 | 1980 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 3.20%, 03/01/29 | 5500 | 4835 |
| 5.15%, 05/01/30 (g) | 12000 | 11701 |
| TransDigm Inc. |  |  |
| 6.25%, 03/15/26 (b) | 5000 | 4942 |
| Union Pacific Corporation |  |  |
| 4.50%, 01/20/33 | 4000 | 3915 |
| WESCO Distribution, Inc. |  |  |
| 7.13%, 06/15/25 (b) | 5000 | 5068 |
| | | 89375 |
| **Communication Services 5.1%** | **Communication Services 5.1%** | **Communication Services 5.1%** |
| Altice France Holding S.A. |  |  |
| 5.50%, 10/15/29 (b) | 7500 | 5742 |
| CCO Holdings, LLC |  |  |
| 5.13%, 05/01/27 (b) | 3300 | 3079 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.75%, 04/15/28 (a) (b) | 5000 | 3670 |
| 7.50%, 06/01/29 (b) | 3000 | 2182 |
| Commscope, Inc. |  |  |
| 7.13%, 07/01/28 (a) (b) | 5000 | 3596 |
| CSC Holdings, LLC |  |  |
| 5.50%, 04/15/27 (b) | 10000 | 8416 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (b) | 4500 | 4035 |
| DISH DBS Corporation |  |  |
| 5.00%, 03/15/23 | 12500 | 12443 |
| 5.88%, 11/15/24 | 8500 | 7928 |
| 5.25%, 12/01/26 (b) | 4000 | 3374 |
| Meta Platforms, Inc. |  |  |
| 3.85%, 08/15/32 | 5000 | 4400 |
| Netflix, Inc. |  |  |
| 4.38%, 11/15/26 | 5000 | 4880 |
| Roblox Corporation |  |  |
| 3.88%, 05/01/30 (b) | 5000 | 3939 |
| Sprint Corporation |  |  |
| 7.13%, 06/15/24 | 5500 | 5612 |
| Stagwell Inc. |  |  |
| 5.63%, 08/15/29 (b) | 3000 | 2473 |
| T-Mobile USA, Inc. |  |  |
| 3.38%, 04/15/29 | 6500 | 5727 |
|  |  | 81496 |
| **Information Technology 3.6%** | **Information Technology 3.6%** | **Information Technology 3.6%** |
| Apple Inc. |  |  |
| 3.35%, 08/08/32 (a) | 3500 | 3177 |
| Broadcom Inc. |  |  |
| 4.15%, 11/15/30 | 5000 | 4485 |
| 2.45%, 02/15/31 (b) | 2500 | 1968 |
| 4.15%, 04/15/32 (b) | 4500 | 3956 |
| Commscope Finance LLC |  |  |
| 8.25%, 03/01/27 (b) | 3000 | 2347 |
| CommScope Holding Company, Inc. |  |  |
| 6.00%, 06/15/25 (b) | 7324 | 6665 |
| HP, Inc. |  |  |
| 4.00%, 04/15/29 | 5000 | 4572 |
| 5.50%, 01/15/33 | 5000 | 4701 |
| Micron Technology, Inc. |  |  |
| 6.75%, 11/01/29 | 4000 | 4070 |
| Oracle Corporation |  |  |
| 2.95%, 04/01/30 | 4500 | 3850 |
| 2.88%, 03/25/31 | 5000 | 4143 |
| 6.25%, 11/09/32 (a) | 4000 | 4201 |
| Rocket Software, Inc. |  |  |
| 6.50%, 02/15/29 (a) (b) | 6000 | 4751 |
| Workday, Inc. |  |  |
| 3.80%, 04/01/32 | 6000 | 5284 |
|  |  | 58170 |
| **Consumer Staples 3.2%** | **Consumer Staples 3.2%** | **Consumer Staples 3.2%** |
| APX Group, Inc. |  |  |
| 5.75%, 07/15/29 (b) | 9000 | 7462 |
| Ashtead Capital, Inc. |  |  |
| 4.25%, 11/01/29 (b) | 3000 | 2721 |
| B. A. T. Capital Corporation |  |  |
| 3.22%, 08/15/24 | 2500 | 2411 |
| 3.56%, 08/15/27 | 10000 | 9142 |
| GSK Consumer Healthcare Capital US LLC |  |  |
| 3.63%, 03/24/32 | 4250 | 3751 |
| JBS USA Food Company |  |  |
| 5.75%, 04/01/33 (b) | 4000 | 3822 |
| MPH Acquisition Holdings LLC |  |  |
| 5.50%, 09/01/28 (b) | 5000 | 3902 |
| 5.75%, 11/01/28 (a) (b) | 8500 | 5649 |
| United Rentals (North America), Inc. |  |  |
| 4.88%, 01/15/28 | 8510 | 8063 |
| 6.00%, 12/15/29 (b) | 4000 | 3985 |
|  |  | 50908 |
| **Materials 2.5%** | **Materials 2.5%** | **Materials 2.5%** |
| Alcoa Nederland Holding B.V. |  |  |
| 4.13%, 03/31/29 (b) | 5000 | 4427 |
| ArcelorMittal |  |  |
| 6.80%, 11/29/32 | 6000 | 5977 |
| Celanese US Holdings LLC |  |  |
| 6.17%, 07/15/27 (g) | 6000 | 5926 |
| Consolidated Energy Finance S.A. |  |  |
| 6.50%, 05/15/26 (b) | 5000 | 4681 |
| FMG Resources (August 2006) Pty Ltd |  |  |
| 5.88%, 04/15/30 (b) | 3000 | 2817 |
| 4.38%, 04/01/31 (b) | 3000 | 2536 |
| Freeport-McMoRan Inc. |  |  |
| 4.63%, 08/01/30 | 2500 | 2337 |
| International Flavors & Fragrances Inc. |  |  |
| 2.30%, 11/01/30 (b) | 5000 | 3957 |
| Scih Salt Holdings Inc. |  |  |
| 4.88%, 05/01/28 (b) | 8000 | 6889 |
|  |  | 39547 |
| **Energy 2.3%** | **Energy 2.3%** | **Energy 2.3%** |
| Calumet Specialty Products Partners, L.P. |  |  |
| 9.25%, 07/15/24 (b) | 1944 | 1968 |
| 11.00%, 04/15/25 (b) | 7000 | 7312 |
| 8.13%, 01/15/27 (b) | 3000 | 2820 |
| Cheniere Corpus Christi Holdings, LLC |  |  |
| 3.70%, 11/15/29 | 4500 | 4079 |
| Chesapeake Energy Corporation |  |  |
| 5.88%, 02/01/29 (b) | 3000 | 2858 |
| Occidental Petroleum Corporation |  |  |
| 6.63%, 09/01/30 | 2000 | 2067 |
| Weatherford International Ltd. |  |  |
| 11.00%, 12/01/24 (b) | 242 | 249 |
| 6.50%, 09/15/28 (b) | 5500 | 5393 |
| 8.63%, 04/30/30 (b) | 10000 | 9657 |
|  |  | 36403 |
| **Utilities 1.4%** | **Utilities 1.4%** | **Utilities 1.4%** |
| Pacific Gas And Electric Company |  |  |
| 4.55%, 07/01/30 | 5265 | 4766 |
| The Southern Company |  |  |
| 5.70%, 10/15/32 | 5000 | 5109 |
| Vistra Corp. |  |  |
| 7.00%, (100, 12/15/26) (b) (e) | 8300 | 7566 |
| Vistra Operations Company LLC |  |  |
| 4.38%, 05/01/29 (b) | 5500 | 4745 |
|  |  | 22186 |
| **Real Estate 0.6%** | **Real Estate 0.6%** | **Real Estate 0.6%** |
| MPT Operating Partnership, L.P. |  |  |
| 5.00%, 10/15/27 | 3465 | 2912 |
| 3.50%, 03/15/31 | 5000 | 3440 |
| VICI Properties L.P. |  |  |
| 5.13%, 05/15/32 | 4500 | 4171 |
|  |  | 10523 |
| Total Corporate Bonds And Notes (cost $816,537) | Total Corporate Bonds And Notes (cost $816,537) | 757283 |
| **COMMON STOCKS 28.1%** | **COMMON STOCKS 28.1%** | **COMMON STOCKS 28.1%** |
| **Financials 5.4%** | **Financials 5.4%** | **Financials 5.4%** |
| Bank of America Corporation | 504 | 16699 |
| Citigroup Inc. | 150 | 6784 |
| JPMorgan Chase & Co. | 198 | 26599 |
| MetLife, Inc. | 50 | 3618 |
| Morgan Stanley | 135 | 11478 |
| Truist Financial Corporation | 285 | 12264 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| U.S. Bancorp | 220 | 9594 |
| | | 87036 |
| **Energy 4.5%** | **Energy 4.5%** | **Energy 4.5%** |
| BP P.L.C. - ADR | 200 | 6986 |
| Chevron Corporation | 125 | 22436 |
| Exxon Mobil Corporation | 250 | 27575 |
| Shell PLC - Class A - ADR | 100 | 5695 |
| TotalEnergies SE - ADR | 150 | 9312 |
|  |  | 72004 |
| **Utilities 4.5%** | **Utilities 4.5%** | **Utilities 4.5%** |
| American Electric Power Company, Inc. | 100 | 9495 |
| Dominion Energy, Inc. | 200 | 12264 |
| DTE Energy Company | 50 | 5876 |
| Duke Energy Corporation | 70 | 7209 |
| Edison International | 230 | 14633 |
| Sempra Energy | 50 | 7727 |
| The Southern Company | 200 | 14282 |
|  |  | 71486 |
| **Industrials 3.3%** | **Industrials 3.3%** | **Industrials 3.3%** |
| Lockheed Martin Corporation | 50 | 24324 |
| Raytheon Technologies Corporation | 125 | 12615 |
| Union Pacific Corporation | 15 | 3106 |
| United Parcel Service, Inc. - Class B | 75 | 13038 |
|  |  | 53083 |
| **Health Care 3.1%** | **Health Care 3.1%** | **Health Care 3.1%** |
| AbbVie Inc. | 55 | 8889 |
| AstraZeneca PLC - ADR | 150 | 10170 |
| Johnson & Johnson | 75 | 13249 |
| Medtronic, Inc. | 90 | 6995 |
| Pfizer Inc. | 200 | 10248 |
|  |  | 49551 |
| **Information Technology 2.8%** | **Information Technology 2.8%** | **Information Technology 2.8%** |
| Broadcom Inc. | 26 | 14493 |
| Qualcomm Incorporated | 24 | 2639 |
| Texas Instruments Incorporated | 170 | 28145 |
|  |  | 45277 |
| **Materials 1.7%** | **Materials 1.7%** | **Materials 1.7%** |
| Barrick Gold Corporation | 485 | 8339 |
| BASF SE - Class N | 110 | 5488 |
| Rio Tinto PLC - ADR | 201 | 14291 |
|  |  | 28118 |
| **Communication Services 1.4%** | **Communication Services 1.4%** | **Communication Services 1.4%** |
| BCE Inc. (a) | 150 | 6590 |
| Comcast Corporation - Class A | 212 | 7396 |
| Verizon Communications Inc. | 200 | 7880 |
|  |  | 21866 |
| **Consumer Staples 0.9%** | **Consumer Staples 0.9%** | **Consumer Staples 0.9%** |
| Philip Morris International Inc. | 75 | 7591 |
| The Procter & Gamble Company | 50 | 7578 |
|  |  | 15169 |
| **Consumer Discretionary 0.5%** | **Consumer Discretionary 0.5%** | **Consumer Discretionary 0.5%** |
| Target Corporation | 25 | 3726 |
| The Home Depot, Inc. | 12 | 3790 |
|  |  | 7516 |
| Total Common Stocks (cost $389,937) | Total Common Stocks (cost $389,937) | 451106 |
| **EQUITY LINKED STRUCTURED NOTES 13.5%** | **EQUITY LINKED STRUCTURED NOTES 13.5%** | **EQUITY LINKED STRUCTURED NOTES 13.5%** |
| Barclays Bank PLC |  |  |
| (Cisco Systems, Inc.), 7.50%, 03/10/23 (h) | 175 | 8403 |
| (JPMorgan Chase & Co.), 8.00%, 09/08/23 (h) | 97 | 12336 |
| BNP Paribas Issuance B.V. |  |  |
| (AbbVie Inc.), 8.00%, 02/23/23 (h) | 65 | 9977 |
| (Morgan Stanley), 8.00%, 05/22/23 (h) | 63 | 5363 |
| (Comcast Corporation), 8.50%, 08/10/23 (h) | 339 | 12112 |
| Citigroup Global Markets Holdings Inc. |  |  |
| (Ford Motor Company), 12.50%, 01/12/23 (h) | 435 | 5074 |
| (Alphabet Inc.), 9.00%, 06/22/23 (h) | 2 | 4395 |
| Credit Suisse AG |  |  |
| (Air Products and Chemicals, Inc.), 8.50%, 05/15/23 (h) | 20 | 5236 |
| (Morgan Stanley), 10.00%, 08/08/23 (h) | 131 | 10720 |
| Goldman Sachs International |  |  |
| (Cummins Inc.), 8.00%, 01/10/23 (h) | 30 | 7232 |
| (Honeywell International Inc.), 8.50%, 04/04/23 (b) (h) | 23 | 4630 |
| (Newmont Corporation), 10.00%, 07/05/23 (h) | 75 | 3683 |
| JPMorgan Chase Bank, National Association |  |  |
| (The Goldman Sachs Group, Inc.), 8.50%, 03/09/23 (h) | 15 | 5180 |
| (Bank of America Corporation), 9.50%, 05/12/23 (h) | 125 | 4213 |
| Merrill Lynch International & Co. C.V. |  |  |
| (Amazon.com, Inc.), 8.50%, 01/11/23 (h) | 6 | 9605 |
| (Union Pacific Corporation), 9.00%, 11/01/23 (h) | 25 | 5110 |
| (Chevron Corporation), 10.00%, 12/04/23 (h) | 30 | 5068 |
| (Broadcom Inc.), 10.00%, 12/05/23 (h) | 15 | 7773 |
| Mizuho Markets Cayman LP |  |  |
| (Microchip Technology Incorporated), 10.00%, 06/26/23 (b) (h) | 120 | 8107 |
| (Bristol-Myers Squibb Company), 8.50%, 12/04/23 (b) (h) | 126 | 9363 |
| (International Paper Company), 10.50%, 12/15/23 (b) (h) | 214 | 7410 |
| National Bank of Canada |  |  |
| (NextEra Energy, Inc.), 8.50%, 12/05/23 (h) | 65 | 5120 |
| Royal Bank of Canada |  |  |
| (Analog Devices, Inc.), 10.00%, 05/19/23 (h) | 72 | 11567 |
| (The Walt Disney Company), 10.00%, 05/26/23 (b) (h) | 70 | 6293 |
| (Bank of America Corporation), 8.50%, 08/14/23 (h) | 246 | 8089 |
| (Royal Bank of Canada), 9.00%, 09/22/23 (b) (h) | 249 | 17166 |
| Societe Generale |  |  |
| (Pfizer Inc.), 8.50%, 06/09/23 (h) | 76 | 3912 |
| (Intel Corporation), 10.19%, 08/09/23 (h) | 352 | 9769 |
| UBS AG |  |  |
| (Fidelity National Information Services, Inc.), 10.00%, 10/19/23 (h) | 50 | 3461 |
| Total Equity Linked Structured Notes (cost $238,656) | Total Equity Linked Structured Notes (cost $238,656) | 216367 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 7.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 7.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 7.9%** |
| **U.S. Treasury Note 6.0%** | **U.S. Treasury Note 6.0%** | **U.S. Treasury Note 6.0%** |
| Treasury, United States Department of |  |  |
| 4.50%, 11/30/24 (a) | 15000 | 15002 |
| 2.88%, 05/15/32 | 53500 | 49287 |
| 2.75%, 08/15/32 | 35000 | 31834 |
|  |  | 96123 |
| **U.S. Treasury Bond 1.9%** | **U.S. Treasury Bond 1.9%** | **U.S. Treasury Bond 1.9%** |
| Treasury, United States Department of |  |  |
| 3.38%, 08/15/42 | 33000 | 29504 |
| **Mortgage-Backed Securities 0.0%** | **Mortgage-Backed Securities 0.0%** | **Mortgage-Backed Securities 0.0%** |
| Federal National Mortgage Association, Inc. |  |  |
| 4.00%, 08/01/49 | 634 | 608 |
| Total Government And Agency Obligations (cost $130,508) | Total Government And Agency Obligations (cost $130,508) | 126235 |
| **PREFERRED STOCKS 0.9%** | **PREFERRED STOCKS 0.9%** | **PREFERRED STOCKS 0.9%** |
| **Utilities 0.8%** | **Utilities 0.8%** | **Utilities 0.8%** |
| NextEra Energy, Inc., 5.28%, 03/01/23 (f) | 250 | 12675 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| K.K.R. Co., Inc., 6.00%, 09/15/23 (f) | 32 | 1861 |
| Total Preferred Stocks (cost $12,976) | Total Preferred Stocks (cost $12,976) | 14536 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.2%** |
| United Airlines Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 5.88%, 10/15/27 | 3557 | 3504 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $3,557) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $3,557) | 3504 |
| **SHORT TERM INVESTMENTS 3.3%** | **SHORT TERM INVESTMENTS 3.3%** | **SHORT TERM INVESTMENTS 3.3%** |
| **Securities Lending Collateral 2.1%** | **Securities Lending Collateral 2.1%** | **Securities Lending Collateral 2.1%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (i) (j) | 33712 | 33712 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Investment Companies 1.2%** | **Investment Companies 1.2%** | **Investment Companies 1.2%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (i) (j) | 20204 | 20204 |
| Total Short Term Investments (cost $53,916) | Total Short Term Investments (cost $53,916) | 53916 |
| **Total Investments 101.1% (cost $1,646,087)** | **Total Investments 101.1% (cost $1,646,087)** | **1622947** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (26) |
| **Other Assets and Liabilities, Net (1.1)%** | **Other Assets and Liabilities, Net (1.1)%** | **(17627)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1605294** |

---

(a) All or a portion of the security was on loan as of December 31, 2022.

(b) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $466,941 and 29.1% of the Fund.

(c) Non-income producing security.

(d) As of December 31, 2022, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(e) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(f) Convertible security.

(g) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(h) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(i) Investment in affiliate.

(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Franklin Templeton Income Fund — Futures Contracts** | **JNL/Franklin Templeton Income Fund — Futures Contracts** | **JNL/Franklin Templeton Income Fund — Futures Contracts** | **JNL/Franklin Templeton Income Fund — Futures Contracts** | **JNL/Franklin Templeton Income Fund — Futures Contracts** | **JNL/Franklin Templeton Income Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 10 Year Note | 185 | March 2023 | 20952 | (26) | (177) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 757283 |  | 757283 |
| &nbsp;&nbsp;Common Stocks | 445618 | 5488 |  | 451106 |
| &nbsp;&nbsp;Equity Linked Structured Notes |  | 216367 |  | 216367 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 126235 |  | 126235 |
| &nbsp;&nbsp;Preferred Stocks | 14536 |  |  | 14536 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 3504 |  | 3504 |
| &nbsp;&nbsp;Short Term Investments | 53916 |  |  | 53916 |
|  | 514070 | 1108877 |  | 1622947 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (177) |  |  | (177) |
|  | (177) |  |  | (177) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** |
| **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** |
| **Information Technology 24.6%** | **Information Technology 24.6%** | **Information Technology 24.6%** |
| Accenture Public Limited Company - Class A | 129 | 34467 |
| Analog Devices, Inc. | 122 | 19940 |
| Apple Inc. | 368 | 47787 |
| Applied Materials, Inc. | 343 | 33419 |
| Automatic Data Processing, Inc. | 398 | 95164 |
| Broadcom Inc. | 91 | 50899 |
| Cadence Design Systems, Inc. (a) | 106 | 17029 |
| Cisco Systems, Inc. | 1193 | 56831 |
| Corning Incorporated | 558 | 17823 |
| Fidelity National Information Services, Inc. | 352 | 23877 |
| Fiserv, Inc. (a) | 190 | 19245 |
| FleetCor Technologies, Inc. (a) | 96 | 17697 |
| Fortinet, Inc. (a) | 289 | 14149 |
| Gartner, Inc. (a) | 71 | 23903 |
| Global Payments Inc. | 443 | 43968 |
| HP, Inc. | 2564 | 68882 |
| Intel Corporation | 835 | 22081 |
| International Business Machines Corporation | 500 | 70439 |
| Intuit Inc. | 42 | 16361 |
| Juniper Networks, Inc. | 1510 | 48263 |
| KLA Corporation | 214 | 80852 |
| Lam Research Corporation | 119 | 50200 |
| MasterCard Incorporated - Class A | 56 | 19388 |
| Micron Technology, Inc. | 166 | 8274 |
| Microsoft Corporation | 145 | 34692 |
| Motorola Solutions, Inc. | 73 | 18803 |
| NetApp, Inc. | 1456 | 87420 |
| NVIDIA Corporation | 82 | 11950 |
| Qualcomm Incorporated | 412 | 45250 |
| Seagate Technology Holdings Public Limited Company | 1050 | 55216 |
| Skyworks Solutions, Inc. | 276 | 25196 |
| Texas Instruments Incorporated | 399 | 65989 |
| Visa Inc. - Class A | 92 | 19025 |
|  |  | 1264479 |
| **Health Care 16.1%** | **Health Care 16.1%** | **Health Care 16.1%** |
| Amgen Inc. | 188 | 49429 |
| Biogen Inc. (a) | 51 | 14057 |
| Cardinal Health, Inc. | 695 | 53394 |
| Centene Corporation (a) | 424 | 34751 |
| Cigna Corporation | 156 | 51562 |
| CVS Health Corporation | 385 | 35917 |
| Edwards Lifesciences Corporation (a) | 178 | 13256 |
| Elevance Health, Inc. | 44 | 22638 |
| Eli Lilly and Company | 168 | 61370 |
| Gilead Sciences, Inc. | 804 | 69000 |
| Humana Inc. | 18 | 9254 |
| Johnson & Johnson | 233 | 41140 |
| Laboratory Corporation of America Holdings | 39 | 9298 |
| McKesson Corporation | 214 | 80200 |
| Medtronic, Inc. | 126 | 9770 |
| Merck & Co., Inc. | 909 | 100839 |
| Pfizer Inc. | 1627 | 83366 |
| Quest Diagnostics Incorporated | 147 | 22997 |
| Regeneron Pharmaceuticals, Inc. (a) | 64 | 46002 |
| UnitedHealth Group Incorporated | 35 | 18805 |
|  |  | 827045 |
| **Consumer Discretionary 12.6%** | **Consumer Discretionary 12.6%** | **Consumer Discretionary 12.6%** |
| Advance Auto Parts, Inc. | 148 | 21819 |
| AutoZone, Inc. (a) | 35 | 85848 |
| Best Buy Co., Inc. | 130 | 10399 |
| Darden Restaurants, Inc. | 146 | 20158 |
| Dollar Tree, Inc. (a) | 136 | 19203 |
| Genuine Parts Company | 226 | 39272 |
| Hasbro, Inc. | 158 | 9650 |
| Lennar Corporation - Class A | 353 | 31970 |
| Lowe`s Companies, Inc. | 275 | 54735 |
| NVR, Inc. (a) | 11 | 48820 |
| O'Reilly Automotive, Inc. (a) | 160 | 135165 |
| Ralph Lauren Corporation - Class A | 184 | 19399 |
| Tapestry, Inc. | 531 | 20233 |
| The Home Depot, Inc. | 188 | 59391 |
| V.F. Corporation | 703 | 19421 |
| Whirlpool Corporation | 359 | 50746 |
|  |  | 646229 |
| **Financials 9.7%** | **Financials 9.7%** | **Financials 9.7%** |
| American Express Company | 103 | 15163 |
| Ameriprise Financial, Inc. | 65 | 20186 |
| AON Public Limited Company - Class A | 102 | 30748 |
| Arch Capital Group Ltd. (a) | 332 | 20812 |
| Arthur J. Gallagher & Co. | 101 | 19128 |
| Discover Financial Services | 249 | 24312 |
| Franklin Resources, Inc. | 350 | 9231 |
| Huntington Bancshares Incorporated | 1354 | 19096 |
| Invesco Ltd. | 556 | 10011 |
| Lincoln National Corporation | 255 | 7834 |
| M&T Bank Corporation | 101 | 14700 |
| Moody's Corporation | 100 | 27723 |
| Northern Trust Corporation | 581 | 51404 |
| Principal Financial Group, Inc. | 466 | 39113 |
| Prudential Financial, Inc. | 281 | 27930 |
| The Charles Schwab Corporation | 236 | 19668 |
| The Hartford Financial Services Group, Inc. | 287 | 21775 |
| The Progressive Corporation | 150 | 19494 |
| Truist Financial Corporation | 212 | 9133 |
| W. R. Berkley Corporation | 544 | 39512 |
| Wells Fargo & Company | 374 | 15427 |
| Zions Bancorporation, National Association | 716 | 35178 |
|  |  | 497578 |
| **Communication Services 8.7%** | **Communication Services 8.7%** | **Communication Services 8.7%** |
| Alphabet Inc. - Class A (a) | 412 | 36329 |
| Comcast Corporation - Class A | 1301 | 45512 |
| Electronic Arts Inc. | 297 | 36284 |
| Omnicom Group Inc. | 1662 | 135564 |
| Paramount Global - Class B | 495 | 8352 |
| The Interpublic Group of Companies, Inc. | 3277 | 109153 |
| Verizon Communications Inc. | 1918 | 75551 |
|  |  | 446745 |
| **Industrials 6.8%** | **Industrials 6.8%** | **Industrials 6.8%** |
| 3M Company | 223 | 26700 |
| C.H. Robinson Worldwide, Inc. | 99 | 9072 |
| Equifax Inc. | 91 | 17751 |
| General Dynamics Corporation | 41 | 10142 |
| J. B. Hunt Transport Services, Inc. | 203 | 35478 |
| Lockheed Martin Corporation | 131 | 63481 |
| Northrop Grumman Corporation | 76 | 41334 |
| PACCAR Inc | 113 | 11215 |
| Quanta Services, Inc. | 130 | 18566 |
| Republic Services, Inc. | 166 | 21397 |
| Snap-on Incorporated | 51 | 11645 |
| Stanley Black & Decker, Inc. | 226 | 16953 |
| Textron Inc. | 296 | 20991 |
| United Parcel Service, Inc. - Class B | 157 | 27311 |
| W. W. Grainger, Inc. | 33 | 18319 |
|  |  | 350355 |
| **Consumer Staples 6.7%** | **Consumer Staples 6.7%** | **Consumer Staples 6.7%** |
| Altria Group, Inc. | 1871 | 85543 |
| Archer-Daniels-Midland Company | 413 | 38362 |
| Colgate-Palmolive Company | 750 | 59062 |
| Costco Wholesale Corporation | 38 | 17541 |
| General Mills, Inc. | 240 | 20112 |
| Kimberly-Clark Corporation | 153 | 20824 |
| Philip Morris International Inc. | 302 | 30603 |
| The Hershey Company | 84 | 19556 |
| The Kroger Co. | 426 | 19005 |
| Tyson Foods, Inc. - Class A | 116 | 7196 |
| Walgreens Boots Alliance, Inc. | 761 | 28421 |
|  |  | 346225 |
| **Energy 4.5%** | **Energy 4.5%** | **Energy 4.5%** |
| Apa Corp. | 301 | 14033 |
| Coterra Energy Inc. | 1307 | 32118 |
| EOG Resources, Inc. | 487 | 63099 |
| ONEOK, Inc. | 457 | 30051 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Pioneer Natural Resources Company | 241 | 54936 |
| Valero Energy Corporation | 303 | 38441 |
| | | 232678 |
| **Materials 3.3%** | **Materials 3.3%** | **Materials 3.3%** |
| FMC Corporation | 170 | 21270 |
| LyondellBasell Industries N.V. - Class A | 557 | 46260 |
| Nucor Corporation | 772 | 101740 |
|  |  | 169270 |
| **Utilities 3.3%** | **Utilities 3.3%** | **Utilities 3.3%** |
| Consolidated Edison, Inc. | 188 | 17963 |
| Edison International | 298 | 18955 |
| Exelon Corporation | 885 | 38259 |
| NRG Energy, Inc. | 988 | 31446 |
| Pinnacle West Capital Corporation | 395 | 30059 |
| PPL Corporation | 409 | 11960 |
| Sempra Energy | 120 | 18468 |
|  |  | 167110 |
| **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** |
| Extra Space Storage Inc. | 106 | 15607 |
| Public Storage | 67 | 18676 |
| Realty Income Corporation | 270 | 17112 |
| Simon Property Group, Inc. | 92 | 10780 |
| Vornado Realty Trust (b) | 983 | 20459 |
| Weyerhaeuser Company | 2235 | 69288 |
|  |  | 151922 |
| Total Common Stocks (cost $5,216,291) | Total Common Stocks (cost $5,216,291) | 5099636 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 27546 | 27546 |
| Total Short Term Investments (cost $27,546) | Total Short Term Investments (cost $27,546) | 27546 |
| **Total Investments 99.9% (cost $5,243,837)** | **Total Investments 99.9% (cost $5,243,837)** | **5127182** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **6867** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **5134049** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** | **JNL/Goldman Sachs 4 Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 5099636 |  |  | 5099636 |
| &nbsp;&nbsp;Short Term Investments | 27546 |  |  | 27546 |
|  | 5127182 |  |  | 5127182 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** |
| **COMMON STOCKS 91.7%** | **COMMON STOCKS 91.7%** | **COMMON STOCKS 91.7%** |
| **India 33.8%** | **India 33.8%** | **India 33.8%** |
| Bajaj Finserv Limited | 177 | 3312 |
| Bharti Airtel Limited | 1360 | 13263 |
| Cipla Limited | 650 | 8459 |
| Coal India Ltd Govt Of India Undertaking | 1824 | 4976 |
| HDFC Asset Management Company Limited | 346 | 9139 |
| Housing Development Finance Corporation Limited | 1089 | 34744 |
| ICICI Bank Limited | 1732 | 18719 |
| ITC Limited | 10728 | 43048 |
| JSW Steel Limited | 678 | 6299 |
| NTPC Limited | 3364 | 6777 |
| Power Grid Corporation of India Limited | 3040 | 7854 |
| Reliance Industries Limited | 768 | 23664 |
| State Bank of India | 2246 | 16672 |
| Sun Pharma Advanced Research Company Limited | 1119 | 13561 |
| Tata Steel Limited | 6046 | 8261 |
|  |  | 218748 |
| **Brazil 14.5%** | **Brazil 14.5%** | **Brazil 14.5%** |
| B3 S.A. - Brasil, Bolsa, Balcao | 1527 | 3808 |
| Banco BTG Pactual S/A | 1584 | 7151 |
| Centrais Eletricas Brasileiras S/A | 2325 | 18458 |
| Petroleo Brasileiro S/A Petrobras. - ADR | 2497 | 26590 |
| Vale S.A. | 2248 | 38072 |
|  |  | 94079 |
| **United States of America 6.4%** | **United States of America 6.4%** | **United States of America 6.4%** |
| Exxon Mobil Corporation | 150 | 16596 |
| Philip Morris International Inc. | 178 | 18058 |
| The Coca-Cola Company | 102 | 6495 |
|  |  | 41149 |
| **Mexico 6.0%** | **Mexico 6.0%** | **Mexico 6.0%** |
| America Movil, S.A.B. De C.V. | 14466 | 13125 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 1388 | 9968 |
| Wal - Mart de Mexico, S.A.B. de C.V. | 4424 | 15637 |
|  |  | 38730 |
| **Netherlands 5.9%** | **Netherlands 5.9%** | **Netherlands 5.9%** |
| ASML Holding N.V. | 15 | 8217 |
| Heineken N.V. | 159 | 15009 |
| Shell PLC - Class A | 533 | 15125 |
|  |  | 38351 |
| **China 5.6%** | **China 5.6%** | **China 5.6%** |
| Baoshan Iron & Steel Co., Ltd. - Class A | 5793 | 4652 |
| China Hongqiao Group Limited | 142 | 134 |
| China Overseas Land & Investment Limited | 250 | 656 |
| China Resources Land Limited | 165 | 748 |
| China Shenhua Energy Company Limited - Class H | 453 | 1311 |
| PetroChina Company Limited - Class H | 23964 | 10923 |
| PICC Property and Casualty Company Limited - Class H | 4827 | 4565 |
| Ping An Insurance (Group) Co of China Ltd - Class A | 855 | 5761 |
| Wuliangye Yibin Co., Ltd. - Class A | 172 | 4452 |
| Zijin Mining Group Co., Ltd. - Class A | 2172 | 3110 |
|  |  | 36312 |
| **Indonesia 4.5%** | **Indonesia 4.5%** | **Indonesia 4.5%** |
| PT Bank Mandiri (Persero) Tbk. | 20244 | 12864 |
| PT. Bank Central Asia Tbk | 29446 | 16105 |
| Pt. Bank Negara Indonesia (Persero) Tbk. | 409 | 242 |
|  |  | 29211 |
| **France 3.9%** | **France 3.9%** | **France 3.9%** |
| TotalEnergies SE (a) | 402 | 25248 |
| **Taiwan 3.3%** | **Taiwan 3.3%** | **Taiwan 3.3%** |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 191 | 14199 |
| Taiwan Semiconductor Manufacturing Company Limited | 513 | 7457 |
|  |  | 21656 |
| **South Korea 2.2%** | **South Korea 2.2%** | **South Korea 2.2%** |
| POSCO Holdings Inc. | 38 | 8354 |
| SK Telecom Co., Ltd. | 154 | 5738 |
|  |  | 14092 |
| **Turkey 1.4%** | **Turkey 1.4%** | **Turkey 1.4%** |
| Akbank T.A.S - Class A | 1040 | 1094 |
| BIM Birlesik Magazalar A.S. - Class A | 44 | 325 |
| KOC Holding Anonim Sirketi - Class A | 192 | 863 |
| Turk Hava Yollari A.O. - Class A (b) | 580 | 4383 |
| Turkiye Garanti Bankasi A.S. - Class A | 433 | 699 |
| Turkiye Petrol Rafinerileri Anonim Sirketi Tupras - Class A (b) | 60 | 1695 |
|  |  | 9059 |
| **Italy 1.4%** | **Italy 1.4%** | **Italy 1.4%** |
| Eni S.p.A. | 624 | 8899 |
| **Thailand 1.3%** | **Thailand 1.3%** | **Thailand 1.3%** |
| KASIKORNBANK Public Company Limited | 2056 | 8760 |
| **United Kingdom 1.0%** | **United Kingdom 1.0%** | **United Kingdom 1.0%** |
| Unilever PLC | 117 | 5873 |
| Unilever PLC - ADR (a) | 6 | 312 |
|  |  | 6185 |
| **Macau 0.3%** | **Macau 0.3%** | **Macau 0.3%** |
| Sands China Ltd. (b) | 527 | 1735 |
| **South Africa 0.2%** | **South Africa 0.2%** | **South Africa 0.2%** |
| Standard Bank Group Limited | 148 | 1460 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Polymetal International PLC (b) (c) (d) | 85 |  |
| Public Joint Stock Company Gazprom (b) (c) (d) | 2924 |  |
| Public Joint Stock Company Oil Company Rosneft (b) (c) (d) | 2349 |  |
| Public Joint Stock Company Polyus (b) (c) (d) | 42 |  |
| Public Joint Stock Society Oil Company Lukoil (b) (c) (d) | 202 |  |
| Publichnoe Aktsionernoe Obshchestvo Severstal (b) (c) (d) | 75 |  |
| Total Common Stocks (cost $639,277) | Total Common Stocks (cost $639,277) | 593674 |
| **PREFERRED STOCKS 6.5%** | **PREFERRED STOCKS 6.5%** | **PREFERRED STOCKS 6.5%** |
| **Brazil 6.5%** | **Brazil 6.5%** | **Brazil 6.5%** |
| Banco Bradesco S.A. (e) | 1928 | 5533 |
| Itau Unibanco Holding S.A. (e) | 4128 | 19547 |
| Petroleo Brasileiro S/A Petrobras. (e) | 3695 | 17144 |
| Total Preferred Stocks (cost $47,245) | Total Preferred Stocks (cost $47,245) | 42224 |
| **SHORT TERM INVESTMENTS 6.3%** | **SHORT TERM INVESTMENTS 6.3%** | **SHORT TERM INVESTMENTS 6.3%** |
| **Securities Lending Collateral 4.0%** | **Securities Lending Collateral 4.0%** | **Securities Lending Collateral 4.0%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (f) (g) | 26203 | 26203 |
| **Investment Companies 2.3%** | **Investment Companies 2.3%** | **Investment Companies 2.3%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (f) (g) | 14833 | 14833 |
| Total Short Term Investments (cost $41,036) | Total Short Term Investments (cost $41,036) | 41036 |
| **Total Investments 104.5% (cost $727,558)** | **Total Investments 104.5% (cost $727,558)** | **676934** |
| **Other Assets and Liabilities, Net (4.5)%** | **Other Assets and Liabilities, Net (4.5)%** | **(29375)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **647559** |

---

(a) All or a portion of the security was on loan as of December 31, 2022.

(b) Non-income producing security.

(c) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(d) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(e) Convertible security.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/GQG Emerging Markets Equity Fund — Restricted Securities** | **JNL/GQG Emerging Markets Equity Fund — Restricted Securities** | **JNL/GQG Emerging Markets Equity Fund — Restricted Securities** | **JNL/GQG Emerging Markets Equity Fund — Restricted Securities** | **JNL/GQG Emerging Markets Equity Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Polymetal International PLC | 02/18/22 | 1294 |  |  |
| Public Joint Stock Company Gazprom | 08/27/21 | 13221 |  |  |
| Public Joint Stock Company Oil Company Rosneft | 03/09/21 | 18442 |  |  |
| Public Joint Stock Company Polyus | 03/10/20 | 6921 |  |  |
| Public Joint Stock Society Oil Company Lukoil | 02/25/21 | 17029 |  |  |
| Publichnoe Aktsionernoe Obshchestvo Severstal | 06/25/21 | 1642 |  |  |
|  |  | 58549 |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/GQG Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL/GQG Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL/GQG Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL/GQG Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL/GQG Emerging Markets Equity Fund — Forward Foreign Currency Contracts** | **JNL/GQG Emerging Markets Equity Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/ZAR<br> BBH | 01/03/23 | ZAR | (1292) | (76) | (1) |
| USD/ZAR<br> BBH | 01/04/23 | ZAR | (2221) | (131) | 1 |
| USD/ZAR<br> BBH | 01/05/23 | ZAR | (836) | (49) |  |
|  |  |  |  | (256) |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 120980 | 472694 |  | 593674 |
| &nbsp;&nbsp;Preferred Stocks | 42224 |  |  | 42224 |
| &nbsp;&nbsp;Short Term Investments | 41036 |  |  | 41036 |
|  | 204240 | 472694 |  | 676934 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 1 |  | 1 |
|  |  | 1 |  | 1 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (1) |  | (1) |
|  |  | (1) |  | (1) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Harris Oakmark Global Equity Fund** | **JNL/Harris Oakmark Global Equity Fund** | **JNL/Harris Oakmark Global Equity Fund** |
| **COMMON STOCKS 97.0%** | **COMMON STOCKS 97.0%** | **COMMON STOCKS 97.0%** |
| **United States of America 42.7%** | **United States of America 42.7%** | **United States of America 42.7%** |
| Alphabet Inc. - Class A (a) | 442 | 39035 |
| Amazon.com, Inc. (a) | 303 | 25427 |
| American International Group, Inc. | 279 | 17655 |
| Bank of America Corporation | 449 | 14861 |
| Berkshire Hathaway Inc. - Class B (a) | 56 | 17422 |
| BlackRock, Inc. | 29 | 20203 |
| Booking Holdings Inc. (a) | 7 | 14959 |
| Capital One Financial Corporation | 121 | 11257 |
| Charter Communications, Inc. - Class A (a) | 53 | 17882 |
| Fiserv, Inc. (a) | 280 | 28300 |
| General Motors Company | 418 | 14060 |
| HCA Healthcare, Inc. | 90 | 21586 |
| Hilton Worldwide Holdings Inc. | 75 | 9464 |
| Intercontinental Exchange, Inc. | 127 | 13008 |
| Parker-Hannifin Corporation | 30 | 8701 |
| Salesforce, Inc. (a) | 156 | 20697 |
| Visa Inc. - Class A | 41 | 8497 |
| Warner Bros. Discovery, Inc. - Series A (a) | 504 | 4778 |
|  |  | 307792 |
| **Germany 18.7%** | **Germany 18.7%** | **Germany 18.7%** |
| Allianz SE | 109 | 23507 |
| Bayer Aktiengesellschaft - Class N | 400 | 20750 |
| Daimler Truck Holding AG (a) | 594 | 18537 |
| Fresenius SE & Co. KGaA | 684 | 19299 |
| Henkel AG & Co. KGaA | 112 | 7224 |
| Mercedes-Benz Group AG - Class N | 442 | 29238 |
| SAP SE | 157 | 16285 |
|  |  | 134840 |
| **France 10.2%** | **France 10.2%** | **France 10.2%** |
| BNP Paribas | 534 | 30489 |
| Danone | 173 | 9164 |
| Kering | 29 | 14619 |
| Worldline (a) (b) | 485 | 19062 |
|  |  | 73334 |
| **Switzerland 9.8%** | **Switzerland 9.8%** | **Switzerland 9.8%** |
| Credit Suisse Group AG - Class N (c) | 3254 | 9746 |
| Glencore PLC | 2043 | 13789 |
| Julius Bar Gruppe AG - Class N | 370 | 21665 |
| Lafarge | 304 | 15781 |
| Novartis AG - Class N | 105 | 9501 |
|  |  | 70482 |
| **Netherlands 6.4%** | **Netherlands 6.4%** | **Netherlands 6.4%** |
| CNH Industrial N.V. | 1358 | 21856 |
| Prosus N.V. - Class N | 350 | 24208 |
|  |  | 46064 |
| **United Kingdom 3.2%** | **United Kingdom 3.2%** | **United Kingdom 3.2%** |
| Liberty Global PLC - Class A (a) | 545 | 10319 |
| WPP 2012 Limited | 1302 | 12929 |
|  |  | 23248 |
| **China 2.6%** | **China 2.6%** | **China 2.6%** |
| Alibaba Group Holding Limited (a) (b) | 1672 | 18288 |
| **South Korea 2.5%** | **South Korea 2.5%** | **South Korea 2.5%** |
| NAVER Corporation | 128 | 18051 |
| **Denmark 0.9%** | **Denmark 0.9%** | **Denmark 0.9%** |
| DSV A/S | 43 | 6717 |
| Total Common Stocks (cost $691,954) | Total Common Stocks (cost $691,954) | 698816 |
| **PREFERRED STOCKS 2.0%** | **PREFERRED STOCKS 2.0%** | **PREFERRED STOCKS 2.0%** |
| **South Korea 1.8%** | **South Korea 1.8%** | **South Korea 1.8%** |
| Samsung Electronics Co Ltd, 1.00% (d) | 318 | 12716 |
| **Germany 0.2%** | **Germany 0.2%** | **Germany 0.2%** |
| Henkel AG & Co. KGaA (e) | 27 | 1865 |
| Total Preferred Stocks (cost $19,558) | Total Preferred Stocks (cost $19,558) | 14581 |
| **SHORT TERM INVESTMENTS 1.1%** | **SHORT TERM INVESTMENTS 1.1%** | **SHORT TERM INVESTMENTS 1.1%** |
| **Investment Companies 1.1%** | **Investment Companies 1.1%** | **Investment Companies 1.1%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (f) (g) | 8183 | 8183 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (f) (g) | 21 | 21 |
| Total Short Term Investments (cost $8,204) | Total Short Term Investments (cost $8,204) | 8204 |
| **Total Investments 100.1% (cost $719,716)** | **Total Investments 100.1% (cost $719,716)** | **721601** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | (720) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **720881** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) All or a portion of the security was on loan as of December 31, 2022.

(d) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(e) Convertible security.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Harris Oakmark Global Equity Fund — Restricted Securities** | **JNL/Harris Oakmark Global Equity Fund — Restricted Securities** | **JNL/Harris Oakmark Global Equity Fund — Restricted Securities** | **JNL/Harris Oakmark Global Equity Fund — Restricted Securities** | **JNL/Harris Oakmark Global Equity Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Alibaba Group Holding Limited | 03/08/21 | 29214 | 18288 | 2.5 |
| Worldline | 11/01/21 | 26515 | 19062 | 2.7 |
|  |  | 55729 | 37350 | 5.2 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Harris Oakmark Global Equity Fund — Forward Foreign Currency Contracts** | **JNL/Harris Oakmark Global Equity Fund — Forward Foreign Currency Contracts** | **JNL/Harris Oakmark Global Equity Fund — Forward Foreign Currency Contracts** | **JNL/Harris Oakmark Global Equity Fund — Forward Foreign Currency Contracts** | **JNL/Harris Oakmark Global Equity Fund — Forward Foreign Currency Contracts** | **JNL/Harris Oakmark Global Equity Fund — Forward Foreign Currency Contracts** | **JNL/Harris Oakmark Global Equity Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/CHF | SSB | 01/03/23 | CHF | (52) | (56) |  |
| USD/CHF | SSB | 01/04/23 | CHF | (92) | (99) |  |
| USD/EUR | SSB | 01/03/23 | EUR | (27) | (29) |  |
|  |  |  |  |  | (184) |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Harris Oakmark Global Equity Fund** | **JNL/Harris Oakmark Global Equity Fund** | **JNL/Harris Oakmark Global Equity Fund** | **JNL/Harris Oakmark Global Equity Fund** | **JNL/Harris Oakmark Global Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States of America | 307792 |  |  | 307792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 134840 |  | 134840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 73334 |  | 73334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 70482 |  | 70482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 46064 |  | 46064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 10319 | 12929 |  | 23248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 18288 |  | 18288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 18051 |  | 18051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 6717 |  | 6717 |
| &nbsp;&nbsp;Preferred Stocks | 14581 |  |  | 14581 |
| &nbsp;&nbsp;Short Term Investments | 8204 |  |  | 8204 |
|  | 340896 | 380705 |  | 721601 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  |  |  |  |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  |  |  |  |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Heitman U.S. Focused Real Estate Fund** | **JNL/Heitman U.S. Focused Real Estate Fund** | **JNL/Heitman U.S. Focused Real Estate Fund** |
| **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** |
| **Real Estate 99.4%** | **Real Estate 99.4%** | **Real Estate 99.4%** |
| Agree Realty Corporation | 79 | 5571 |
| Alexandria Real Estate Equities, Inc. | 67 | 9770 |
| American Tower Corporation | 105 | 22189 |
| Boston Properties, Inc. | 69 | 4687 |
| Brixmor Property Group Inc. | 87 | 1982 |
| CENTERSPACE | 35 | 2030 |
| CTO Realty Growth, Inc. | 61 | 1118 |
| EPR Properties | 102 | 3853 |
| Equinix, Inc. | 20 | 13015 |
| Equity Residential | 144 | 8486 |
| Gaming and Leisure Properties, Inc. | 195 | 10184 |
| Host Hotels & Resorts, Inc. | 401 | 6432 |
| Invitation Homes Inc. | 230 | 6828 |
| Kite Realty Naperville, LLC | 468 | 9856 |
| Life Storage Inc. | 59 | 5855 |
| Medical Properties Trust, Inc. | 473 | 5268 |
| Netstreit Corp. | 310 | 5675 |
| Postal Realty Trust, Inc. - Class A (a) | 161 | 2333 |
| ProLogis Inc. | 198 | 22321 |
| Public Storage | 36 | 10145 |
| Rexford Industrial Realty, Inc. | 125 | 6825 |
| SBA Communications Corporation | 59 | 16567 |
| Simon Property Group, Inc. | 61 | 7220 |
| Sun Communities, Inc. | 79 | 11240 |
| UDR, Inc. | 194 | 7502 |
| Urban Edge Properties | 214 | 3020 |
| Welltower OP LLC | 189 | 12417 |
| Weyerhaeuser Company | 84 | 2590 |
| Total Common Stocks (cost $250,626) | Total Common Stocks (cost $250,626) | 224979 |
| **Total Investments 99.4% (cost $250,626)** | **Total Investments 99.4% (cost $250,626)** | **224979** |
| **Other Assets and Liabilities, Net 0.6%** | **Other Assets and Liabilities, Net 0.6%** | **1329** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **226308** |

---

(a) All or a portion of the security was on loan as of December 31, 2022.

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Heitman U.S. Focused Real Estate Fund** | **JNL/Heitman U.S. Focused Real Estate Fund** | **JNL/Heitman U.S. Focused Real Estate Fund** | **JNL/Heitman U.S. Focused Real Estate Fund** | **JNL/Heitman U.S. Focused Real Estate Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 224979 |  |  | 224979 |
|  | 224979 |  |  | 224979 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** |
| **COMMON STOCKS 95.5%** | **COMMON STOCKS 95.5%** | **COMMON STOCKS 95.5%** |
| **Health Care 19.9%** | **Health Care 19.9%** | **Health Care 19.9%** |
| AbbVie Inc. | 48 | 7727 |
| Becton, Dickinson and Company | 68 | 17276 |
| CVS Health Corporation | 284 | 26487 |
| Elevance Health, Inc. | 31 | 15830 |
| Eli Lilly and Company | 31 | 11471 |
| Johnson & Johnson | 210 | 37072 |
| Medtronic, Inc. | 193 | 14998 |
| Merck & Co., Inc. | 237 | 26289 |
| Stryker Corporation | 44 | 10767 |
| Thermo Fisher Scientific Inc. | 43 | 23437 |
| UnitedHealth Group Incorporated | 35 | 18454 |
|  |  | 209808 |
| **Financials 18.2%** | **Financials 18.2%** | **Financials 18.2%** |
| American Express Company | 87 | 12834 |
| Bank of America Corporation | 701 | 23214 |
| CME Group Inc. - Class A | 50 | 8422 |
| Comerica Incorporated | 126 | 8423 |
| Fifth Third Bancorp | 204 | 6686 |
| M&T Bank Corporation | 83 | 12028 |
| Morgan Stanley | 116 | 9872 |
| S&P Global Inc. | 46 | 15313 |
| State Street Corporation | 185 | 14350 |
| The Charles Schwab Corporation | 272 | 22644 |
| The Hartford Financial Services Group, Inc. | 255 | 19347 |
| The Travelers Companies, Inc. | 99 | 18544 |
| Wells Fargo & Company | 508 | 20966 |
|  |  | 192643 |
| **Industrials 10.4%** | **Industrials 10.4%** | **Industrials 10.4%** |
| ABB Ltd - Class N | 258 | 7866 |
| Booz Allen Hamilton Holding Corporation - Class A | 70 | 7320 |
| Caterpillar Inc. | 30 | 7268 |
| Parker-Hannifin Corporation | 52 | 15056 |
| Raytheon Technologies Corporation | 300 | 30271 |
| Trane Technologies Public Limited Company | 73 | 12279 |
| Union Pacific Corporation | 62 | 12895 |
| United Parcel Service, Inc. - Class B | 99 | 17301 |
|  |  | 110256 |
| **Energy 10.4%** | **Energy 10.4%** | **Energy 10.4%** |
| Chevron Corporation | 232 | 41642 |
| ConocoPhillips | 238 | 28050 |
| Exxon Mobil Corporation | 269 | 29647 |
| Pioneer Natural Resources Company | 46 | 10586 |
|  |  | 109925 |
| **Information Technology 9.0%** | **Information Technology 9.0%** | **Information Technology 9.0%** |
| Accenture Public Limited Company - Class A | 22 | 6002 |
| Analog Devices, Inc. | 56 | 9164 |
| Broadcom Inc. | 11 | 6050 |
| Intuit Inc. | 25 | 9763 |
| Lam Research Corporation | 21 | 8825 |
| Microsoft Corporation | 95 | 22727 |
| TE Connectivity Ltd. (a) | 116 | 13367 |
| Visa Inc. - Class A | 92 | 19116 |
|  |  | 95014 |
| **Consumer Staples 7.9%** | **Consumer Staples 7.9%** | **Consumer Staples 7.9%** |
| Kraft Foods Group, Inc. | 570 | 23220 |
| L'Oreal | 25 | 9121 |
| Nestle S.A. - Class N | 106 | 12244 |
| The Coca-Cola Company | 248 | 15749 |
| Walmart Inc. | 166 | 23521 |
|  |  | 83855 |
| **Consumer Discretionary 6.5%** | **Consumer Discretionary 6.5%** | **Consumer Discretionary 6.5%** |
| Columbia Sportswear Company | 59 | 5145 |
| Lowe`s Companies, Inc. | 73 | 14534 |
| McDonald's Corporation | 56 | 14821 |
| Starbucks Corporation | 116 | 11486 |
| Target Corporation | 104 | 15504 |
| The TJX Companies, Inc. | 95 | 7532 |
|  |  | 69022 |
| **Utilities 5.6%** | **Utilities 5.6%** | **Utilities 5.6%** |
| American Electric Power Company, Inc. | 138 | 13080 |
| Dominion Energy, Inc. | 245 | 15055 |
| Entergy Corporation | 140 | 15713 |
| Public Service Enterprise Group Incorporated | 240 | 14727 |
|  |  | 58575 |
| **Communication Services 3.9%** | **Communication Services 3.9%** | **Communication Services 3.9%** |
| Comcast Corporation - Class A | 502 | 17548 |
| Deutsche Telekom AG - Class N | 537 | 10728 |
| Verizon Communications Inc. | 317 | 12491 |
|  |  | 40767 |
| **Real Estate 1.9%** | **Real Estate 1.9%** | **Real Estate 1.9%** |
| Crown Castle Inc. | 91 | 12318 |
| Weyerhaeuser Company | 244 | 7565 |
|  |  | 19883 |
| **Materials 1.8%** | **Materials 1.8%** | **Materials 1.8%** |
| Avery Dennison Corporation | 28 | 5095 |
| DuPont de Nemours, Inc. | 203 | 13941 |
|  |  | 19036 |
| Total Common Stocks (cost $919,197) | Total Common Stocks (cost $919,197) | 1008784 |
| **SHORT TERM INVESTMENTS 4.3%** | **SHORT TERM INVESTMENTS 4.3%** | **SHORT TERM INVESTMENTS 4.3%** |
| **Investment Companies 4.3%** | **Investment Companies 4.3%** | **Investment Companies 4.3%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (b) (c) | 45346 | 45346 |
| Total Short Term Investments (cost $45,346) | Total Short Term Investments (cost $45,346) | 45346 |
| **Total Investments 99.8% (cost $964,543)** | **Total Investments 99.8% (cost $964,543)** | **1054130** |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **2560** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1056690** |

---

(a) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Invesco Diversified Dividend Fund — Restricted Securities** | **JNL/Invesco Diversified Dividend Fund — Restricted Securities** | **JNL/Invesco Diversified Dividend Fund — Restricted Securities** | **JNL/Invesco Diversified Dividend Fund — Restricted Securities** | **JNL/Invesco Diversified Dividend Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| TE Connectivity Ltd. | 07/27/21 | 16109 | 13367 | 1.3 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 968825 | 39959 |  | 1008784 |
| &nbsp;&nbsp;Short Term Investments | 45346 |  |  | 45346 |
|  | 1014171 | 39959 |  | 1054130 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** |
| **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** |
| **United States of America 52.2%** | **United States of America 52.2%** | **United States of America 52.2%** |
| Adobe Inc. (a) | 132 | 44558 |
| Agilent Technologies, Inc. | 198 | 29647 |
| Alphabet Inc. - Class A (a) | 1614 | 142415 |
| Amazon.com, Inc. (a) | 134 | 11221 |
| Analog Devices, Inc. | 460 | 75511 |
| Avantor, Inc. (a) | 377 | 7943 |
| Boston Scientific Corporation (a) | 101 | 4678 |
| Charles River Laboratories International, Inc. (a) | 28 | 6028 |
| Charter Communications, Inc. - Class A (a) | 17 | 5863 |
| Danaher Corporation | 32 | 8534 |
| Datadog, Inc. - Class A (a) | 39 | 2877 |
| Dun & Bradstreet Holdings, Inc. | 183 | 2239 |
| Ecolab Inc. | 31 | 4500 |
| Equifax Inc. | 146 | 28337 |
| Fidelity National Information Services, Inc. | 77 | 5212 |
| IDEXX Laboratories, Inc. (a) | 12 | 4739 |
| Illumina, Inc. (a) | 54 | 10967 |
| Intuit Inc. | 176 | 68430 |
| Intuitive Surgical, Inc. (a) | 48 | 12699 |
| IQVIA Holdings Inc (a) | 73 | 15011 |
| Lam Research Corporation | 4 | 1569 |
| Marriott International, Inc. - Class A | 57 | 8495 |
| Marvell Technology, Inc. | 440 | 16298 |
| Meta Platforms, Inc. - Class A (a) | 373 | 44917 |
| Microsoft Corporation | 89 | 21356 |
| NVIDIA Corporation | 46 | 6787 |
| Phathom Pharmaceuticals, Inc. (a) (b) | 205 | 2295 |
| Qualtrics International Inc. - Class A (a) | 355 | 3683 |
| S&P Global Inc. | 212 | 70983 |
| Splunk Inc. (a) | 69 | 5898 |
| The Walt Disney Company (a) | 24 | 2045 |
| United Parcel Service, Inc. - Class B | 195 | 33944 |
| Visa Inc. - Class A | 145 | 30030 |
|  |  | 739709 |
| **France 9.3%** | **France 9.3%** | **France 9.3%** |
| Dassault Systemes | 162 | 5839 |
| EssilorLuxottica | 47 | 8638 |
| Kering | 65 | 33151 |
| LVMH Moet Hennessy Louis Vuitton | 113 | 82125 |
| Pernod Ricard | 11 | 2256 |
|  |  | 132009 |
| **Japan 6.4%** | **Japan 6.4%** | **Japan 6.4%** |
| Keyence Corporation | 110 | 42921 |
| Murata Manufacturing Co., Ltd. | 506 | 25155 |
| Nidec Corporation | 25 | 1287 |
| OMRON Corporation | 65 | 3134 |
| TDK Corporation | 551 | 18050 |
|  |  | 90547 |
| **China 6.4%** | **China 6.4%** | **China 6.4%** |
| JD.com, Inc. - Class A - ADR | 1218 | 68348 |
| Meituan - Class B (a) (c) | 578 | 12778 |
| Tencent Holdings Limited | 212 | 9025 |
|  |  | 90151 |
| **Netherlands 6.0%** | **Netherlands 6.0%** | **Netherlands 6.0%** |
| Airbus SE | 583 | 69527 |
| ASML Holding N.V. | 30 | 16072 |
|  |  | 85599 |
| **India 5.5%** | **India 5.5%** | **India 5.5%** |
| DLF Limited | 10824 | 49168 |
| ICICI Bank Limited - ADR | 1300 | 28464 |
|  |  | 77632 |
| **Sweden 4.2%** | **Sweden 4.2%** | **Sweden 4.2%** |
| Assa Abloy AB - Class B | 1165 | 25068 |
| Atlas Copco Aktiebolag - Class A | 2912 | 34523 |
|  |  | 59591 |
| **Denmark 4.0%** | **Denmark 4.0%** | **Denmark 4.0%** |
| Novo Nordisk A/S - Class B | 418 | 56513 |
| **Germany 2.1%** | **Germany 2.1%** | **Germany 2.1%** |
| Allianz SE | 20 | 4414 |
| SAP SE | 238 | 24651 |
|  |  | 29065 |
| **Switzerland 0.8%** | **Switzerland 0.8%** | **Switzerland 0.8%** |
| Lonza Group AG | 24 | 11637 |
| **Spain 0.7%** | **Spain 0.7%** | **Spain 0.7%** |
| Amadeus IT Group, S.A. (a) (c) | 203 | 10574 |
| **Italy 0.7%** | **Italy 0.7%** | **Italy 0.7%** |
| Brunello Cucinelli S.p.A. | 141 | 10469 |
| **Brazil 0.2%** | **Brazil 0.2%** | **Brazil 0.2%** |
| StoneCo Ltd. - Class A (a) | 343 | 3239 |
| **Israel 0.2%** | **Israel 0.2%** | **Israel 0.2%** |
| Nice Ltd - ADR (a) | 15 | 2961 |
| **Canada 0.2%** | **Canada 0.2%** | **Canada 0.2%** |
| Canadian Pacific Railway Limited | 28 | 2117 |
| Total Common Stocks (cost $1,004,044) | Total Common Stocks (cost $1,004,044) | 1401813 |
| **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** |
| **Investment Companies 0.7%** | **Investment Companies 0.7%** | **Investment Companies 0.7%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (d) (e) | 10713 | 10713 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (d) (e) | 1154 | 1154 |
| Total Short Term Investments (cost $11,867) | Total Short Term Investments (cost $11,867) | 11867 |
| **Total Investments 99.7% (cost $1,015,911)** | **Total Investments 99.7% (cost $1,015,911)** | **1413680** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (58) |
| **Other Assets and Liabilities, Net 0.3%** | **Other Assets and Liabilities, Net 0.3%** | **4362** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1417984** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Invesco Global Growth Fund — Restricted Securities** | **JNL/Invesco Global Growth Fund — Restricted Securities** | **JNL/Invesco Global Growth Fund — Restricted Securities** | **JNL/Invesco Global Growth Fund — Restricted Securities** | **JNL/Invesco Global Growth Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Amadeus IT Group, S.A. | 09/19/22 | 10071 | 10574 | 0.7 |
| Meituan - Class B | 04/14/21 | 16008 | 12778 | 0.9 |
|  |  | 26079 | 23352 | 1.6 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Invesco Global Growth Fund — Forward Foreign Currency Contracts** | **JNL/Invesco Global Growth Fund — Forward Foreign Currency Contracts** | **JNL/Invesco Global Growth Fund — Forward Foreign Currency Contracts** | **JNL/Invesco Global Growth Fund — Forward Foreign Currency Contracts** | **JNL/Invesco Global Growth Fund — Forward Foreign Currency Contracts** | **JNL/Invesco Global Growth Fund — Forward Foreign Currency Contracts** | **JNL/Invesco Global Growth Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| HKD/USD | CIB | 01/03/23 | HKD | 5977 | 766 | (1) |
| USD/EUR | MSC | 01/03/23 | EUR | (1116) | (1196) | (4) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Invesco Global Growth Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Invesco Global Growth Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Invesco Global Growth Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Invesco Global Growth Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Invesco Global Growth Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Invesco Global Growth Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Invesco Global Growth Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/JPY | UBS | 01/04/23 | JPY | (370991) | (2827) | (53) |
|  |  |  |  |  | (3257) | (58) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States of America | 739709 |  |  | 739709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 132009 |  | 132009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 90547 |  | 90547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 68348 | 21803 |  | 90151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 85599 |  | 85599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 28464 | 49168 |  | 77632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 59591 |  | 59591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 56513 |  | 56513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 29065 |  | 29065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 11637 |  | 11637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 10574 |  | 10574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 10469 |  | 10469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 3239 |  |  | 3239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 2961 |  |  | 2961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 2117 |  |  | 2117 |
| &nbsp;&nbsp;Short Term Investments | 11867 |  |  | 11867 |
|  | 856705 | 556975 |  | 1413680 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (58) |  | (58) |
|  |  | (58) |  | (58) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** |
| **COMMON STOCKS 96.2%** | **COMMON STOCKS 96.2%** | **COMMON STOCKS 96.2%** |
| **Health Care 22.5%** | **Health Care 22.5%** | **Health Care 22.5%** |
| Abcam PLC - ADR (a) | 951 | 14797 |
| Acadia Healthcare Company, Inc. (a) | 217 | 17854 |
| Apellis Pharmaceuticals, Inc. (a) | 131 | 6766 |
| Arvinas Operations, Inc. (a) | 159 | 5429 |
| AtriCure, Inc. (a) | 366 | 16238 |
| Axonics, Inc. (a) | 164 | 10237 |
| Chemed Corporation | 33 | 17041 |
| Cytokinetics, Incorporated (a) | 159 | 7297 |
| Doximity, Inc. - Class A (a) (b) | 332 | 11134 |
| Evolent Health, Inc. - Class A (a) | 423 | 11883 |
| Globus Medical, Inc. - Class A (a) | 203 | 15042 |
| Guardant Health, Inc. (a) | 143 | 3884 |
| Halozyme Therapeutics, Inc. (a) | 708 | 40259 |
| Harmony Biosciences Holdings Inc. (a) | 245 | 13505 |
| Inari Medical, Inc. (a) | 265 | 16872 |
| Insulet Corporation (a) | 77 | 22525 |
| Intellia Therapeutics, Inc. (a) | 107 | 3744 |
| Intra-Cellular Therapies, Inc. (a) | 181 | 9571 |
| Irhythm Technologies, Inc. (a) | 133 | 12440 |
| Karuna Therapeutics, Inc. (a) | 35 | 6844 |
| Lantheus Holdings, Inc. (a) | 167 | 8499 |
| Mesa Laboratories, Inc. | 61 | 10089 |
| Mirati Therapeutics, Inc. (a) | 87 | 3929 |
| Natera, Inc. (a) | 363 | 14574 |
| Pacira Pharmaceuticals, Inc. (a) | 271 | 10471 |
| Prestige Consumer Healthcare Inc. (a) | 211 | 13189 |
| R1 RCM Inc. (a) | 1031 | 11291 |
| Repligen Corporation (a) | 116 | 19714 |
|  |  | 355118 |
| **Information Technology 21.6%** | **Information Technology 21.6%** | **Information Technology 21.6%** |
| Allegro Microsystems Inc. (a) | 726 | 21799 |
| Altair Engineering Inc. - Class A (a) | 316 | 14357 |
| Calix, Inc. (a) | 288 | 19698 |
| CCC Intelligent Solutions Holdings Inc. (a) | 1124 | 9781 |
| Clearwater Analytics Holdings, Inc. - Class A (a) | 120 | 2250 |
| Diodes Incorporated (a) | 140 | 10650 |
| ExlService Holdings, Inc. (a) | 102 | 17339 |
| Flex Ltd. (a) | 764 | 16388 |
| Flywire Corporation (a) | 503 | 12319 |
| Gitlab Inc. - Class A (a) (b) | 180 | 8194 |
| Guidewire Software, Inc. (a) | 205 | 12838 |
| HashiCorp, Inc. - Class A (a) (b) | 144 | 3926 |
| Impinj, Inc. (a) | 229 | 25015 |
| Knowbe4, Inc. - Class A (a) | 464 | 11495 |
| Lattice Semiconductor Corporation (a) | 249 | 16148 |
| Littelfuse, Inc. | 77 | 16953 |
| Manhattan Associates, Inc. (a) | 135 | 16409 |
| MKS Instruments, Inc. | 97 | 8245 |
| PAYCOR HCM, Inc. (a) | 429 | 10501 |
| Perficient, Inc. (a) | 132 | 9206 |
| Power Integrations, Inc. | 164 | 11749 |
| Procore Technologies, Inc. (a) | 265 | 12512 |
| Sprout Social, Inc. - Class A (a) | 248 | 13975 |
| The Descartes Systems Group Inc. (a) | 232 | 16182 |
| Vm Consolidated, Inc. - Class A (a) | 729 | 10085 |
| Workiva Inc. - Class A (a) | 159 | 13321 |
|  |  | 341335 |
| **Industrials 17.5%** | **Industrials 17.5%** | **Industrials 17.5%** |
| AECOM | 360 | 30594 |
| ASGN Incorporated (a) | 143 | 11655 |
| BWXT Government Group, Inc. | 235 | 13673 |
| Caci International Inc. - Class A (a) | 45 | 13498 |
| Chart Industries, Inc. (a) | 98 | 11304 |
| Clarivate PLC (a) | 551 | 4596 |
| Clean Harbors, Inc. (a) | 204 | 23262 |
| Construction Partners, Inc. - Class A (a) | 618 | 16500 |
| Evoqua Water Technologies Corp. (a) | 718 | 28442 |
| GXO Logistics Inc. (a) | 261 | 11161 |
| KBR, Inc. | 308 | 16247 |
| Mercury Systems, Inc. (a) | 239 | 10677 |
| Nordson Corporation | 81 | 19337 |
| Saia, Inc. (a) | 65 | 13625 |
| Valmont Industries, Inc. | 100 | 32991 |
| WESCO International, Inc. (a) | 158 | 19828 |
|  |  | 277390 |
| **Consumer Discretionary 12.7%** | **Consumer Discretionary 12.7%** | **Consumer Discretionary 12.7%** |
| Fox Factory Holding Corp. (a) | 170 | 15469 |
| Gentherm Incorporated (a) | 192 | 12536 |
| Harley-Davidson, Inc. | 438 | 18215 |
| Kontoor Brands, Inc. | 379 | 15158 |
| Marriott Vacations Worldwide Corporation | 145 | 19511 |
| National Vision Holdings, Inc. (a) | 450 | 17450 |
| Overstock.com, Inc. (a) | 364 | 7045 |
| Planet Fitness, Inc. - Class A (a) | 258 | 20360 |
| Pool Corporation | 50 | 14972 |
| Stride, Inc. (a) | 294 | 9211 |
| Texas Roadhouse, Inc. - Class A | 228 | 20714 |
| Wingstop Inc. | 131 | 18094 |
| Wyndham Hotels & Resorts, Inc. | 164 | 11726 |
|  |  | 200461 |
| **Financials 5.7%** | **Financials 5.7%** | **Financials 5.7%** |
| Blucora, Inc. (a) | 109 | 2772 |
| BRP Group, Inc. - Class A (a) | 594 | 14945 |
| LPL Financial Holdings Inc. | 48 | 10381 |
| Morningstar, Inc. | 88 | 19139 |
| Selective Insurance Group, Inc. | 146 | 12901 |
| The Hanover Insurance Group, Inc. | 108 | 14525 |
| TMX Group Limited | 149 | 14896 |
|  |  | 89559 |
| **Energy 5.0%** | **Energy 5.0%** | **Energy 5.0%** |
| ChampionX Corporation | 517 | 14981 |
| Chord Energy Corporation | 103 | 14085 |
| Matador Resources Company | 344 | 19669 |
| Permian Resources Corporation - Class A | 1248 | 11728 |
| Range Resources Corporation | 390 | 9748 |
| SM Energy Company | 272 | 9466 |
|  |  | 79677 |
| **Consumer Staples 4.4%** | **Consumer Staples 4.4%** | **Consumer Staples 4.4%** |
| Freshpet, Inc. (a) | 197 | 10419 |
| Grocery Outlet Holding Corp. (a) | 326 | 9513 |
| Performance Food Group Company (a) | 389 | 22731 |
| Post Holdings, Inc. (a) | 155 | 13959 |
| The Simply Good Foods Company (a) | 340 | 12926 |
|  |  | 69548 |
| **Communication Services 2.3%** | **Communication Services 2.3%** | **Communication Services 2.3%** |
| Iridium Communications Inc. | 481 | 24706 |
| Shutterstock, Inc. | 210 | 11087 |
|  |  | 35793 |
| **Utilities 1.7%** | **Utilities 1.7%** | **Utilities 1.7%** |
| American States Water Company | 141 | 13038 |
| New Jersey Resources Corporation | 278 | 13817 |
|  |  | 26855 |
| **Real Estate 1.7%** | **Real Estate 1.7%** | **Real Estate 1.7%** |
| EastGroup Properties, Inc. | 109 | 16192 |
| Terreno Realty Corporation | 186 | 10574 |
|  |  | 26766 |
| **Materials 1.1%** | **Materials 1.1%** | **Materials 1.1%** |
| Cleveland-Cliffs Inc. (a) | 112 | 1809 |
| Element Solutions Inc. | 724 | 13178 |
| MP Materials Corp. - Class A (a) | 113 | 2745 |
|  |  | 17732 |
| Total Common Stocks (cost $1,493,981) | Total Common Stocks (cost $1,493,981) | 1520234 |
| **SHORT TERM INVESTMENTS 3.8%** | **SHORT TERM INVESTMENTS 3.8%** | **SHORT TERM INVESTMENTS 3.8%** |
| **Investment Companies 3.8%** | **Investment Companies 3.8%** | **Investment Companies 3.8%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 59866 | 59866 |
| Total Short Term Investments (cost $59,866) | Total Short Term Investments (cost $59,866) | 59866 |
| **Total Investments 100.0% (cost $1,553,847)** | **Total Investments 100.0% (cost $1,553,847)** | **1580100** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (430) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1579670** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1520234 |  |  | 1520234 |
| &nbsp;&nbsp;Short Term Investments | 59866 |  |  | 59866 |
|  | 1580100 |  |  | 1580100 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** |
| **COMMON STOCKS 57.4%** | **COMMON STOCKS 57.4%** | **COMMON STOCKS 57.4%** |
| **United States of America 32.9%** | **United States of America 32.9%** | **United States of America 32.9%** |
| AbbVie Inc. | 61 | 9897 |
| Advanced Micro Devices, Inc. (a) | 48 | 3094 |
| AGCO Corporation | 1 | 185 |
| Albertsons Companies, Inc. - Class A | 7 | 137 |
| Alcoa Corporation | 9 | 412 |
| Alnylam Pharmaceuticals, Inc. (a) | 3 | 789 |
| Alphabet Inc. - Class C (a) | 40 | 3555 |
| Amazon.com, Inc. (a) | 177 | 14895 |
| Ameren Corporation | 6 | 507 |
| American Electric Power Company, Inc. | 2 | 204 |
| American Express Company | 25 | 3601 |
| American Homes 4 Rent - Class A | 10 | 307 |
| American International Group, Inc. | 2 | 150 |
| AmerisourceBergen Corporation | 4 | 621 |
| AMETEK, Inc. | 7 | 961 |
| Amgen Inc. | 2 | 573 |
| Analog Devices, Inc. | 30 | 4778 |
| Apple Hospitality REIT, Inc. | 10 | 165 |
| Apple Inc. | 54 | 7049 |
| Aramark | 15 | 617 |
| Arista Networks, Inc. (a) | 3 | 316 |
| AutoZone, Inc. (a) |  | 530 |
| Axalta Coating Systems Ltd. (a) | 13 | 321 |
| Baker Hughes Company - Class A | 83 | 2458 |
| Bank of America Corporation | 266 | 8793 |
| Bath & Body Works, Inc. | 6 | 247 |
| Baxter International Inc. | 6 | 313 |
| Bellring Intermediate Holdings, Inc. (a) | 7 | 190 |
| Berkshire Hathaway Inc. - Class B (a) | 7 | 2083 |
| Best Buy Co., Inc. | 2 | 180 |
| Biogen Inc. (a) | 1 | 158 |
| BioMarin Pharmaceutical Inc. (a) | 3 | 286 |
| BJ's Wholesale Club Holdings, Inc. (a) | 4 | 248 |
| BlackRock, Inc. |  | 171 |
| Blackstone Inc. - Class A | 10 | 747 |
| Booking Holdings Inc. (a) | 3 | 4583 |
| Boston Scientific Corporation (a) | 124 | 5748 |
| Bristol-Myers Squibb Company | 117 | 8385 |
| Brixmor Property Group Inc. | 15 | 334 |
| Bumble Inc. - Class A (a) | 18 | 387 |
| Bunge Limited | 3 | 268 |
| Burlington Stores, Inc. (a) | 4 | 844 |
| Capital One Financial Corporation | 8 | 766 |
| Cardinal Health, Inc. | 3 | 193 |
| Carlisle Companies Incorporated | 1 | 253 |
| Carrier Global Corporation | 8 | 332 |
| CBRE Group, Inc. - Class A (a) | 4 | 325 |
| Centene Corporation (a) | 14 | 1113 |
| CenterPoint Energy, Inc. | 13 | 402 |
| Charter Communications, Inc. - Class A (a) | 11 | 3490 |
| Cheniere Energy, Inc. | 5 | 704 |
| Chevron Corporation | 40 | 7209 |
| Chubb Limited | 2 | 401 |
| Cigna Corporation | 1 | 327 |
| Cisco Systems, Inc. | 4 | 210 |
| Citigroup Inc. | 17 | 774 |
| Citizens Financial Group, Inc. | 13 | 517 |
| CME Group Inc. - Class A | 31 | 5275 |
| CNA Financial Corporation | 3 | 144 |
| Columbia Sportswear Company | 2 | 206 |
| Comcast Corporation - Class A | 14 | 482 |
| CommScope Holding Company, Inc. (a) | 9 | 66 |
| Confluent, Inc. - Class A (a) | 19 | 412 |
| ConocoPhillips | 34 | 4059 |
| Constellation Brands, Inc. - Class A | 3 | 778 |
| Copart, Inc. (a) | 16 | 957 |
| Coterra Energy Inc. | 11 | 272 |
| CrowdStrike Holdings, Inc. - Class A (a) | 3 | 290 |
| CSX Corporation | 7 | 204 |
| CVS Health Corporation | 8 | 775 |
| D.R. Horton, Inc. | 2 | 184 |
| Deere & Company | 16 | 6836 |
| Delta Air Lines, Inc. (a) | 11 | 363 |
| DexCom, Inc. (a) | 7 | 793 |
| Diamondback Energy, Inc. | 4 | 478 |
| Dick's Sporting Goods, Inc. | 2 | 297 |
| Dollar General Corporation | 1 | 176 |
| Domino's Pizza, Inc. |  | 63 |
| Dover Corporation | 3 | 450 |
| EastGroup Properties, Inc. | 1 | 112 |
| Eastman Chemical Company | 16 | 1304 |
| Eaton Corporation Public Limited Company | 16 | 2440 |
| Edison International | 4 | 223 |
| El Paso Electric Company (a) (b) | 1 | 15 |
| Elanco Animal Health Incorporated (a) | 11 | 130 |
| Eli Lilly and Company | 3 | 961 |
| Energizer Holdings, Inc. | 6 | 196 |
| Entegris, Inc. | 6 | 404 |
| Entergy Corporation | 2 | 211 |
| EOG Resources, Inc. | 14 | 1850 |
| EPAM Systems, Inc. (a) | 1 | 401 |
| EQT Corporation | 4 | 150 |
| Equifax Inc. | 2 | 441 |
| Equity Lifestyle Properties, Inc. | 9 | 548 |
| Exact Sciences Corporation (a) | 10 | 506 |
| Exelixis, Inc. (a) | 20 | 317 |
| Exxon Mobil Corporation | 7 | 747 |
| Federal Realty Investment Trust | 3 | 265 |
| FedEx Corporation | 4 | 647 |
| Fifth Third Bancorp | 14 | 446 |
| First Republic Bank | 4 | 429 |
| Fiserv, Inc. (a) | 2 | 154 |
| FleetCor Technologies, Inc. (a) | 2 | 367 |
| Fortune Brands Innovations, Inc. | 5 | 278 |
| Freeport-McMoRan Inc. | 28 | 1055 |
| General Dynamics Corporation | 2 | 371 |
| Global Payments Inc. | 5 | 512 |
| GXO Logistics Inc. (a) | 1 | 32 |
| HCA Healthcare, Inc. | 2 | 429 |
| Hess Corporation | 6 | 785 |
| Hilton Worldwide Holdings Inc. | 6 | 808 |
| Honeywell International Inc. | 4 | 839 |
| Horizon Therapeutics Public Limited Company (a) | 11 | 1287 |
| Hubbell Incorporated | 3 | 601 |
| HubSpot, Inc. (a) | 1 | 329 |
| IAC Inc. (a) | 6 | 260 |
| Ingersoll Rand Inc. | 14 | 752 |
| Insulet Corporation (a) | 2 | 607 |
| Intercontinental Exchange, Inc. | 2 | 196 |
| International Business Machines Corporation | 2 | 284 |
| Intuit Inc. | 12 | 4619 |
| Intuitive Surgical, Inc. (a) | 12 | 3276 |
| Invesco Ltd. | 4 | 69 |
| ITT Inc. | 2 | 176 |
| Jazz Pharmaceuticals Public Limited Company (a) | 3 | 549 |
| JBG Smith Properties | 7 | 135 |
| Johnson & Johnson | 4 | 655 |
| KB Home | 3 | 89 |
| Keurig Dr Pepper Inc. | 9 | 329 |
| Keysight Technologies, Inc. (a) | 3 | 513 |
| Kimco Realty Corporation | 20 | 434 |
| Kinder Morgan, Inc. | 24 | 428 |
| Knight-Swift Transportation Holdings Inc. - Class A | 1 | 66 |
| Kontoor Brands, Inc. | 4 | 168 |
| Kraft Foods Group, Inc. | 11 | 466 |
| Laboratory Corporation of America Holdings | 1 | 344 |
| Lam Research Corporation | 1 | 528 |
| Lamar Advertising Company - Class A | 3 | 237 |
| Lamb Weston Holdings, Inc. | 2 | 165 |
| Legacy Vulcan Corp. | 1 | 155 |
| Leidos Holdings, Inc. | 2 | 206 |
| Liberty Broadband Corporation - Series C (a) | 4 | 289 |
| Liberty Media Corporation - Series C (a) | 8 | 308 |
| Loews Corporation | 14 | 787 |
| Lowe`s Companies, Inc. | 3 | 684 |
| M&T Bank Corporation | 5 | 750 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Marriott International, Inc. - Class A | 33 | 4852 |
| Marsh & Mclennan Companies, Inc. | 1 | 89 |
| Martin Marietta Materials, Inc. | 2 | 503 |
| Marvell Technology, Inc. | 10 | 386 |
| MasterCard Incorporated - Class A | 29 | 10081 |
| McDonald's Corporation | 8 | 2018 |
| McKesson Corporation | 2 | 912 |
| Media Group Holdings LLC (b) (c) (d) | 3345 |  |
| Merck & Co., Inc. | 3 | 377 |
| Meta Platforms, Inc. - Class A (a) | 41 | 4934 |
| Mettler-Toledo International Inc. (a) |  | 624 |
| MGIC Investment Corporation | 12 | 156 |
| Microsoft Corporation | 92 | 22109 |
| Mid-America Apartment Communities, Inc. | 2 | 331 |
| Mohawk Industries, Inc. (a) | 3 | 282 |
| Mondelez International, Inc. - Class A | 3 | 177 |
| MongoDB, Inc. - Class A (a) | 2 | 421 |
| Morgan Stanley | 12 | 1048 |
| Murphy USA Inc. | 1 | 216 |
| Natera, Inc. (a) | 7 | 265 |
| National Vision Holdings, Inc. (a) | 8 | 307 |
| Newell Brands Inc. | 18 | 240 |
| Nexstar Media Group, Inc. - Class A | 1 | 140 |
| NextEra Energy, Inc. | 67 | 5620 |
| NIKE, Inc. - Class B | 45 | 5338 |
| Norfolk Southern Corporation | 1 | 197 |
| Northern Trust Corporation | 3 | 289 |
| Northrop Grumman Corporation | 1 | 298 |
| NVIDIA Corporation | 9 | 1379 |
| Old Dominion Freight Line, Inc. | 1 | 368 |
| Oracle Corporation | 1 | 103 |
| Packaging Corporation of America | 3 | 396 |
| Palo Alto Networks, Inc. (a) | 7 | 909 |
| Parker-Hannifin Corporation | 1 | 371 |
| Performance Food Group Company (a) | 5 | 301 |
| Pfizer Inc. | 6 | 319 |
| PG&E Corporation (a) | 19 | 307 |
| Philip Morris International Inc. | 7 | 720 |
| Phillips 66 | 4 | 454 |
| Pioneer Natural Resources Company | 1 | 166 |
| Post Holdings, Inc. (a) | 4 | 335 |
| PPG Industries, Inc. | 3 | 331 |
| ProLogis Inc. | 46 | 5126 |
| Public Service Enterprise Group Incorporated | 9 | 549 |
| Public Storage | 1 | 182 |
| Qiagen N.V. (a) |  | 24 |
| Qorvo, Inc. (a) | 2 | 150 |
| Qualcomm Incorporated | 8 | 827 |
| Quanta Services, Inc. | 11 | 1568 |
| Ralph Lauren Corporation - Class A | 3 | 266 |
| Raymond James Financial, Inc. | 2 | 188 |
| Rayonier Inc. | 10 | 325 |
| Raytheon Technologies Corporation | 13 | 1308 |
| Regeneron Pharmaceuticals, Inc. (a) | 9 | 6866 |
| Rockwell Automation, Inc. | 1 | 249 |
| Ross Stores, Inc. | 41 | 4797 |
| Royal Caribbean Cruises Ltd. | 12 | 570 |
| Royalty Pharma PLC - Class A | 16 | 646 |
| S&P Global Inc. | 13 | 4172 |
| SBA Communications Corporation | 1 | 206 |
| Sealed Air Corporation | 3 | 159 |
| ServiceNow, Inc. (a) | 2 | 705 |
| SolarEdge Technologies Ltd. (a) | 3 | 814 |
| Stanley Black & Decker, Inc. | 3 | 213 |
| Sun Communities, Inc. | 10 | 1438 |
| SVB Financial Group (a) | 1 | 246 |
| Synopsys, Inc. (a) | 3 | 828 |
| Sysco Corporation | 2 | 190 |
| T. Rowe Price Group, Inc. | 2 | 244 |
| Tapestry, Inc. | 11 | 436 |
| Target Corporation | 13 | 1964 |
| TD SYNNEX Corporation | 2 | 234 |
| Tesla Inc. (a) | 18 | 2242 |
| Texas Instruments Incorporated | 3 | 476 |
| Texas Roadhouse, Inc. - Class A | 3 | 226 |
| The Charles Schwab Corporation | 20 | 1647 |
| The Chemours Company | 12 | 365 |
| The Coca-Cola Company | 2 | 132 |
| The Cooper Companies, Inc. | 2 | 723 |
| The Estee Lauder Companies Inc. - Class A | 3 | 663 |
| The Gap, Inc. | 8 | 93 |
| The Hartford Financial Services Group, Inc. | 7 | 518 |
| The Home Depot, Inc. | 1 | 174 |
| The Middleby Corporation (a) | 1 | 199 |
| The PNC Financial Services Group, Inc. | 4 | 559 |
| The Procter & Gamble Company | 3 | 490 |
| The Progressive Corporation | 45 | 5769 |
| The Timken Company | 3 | 180 |
| The Toro Company | 5 | 544 |
| The Trade Desk, Inc. - Class A (a) | 7 | 301 |
| The Travelers Companies, Inc. | 3 | 586 |
| The Williams Companies, Inc. | 12 | 406 |
| Thermo Fisher Scientific Inc. | 2 | 953 |
| T-Mobile USA, Inc. (a) | 20 | 2704 |
| Tractor Supply Company | 3 | 670 |
| Trane Technologies Public Limited Company | 16 | 2639 |
| Truist Financial Corporation | 60 | 2578 |
| U.S. Bancorp | 23 | 1016 |
| Uber Technologies, Inc. (a) | 146 | 3620 |
| Union Pacific Corporation | 20 | 4106 |
| United Parcel Service, Inc. - Class B | 25 | 4262 |
| UnitedHealth Group Incorporated | 16 | 8230 |
| US Foods Holding Corp. (a) | 11 | 369 |
| Ventas, Inc. | 9 | 425 |
| Verizon Communications Inc. | 13 | 530 |
| Vertex Pharmaceuticals Incorporated (a) | 2 | 514 |
| Walmart Inc. | 2 | 306 |
| Wells Fargo & Company | 124 | 5093 |
| Welltower OP LLC | 2 | 136 |
| WESCO International, Inc. (a) | 3 | 381 |
| WestRock Company | 6 | 216 |
| Weyerhaeuser Company | 16 | 485 |
| Wolfspeed, Inc. (a) (e) | 4 | 282 |
| Xcel Energy Inc. | 6 | 441 |
| Yum! Brands, Inc. | 22 | 2735 |
| Zebra Technologies Corporation - Class A (a) | 2 | 442 |
| Zimmer Biomet Holdings, Inc. | 3 | 408 |
| Zoom Video Communications, Inc. - Class A (a) | 8 | 531 |
| Zscaler, Inc. (a) | 2 | 244 |
| | | 334545 |
| **China 3.3%** | **China 3.3%** | **China 3.3%** |
| Acrobiosystems Co., Ltd - Class A | 2 | 27 |
| Advanced Micro-Fabrication Equipment Inc. - Class A (a) | 7 | 93 |
| Aier Eye Hospital Group Co., Ltd - Class A | 41 | 185 |
| Alibaba Group Holding Limited (a) (d) | 147 | 1613 |
| Amoy Diagnostics Co., Ltd. - Class A | 3 | 12 |
| Angel Yeast Co., Ltd. - Class A | 60 | 390 |
| Asymchem Laboratories (Tianjin) Co., Ltd. - Class A | 1 | 26 |
| Asymchem Laboratories (Tianjin) Co., Ltd. - Class H (d) (e) | 7 | 102 |
| Bank of Ningbo Co., Ltd. - Class A | 43 | 200 |
| Baoshan Iron & Steel Co., Ltd. - Class A | 448 | 360 |
| Beijing Huafeng Test & Control Technology Co., Ltd. - Class A | 4 | 151 |
| Beijing Kingsoft Office Software Co., Ltd - Class A | 6 | 219 |
| Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - Class A | 31 | 150 |
| Bicycle Club Joint Venture, L.P. - Class A | 41 | 141 |
| BOE Technology Group Co., Ltd. - Class A | 202 | 98 |
| Chacha Food Company, Limited - Class A | 4 | 31 |
| Changzhou Xingyu Automotive Lighting Systems Co., Ltd. - Class A | 6 | 113 |
| China Construction Bank Corporation - Class H | 2129 | 1329 |
| China Longyuan Power Group Corporation Limited - Class H | 258 | 313 |
| China Merchants Bank Co., Ltd. - Class A | 73 | 387 |
| China Merchants Bank Co., Ltd. - Class H | 174 | 965 |
| China Resources Land Limited | 90 | 409 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| China Vanke Co., Ltd. - Class A | 41 | 108 |
| China Yangtze Power Co., Ltd. - Class A | 152 | 458 |
| Chongqing Brewery Co., Ltd. - Class A | 27 | 490 |
| Chongqing Fuling Zhacai Group Co., Ltd. - Class A | 70 | 258 |
| Contemporary Amperex Technology Co., Limited - Class A | 4 | 248 |
| Dongguan Yiheda Automation Co., Ltd. - Class A | 1 | 9 |
| Flat Glass Group Co., Ltd. - Class H (e) | 44 | 106 |
| Foshan Haitian Flavoring & Food Co., Ltd. - Class A | 71 | 804 |
| Fujian Anjing Food Co., Ltd. - Class A | 6 | 139 |
| Fuyao Glass Industry Group Co., Ltd. - Class A | 6 | 31 |
| Fuyao Glass Industry Group Co., Ltd. - Class H (d) | 23 | 95 |
| Glodon Company Limited - Class A | 18 | 154 |
| Guangdong Haid Group Co., Ltd. - Class A | 12 | 108 |
| Guangzhou Kingmed Diagnostics Group Co,.Ltd. - Class A | 7 | 74 |
| H World Group Limited | 108 | 464 |
| Haier Smart Home Co., Ltd - Class H | 292 | 989 |
| Hangzhou Tigermed Consulting Co., Ltd - Class A | 8 | 126 |
| Han's Laser Technology Industry Group Co., Ltd. - Class A | 104 | 383 |
| Hedy Holding Co., Ltd. - Class A | 153 | 147 |
| Hefei Meyer Optoelectronic Technology Inc. - Class A | 29 | 100 |
| Hongfa Technology Co., Ltd. - Class A | 21 | 102 |
| Hundsun Technologies Inc. - Class A | 30 | 173 |
| Inner Mongolia Yili Industrial Group Co., Ltd. - Class A | 144 | 638 |
| Jade Bird Fire Co., Ltd. - Class A | 121 | 488 |
| JD.com, Inc. - Class A | 40 | 1120 |
| Jiangsu Hengli Hydraulic Technology Co., Ltd. - Class A | 59 | 533 |
| Kanzhun Limited - ADR (a) | 11 | 225 |
| Kingdee International Software Group Company Limited (a) | 178 | 377 |
| Kweichow Moutai Co., Ltd. - Class A | 1 | 322 |
| LBX Pharmacy Chain Joint Stock Company - Class A | 15 | 88 |
| LONGi Green Energy Technology Co., Ltd. - Class A | 76 | 461 |
| Maxscend Microelectronics Company Limited - Class A | 8 | 124 |
| Meituan - Class B (a) (d) | 70 | 1546 |
| Midea Group Co., Ltd. - Class A | 28 | 207 |
| Montage Technology Co., Ltd. - Class A | 14 | 130 |
| NARI Technology Co., Ltd. - Class A | 43 | 149 |
| NetEase, Inc. | 47 | 678 |
| NIO, Inc. (a) (e) | 13 | 131 |
| Oppein Home Group Inc. - Class A | 7 | 117 |
| Pharmaron Beijing Co., Ltd. - Class H (d) | 21 | 144 |
| Ping An Bank Co., Ltd. - Class A | 86 | 161 |
| Ping An Insurance (Group) Co of China Ltd - Class A | 39 | 262 |
| Ping An Insurance (Group) Co of China Ltd - Class H | 125 | 817 |
| Poly Developments and Holdings Group Co., Ltd. - Class A | 47 | 102 |
| Proya Cosmetics Co., Ltd. - Class A | 4 | 86 |
| Qingdao Haier Biomedical Co Ltd - Class A | 9 | 81 |
| Shandong Sinocera Functional Material Co., Ltd. - Class A | 20 | 77 |
| Shanghai Baosight Software Co., Ltd - Class A | 20 | 130 |
| Shanghai Liangxin Electrical Co., Ltd. - Class A | 229 | 483 |
| Shanghai M&G Stationery Inc - Class A | 9 | 73 |
| Shanghai Pu Tai Lai New Energy Technology Co., Ltd. - Class A | 11 | 83 |
| Shenzhen Inovance technology Co., Ltd. - Class A | 23 | 229 |
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 14 | 639 |
| Shenzhou International Group Holdings Limited | 51 | 573 |
| Sichuan Swellfun Co., Ltd. - Class A | 11 | 130 |
| Silergy Corp. | 23 | 326 |
| SKSHU Paint Co., Ltd. - Class A (a) | 35 | 569 |
| Starpower Semiconductor Ltd. - Class A | 3 | 149 |
| Suzhou Maxwell Technologies Co., Ltd. - Class A | 3 | 187 |
| Tencent Holdings Limited | 113 | 4814 |
| Tongwei Co., Ltd. - Class A | 22 | 122 |
| Wanhua Chemical Group Co., Ltd. - Class A | 52 | 693 |
| Wuliangye Yibin Co., Ltd. - Class A | 21 | 538 |
| WuXi AppTec Co., Ltd. - Class H (d) | 37 | 384 |
| Wuxi Biologics Cayman Inc (a) (d) | 64 | 486 |
| Xpeng Inc. (a) (e) | 27 | 129 |
| Yangzhou Yangjie Electronic Technology Co., Ltd. - Class A | 13 | 100 |
| Yunnan Energy New Material Co., Ltd. - Class A | 5 | 94 |
| Zhejiang Dingli Machinery Co., Ltd. - Class A | 15 | 104 |
| Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. - Class A | 12 | 108 |
| Zhejiang SUPCON Technology Co., Ltd. - Class A | 5 | 71 |
| Zhuzhou CRRC Times Electric Co., Ltd. - Class A | 12 | 93 |
| Zhuzhou CRRC Times Electric Co., Ltd. - Class H | 7 | 33 |
| Zijin Mining Group Co., Ltd. - Class H | 316 | 426 |
| Zwsoft Co., Ltd.(Guangzhou) - Class A | 2 | 63 |
| | | 33773 |
| **United Kingdom 3.0%** | **United Kingdom 3.0%** | **United Kingdom 3.0%** |
| 3i Group plc | 2 | 37 |
| abrdn plc (e) | 5 | 10 |
| Admiral Group PLC | 1 | 17 |
| Anglo American PLC | 30 | 1165 |
| Ashtead Group Public Limited Company | 1 | 54 |
| Associated British Foods PLC | 1 | 16 |
| AstraZeneca PLC | 50 | 6820 |
| Auto Trader Group PLC | 2 | 13 |
| AVEVA Group plc |  | 10 |
| Aviva PLC | 7 | 36 |
| B&M European Value Retail S.A. | 2 | 10 |
| BAE Systems PLC | 7 | 70 |
| Barclays PLC | 33 | 63 |
| Barratt Developments P L C | 2 | 10 |
| BP P.L.C. | 793 | 4556 |
| British American Tobacco P.L.C. | 5 | 186 |
| BT Group PLC | 15 | 20 |
| Bunzl Public Limited Company | 1 | 26 |
| Burberry Group PLC | 1 | 21 |
| Centrica PLC | 14 | 16 |
| Coca-Cola Europacific Partners PLC |  | 23 |
| Compass Group PLC | 4 | 87 |
| Convatec Group PLC (d) | 3 | 9 |
| Croda International Public Limited Company |  | 24 |
| DCC Public Limited Company |  | 12 |
| Dechra Pharmaceuticals PLC |  | 7 |
| Diageo PLC | 182 | 8072 |
| Direct Line Insurance Group PLC | 3 | 8 |
| DS Smith PLC | 3 | 11 |
| easyJet PLC (a) | 1 | 5 |
| Entain PLC | 1 | 22 |
| Evraz PLC (b) | 1 |  |
| Experian PLC | 2 | 69 |
| Ferguson PLC | 7 | 929 |
| Fiat Chrysler Automobiles N.V. | 102 | 1454 |
| GSK PLC | 8 | 146 |
| Haleon PLC (a) | 11 | 42 |
| Halma Public Limited Company | 1 | 21 |
| Harbour Energy PLC | 1 | 4 |
| Hargreaves Lansdown PLC | 1 | 9 |
| Hikma Pharmaceuticals Public Limited Company |  | 8 |
| Hiscox Ltd. | 1 | 10 |
| Howden Joinery Group PLC | 1 | 8 |
| HSBC Holdings PLC | 42 | 261 |
| Imperial Brands PLC | 2 | 50 |
| Informa Jersey Limited | 3 | 24 |
| InterContinental Hotels Group PLC |  | 23 |
| Intermediate Capital Group PLC | 1 | 10 |
| Intertek Group Plc |  | 19 |
| ITV PLC | 9 | 8 |
| J Sainsbury PLC | 4 | 10 |
| JD Sports Fashion PLC | 6 | 9 |
| Johnson Matthey PLC |  | 11 |
| Kingfisher PLC | 5 | 14 |
| Land Securities Group PLC | 2 | 13 |
| Legal & General Group PLC | 13 | 38 |
| Linde Public Limited Company | 4 | 1210 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Lloyds Banking Group PLC | 146 | 81 |
| London Stock Exchange Group PLC | 1 | 62 |
| M&G PLC | 5 | 12 |
| Melrose Holdings Limited | 8 | 14 |
| Mondi plc | 1 | 17 |
| National Grid PLC | 8 | 98 |
| NatWest Group PLC | 11 | 34 |
| Next PLC |  | 21 |
| Ocado Group PLC (a) | 2 | 13 |
| Pearson PLC | 2 | 18 |
| Pepco Group N.V. (a) (d) |  | 2 |
| Persimmon Public Limited Company | 1 | 10 |
| Phoenix Group Holdings PLC | 2 | 15 |
| Reckitt Benckiser Group PLC | 2 | 107 |
| Relx PLC | 40 | 1100 |
| Relx PLC | 4 | 115 |
| Rentokil Initial PLC | 5 | 32 |
| Rightmove PLC | 2 | 11 |
| Rio Tinto PLC | 36 | 2552 |
| Rolls-Royce PLC (a) | 18 | 20 |
| Schroders PLC | 2 | 11 |
| SEGRO Public Limited Company | 3 | 26 |
| Severn Trent PLC | 1 | 17 |
| Smith & Nephew PLC | 2 | 25 |
| Smiths Group PLC | 1 | 15 |
| Spirax-Sarco Engineering PLC |  | 22 |
| SSE PLC | 2 | 46 |
| St. James's Place PLC | 1 | 17 |
| Standard Chartered PLC | 5 | 39 |
| Tate & Lyle Public Limited Company | 1 | 8 |
| Taylor Wimpey PLC | 8 | 9 |
| Tesco PLC | 15 | 42 |
| The Berkeley Group Holdings PLC |  | 11 |
| The British Land Company Public Limited Company | 2 | 11 |
| The Sage Group PLC. | 2 | 21 |
| Unilever PLC | 6 | 279 |
| United Utilities PLC | 1 | 17 |
| Vodafone Group Public Limited Company | 56 | 57 |
| Weir Group PLC(The) | 1 | 12 |
| Whitbread PLC |  | 14 |
| Wise PLC - Class A (a) | 1 | 7 |
| WPP 2012 Limited | 3 | 29 |
| | | 30905 |
| **France 2.7%** | **France 2.7%** | **France 2.7%** |
| Adevinta ASA - Class B (a) (d) | 1 | 4 |
| Aeroports de Paris (a) |  | 8 |
| Alstom (e) | 1 | 16 |
| Amundi (d) |  | 7 |
| AXA | 4 | 116 |
| Biomerieux SA |  | 11 |
| BNP Paribas | 2 | 136 |
| Bollore SE | 2 | 11 |
| Bouygues |  | 13 |
| Bureau Veritas | 1 | 16 |
| Capgemini | 4 | 743 |
| Carrefour | 1 | 21 |
| Compagnie De Saint-Gobain | 1 | 53 |
| Compagnie Generale des Etablissements Michelin | 115 | 3197 |
| Credit Agricole SA | 3 | 30 |
| Danone | 1 | 70 |
| Dassault Aviation |  | 9 |
| Dassault Systemes | 1 | 52 |
| EDENRED | 1 | 28 |
| Eiffage |  | 16 |
| Electricite de France | 1 | 17 |
| Engie | 4 | 56 |
| EssilorLuxottica | 1 | 116 |
| Gecina |  | 12 |
| Getlink S.E. | 1 | 13 |
| Hermes International |  | 113 |
| IPSEN |  | 9 |
| Kering |  | 78 |
| L'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 1 | 156 |
| Legrand | 1 | 45 |
| L'Oreal | 3 | 1106 |
| LVMH Moet Hennessy Louis Vuitton | 14 | 9915 |
| Orange | 4 | 39 |
| Pernod Ricard |  | 84 |
| Publicis Groupe SA |  | 31 |
| Safran | 10 | 1208 |
| Sanofi | 2 | 232 |
| Sartorius Stedim Biotech |  | 16 |
| Schneider Electric SE | 7 | 974 |
| Societe d'exploitation Hoteliere |  | 17 |
| Societe Generale | 2 | 42 |
| Teleperformance SE |  | 29 |
| Thales |  | 28 |
| TotalEnergies SE | 27 | 1722 |
| Veolia Environnement-VE | 1 | 36 |
| VINCI | 65 | 6499 |
| Vivendi SE | 2 | 16 |
| Worldline (a) (d) | 1 | 21 |
|  |  | 27187 |
| **Japan 2.3%** | **Japan 2.3%** | **Japan 2.3%** |
| ABC-Mart, Inc. |  | 6 |
| ACOM Co., Ltd. | 1 | 2 |
| Advance Residence Investment Corp. |  | 5 |
| Advantest Corporation |  | 26 |
| Aeon Co., Ltd. | 2 | 38 |
| AGC Inc. (e) | 1 | 17 |
| Aisin Corporation |  | 11 |
| Ajinomoto Co., Inc. | 1 | 37 |
| ANA Holdings Inc. (a) |  | 8 |
| Asahi Group Holdings, Ltd. (e) | 1 | 34 |
| Asahi Intecc Co., Ltd. (e) | 1 | 8 |
| Asahi Kasei Corporation | 3 | 21 |
| ASICS Corporation (e) |  | 9 |
| Astellas Pharma Inc. | 4 | 58 |
| Bandai Namco Holdings Inc. | 1 | 31 |
| Bridgestone Corporation (e) | 1 | 46 |
| Brother Industries, Ltd. | 1 | 8 |
| Canon Inc. (e) | 2 | 47 |
| Capcom Co., Ltd. |  | 10 |
| Central Japan Railway Company |  | 49 |
| Chubu Electric Power Co., Inc. | 2 | 16 |
| Chugai Pharmaceutical Co., Ltd. | 1 | 36 |
| Concordia Financial Group, Ltd. | 3 | 10 |
| COSMOS Pharmaceutical Corporation |  | 10 |
| CyberAgent, Inc. | 1 | 6 |
| Dai Nippon Printing Co., Ltd. | 1 | 10 |
| Daifuku Co., Ltd. |  | 14 |
| Dai-ichi Life Holdings, Inc. | 3 | 57 |
| Daiichi Sankyo Company, Ltd | 4 | 132 |
| Daikin Industries, Ltd. | 1 | 91 |
| Daito Trust Construction Co., Ltd. |  | 10 |
| Daiwa House Industry Co., Ltd | 2 | 34 |
| Daiwa House REIT Investment Corporation |  | 9 |
| Daiwa Securities Group Inc. | 3 | 13 |
| DENSO Corporation | 1 | 54 |
| DISCO Corporation |  | 29 |
| East Japan Railway Company | 1 | 46 |
| Eisai Co., Ltd. | 1 | 40 |
| ENEOS Holdings, Inc. | 7 | 22 |
| FANUC Corporation (e) | 11 | 1712 |
| Fast Retailing Co., Ltd. |  | 61 |
| Fuji Electric Co., Ltd. |  | 11 |
| FUJIFILM Holdings Corporation | 1 | 45 |
| Fujitsu Limited |  | 53 |
| Fukuoka Financial Group, Inc. |  | 9 |
| GLP J-REIT |  | 13 |
| GMO Payment Gateway, Inc. |  | 8 |
| Hakuhodo DY Holdings Inc. | 1 | 5 |
| Hamamatsu Photonics K.K. |  | 14 |
| Hankyu Hanshin Holdings, Inc. | 1 | 15 |
| HASEKO Corporation |  | 1 |
| Hirose Electric Co., Ltd. |  | 13 |
| Hitachi Construction Machinery Co., Ltd. |  | 4 |
| Hitachi, Ltd. | 2 | 106 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Honda Motor Co., Ltd. | 4 | 84 |
| Hoshizaki Corporation (e) |  | 7 |
| Hoya Corporation | 30 | 2893 |
| Hulic Co., Ltd. (e) | 1 | 9 |
| IBIDEN Co., Ltd. |  | 11 |
| Idemitsu Kosan Co., Ltd. |  | 9 |
| Iida Group Holdings Co., Ltd. |  | 3 |
| Inpex Corporation (e) | 2 | 25 |
| Isuzu Motors Limited | 1 | 14 |
| ITOCHU Corporation | 3 | 98 |
| ITOCHU Techno-Solutions Corporation |  | 5 |
| Japan Airlines Co., Ltd. (a) |  | 6 |
| Japan Airport Terminal Co., Ltd. (a) |  | 10 |
| Japan Exchange Group, Inc. (e) | 1 | 17 |
| Japan Metropolitan Fund Investment Corporation |  | 12 |
| Japan Post Bank Co., Ltd. (e) | 1 | 6 |
| Japan Post Holdings Co., Ltd. | 6 | 49 |
| Japan Post Insurance Co., Ltd. | 1 | 12 |
| Japan Prime Realty Investment Corporation |  | 3 |
| Japan Real Estate Investment Corporation |  | 13 |
| Japan Tobacco Inc. (e) | 2 | 44 |
| JFE Holdings, Inc. | 1 | 14 |
| JSR Corporation |  | 8 |
| Kajima Corporation | 1 | 10 |
| Kakaku.com, Inc. |  | 5 |
| Kansai Paint Co., Ltd | 1 | 7 |
| Kao Corporation (e) | 1 | 40 |
| Kawasaki Heavy Industries, Ltd. |  | 7 |
| KDDI Corporation (e) | 3 | 97 |
| Keio Corporation |  | 11 |
| Keisei Electric Railway Co., Ltd. |  | 11 |
| Keyence Corporation | 7 | 2724 |
| Kikkoman Corporation |  | 21 |
| Kintetsu Group Holdings Co., Ltd. |  | 13 |
| Kirin Holdings Company, Ltd (e) | 2 | 27 |
| Kobayashi Pharmaceutical Co., Ltd. |  | 7 |
| Kobe Bussan Co., Ltd. |  | 9 |
| Koei Tecmo Holdings Co., Ltd. |  | 4 |
| Koito Manufacturing Co., Ltd. | 1 | 9 |
| Komatsu Ltd. | 2 | 46 |
| Konami Holdings Corporation |  | 9 |
| Kose Corporation |  | 11 |
| Kubota Corporation (e) | 2 | 32 |
| Kurita Water Industries Ltd. |  | 8 |
| KYOCERA Corporation | 1 | 35 |
| Kyowa Kirin Co., Ltd. | 1 | 14 |
| Kyushu Railway Company |  | 4 |
| Lasertec Co., Ltd. (e) |  | 33 |
| Lion Corporation (e) | 1 | 7 |
| LIXIL Corporation | 1 | 9 |
| M3, Inc. (e) | 1 | 24 |
| Makita Corporation | 1 | 14 |
| Marubeni Corporation | 4 | 40 |
| Marui Group Co.Ltd. (e) |  | 7 |
| Matsuki Yokokokara & Company Co., Ltd. |  | 15 |
| Mazda Motor Corporation | 1 | 10 |
| McDonald's Holdings Company (Japan), Ltd. |  | 4 |
| Medipal Holdings Corporation |  | 3 |
| Meiji Holdings Co., Ltd. |  | 15 |
| Minebeamitsumi Inc. | 1 | 13 |
| MISUMI Group Inc. | 1 | 15 |
| Mitsubishi Chemical Group Corporation | 3 | 14 |
| Mitsubishi Corporation | 3 | 101 |
| Mitsubishi Electric Corporation | 5 | 46 |
| Mitsubishi Estate Co., Ltd. | 3 | 38 |
| Mitsubishi Gas Chemical Company, Inc. |  | 4 |
| Mitsubishi HC Capital Inc. | 1 | 4 |
| Mitsubishi Heavy Industries, Ltd. | 1 | 28 |
| Mitsubishi Motors Corporation (a) | 2 | 6 |
| Mitsubishi UFJ Financial Group Inc | 116 | 783 |
| Mitsui & Co., Ltd. | 3 | 96 |
| Mitsui Chemicals, Inc. |  | 9 |
| Mitsui Fudosan Co., Ltd. | 2 | 36 |
| Mitsui O.S.K. Lines, Ltd. (e) | 1 | 17 |
| Mizuho Bank, Ltd. (e) | 1 | 16 |
| Mizuho Financial Group, Inc. | 5 | 73 |
| MonotaRO Co., Ltd. (e) | 1 | 7 |
| MS&AD Insurance Group Holdings, Inc. (e) | 1 | 38 |
| Murata Manufacturing Co., Ltd. | 1 | 70 |
| Nagoya Railroad Co., Ltd. | 1 | 8 |
| Nec Corporation | 1 | 21 |
| NEXON Co., Ltd. (e) | 1 | 23 |
| NGK Insulators, Ltd. | 1 | 8 |
| NGK Spark Plug Co.Ltd. |  | 4 |
| Nidec Corporation | 1 | 57 |
| Nihon M&A Center Holdings Inc. | 1 | 7 |
| Nikon Corporation | 1 | 7 |
| Nintendo Co., Ltd. | 3 | 105 |
| Nippon Building Fund Inc. (e) |  | 18 |
| Nippon Express Co., Ltd. (e) |  | 11 |
| Nippon Paint Holdings Co., Ltd. (e) | 2 | 18 |
| Nippon Prologis REIT, Inc. |  | 14 |
| Nippon Sanso Holdings Corporation | 1 | 7 |
| Nippon Shinyaku Co., Ltd. |  | 6 |
| Nippon Steel Corporation | 2 | 35 |
| Nippon Telegraph and Telephone Corporation | 30 | 865 |
| Nippon Yusen Kabushiki Kaisha (e) | 1 | 23 |
| Nissan Motor Co., Ltd. | 5 | 15 |
| Nisshin Seifun Group Inc. | 1 | 6 |
| Nissin Chemical Corporation |  | 13 |
| Nissin Food Holdings Co., Ltd. |  | 16 |
| Nitori Holdings Co., Ltd. |  | 26 |
| Nitto Denko Corporation |  | 17 |
| Nomura Holdings, Inc. | 6 | 23 |
| Nomura Real Estate Holdings, Inc. |  | 4 |
| Nomura Real Estate Master Fund, Inc. |  | 11 |
| Nomura Research Institute Ltd | 1 | 24 |
| Nsk Ltd. | 1 | 5 |
| NTT DATA Corporation | 1 | 20 |
| Obayashi Corporation | 1 | 8 |
| OBIC Co., Ltd. |  | 15 |
| Odakyu Electric Railway Co., Ltd. | 1 | 12 |
| Oji Holdings Corporation | 2 | 8 |
| Olympus Corporation | 3 | 46 |
| OMRON Corporation |  | 19 |
| Ono Pharmaceutical Co., Ltd. | 1 | 23 |
| Open House Group Co., Ltd. |  | 4 |
| Oracle Corporation Japan |  | 6 |
| Oriental Land Co., Ltd. | 1 | 73 |
| ORIX Corporation | 3 | 42 |
| ORIX JREIT Inc. |  | 7 |
| Osaka Gas Co., Ltd. | 1 | 15 |
| Otsuka Corporation (e) |  | 6 |
| Otsuka Holdings Co., Ltd. (e) | 1 | 40 |
| Pan Pacific International Holdings Corporation | 1 | 22 |
| Panasonic Holdings Corporation (e) | 5 | 40 |
| Persol Holdings Co., Ltd. |  | 9 |
| Rakuten Group, Inc. (e) | 2 | 9 |
| Recruit Holdings Co., Ltd. | 4 | 115 |
| Renesas Electronics Corporation (a) | 3 | 27 |
| Resona Holdings, Inc. | 5 | 27 |
| Ricoh Company, Ltd. | 1 | 9 |
| Rinnai Corporation |  | 7 |
| ROHM Co., Ltd. |  | 7 |
| Santen Pharmaceutical Co., Ltd. | 1 | 7 |
| SBI Holdings, Inc. (e) | 1 | 10 |
| SCSK Corporation |  | 2 |
| Secom Co., Ltd. |  | 23 |
| Sega Sammy Holdings, Inc. |  | 5 |
| Seibu Holdings Inc. | 1 | 7 |
| Seiko Epson Corporation. | 1 | 10 |
| Sekisui Chemical Co., Ltd. | 1 | 11 |
| Sekisui House, Ltd. | 1 | 25 |
| Seven & I Holdings Co., Ltd. | 2 | 73 |
| SG Holdings Co., Ltd. | 1 | 15 |
| Sharp Corporation (e) | 1 | 4 |
| Shimadzu Corporation | 1 | 17 |
| Shimano Inc. |  | 31 |
| Shimizu Corporation | 1 | 7 |
| Shin-Etsu Chemical Co., Ltd. | 31 | 3811 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Shinsei Bank, Limited |  | 3 |
| Shionogi & Co., Ltd. | 1 | 30 |
| Shiseido Company, Limited (e) | 1 | 39 |
| Showa Denko K.K. (e) |  | 5 |
| SMC Corporation |  | 42 |
| Softbank Corp. (e) | 6 | 64 |
| SoftBank Group Corp | 3 | 106 |
| Sojitz Corporation |  | 6 |
| Sompo Holdings, Inc. | 1 | 40 |
| Sony Group Corporation | 15 | 1134 |
| Square Enix Holdings Co., Ltd. |  | 9 |
| Stanley Electric Co., Ltd. |  | 6 |
| Subaru Corporation. | 1 | 21 |
| SUMCO Corporation (e) | 1 | 7 |
| Sumitomo Chemical Company, Limited | 3 | 12 |
| Sumitomo Corporation | 3 | 43 |
| Sumitomo Dainippon Pharma Co., Ltd. | 1 | 4 |
| Sumitomo Electric Industries, Ltd. | 2 | 18 |
| Sumitomo Metal Mining Co., Ltd. | 1 | 21 |
| Sumitomo Mitsui Financial Group, Inc. | 3 | 116 |
| Sumitomo Mitsui Trust Bank, Limited | 1 | 24 |
| Sumitomo Realty & Development Co., Ltd. | 1 | 26 |
| Suntory Beverage & Food Limited (e) |  | 10 |
| Suzuki Motor Corporation | 1 | 32 |
| Sysmex Corporation |  | 24 |
| T&D Holdings, lnc. | 2 | 22 |
| Taisei Corporation |  | 13 |
| Taisho Pharmaceutical Holdings Co., Ltd. |  | 4 |
| Takeda Pharmaceutical Co Ltd (e) | 3 | 97 |
| TDK Corporation | 1 | 26 |
| Terumo Corporation | 2 | 45 |
| The Bank of Kyoto, Ltd. |  | 4 |
| The Chiba Bank, Ltd. | 2 | 11 |
| The Kansai Electric Power Company, Incorporated | 2 | 17 |
| TIS Inc. | 1 | 13 |
| TOBU Railway Co., LTD. | 1 | 12 |
| Toho Co., Ltd. |  | 8 |
| Tokio Marine Holdings, Inc. | 38 | 803 |
| Tokyo Century Corporation |  | 3 |
| Tokyo Electric Power Company Holdings, Inc. (a) | 2 | 6 |
| Tokyo Electron Limited | 7 | 2061 |
| Tokyo Gas Co., Ltd. | 1 | 18 |
| Tokyu Corporation | 1 | 14 |
| Tokyu Fudosan Holdings Corporation | 1 | 6 |
| Toppan Inc. | 1 | 12 |
| Toray Industries, Inc. | 3 | 18 |
| Toshiba Corporation | 1 | 31 |
| Tosoh Corporation | 1 | 7 |
| TOTO Ltd. |  | 10 |
| Toyo Suisan Kaisha, Ltd. |  | 8 |
| Toyota Industries Corporation |  | 22 |
| Toyota Motor Corporation | 26 | 357 |
| Toyota Tsusho Corporation | 1 | 18 |
| Trend Micro Incorporated (e) |  | 14 |
| Unicharm Corporation | 1 | 35 |
| United Urban Investment Corporation |  | 6 |
| USS Co., Ltd. |  | 6 |
| Welcia Holdings Co., Ltd. |  | 5 |
| West Japan Railway Company | 1 | 22 |
| Yakult Honsha Co., Ltd. |  | 26 |
| Yamaha Corporation (e) |  | 15 |
| Yamaha Motor Co., Ltd. (e) | 1 | 16 |
| Yamato Holdings Co., Ltd. | 1 | 10 |
| Yaskawa Electric Corporation | 1 | 19 |
| Yokogawa Electric Corporation | 1 | 8 |
| Z Holdings Corporation (e) | 6 | 14 |
| ZOZO, Inc. |  | 7 |
| | | 23070 |
| **Netherlands 2.1%** | **Netherlands 2.1%** | **Netherlands 2.1%** |
| Adyen B.V. (a) (d) |  | 90 |
| Aegon N.V. | 3 | 15 |
| Airbus SE | 28 | 3306 |
| Akzo Nobel N.V. |  | 25 |
| argenx SE (a) |  | 43 |
| ASM International N.V. |  | 24 |
| ASML Holding N.V. | 13 | 7193 |
| CNH Industrial N.V. | 2 | 34 |
| HAL Trust |  | 23 |
| Heineken Holding N.V. |  | 17 |
| Heineken N.V. | 1 | 47 |
| ING Groep N.V. | 8 | 96 |
| JDE Peet's N.V. |  | 8 |
| Koninklijke Ahold Delhaize N.V. | 2 | 63 |
| Koninklijke DSM N.V. |  | 45 |
| Koninklijke KPN N.V. | 7 | 21 |
| Koninklijke Philips N.V. | 2 | 27 |
| NN Group N.V. | 1 | 26 |
| NXP Semiconductors N.V. | 48 | 7569 |
| Prosus N.V. - Class N | 2 | 169 |
| Randstad N.V. |  | 16 |
| Shell PLC - Class A | 92 | 2607 |
| Unibail-Rodamco-Westfield SE (a) |  | 11 |
| Universal Music Group N.V. | 2 | 38 |
| Wolters Kluwer N.V. - Class C | 1 | 57 |
|  |  | 21570 |
| **India 1.5%** | **India 1.5%** | **India 1.5%** |
| Aarti Industries Ltd | 29 | 216 |
| Aarti Industries Ltd (a) (b) | 7 | 32 |
| Apollo Hospitals Enterprise Limited | 10 | 525 |
| Britannia Industries Ltd | 10 | 523 |
| Genpact Limited | 6 | 300 |
| HDFC Life Insurance Company Limited (d) | 74 | 505 |
| HDFC Bank Limited | 51 | 1003 |
| HDFC Bank Limited - ADR | 84 | 5768 |
| Hindustan Unilever Limited | 26 | 795 |
| Housing Development Finance Corporation Limited | 31 | 999 |
| ICICI Bank Limited | 60 | 649 |
| ICICI Prudential Life Insurance Company Limited (d) | 41 | 224 |
| Infosys Limited | 65 | 1185 |
| Petronet LNG Limited | 142 | 369 |
| Reliance Industries Limited | 39 | 1199 |
| Shriram Finance Limited | 30 | 496 |
|  |  | 14788 |
| **Taiwan 1.3%** | **Taiwan 1.3%** | **Taiwan 1.3%** |
| Accton Technology Corporation | 47 | 358 |
| Advantech Co., Ltd. | 34 | 365 |
| ASE Technology Holding Co., Ltd. | 95 | 289 |
| ASPEED Technology Inc. | 5 | 275 |
| Chailease Holding Company Limited | 57 | 400 |
| Eclat Textile Corporation Ltd. | 25 | 403 |
| eMemory Technology Inc. | 3 | 130 |
| Largan Precision Co., Ltd. | 6 | 399 |
| Realtek Semiconductor Corporation | 30 | 274 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 63 | 4717 |
| Taiwan Semiconductor Manufacturing Company Limited | 376 | 5468 |
|  |  | 13078 |
| **South Korea 1.1%** | **South Korea 1.1%** | **South Korea 1.1%** |
| Hl Mando Corporation | 10 | 319 |
| JYP Entertainment Corporation | 9 | 494 |
| KB Financial Group Inc. | 17 | 663 |
| KIA Corporation | 7 | 351 |
| Kiwoom Securities Co., Ltd. | 3 | 226 |
| LG Chem, Ltd. | 2 | 1178 |
| LG H&H Co., Ltd. |  | 271 |
| NAVER Corporation | 2 | 348 |
| Ncsoft Corporation | 1 | 257 |
| Samsung Electronics Co Ltd | 120 | 5258 |
| SK Hynix Inc. | 15 | 903 |
| SK Telecom Co., Ltd. | 8 | 293 |
| S-Oil Corporation | 5 | 361 |
|  |  | 10922 |
| **Germany 0.8%** | **Germany 0.8%** | **Germany 0.8%** |
| Adidas AG - Class N | 4 | 583 |
| Allianz SE | 7 | 1509 |
| BASF SE - Class N | 2 | 96 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bayer Aktiengesellschaft - Class N | 2 | 107 |
| Bayerische Motoren Werke Aktiengesellschaft | 1 | 59 |
| Beiersdorf Aktiengesellschaft |  | 24 |
| Brenntag SE - Class N |  | 21 |
| Carl Zeiss Meditec AG |  | 10 |
| Commerzbank Aktiengesellschaft (a) | 2 | 21 |
| Continental Aktiengesellschaft |  | 13 |
| Covestro AG (d) |  | 16 |
| Daimler Truck Holding AG (a) | 1 | 34 |
| Delivery Hero SE (a) (d) | 9 | 411 |
| Deutsche Bank Aktiengesellschaft - Class N | 4 | 48 |
| Deutsche Borse Aktiengesellschaft - Class N | 4 | 674 |
| Deutsche Lufthansa Aktiengesellschaft (a) | 1 | 10 |
| Deutsche Post AG - Class N | 2 | 78 |
| Deutsche Telekom AG - Class N | 32 | 646 |
| DW Property Invest GmbH |  | 4 |
| E.ON SE - Class N | 5 | 47 |
| Evonik Industries AG |  | 8 |
| Fresenius SE & Co. KGaA | 1 | 24 |
| GEA Group Aktiengesellschaft |  | 14 |
| Hannover Ruck SE - Class N |  | 28 |
| HeidelbergCement AG |  | 17 |
| Henkel AG & Co. KGaA |  | 13 |
| Infineon Technologies AG - Class N | 3 | 82 |
| Mercedes-Benz Group AG - Class N | 2 | 106 |
| Merck Kommanditgesellschaft auf Aktien |  | 53 |
| MTU Aero Engines AG - Class N |  | 24 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N |  | 95 |
| Puma SE |  | 13 |
| RWE Aktiengesellschaft | 70 | 3140 |
| SAP SE | 2 | 237 |
| Siemens Aktiengesellschaft - Class N | 2 | 218 |
| Siemens Energy AG | 1 | 16 |
| Siemens Healthineers AG (d) | 1 | 29 |
| Symrise AG |  | 30 |
| Talanx Aktiengesellschaft |  | 6 |
| Telefonica Deutschland Holding AG | 2 | 5 |
| Vantage Towers AG |  | 7 |
| Vonovia SE | 2 | 39 |
| Zalando SE (a) (d) | 1 | 19 |
| | | 8634 |
| **Denmark 0.8%** | **Denmark 0.8%** | **Denmark 0.8%** |
| A.P. Moller - Maersk A/S - Class A |  | 13 |
| A.P. Moller - Maersk A/S - Class B |  | 27 |
| Carlsberg A/S - Class B | 14 | 1886 |
| Chr. Hansen Holding A/S |  | 15 |
| Coloplast A/S - Class B | 6 | 657 |
| Danske Bank A/S | 1 | 28 |
| Demant A/S (a) |  | 6 |
| DSV A/S |  | 63 |
| Genmab A/S (a) |  | 58 |
| Novo Nordisk A/S - Class B | 38 | 5186 |
| Novozymes A/S - Class B |  | 22 |
| Orsted A/S (d) |  | 36 |
| Pandora A/S |  | 14 |
| Tryg A/S | 1 | 19 |
| Vestas Wind Systems A/S | 2 | 62 |
|  |  | 8092 |
| **Hong Kong 0.7%** | **Hong Kong 0.7%** | **Hong Kong 0.7%** |
| AIA Group Limited | 395 | 4357 |
| Budweiser Brewing Company APAC Limited (d) | 120 | 374 |
| CK Asset Holdings Limited | 4 | 25 |
| CK Hutchison Holdings Limited | 6 | 33 |
| CK Infrastructure Holdings Limited | 1 | 5 |
| CLP Holdings Limited | 4 | 29 |
| ESR Cayman Limited (d) | 5 | 11 |
| Galaxy Entertainment Group Limited | 4 | 26 |
| Hang Lung Properties Limited | 4 | 8 |
| Hang Seng Bank, Limited | 2 | 27 |
| Henderson Land Development Company Limited | 3 | 10 |
| HK Electric Investments Limited | 6 | 4 |
| HKT Trust | 7 | 9 |
| Hong Kong And China Gas Company Limited - The- | 22 | 21 |
| Hong Kong Exchanges and Clearing Limited | 25 | 1066 |
| Jardine Matheson Holdings Limited | 1 | 25 |
| Link Real Estate Investment Trust | 4 | 31 |
| MTR Corporation Limited | 4 | 19 |
| New World Development Company Limited | 3 | 9 |
| Power Assets Holdings Limited | 3 | 14 |
| Sino Land Company Limited | 6 | 7 |
| Sun Hung Kai Properties Limited | 3 | 41 |
| Swire Pacific Limited - Class A | 1 | 9 |
| Swire Properties Limited | 2 | 6 |
| Techtronic Industries Company Limited | 52 | 577 |
| The Wharf (Holdings) Limited | 3 | 9 |
| WH Group Limited (d) | 17 | 10 |
| Wharf Real Estate Investment Company Limited | 3 | 17 |
|  |  | 6779 |
| **Sweden 0.6%** | **Sweden 0.6%** | **Sweden 0.6%** |
| AB Sagax - Class B |  | 9 |
| Aktiebolaget Electrolux - Class B (e) |  | 3 |
| Aktiebolaget Industrivarden - Class A |  | 9 |
| Aktiebolaget Industrivarden - Class C |  | 9 |
| Aktiebolaget SKF - Class A |  | 1 |
| Aktiebolaget SKF - Class B | 1 | 12 |
| Aktiebolaget Volvo - Class A |  | 9 |
| Aktiebolaget Volvo - Class B | 261 | 4715 |
| Alfa Laval AB | 1 | 18 |
| Assa Abloy AB - Class B | 2 | 45 |
| Atlas Copco Aktiebolag - Class A | 75 | 886 |
| Atlas Copco Aktiebolag - Class B | 3 | 34 |
| Axfood Aktiebolag |  | 7 |
| Boliden AB | 1 | 21 |
| Castellum Aktiebolag (e) | 1 | 7 |
| Deca Games Holding AB - Class B (a) (e) | 2 | 8 |
| Epiroc Aktiebolag - Class A | 1 | 24 |
| Epiroc Aktiebolag - Class B | 1 | 13 |
| EQT AB (d) | 1 | 15 |
| Essity Aktiebolag (publ) - Class A |  | 2 |
| Essity Aktiebolag (publ) - Class B | 1 | 33 |
| Evolution AB (publ) (d) |  | 39 |
| Fastighets AB Balder - Class B (a) | 1 | 7 |
| G&L Beijer Ref AB - Class B (e) | 1 | 7 |
| Getinge AB - Class B |  | 9 |
| H & M Hennes & Mauritz AB - Class B (e) | 2 | 18 |
| Hexagon Aktiebolag - Class B | 4 | 47 |
| Holmen Aktiebolag - Class B |  | 8 |
| Husqvarna Aktiebolag - Class B | 1 | 6 |
| Indutrade Aktiebolag | 1 | 11 |
| Investment Ab Latour - Class B |  | 6 |
| Investor Aktiebolag - Class A | 1 | 21 |
| Investor Aktiebolag - Class B | 4 | 69 |
| Kinnevik AB - Class B (a) | 1 | 7 |
| L E Lundbergforetagen AB (publ) - Class B |  | 6 |
| Lifco Ab (Publ) - Class B | 1 | 8 |
| NIBE Industrier AB - Class B | 3 | 30 |
| Nordnet AB |  | 5 |
| Saab AB - Class B |  | 7 |
| Sandvik Aktiebolag | 2 | 41 |
| Securitas AB - Class B | 1 | 9 |
| Skandinaviska Enskilda Banken AB - Class A | 4 | 41 |
| Skandinaviska Enskilda Banken AB - Class C |  |  |
| Skanska AB - Class B | 1 | 13 |
| SSAB AB - Class A | 1 | 3 |
| SSAB AB - Class B | 1 | 7 |
| Svenska Cellulosa Aktiebolaget SCA - Class A |  | 1 |
| Svenska Cellulosa Aktiebolaget SCA - Class B | 1 | 16 |
| Svenska Handelsbanken AB - Class A | 3 | 32 |
| Svenska Handelsbanken AB - Class B |  | 1 |
| Swedbank AB - Class A | 2 | 33 |
| Swedish Orphan Biovitrum AB (Publ) (a) |  | 9 |
| Tele2 AB - Class B | 1 | 9 |
| Telefonaktiebolaget LM Ericsson - Class A |  | 1 |
| Telefonaktiebolaget LM Ericsson - Class B | 6 | 38 |
| Telia Company AB | 5 | 13 |
| Trelleborg AB - Class B | 1 | 12 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Volvo Car AB - Class B (a) (e) | 1 | 6 |
| | | 6476 |
| **Switzerland 0.5%** | **Switzerland 0.5%** | **Switzerland 0.5%** |
| ABB Ltd - Class N | 4 | 109 |
| Alcon AG | 1 | 71 |
| Baloise Holding AG - Class N |  | 17 |
| Barry Callebaut AG - Class N |  | 20 |
| Coca-Cola HBC AG |  | 12 |
| Compagnie Financiere Richemont SA | 1 | 142 |
| Credit Suisse Group AG - Class N | 7 | 20 |
| EMS-Chemie Holding AG |  | 12 |
| Garmin Ltd. | 4 | 357 |
| Geberit AG - Class N |  | 40 |
| Givaudan SA - Class N |  | 52 |
| Glencore PLC | 25 | 171 |
| Julius Bar Gruppe AG - Class N |  | 26 |
| Kuhne & Nagel International AG |  | 28 |
| Lafarge | 1 | 62 |
| Lonza Group AG |  | 76 |
| Nestle S.A. - Class N | 24 | 2834 |
| Novartis AG - Class N | 5 | 455 |
| Partners Group Holding AG |  | 43 |
| Roche Holding AG |  | 25 |
| Schindler Holding AG - Class N |  | 8 |
| SGS SA - Class N |  | 30 |
| Sika AG |  | 78 |
| Sonova Holding AG |  | 26 |
| STMicroelectronics N.V. | 1 | 49 |
| Straumann Holding AG - Class N |  | 27 |
| Swiss Life Holding AG - Class N |  | 39 |
| Swiss Re AG | 1 | 57 |
| Swisscom AG - Class N |  | 30 |
| The Swatch Group AG |  | 17 |
| The Swatch Group AG - Class N |  | 7 |
| UBS Group AG | 7 | 136 |
| Zurich Insurance Group AG - Class N |  | 150 |
|  |  | 5226 |
| **Australia 0.4%** | **Australia 0.4%** | **Australia 0.4%** |
| Ampol Limited |  | 9 |
| ANZ Group Holdings Limited (a) | 6 | 101 |
| Aristocrat Leisure Limited | 1 | 28 |
| ASX Limited |  | 18 |
| Atlas Arteria Limited | 3 | 11 |
| Aurizon Holdings Limited | 4 | 10 |
| Australian Pipeline Trust | 2 | 18 |
| Bendigo and Adelaide Bank Limited | 1 | 7 |
| BHP Group Limited | 11 | 327 |
| BHP Group Limited | 47 | 1465 |
| BlueScope Steel Limited | 1 | 11 |
| Brambles Limited | 3 | 23 |
| Challenger Limited | 1 | 6 |
| Cochlear Limited |  | 19 |
| Coles Group Limited | 3 | 31 |
| Commonwealth Bank of Australia | 4 | 248 |
| Computershare Limited | 1 | 21 |
| CSL Limited | 1 | 198 |
| Dexus Property Trust | 2 | 12 |
| Domino's Pizza Enterprises Limited (e) |  | 6 |
| Endeavour Group Limited | 3 | 12 |
| Fortescue Metals Group Ltd | 4 | 49 |
| Goodman Funding Pty Ltd | 4 | 42 |
| GPT Management Holdings Limited | 4 | 11 |
| Harvey Norman Holdings Limited | 1 | 4 |
| IDP Education Limited |  | 8 |
| IGO Limited | 1 | 13 |
| Incitec Pivot Limited | 4 | 10 |
| Insurance Australia Group Limited | 5 | 17 |
| Lendlease Corporation Limited | 1 | 8 |
| Macquarie Group Limited | 1 | 86 |
| Medibank Private Limited | 6 | 13 |
| Mineral Resources Limited |  | 18 |
| Mirvac Limited | 8 | 12 |
| National Australia Bank Limited | 7 | 135 |
| Newcrest Mining Limited | 2 | 26 |
| Northern Star Resources Ltd | 2 | 18 |
| Orica Limited | 1 | 10 |
| Origin Energy Limited | 4 | 19 |
| Pilbara Minerals Limited (a) | 5 | 14 |
| Qantas Airways Limited (a) | 2 | 8 |
| QBE Insurance Group Limited | 3 | 28 |
| Ramsay Health Care Limited |  | 17 |
| REA Group Ltd |  | 8 |
| Reece Limited |  | 4 |
| Rio Tinto Limited | 1 | 61 |
| Santos Limited | 7 | 34 |
| Scentre Group Limited | 11 | 21 |
| SEEK Limited | 1 | 10 |
| Seven Group Holdings Limited |  | 5 |
| Sonic Healthcare Limited | 1 | 20 |
| South32 Limited | 10 | 26 |
| Stockland Corporation Ltd | 5 | 12 |
| Suncorp Group Limited | 3 | 22 |
| Telstra Group Limited | 8 | 23 |
| The Lottery Corporation Limited (a) | 5 | 14 |
| TPG Corporation Limited | 1 | 2 |
| Transurban Holdings Limited | 6 | 57 |
| Treasury Wine Estates Limited | 1 | 14 |
| Vicinity Centres RE Ltd | 8 | 11 |
| Washington H. Soul Pattinson and Company Limited | 1 | 10 |
| Wesfarmers Limited | 3 | 81 |
| Westpac Banking Corporation | 7 | 116 |
| WiseTech Global Limited |  | 12 |
| Woodside Energy Group Ltd | 10 | 243 |
| Woodside Energy Group Ltd | 17 | 404 |
| Woolworths Group Limited | 3 | 58 |
| Worley Limited | 1 | 8 |
|  |  | 4423 |
| **Canada 0.4%** | **Canada 0.4%** | **Canada 0.4%** |
| Alimentation Couche-Tard Inc. | 18 | 809 |
| Canadian National Railway Company | 12 | 1407 |
| Fairfax Financial Holdings Limited | 1 | 329 |
| The Toronto-Dominion Bank | 20 | 1308 |
|  |  | 3853 |
| **Mexico 0.4%** | **Mexico 0.4%** | **Mexico 0.4%** |
| Fresnillo PLC |  | 5 |
| Grupo Aeroportuario Del Pacifico, S.A.B. de C.V. | 46 | 657 |
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. - Class B - ADR | 3 | 687 |
| Grupo Financiero Banorte, S.A.B. de C.V. | 165 | 1185 |
| Wal - Mart de Mexico, S.A.B. de C.V. | 372 | 1314 |
|  |  | 3848 |
| **Indonesia 0.3%** | **Indonesia 0.3%** | **Indonesia 0.3%** |
| PT Telkom Indonesia (Persero) Tbk | 1494 | 359 |
| PT. Bank Central Asia Tbk | 3723 | 2036 |
| PT. Bank Rakyat Indonesia (Persero) Tbk. | 2727 | 862 |
|  |  | 3257 |
| **Finland 0.3%** | **Finland 0.3%** | **Finland 0.3%** |
| Elisa Oyj |  | 16 |
| Fortum Oyj | 1 | 15 |
| Huhtamaki Oyj |  | 7 |
| Kesko Oyj - Class A |  | 5 |
| Kesko Oyj - Class B | 1 | 12 |
| Kone Corporation - Class B | 1 | 44 |
| Metso Outotec Oyj | 1 | 15 |
| Neste Oyj | 1 | 41 |
| Nokia Oyj | 11 | 53 |
| Nordea Bank Abp | 252 | 2705 |
| Orion Oyj - Class A |  | 3 |
| Orion Oyj - Class B |  | 12 |
| Sampo Oyj - Class A | 1 | 56 |
| Stora Enso Oyj - Class A |  | 2 |
| Stora Enso Oyj - Class R | 1 | 18 |
| UPM-Kymmene Oyj | 1 | 42 |
| Wartsila Oyj Abp | 1 | 8 |
|  |  | 3054 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **South Africa 0.3%** | **South Africa 0.3%** | **South Africa 0.3%** |
| AngloGold Ashanti | 11 | 209 |
| Bid Corporation (Pty) Ltd | 23 | 453 |
| Capitec Bank Holdings | 4 | 479 |
| Clicks Group | 30 | 483 |
| Firstrand Ltd | 167 | 611 |
| Sanlam | 91 | 262 |
| Vodacom Group Limited | 37 | 266 |
|  |  | 2763 |
| **Belgium 0.3%** | **Belgium 0.3%** | **Belgium 0.3%** |
| Ackermans |  | 7 |
| ageas SA/NV |  | 19 |
| Anheuser-Busch InBev | 2 | 125 |
| Azelis Group |  | 5 |
| D'Ieteren Group |  | 9 |
| Elia Group |  | 11 |
| Etablissements Fr. Colruyt - Etablissementen Fr. Colruyt (e) |  | 3 |
| Groupe Bruxelles Lambert - Groep Brussel Lambert |  | 17 |
| KBC Groep | 37 | 2409 |
| Proximus |  | 3 |
| Sofina (e) |  | 7 |
| Solvay |  | 15 |
| UCB |  | 21 |
| Umicore |  | 16 |
| Warehouses De Pauw |  | 9 |
|  |  | 2676 |
| **Brazil 0.2%** | **Brazil 0.2%** | **Brazil 0.2%** |
| B3 S.A. - Brasil, Bolsa, Balcao | 129 | 322 |
| EDP - Energias Do Brasil S.A. | 96 | 375 |
| Localiza Rent A Car S/A | 42 | 417 |
| Lojas Renner S/A. | 146 | 537 |
| NU Holdings Ltd. - Class A (a) | 38 | 153 |
| Raia Drogasil S.A. | 107 | 477 |
| XP Inc. - Class A (a) | 16 | 249 |
|  |  | 2530 |
| **Spain 0.2%** | **Spain 0.2%** | **Spain 0.2%** |
| Acciona,S.A. |  | 9 |
| ACS, Actividades de Construccion y Servicios, S.A. (e) |  | 14 |
| AENA, S.M.E., S.A. (a) (d) |  | 19 |
| Amadeus IT Group, S.A. (a) (d) | 1 | 49 |
| Banco Bilbao Vizcaya Argentaria, S.A. | 13 | 76 |
| Banco Santander, S.A. | 35 | 106 |
| CaixaBank, S.A. | 9 | 36 |
| Cellnex Telecom, S.A. (d) | 1 | 40 |
| Corporacion Acciona Energias Renovables, S.A. |  | 5 |
| Endesa, S.A. | 1 | 12 |
| Ferrovial, S.A. | 1 | 27 |
| Grifols, S.A. - Class A | 1 | 7 |
| Iberdrola, Sociedad Anonima | 109 | 1278 |
| Industria de Diseno Textil, S.A. | 2 | 63 |
| MAPFRE, S.A. | 2 | 4 |
| Naturgy Energy Group, S.A. |  | 10 |
| Red Electrica Corporacion, S.A. | 1 | 16 |
| Repsol, S.A. | 3 | 49 |
| Telefonica, S.A. | 12 | 44 |
|  |  | 1864 |
| **Singapore 0.2%** | **Singapore 0.2%** | **Singapore 0.2%** |
| Ascendas Real Estate Investment Trust | 7 | 14 |
| Capitaland Group Pte. Ltd. | 10 | 16 |
| Capitaland Investment Limited | 5 | 14 |
| City Developments Limited | 1 | 7 |
| DBS Group Holdings Ltd | 60 | 1505 |
| Genting Singapore Limited | 11 | 7 |
| Great Eastern Holdings Limited | 1 | 8 |
| Jardine Cycle & Carriage Limited (e) |  | 4 |
| Keppel Corporation Limited | 3 | 15 |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. (d) | 5 | 6 |
| Olam Group Limited | 1 | 1 |
| Oversea-Chinese Banking Corporation Limited | 9 | 77 |
| Singapore Airlines Limited (e) | 2 | 10 |
| Singapore Exchange Limited | 2 | 12 |
| Singapore Technologies Engineering Ltd | 3 | 8 |
| Singapore Telecommunications Limited | 15 | 28 |
| United Overseas Bank Limited | 3 | 75 |
| UOL Group Limited | 1 | 3 |
| Venture Corporation Limited |  | 3 |
| Wilmar International Limited | 7 | 23 |
|  |  | 1836 |
| **Thailand 0.2%** | **Thailand 0.2%** | **Thailand 0.2%** |
| PTT Exploration And Production Public Company Limited | 102 | 520 |
| Siam Commercial Bank Public Company Limited - NVDR | 173 | 534 |
| Thai Oil Public Company Limited | 420 | 684 |
|  |  | 1738 |
| **Saudi Arabia 0.1%** | **Saudi Arabia 0.1%** | **Saudi Arabia 0.1%** |
| Saudi Basic Industries Corporation | 13 | 315 |
| The Saudi National Bank | 36 | 485 |
|  |  | 800 |
| **Ireland 0.1%** | **Ireland 0.1%** | **Ireland 0.1%** |
| CRH Public Limited Company | 2 | 64 |
| Flutter Entertainment Public Limited Company (a) |  | 44 |
| James Hardie Industries Public Limited Company - CDI | 1 | 18 |
| Kerry Group Public Limited Company - Class A |  | 29 |
| Kingspan Group Public Limited Company |  | 18 |
| Medtronic, Inc. | 3 | 195 |
| Seagate Technology Holdings Public Limited Company | 6 | 313 |
| Smurfit Kappa Funding Designated Activity Company | 1 | 20 |
|  |  | 701 |
| **Poland 0.1%** | **Poland 0.1%** | **Poland 0.1%** |
| Allegro.eu (a) (d) | 1 | 5 |
| Bank Polska Kasa Opieki - Spolka Akcyjna |  | 7 |
| Dino Polska Spolka Akcyjna (a) (d) | 7 | 613 |
| ING Bank Slaski S.A. |  | 2 |
| KGHM Polska Miedz Spolka Akcyjna |  | 8 |
| LPP Spolka Akcyjna |  | 5 |
| Polski Koncern Naftowy Orlen Spolka Akcyjna | 1 | 17 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 2 | 12 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 1 | 11 |
| Santander Bank Polska S.A. |  | 4 |
|  |  | 684 |
| **Bermuda 0.1%** | **Bermuda 0.1%** | **Bermuda 0.1%** |
| Autostore Holdings Ltd (a) (d) (e) | 2 | 4 |
| Credicorp Ltd. | 5 | 650 |
|  |  | 654 |
| **Italy 0.1%** | **Italy 0.1%** | **Italy 0.1%** |
| A2a S.P.A. | 2 | 2 |
| Amplifon S.p.A |  | 6 |
| Assicurazioni Generali S.P.A. | 3 | 51 |
| Banco BPM Societa' Per Azioni | 3 | 11 |
| Buzzi Unicem S.p.A - Senza Vincoli Di Rappresentazione Grafica |  | 4 |
| Davide Campari-Milano N.V. | 1 | 13 |
| DiaSorin S.p.A. |  | 8 |
| Enel S.p.A | 16 | 87 |
| Eni S.p.A. | 5 | 74 |
| Ferrari N.V. |  | 57 |
| Finecobank Banca Fineco SPA | 1 | 21 |
| Hera S.p.A. | 2 | 4 |
| Infrastrutture Wireless Italiane S.p.A. (d) | 1 | 7 |
| Intesa Sanpaolo SPA | 36 | 81 |
| Leonardo S.p.A. | 1 | 7 |
| Mediobanca Banca di Credito Finanziario Societa' Per Azioni | 1 | 13 |
| Moncler S.p.A. |  | 23 |
| Nexi S.p.A. (a) | 2 | 14 |
| Pirelli & C. S.p.A. (d) | 1 | 3 |
| Poste Italiane SPA (d) | 1 | 9 |
| Prysmian S.p.A. | 1 | 21 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Recordati Industria Chimica E Farmaceutica S.P.A. In Breve Recordati S.P.A. |  | 9 |
| Snam S.P.A. | 4 | 21 |
| Telecom Italia SPA (e) | 23 | 5 |
| Terna – Rete Elettrica Nazionale S.p.A. | 3 | 22 |
| UniCredit S.p.A. | 4 | 60 |
| UnipolSai Assicurazioni S.p.A. | 1 | 2 |
| | | 635 |
| **Luxembourg 0.1%** | **Luxembourg 0.1%** | **Luxembourg 0.1%** |
| ArcelorMittal | 1 | 31 |
| Eurofins Scientific SE |  | 19 |
| Globant S.A. (a) | 3 | 460 |
| Tenaris S.A. | 1 | 17 |
|  |  | 527 |
| **Hungary 0.0%** | **Hungary 0.0%** | **Hungary 0.0%** |
| OTP Bank Nyrt. | 11 | 294 |
| Wizz Air Holdings PLC (a) (d) | 7 | 156 |
|  |  | 450 |
| **Macau 0.0%** | **Macau 0.0%** | **Macau 0.0%** |
| Sands China Ltd. (a) | 131 | 431 |
| **Qatar 0.0%** | **Qatar 0.0%** | **Qatar 0.0%** |
| Qatar National Bank (Q.P.S.C.) | 77 | 383 |
| **Greece 0.0%** | **Greece 0.0%** | **Greece 0.0%** |
| Hellenic Telecommunications Organization S.A. - Class R | 23 | 362 |
| **Chile 0.0%** | **Chile 0.0%** | **Chile 0.0%** |
| Antofagasta PLC | 1 | 15 |
| Banco Santander-Chile | 7984 | 320 |
|  |  | 335 |
| **Norway 0.0%** | **Norway 0.0%** | **Norway 0.0%** |
| Aker ASA |  | 4 |
| Aker BP ASA | 1 | 20 |
| DNB Bank ASA | 2 | 37 |
| Equinor ASA | 2 | 79 |
| Gjensidige Forsikring ASA |  | 8 |
| Kongsberg Gruppen ASA |  | 8 |
| Leroy Seafood Group ASA | 1 | 4 |
| Mowi ASA | 1 | 16 |
| Norsk Hydro ASA | 3 | 21 |
| Orkla ASA | 2 | 11 |
| SalMar ASA |  | 5 |
| Schibsted ASA - Class A |  | 2 |
| Schibsted ASA - Class B |  | 4 |
| Storebrand ASA | 1 | 9 |
| Telenor ASA | 1 | 12 |
| TOMRA Systems ASA |  | 8 |
| Var Energi ASA (e) | 1 | 3 |
| Yara International ASA |  | 15 |
|  |  | 266 |
| **Israel 0.0%** | **Israel 0.0%** | **Israel 0.0%** |
| Azrieli Group Ltd. |  | 5 |
| Bank Hapoalim Ltd | 3 | 23 |
| Bank Leumi le-Israel B.M. | 3 | 27 |
| Bezeq The Israel Telecommunication Corp., Limited | 4 | 7 |
| Elbit Systems Ltd. |  | 8 |
| Icl Group Ltd | 2 | 11 |
| Israel Discount Bank Limited | 3 | 14 |
| Mizrahi-Tefahot Bank Ltd. |  | 10 |
| Nice Ltd (a) |  | 26 |
| Teva Pharmaceutical Industries Ltd (a) | 2 | 21 |
|  |  | 152 |
| **Austria 0.0%** | **Austria 0.0%** | **Austria 0.0%** |
| Andritz AG |  | 8 |
| BAWAG Group AG (d) |  | 10 |
| Erste Group Bank AG | 1 | 24 |
| EVN AG |  | 2 |
| OMV Aktiengesellschaft |  | 15 |
| Raiffeisen Bank International AG (a) |  | 5 |
| Strabag SE |  | 1 |
| Telekom Austria Aktiengesellschaft (e) |  | 2 |
| Verbund AG |  | 6 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe |  | 2 |
| voestalpine AG |  | 6 |
|  |  | 81 |
| **Portugal 0.0%** | **Portugal 0.0%** | **Portugal 0.0%** |
| EDP - Energias de Portugal, S.A. | 6 | 31 |
| EDP Renovaveis, S.A. |  | 10 |
| Galp Energia, SGPS, S.A. | 1 | 13 |
| Jeronimo Martins, SGPS, S.A. | 1 | 12 |
|  |  | 66 |
| **New Zealand 0.0%** | **New Zealand 0.0%** | **New Zealand 0.0%** |
| Auckland International Airport Limited (a) | 3 | 12 |
| Contact Energy Limited | 2 | 8 |
| Fisher & Paykel Healthcare Corporation Limited | 1 | 17 |
| Mercury NZ Limited | 1 | 5 |
| Meridian Energy Limited | 3 | 9 |
| Spark New Zealand Limited | 4 | 13 |
|  |  | 64 |
| **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** |
| Mediclinic International PLC | 1 | 6 |
| **Russian Federation 0.0%** | **Russian Federation 0.0%** | **Russian Federation 0.0%** |
| Publichnoe Aktsionernoe Obshchestvo Severstal - GDR (a) (b) (d) | 16 |  |
| TCS Group Holding PLC - GDR (a) (b) (d) | 5 |  |
| Total Common Stocks (cost $665,058) | Total Common Stocks (cost $665,058) | 583484 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 19.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 19.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 19.1%** |
| **Japan 6.9%** | **Japan 6.9%** | **Japan 6.9%** |
| Cabinet Office, Government of Japan |  |  |
| 0.01%, 07/01/23 - 12/20/26, JPY | 770200 | 5863 |
| 0.60%, 12/20/23 - 12/20/37, JPY | 1215450 | 9262 |
| 0.10%, 12/20/24 - 09/20/30, JPY | 3692650 | 27789 |
| 2.20%, 09/20/26 - 03/20/50, JPY | 314250 | 2640 |
| 1.50%, 03/20/34 - 03/20/45, JPY | 181050 | 1427 |
| 1.40%, 09/20/34 - 03/20/55, JPY | 488100 | 3670 |
| 1.20%, 03/20/35, JPY | 371100 | 2961 |
| 1.30%, 06/20/35, JPY | 306900 | 2471 |
| 0.70%, 03/20/37 - 12/20/48, JPY | 231200 | 1689 |
| 0.40%, 06/20/40 - 03/20/56, JPY | 873150 | 5436 |
| 2.00%, 03/20/42, JPY | 236350 | 2025 |
| 1.90%, 09/20/42, JPY | 293150 | 2471 |
| 0.90%, 03/20/57, JPY | 344900 | 2135 |
| 0.50%, 03/20/60, JPY | 76050 | 399 |
| Japan Bank For International Cooperation |  |  |
| 1.63%, 01/20/27 | 272 | 244 |
|  |  | 70482 |
| **Italy 2.6%** | **Italy 2.6%** | **Italy 2.6%** |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 0.05%, 01/15/23, EUR | 3390 | 3626 |
| 0.95%, 03/01/23, EUR (d) | 4850 | 5181 |
| 0.88%, 05/06/24 | 1528 | 1429 |
| 0.00%, 08/15/24, EUR | 1275 | 1294 |
| 0.35%, 02/01/25, EUR | 2710 | 2721 |
| 1.85%, 07/01/25, EUR (d) | 924 | 949 |
| 3.10%, 09/15/26, EUR (d) (f) | 1598 | 1813 |
| 0.95%, 09/15/27 - 06/01/32, EUR | 3490 | 3138 |
| 0.45%, 02/15/29, EUR | 3400 | 2913 |
| 2.45%, 09/01/33, EUR (d) | 965 | 835 |
| 2.25%, 09/01/36, EUR (d) | 1148 | 926 |
| 4.00%, 02/01/37, EUR (d) | 370 | 367 |
| 3.25%, 03/01/38, EUR | 1221 | 1082 |
| 2.80%, 03/01/67, EUR (d) | 116 | 81 |
| 2.15%, 03/01/72, EUR (d) | 70 | 41 |
|  |  | 26396 |
| **United States of America 2.0%** | **United States of America 2.0%** | **United States of America 2.0%** |
| Federal Farm Credit Banks Consolidated Systemwide Bonds |  |  |
| 4.88%, 09/25/23 (g) | 577 | 577 |
| Treasury, United States Department of |  |  |
| 0.13%, 01/31/23 (h) | 18886 | 18821 |
| 0.88%, 01/31/24 (h) | 1260 | 1209 |
|  |  | 20607 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **United Kingdom 1.5%** | **United Kingdom 1.5%** | **United Kingdom 1.5%** |
| HM Treasury |  |  |
| 1.25%, 07/22/27 - 10/22/41, GBP | 1323 | 1294 |
| 1.63%, 10/22/28 - 10/22/71, GBP (d) | 2385 | 2452 |
| 1.00%, 01/31/32, GBP | 565 | 541 |
| 0.88%, 07/31/33 - 01/31/46, GBP (d) | 1282 | 985 |
| 4.50%, 09/07/34 - 12/07/42, GBP (d) | 1594 | 2040 |
| 0.63%, 07/31/35 - 10/22/50, GBP (d) | 905 | 615 |
| 4.25%, 03/07/36 - 12/07/55, GBP (d) | 1155 | 1442 |
| 1.75%, 09/07/37, GBP (d) | 425 | 386 |
| 4.75%, 12/07/38, GBP | 262 | 344 |
| 1.13%, 01/31/39 - 10/22/73, GBP (d) | 342 | 235 |
| 3.25%, 01/22/44, GBP (d) | 377 | 403 |
| 3.50%, 01/22/45, GBP (d) | 385 | 427 |
| 4.25%, 12/07/46 - 12/07/49, GBP | 510 | 635 |
| 1.50%, 07/22/47 - 07/31/53, GBP (d) | 589 | 422 |
| 1.75%, 01/22/49, GBP | 403 | 310 |
| 1.25%, 07/31/51, GBP (d) | 663 | 432 |
| 3.75%, 07/22/52, GBP (d) | 322 | 375 |
| 1.75%, 07/22/57, GBP (d) | 272 | 200 |
| 4.00%, 01/22/60, GBP (d) | 318 | 401 |
| 0.50%, 10/22/61, GBP (d) | 330 | 141 |
| 2.50%, 07/22/65, GBP (d) | 375 | 337 |
| 3.50%, 07/22/68, GBP (d) | 264 | 304 |
|  |  | 14721 |
| **France 1.3%** | **France 1.3%** | **France 1.3%** |
| Gouvernement De France |  |  |
| 0.50%, 05/25/26, EUR (d) | 538 | 532 |
| 2.75%, 10/25/27, EUR (d) | 785 | 836 |
| 0.50%, 05/25/29, EUR (d) | 4450 | 4101 |
| 1.50%, 05/25/31, EUR (d) | 2510 | 2403 |
| 1.25%, 05/25/34, EUR (d) | 3094 | 2683 |
| 4.75%, 04/25/35, EUR (d) | 8 | 10 |
| 1.75%, 06/25/39 - 05/25/66, EUR (d) | 749 | 564 |
| 3.25%, 05/25/45, EUR (d) | 751 | 788 |
| 2.00%, 05/25/48, EUR (d) | 38 | 31 |
| 0.75%, 05/25/52, EUR (d) | 1385 | 778 |
| 0.75%, 05/25/53, EUR | 80 | 43 |
| 4.00%, 04/25/55, EUR | 633 | 756 |
|  |  | 13525 |
| **Spain 1.1%** | **Spain 1.1%** | **Spain 1.1%** |
| Estado Espanol |  |  |
| 2.15%, 10/31/25, EUR (d) | 2070 | 2167 |
| 1.95%, 04/30/26, EUR (d) | 2583 | 2668 |
| 1.45%, 10/31/27, EUR (d) | 1407 | 1391 |
| 1.40%, 07/30/28, EUR (d) | 1642 | 1597 |
| 4.20%, 01/31/37, EUR (d) | 981 | 1090 |
| 4.70%, 07/30/41, EUR | 657 | 775 |
| 1.00%, 07/30/42 - 10/31/50, EUR | 1062 | 660 |
| 2.70%, 10/31/48, EUR (d) | 216 | 186 |
| 3.45%, 07/30/66, EUR | 379 | 353 |
|  |  | 10887 |
| **Germany 0.9%** | **Germany 0.9%** | **Germany 0.9%** |
| Bundesrepublik Deutschland |  |  |
| 0.00%, 11/15/28 - 08/15/50, EUR | 7156 | 6175 |
| 0.00%, 05/15/35 - 05/15/36, EUR (d) | 2809 | 2131 |
| 2.50%, 07/04/44, EUR (d) | 490 | 516 |
| 1.25%, 08/15/48, EUR (d) | 315 | 257 |
|  |  | 9079 |
| **Canada 0.8%** | **Canada 0.8%** | **Canada 0.8%** |
| Canada Housing Trust No. 1 |  |  |
| 1.25%, 06/15/26, CAD (g) | 140 | 95 |
| Government of Canada |  |  |
| 2.25%, 03/01/24 - 06/01/29, CAD | 2255 | 1617 |
| 1.00%, 09/01/26, CAD | 1440 | 970 |
| 1.50%, 12/01/31, CAD | 2790 | 1777 |
| 4.00%, 06/01/41, CAD | 80 | 64 |
| 2.75%, 12/01/48 - 12/01/64, CAD | 1053 | 703 |
| 1.75%, 12/01/53, CAD | 465 | 243 |
| Ontario, Government of |  |  |
| 2.30%, 09/08/24, CAD | 1180 | 844 |
| 0.01%, 11/25/30, EUR (d) | 1655 | 1352 |
| The Province of Alberta, Government of |  |  |
| 2.90%, 12/01/28, CAD | 40 | 28 |
| The Province of British Columbia, Government of |  |  |
| 4.70%, 06/18/37, CAD | 280 | 216 |
| 2.95%, 06/18/50, CAD | 160 | 94 |
|  |  | 8003 |
| **Australia 0.6%** | **Australia 0.6%** | **Australia 0.6%** |
| Commonwealth of Australia |  |  |
| 0.25%, 11/21/25, AUD (d) | 2114 | 1312 |
| 2.75%, 11/21/27 - 11/21/28, AUD (d) | 3075 | 1985 |
| 1.75%, 11/21/32 - 06/21/51, AUD (d) | 3426 | 1860 |
| 3.75%, 04/21/37, AUD (d) | 397 | 255 |
| 2.75%, 05/21/41, AUD (d) | 165 | 89 |
| 3.00%, 03/21/47, AUD (d) | 256 | 138 |
|  |  | 5639 |
| **Belgium 0.4%** | **Belgium 0.4%** | **Belgium 0.4%** |
| Commission De L'union Europeenne - Commissie Van De Europese Unie |  |  |
| 0.70%, 07/06/51, EUR (d) | 1725 | 984 |
| Service Public Federal Chancellerie Du Premier Ministre |  |  |
| 0.80%, 06/22/28, EUR (d) | 681 | 655 |
| 0.10%, 06/22/30, EUR (d) | 918 | 792 |
| 3.00%, 06/22/34, EUR (d) | 620 | 641 |
| 1.90%, 06/22/38, EUR (d) | 569 | 497 |
| 3.75%, 06/22/45, EUR (d) | 249 | 278 |
| 1.60%, 06/22/47, EUR (i) | 190 | 142 |
| 1.70%, 06/22/50, EUR | 172 | 127 |
| 2.25%, 06/22/57, EUR | 178 | 149 |
| 2.15%, 06/22/66, EUR (d) | 185 | 150 |
|  |  | 4415 |
| **Netherlands 0.3%** | **Netherlands 0.3%** | **Netherlands 0.3%** |
| Staat der Nederlanden |  |  |
| 0.75%, 07/15/28, EUR | 635 | 611 |
| 0.00%, 07/15/31 - 01/15/52, EUR | 1236 | 928 |
| 4.00%, 01/15/37, EUR (d) | 635 | 757 |
| 0.50%, 01/15/40, EUR | 755 | 547 |
|  |  | 2843 |
| **Saudi Arabia 0.2%** | **Saudi Arabia 0.2%** | **Saudi Arabia 0.2%** |
| Government of Saudi Arabia |  |  |
| 2.25%, 02/02/33 (i) | 322 | 262 |
| Saudi Arabia, Kingdom of |  |  |
| 2.90%, 10/22/25 (d) | 1060 | 1015 |
| 3.25%, 10/26/26 (d) | 918 | 877 |
|  |  | 2154 |
| **Qatar 0.1%** | **Qatar 0.1%** | **Qatar 0.1%** |
| The State of Qatar |  |  |
| 3.40%, 04/16/25 (d) | 1180 | 1143 |
| **Denmark 0.1%** | **Denmark 0.1%** | **Denmark 0.1%** |
| Danmarks Nationalbank |  |  |
| 1.50%, 11/15/23, DKK (d) | 28 | 4 |
| 1.75%, 11/15/25, DKK (d) | 803 | 112 |
| 0.50%, 11/15/27, DKK | 1223 | 158 |
| 0.50%, 11/15/29, DKK (d) | 2011 | 249 |
| 0.00%, 11/15/31, DKK (d) | 810 | 91 |
| 4.50%, 11/15/39, DKK (d) | 2136 | 379 |
|  |  | 993 |
| **Sweden 0.1%** | **Sweden 0.1%** | **Sweden 0.1%** |
| OSMTH of the Kingdom Of Sweden |  |  |
| 1.50%, 11/13/23, SEK (d) | 35 | 3 |
| 2.50%, 05/12/25, SEK (d) | 3300 | 314 |
| 0.75%, 05/12/28, SEK (d) | 1895 | 166 |
| 2.25%, 06/01/32, SEK (d) | 1525 | 145 |
| 3.50%, 03/30/39, SEK (d) | 920 | 103 |
|  |  | 731 |
| **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** | **United Arab Emirates 0.1%** |
| Abu Dhabi, Government of |  |  |
| 0.75%, 09/02/23 (i) | 601 | 582 |
| **South Korea 0.1%** | **South Korea 0.1%** | **South Korea 0.1%** |
| The Republic of Korea, Government of |  |  |
| 0.00%, 09/16/25, EUR (j) | 490 | 475 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Hungary 0.0%** | **Hungary 0.0%** | **Hungary 0.0%** |
| Koztarsasagi Elnoki Hivatal |  |  |
| 0.13%, 09/21/28, EUR (i) | 257 | 202 |
| 2.13%, 09/22/31 (i) | 331 | 245 |
|  |  | 447 |
| **Philippines 0.0%** | **Philippines 0.0%** | **Philippines 0.0%** |
| The Philippines, Government of |  |  |
| 0.25%, 04/28/25, EUR | 406 | 401 |
| **Romania 0.0%** | **Romania 0.0%** | **Romania 0.0%** |
| Romania, Government of |  |  |
| 2.00%, 04/14/33, EUR (i) | 455 | 310 |
| **Peru 0.0%** | **Peru 0.0%** | **Peru 0.0%** |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 1.86%, 12/01/32 | 176 | 129 |
| Total Government And Agency Obligations (cost $215,615) | Total Government And Agency Obligations (cost $215,615) | 193962 |
| **CORPORATE BONDS AND NOTES 12.7%** | **CORPORATE BONDS AND NOTES 12.7%** | **CORPORATE BONDS AND NOTES 12.7%** |
| **United States of America 8.1%** | **United States of America 8.1%** | **United States of America 8.1%** |
| 3M Company |  |  |
| 2.38%, 08/26/29 (e) | 470 | 399 |
| 7-Eleven, Inc. |  |  |
| 0.63%, 02/10/23 (i) | 293 | 291 |
| AbbVie Inc. |  |  |
| 3.20%, 05/14/26 | 538 | 509 |
| Abercrombie & Fitch Management Co. |  |  |
| 8.75%, 07/15/25 (e) (i) | 109 | 108 |
| Acuity Brands Lighting, Inc. |  |  |
| 2.15%, 12/15/30 | 246 | 189 |
| Aethon United BR LP |  |  |
| 8.25%, 02/15/26 (i) | 90 | 89 |
| Aetna Inc. |  |  |
| 2.80%, 06/15/23 | 354 | 350 |
| AG TTMT Escrow Issuer LLC |  |  |
| 8.63%, 09/30/27 (i) | 60 | 61 |
| AIG Global Funding |  |  |
| 0.80%, 07/07/23 (i) | 542 | 531 |
| Aircastle Limited |  |  |
| 4.13%, 05/01/24 | 160 | 155 |
| Alabama Power Company |  |  |
| 3.75%, 09/01/27 | 333 | 318 |
| Allegiant Travel Company |  |  |
| 7.25%, 08/15/27 (i) | 185 | 176 |
| Allegion Public Limited Company |  |  |
| 5.41%, 07/01/32 | 186 | 180 |
| Alliant Holdings Intermediate, LLC |  |  |
| 4.25%, 10/15/27 (i) | 399 | 359 |
| Allied Universal Holdco LLC |  |  |
| 6.63%, 07/15/26 (i) | 351 | 322 |
| Altria Group, Inc. |  |  |
| 3.40%, 05/06/30 | 302 | 258 |
| Amazon.com, Inc. |  |  |
| 4.70%, 12/01/32 | 504 | 501 |
| AMC Entertainment Holdings, Inc. |  |  |
| 10.00%, 06/15/26 (i) (k) (l) | 351 | 146 |
| AMC Networks, Inc. |  |  |
| 5.00%, 04/01/24 | 458 | 429 |
| Ameren Corporation |  |  |
| 1.75%, 03/15/28 | 76 | 65 |
| American Airlines Group Inc. |  |  |
| 3.75%, 03/01/25 (e) (i) | 346 | 295 |
| American Airlines, Inc. |  |  |
| 5.50%, 04/20/26 (i) | 849 | 816 |
| American Express Company |  |  |
| 3.70%, 08/03/23 | 706 | 701 |
| 2.55%, 03/04/27 | 960 | 874 |
| American Tower Corporation |  |  |
| 3.13%, 01/15/27 | 548 | 503 |
| Amgen Inc. |  |  |
| 2.30%, 02/25/31 | 377 | 307 |
| Amkor Technology, Inc. |  |  |
| 6.63%, 09/15/27 (i) | 32 | 32 |
| AMN Healthcare, Inc. |  |  |
| 4.63%, 10/01/27 (i) | 57 | 53 |
| Antero Midstream Partners LP |  |  |
| 7.88%, 05/15/26 (i) | 247 | 251 |
| Appalachian Power Company |  |  |
| 2.70%, 04/01/31 | 190 | 156 |
| 4.50%, 08/01/32 | 51 | 48 |
| Apple Inc. |  |  |
| 2.50%, 02/09/25 | 85 | 81 |
| 3.20%, 05/13/25 | 355 | 343 |
| 3.35%, 08/08/32 (e) | 50 | 45 |
| APX Group, Inc. |  |  |
| 6.75%, 02/15/27 (i) | 159 | 153 |
| Aramark Services, Inc. |  |  |
| 6.38%, 05/01/25 (i) | 183 | 181 |
| Archrock Partners, L.P. |  |  |
| 6.88%, 04/01/27 (i) | 110 | 105 |
| Arconic Corporation |  |  |
| 6.00%, 05/15/25 (i) | 137 | 135 |
| Arizona Public Service Company |  |  |
| 2.20%, 12/15/31 | 189 | 144 |
| 6.35%, 12/15/32 | 50 | 53 |
| Artera Services, LLC |  |  |
| 9.03%, 12/04/25 (i) | 205 | 171 |
| Ascent Resources - Utica, LLC |  |  |
| 7.00%, 11/01/26 (i) | 89 | 87 |
| Assurant, Inc. |  |  |
| 4.90%, 03/27/28 (m) | 356 | 341 |
| AT&T Inc. |  |  |
| 4.35%, 03/01/29 | 510 | 486 |
| Avient Corporation |  |  |
| 5.75%, 05/15/25 (i) | 55 | 54 |
| AXIS Specialty Finance LLC |  |  |
| 3.90%, 07/15/29 | 239 | 213 |
| AXIS Specialty Finance PLC |  |  |
| 4.00%, 12/06/27 | 53 | 49 |
| B&G Foods, Inc. |  |  |
| 5.25%, 09/15/27 | 177 | 136 |
| B. A. T. Capital Corporation |  |  |
| 3.46%, 09/06/29 | 261 | 224 |
| Ball Corporation |  |  |
| 4.88%, 03/15/26 | 184 | 179 |
| Bank of America Corporation |  |  |
| 1.53%, 12/06/25 | 50 | 46 |
| 1.32%, 06/19/26 | 348 | 313 |
| 3.82%, 01/20/28 | 50 | 47 |
| 2.57%, 10/20/32 | 50 | 39 |
| 4.57%, 04/27/33 | 617 | 565 |
| Bath & Body Works, Inc. |  |  |
| 6.75%, 07/01/36 | 75 | 66 |
| Bausch Health Companies Inc. |  |  |
| 9.25%, 04/01/26 (i) | 371 | 261 |
| 8.50%, 01/31/27 (i) | 5 | 3 |
| 5.75%, 08/15/27 (i) | 72 | 49 |
| BCPE Empire Holdings, Inc. |  |  |
| 7.63%, 05/01/27 (i) | 22 | 20 |
| Becton, Dickinson and Company |  |  |
| 1.96%, 02/11/31 | 135 | 107 |
| Berry Plastics Escrow Corporation |  |  |
| 5.63%, 07/15/27 (i) | 38 | 37 |
| Bio-Rad Laboratories, Inc. |  |  |
| 3.70%, 03/15/32 | 194 | 166 |
| BlackRock, Inc. |  |  |
| 1.90%, 01/28/31 | 50 | 40 |
| Block, Inc. |  |  |
| 2.75%, 06/01/26 | 183 | 164 |
| Boardwalk Pipelines, LP |  |  |
| 3.60%, 09/01/32 | 50 | 41 |
| Boston Properties Limited Partnership |  |  |
| 2.75%, 10/01/26 | 348 | 313 |
| 6.75%, 12/01/27 | 145 | 150 |
| 2.90%, 03/15/30 | 50 | 41 |
| Boxer Parent Company Inc. |  |  |
| 7.13%, 10/02/25 (i) | 131 | 128 |
| Brixmor Operating Partnership LP |  |  |
| 4.13%, 05/15/29 | 130 | 116 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Broadcom Inc. |  |  |
| 5.00%, 04/15/30 | 322 | 306 |
| 4.15%, 11/15/30 | 50 | 45 |
| 4.30%, 11/15/32 | 50 | 44 |
| Brookfield Property REIT Inc. |  |  |
| 5.75%, 05/15/26 (i) | 190 | 175 |
| 4.50%, 04/01/27 (i) | 6 | 5 |
| Brown & Brown, Inc. |  |  |
| 4.50%, 03/15/29 | 287 | 265 |
| Buckeye Partners, L.P. |  |  |
| 4.13%, 03/01/25 (i) | 6 | 6 |
| Burlington Resources Finance Co |  |  |
| 7.20%, 08/15/31 | 50 | 57 |
| California Resources Corporation |  |  |
| 7.13%, 02/01/26 (i) | 20 | 19 |
| Calumet Specialty Products Partners, L.P. |  |  |
| 11.00%, 04/15/25 (i) | 152 | 159 |
| Capital One Financial Corporation |  |  |
| 4.99%, 07/24/26 | 943 | 925 |
| 3.27%, 03/01/30 | 87 | 74 |
| Carvana Co. |  |  |
| 5.63%, 10/01/25 (i) | 41 | 18 |
| Catalent Pharma Solutions, Inc. |  |  |
| 5.00%, 07/15/27 (i) | 10 | 9 |
| Caterpillar Financial Services Corporation |  |  |
| 3.65%, 08/12/25 | 53 | 52 |
| CD&R Smokey Buyer Inc |  |  |
| 6.75%, 07/15/25 (i) | 85 | 73 |
| CDW Finance Corporation |  |  |
| 3.25%, 02/15/29 | 335 | 284 |
| CEC Entertainment Company, LLC |  |  |
| 6.75%, 05/01/26 (i) | 129 | 120 |
| Celanese US Holdings LLC |  |  |
| 5.90%, 07/05/24 (m) | 500 | 500 |
| CenterPoint Energy Resources Corp. |  |  |
| 5.28%, (3 Month USD LIBOR + 0.50%), 03/02/23 (n) | 500 | 500 |
| Chesapeake Energy Corporation |  |  |
| 5.50%, 02/01/26 (i) | 110 | 106 |
| Choice Hotels International, Inc. |  |  |
| 3.70%, 12/01/29 | 238 | 208 |
| Churchill Downs Incorporated |  |  |
| 5.50%, 04/01/27 (i) | 142 | 135 |
| Cintas Corporation No. 2 |  |  |
| 4.00%, 05/01/32 | 54 | 51 |
| Clarios Global LP |  |  |
| 6.25%, 05/15/26 (i) | 327 | 320 |
| 8.50%, 05/15/27 (e) (i) | 12 | 12 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 5.13%, 08/15/27 (i) | 40 | 35 |
| 7.75%, 04/15/28 (e) (i) | 6 | 4 |
| Cleveland-Cliffs Inc. |  |  |
| 6.75%, 03/15/26 (i) | 108 | 108 |
| 5.88%, 06/01/27 (e) | 57 | 55 |
| Colt Merger Sub, Inc. |  |  |
| 5.75%, 07/01/25 (i) | 119 | 117 |
| Comerica Incorporated |  |  |
| 3.70%, 07/31/23 | 705 | 703 |
| Commscope Finance LLC |  |  |
| 8.25%, 03/01/27 (i) | 325 | 254 |
| Community Health Systems, Inc. |  |  |
| 5.63%, 03/15/27 (i) | 500 | 429 |
| Constellation Brands, Inc. |  |  |
| 3.15%, 08/01/29 | 426 | 374 |
| CoreCivic, Inc. |  |  |
| 8.25%, 04/15/26 | 172 | 176 |
| Coty Inc. |  |  |
| 5.00%, 04/15/26 (i) | 211 | 201 |
| Crescent Energy Finance LLC |  |  |
| 7.25%, 05/01/26 (i) | 83 | 79 |
| Crestwood Midstream Partners LP |  |  |
| 5.63%, 05/01/27 (i) | 193 | 180 |
| Crown Americas LLC |  |  |
| 4.75%, 02/01/26 | 104 | 101 |
| Crown Castle Inc. |  |  |
| 3.65%, 09/01/27 | 158 | 147 |
| CVR Energy, Inc. |  |  |
| 5.25%, 02/15/25 (i) | 72 | 66 |
| CVS Health Corporation |  |  |
| 3.75%, 04/01/30 | 503 | 456 |
| Darling Ingredients Inc. |  |  |
| 5.25%, 04/15/27 (i) | 141 | 138 |
| Delek Logistics Partners, LP |  |  |
| 7.13%, 06/01/28 (i) | 133 | 120 |
| Dell International L.L.C. |  |  |
| 5.30%, 10/01/29 (m) | 344 | 336 |
| Delta Air Lines, Inc. |  |  |
| 2.90%, 10/28/24 | 2 | 2 |
| 7.38%, 01/15/26 | 247 | 253 |
| 4.38%, 04/19/28 | 44 | 39 |
| Diamond Sports Group, LLC |  |  |
| 5.38%, 08/15/26 (i) | 699 | 83 |
| Diebold Nixdorf, Incorporated |  |  |
| 9.38%, 07/15/25 (e) (i) | 73 | 50 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (i) | 443 | 397 |
| DISH DBS Corporation |  |  |
| 5.25%, 12/01/26 (i) | 551 | 465 |
| Dominion Energy, Inc. |  |  |
| 2.45%, 01/15/23 (i) | 551 | 550 |
| DTE Energy Company |  |  |
| 2.95%, 03/01/30 | 341 | 291 |
| Eagle Materials Inc. |  |  |
| 2.50%, 07/01/31 | 57 | 44 |
| Earthstone Energy Holdings, LLC |  |  |
| 8.00%, 04/15/27 (i) | 188 | 179 |
| eBay Inc. |  |  |
| 5.95%, 11/22/27 | 417 | 429 |
| 6.30%, 11/22/32 | 50 | 52 |
| Eco Material Technologies Inc. |  |  |
| 7.88%, 01/31/27 (i) | 137 | 131 |
| Edwards Lifesciences Corporation |  |  |
| 4.30%, 06/15/28 | 506 | 484 |
| Eldorado Resorts, Inc. |  |  |
| 6.25%, 07/01/25 (i) | 619 | 602 |
| 8.13%, 07/01/27 (i) | 6 | 6 |
| Elevance Health, Inc. |  |  |
| 3.30%, 01/15/23 | 350 | 350 |
| EQM Midstream Partners, LP |  |  |
| 6.00%, 07/01/25 (i) | 50 | 49 |
| 7.50%, 06/01/27 (i) | 67 | 66 |
| 6.50%, 07/01/27 (i) | 21 | 20 |
| EQT Corporation |  |  |
| 6.13%, 02/01/25 (k) (m) | 211 | 212 |
| Equitable Holdings, Inc. |  |  |
| 3.90%, 04/20/23 | 532 | 531 |
| Essential Utilities, Inc. |  |  |
| 3.57%, 05/01/29 | 80 | 72 |
| Eversource Energy |  |  |
| 2.80%, 05/01/23 | 1000 | 993 |
| Exela International L.L.C. |  |  |
| 11.50%, 07/15/26 (i) | 98 | 15 |
| Expedia Group, Inc. |  |  |
| 3.25%, 02/15/30 | 53 | 45 |
| Exxon Mobil Corporation |  |  |
| 2.71%, 03/06/25 | 50 | 48 |
| 3.04%, 03/01/26 | 162 | 155 |
| Ferrellgas Escrow, LLC |  |  |
| 5.38%, 04/01/26 (i) | 87 | 79 |
| Fidelity National Financial, Inc. |  |  |
| 2.45%, 03/15/31 | 225 | 170 |
| Fifth Third Bancorp |  |  |
| 4.77%, 07/28/30 | 345 | 329 |
| Florida Power & Light Company |  |  |
| 2.85%, 04/01/25 | 518 | 496 |
| Ford Motor Credit Company LLC |  |  |
| 3.37%, 11/17/23 | 285 | 279 |
| 2.70%, 08/10/26 | 1183 | 1027 |
| 4.13%, 08/17/27 | 5 | 4 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Fortinet, Inc. |  |  |
| 2.20%, 03/15/31 | 85 | 65 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 6.50%, 10/01/25 (i) | 134 | 126 |
| Fortune Brands Innovations, Inc. |  |  |
| 4.00%, 03/25/32 | 151 | 131 |
| Foxtrot Escrow Issuer LLC |  |  |
| 12.25%, 11/15/26 (i) | 152 | 126 |
| Freedom Mortgage Corporation |  |  |
| 6.63%, 01/15/27 (i) | 124 | 97 |
| Frontier Communications Parent, Inc. |  |  |
| 5.88%, 10/15/27 (i) | 57 | 53 |
| 5.00%, 05/01/28 (i) | 8 | 7 |
| Gates Global LLC |  |  |
| 6.25%, 01/15/26 (i) | 66 | 64 |
| Gen Digital Inc. |  |  |
| 6.75%, 09/30/27 (i) | 76 | 75 |
| General Dynamics Corporation |  |  |
| 3.75%, 05/15/28 | 264 | 251 |
| Genesis Energy, L.P. |  |  |
| 8.00%, 01/15/27 | 114 | 107 |
| 7.75%, 02/01/28 | 5 | 5 |
| Glencore Funding LLC |  |  |
| 4.13%, 05/30/23 (i) | 500 | 497 |
| Globe Life Inc. |  |  |
| 2.15%, 08/15/30 | 275 | 218 |
| Grand Canyon University |  |  |
| 4.13%, 10/01/24 | 30 | 28 |
| Gray Escrow, Inc. |  |  |
| 7.00%, 05/15/27 (i) | 179 | 159 |
| Guitar Center Escrow Issuer II, Inc. |  |  |
| 8.50%, 01/15/26 (i) | 65 | 54 |
| Gulfport Energy Operating Corporation |  |  |
| 8.00%, 05/17/26 | 65 | 64 |
| Hat Holdings I LLC |  |  |
| 3.38%, 06/15/26 (i) | 152 | 132 |
| Hawaiian Brand Intellectual Property, Ltd. |  |  |
| 5.75%, 01/20/26 (i) | 105 | 95 |
| Herc Holdings Inc. |  |  |
| 5.50%, 07/15/27 (i) | 142 | 132 |
| Hertz Vehicle Financing II LP |  |  |
| 4.63%, 12/01/26 (i) | 188 | 158 |
| Hess Infrastructure Partners LP |  |  |
| 5.63%, 02/15/26 (i) | 193 | 187 |
| Hilton Domestic Operating Company Inc. |  |  |
| 5.38%, 05/01/25 (i) | 119 | 118 |
| Home Point Capital Inc. |  |  |
| 5.00%, 02/01/26 (i) | 114 | 78 |
| Host Hotels & Resorts, L.P. |  |  |
| 4.00%, 06/15/25 | 532 | 510 |
| Howmet Aerospace Inc. |  |  |
| 6.88%, 05/01/25 | 71 | 73 |
| HP, Inc. |  |  |
| 2.65%, 06/17/31 | 266 | 208 |
| HUB International Limited |  |  |
| 7.00%, 05/01/26 (i) | 322 | 316 |
| Hyundai Capital America |  |  |
| 5.75%, 04/06/23 (i) | 100 | 100 |
| IAA Spinco Inc. |  |  |
| 5.50%, 06/15/27 (i) | 92 | 89 |
| Icahn Enterprises L.P. |  |  |
| 6.25%, 05/15/26 | 56 | 54 |
| 5.25%, 05/15/27 | 509 | 467 |
| iHeartCommunications, Inc. |  |  |
| 8.38%, 05/01/27 (e) | 105 | 89 |
| 5.25%, 08/15/27 (i) | 242 | 205 |
| Intel Corporation |  |  |
| 3.40%, 03/25/25 | 168 | 164 |
| 4.00%, 12/15/32 | 362 | 335 |
| Inter-American Development Bank |  |  |
| 1.70%, 10/10/24, CAD | 50 | 35 |
| 4.40%, 01/26/26, CAD | 490 | 367 |
| Intercontinental Exchange, Inc. |  |  |
| 1.85%, 09/15/32 | 50 | 38 |
| iStar Inc. |  |  |
| 4.25%, 08/01/25 | 163 | 160 |
| Jefferies Group LLC |  |  |
| 4.15%, 01/23/30 | 267 | 239 |
| Johnson & Johnson |  |  |
| 0.55%, 09/01/25 | 50 | 45 |
| 2.90%, 01/15/28 | 160 | 149 |
| Juniper Networks, Inc. |  |  |
| 3.75%, 08/15/29 | 292 | 260 |
| Keurig Dr Pepper Inc. |  |  |
| 4.05%, 04/15/32 | 306 | 279 |
| KeyBank National Association |  |  |
| 3.90%, 04/13/29 | 307 | 273 |
| Kilroy Realty, L.P. |  |  |
| 4.38%, 10/01/25 | 524 | 507 |
| LABL Escrow Issuer LLC |  |  |
| 6.75%, 07/15/26 (i) | 165 | 157 |
| Ladder Capital Finance Holdings LLLP |  |  |
| 4.25%, 02/01/27 (i) | 177 | 149 |
| Las Vegas Sands Corp. |  |  |
| 2.90%, 06/25/25 | 343 | 316 |
| 3.50%, 08/18/26 | 50 | 45 |
| Lazard Group LLC |  |  |
| 4.50%, 09/19/28 | 307 | 285 |
| Legacy Lifepoint Health, LLC |  |  |
| 9.75%, 12/01/26 (i) | 308 | 248 |
| Leidos, Inc. |  |  |
| 4.38%, 05/15/30 (m) | 250 | 226 |
| Level 3 Financing, Inc. |  |  |
| 4.63%, 09/15/27 (i) | 175 | 146 |
| 4.25%, 07/01/28 (i) | 64 | 50 |
| LGI Homes, Inc. |  |  |
| 4.00%, 07/15/29 (i) | 133 | 103 |
| Life Time, Inc. |  |  |
| 5.75%, 01/15/26 (i) | 111 | 103 |
| Live Nation Entertainment, Inc. |  |  |
| 6.50%, 05/15/27 (i) | 61 | 60 |
| 4.75%, 10/15/27 (i) | 192 | 171 |
| 3.75%, 01/15/28 (i) | 14 | 12 |
| Logan Merger Sub, Inc. |  |  |
| 5.50%, 09/01/27 (i) | 196 | 106 |
| LSF9 Atlantis |  |  |
| 7.75%, 02/15/26 (i) | 98 | 87 |
| Lumen Technologies Inc. |  |  |
| 4.00%, 02/15/27 (i) | 276 | 234 |
| M&T Bank Corporation |  |  |
| 3.55%, 07/26/23 | 369 | 367 |
| Magnum Management Corporation |  |  |
| 5.50%, 05/01/25 (i) | 119 | 118 |
| Marriott International, Inc. |  |  |
| 5.00%, 10/15/27 (m) | 379 | 374 |
| 4.63%, 06/15/30 (m) | 62 | 58 |
| 3.50%, 10/15/32 (m) | 50 | 42 |
| Matador Resources Company |  |  |
| 5.88%, 09/15/26 | 224 | 216 |
| Mattel, Inc. |  |  |
| 3.38%, 04/01/26 (i) | 162 | 149 |
| Maxar Technologies Inc. |  |  |
| 7.75%, 06/15/27 (i) | 41 | 43 |
| McKesson Corporation |  |  |
| 2.85%, 03/15/23 | 531 | 529 |
| Merck & Co., Inc. |  |  |
| 2.75%, 02/10/25 | 527 | 505 |
| Meta Platforms, Inc. |  |  |
| 3.50%, 08/15/27 | 538 | 501 |
| Metropolitan Edison Company |  |  |
| 3.50%, 03/15/23 (i) | 554 | 552 |
| Metropolitan Life Global Funding I |  |  |
| 3.00%, 01/10/23 (i) | 580 | 580 |
| MGM Resorts International |  |  |
| 6.75%, 05/01/25 | 241 | 243 |
| 5.50%, 04/15/27 | 6 | 6 |
| Microchip Technology Incorporated |  |  |
| 0.98%, 09/01/24 | 55 | 51 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Millennium Escrow Corporation |  |  |
| 6.63%, 08/01/26 (i) | 129 | 82 |
| Mohegan Tribal Gaming Authority |  |  |
| 8.00%, 02/01/26 (i) | 222 | 206 |
| Morgan Stanley |  |  |
| 3.59%, 07/22/28 | 556 | 511 |
| 1.79%, 02/13/32 | 50 | 37 |
| 1.93%, 04/28/32 | 50 | 38 |
| 2.51%, 10/20/32 | 535 | 418 |
| Moss Creek Resources Holdings, Inc. |  |  |
| 10.50%, 05/15/27 (i) | 71 | 68 |
| Motorola Solutions, Inc. |  |  |
| 2.30%, 11/15/30 | 50 | 39 |
| 2.75%, 05/24/31 | 225 | 180 |
| MPLX LP |  |  |
| 1.75%, 03/01/26 | 569 | 508 |
| Murphy Oil Corporation |  |  |
| 6.13%, 12/01/42 (k) (m) | 73 | 57 |
| Muzinich U.S. High Yield Corporate Bond Fund |  |  |
| 9.75%, 08/15/26 (i) | 237 | 232 |
| Nabors Industries, Inc. |  |  |
| 5.75%, 02/01/25 | 93 | 89 |
| Nationstar Mortgage Holdings Inc. |  |  |
| 6.00%, 01/15/27 (i) | 151 | 135 |
| Navient Corporation |  |  |
| 6.75%, 06/15/26 | 129 | 123 |
| 5.00%, 03/15/27 | 115 | 101 |
| NCR Corporation |  |  |
| 5.75%, 09/01/27 (i) | 102 | 98 |
| 5.00%, 10/01/28 (i) | 8 | 7 |
| NetApp, Inc. |  |  |
| 2.70%, 06/22/30 | 290 | 238 |
| Netflix, Inc. |  |  |
| 3.63%, 06/15/25 (i) | 91 | 87 |
| New Fortress Energy Inc. |  |  |
| 6.75%, 09/15/25 (i) | 315 | 299 |
| 6.50%, 09/30/26 (i) | 9 | 8 |
| Newell Brands Inc. |  |  |
| 4.88%, 06/01/25 | 43 | 42 |
| 6.38%, 09/15/27 | 86 | 85 |
| NewMarket Corporation |  |  |
| 2.70%, 03/18/31 | 210 | 164 |
| Newmont Corporation |  |  |
| 2.60%, 07/15/32 | 50 | 40 |
| Nexstar Escrow Inc. |  |  |
| 5.63%, 07/15/27 (i) | 208 | 191 |
| Nexstar Media Group, Inc. |  |  |
| 4.75%, 11/01/28 (i) | 5 | 4 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.59%, (SOFR + 0.54%), 03/01/23 (n) | 275 | 274 |
| NextEra Energy Operating Partners, LP |  |  |
| 4.25%, 07/15/24 (i) | 152 | 148 |
| 4.50%, 09/15/27 (i) | 94 | 87 |
| NGL Energy Operating LLC |  |  |
| 7.50%, 02/01/26 (i) | 245 | 218 |
| NMG Holding Company, Inc. |  |  |
| 7.13%, 04/01/26 (i) | 131 | 123 |
| Northrop Grumman Corporation |  |  |
| 3.25%, 08/01/23 | 355 | 352 |
| Novartis Capital Corporation |  |  |
| 3.40%, 05/06/24 | 50 | 49 |
| Novelis Corporation |  |  |
| 3.25%, 11/15/26 (i) | 222 | 199 |
| 4.75%, 01/30/30 (i) | 7 | 6 |
| NuStar Logistics, L.P. |  |  |
| 5.75%, 10/01/25 | 35 | 34 |
| 6.00%, 06/01/26 | 141 | 136 |
| 5.63%, 04/28/27 | 18 | 17 |
| NVIDIA Corporation |  |  |
| 0.31%, 06/15/23 | 673 | 661 |
| NVR, Inc. |  |  |
| 3.00%, 05/15/30 | 185 | 155 |
| Occidental Petroleum Corporation |  |  |
| 6.95%, 07/01/24 | 281 | 286 |
| 8.50%, 07/15/27 | 54 | 58 |
| OGE Energy Corp. |  |  |
| 0.70%, 05/26/23 | 500 | 492 |
| Omega Healthcare Investors, Inc. |  |  |
| 4.50%, 01/15/25 | 60 | 58 |
| OneMain Finance Corporation |  |  |
| 6.13%, 03/15/24 | 458 | 443 |
| 7.13%, 03/15/26 | 10 | 10 |
| 3.50%, 01/15/27 | 122 | 101 |
| ONEOK, Inc. |  |  |
| 2.20%, 09/15/25 | 77 | 71 |
| 3.10%, 03/15/30 | 301 | 253 |
| Outfront Media Capital Corporation |  |  |
| 5.00%, 08/15/27 (i) | 27 | 24 |
| Owens Corning |  |  |
| 3.88%, 06/01/30 | 267 | 237 |
| Owens-Brockway Glass Container Inc. |  |  |
| 6.63%, 05/13/27 (i) | 18 | 18 |
| PACCAR Financial Corp. |  |  |
| 1.80%, 02/06/25 | 50 | 47 |
| PacifiCorp |  |  |
| 2.70%, 09/15/30 | 287 | 247 |
| Paramount Global |  |  |
| 6.38%, 03/30/62 | 58 | 47 |
| Parker-Hannifin Corporation |  |  |
| 4.50%, 09/15/29 | 105 | 101 |
| Party City Holdings Inc. |  |  |
| 8.75%, 02/15/26 (i) | 3 | 1 |
| PBF Holding Company LLC |  |  |
| 6.00%, 02/15/28 | 182 | 161 |
| PennyMac Financial Services, Inc. |  |  |
| 5.38%, 10/15/25 (i) | 5 | 5 |
| Penske Automotive Group, Inc. |  |  |
| 3.50%, 09/01/25 | 69 | 64 |
| Performance Food Group Company |  |  |
| 5.50%, 10/15/27 (i) | 55 | 52 |
| Pfizer Inc. |  |  |
| 3.60%, 09/15/28 | 524 | 501 |
| Philip Morris International Inc. |  |  |
| 3.13%, 03/02/28 | 52 | 47 |
| 5.75%, 11/17/32 | 255 | 261 |
| Phillips 66 |  |  |
| 3.55%, 10/01/26 (i) | 479 | 450 |
| PNC Bank, National Association |  |  |
| 3.50%, 06/08/23 | 600 | 598 |
| Presidio Holdings, Inc. |  |  |
| 4.88%, 02/01/27 (i) | 185 | 169 |
| Prime Healthcare Services, Inc. |  |  |
| 7.25%, 11/01/25 (i) | 104 | 88 |
| Prime Security Services Borrower, LLC |  |  |
| 5.25%, 04/15/24 (i) | 10 | 10 |
| 5.75%, 04/15/26 (i) | 132 | 127 |
| 3.38%, 08/31/27 (i) | 240 | 209 |
| Protective Life Global Funding |  |  |
| 1.08%, 06/09/23 (i) | 270 | 265 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/30 | 273 | 225 |
| QVC, Inc. |  |  |
| 4.75%, 02/15/27 | 208 | 146 |
| Radiate HoldCo, LLC |  |  |
| 4.50%, 09/15/26 (i) | 219 | 161 |
| Regency Centers, L.P. |  |  |
| 4.13%, 03/15/28 | 52 | 48 |
| 2.95%, 09/15/29 | 50 | 42 |
| 3.70%, 06/15/30 | 50 | 44 |
| Reynolds Group Issuer Inc. |  |  |
| 4.00%, 10/15/27 (i) | 226 | 201 |
| RHP Hotel Properties, LP |  |  |
| 4.75%, 10/15/27 | 92 | 84 |
| Rite Aid Corporation |  |  |
| 8.00%, 11/15/26 (i) | 17 | 9 |
| Rithm Capital Corp. |  |  |
| 6.25%, 10/15/25 (i) | 41 | 37 |
| RLJ III-EM Columbus Lessee, LLC |  |  |
| 3.75%, 07/01/26 (i) | 26 | 23 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Rocket Mortgage, LLC |  |  |
| 2.88%, 10/15/26 (i) | 210 | 181 |
| RP Escrow Issuer LLC |  |  |
| 5.25%, 12/15/25 (i) | 116 | 89 |
| RPM International Inc. |  |  |
| 4.55%, 03/01/29 | 278 | 258 |
| Sabre GLBL Inc. |  |  |
| 7.38%, 09/01/25 (i) | 267 | 256 |
| Safeway Inc. |  |  |
| 3.25%, 03/15/26 (i) | 338 | 309 |
| SBA Communications Corporation |  |  |
| 3.88%, 02/15/27 | 284 | 257 |
| Scientific Games International, Inc. |  |  |
| 8.63%, 07/01/25 (i) | 55 | 56 |
| SCIL IV LLC / SCIL USA Holdings LLC |  |  |
| 5.38%, 11/01/26 (i) | 230 | 195 |
| Select Medical Corporation |  |  |
| 6.25%, 08/15/26 (i) | 146 | 139 |
| Sempra Energy |  |  |
| 3.40%, 02/01/28 | 51 | 47 |
| Service Properties Trust |  |  |
| 4.35%, 10/01/24 | 198 | 180 |
| Shutterfly, LLC |  |  |
| 8.50%, 10/01/26 (i) | 34 | 20 |
| Sirius XM Radio Inc. |  |  |
| 3.13%, 09/01/26 (i) | 232 | 206 |
| SLM Corporation |  |  |
| 4.20%, 10/29/25 | 107 | 97 |
| 3.13%, 11/02/26 | 7 | 6 |
| Southern Company Gas Capital Corporation |  |  |
| 1.75%, 01/15/31 | 164 | 125 |
| Southwest Airlines Co. |  |  |
| 3.00%, 11/15/26 | 127 | 117 |
| Specialty Building Products Holdings, LLC |  |  |
| 6.38%, 09/30/26 (i) | 190 | 153 |
| Spectra Energy Partners, LP |  |  |
| 4.75%, 03/15/24 | 51 | 51 |
| Spirit AeroSystems, Inc. |  |  |
| 7.50%, 04/15/25 (i) | 321 | 317 |
| Spirit Realty, L.P. |  |  |
| 4.45%, 09/15/26 | 375 | 358 |
| Sprint Corporation |  |  |
| 7.63%, 03/01/26 | 185 | 195 |
| SS&C Technologies, Inc. |  |  |
| 5.50%, 09/30/27 (i) | 279 | 263 |
| Staples, Inc. |  |  |
| 7.50%, 04/15/26 (i) | 128 | 110 |
| 10.75%, 04/15/27 (e) (i) | 252 | 181 |
| Starwood Property Trust, Inc. |  |  |
| 4.38%, 01/15/27 (i) | 148 | 130 |
| State Street Corporation |  |  |
| 4.42%, 05/13/33 | 51 | 48 |
| 3.03%, 11/01/34 | 205 | 173 |
| Stericycle, Inc. |  |  |
| 5.38%, 07/15/24 (i) | 23 | 23 |
| Summit Midstream Holdings, LLC |  |  |
| 8.50%, 10/15/26 (i) | 211 | 200 |
| Surgery Center Holdings, Inc. |  |  |
| 10.00%, 04/15/27 (e) (i) | 65 | 66 |
| Synchrony Financial |  |  |
| 4.38%, 03/19/24 | 191 | 188 |
| Tallgrass Energy Partners, LP |  |  |
| 7.50%, 10/01/25 (i) | 158 | 159 |
| Taylor Morrison Communities, Inc. |  |  |
| 5.88%, 06/15/27 (i) | 62 | 60 |
| TCI Communications, Inc. |  |  |
| 7.13%, 02/15/28 | 454 | 496 |
| TEGNA Inc. |  |  |
| 4.75%, 03/15/26 (i) | 150 | 146 |
| Tenet Healthcare Corporation |  |  |
| 4.88%, 01/01/26 (i) | 506 | 482 |
| 6.25%, 02/01/27 (i) | 170 | 163 |
| The Bank of New York Mellon Corporation |  |  |
| 3.85%, 04/26/29 | 600 | 558 |
| The Charles Schwab Corporation |  |  |
| 2.90%, 03/03/32 | 74 | 63 |
| The Goldman Sachs Group, Inc. |  |  |
| 0.67%, 03/08/24 | 500 | 494 |
| 5.70%, 11/01/24 | 50 | 51 |
| 1.76%, 01/24/25 | 423 | 405 |
| 3.27%, 09/29/25 | 63 | 61 |
| 2.62%, 04/22/32 | 624 | 497 |
| The Kroger Co. |  |  |
| 7.50%, 04/01/31 | 69 | 78 |
| The PNC Financial Services Group, Inc. |  |  |
| 4.63%, 06/06/33 | 293 | 271 |
| The Providence Service Corporation |  |  |
| 5.88%, 11/15/25 (i) | 106 | 100 |
| The Southern Company |  |  |
| 5.70%, 10/15/32 | 50 | 51 |
| The William Carter Company |  |  |
| 5.63%, 03/15/27 (i) | 142 | 137 |
| TK Elevator U.S. Newco, Inc. |  |  |
| 5.25%, 07/15/27 (i) | 306 | 272 |
| T-Mobile USA, Inc. |  |  |
| 3.38%, 04/15/29 | 571 | 503 |
| Townsquare Media, Inc. |  |  |
| 6.88%, 02/01/26 (i) | 40 | 35 |
| Toyota Motor Credit Corporation |  |  |
| 2.63%, 01/10/23 | 696 | 696 |
| Transcontinental Gas Pipe Line Company, LLC |  |  |
| 7.85%, 02/01/26 | 465 | 496 |
| TransDigm Inc. |  |  |
| 8.00%, 12/15/25 (i) | 426 | 432 |
| 6.25%, 03/15/26 (i) | 576 | 569 |
| 5.50%, 11/15/27 | 6 | 6 |
| Transocean Inc |  |  |
| 11.50%, 01/30/27 (i) | 143 | 144 |
| Travel + Leisure Co. |  |  |
| 6.63%, 07/31/26 (i) | 168 | 165 |
| TripAdvisor, Inc. |  |  |
| 7.00%, 07/15/25 (i) | 60 | 60 |
| Triumph Group, Inc. |  |  |
| 6.25%, 09/15/24 (i) | 79 | 75 |
| Truist Bank |  |  |
| 2.64%, 09/17/29 | 469 | 439 |
| U.S. Bancorp |  |  |
| 4.55%, 07/22/28 | 825 | 808 |
| U.S. Foods Inc. |  |  |
| 6.25%, 04/15/25 (i) | 119 | 118 |
| Uber Technologies, Inc. |  |  |
| 8.00%, 11/01/26 (i) | 431 | 434 |
| 7.50%, 09/15/27 (i) | 10 | 10 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.38%, 04/15/26 (i) | 239 | 223 |
| United Parcel Service, Inc. |  |  |
| 3.40%, 03/15/29 | 50 | 47 |
| 2.50%, 09/01/29 | 171 | 149 |
| United Rentals (North America), Inc. |  |  |
| 4.88%, 01/15/28 | 5 | 5 |
| United Wholesale Mortgage, LLC |  |  |
| 5.75%, 06/15/27 (i) | 157 | 135 |
| UnitedHealth Group Incorporated |  |  |
| 3.75%, 07/15/25 | 483 | 472 |
| Uniti Group Inc. |  |  |
| 7.88%, 02/15/25 (i) | 270 | 262 |
| Univision Communications Inc. |  |  |
| 6.63%, 06/01/27 (i) | 94 | 91 |
| 4.50%, 05/01/29 (i) | 5 | 4 |
| Unum Group |  |  |
| 4.00%, 06/15/29 | 127 | 115 |
| USA Compression Finance Corp. |  |  |
| 6.88%, 04/01/26 | 178 | 171 |
| Vail Resorts, Inc. |  |  |
| 6.25%, 05/15/25 (i) | 157 | 157 |
| Vector Group Ltd. |  |  |
| 10.50%, 11/01/26 (i) | 153 | 152 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Vericast Corp. |  |  |
| 11.00%, 09/15/26 (i) | 221 | 235 |
| Veritas USA Inc. |  |  |
| 7.50%, 09/01/25 (i) | 209 | 143 |
| Verizon Communications Inc. |  |  |
| 4.02%, 12/03/29 | 544 | 510 |
| ViaSat, Inc. |  |  |
| 5.63%, 09/15/25 (i) | 197 | 184 |
| Viking Cruises Limited |  |  |
| 5.88%, 09/15/27 (i) | 9 | 7 |
| Virginia Electric and Power Company |  |  |
| 3.10%, 05/15/25 | 124 | 119 |
| 2.40%, 03/30/32 | 74 | 60 |
| Vistra Operations Company LLC |  |  |
| 5.63%, 02/15/27 (i) | 341 | 326 |
| 5.00%, 07/31/27 (i) | 198 | 184 |
| VMware, Inc. |  |  |
| 4.65%, 05/15/27 (m) | 524 | 506 |
| Volkswagen Group of America, Inc. |  |  |
| 3.13%, 05/12/23 (i) | 500 | 496 |
| W. R. Grace Holdings LLC |  |  |
| 5.63%, 08/15/29 (i) | 8 | 6 |
| Walmart Inc. |  |  |
| 3.70%, 06/26/28 | 52 | 50 |
| 7.55%, 02/15/30 | 169 | 198 |
| Wash Multifamily Acquisition Inc. |  |  |
| 5.75%, 04/15/26 (i) | 103 | 97 |
| Waste Pro USA, Inc. |  |  |
| 5.50%, 02/15/26 (i) | 153 | 136 |
| Watco Companies, L.L.C. |  |  |
| 6.50%, 06/15/27 (i) | 82 | 78 |
| Welltower OP LLC |  |  |
| 4.13%, 03/15/29 | 332 | 305 |
| 3.10%, 01/15/30 | 50 | 42 |
| WESCO Distribution, Inc. |  |  |
| 7.13%, 06/15/25 (i) | 316 | 320 |
| Western Midstream Operating, LP |  |  |
| 3.35%, 02/01/25 (k) (m) | 32 | 30 |
| Westinghouse Air Brake Technologies Corporation |  |  |
| 4.95%, 09/15/28 (k) (m) | 343 | 329 |
| Weyerhaeuser Company |  |  |
| 7.38%, 03/15/32 | 185 | 205 |
| Wolverine Escrow LLC |  |  |
| 9.00%, 11/15/26 (i) | 68 | 44 |
| Wynn Resorts Finance, LLC |  |  |
| 7.75%, 04/15/25 (i) | 72 | 72 |
| Xcel Energy Inc. |  |  |
| 1.75%, 03/15/27 | 50 | 44 |
| 3.40%, 06/01/30 | 144 | 128 |
| Xerox Holdings Corporation |  |  |
| 5.00%, 08/15/25 (i) | 52 | 48 |
| XHR LP |  |  |
| 6.38%, 08/15/25 (i) | 49 | 48 |
| Zayo Group Holdings, Inc. |  |  |
| 4.00%, 03/01/27 (i) | 322 | 239 |
| Ziprecruiter, Inc. |  |  |
| 5.00%, 01/15/30 (i) | 50 | 41 |
| Zoetis Inc. |  |  |
| 3.25%, 02/01/23 | 134 | 134 |
| | | 82671 |
| **Canada 1.7%** | **Canada 1.7%** | **Canada 1.7%** |
| Air Canada |  |  |
| 3.88%, 08/15/26 (i) | 26 | 23 |
| Algonquin Power & Utilities Corp. |  |  |
| 4.75%, 01/18/82 (o) | 17 | 14 |
| Baffinland Iron Mines Corporation |  |  |
| 8.75%, 07/15/26 (i) | 69 | 65 |
| Bank of Montreal |  |  |
| 4.83%, (SOFR + 0.68%), 03/10/23 (n) (o) | 1430 | 1431 |
| 3.97%, (SOFR + 0.27%), 04/14/23 (n) (o) | 263 | 263 |
| 3.80%, 12/15/32 (o) | 238 | 209 |
| Bausch Health Companies Inc. |  |  |
| 7.00%, 01/15/28 (i) | 27 | 13 |
| Bombardier Inc. |  |  |
| 7.13%, 06/15/26 (i) | 348 | 341 |
| 7.88%, 04/15/27 (i) | 18 | 18 |
| Brookfield Residential Properties Inc. |  |  |
| 6.25%, 09/15/27 (i) | 84 | 75 |
| Canadian Imperial Bank of Commerce |  |  |
| 0.45%, 06/22/23 (o) | 1419 | 1389 |
| 0.95%, 06/23/23 (o) | 282 | 276 |
| 2.25%, 01/28/25 (o) | 1073 | 1013 |
| Canadian Pacific Railway Limited |  |  |
| 7.13%, 10/15/31 | 218 | 241 |
| Enerflex Ltd. |  |  |
| 9.00%, 10/15/27 (i) | 104 | 104 |
| Garda World Security Corporation |  |  |
| 4.63%, 02/15/27 (i) | 155 | 137 |
| GFL Environmental Inc. |  |  |
| 5.13%, 12/15/26 (i) | 206 | 198 |
| GW B-CR Security Corporation |  |  |
| 9.50%, 11/01/27 (i) | 5 | 5 |
| Hudbay Minerals Inc. |  |  |
| 4.50%, 04/01/26 (d) | 71 | 65 |
| MEG Energy Corp. |  |  |
| 7.13%, 02/01/27 (i) | 221 | 226 |
| Methanex Corporation |  |  |
| 5.13%, 10/15/27 | 106 | 98 |
| Ontario Teachers' Finance Trust |  |  |
| 0.50%, 05/06/25, EUR (d) | 2000 | 1996 |
| 1.13%, 05/15/26, GBP (d) | 2700 | 2911 |
| 1.10%, 10/19/27, CAD (i) | 297 | 193 |
| 0.10%, 05/19/28, EUR (d) | 875 | 779 |
| Restaurant Brands International Limited Partnership |  |  |
| 5.75%, 04/15/25 (i) | 140 | 139 |
| Royal Bank of Canada |  |  |
| 1.60%, 04/17/23 (o) | 1224 | 1212 |
| 0.88%, 01/20/26 (o) | 915 | 811 |
| 4.24%, 08/03/27 (o) | 94 | 92 |
| 2.30%, 11/03/31 (o) | 51 | 41 |
| 3.88%, 05/04/32 (o) | 72 | 66 |
| Strathcona Resources Ltd. |  |  |
| 6.88%, 08/01/26 (i) | 122 | 90 |
| Telesat Canada |  |  |
| 5.63%, 12/06/26 (i) | 36 | 17 |
| The Bank of Nova Scotia |  |  |
| 1.63%, 05/01/23 (o) | 530 | 523 |
| 3.45%, 04/11/25 (o) | 1007 | 971 |
| 1.05%, 03/02/26 (o) | 50 | 44 |
| The Toronto-Dominion Bank |  |  |
| 0.30%, 06/02/23 (o) | 437 | 428 |
| 0.75%, 06/12/23 - 01/06/26 (o) | 684 | 627 |
| 3.63%, 09/15/31 (o) | 468 | 432 |
| Titan Acquisition Limited |  |  |
| 7.75%, 04/15/26 (i) | 78 | 70 |
| Vermilion Energy Inc. |  |  |
| 6.88%, 05/01/30 (i) | 143 | 131 |
|  |  | 17777 |
| **South Korea 0.5%** | **South Korea 0.5%** | **South Korea 0.5%** |
| Korea Electric Power Corp |  |  |
| 0.75%, 01/27/26 (i) | 755 | 661 |
| The Export-Import Bank of Korea |  |  |
| 0.00%, 10/19/24, EUR (d) | 1990 | 1998 |
| 0.75%, 09/21/25 | 1618 | 1442 |
| 2.63%, 05/26/26 | 1050 | 980 |
|  |  | 5081 |
| **Netherlands 0.5%** | **Netherlands 0.5%** | **Netherlands 0.5%** |
| Ardagh Packaging Finance Public Limited Company |  |  |
| 5.25%, 08/15/27 (i) | 320 | 235 |
| BNG Bank N.V. |  |  |
| 0.75%, 11/13/23, AUD | 830 | 550 |
| Herbalife Nutrition Ltd. |  |  |
| 7.88%, 09/01/25 (i) | 73 | 65 |
| Nederlandse Waterschapsbank N.V. |  |  |
| 2.00%, 12/16/24, GBP (d) | 2570 | 2956 |
| 3.50%, 07/20/27, AUD | 460 | 299 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Shell International Finance B.V. |  |  |
| 2.88%, 05/10/26 | 539 | 508 |
| Trivium Packaging Finance B.V. |  |  |
| 5.50%, 08/15/26 (i) | 280 | 262 |
| | | 4875 |
| **France 0.4%** | **France 0.4%** | **France 0.4%** |
| Altice France Holding S.A. |  |  |
| 8.13%, 02/01/27 (i) | 341 | 311 |
| BNP Paribas |  |  |
| 3.50%, 03/01/23 (i) | 300 | 299 |
| Dexia Credit Local |  |  |
| 0.50%, 07/22/23, GBP (d) | 1200 | 1423 |
| 0.25%, 12/11/24, GBP (d) | 700 | 779 |
| 1.25%, 10/27/25, EUR (d) | 1000 | 1012 |
|  |  | 3824 |
| **United Kingdom 0.3%** | **United Kingdom 0.3%** | **United Kingdom 0.3%** |
| B. A. T. Capital Corporation |  |  |
| 3.56%, 08/15/27 | 50 | 46 |
| B.A.T. International Finance P.L.C. |  |  |
| 1.67%, 03/25/26 | 267 | 236 |
| Connect Finco SARL |  |  |
| 6.75%, 10/01/26 (i) | 200 | 186 |
| EG Global Finance PLC |  |  |
| 6.75%, 02/07/25 (i) | 302 | 261 |
| HSBC Holdings PLC |  |  |
| 2.10%, 06/04/26 (o) | 208 | 190 |
| 5.21%, 08/11/28 | 844 | 813 |
| International Game Technology PLC |  |  |
| 4.13%, 04/15/26 (i) | 255 | 239 |
| Lloyds Banking Group PLC |  |  |
| 3.87%, 07/09/25 (o) | 718 | 697 |
| 1.63%, 05/11/27 (o) | 363 | 314 |
| Rolls-Royce PLC |  |  |
| 5.75%, 10/15/27 (i) | 228 | 217 |
| Vodafone Group Public Limited Company |  |  |
| 3.25%, 06/04/81 | 55 | 46 |
|  |  | 3245 |
| **Japan 0.2%** | **Japan 0.2%** | **Japan 0.2%** |
| Development Bank of Japan Inc. |  |  |
| 0.88%, 10/10/25, EUR (d) | 960 | 957 |
| Mitsubishi UFJ Financial Group Inc |  |  |
| 2.19%, 02/25/25 | 207 | 194 |
| 1.54%, 07/20/27 | 942 | 818 |
| Mizuho Financial Group, Inc. |  |  |
| 2.84%, 07/16/25 | 201 | 192 |
|  |  | 2161 |
| **Germany 0.2%** | **Germany 0.2%** | **Germany 0.2%** |
| Deutsche Bank Aktiengesellschaft |  |  |
| 0.90%, 05/28/24 (o) | 1094 | 1025 |
| KfW |  |  |
| 3.20%, 09/11/26, AUD | 880 | 579 |
|  |  | 1604 |
| **Singapore 0.1%** | **Singapore 0.1%** | **Singapore 0.1%** |
| Temasek Financial (I) Limited |  |  |
| 3.63%, 08/01/28 (d) | 250 | 240 |
| 1.63%, 08/02/31 (i) | 1151 | 913 |
| 2.38%, 08/02/41 (i) | 626 | 444 |
|  |  | 1597 |
| **China 0.1%** | **China 0.1%** | **China 0.1%** |
| China Development Bank |  |  |
| 0.88%, 01/24/24, EUR (d) | 1000 | 1043 |
| Moss Creek Resources Holdings, Inc. |  |  |
| 7.50%, 01/15/26 (i) | 12 | 11 |
|  |  | 1054 |
| **Panama 0.1%** | **Panama 0.1%** | **Panama 0.1%** |
| Carnival Corporation |  |  |
| 10.50%, 02/01/26 (i) | 175 | 176 |
| 7.63%, 03/01/26 (e) (i) | 708 | 565 |
| 5.75%, 03/01/27 (i) | 45 | 32 |
| 9.88%, 08/01/27 (i) | 105 | 99 |
|  |  | 872 |
| **Liberia 0.1%** | **Liberia 0.1%** | **Liberia 0.1%** |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.50%, 08/31/26 (i) | 507 | 427 |
| 5.38%, 07/15/27 (i) | 491 | 399 |
|  |  | 826 |
| **Bermuda 0.1%** | **Bermuda 0.1%** | **Bermuda 0.1%** |
| Aircastle Limited |  |  |
| 4.25%, 06/15/26 | 376 | 355 |
| Nabors Industries Ltd |  |  |
| 7.25%, 01/15/26 (i) | 119 | 113 |
| NCL Corporation Ltd. |  |  |
| 3.63%, 12/15/24 (i) | 222 | 190 |
| 5.88%, 03/15/26 - 02/15/27 (i) | 131 | 108 |
| Viking Cruises Limited |  |  |
| 13.00%, 05/15/25 (i) | 40 | 42 |
| 7.00%, 02/15/29 (i) | 8 | 7 |
|  |  | 815 |
| **New Zealand 0.1%** | **New Zealand 0.1%** | **New Zealand 0.1%** |
| ASB Bank Limited |  |  |
| 3.75%, 06/14/23 (i) | 677 | 673 |
| **Macau 0.1%** | **Macau 0.1%** | **Macau 0.1%** |
| MGM China Holdings Limited |  |  |
| 4.75%, 02/01/27 (i) | 350 | 310 |
| Sands China Ltd. |  |  |
| 4.30%, 01/08/26 (k) (m) | 394 | 363 |
|  |  | 673 |
| **Australia 0.1%** | **Australia 0.1%** | **Australia 0.1%** |
| FMG Resources (August 2006) Pty Ltd |  |  |
| 5.13%, 05/15/24 (i) | 41 | 40 |
| 4.50%, 09/15/27 (i) | 149 | 138 |
| Westpac Banking Corporation |  |  |
| 2.00%, 01/13/23 | 307 | 307 |
| 2.89%, 02/04/30 (o) | 196 | 179 |
|  |  | 664 |
| **Hong Kong 0.0%** | **Hong Kong 0.0%** | **Hong Kong 0.0%** |
| Wynn Macau, Limited |  |  |
| 5.50%, 01/15/26 (i) | 288 | 264 |
| **Ireland 0.0%** | **Ireland 0.0%** | **Ireland 0.0%** |
| LCPR Senior Secured Financing Designated Activity Company |  |  |
| 6.75%, 10/15/27 (i) | 227 | 213 |
| **Cayman Islands 0.0%** | **Cayman Islands 0.0%** | **Cayman Islands 0.0%** |
| Global Aviation Leasing Co., Ltd. |  |  |
| 7.25%, 09/15/24 (i) (k) (l) | 233 | 199 |
| **Saudi Arabia 0.0%** | **Saudi Arabia 0.0%** | **Saudi Arabia 0.0%** |
| Saudi Arabian Oil Company |  |  |
| 1.25%, 11/24/23 (i) | 200 | 192 |
| **Switzerland 0.0%** | **Switzerland 0.0%** | **Switzerland 0.0%** |
| Novartis Capital Corporation |  |  |
| 3.10%, 05/17/27 | 50 | 47 |
| **Luxembourg 0.0%** | **Luxembourg 0.0%** | **Luxembourg 0.0%** |
| Camelot Finance S.A. |  |  |
| 4.50%, 11/01/26 (i) | 9 | 8 |
| Total Corporate Bonds And Notes (cost $135,000) | Total Corporate Bonds And Notes (cost $135,000) | 129335 |
| **PREFERRED STOCKS 0.5%** | **PREFERRED STOCKS 0.5%** | **PREFERRED STOCKS 0.5%** |
| **Germany 0.2%** | **Germany 0.2%** | **Germany 0.2%** |
| Bayerische Motoren Werke Aktiengesellschaft |  | 10 |
| Henkel AG & Co. KGaA (o) |  | 26 |
| Porsche Automobil Holding SE (o) |  | 18 |
| Sartorius Aktiengesellschaft |  | 22 |
| Volkswagen Aktiengesellschaft (o) | 15 | 1865 |
|  |  | 1941 |
| **Switzerland 0.2%** | **Switzerland 0.2%** | **Switzerland 0.2%** |
| Chocoladefabriken Lindt & Sprungli AG |  | 20 |
| Roche Holding AG | 6 | 1733 |
| Schindler Holding AG |  | 18 |
|  |  | 1771 |
| **Brazil 0.1%** | **Brazil 0.1%** | **Brazil 0.1%** |
| Gerdau S.A. | 67 | 370 |
| Itau Unibanco Holding S.A. (o) | 108 | 510 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Petroleo Brasileiro S/A Petrobras. (o) | 108 | 500 |
| | | 1380 |
| **Spain 0.0%** | **Spain 0.0%** | **Spain 0.0%** |
| Grifols, S.A. | 1 | 5 |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia SPA | 14 | 3 |
| Total Preferred Stocks (cost $6,347) | Total Preferred Stocks (cost $6,347) | 5100 |
| **WARRANTS 0.1%** | **WARRANTS 0.1%** | **WARRANTS 0.1%** |
| **China 0.1%** | **China 0.1%** | **China 0.1%** |
| Acrobiosystems Co.,Ltd (a) (p) | 2 | 36 |
| Amoy Diagnostics Co., Ltd. (a) (p) | 18 | 70 |
| BNP Paribas Issuance B.V. (a) (p) | 4 | 60 |
| BNP Paribas Issuance B.V. (a) (p) | 2 | 35 |
| Centre Testing International Group Co. Ltd. (a) (p) | 9 | 30 |
| Centre Testing International Group Co. Ltd. (a) (p) | 37 | 120 |
| Chacha Food Company, Limited (a) (p) | 10 | 70 |
| Dongguan Yiheda Automation Co.,Ltd. (a) (p) | 7 | 66 |
| Glodon Company Limited (a) (p) |  | 2 |
| Hangzhou Anheng Information Technology Co., Ltd. (a) (p) | 1 | 14 |
| Hangzhou Anheng Information Technology Co., Ltd. (a) (p) | 4 | 123 |
| Shanghai Liangxin Electrical Co., Ltd. (a) (p) | 33 | 70 |
| Spring Airlines Co., Ltd. (a) (p) | 14 | 129 |
| UBS AG (a) (p) | 3 | 48 |
| Zhejiang SUPCON Technology Co., Ltd. (a) (p) | 8 | 101 |
| Total Warrants (cost $980) | Total Warrants (cost $980) | 974 |
| **INVESTMENT COMPANIES 0.0%** | **INVESTMENT COMPANIES 0.0%** | **INVESTMENT COMPANIES 0.0%** |
| **United States of America 0.0%** | **United States of America 0.0%** | **United States of America 0.0%** |
| iShares MSCI EAFE ETF |  | 20 |
| Total Investment Companies (cost $20) | Total Investment Companies (cost $20) | 20 |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| **United States of America 0.0%** | **United States of America 0.0%** | **United States of America 0.0%** |
| Localiza Rent A Car S/A (a) |  |  |
| Total Rights (cost $0) | Total Rights (cost $0) |  |
| **SHORT TERM INVESTMENTS 9.0%** | **SHORT TERM INVESTMENTS 9.0%** | **SHORT TERM INVESTMENTS 9.0%** |
| **Investment Companies 4.6%** | **Investment Companies 4.6%** | **Investment Companies 4.6%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (q) (r) | 47180 | 47180 |
| **Commercial Paper 3.7%** | **Commercial Paper 3.7%** | **Commercial Paper 3.7%** |
| Alimentation Couche-Tard Inc. |  |  |
| 4.87%, 01/25/23 | 300 | 299 |
| American Honda Finance Corporation |  |  |
| 4.81%, 02/03/23 | 700 | 697 |
| Australia and New Zealand Banking Group Limited |  |  |
| 5.25%, 09/12/23 | 673 | 648 |
| 5.30%, 11/22/23 | 744 | 707 |
| 5.18%, 12/15/23 | 686 | 650 |
| BPCE |  |  |
| 5.18%, 06/06/23 | 1000 | 978 |
| Cafco LLC |  |  |
| 3.90%, 01/09/23 | 1000 | 999 |
| Caisse des Depots et Consignations |  |  |
| 3.73%, 01/06/23 | 1000 | 999 |
| CDP Financiere Inc. |  |  |
| 3.96%, 02/01/23 | 1000 | 996 |
| Consolidated Edison Company of New York, Inc. |  |  |
| 4.76%, 01/10/23 | 350 | 350 |
| Cooperatieve Rabobank U.A. |  |  |
| 5.15%, 08/14/23 | 1000 | 967 |
| DBS Bank Ltd. |  |  |
| 3.78%, 01/06/23 | 700 | 699 |
| 4.31%, 03/20/23 | 600 | 594 |
| 5.12%, 06/07/23 | 676 | 661 |
| DNB ASA |  |  |
| 5.26%, 11/17/23 | 557 | 531 |
| 5.18%, 12/19/23 | 816 | 773 |
| Dover Corporation |  |  |
| 4.71%, 01/06/23 | 500 | 500 |
| Enel Finance America, LLC |  |  |
| 5.09%, 01/12/23 | 350 | 349 |
| Evergy Kansas Central, Inc. |  |  |
| 5.02%, 01/13/23 | 500 | 499 |
| Export Development Canada |  |  |
| 4.41%, 02/17/23 | 1400 | 1391 |
| 3.95%, 03/02/23 | 1000 | 992 |
| Federation des caisses Desjardins du Quebec |  |  |
| 4.61%, 02/07/23 | 1400 | 1393 |
| GTA Funding LLC |  |  |
| 4.05%, 01/25/23 | 1000 | 997 |
| Healthpeak Properties, Inc. |  |  |
| 5.07%, 01/31/23 | 500 | 498 |
| HSBC USA Inc. |  |  |
| 5.79%, 12/07/23 | 792 | 746 |
| ING (U.S.) Funding LLC |  |  |
| 5.14%, 09/21/23 | 700 | 673 |
| Louisville Gas and Electric Company |  |  |
| 4.92%, 01/10/23 | 500 | 499 |
| Macquarie Group Limited |  |  |
| 5.27%, 11/15/23 | 900 | 856 |
| Mitsubishi UFJ Trust & Banking Corp |  |  |
| 4.68%, 02/06/23 | 1300 | 1294 |
| National Securities Clearing Corporation |  |  |
| 4.41%, 02/15/23 | 1400 | 1392 |
| Natixis Securities Americas LLC |  |  |
| 5.32%, 09/01/23 | 1000 | 964 |
| Nordea Bank Abp |  |  |
| 5.23%, 11/16/23 | 910 | 868 |
| Ontario Teachers' Finance Trust |  |  |
| 5.22%, 05/16/23 | 1400 | 1372 |
| PSP Capital Inc. |  |  |
| 3.77%, 01/06/23 | 1000 | 999 |
| RBC Capital Markets, LLC |  |  |
| 5.37%, 11/21/23 | 450 | 428 |
| 5.29%, 12/12/23 | 444 | 421 |
| Royal Bank of Canada |  |  |
| 5.18%, 12/15/23 | 681 | 645 |
| Skandinaviska Enskilda Banken AB |  |  |
| 4.07%, 02/06/23 | 1000 | 996 |
| Societe Generale North America, Inc. |  |  |
| 5.23%, 12/15/23 | 748 | 708 |
| Suncor Energy Inc. |  |  |
| 4.92%, 01/26/23 | 330 | 329 |
| Telstra Corp. Ltd |  |  |
| 4.56%, 01/04/23 | 500 | 500 |
| TELUS Corporation |  |  |
| 4.36%, 01/10/23 | 500 | 499 |
| The Procter & Gamble Company |  |  |
| 4.61%, 03/03/23 | 1400 | 1390 |
| Toyota Finance Australia Limited |  |  |
| 5.12%, 05/22/23 | 694 | 679 |
| Transcanada Pipelines Limited |  |  |
| 5.02%, 02/02/23 | 525 | 523 |
| United Overseas Bank Limited |  |  |
| 4.68%, 02/14/23 | 1400 | 1392 |
| Waste Management, Inc. |  |  |
| 4.77%, 01/10/23 | 525 | 524 |
| Westpac Banking Corporation |  |  |
| 4.80%, 07/10/23 | 500 | 486 |
| 5.37%, 08/23/23 | 511 | 494 |
|  |  | 37844 |
| **Certificates of Deposit 0.3%** | **Certificates of Deposit 0.3%** | **Certificates of Deposit 0.3%** |
| Barclays Bank PLC |  |  |
| 5.72%, 12/07/23 (r) | 691 | 693 |
| Lloyds Bank Corporate Markets PLC |  |  |
| 5.49%, 12/14/23 (r) | 957 | 955 |
| Mizuho Bank, Ltd. |  |  |
| 5.40%, 12/14/23 (r) | 847 | 847 |
| The Norinchukin Bank |  |  |
| 4.92%, (SOFR + 0.55%), 02/27/23 (n) (r) | 493 | 493 |
|  |  | 2988 |
| **U.S. Treasury Bill 0.2%** | **U.S. Treasury Bill 0.2%** | **U.S. Treasury Bill 0.2%** |
| Treasury, United States Department of |  |  |
| 4.40%, 03/30/23 | 1550 | 1534 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Treasury Securities 0.1%** | **Treasury Securities 0.1%** | **Treasury Securities 0.1%** |
| Cabinet Office, Government of Japan |  |  |
| -0.84%, 03/20/23, JPY | 197100 | 1502 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (q) (r) | 907 | 907 |
| Total Short Term Investments (cost $91,927) | Total Short Term Investments (cost $91,927) | 91955 |
| **Total Investments 98.8% (cost $1,114,947)** | **Total Investments 98.8% (cost $1,114,947)** | **1004830** |
| **Total Securities Sold Short (0.1)% (proceeds $794)** | **Total Securities Sold Short (0.1)% (proceeds $794)** | (868) |
| **Total Purchased Options 0.2% (cost $2,353)** | **Total Purchased Options 0.2% (cost $2,353)** | **1573** |
| **Other Derivative Instruments (0.5)%** | **Other Derivative Instruments (0.5)%** | **(5057)** |
| **Other Assets and Liabilities, Net 1.6%** | **Other Assets and Liabilities, Net 1.6%** | **17065** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1017543** |

---

(a) Non-income producing security.

(b) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(c) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes, which is owned by the Fund.

(d) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(e) All or a portion of the security was on loan as of December 31, 2022.

(f) Treasury inflation indexed note, par amount is adjusted for inflation.

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

(h) All or a portion of the security is pledged or segregated as collateral.

(i) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $42,547 and 4.2% of the Fund.

(j) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(k) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(l) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(m) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(n) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(o) Convertible security.

(p) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(q) Investment in affiliate.

(r) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **SECURITIES SOLD SHORT (0.1%)** | **SECURITIES SOLD SHORT (0.1%)** | **SECURITIES SOLD SHORT (0.1%)** |
| **COMMON STOCKS (0.1%)** | **COMMON STOCKS (0.1%)** | **COMMON STOCKS (0.1%)** |
| **United States of America (0.1%)** | **United States of America (0.1%)** | **United States of America (0.1%)** |
| MasterCard Incorporated - Class A | (1) | (512) |
| Regeneron Pharmaceuticals, Inc. |  | (356) |
| Total Common Stocks (proceeds $794) | Total Common Stocks (proceeds $794) | (868) |
| **Total Securities Sold Short (0.1%) (proceeds $794)** | **Total Securities Sold Short (0.1%) (proceeds $794)** | (868) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Long Term Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Long Term Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Long Term Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Long Term Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Long Term Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Long Term Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Long Term Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Long Term Investments in Affiliates** | **JNL/JPMorgan Global Allocation Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Apollo Commercial Real Estate Finance, Inc., 06/15/29 |  | 2 | 2 |  |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Restricted Securities** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adevinta ASA - Class B | 09/18/20 | 8 | 4 |  |
| Adyen B.V. | 01/14/22 | 132 | 90 |  |
| AENA, S.M.E., S.A. | 04/27/20 | 21 | 19 |  |
| Alibaba Group Holding Limited | 05/12/20 | 4245 | 1613 | 0.2 |
| Allegro.eu | 06/18/21 | 14 | 5 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Amadeus IT Group, S.A. | 04/27/20 | 53 | 49 |  |
| Amundi | 09/17/21 | 10 | 7 |  |
| Asymchem Laboratories (Tianjin) Co., Ltd. - Class H | 12/06/21 | 238 | 102 |  |
| Autostore Holdings Ltd | 12/17/21 | 8 | 4 |  |
| BAWAG Group AG | 04/27/20 | 7 | 10 |  |
| Budweiser Brewing Company APAC Limited | 12/01/20 | 346 | 374 |  |
| Bundesrepublik Deutschland, 0.00%, 05/15/35 | 08/11/21 | 1004 | 661 | 0.1 |
| Bundesrepublik Deutschland, 0.00%, 05/15/36 | 11/02/21 | 1763 | 1470 | 0.2 |
| Bundesrepublik Deutschland, 2.50%, 07/04/44 | 01/07/22 | 707 | 516 | 0.1 |
| Bundesrepublik Deutschland, 1.25%, 08/15/48 | 09/30/22 | 256 | 257 |  |
| Cellnex Telecom, S.A. | 04/16/21 | 55 | 40 |  |
| China Development Bank, 0.88%, 01/24/24 | 07/09/20 | 1135 | 1043 | 0.1 |
| Commission De L'union Europeenne - Commissie Van De Europese Unie, 0.70%, 07/06/51 | 11/21/22 | 1026 | 984 | 0.1 |
| Commonwealth of Australia, 0.25%, 11/21/25 | 01/07/22 | 1377 | 1312 | 0.1 |
| Commonwealth of Australia, 2.75%, 11/21/27 | 11/08/22 | 337 | 352 |  |
| Commonwealth of Australia, 2.75%, 11/21/28 | 01/07/22 | 1788 | 1633 | 0.2 |
| Commonwealth of Australia, 1.75%, 11/21/32 | 11/08/22 | 1777 | 1767 | 0.2 |
| Commonwealth of Australia, 3.75%, 04/21/37 | 04/27/20 | 355 | 255 |  |
| Commonwealth of Australia, 2.75%, 05/21/41 | 09/30/20 | 119 | 89 |  |
| Commonwealth of Australia, 3.00%, 03/21/47 | 08/28/20 | 222 | 138 |  |
| Commonwealth of Australia, 1.75%, 06/21/51 | 07/30/21 | 135 | 93 |  |
| Convatec Group PLC | 04/27/20 | 8 | 9 |  |
| Covestro AG | 06/08/20 | 19 | 16 |  |
| Danmarks Nationalbank, 1.50%, 11/15/23 | 06/26/19 | 4 | 4 |  |
| Danmarks Nationalbank, 1.75%, 11/15/25 | 06/26/19 | 118 | 112 |  |
| Danmarks Nationalbank, 0.50%, 11/15/29 | 04/27/20 | 312 | 249 |  |
| Danmarks Nationalbank, 0.00%, 11/15/31 | 09/30/22 | 85 | 91 |  |
| Danmarks Nationalbank, 4.50%, 11/15/39 | 04/27/20 | 563 | 379 |  |
| Delivery Hero SE | 05/12/20 | 674 | 411 | 0.1 |
| Development Bank of Japan Inc., 0.88%, 10/10/25 | 07/09/20 | 1111 | 957 | 0.1 |
| Dexia Credit Local, 0.50%, 07/22/23 | 11/10/21 | 1607 | 1423 | 0.1 |
| Dexia Credit Local, 0.25%, 12/11/24 | 11/10/21 | 926 | 779 | 0.1 |
| Dexia Credit Local, 1.25%, 10/27/25 | 07/09/20 | 1173 | 1012 | 0.1 |
| Dino Polska Spolka Akcyjna | 05/12/20 | 448 | 613 | 0.1 |
| EQT AB | 06/22/20 | 20 | 15 |  |
| ESR Cayman Limited | 06/19/20 | 17 | 11 |  |
| Estado Espanol, 2.15%, 10/31/25 | 10/31/22 | 2054 | 2167 | 0.2 |
| Estado Espanol, 1.95%, 04/30/26 | 04/27/20 | 2965 | 2668 | 0.3 |
| Estado Espanol, 1.45%, 10/31/27 | 02/26/21 | 1510 | 1391 | 0.1 |
| Estado Espanol, 1.40%, 07/30/28 | 01/07/22 | 1687 | 1597 | 0.2 |
| Estado Espanol, 4.20%, 01/31/37 | 04/27/20 | 1389 | 1090 | 0.1 |
| Estado Espanol, 2.70%, 10/31/48 | 10/30/20 | 290 | 186 |  |
| Evolution AB (publ) | 06/24/20 | 40 | 39 |  |
| Fuyao Glass Industry Group Co., Ltd. - Class H | 05/03/21 | 137 | 95 |  |
| Gouvernement De France, 0.50%, 05/25/26 | 03/31/21 | 632 | 532 | 0.1 |
| Gouvernement De France, 2.75%, 10/25/27 | 12/30/21 | 1017 | 836 | 0.1 |
| Gouvernement De France, 0.50%, 05/25/29 | 09/30/22 | 3989 | 4101 | 0.4 |
| Gouvernement De France, 1.50%, 05/25/31 | 06/06/22 | 2586 | 2403 | 0.2 |
| Gouvernement De France, 1.25%, 05/25/34 | 04/27/20 | 3859 | 2683 | 0.3 |
| Gouvernement De France, 4.75%, 04/25/35 | 08/09/19 | 14 | 10 |  |
| Gouvernement De France, 1.75%, 06/25/39 | 07/31/19 | 177 | 174 |  |
| Gouvernement De France, 3.25%, 05/25/45 | 04/27/20 | 1338 | 788 | 0.1 |
| Gouvernement De France, 2.00%, 05/25/48 | 08/11/21 | 60 | 31 |  |
| Gouvernement De France, 0.75%, 05/25/52 | 01/29/21 | 959 | 778 | 0.1 |
| Gouvernement De France, 1.75%, 05/25/66 | 01/18/21 | 737 | 390 |  |
| HDFC Life Insurance Company Limited | 06/17/21 | 643 | 505 | 0.1 |
| HM Treasury, 1.63%, 10/22/28 | 09/30/22 | 2195 | 2232 | 0.2 |
| HM Treasury, 0.88%, 07/31/33 | 10/18/22 | 541 | 570 | 0.1 |
| HM Treasury, 4.50%, 09/07/34 | 10/13/22 | 1525 | 1657 | 0.2 |
| HM Treasury, 0.63%, 07/31/35 | 10/18/22 | 345 | 379 |  |
| HM Treasury, 4.25%, 03/07/36 | 10/18/22 | 370 | 408 | 0.1 |
| HM Treasury, 1.75%, 09/07/37 | 10/18/22 | 347 | 386 |  |
| HM Treasury, 1.13%, 01/31/39 | 10/18/22 | 143 | 161 |  |
| HM Treasury, 4.25%, 09/07/39 | 10/18/22 | 339 | 379 |  |
| HM Treasury, 4.25%, 12/07/40 | 10/18/22 | 367 | 410 | 0.1 |
| HM Treasury, 4.50%, 12/07/42 | 10/18/22 | 340 | 383 |  |
| HM Treasury, 3.25%, 01/22/44 | 10/18/22 | 357 | 403 |  |
| HM Treasury, 3.50%, 01/22/45 | 10/18/22 | 377 | 427 | 0.1 |
| HM Treasury, 0.88%, 01/31/46 | 09/30/22 | 398 | 415 | 0.1 |
| HM Treasury, 1.50%, 07/22/47 | 10/18/22 | 219 | 251 |  |
| HM Treasury, 0.63%, 10/22/50 | 09/28/22 | 182 | 236 |  |
| HM Treasury, 1.25%, 07/31/51 | 11/23/22 | 491 | 432 | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** | **JNL/JPMorgan Global Allocation Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| HM Treasury, 3.75%, 07/22/52 | 10/18/22 | 328 | 375 |  |
| HM Treasury, 1.50%, 07/31/53 | 10/18/22 | 157 | 171 |  |
| HM Treasury, 4.25%, 12/07/55 | 10/18/22 | 214 | 245 |  |
| HM Treasury, 1.75%, 07/22/57 | 08/11/21 | 366 | 200 |  |
| HM Treasury, 4.00%, 01/22/60 | 10/18/22 | 350 | 401 |  |
| HM Treasury, 0.50%, 10/22/61 | 12/08/22 | 169 | 141 |  |
| HM Treasury, 2.50%, 07/22/65 | 08/11/21 | 671 | 337 |  |
| HM Treasury, 3.50%, 07/22/68 | 08/09/19 | 407 | 304 |  |
| HM Treasury, 1.63%, 10/22/71 | 12/08/22 | 261 | 220 |  |
| HM Treasury, 1.13%, 10/22/73 | 12/08/22 | 89 | 74 |  |
| Hudbay Minerals Inc., 4.50%, 04/01/26 | 07/05/22 | 61 | 65 |  |
| ICICI Prudential Life Insurance Company Limited | 01/17/22 | 333 | 224 |  |
| Infrastrutture Wireless Italiane S.p.A. | 06/08/20 | 8 | 7 |  |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. | 06/08/20 | 8 | 6 |  |
| Media Group Holdings LLC, 2.00%, 12/31/24 | 04/28/14 | 50938 |  |  |
| Meituan - Class B | 09/09/20 | 2160 | 1546 | 0.2 |
| Nederlandse Waterschapsbank N.V., 2.00%, 12/16/24 | 09/20/22 | 2810 | 2956 | 0.3 |
| Ontario Teachers' Finance Trust, 0.50%, 05/06/25 | 12/10/21 | 2301 | 1996 | 0.2 |
| Ontario Teachers' Finance Trust, 1.13%, 05/15/26 | 09/20/22 | 2789 | 2911 | 0.3 |
| Ontario Teachers' Finance Trust, 0.10%, 05/19/28 | 07/16/21 | 1040 | 779 | 0.1 |
| Ontario, Government of, 0.01%, 11/25/30 | 10/04/21 | 1885 | 1352 | 0.1 |
| Orsted A/S | 05/27/21 | 56 | 36 |  |
| OSMTH of the Kingdom Of Sweden, 1.50%, 11/13/23 | 02/26/20 | 4 | 3 |  |
| OSMTH of the Kingdom Of Sweden, 2.50%, 05/12/25 | 06/26/19 | 387 | 314 |  |
| OSMTH of the Kingdom Of Sweden, 0.75%, 05/12/28 | 04/27/20 | 198 | 166 |  |
| OSMTH of the Kingdom Of Sweden, 2.25%, 06/01/32 | 06/26/19 | 210 | 145 |  |
| OSMTH of the Kingdom Of Sweden, 3.50%, 03/30/39 | 06/26/19 | 128 | 103 |  |
| Pepco Group N.V. | 12/17/21 | 3 | 2 |  |
| Pharmaron Beijing Co., Ltd. - Class H | 01/20/22 | 158 | 144 |  |
| Pirelli & C. S.p.A. | 06/19/20 | 4 | 3 |  |
| Poste Italiane SPA | 04/27/20 | 8 | 9 |  |
| Publichnoe Aktsionernoe Obshchestvo Severstal | 12/01/20 | 243 |  |  |
| Saudi Arabia, Kingdom of, 2.90%, 10/22/25 | 07/08/20 | 1100 | 1015 | 0.1 |
| Saudi Arabia, Kingdom of, 3.25%, 10/26/26 | 06/25/20 | 963 | 877 | 0.1 |
| Segretariato Generale Della Presidenza Della Repubblica, 0.95%, 03/01/23 | 09/23/22 | 4697 | 5181 | 0.5 |
| Segretariato Generale Della Presidenza Della Repubblica, 1.85%, 07/01/25 | 10/08/20 | 1008 | 949 | 0.1 |
| Segretariato Generale Della Presidenza Della Repubblica, 3.10%, 09/15/26 | 11/09/22 | 1747 | 1813 | 0.2 |
| Segretariato Generale Della Presidenza Della Repubblica, 2.45%, 09/01/33 | 07/31/19 | 1325 | 835 | 0.1 |
| Segretariato Generale Della Presidenza Della Repubblica, 2.25%, 09/01/36 | 04/29/22 | 1113 | 926 | 0.1 |
| Segretariato Generale Della Presidenza Della Repubblica, 4.00%, 02/01/37 | 06/26/19 | 364 | 367 |  |
| Segretariato Generale Della Presidenza Della Repubblica, 2.80%, 03/01/67 | 09/30/22 | 80 | 81 |  |
| Segretariato Generale Della Presidenza Della Repubblica, 2.15%, 03/01/72 | 06/30/22 | 49 | 41 |  |
| Service Public Federal Chancellerie Du Premier Ministre, 0.80%, 06/22/28 | 04/27/20 | 771 | 655 | 0.1 |
| Service Public Federal Chancellerie Du Premier Ministre, 0.10%, 06/22/30 | 07/31/20 | 1079 | 792 | 0.1 |
| Service Public Federal Chancellerie Du Premier Ministre, 3.00%, 06/22/34 | 04/27/20 | 880 | 641 | 0.1 |
| Service Public Federal Chancellerie Du Premier Ministre, 1.90%, 06/22/38 | 06/26/19 | 691 | 497 | 0.1 |
| Service Public Federal Chancellerie Du Premier Ministre, 3.75%, 06/22/45 | 04/27/20 | 451 | 278 |  |
| Service Public Federal Chancellerie Du Premier Ministre, 2.15%, 06/22/66 | 04/27/20 | 295 | 150 |  |
| Siemens Healthineers AG | 06/18/21 | 34 | 29 |  |
| Staat der Nederlanden, 4.00%, 01/15/37 | 01/07/22 | 901 | 757 | 0.1 |
| TCS Group Holding PLC | 01/17/22 | 311 |  |  |
| Temasek Financial (I) Limited, 3.63%, 08/01/28 | 07/09/20 | 282 | 240 |  |
| The Export-Import Bank of Korea, 0.00%, 10/19/24 | 01/27/22 | 2222 | 1998 | 0.2 |
| The State of Qatar, 3.40%, 04/16/25 | 06/25/20 | 1231 | 1143 | 0.1 |
| WH Group Limited | 04/27/20 | 15 | 10 |  |
| Wizz Air Holdings PLC | 02/02/22 | 374 | 156 |  |
| Worldline | 10/29/20 | 40 | 21 |  |
| WuXi AppTec Co., Ltd. - Class H | 10/28/22 | 321 | 384 |  |
| Wuxi Biologics Cayman Inc | 12/03/20 | 658 | 486 | 0.1 |
| Zalando SE | 09/18/20 | 45 | 19 |  |
|  |  | 150633 | 86137 | 8.5 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Futures Contracts** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts** | **JNL/JPMorgan Global Allocation Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| 3M SONIA Index | 26 | March 2023 | GBP | 6257 |  | 6 |
| AUD/USD Spot Rate | 213 | March 2023 |  | 14414 | 49 | 130 |
| CAD/USD Spot Rate | 234 | March 2023 |  | 17280 | 2 | 17 |
| EUR/USD Spot Rate | 773 | March 2023 |  | 102780 | 208 | 1130 |
| Euro BOBL | 68 | March 2023 | EUR | 7980 | (35) | (116) |
| Euro Bund | 17 | March 2023 | EUR | 2315 | (42) | (59) |
| Euro Schatz | 20 | March 2023 | EUR | 2135 | (3) | (28) |
| GBP/USD Spot Rate | 339 | March 2023 |  | 25997 | (23) | (394) |
| Italy Government BTP Bond | 14 | March 2023 | EUR | 1647 | (17) | (129) |
| Japan 10 Year Bond | 3 | March 2023 | JPY | 44401 |  | (6) |
| Japan 10 Year Bond | 7 | March 2023 | JPY | 1036874 | (4) | (141) |
| JPY/USD Spot Rate | 738 | March 2023 |  | 68139 | 1019 | 2958 |
| MSCI EAFE Index | 120 | March 2023 |  | 11882 | (121) | (185) |
| MSCI Emerging Markets Index | 22 | March 2023 |  | 1082 | (17) | (26) |
| S&P/TSX 60 Index | 42 | March 2023 | CAD | 10164 | (54) | (246) |
| United States 10 Year Note | 206 | March 2023 |  | 23192 | (26) | (58) |
| United States Ultra Bond | 436 | March 2023 |  | 59348 | (217) | (786) |
|  |  |  |  |  | 719 | 2067 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| 3M SOFR Index | (28) | June 2023 |  | (6663) | 2 | 7 |
| Euro Buxl 30 Year Bond | (4) | March 2023 | EUR | (606) | 11 | 69 |
| Euro OAT | (14) | March 2023 | EUR | (1827) | 17 | 48 |
| Euro STOXX 50 Price Index | (443) | March 2023 | EUR | (17467) | 322 | 743 |
| MSCI Emerging Markets Index | (670) | March 2023 |  | (32591) | 513 | 451 |
| S&P 500 Index | (110) | March 2023 |  | (21829) | 59 | 593 |
| United States 10 Year Ultra Bond | (13) | March 2023 |  | (1533) | 1 | (5) |
| United States 2 Year Note | (30) | April 2023 |  | (6158) | 5 | 5 |
| United States 5 Year Note | (19) | April 2023 |  | (2073) | 2 | 22 |
|  |  |  |  |  | 932 | 1933 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Global Allocation Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Global Allocation Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/**<br>**Swaption Rate (%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| iShares MSCI EAFE ETF | Call | 69.00 | 06/16/23 | 6074 | 1573 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| AUD/USD | SCB | 01/04/23 | AUD | 10753 | 7321 | 14 |
| CAD/USD | RBC | 01/04/23 | CAD | 9996 | 7383 | (3) |
| CAD/USD | SCB | 01/04/23 | CAD | 2175 | 1607 | 11 |
| DKK/USD | SSB | 01/04/23 | DKK | 7691 | 1107 | 4 |
| EUR/USD | BNP | 01/04/23 | EUR | 71723 | 76781 | 296 |
| EUR/USD | CIT | 01/04/23 | EUR | 1264 | 1353 | 7 |
| EUR/USD | HSB | 01/04/23 | EUR | 1432 | 1532 | 22 |
| EUR/USD | MLP | 01/04/23 | EUR | 1745 | 1869 | 7 |
| EUR/USD | MSC | 01/04/23 | EUR | 1700 | 1820 | 13 |
| EUR/USD | RBC | 01/04/23 | EUR | 803 | 859 | 9 |
| EUR/USD | MLP | 02/03/23 | EUR | 1028 | 1103 | 6 |
| GBP/USD | BCL | 01/04/23 | GBP | 257 | 311 | (5) |
| GBP/USD | BCL | 01/04/23 | GBP | 20040 | 24228 | 114 |
| GBP/USD | HSB | 01/04/23 | GBP | 450 | 544 | (3) |
| GBP/USD | MLP | 01/04/23 | GBP | 310 | 375 | (6) |
| GBP/USD | MSC | 01/04/23 | GBP | 1500 | 1813 | (46) |
| GBP/USD | MSC | 02/03/23 | GBP | 249 | 302 | 2 |
| JPY/EUR | MLP | 01/04/23 | EUR | (363) | (389) | 9 |
| JPY/USD | BNP | 01/04/23 | JPY | 10462259 | 79730 | 1428 |
| JPY/USD | MLP | 01/04/23 | JPY | 569365 | 4339 | 235 |
| JPY/USD | MSC | 01/04/23 | JPY | 185000 | 1410 | 38 |
| JPY/USD | RBC | 01/04/23 | JPY | 955000 | 7278 | 182 |
| JPY/USD | HSB | 02/03/23 | JPY | 61051 | 467 | 2 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** | **JNL/JPMorgan Global Allocation Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| SEK/USD | BCL | 01/04/23 | SEK | 8332 | 799 |  |
| USD/AUD | MSC | 01/04/23 | AUD | (2731) | (1860) | (34) |
| USD/AUD | SCB | 01/04/23 | AUD | (8022) | (5462) | (58) |
| USD/AUD | SCB | 02/03/23 | AUD | (10753) | (7331) | (14) |
| USD/CAD | BNP | 01/04/23 | CAD | (9463) | (6989) | 19 |
| USD/CAD | MLP | 01/04/23 | CAD | (2269) | (1676) | (14) |
| USD/CAD | RBC | 01/04/23 | CAD | (440) | (325) | 5 |
| USD/CAD | RBC | 02/03/23 | CAD | (9996) | (7384) | 3 |
| USD/DKK | SSB | 01/04/23 | DKK | (7691) | (1107) | (33) |
| USD/DKK | SSB | 02/03/23 | DKK | (7691) | (1110) | (4) |
| USD/EUR | CIT | 01/04/23 | EUR | (360) | (386) | (6) |
| USD/EUR | GSC | 01/04/23 | EUR | (550) | (589) | (11) |
| USD/EUR | HSB | 01/04/23 | EUR | (76695) | (82105) | (2306) |
| USD/EUR | MLP | 01/04/23 | EUR | (697) | (746) | (17) |
| USD/EUR | BNP | 02/03/23 | EUR | (71723) | (76948) | (301) |
| USD/GBP | MLP | 01/04/23 | GBP | (20913) | (25284) | (148) |
| USD/GBP | SCB | 01/04/23 | GBP | (1644) | (1987) | 26 |
| USD/GBP | BCL | 02/03/23 | GBP | (20040) | (24248) | (115) |
| USD/JPY | BCL | 01/04/23 | JPY | (810699) | (6178) | (252) |
| USD/JPY | CIT | 01/04/23 | JPY | (11238220) | (85643) | (4280) |
| USD/JPY | MLP | 01/04/23 | JPY | (174866) | (1333) | (46) |
| USD/JPY | BNP | 02/03/23 | JPY | (10382859) | (79455) | (1452) |
| USD/SEK | CIT | 01/04/23 | SEK | (8332) | (799) | (6) |
| USD/SEK | BCL | 02/03/23 | SEK | (8332) | (800) |  |
|  |  |  |  |  | (195803) | (6708) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States of America | 334506 | 24 | 15 | 334545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 252 | 33521 |  | 33773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 23 | 31038 |  | 31061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | 4 | 27183 |  | 27187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 23070 |  | 23070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 7569 | 14001 |  | 21570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 6068 | 8688 | 32 | 14788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 4717 | 8361 |  | 13078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 10922 |  | 10922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 95 | 8539 |  | 8634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 8092 |  | 8092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 25 | 6754 |  | 6779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 6476 |  | 6476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 357 | 4869 |  | 5226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia |  | 4423 |  | 4423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 3853 |  |  | 3853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 3843 | 5 |  | 3848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 3257 |  | 3257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland | 59 | 2995 |  | 3054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa |  | 2763 |  | 2763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 2676 |  | 2676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 402 | 2128 |  | 2530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 1864 |  | 1864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 1836 |  | 1836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand |  | 1738 |  | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabia |  | 800 |  | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 508 | 193 |  | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 684 |  | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bermuda | 650 | 4 |  | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 635 |  | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg | 460 | 67 |  | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macau |  | 431 |  | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qatar |  | 383 |  | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece |  | 362 |  | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile |  | 335 |  | 335 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/JPMorgan Global Allocation Fund (continued)** | **JNL/JPMorgan Global Allocation Fund (continued)** | **JNL/JPMorgan Global Allocation Fund (continued)** | **JNL/JPMorgan Global Allocation Fund (continued)** | **JNL/JPMorgan Global Allocation Fund (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary |  | 294 |  | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway | 3 | 263 |  | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel |  | 152 |  | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 81 |  | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 66 |  | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand |  | 64 |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates |  | 6 |  | 6 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 193962 |  | 193962 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 129335 |  | 129335 |
| &nbsp;&nbsp;Preferred Stocks | 5100 |  |  | 5100 |
| &nbsp;&nbsp;Warrants |  | 974 |  | 974 |
| &nbsp;&nbsp;Investment Companies | 20 |  |  | 20 |
| &nbsp;&nbsp;Rights |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 48087 | 43868 |  | 91955 |
|  | 416601 | 588182 | 47 | 1004830 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Common Stocks | (868) |  |  | (868) |
|  | (868) |  |  | (868) |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 6179 |  |  | 6179 |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 1573 |  |  | 1573 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 2452 |  | 2452 |
|  | 7752 | 2452 |  | 10204 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (2179) |  |  | (2179) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (9160) |  | (9160) |
|  | (2179) | (9160) |  | (11339) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** |
| **COMMON STOCKS 97.9%** | **COMMON STOCKS 97.9%** | **COMMON STOCKS 97.9%** |
| **Information Technology 25.0%** | **Information Technology 25.0%** | **Information Technology 25.0%** |
| Accenture Public Limited Company - Class A | 24 | 6490 |
| Adobe Inc. (a) (b) | 16 | 5473 |
| Advanced Micro Devices, Inc. (a) (b) | 64 | 4150 |
| Affirm Holdings, Inc. - Class A (a) (c) | 26 | 248 |
| Analog Devices, Inc. | 36 | 5872 |
| Apple Inc. (b) | 338 | 43965 |
| Block, Inc. - Class A (a) | 6 | 388 |
| Broadcom Inc. | 2 | 1336 |
| Cadence Design Systems, Inc. (a) | 6 | 954 |
| Corning Incorporated | 20 | 632 |
| DocuSign, Inc. (a) | 15 | 828 |
| FleetCor Technologies, Inc. (a) (b) | 14 | 2515 |
| Fortinet, Inc. (a) | 15 | 752 |
| Intuit Inc. | 12 | 4512 |
| Lam Research Corporation (b) | 13 | 5459 |
| MasterCard Incorporated - Class A (b) | 35 | 12257 |
| Microchip Technology Incorporated (b) | 29 | 2021 |
| Micron Technology, Inc. | 13 | 649 |
| Microsoft Corporation (b) | 186 | 44618 |
| Motorola Solutions, Inc. | 7 | 1729 |
| NVIDIA Corporation (b) | 48 | 6957 |
| NXP Semiconductors N.V. (b) | 34 | 5353 |
| Oracle Corporation (b) | 25 | 2036 |
| Qualcomm Incorporated (b) | 9 | 963 |
| Salesforce, Inc. (a) | 3 | 458 |
| Seagate Technology Holdings Public Limited Company | 43 | 2260 |
| TE Connectivity Ltd. (d) | 7 | 856 |
| Teradyne, Inc. | 12 | 1012 |
| Texas Instruments Incorporated (b) | 47 | 7773 |
| Visa Inc. - Class A (b) | 46 | 9586 |
| Workday, Inc. - Class A (a) (b) | 10 | 1629 |
|  |  | 183731 |
| **Health Care 15.6%** | **Health Care 15.6%** | **Health Care 15.6%** |
| Abbott Laboratories (b) | 36 | 3919 |
| AbbVie Inc. (b) | 66 | 10747 |
| Baxter International Inc. (b) | 49 | 2484 |
| Biogen Inc. (a) (b) | 9 | 2487 |
| BioMarin Pharmaceutical Inc. (a) | 7 | 732 |
| Boston Scientific Corporation (a) (b) | 77 | 3540 |
| Bristol-Myers Squibb Company (b) | 104 | 7494 |
| Centene Corporation (a) (b) | 41 | 3323 |
| CVS Health Corporation | 5 | 485 |
| Danaher Corporation (b) | 17 | 4421 |
| DexCom, Inc. (a) | 9 | 1003 |
| Elevance Health, Inc. (b) | 9 | 4762 |
| Eli Lilly and Company (b) | 23 | 8461 |
| Humana Inc. | 3 | 1743 |
| Intuitive Surgical, Inc. (a) (b) | 17 | 4410 |
| Johnson & Johnson (b) | 41 | 7166 |
| McKesson Corporation (b) | 6 | 2069 |
| Medtronic, Inc. (b) | 35 | 2760 |
| Merck & Co., Inc. (b) | 50 | 5561 |
| Neurocrine Biosciences, Inc. (a) | 7 | 777 |
| Pfizer Inc. (b) | 50 | 2560 |
| Regeneron Pharmaceuticals, Inc. (a) (b) | 6 | 4581 |
| Sarepta Therapeutics, Inc. (a) | 5 | 701 |
| Thermo Fisher Scientific Inc. (b) | 16 | 8782 |
| UnitedHealth Group Incorporated (b) | 27 | 14541 |
| Vertex Pharmaceuticals Incorporated (a) (b) | 13 | 3831 |
| Zimmer Biomet Holdings, Inc. | 8 | 979 |
|  |  | 114319 |
| **Financials 11.0%** | **Financials 11.0%** | **Financials 11.0%** |
| American Express Company | 44 | 6527 |
| Ameriprise Financial, Inc. | 6 | 1938 |
| AON Public Limited Company - Class A (b) | 5 | 1621 |
| Bank of America Corporation | 182 | 6020 |
| Berkshire Hathaway Inc. - Class B (a) (b) | 37 | 11327 |
| Capital One Financial Corporation (b) | 6 | 603 |
| Citigroup Inc. (b) | 43 | 1931 |
| CME Group Inc. - Class A | 19 | 3113 |
| Fifth Third Bancorp (b) | 74 | 2435 |
| Globe Life Inc. | 9 | 1114 |
| Intercontinental Exchange, Inc. (b) | 34 | 3459 |
| Morgan Stanley | 37 | 3152 |
| Prudential Financial, Inc. | 8 | 845 |
| Raymond James Financial, Inc. | 18 | 1871 |
| S&P Global Inc. | 11 | 3624 |
| State Street Corporation (b) | 19 | 1502 |
| SVB Financial Group (a) | 2 | 504 |
| The Progressive Corporation | 49 | 6370 |
| The Travelers Companies, Inc. | 28 | 5160 |
| Truist Financial Corporation (b) | 97 | 4157 |
| U.S. Bancorp | 138 | 5999 |
| Wells Fargo & Company (b) | 189 | 7803 |
|  |  | 81075 |
| **Consumer Discretionary 10.9%** | **Consumer Discretionary 10.9%** | **Consumer Discretionary 10.9%** |
| Amazon.com, Inc. (a) (b) | 220 | 18490 |
| AutoNation, Inc. (a) | 10 | 1050 |
| AutoZone, Inc. (a) (b) | 1 | 3650 |
| Best Buy Co., Inc. | 33 | 2656 |
| Booking Holdings Inc. (a) (b) | 2 | 4345 |
| Burlington Stores, Inc. (a) | 7 | 1382 |
| Chipotle Mexican Grill, Inc. (a) | 2 | 3220 |
| Domino's Pizza, Inc. | 2 | 790 |
| Expedia Group, Inc. (a) | 18 | 1589 |
| Lennar Corporation - Class A (b) | 25 | 2297 |
| Lowe`s Companies, Inc. (b) | 38 | 7630 |
| Magna International Inc. (c) | 20 | 1105 |
| Marriott International, Inc. - Class A | 15 | 2214 |
| McDonald's Corporation | 16 | 4216 |
| NIKE, Inc. - Class B (b) | 36 | 4250 |
| O'Reilly Automotive, Inc. (a) (b) | 4 | 3238 |
| Rivian Automotive, Inc. - Class A (a) | 7 | 129 |
| Royal Caribbean Cruises Ltd. | 5 | 236 |
| Target Corporation | 7 | 1006 |
| Tesla Inc. (a) (b) | 60 | 7410 |
| The Home Depot, Inc. (b) | 14 | 4401 |
| The TJX Companies, Inc. (b) | 30 | 2372 |
| Toll Brothers, Inc. | 17 | 841 |
| Ulta Beauty, Inc. (a) | 1 | 567 |
| Yum! Brands, Inc. | 10 | 1292 |
|  |  | 80376 |
| **Industrials 9.0%** | **Industrials 9.0%** | **Industrials 9.0%** |
| Booz Allen Hamilton Holding Corporation - Class A | 7 | 702 |
| Cintas Corporation (b) | 2 | 1032 |
| CSX Corporation | 47 | 1450 |
| Deere & Company | 14 | 6138 |
| Dover Corporation (b) | 12 | 1633 |
| Eaton Corporation Public Limited Company (b) | 28 | 4474 |
| General Dynamics Corporation | 4 | 920 |
| Honeywell International Inc. (b) | 40 | 8630 |
| Howmet Aerospace Inc. | 10 | 400 |
| Ingersoll Rand Inc. | 9 | 468 |
| Leidos Holdings, Inc. (b) | 20 | 2063 |
| Masco Corporation (b) | 35 | 1650 |
| Norfolk Southern Corporation (b) | 16 | 3880 |
| Otis Worldwide Corporation (b) | 35 | 2756 |
| Parker-Hannifin Corporation (b) | 13 | 3858 |
| Raytheon Technologies Corporation | 73 | 7331 |
| Southwest Airlines Co. | 16 | 555 |
| Textron Inc. (b) | 38 | 2722 |
| Trane Technologies Public Limited Company (b) | 29 | 4851 |
| Uber Technologies, Inc. (a) | 23 | 577 |
| Union Pacific Corporation (b) | 13 | 2699 |
| United Parcel Service, Inc. - Class B | 40 | 7007 |
|  |  | 65796 |
| **Communication Services 6.9%** | **Communication Services 6.9%** | **Communication Services 6.9%** |
| Alphabet Inc. - Class A (a) (b) | 164 | 14510 |
| Alphabet Inc. - Class C (a) | 120 | 10649 |
| Charter Communications, Inc. - Class A (a) (b) | 10 | 3347 |
| Comcast Corporation - Class A | 161 | 5618 |
| Meta Platforms, Inc. - Class A (a) (b) | 61 | 7377 |
| Netflix, Inc. (a) (b) | 14 | 3997 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| The Walt Disney Company (a) | 13 | 1134 |
| T-Mobile USA, Inc. (a) (b) | 26 | 3579 |
| Verizon Communications Inc. | 4 | 142 |
| ZoomInfo Technologies Inc. - Class A (a) | 18 | 548 |
| | | 50901 |
| **Consumer Staples 6.1%** | **Consumer Staples 6.1%** | **Consumer Staples 6.1%** |
| Altria Group, Inc. | 53 | 2444 |
| Colgate-Palmolive Company | 57 | 4461 |
| Constellation Brands, Inc. - Class A (b) | 13 | 3107 |
| Costco Wholesale Corporation | 12 | 5475 |
| Kimberly-Clark Corporation (b) | 20 | 2657 |
| Mondelez International, Inc. - Class A (b) | 36 | 2374 |
| PepsiCo, Inc. (b) | 18 | 3328 |
| Philip Morris International Inc. | 34 | 3473 |
| The Coca-Cola Company (b) | 145 | 9216 |
| The Hershey Company | 4 | 938 |
| The Procter & Gamble Company | 47 | 7128 |
|  |  | 44601 |
| **Energy 5.1%** | **Energy 5.1%** | **Energy 5.1%** |
| Baker Hughes Company - Class A | 40 | 1184 |
| Chevron Corporation (b) | 18 | 3233 |
| ConocoPhillips (b) | 66 | 7818 |
| Coterra Energy Inc. (b) | 52 | 1274 |
| Diamondback Energy, Inc. (b) | 33 | 4460 |
| EOG Resources, Inc. | 35 | 4585 |
| Exxon Mobil Corporation (b) | 127 | 13980 |
| Phillips 66 | 11 | 1143 |
|  |  | 37677 |
| **Utilities 3.1%** | **Utilities 3.1%** | **Utilities 3.1%** |
| Ameren Corporation (b) | 22 | 1999 |
| CenterPoint Energy, Inc. (b) | 75 | 2251 |
| FirstEnergy Corp. (b) | 26 | 1085 |
| NextEra Energy, Inc. (b) | 103 | 8575 |
| PG&E Corporation (a) | 174 | 2821 |
| Public Service Enterprise Group Incorporated | 43 | 2605 |
| Sempra Energy (b) | 24 | 3727 |
|  |  | 23063 |
| **Real Estate 2.6%** | **Real Estate 2.6%** | **Real Estate 2.6%** |
| Camden Property Trust | 6 | 675 |
| Equinix, Inc. (b) | 3 | 2190 |
| Equity Lifestyle Properties, Inc. | 21 | 1334 |
| Host Hotels & Resorts, Inc. | 20 | 313 |
| ProLogis Inc. | 46 | 5177 |
| SBA Communications Corporation (b) | 13 | 3577 |
| Sun Communities, Inc. (b) | 12 | 1711 |
| UDR, Inc. | 43 | 1668 |
| Ventas, Inc. (b) | 57 | 2552 |
|  |  | 19197 |
| **Materials 2.6%** | **Materials 2.6%** | **Materials 2.6%** |
| Air Products and Chemicals, Inc. | 5 | 1485 |
| Avery Dennison Corporation | 5 | 973 |
| Celanese Corporation - Class A | 5 | 510 |
| DuPont de Nemours, Inc. | 20 | 1363 |
| Eastman Chemical Company (b) | 26 | 2144 |
| Freeport-McMoRan Inc. | 27 | 1026 |
| Linde Public Limited Company | 19 | 6111 |
| Martin Marietta Materials, Inc. | 3 | 1133 |
| Nucor Corporation | 8 | 1100 |
| PPG Industries, Inc. | 24 | 2956 |
|  |  | 18801 |
| Total Common Stocks (cost $698,474) | Total Common Stocks (cost $698,474) | 719537 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (e) (f) | 4561 | 4561 |
| Total Short Term Investments (cost $4,561) | Total Short Term Investments (cost $4,561) | 4561 |
| **Total Investments 98.5% (cost $703,035)** | **Total Investments 98.5% (cost $703,035)** | **724098** |
| **Total Purchased Options 2.3% (cost $16,733)** | **Total Purchased Options 2.3% (cost $16,733)** | **16778** |
| **Other Derivative Instruments (2.4)%** | **Other Derivative Instruments (2.4)%** | **(17326)** |
| **Other Assets and Liabilities, Net 1.6%** | **Other Assets and Liabilities, Net 1.6%** | **11609** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **735159** |

---

(a) Non-income producing security.

(b) All or a portion of the security is pledged or segregated as collateral.

(c) All or a portion of the security was on loan as of December 31, 2022.

(d) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(e) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Hedged Equity Fund — Restricted Securities** | **JNL/JPMorgan Hedged Equity Fund — Restricted Securities** | **JNL/JPMorgan Hedged Equity Fund — Restricted Securities** | **JNL/JPMorgan Hedged Equity Fund — Restricted Securities** | **JNL/JPMorgan Hedged Equity Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| TE Connectivity Ltd. | 10/13/22 | 820 | 856 | 0.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Hedged Equity Fund — Futures Contracts** | **JNL/JPMorgan Hedged Equity Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 85 | March 2023 | 16559 | (46) | (149) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/**<br>**Swaption Rate (%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
| S&P 500 Index | Put | 3630.00 | 03/31/23 | 1917 | 16778 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** | **Index Options** |
| S&P 500 Index | Call | 4065.00 | 03/31/23 | 1917 | (14874) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options (continued)** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options (continued)** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options (continued)** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options (continued)** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options (continued)** | **JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options (continued)** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| S&P 500 Index | Put | 3060.00 | 03/31/23 | 1917 | (2406) |
|  |  |  |  |  | (17280) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 719537 |  |  | 719537 |
| &nbsp;&nbsp;Short Term Investments | 4561 |  |  | 4561 |
|  | 724098 |  |  | 724098 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 16778 |  |  | 16778 |
|  | 16778 |  |  | 16778 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (149) |  |  | (149) |
| &nbsp;&nbsp;Exchange Traded Written Options | (17280) |  |  | (17280) |
|  | (17429) |  |  | (17429) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** |
| **COMMON STOCKS 97.6%** | **COMMON STOCKS 97.6%** | **COMMON STOCKS 97.6%** |
| **Health Care 25.3%** | **Health Care 25.3%** | **Health Care 25.3%** |
| 10X Genomics, Inc. - Class A (a) | 234 | 8523 |
| Acadia Healthcare Company, Inc. (a) | 369 | 30339 |
| Agilent Technologies, Inc. | 353 | 52782 |
| Alnylam Pharmaceuticals, Inc. (a) | 160 | 37953 |
| Amedisys, Inc. (a) | 187 | 15614 |
| Centene Corporation (a) | 445 | 36486 |
| DexCom, Inc. (a) | 488 | 55306 |
| Exact Sciences Corporation (a) | 403 | 19938 |
| Exelixis, Inc. (a) | 1003 | 16086 |
| Hologic, Inc. (a) | 333 | 24904 |
| Horizon Therapeutics Public Limited Company (a) | 539 | 61315 |
| IDEXX Laboratories, Inc. (a) | 50 | 20357 |
| Insulet Corporation (a) | 130 | 38212 |
| Jazz Pharmaceuticals Public Limited Company (a) | 121 | 19324 |
| Maravai LifeSciences Holdings, Inc. - Class A (a) | 569 | 8136 |
| McKesson Corporation | 85 | 31773 |
| Mettler-Toledo International Inc. (a) | 29 | 41484 |
| Natera, Inc. (a) | 330 | 13273 |
| Neurocrine Biosciences, Inc. (a) | 209 | 24963 |
| Novocure Limited (a) | 55 | 4027 |
| ResMed Inc. | 159 | 33072 |
| Royalty Pharma PLC - Class A | 586 | 23143 |
| Seagen Inc. (a) | 135 | 17387 |
| The Cooper Companies, Inc. | 91 | 29959 |
| West Pharmaceutical Services, Inc. | 47 | 11085 |
|  |  | 675441 |
| **Information Technology 22.4%** | **Information Technology 22.4%** | **Information Technology 22.4%** |
| Advanced Micro Devices, Inc. (a) | 204 | 13230 |
| Arista Networks, Inc. (a) | 230 | 27911 |
| Cadence Design Systems, Inc. (a) | 280 | 44979 |
| Clear Secure, Inc. - Class A | 282 | 7732 |
| Confluent, Inc. - Class A (a) | 681 | 15146 |
| CrowdStrike Holdings, Inc. - Class A (a) | 261 | 27460 |
| Enphase Energy, Inc. (a) | 53 | 13963 |
| Entegris, Inc. | 283 | 18549 |
| F5, Inc. (a) | 119 | 17063 |
| Five9, Inc. (a) | 172 | 11699 |
| Global Payments Inc. | 208 | 20681 |
| Globant S.A. (a) | 146 | 24568 |
| HashiCorp, Inc. - Class A (a) | 521 | 14233 |
| HubSpot, Inc. (a) | 64 | 18533 |
| Jabil Inc. | 118 | 8027 |
| Keysight Technologies, Inc. (a) | 162 | 27748 |
| Marvell Technology, Inc. | 367 | 13579 |
| MongoDB, Inc. - Class A (a) | 139 | 27439 |
| Palo Alto Networks, Inc. (a) | 229 | 31997 |
| Procore Technologies, Inc. (a) | 340 | 16032 |
| Remitly Global, Inc. (a) | 1112 | 12736 |
| SolarEdge Technologies Ltd. (a) | 92 | 26053 |
| Synopsys, Inc. (a) | 165 | 52537 |
| Teledyne Technologies Incorporated (a) | 50 | 19916 |
| Teradyne, Inc. | 161 | 14037 |
| Wolfspeed, Inc. (a) (b) | 173 | 11923 |
| Zebra Technologies Corporation - Class A (a) | 78 | 20013 |
| Zoom Video Communications, Inc. - Class A (a) | 340 | 23052 |
| Zscaler, Inc. (a) | 142 | 15856 |
|  |  | 596692 |
| **Industrials 17.3%** | **Industrials 17.3%** | **Industrials 17.3%** |
| AECOM | 243 | 20672 |
| Air Lease Corporation - Class A | 520 | 19994 |
| AMETEK, Inc. | 235 | 32820 |
| Cintas Corporation | 30 | 13549 |
| Copart, Inc. (a) | 801 | 48797 |
| Delta Air Lines, Inc. (a) | 554 | 18198 |
| Equifax Inc. | 114 | 22157 |
| HEICO Corporation - Class A | 167 | 19977 |
| Hubbell Incorporated | 107 | 25111 |
| Ingersoll Rand Inc. | 477 | 24936 |
| ITT Inc. | 318 | 25798 |
| Old Dominion Freight Line, Inc. | 81 | 22958 |
| Quanta Services, Inc. | 410 | 58367 |
| The Toro Company | 294 | 33281 |
| Trane Technologies Public Limited Company | 353 | 59369 |
| Valmont Industries, Inc. | 42 | 13855 |
|  |  | 459839 |
| **Consumer Discretionary 14.1%** | **Consumer Discretionary 14.1%** | **Consumer Discretionary 14.1%** |
| Aramark | 812 | 33580 |
| AutoZone, Inc. (a) | 18 | 44145 |
| Booking Holdings Inc. (a) | 6 | 12092 |
| Bright Horizons Family Solutions, Inc. (a) | 190 | 12021 |
| Burlington Stores, Inc. (a) | 151 | 30596 |
| CarMax, Inc. (a) | 198 | 12062 |
| Chewy, Inc. - Class A (a) | 336 | 12470 |
| Chipotle Mexican Grill, Inc. (a) | 32 | 44400 |
| Garmin Ltd. | 131 | 12127 |
| Helen of Troy Limited (a) | 126 | 13930 |
| Hilton Worldwide Holdings Inc. | 378 | 47739 |
| Lululemon Athletica Canada Inc. (a) | 43 | 13937 |
| National Vision Holdings, Inc. (a) | 366 | 14171 |
| Ross Stores, Inc. | 182 | 21148 |
| Royal Caribbean Cruises Ltd. | 239 | 11819 |
| Tractor Supply Company | 170 | 38155 |
|  |  | 374392 |
| **Financials 10.2%** | **Financials 10.2%** | **Financials 10.2%** |
| Ares Management Corporation - Class A | 430 | 29422 |
| East West Bancorp, Inc. | 309 | 20376 |
| FactSet Research Systems Inc. | 64 | 25838 |
| First Republic Bank | 131 | 16029 |
| LPL Financial Holdings Inc. | 178 | 38586 |
| Morningstar, Inc. | 80 | 17327 |
| MSCI Inc. - Class A | 77 | 35958 |
| S&P Global Inc. | 72 | 24281 |
| SVB Financial Group (a) | 34 | 7774 |
| The Progressive Corporation | 260 | 33686 |
| Tradeweb Markets Inc. - Class A | 361 | 23414 |
|  |  | 272691 |
| **Energy 4.2%** | **Energy 4.2%** | **Energy 4.2%** |
| Antero Resources Corporation (a) | 377 | 11680 |
| Baker Hughes Company - Class A | 462 | 13655 |
| Cheniere Energy, Inc. | 328 | 49217 |
| EOG Resources, Inc. | 293 | 37975 |
|  |  | 112527 |
| **Communication Services 2.5%** | **Communication Services 2.5%** | **Communication Services 2.5%** |
| Bumble Inc. - Class A (a) | 667 | 14042 |
| Take-Two Interactive Software, Inc. (a) | 253 | 26355 |
| The Trade Desk, Inc. - Class A (a) | 606 | 27171 |
|  |  | 67568 |
| **Consumer Staples 1.0%** | **Consumer Staples 1.0%** | **Consumer Staples 1.0%** |
| Constellation Brands, Inc. - Class A | 113 | 26234 |
| **Materials 0.6%** | **Materials 0.6%** | **Materials 0.6%** |
| Freeport-McMoRan Inc. | 422 | 16044 |
| Total Common Stocks (cost $2,553,826) | Total Common Stocks (cost $2,553,826) | 2601428 |
| **SHORT TERM INVESTMENTS 2.4%** | **SHORT TERM INVESTMENTS 2.4%** | **SHORT TERM INVESTMENTS 2.4%** |
| **Investment Companies 2.4%** | **Investment Companies 2.4%** | **Investment Companies 2.4%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 63740 | 63740 |
| Total Short Term Investments (cost $63,740) | Total Short Term Investments (cost $63,740) | 63740 |
| **Total Investments 100.0% (cost $2,617,566)** | **Total Investments 100.0% (cost $2,617,566)** | **2665168** |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (76) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2665092** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 2601428 |  |  | 2601428 |
| &nbsp;&nbsp;Short Term Investments | 63740 |  |  | 63740 |
|  | 2665168 |  |  | 2665168 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 80.0%** | **GOVERNMENT AND AGENCY OBLIGATIONS 80.0%** | **GOVERNMENT AND AGENCY OBLIGATIONS 80.0%** |
| **Mortgage-Backed Securities 24.3%** | **Mortgage-Backed Securities 24.3%** | **Mortgage-Backed Securities 24.3%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 6.00%, 11/01/28 | 20 | 21 |
| 7.00%, 04/01/29 - 06/01/32 | 22 | 25 |
| 5.00%, 08/01/33 - 12/01/34 | 397 | 400 |
| 5.50%, 07/01/38 | 725 | 749 |
| 4.50%, 10/01/40 | 309 | 306 |
| 3.50%, 09/01/46 - 01/01/50 | 6680 | 6183 |
| 3.00%, 01/01/47 - 06/01/50 | 7363 | 6578 |
| 2.50%, 05/01/50 | 9058 | 7765 |
| 2.00%, 09/01/50 - 09/01/51 | 22608 | 18570 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.00%, 02/01/25 - 12/01/50 | 31222 | 30025 |
| 3.18%, 09/01/25 | 4740 | 4710 |
| 3.03%, 12/01/25 | 19672 | 18843 |
| 2.94%, 01/01/26 | 10578 | 10059 |
| 3.10%, 01/01/26 | 7500 | 7187 |
| 6.50%, 03/01/26 - 03/01/36 | 85 | 91 |
| 7.00%, 05/01/26 - 01/01/30 | 8 | 8 |
| 3.11%, 03/01/27 | 2747 | 2606 |
| 3.33%, 03/01/27 | 2305 | 2198 |
| 3.05%, 06/01/27 (a) | 3082 | 2913 |
| 8.00%, 12/01/29 - 03/01/31 | 11 | 11 |
| 6.00%, 02/01/31 - 12/01/36 | 1835 | 1912 |
| 7.50%, 02/01/31 | 3 | 3 |
| 1.90%, 12/01/31 | 35000 | 28083 |
| 3.54%, 06/01/32 | 1822 | 1671 |
| 1.94%, 10/01/33 | 10000 | 7682 |
| 2.52%, 09/01/34 | 7040 | 5753 |
| 2.41%, 10/01/34 | 10439 | 8498 |
| 5.50%, 02/01/35 - 10/01/36 | 995 | 1022 |
| 1.78%, 05/01/35 | 15000 | 10649 |
| 5.00%, 09/01/35 - 11/01/40 | 4615 | 4665 |
| 2.04%, 06/01/37 | 5337 | 3865 |
| 3.50%, 06/01/42 - 04/01/52 | 34108 | 31578 |
| 3.00%, 03/01/43 - 09/01/52 | 40859 | 36281 |
| 2.00%, 10/01/50 | 11946 | 9827 |
| 2.50%, 10/01/50 - 01/01/52 | 15127 | 12902 |
| 4.50%, 08/01/52 - 10/01/52 | 76145 | 73881 |
| Government National Mortgage Association |  |  |
| 6.00%, 04/15/29 - 01/15/36 | 386 | 400 |
| 2.50%, 09/15/49 - 01/20/50 | 17349 | 15054 |
| 3.00%, 04/15/50 | 10518 | 9491 |
| 3.50%, 09/20/51 | 7628 | 7007 |
|  |  | 389472 |
| **U.S. Treasury Note 22.9%** | **U.S. Treasury Note 22.9%** | **U.S. Treasury Note 22.9%** |
| Treasury, United States Department of |  |  |
| 2.63%, 02/28/23 - 01/31/26 | 45000 | 43825 |
| 1.63%, 10/31/23 | 25000 | 24375 |
| 1.50%, 02/29/24 - 11/30/28 | 35000 | 31344 |
| 4.38%, 10/31/24 | 10000 | 9970 |
| 1.13%, 02/28/25 - 02/28/27 | 140000 | 127775 |
| 1.75%, 03/15/25 | 35000 | 33059 |
| 2.00%, 11/15/26 | 15000 | 13863 |
| 0.63%, 03/31/27 | 25000 | 21691 |
| 2.25%, 08/15/27 | 40000 | 36994 |
| 0.38%, 09/30/27 | 15000 | 12640 |
| 1.88%, 02/15/32 | 15000 | 12713 |
|  |  | 368249 |
| **Collateralized Mortgage Obligations 15.5%** | **Collateralized Mortgage Obligations 15.5%** | **Collateralized Mortgage Obligations 15.5%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series ZA-2639, REMIC, 5.00%, 07/15/23 | 106 | 106 |
| Series D-3542, REMIC, 4.50%, 06/15/24 | 787 | 782 |
| Series BY-3104, REMIC, 5.50%, 01/15/26 | 548 | 549 |
| Series KW-3874, REMIC, 4.50%, 06/15/26 | 1047 | 1039 |
| Series B-3917, REMIC, 4.50%, 08/15/26 | 1500 | 1489 |
| Series GT-3270, REMIC, 5.50%, 01/15/27 | 860 | 863 |
| Series VB-4095, REMIC, 3.50%, 03/15/29 | 1799 | 1791 |
| Series DG-3737, REMIC, 5.00%, 10/15/30 | 310 | 309 |
| Series PA-3981, REMIC, 3.00%, 04/15/31 | 1155 | 1126 |
| Series AM-2525, REMIC, 4.50%, 04/15/32 | 77 | 77 |
| Series NY-4206, REMIC, 3.00%, 05/15/33 | 3474 | 3192 |
| Series MJ-2638, REMIC, 5.00%, 07/15/33 | 430 | 431 |
| Series QD-2882, REMIC, 4.50%, 07/15/34 | 56 | 56 |
| Series MU-2915, REMIC, 5.00%, 01/15/35 | 627 | 633 |
| Series AZ-3036, REMIC, 5.00%, 02/15/35 | 2442 | 2453 |
| Series CB-3688, REMIC, 4.00%, 06/15/36 | 539 | 523 |
| Series PB-3283, REMIC, 5.50%, 07/15/36 | 565 | 578 |
| Series B-3413, REMIC, 5.50%, 04/15/37 | 179 | 182 |
| Series PE-3341, REMIC, 6.00%, 07/15/37 | 346 | 359 |
| Series HZ-4365, REMIC, 3.00%, 01/15/40 | 3335 | 3112 |
| Series QH-3699, REMIC, 5.50%, 07/15/40 | 712 | 721 |
| Series PB-4047, REMIC, 3.50%, 01/15/41 | 2624 | 2568 |
| Series 30-264, REMIC, 3.00%, 07/15/42 | 5545 | 5083 |
| Series YN-4094, REMIC, 3.00%, 08/15/42 | 2500 | 2311 |
| Series AW-4437, REMIC, 2.50%, 02/15/45 | 5143 | 4185 |
| Series PY-4493, REMIC, 3.00%, 07/15/45 | 3715 | 3177 |
| Series DB-4585, REMIC, 3.00%, 05/15/46 | 5594 | 4492 |
| Series KR-4945, REMIC, 2.50%, 09/25/49 | 5568 | 4903 |
| Series MD-4937, REMIC, 2.50%, 10/25/49 | 4472 | 3965 |
| Series PA-4933, REMIC, 2.50%, 10/25/49 | 6462 | 5660 |
| Series 2020-M55G-1, REMIC, 3.00%, 08/25/59 | 7752 | 6809 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2004-CG-76, REMIC, 4.50%, 10/25/24 | 73 | 73 |
| Series 2017-A-T1, REMIC, 2.90%, 06/25/27 | 8218 | 7691 |
| Series 2020-BG-33, REMIC, 2.00%, 05/25/30 | 7933 | 7388 |
| Series 2011-PB-145, REMIC, 3.50%, 01/25/32 | 8053 | 7743 |
| Series 2012-LY-134, REMIC, 3.00%, 12/25/32 | 2769 | 2531 |
| Series 2003-PE-63, REMIC, 3.50%, 07/25/33 | 37 | 36 |
| Series 2013-PY-106, REMIC, 3.00%, 10/25/33 | 6841 | 6450 |
| Series 2004-AZ-35, REMIC, 4.50%, 05/25/34 | 2274 | 2244 |
| Series 2015-BY-41, REMIC, 3.00%, 09/25/34 | 2140 | 2021 |
| Series 2015-BW-15, REMIC, 3.50%, 04/25/35 | 3735 | 3524 |
| Series 2015-GB-28, REMIC, 3.50%, 05/25/35 | 4156 | 3898 |
| Series 2015-B-33, REMIC, 3.00%, 06/25/35 | 9980 | 9150 |
| Series 2015-B-50, REMIC, 3.00%, 07/25/35 | 10734 | 9858 |
| Series 2015-EY-47, REMIC, 3.00%, 07/25/35 | 5051 | 4580 |
| Series 2005-PL-64, REMIC, 5.50%, 07/25/35 | 109 | 111 |
| Series 2015-BW-68, REMIC, 3.00%, 08/25/35 | 8035 | 7511 |
| Series 2005-BG-97, REMIC, 5.50%, 11/25/35 | 1024 | 1045 |
| Principal Only, Series 2006-HO-23, REMIC, 0.00%, 04/25/36 | 356 | 281 |
| Series 2016-LY-30, REMIC, 3.50%, 05/25/36 | 5618 | 5128 |
| Series 2007-BA-12, REMIC, 6.00%, 02/25/37 | 110 | 110 |
| Series 2017-DL-83, REMIC, 3.00%, 10/25/37 | 5061 | 4405 |
| Series 2010-MB-47, REMIC, 5.00%, 09/25/39 | 1114 | 1125 |
| Series 2010-SL-4, REMIC, 1.71%, (11.59% - (1 Month USD LIBOR \* 2.25)), 02/25/40 (a) | 25 | 19 |
| Series 2010-CB-11, REMIC, 4.50%, 02/25/40 | 64 | 63 |
| Series 2010-PM-123, REMIC, 4.00%, 07/25/40 | 856 | 841 |
| Series 2010-MB-134, REMIC, 4.50%, 12/25/40 | 1398 | 1384 |
| Series 2002-A3-T4, REMIC, 7.50%, 12/25/41 | 1600 | 1703 |
| Series 2012-EP-60, REMIC, 3.00%, 04/25/42 | 759 | 722 |
| Series 2003-2A4-W3, REMIC, 5.75%, 06/25/42 | 475 | 478 |
| Series 2012-HY-102, REMIC, 2.00%, 09/25/42 | 4000 | 3258 |
| Series 2012-AB-121, REMIC, 3.00%, 11/25/42 | 3376 | 3073 |
| Series 2003-2A7-W12, REMIC, 4.68%, 06/25/43 | 1073 | 1041 |
| Series 2016-LA-25, REMIC, 3.00%, 07/25/45 | 2936 | 2733 |
| Series 2015-N-97, REMIC, 3.00%, 11/25/45 | 13757 | 11570 |
| Series 2019-CA-71, REMIC, 2.50%, 07/25/46 | 6418 | 5863 |
| Series 2017-CA-52, REMIC, 3.00%, 07/25/47 | 3512 | 3179 |
| Series 2019-PA-65, REMIC, 2.50%, 05/25/48 | 2395 | 2163 |
| Series 2019-KA-42, REMIC, 3.00%, 07/25/49 | 10722 | 9649 |
| Series 2019-JA-81, REMIC, 2.50%, 09/25/49 | 4880 | 4317 |
| Series 2009-A-W1, REMIC, 6.00%, 12/25/49 | 167 | 173 |
| Series 2020-JC-12, REMIC, 2.00%, 03/25/50 | 10893 | 9049 |
| Government National Mortgage Association |  |  |
| Series 2009-HB-82, REMIC, 4.00%, 09/16/24 | 146 | 144 |
| Series 2003-ZA-75, REMIC, 5.50%, 09/20/33 | 361 | 370 |
| Series 2003-Z-114, REMIC, 6.00%, 12/16/33 | 521 | 529 |
| Series 2007-MB-2, REMIC, 5.50%, 01/20/37 | 696 | 708 |
| Interest Only, Series 2008-SA-40, REMIC, 2.07%, (6.40% - (1 Month USD LIBOR \* 1)), 05/16/38 (a) | 792 | 58 |
| Series 2010-GP-166, REMIC, 3.00%, 04/20/39 | 457 | 448 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2009-TX-42, REMIC, 4.50%, 06/20/39 | 1222 | 1206 |
| Series 2011-Z-29, REMIC, 5.00%, 05/20/40 | 14124 | 14221 |
| Interest Only, Series 2011-SH-97, REMIC, 1.78%, (6.13% - (1 Month USD LIBOR \* 1)), 07/20/41 (a) | 1317 | 142 |
| Series 2015-PL-157, REMIC, 3.00%, 10/20/45 | 12872 | 10600 |
| Series 2016-AC-19, REMIC, 3.00%, 02/20/46 | 1284 | 1125 |
| Principal Only, Series 2018-BO-46, REMIC, 0.00%, 03/20/48 | 4714 | 3711 |
| Series 2013-FA-H16, REMIC, 4.38%, (1 Month USD LIBOR + 0.54%), 07/20/63 (a) | 3768 | 3745 |
| | | 248712 |
| **U.S. Treasury Bond 8.2%** | **U.S. Treasury Bond 8.2%** | **U.S. Treasury Bond 8.2%** |
| Treasury, United States Department of |  |  |
| 2.00%, 11/15/41 - 02/15/50 | 70000 | 48446 |
| 2.38%, 02/15/42 | 15000 | 11449 |
| 3.75%, 11/15/43 | 40000 | 37469 |
| 3.00%, 05/15/45 - 02/15/48 | 37500 | 30851 |
| 2.25%, 08/15/49 | 5000 | 3520 |
|  |  | 131735 |
| **Commercial Mortgage-Backed Securities 4.4%** | **Commercial Mortgage-Backed Securities 4.4%** | **Commercial Mortgage-Backed Securities 4.4%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A2-K049, REMIC, 3.01%, 07/25/25 | 8067 | 7703 |
| Series A2-K067, REMIC, 3.19%, 07/25/27 | 6557 | 6151 |
| Series A2-K068, REMIC, 3.24%, 08/25/27 | 5000 | 4755 |
| Series A1-K087, REMIC, 3.59%, 10/25/27 | 3303 | 3209 |
| Series A2-K145, REMIC, 2.58%, 05/25/32 | 4265 | 3658 |
| Series APT2-Q013, REMIC, 1.17%, 05/25/50 (a) | 4620 | 4327 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2017-A2-M13, REMIC, 2.93%, 09/25/27 (a) | 2107 | 1973 |
| Series 2019-A2-M1, REMIC, 3.55%, 09/25/28 (a) | 3596 | 3443 |
| Series 2022-A2-M3, REMIC, 1.71%, 11/25/31 (a) | 7500 | 5933 |
| Series 2019-A2-M31, REMIC, 2.85%, 04/25/34 | 9000 | 7652 |
| Series 2020-AL-M8, REMIC, 2.01%, 03/25/35 | 9964 | 7929 |
| Series 2019-AL2-M14, REMIC, 3.07%, 04/25/48 | 14861 | 13141 |
|  |  | 69874 |
| **U.S. Treasury Inflation Indexed Securities 2.4%** | **U.S. Treasury Inflation Indexed Securities 2.4%** | **U.S. Treasury Inflation Indexed Securities 2.4%** |
| Treasury, United States Department of |  |  |
| 1.38%, 02/15/44 (b) | 42517 | 39042 |
| **U.S. Government Agency Obligations 2.3%** | **U.S. Government Agency Obligations 2.3%** | **U.S. Government Agency Obligations 2.3%** |
| Federal Farm Credit Banks Funding Corporation |  |  |
| 3.33%, 04/28/37 (c) | 7500 | 6308 |
| Federal National Mortgage Association, Inc. |  |  |
| Principal Only, 0.00%, 03/23/28 (c) (d) | 4000 | 3227 |
| FHLBanks Office of Finance |  |  |
| 5.75%, 06/12/26 (c) | 5000 | 5227 |
| Resolution Funding Corporation |  |  |
| Principal Only, 0.00%, 01/15/30 (c) (d) | 20660 | 15051 |
| Tennessee Valley Authority |  |  |
| 0.75%, 05/15/25 (c) | 4500 | 4121 |
| Interest Only, 0.00%, 07/15/37 (c) (d) | 6000 | 2967 |
|  |  | 36901 |
| Total Government And Agency Obligations (cost $1,430,753) | Total Government And Agency Obligations (cost $1,430,753) | 1283985 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.8%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.8%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.8%** |
| Alternative Loan Trust 2006-OA17 |  |  |
| Series 2006-1A1A-OA17, REMIC, 4.55%, (1 Month USD LIBOR + 0.20%), 12/20/46 (a) (e) | 303 | 250 |
| Alternative Loan Trust 2006-OA9 |  |  |
| Series 2006-2A1A-OA9, REMIC, 4.77%, (1 Month USD LIBOR + 0.42%), 07/20/46 (a) (e) | 181 | 138 |
| AMERICAN HOMES 4 RENT |  |  |
| Series 2014-A-SFR2, REMIC, 3.79%, 10/18/24 | 4281 | 4094 |
| AMSR 2020-SFR3 Trust |  |  |
| Series 2020-A-SFR3, REMIC, 1.36%, 09/17/25 | 7389 | 6592 |
| BA Credit Card Trust |  |  |
| Series 2022-A2-A2, 5.00%, 11/17/25 | 8000 | 8088 |
| Bank 2020-BNK26 |  |  |
| Series 2020-A4-BN26, REMIC, 2.40%, 02/15/30 | 5000 | 4192 |
| BBCMS Trust 2015-VFM |  |  |
| Series 2015-A1-VFM, REMIC, 2.47%, 03/12/26 | 1410 | 1304 |
| CF Hippolyta Issuer LLC |  |  |
| Series 2020-A1-1, 1.69%, 07/15/25 | 4542 | 3978 |
| Citigroup Commercial Mortgage Trust 2020-GC46 |  |  |
| Series 2020-A5-GC46, REMIC, 2.72%, 02/15/30 | 8750 | 7415 |
| CP Atlas Buyer, Inc. |  |  |
| Series 2020-A-SFR2, REMIC, 1.27%, 11/17/25 | 8544 | 7593 |
| Credit Suisse Securities (USA) LLC |  |  |
| Series 2004-4A1-5, REMIC, 6.00%, 09/25/34 | 148 | 137 |
| CSAIL 2015-C3 Commercial Mortgage Trust |  |  |
| Series 2015-A4-C3, REMIC, 3.72%, 07/17/25 | 8775 | 8401 |
| Eleven Madison Trust 2015-11MD Mortgage Trust |  |  |
| Series 2015-A-11MD, REMIC, 3.55%, 09/11/25 (a) | 2989 | 2782 |
| FirstKey Homes 2020-SFR1 Trust |  |  |
| Series 2020-A-SFR1, 1.34%, 09/18/25 | 6425 | 5745 |
| GS Mortgage Securities Trust 2017-GS7 |  |  |
| Series 2017-A4-GS7, REMIC, 3.43%, 07/12/27 | 10500 | 9664 |
| GS Mortgage Securities Trust 2020-GC45 |  |  |
| Series 2020-A5-GC45, REMIC, 2.91%, 12/14/29 | 10000 | 8576 |
| Home Equity Mortgage Loan Asset-Backed Trust Series INDS 2006-A |  |  |
| Series 2006-A-A, REMIC, 4.65%, (1 Month USD LIBOR + 0.26%), 06/25/36 (a) (e) | 627 | 13 |
| MASTR Adjustable Rate Mortgages Trust 2004-10 |  |  |
| Series 2004-3A2-1, REMIC, 2.48%, 02/25/34 (a) | 204 | 171 |
| Morgan Stanley Mortgage Loan Trust 2004-8AR |  |  |
| Series 2004-4A2-8AR, REMIC, 3.79%, 10/25/34 (a) | 47 | 42 |
| Nomura Credit & Capital, Inc. |  |  |
| Series 2004-A1-R1, REMIC, 6.50%, 03/25/34 | 1254 | 1008 |
| Progress Residential 2020-SFR3 Trust |  |  |
| Series 2020-A-SFR3, REMIC, 1.29%, 10/17/25 | 12953 | 11475 |
| Progress Residential 2022-SFR3 Trust |  |  |
| Series 2022-A-SFR3, REMIC, 3.20%, 04/19/27 (a) | 4080 | 3677 |
| SACO I Trust 2006-6 |  |  |
| Series 2006-A-6, REMIC, 4.65%, (1 Month USD LIBOR + 0.26%), 06/25/36 (a) (e) | 13 | 14 |
| SCF Equipment Leasing 2022-2 LLC |  |  |
| Series 2022-A3-2A, 6.50%, 10/21/30 | 9850 | 9902 |
| Structured Asset Mortgage Investments II Trust 2006-AR7 |  |  |
| Series 2006-A1A-AR7, REMIC, 4.81%, (1 Month USD LIBOR + 0.42%), 08/25/36 (a) (e) | 255 | 197 |
| Tricon American Homes 2020-SFR1 Trust |  |  |
| Series 2020-A-SFR1, REMIC, 1.50%, 07/17/26 | 11676 | 10126 |
| U.S. Department of Veterans Affairs |  |  |
| Series 2001-Z-2, REMIC, 6.75%, 02/15/31 | 422 | 436 |
| UBS-BAMLL Trust |  |  |
| Series 2012-A-WRM, REMIC, 3.66%, 06/12/30 | 145 | 131 |
| Wells Fargo Commercial Mortgage Trust 2019-C53 |  |  |
| Series 2019-A4-C53, REMIC, 3.04%, 10/17/29 | 6000 | 5225 |
| Worldwide Plaza Trust 2017-WWP |  |  |
| Series 2017-A-WWP, REMIC, 3.53%, 11/12/27 | 3939 | 3304 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $139,728) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $139,728) | 124670 |
| **CORPORATE BONDS AND NOTES 6.8%** | **CORPORATE BONDS AND NOTES 6.8%** | **CORPORATE BONDS AND NOTES 6.8%** |
| **Financials 2.8%** | **Financials 2.8%** | **Financials 2.8%** |
| Banco Santander, S.A. |  |  |
| 2.75%, 05/28/25 (f) | 2600 | 2435 |
| Bank of America Corporation |  |  |
| 3.55%, 03/05/24 | 5000 | 4982 |
| 6.20%, 11/10/28 | 8315 | 8586 |
| BNP Paribas |  |  |
| 1.32%, 01/13/27 (f) (g) | 6470 | 5641 |
| KeyBank National Association |  |  |
| 5.85%, 11/15/27 | 8000 | 8233 |
| Morgan Stanley |  |  |
| 2.70%, 01/22/31 | 4300 | 3563 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Protective Life Global Funding |  |  |
| 1.17%, 07/15/25 (g) | 7790 | 7004 |
| State Street Corporation |  |  |
| 3.15%, 03/30/31 | 2000 | 1759 |
| Toyota Motor Credit Corporation |  |  |
| 5.45%, 11/10/27 | 3500 | 3583 |
| | | 45786 |
| **Communication Services 1.2%** | **Communication Services 1.2%** | **Communication Services 1.2%** |
| AT&T Inc. |  |  |
| 1.65%, 02/01/28 | 7515 | 6357 |
| The Walt Disney Company |  |  |
| 2.00%, 09/01/29 | 3900 | 3281 |
| T-Mobile USA, Inc. |  |  |
| 3.88%, 04/15/30 | 10000 | 9091 |
|  |  | 18729 |
| **Consumer Staples 0.8%** | **Consumer Staples 0.8%** | **Consumer Staples 0.8%** |
| Archer-Daniels-Midland Company |  |  |
| 3.25%, 03/27/30 | 2625 | 2360 |
| Cargill, Incorporated |  |  |
| 2.13%, 04/23/30 (g) | 2480 | 2038 |
| Philip Morris International Inc. |  |  |
| 5.75%, 11/17/32 | 5000 | 5114 |
| The Kroger Co. |  |  |
| 1.70%, 01/15/31 | 5000 | 3854 |
|  |  | 13366 |
| **Health Care 0.7%** | **Health Care 0.7%** | **Health Care 0.7%** |
| AbbVie Inc. |  |  |
| 3.20%, 11/21/29 | 5000 | 4515 |
| MultiCare Health System |  |  |
| 2.80%, 08/15/50 | 1250 | 738 |
| Takeda Pharmaceutical Co Ltd |  |  |
| 2.05%, 03/31/30 | 5000 | 4081 |
| Zoetis Inc. |  |  |
| 2.00%, 05/15/30 | 2200 | 1787 |
|  |  | 11121 |
| **Utilities 0.4%** | **Utilities 0.4%** | **Utilities 0.4%** |
| Ameren Illinois Company |  |  |
| 5.90%, 12/01/52 | 625 | 687 |
| PG&E Recovery Funding LLC |  |  |
| 5.54%, 07/15/47 | 5115 | 5226 |
|  |  | 5913 |
| **Industrials 0.3%** | **Industrials 0.3%** | **Industrials 0.3%** |
| Penske Truck Leasing Co., L.P. |  |  |
| 5.88%, 11/15/27 (g) | 5000 | 5038 |
| **Consumer Discretionary 0.2%** | **Consumer Discretionary 0.2%** | **Consumer Discretionary 0.2%** |
| Hyundai Capital America |  |  |
| 1.80%, 01/10/28 (g) | 3875 | 3176 |
| **Energy 0.2%** | **Energy 0.2%** | **Energy 0.2%** |
| Enterprise Products Operating LLC |  |  |
| 3.70%, 02/15/26 | 1013 | 977 |
| ONEOK, Inc. |  |  |
| 6.10%, 11/15/32 | 1520 | 1525 |
|  |  | 2502 |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| Boston Properties Limited Partnership |  |  |
| 2.75%, 10/01/26 | 2580 | 2322 |
| Healthpeak Properties, Inc. |  |  |
| 3.40%, 02/01/25 | 93 | 89 |
|  |  | 2411 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| Nutrien Ltd. |  |  |
| 5.95%, 11/07/25 | 1225 | 1248 |
| Total Corporate Bonds And Notes (cost $119,367) | Total Corporate Bonds And Notes (cost $119,367) | 109290 |
| **SHORT TERM INVESTMENTS 5.0%** | **SHORT TERM INVESTMENTS 5.0%** | **SHORT TERM INVESTMENTS 5.0%** |
| **Investment Companies 5.0%** | **Investment Companies 5.0%** | **Investment Companies 5.0%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (h) (i) | 79719 | 79719 |
| Total Short Term Investments (cost $79,719) | Total Short Term Investments (cost $79,719) | 79719 |
| **Total Investments 99.6% (cost $1,769,567)** | **Total Investments 99.6% (cost $1,769,567)** | **1597664** |
| **Other Assets and Liabilities, Net 0.4%** | **Other Assets and Liabilities, Net 0.4%** | **6521** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1604185** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(b) Treasury inflation indexed note, par amount is adjusted for inflation.

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

(d) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(e) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(f) Convertible security.

(g) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $22,897 and 1.4% of the Fund.

(h) Investment in affiliate.

(i) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 1283985 |  | 1283985 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 124670 |  | 124670 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 109290 |  | 109290 |
| &nbsp;&nbsp;Short Term Investments | 79719 |  |  | 79719 |
|  | 79719 | 1517945 |  | 1597664 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** |
| **COMMON STOCKS 97.6%** | **COMMON STOCKS 97.6%** | **COMMON STOCKS 97.6%** |
| **Financials 23.1%** | **Financials 23.1%** | **Financials 23.1%** |
| American Express Company | 107 | 15817 |
| Bank of America Corporation | 763 | 25259 |
| Berkshire Hathaway Inc. - Class B (a) | 100 | 30841 |
| BlackRock, Inc. | 44 | 30850 |
| Capital One Financial Corporation | 107 | 9946 |
| Chubb Limited | 86 | 19046 |
| Citigroup Inc. | 158 | 7142 |
| Citizens Financial Group, Inc. | 170 | 6675 |
| Loews Corporation | 127 | 7404 |
| M&T Bank Corporation | 65 | 9417 |
| Marsh & Mclennan Companies, Inc. | 48 | 8021 |
| MetLife, Inc. | 198 | 14363 |
| Morgan Stanley | 329 | 27941 |
| Prudential Financial, Inc. | 73 | 7253 |
| S&P Global Inc. | 30 | 10064 |
| T. Rowe Price Group, Inc. | 108 | 11792 |
| The Charles Schwab Corporation | 135 | 11215 |
| The Goldman Sachs Group, Inc. | 56 | 19168 |
| The Hartford Financial Services Group, Inc. | 228 | 17304 |
| The PNC Financial Services Group, Inc. | 113 | 17822 |
| Truist Financial Corporation | 424 | 18246 |
| U.S. Bancorp | 331 | 14447 |
| Wells Fargo & Company | 867 | 35793 |
|  |  | 375826 |
| **Health Care 18.8%** | **Health Care 18.8%** | **Health Care 18.8%** |
| AbbVie Inc. | 171 | 27684 |
| Amgen Inc. | 38 | 10032 |
| Becton, Dickinson and Company | 52 | 13141 |
| Biogen Inc. (a) | 12 | 3370 |
| Boston Scientific Corporation (a) | 361 | 16694 |
| Bristol-Myers Squibb Company | 484 | 34799 |
| Cigna Corporation | 64 | 21114 |
| Elevance Health, Inc. | 31 | 16073 |
| Eli Lilly and Company | 36 | 13286 |
| Humana Inc. | 36 | 18421 |
| Johnson & Johnson | 168 | 29686 |
| Medtronic, Inc. | 188 | 14592 |
| Merck & Co., Inc. | 55 | 6074 |
| Pfizer Inc. | 261 | 13350 |
| UnitedHealth Group Incorporated | 62 | 32674 |
| Universal Health Services, Inc. - Class B | 30 | 4164 |
| Vertex Pharmaceuticals Incorporated (a) | 58 | 16832 |
| Zimmer Biomet Holdings, Inc. | 98 | 12439 |
|  |  | 304425 |
| **Industrials 11.3%** | **Industrials 11.3%** | **Industrials 11.3%** |
| CSX Corporation | 515 | 15941 |
| Dover Corporation | 164 | 22204 |
| Eaton Corporation Public Limited Company | 122 | 19224 |
| General Dynamics Corporation | 96 | 23937 |
| Northrop Grumman Corporation | 28 | 15245 |
| Parker-Hannifin Corporation | 48 | 13960 |
| Raytheon Technologies Corporation | 288 | 29067 |
| Republic Services, Inc. | 77 | 9969 |
| Southwest Airlines Co. | 353 | 11893 |
| United Parcel Service, Inc. - Class B | 130 | 22574 |
|  |  | 184014 |
| **Consumer Discretionary 9.3%** | **Consumer Discretionary 9.3%** | **Consumer Discretionary 9.3%** |
| AutoZone, Inc. (a) | 7 | 17974 |
| Booking Holdings Inc. (a) | 6 | 12061 |
| Dollar General Corporation | 60 | 14706 |
| Lowe`s Companies, Inc. | 71 | 14134 |
| McDonald's Corporation | 61 | 15950 |
| Newell Brands Inc. | 310 | 4058 |
| NIKE, Inc. - Class B | 146 | 17134 |
| O'Reilly Automotive, Inc. (a) | 14 | 12139 |
| The Home Depot, Inc. | 62 | 19720 |
| The TJX Companies, Inc. | 299 | 23825 |
|  |  | 151701 |
| **Energy 8.7%** | **Energy 8.7%** | **Energy 8.7%** |
| Chevron Corporation | 107 | 19137 |
| ConocoPhillips | 380 | 44859 |
| EOG Resources, Inc. | 217 | 28103 |
| Exxon Mobil Corporation | 406 | 44789 |
| Valero Energy Corporation | 32 | 4022 |
|  |  | 140910 |
| **Information Technology 6.6%** | **Information Technology 6.6%** | **Information Technology 6.6%** |
| Analog Devices, Inc. | 151 | 24815 |
| Apple Inc. | 41 | 5300 |
| International Business Machines Corporation | 83 | 11720 |
| Lam Research Corporation | 19 | 7981 |
| Microsoft Corporation | 69 | 16571 |
| NXP Semiconductors N.V. | 121 | 19096 |
| Texas Instruments Incorporated | 129 | 21328 |
|  |  | 106811 |
| **Consumer Staples 6.0%** | **Consumer Staples 6.0%** | **Consumer Staples 6.0%** |
| Mondelez International, Inc. - Class A | 249 | 16579 |
| Monster Beverage 1990 Corporation (a) | 76 | 7748 |
| PepsiCo, Inc. | 73 | 13128 |
| Philip Morris International Inc. | 224 | 22683 |
| The Procter & Gamble Company | 132 | 20032 |
| Walmart Inc. | 123 | 17503 |
|  |  | 97673 |
| **Materials 4.5%** | **Materials 4.5%** | **Materials 4.5%** |
| Air Products and Chemicals, Inc. | 84 | 25989 |
| Axalta Coating Systems Ltd. (a) | 835 | 21281 |
| Ball Corporation | 121 | 6176 |
| Legacy Vulcan Corp. | 110 | 19353 |
|  |  | 72799 |
| **Communication Services 4.2%** | **Communication Services 4.2%** | **Communication Services 4.2%** |
| Alphabet Inc. - Class C (a) | 178 | 15804 |
| Comcast Corporation - Class A | 545 | 19061 |
| Meta Platforms, Inc. - Class A (a) | 150 | 18004 |
| The Walt Disney Company (a) | 53 | 4576 |
| T-Mobile USA, Inc. (a) | 73 | 10290 |
|  |  | 67735 |
| **Utilities 3.9%** | **Utilities 3.9%** | **Utilities 3.9%** |
| CMS Energy Corporation | 279 | 17670 |
| Entergy Corporation | 51 | 5762 |
| NextEra Energy, Inc. | 173 | 14488 |
| Public Service Enterprise Group Incorporated | 176 | 10803 |
| Xcel Energy Inc. | 218 | 15272 |
|  |  | 63995 |
| **Real Estate 1.2%** | **Real Estate 1.2%** | **Real Estate 1.2%** |
| AvalonBay Communities, Inc. | 29 | 4625 |
| Host Hotels & Resorts, Inc. | 473 | 7586 |
| Ventas, Inc. | 148 | 6647 |
|  |  | 18858 |
| Total Common Stocks (cost $1,300,738) | Total Common Stocks (cost $1,300,738) | 1584747 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| Texas Competitive Electric Holdings Company LLC (a) (b) (c) (d) | 11682 | 149 |
| Tribune Media Company (a) (b) (c) | 68 |  |
| Walter Energy Inc. (a) (b) (c) (e) | 1503 |  |
| Total Other Equity Interests (cost $0) | Total Other Equity Interests (cost $0) | 149 |
| **SHORT TERM INVESTMENTS 2.7%** | **SHORT TERM INVESTMENTS 2.7%** | **SHORT TERM INVESTMENTS 2.7%** |
| **Investment Companies 2.7%** | **Investment Companies 2.7%** | **Investment Companies 2.7%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (f) (g) | 43344 | 43344 |
| Total Short Term Investments (cost $43,344) | Total Short Term Investments (cost $43,344) | 43344 |
| **Total Investments 100.3% (cost $1,344,082)** | **Total Investments 100.3% (cost $1,344,082)** | **1628240** |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(4902)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1623338** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

(a) Non-income producing security.

(b) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(c) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(d) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $149 and 0.0% of the Fund.

(e) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/JPMorgan U.S. Value Fund — Restricted Securities** | **JNL/JPMorgan U.S. Value Fund — Restricted Securities** | **JNL/JPMorgan U.S. Value Fund — Restricted Securities** | **JNL/JPMorgan U.S. Value Fund — Restricted Securities** | **JNL/JPMorgan U.S. Value Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Walter Energy Inc. | 08/23/19 |  |  |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1584747 |  |  | 1584747 |
| &nbsp;&nbsp;Other Equity Interests |  |  | 149 | 149 |
| &nbsp;&nbsp;Short Term Investments | 43344 |  |  | 43344 |
|  | 1628091 |  | 149 | 1628240 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Lazard International Strategic Equity Fund** | **JNL/Lazard International Strategic Equity Fund** | **JNL/Lazard International Strategic Equity Fund** |
| **COMMON STOCKS 94.5%** | **COMMON STOCKS 94.5%** | **COMMON STOCKS 94.5%** |
| **United Kingdom 18.3%** | **United Kingdom 18.3%** | **United Kingdom 18.3%** |
| AON Public Limited Company - Class A | 74 | 22357 |
| Coca-Cola Europacific Partners PLC | 271 | 14962 |
| Compass Group PLC | 459 | 10721 |
| HSBC Holdings PLC | 244 | 1522 |
| Informa Jersey Limited | 785 | 5896 |
| Petershill Partners PLC | 188 | 384 |
| Relx PLC | 555 | 15352 |
| Rio Tinto PLC | 137 | 9653 |
| The Berkeley Group Holdings PLC | 89 | 4060 |
|  |  | 84907 |
| **Canada 12.5%** | **Canada 12.5%** | **Canada 12.5%** |
| BRP Inc. | 64 | 4898 |
| CAE Inc. (a) | 563 | 10886 |
| Canadian Pacific Railway Limited | 100 | 7484 |
| Cogeco Communications | 63 | 3597 |
| National Bank of Canada | 183 | 12344 |
| Suncor Energy Inc. | 303 | 9609 |
| Toromont Industries Ltd. | 125 | 9035 |
|  |  | 57853 |
| **Japan 11.3%** | **Japan 11.3%** | **Japan 11.3%** |
| Advantest Corporation | 73 | 4669 |
| BayCurrent Consulting , Inc. | 160 | 4996 |
| Daikin Industries, Ltd. | 47 | 7117 |
| Digital Garage, Inc. | 137 | 4710 |
| Kobe Bussan Co., Ltd. | 156 | 4499 |
| Olympus Corporation | 402 | 7103 |
| Shimano Inc. | 27 | 4213 |
| Suzuki Motor Corporation | 134 | 4277 |
| Tokyo Electron Limited | 17 | 5093 |
| Yamaha Corporation | 145 | 5388 |
|  |  | 52065 |
| **Germany 8.3%** | **Germany 8.3%** | **Germany 8.3%** |
| Continental Aktiengesellschaft | 97 | 5850 |
| CTS Eventim AG & Co. KGaA (a) | 78 | 5048 |
| Hensoldt AG | 287 | 6821 |
| Infineon Technologies AG - Class N | 239 | 7315 |
| Merck Kommanditgesellschaft auf Aktien | 50 | 9690 |
| Vonovia SE | 151 | 3563 |
|  |  | 38287 |
| **Ireland 7.3%** | **Ireland 7.3%** | **Ireland 7.3%** |
| Accenture Public Limited Company - Class A | 34 | 9150 |
| CRH Public Limited Company | 221 | 8783 |
| Icon Public Limited Company (a) | 46 | 8868 |
| Ryanair Holdings Public Limited Company - ADR (a) | 96 | 7156 |
|  |  | 33957 |
| **France 6.7%** | **France 6.7%** | **France 6.7%** |
| Bureau Veritas | 313 | 8263 |
| Engie | 867 | 12437 |
| Pernod Ricard | 53 | 10411 |
|  |  | 31111 |
| **Netherlands 6.4%** | **Netherlands 6.4%** | **Netherlands 6.4%** |
| Airbus SE | 90 | 10711 |
| Akzo Nobel N.V. | 121 | 8109 |
| Universal Music Group N.V. | 448 | 10824 |
|  |  | 29644 |
| **Denmark 5.3%** | **Denmark 5.3%** | **Denmark 5.3%** |
| Carlsberg A/S - Class B | 92 | 12280 |
| Genmab A/S (a) | 17 | 7405 |
| Vestas Wind Systems A/S | 167 | 4876 |
|  |  | 24561 |
| **Hong Kong 5.1%** | **Hong Kong 5.1%** | **Hong Kong 5.1%** |
| AIA Group Limited | 1679 | 18520 |
| ESR Cayman Limited (b) | 2508 | 5250 |
|  |  | 23770 |
| **Finland 2.6%** | **Finland 2.6%** | **Finland 2.6%** |
| Sampo Oyj - Class A | 226 | 11833 |
| **Switzerland 2.4%** | **Switzerland 2.4%** | **Switzerland 2.4%** |
| ABB Ltd - Class N | 288 | 8775 |
| Idorsia Ltd (a) (c) | 146 | 2126 |
|  |  | 10901 |
| **Israel 2.3%** | **Israel 2.3%** | **Israel 2.3%** |
| Israel Discount Bank Limited | 2011 | 10574 |
| **Portugal 1.8%** | **Portugal 1.8%** | **Portugal 1.8%** |
| EDP - Energias de Portugal, S.A. | 1702 | 8494 |
| **Singapore 1.8%** | **Singapore 1.8%** | **Singapore 1.8%** |
| DBS Group Holdings Ltd | 329 | 8307 |
| **Sweden 1.3%** | **Sweden 1.3%** | **Sweden 1.3%** |
| Hexagon Aktiebolag - Class B | 507 | 5323 |
| Volvo Car AB - Class B (a) (c) | 175 | 798 |
|  |  | 6121 |
| **Italy 1.1%** | **Italy 1.1%** | **Italy 1.1%** |
| Ariston Holding N.V. | 199 | 2054 |
| Technogym S.p.A. (b) | 363 | 2790 |
|  |  | 4844 |
| Total Common Stocks (cost $448,940) | Total Common Stocks (cost $448,940) | 437229 |
| **PREFERRED STOCKS 3.0%** | **PREFERRED STOCKS 3.0%** | **PREFERRED STOCKS 3.0%** |
| **Switzerland 3.0%** | **Switzerland 3.0%** | **Switzerland 3.0%** |
| Roche Holding AG | 44 | 13830 |
| Total Preferred Stocks (cost $14,413) | Total Preferred Stocks (cost $14,413) | 13830 |
| **SHORT TERM INVESTMENTS 3.6%** | **SHORT TERM INVESTMENTS 3.6%** | **SHORT TERM INVESTMENTS 3.6%** |
| **Investment Companies 3.0%** | **Investment Companies 3.0%** | **Investment Companies 3.0%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (d) (e) | 13986 | 13986 |
| **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** | **Securities Lending Collateral 0.6%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (d) (e) | 2918 | 2918 |
| Total Short Term Investments (cost $16,904) | Total Short Term Investments (cost $16,904) | 16904 |
| **Total Investments 101.1% (cost $480,257)** | **Total Investments 101.1% (cost $480,257)** | **467963** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **13** |
| **Other Assets and Liabilities, Net (1.1)%** | **Other Assets and Liabilities, Net (1.1)%** | **(5106)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **462870** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) All or a portion of the security was on loan as of December 31, 2022.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Lazard International Strategic Equity Fund — Restricted Securities** | **JNL/Lazard International Strategic Equity Fund — Restricted Securities** | **JNL/Lazard International Strategic Equity Fund — Restricted Securities** | **JNL/Lazard International Strategic Equity Fund — Restricted Securities** | **JNL/Lazard International Strategic Equity Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| ESR Cayman Limited | 05/18/20 | 7195 | 5250 | 1.1 |
| Technogym S.p.A. | 04/01/20 | 3017 | 2790 | 0.6 |
|  |  | 10212 | 8040 | 1.7 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Lazard International Strategic Equity Fund — Forward Foreign Currency Contracts** | **JNL/Lazard International Strategic Equity Fund — Forward Foreign Currency Contracts** | **JNL/Lazard International Strategic Equity Fund — Forward Foreign Currency Contracts** | **JNL/Lazard International Strategic Equity Fund — Forward Foreign Currency Contracts** | **JNL/Lazard International Strategic Equity Fund — Forward Foreign Currency Contracts** | **JNL/Lazard International Strategic Equity Fund — Forward Foreign Currency Contracts** | **JNL/Lazard International Strategic Equity Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| GBP/USD | SSB | 01/03/23 | GBP | 230 | 278 | 1 |
| GBP/USD | SSB | 01/04/23 | GBP | 349 | 422 | 1 |
| JPY/USD | SSB | 01/04/23 | JPY | 71608 | 546 | 8 |
| JPY/USD | SSB | 01/05/23 | JPY | 108203 | 825 | 3 |
|  |  |  |  |  | 2071 | 13 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Lazard International Strategic Equity Fund** | **JNL/Lazard International Strategic Equity Fund** | **JNL/Lazard International Strategic Equity Fund** | **JNL/Lazard International Strategic Equity Fund** | **JNL/Lazard International Strategic Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 105384 | 331845 |  | 437229 |
| &nbsp;&nbsp;Preferred Stocks | 13830 |  |  | 13830 |
| &nbsp;&nbsp;Short Term Investments | 16904 |  |  | 16904 |
|  | 136118 | 331845 |  | 467963 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 13 |  | 13 |
|  |  | 13 |  | 13 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** |
| **COMMON STOCKS 96.7%** | **COMMON STOCKS 96.7%** | **COMMON STOCKS 96.7%** |
| **United States of America 51.4%** | **United States of America 51.4%** | **United States of America 51.4%** |
| Alnylam Pharmaceuticals, Inc. (a) | 83 | 19761 |
| Alphabet Inc. - Class A (a) | 272 | 23969 |
| Amazon.com, Inc. (a) | 265 | 22282 |
| Autodesk, Inc. (a) | 30 | 5520 |
| Block, Inc. - Class A (a) | 94 | 5883 |
| Deere & Company | 13 | 5456 |
| Doximity, Inc. - Class A (a) (b) | 228 | 7647 |
| Expeditors International of Washington, Inc. | 43 | 4438 |
| Meta Platforms, Inc. - Class A (a) | 166 | 19948 |
| Microsoft Corporation | 80 | 19311 |
| Netflix, Inc. (a) | 54 | 15887 |
| Oracle Corporation | 239 | 19556 |
| Qualcomm Incorporated | 73 | 8014 |
| Salesforce, Inc. (a) | 68 | 9026 |
| SEI Investments Company | 91 | 5318 |
| Tesla Inc. (a) | 92 | 11315 |
| The Boeing Company (a) | 133 | 25422 |
| Under Armour, Inc. - Class A (a) | 513 | 5217 |
| Vertex Pharmaceuticals Incorporated (a) | 35 | 10191 |
| Visa Inc. - Class A | 108 | 22452 |
| Yum! Brands, Inc. | 36 | 4625 |
|  |  | 271238 |
| **China 11.3%** | **China 11.3%** | **China 11.3%** |
| Alibaba Group Holding Limited - ADR (a) | 93 | 8182 |
| Baidu, Inc. - Class A - ADR (a) | 90 | 10276 |
| Tencent Holdings Limited | 420 | 17846 |
| Trip.com Group Limited - ADR (a) | 377 | 12982 |
| Yum China Holdings, Inc. | 183 | 9994 |
|  |  | 59280 |
| **Switzerland 8.0%** | **Switzerland 8.0%** | **Switzerland 8.0%** |
| CRISPR Therapeutics AG (a) (b) | 209 | 8485 |
| Nestle S.A. - Class N | 66 | 7629 |
| Novartis AG - Class N | 290 | 26234 |
|  |  | 42348 |
| **Brazil 7.6%** | **Brazil 7.6%** | **Brazil 7.6%** |
| American Beverage Co Ambev - ADR | 5798 | 15770 |
| MercadoLibre S.R.L (a) | 28 | 24121 |
|  |  | 39891 |
| **Netherlands 5.2%** | **Netherlands 5.2%** | **Netherlands 5.2%** |
| Adyen B.V. (a) (c) | 13 | 17821 |
| NXP Semiconductors N.V. | 61 | 9590 |
|  |  | 27411 |
| **United Kingdom 4.3%** | **United Kingdom 4.3%** | **United Kingdom 4.3%** |
| Experian PLC | 423 | 14474 |
| Reckitt Benckiser Group PLC | 41 | 2890 |
| Unilever PLC | 102 | 5133 |
|  |  | 22497 |
| **Japan 2.6%** | **Japan 2.6%** | **Japan 2.6%** |
| FANUC Corporation | 92 | 13784 |
| **Denmark 2.5%** | **Denmark 2.5%** | **Denmark 2.5%** |
| Novo Nordisk A/S - Class B | 98 | 13263 |
| **Canada 2.2%** | **Canada 2.2%** | **Canada 2.2%** |
| Shopify Inc. - Class A (a) | 336 | 11652 |
| **France 1.0%** | **France 1.0%** | **France 1.0%** |
| Societe d'exploitation Hoteliere | 55 | 5251 |
| **Hong Kong 0.6%** | **Hong Kong 0.6%** | **Hong Kong 0.6%** |
| Budweiser Brewing Company APAC Limited (c) | 1038 | 3248 |
| Total Common Stocks (cost $536,819) | Total Common Stocks (cost $536,819) | 509863 |
| **PREFERRED STOCKS 2.2%** | **PREFERRED STOCKS 2.2%** | **PREFERRED STOCKS 2.2%** |
| **Switzerland 2.2%** | **Switzerland 2.2%** | **Switzerland 2.2%** |
| Roche Holding AG | 37 | 11651 |
| Total Preferred Stocks (cost $12,774) | Total Preferred Stocks (cost $12,774) | 11651 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (d) (e) | 3078 | 3078 |
| Total Short Term Investments (cost $3,078) | Total Short Term Investments (cost $3,078) | 3078 |
| **Total Investments 99.5% (cost $552,671)** | **Total Investments 99.5% (cost $552,671)** | **524592** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **5** |
| **Other Assets and Liabilities, Net 0.5%** | **Other Assets and Liabilities, Net 0.5%** | **2780** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **527377** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Loomis Sayles Global Growth Fund — Restricted Securities** | **JNL/Loomis Sayles Global Growth Fund — Restricted Securities** | **JNL/Loomis Sayles Global Growth Fund — Restricted Securities** | **JNL/Loomis Sayles Global Growth Fund — Restricted Securities** | **JNL/Loomis Sayles Global Growth Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adyen B.V. | 04/20/20 | 15529 | 17821 | 3.4 |
| Budweiser Brewing Company APAC Limited | 09/24/19 | 2906 | 3248 | 0.6 |
|  |  | 18435 | 21069 | 4.0 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Loomis Sayles Global Growth Fund — Forward Foreign Currency Contracts** | **JNL/Loomis Sayles Global Growth Fund — Forward Foreign Currency Contracts** | **JNL/Loomis Sayles Global Growth Fund — Forward Foreign Currency Contracts** | **JNL/Loomis Sayles Global Growth Fund — Forward Foreign Currency Contracts** | **JNL/Loomis Sayles Global Growth Fund — Forward Foreign Currency Contracts** | **JNL/Loomis Sayles Global Growth Fund — Forward Foreign Currency Contracts** | **JNL/Loomis Sayles Global Growth Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/CHF | BCL | 01/03/23 | CHF | (1736) | (1877) | 5 |
| USD/CHF | BCL | 01/04/23 | CHF | (351) | (380) | 1 |
| USD/HKD | BNP | 01/03/23 | HKD | (355) | (46) |  |
| USD/JPY | BCL | 01/04/23 | JPY | (5956) | (45) | (1) |
|  |  |  |  |  | (2348) | 5 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 382290 | 127573 |  | 509863 |
| &nbsp;&nbsp;Preferred Stocks | 11651 |  |  | 11651 |
| &nbsp;&nbsp;Short Term Investments | 3078 |  |  | 3078 |
|  | 397019 | 127573 |  | 524592 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 6 |  | 6 |
|  |  | 6 |  | 6 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (1) |  | (1) |
|  |  | (1) |  | (1) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** |
| **CORPORATE BONDS AND NOTES 46.4%** | **CORPORATE BONDS AND NOTES 46.4%** | **CORPORATE BONDS AND NOTES 46.4%** |
| **Financials 20.3%** | **Financials 20.3%** | **Financials 20.3%** |
| ABN AMRO Bank N.V. |  |  |
| 4.75%, 07/28/25 (a) | 3600 | 3482 |
| 4.80%, 04/18/26 (a) | 600 | 573 |
| ADS Alliance Data Systems, Inc. |  |  |
| 4.75%, 12/15/24 (a) | 711 | 629 |
| 7.00%, 01/15/26 (a) | 1413 | 1253 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 4.50%, 09/15/23 | 608 | 603 |
| 4.88%, 01/16/24 | 1235 | 1223 |
| 1.75%, 10/29/24 | 394 | 363 |
| 3.50%, 01/15/25 | 600 | 573 |
| AIB Group Public Limited Company |  |  |
| 4.26%, 04/10/25 (a) | 4084 | 3953 |
| Ally Financial Inc. |  |  |
| 1.45%, 10/02/23 | 72 | 70 |
| 3.88%, 05/21/24 | 335 | 327 |
| 5.13%, 09/30/24 | 1050 | 1041 |
| 5.75%, 11/20/25 | 2328 | 2259 |
| American Express Company |  |  |
| 3.95%, 08/01/25 | 909 | 891 |
| 5.85%, 11/05/27 | 735 | 764 |
| Aon Corporation |  |  |
| 8.21%, 01/01/27 | 203 | 212 |
| Australia and New Zealand Banking Group Limited |  |  |
| 4.50%, 03/19/24 (a) (b) | 250 | 246 |
| Aviation Capital Group LLC |  |  |
| 5.50%, 12/15/24 (a) | 1208 | 1185 |
| 1.95%, 01/30/26 (a) | 160 | 140 |
| Avolon Holdings Funding Limited |  |  |
| 5.13%, 10/01/23 (a) | 259 | 256 |
| 5.50%, 01/15/26 (a) | 2500 | 2371 |
| 2.13%, 02/21/26 (a) | 263 | 226 |
| 4.25%, 04/15/26 (a) | 3000 | 2724 |
| Bank of America Corporation |  |  |
| 3.55%, 03/05/24 | 3700 | 3687 |
| 0.52%, 06/14/24 | 984 | 960 |
| 3.86%, 07/23/24 | 2740 | 2716 |
| 3.95%, 04/21/25 | 260 | 253 |
| 3.84%, 04/25/25 | 3468 | 3385 |
| 2.46%, 10/22/25 | 1385 | 1309 |
| 1.53%, 12/06/25 | 500 | 461 |
| 3.38%, 04/02/26 | 8221 | 7859 |
| 1.32%, 06/19/26 | 369 | 332 |
| 1.20%, 10/24/26 | 2916 | 2597 |
| 4.95%, 07/22/28 | 1333 | 1303 |
| Bank of Ireland Group Public Limited Company |  |  |
| 4.50%, 11/25/23 (a) | 2403 | 2370 |
| 6.25%, 09/16/26 (a) (b) | 501 | 496 |
| 2.03%, 09/30/27 (a) | 713 | 602 |
| Bank of Montreal |  |  |
| 4.25%, 09/14/24 (b) | 1424 | 1404 |
| 3.70%, 06/07/25 (b) | 1078 | 1045 |
| BankUnited, Inc. |  |  |
| 4.88%, 11/17/25 | 1348 | 1326 |
| Barclays PLC |  |  |
| 4.34%, 05/16/24 (b) | 1804 | 1791 |
| 3.93%, 05/07/25 | 2440 | 2366 |
| 2.85%, 05/07/26 (b) | 750 | 695 |
| 5.20%, 05/12/26 | 2140 | 2080 |
| BBVA Bancomer S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer |  |  |
| 4.38%, 04/10/24 (a) | 300 | 296 |
| BNP Paribas |  |  |
| 2.82%, 11/19/25 (a) (b) | 966 | 914 |
| 2.22%, 06/09/26 (a) (b) | 2074 | 1906 |
| BPCE |  |  |
| 4.50%, 03/15/25 (a) | 2441 | 2345 |
| 4.88%, 04/01/26 (a) | 200 | 191 |
| Canadian Imperial Bank of Commerce |  |  |
| 3.95%, 08/04/25 (b) | 1348 | 1317 |
| Capital One Financial Corporation |  |  |
| 4.81%, (SOFR + 0.69%), 12/06/24 (c) | 2268 | 2225 |
| 4.17%, 05/09/25 | 762 | 744 |
| CIT Bank, N.A. |  |  |
| 2.97%, 09/27/25 | 1007 | 951 |
| CIT Group Inc. |  |  |
| 3.93%, 06/19/24 | 50 | 50 |
| Citigroup Inc. |  |  |
| 4.04%, 06/01/24 | 290 | 288 |
| 3.35%, 04/24/25 | 2156 | 2090 |
| 4.14%, 05/24/25 | 5477 | 5393 |
| 4.40%, 06/10/25 | 2374 | 2330 |
| 3.70%, 01/12/26 | 550 | 529 |
| 3.11%, 04/08/26 | 5000 | 4729 |
| 3.89%, 01/10/28 | 2000 | 1870 |
| Citizens Bank, National Association |  |  |
| 6.06%, 10/24/25 | 579 | 585 |
| 4.58%, 08/09/28 (d) | 1520 | 1466 |
| CNO Financial Group, Inc. |  |  |
| 5.25%, 05/30/25 | 725 | 720 |
| CNO Global Funding |  |  |
| 1.75%, 10/07/26 (a) | 1363 | 1199 |
| Credit Agricole SA |  |  |
| 4.38%, 03/17/25 (a) (b) | 1241 | 1197 |
| Credit Suisse AG |  |  |
| 3.63%, 09/09/24 | 275 | 257 |
| Credit Suisse Group AG |  |  |
| 4.21%, 06/12/24 (a) | 1182 | 1152 |
| 2.59%, 09/11/25 (a) (b) | 343 | 306 |
| 2.19%, 06/05/26 (a) | 500 | 427 |
| Danske Bank A/S |  |  |
| 5.38%, 01/12/24 (a) | 1028 | 1023 |
| 1.23%, 06/22/24 (a) | 624 | 581 |
| 0.98%, 09/10/25 (a) | 593 | 540 |
| 3.24%, 12/20/25 (a) | 3390 | 3173 |
| 1.62%, 09/11/26 (a) | 5023 | 4418 |
| 4.30%, 04/01/28 (a) | 475 | 438 |
| Discover Bank |  |  |
| 4.25%, 03/13/26 | 306 | 292 |
| F&G Global Funding |  |  |
| 0.90%, 09/20/24 (a) | 388 | 355 |
| 5.15%, 07/07/25 (a) | 2455 | 2401 |
| 1.75%, 06/30/26 (a) | 1360 | 1213 |
| 2.30%, 04/11/27 (a) | 723 | 637 |
| FactSet Research Systems Inc. |  |  |
| 2.90%, 03/01/27 | 386 | 351 |
| Ford Motor Credit Company LLC |  |  |
| 5.58%, 03/18/24 | 1750 | 1730 |
| GA Global Funding Trust |  |  |
| 0.80%, 09/13/24 (a) | 3486 | 3184 |
| 3.85%, 04/11/25 (a) | 1740 | 1668 |
| HSBC Holdings PLC |  |  |
| 0.73%, 08/17/24 | 371 | 358 |
| 0.98%, 05/24/25 | 285 | 264 |
| Huntington Bancshares Incorporated |  |  |
| 4.44%, 08/04/28 | 586 | 557 |
| ING Groep N.V. |  |  |
| 4.70%, 03/22/28 (d) | 530 | 517 |
| Intesa Sanpaolo SPA |  |  |
| 3.38%, 01/12/23 (a) | 911 | 910 |
| 5.02%, 06/26/24 (a) | 2082 | 2010 |
| 3.25%, 09/23/24 (a) | 2942 | 2790 |
| JPMorgan Chase & Co. |  |  |
| 3.56%, 04/23/24 | 3759 | 3735 |
| 3.80%, 07/23/24 | 759 | 752 |
| 0.82%, 06/01/25 | 1148 | 1071 |
| 3.85%, 06/14/25 | 1632 | 1597 |
| 0.77%, 08/09/25 | 971 | 897 |
| 5.55%, 12/15/25 | 3342 | 3341 |
| 4.93%, (SOFR + 0.92%), 02/24/26 (c) | 2228 | 2185 |
| 5.19%, (SOFR + 1.18%), 02/24/28 (c) | 489 | 474 |
| 4.85%, 07/25/28 | 1343 | 1311 |
| KeyBank National Association |  |  |
| 4.15%, 08/08/25 | 458 | 448 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Lloyds Banking Group PLC |  |  |
| 4.58%, 12/10/25 (b) | 200 | 194 |
| M&T Bank Corporation |  |  |
| 4.55%, 08/16/28 | 762 | 737 |
| Macquarie Bank Limited |  |  |
| 4.88%, 06/10/25 (a) (b) | 2621 | 2548 |
| Macquarie Group Limited |  |  |
| 1.20%, 10/14/25 (a) | 500 | 459 |
| 5.11%, 08/09/26 (a) | 1442 | 1436 |
| Metropolitan Life Global Funding I |  |  |
| 0.40%, 01/07/24 (a) | 5020 | 4792 |
| 4.05%, 08/25/25 (a) | 681 | 666 |
| Mitsubishi UFJ Financial Group Inc |  |  |
| 4.79%, 07/18/25 | 1709 | 1692 |
| 5.06%, 09/12/25 | 1012 | 1006 |
| 0.96%, 10/11/25 | 200 | 184 |
| Morgan Stanley |  |  |
| 3.74%, 04/24/24 | 7875 | 7831 |
| 0.79%, 01/22/25 | 1224 | 1159 |
| 3.62%, 04/17/25 | 4595 | 4482 |
| 0.79%, 05/30/25 | 1142 | 1064 |
| 6.14%, 10/16/26 | 635 | 649 |
| Nationwide Building Society |  |  |
| 3.77%, 03/08/24 (a) | 317 | 315 |
| 4.00%, 09/14/26 (a) | 338 | 308 |
| NatWest Group PLC |  |  |
| 4.52%, 06/25/24 (b) | 3507 | 3473 |
| 4.27%, 03/22/25 (b) | 2344 | 2286 |
| NatWest Markets PLC |  |  |
| 0.80%, 08/12/24 (a) | 290 | 269 |
| 3.48%, 03/22/25 (a) | 366 | 350 |
| Navient Corporation |  |  |
| 5.50%, 01/25/23 | 404 | 403 |
| 7.25%, 09/25/23 | 460 | 462 |
| 6.13%, 03/25/24 | 1899 | 1869 |
| 5.88%, 10/25/24 | 354 | 344 |
| Nordea Bank Abp |  |  |
| 3.60%, 06/06/25 (a) | 641 | 618 |
| Nuveen Finance, LLC |  |  |
| 4.13%, 11/01/24 (a) | 1825 | 1779 |
| OneMain Finance Corporation |  |  |
| 8.25%, 10/01/23 | 167 | 168 |
| 6.13%, 03/15/24 | 632 | 611 |
| Pricoa Global Funding I |  |  |
| 4.20%, 08/28/25 (a) | 286 | 280 |
| Royal Bank of Canada |  |  |
| 3.97%, 07/26/24 (b) | 687 | 678 |
| 4.24%, 08/03/27 (b) | 1217 | 1185 |
| 6.00%, 11/01/27 (b) | 657 | 683 |
| Santander Holdings USA, Inc. |  |  |
| 3.50%, 06/07/24 | 170 | 165 |
| 5.81%, 09/09/26 | 484 | 480 |
| 3.24%, 10/05/26 | 231 | 214 |
| 2.49%, 01/06/28 | 432 | 372 |
| Santander UK Group Holdings PLC |  |  |
| 3.37%, 01/05/24 (b) | 3244 | 3243 |
| 1.09%, 03/15/25 | 488 | 457 |
| 4.75%, 09/15/25 (a) | 797 | 763 |
| 2.47%, 01/11/28 (b) | 480 | 410 |
| Societe Generale |  |  |
| 2.23%, 01/21/26 (a) (b) | 955 | 877 |
| Standard Chartered PLC |  |  |
| 3.89%, 03/15/24 (a) | 2713 | 2699 |
| 0.99%, 01/12/25 (a) | 320 | 301 |
| 1.21%, 03/23/25 (a) | 200 | 188 |
| 3.20%, 04/17/25 (a) | 615 | 591 |
| 2.82%, 01/30/26 (a) | 1689 | 1571 |
| Svenska Handelsbanken AB |  |  |
| 3.65%, 06/10/25 (a) | 813 | 787 |
| The Bank of New York Mellon Corporation |  |  |
| 4.41%, 07/24/26 | 500 | 493 |
| The Goldman Sachs Group, Inc. |  |  |
| 0.66%, 09/10/24 | 984 | 947 |
| 4.47%, (SOFR + 0.70%), 01/24/25 (c) | 959 | 944 |
| 1.95%, 10/21/27 | 6120 | 5348 |
| 2.64%, 02/24/28 | 474 | 422 |
| 4.48%, 08/23/28 | 4232 | 4048 |
| The Huntington National Bank |  |  |
| 4.01%, 05/16/25 | 1280 | 1254 |
| 5.70%, 11/18/25 | 1647 | 1652 |
| The Toronto-Dominion Bank |  |  |
| 3.77%, 06/06/25 (b) | 1516 | 1471 |
| 4.69%, 09/15/27 (b) | 1024 | 1013 |
| Truist Financial Corporation |  |  |
| 4.26%, 07/28/26 | 908 | 892 |
| U.S. Bancorp |  |  |
| 4.55%, 07/22/28 | 930 | 911 |
| UBS AG |  |  |
| 5.13%, 05/15/24 (d) | 1900 | 1870 |
| UBS Group AG |  |  |
| 4.49%, 05/12/26 (a) | 410 | 399 |
| UniCredit S.p.A. |  |  |
| 7.83%, 12/04/23 (a) | 1484 | 1497 |
| Wells Fargo & Company |  |  |
| 4.54%, 08/15/26 | 1298 | 1273 |
| 4.81%, 07/25/28 | 1339 | 1308 |
| | | 228939 |
| **Energy 6.0%** | **Energy 6.0%** | **Energy 6.0%** |
| Buckeye Partners, L.P. |  |  |
| 3.95%, 12/01/26 | 1138 | 1017 |
| Callon Petroleum Company |  |  |
| 6.38%, 07/01/26 | 503 | 473 |
| Cheniere Corpus Christi Holdings, LLC |  |  |
| 5.88%, 03/31/25 | 2958 | 2975 |
| Chord Energy Corporation |  |  |
| 6.38%, 06/01/26 (a) | 768 | 744 |
| CNX Resources Corporation |  |  |
| 7.25%, 03/14/27 (a) | 172 | 171 |
| Continental Resources, Inc. |  |  |
| 4.50%, 04/15/23 | 1091 | 1086 |
| 3.80%, 06/01/24 | 4262 | 4144 |
| 2.27%, 11/15/26 (a) | 2361 | 2048 |
| 4.38%, 01/15/28 | 2068 | 1892 |
| Crescent Energy Finance LLC |  |  |
| 7.25%, 05/01/26 (a) | 1675 | 1591 |
| CrownRock, L.P. |  |  |
| 5.63%, 10/15/25 (a) | 2272 | 2192 |
| DCP Midstream Operating, LP |  |  |
| 5.38%, 07/15/25 | 864 | 856 |
| Devon Energy Corporation |  |  |
| 8.25%, 08/01/23 | 800 | 818 |
| 5.25%, 10/15/27 | 1300 | 1291 |
| Endeavor Energy Resources, L.P. |  |  |
| 5.75%, 01/30/28 (a) | 361 | 346 |
| Energy Transfer LP |  |  |
| 4.25%, 03/15/23 | 667 | 665 |
| 5.88%, 01/15/24 | 1000 | 1003 |
| Enviva Partners, LP |  |  |
| 6.50%, 01/15/26 (a) | 1884 | 1777 |
| EQT Corporation |  |  |
| 6.13%, 02/01/25 (e) (f) | 2556 | 2564 |
| 3.13%, 05/15/26 (a) | 1772 | 1631 |
| 3.90%, 10/01/27 | 1727 | 1594 |
| 5.70%, 04/01/28 | 665 | 661 |
| Greenko Dutch B.V. |  |  |
| 3.85%, 03/29/26 (a) | 363 | 315 |
| Greenko Mauritius |  |  |
| 6.25%, 02/21/23 (a) | 212 | 211 |
| Greenko Solar (Mauritius) Limited |  |  |
| 6.25%, 02/21/23 (d) | 800 | 795 |
| Gulfport Energy Operating Corporation |  |  |
| 8.00%, 05/17/26 (a) | 1405 | 1392 |
| Laredo Petroleum, Inc. |  |  |
| 9.50%, 01/15/25 | 2266 | 2246 |
| Lundin Energy Finance B.V. |  |  |
| 2.00%, 07/15/26 (a) | 1539 | 1362 |
| Magnolia Oil & Gas Operating LLC |  |  |
| 6.00%, 08/01/26 (a) | 1738 | 1665 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Matador Resources Company |  |  |
| 5.88%, 09/15/26 (g) | 1717 | 1657 |
| NOVA Gas Transmission Ltd. |  |  |
| 7.88%, 04/01/23 | 750 | 755 |
| Oceaneering International, Inc. |  |  |
| 4.65%, 11/15/24 | 1470 | 1412 |
| Ovintiv Exploration Inc. |  |  |
| 5.38%, 01/01/26 | 1500 | 1488 |
| PDC Energy, Inc. |  |  |
| 6.13%, 09/15/24 | 161 | 160 |
| 5.75%, 05/15/26 | 1444 | 1374 |
| Petroleos Mexicanos |  |  |
| 3.50%, 01/30/23 | 2775 | 2767 |
| 6.88%, 08/04/26 | 2286 | 2164 |
| Plains All American Pipeline, L.P. |  |  |
| 3.60%, 11/01/24 | 902 | 873 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.75%, 05/15/24 | 4981 | 4988 |
| 5.88%, 06/30/26 | 1000 | 1012 |
| Suncor Energy Inc. |  |  |
| 7.88%, 06/15/26 | 850 | 912 |
| Targa Resources Partners LP |  |  |
| 6.50%, 07/15/27 | 2342 | 2365 |
| Tengizchevroil Finance Company S.A R.L. |  |  |
| 2.63%, 08/15/25 (a) | 1100 | 942 |
| Viper Energy Partners LP |  |  |
| 5.38%, 11/01/27 (a) | 1195 | 1137 |
| W&T Offshore, Inc. |  |  |
| 9.75%, 11/01/23 (a) | 1650 | 1629 |
| Weatherford International Ltd. |  |  |
| 11.00%, 12/01/24 (a) | 1041 | 1070 |
| Western Midstream Operating, LP |  |  |
| 5.04%, (3 Month USD LIBOR + 0.85%), 01/13/23 (c) | 1500 | 1500 |
| | | 67730 |
| **Utilities 4.9%** | **Utilities 4.9%** | **Utilities 4.9%** |
| Alexander Funding Trust |  |  |
| 1.84%, 11/15/23 (a) | 2674 | 2537 |
| American Electric Power Company, Inc. |  |  |
| 2.03%, 03/15/24 | 1169 | 1125 |
| 5.75%, 11/01/27 | 570 | 587 |
| Atmos Energy Corporation |  |  |
| 0.63%, 03/09/23 | 2811 | 2791 |
| Calpine Corporation |  |  |
| 5.25%, 06/01/26 (a) | 455 | 434 |
| Centrica PLC |  |  |
| 4.00%, 10/16/23 (a) | 1000 | 983 |
| Cleco Corporate Holdings LLC |  |  |
| 3.74%, 05/01/26 | 2099 | 1969 |
| Comision Federal De Electricidad, E.P.E. |  |  |
| 4.88%, 01/15/24 (a) | 350 | 347 |
| 4.75%, 02/23/27 (d) | 450 | 421 |
| Dominion Energy, Inc. |  |  |
| 5.30%, (3 Month USD LIBOR + 0.53%), 09/15/23 (c) | 1287 | 1287 |
| DTE Energy Company |  |  |
| 4.22%, 11/01/24 (e) | 849 | 835 |
| Duke Energy Corporation |  |  |
| 5.00%, 12/08/25 - 12/08/27 | 823 | 820 |
| 2.65%, 09/01/26 | 4000 | 3685 |
| 4.30%, 03/15/28 | 622 | 600 |
| Evergy Missouri West, Inc. |  |  |
| 5.15%, 12/15/27 (a) | 1739 | 1731 |
| Fells Point Funding Trust |  |  |
| 3.05%, 01/31/27 (a) | 2585 | 2353 |
| FirstEnergy Corp. |  |  |
| 2.05%, 03/01/25 | 510 | 472 |
| FirstEnergy Transmission, LLC |  |  |
| 4.35%, 01/15/25 (a) | 4565 | 4451 |
| Jersey Central Power & Light Company |  |  |
| 4.70%, 04/01/24 (a) | 2101 | 2073 |
| Monongahela Power Company |  |  |
| 4.10%, 04/15/24 (a) | 400 | 393 |
| National Fuel Gas Company |  |  |
| 5.50%, 01/15/26 (f) | 2705 | 2696 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.20%, 06/20/24 | 345 | 341 |
| 4.26%, 09/01/24 (e) | 107 | 106 |
| NRG Energy, Inc. |  |  |
| 3.75%, 06/15/24 (a) | 1336 | 1287 |
| OGE Energy Corp. |  |  |
| 0.70%, 05/26/23 | 117 | 115 |
| One Gas, Inc. |  |  |
| 1.10%, 03/11/24 | 2989 | 2867 |
| Pacific Gas And Electric Company |  |  |
| 3.15%, 01/01/26 | 2061 | 1917 |
| Pennsylvania Electric Company |  |  |
| 3.25%, 03/15/28 (a) | 3000 | 2706 |
| Public Service Enterprise Group Incorporated |  |  |
| 5.85%, 11/15/27 | 1147 | 1182 |
| Puget Energy, Inc. |  |  |
| 3.65%, 05/15/25 | 1500 | 1429 |
| Southwest Gas Corporation |  |  |
| 5.80%, 12/01/27 | 850 | 865 |
| The AES Corporation |  |  |
| 3.30%, 07/15/25 (a) | 3101 | 2930 |
| The Brooklyn Union Gas Company |  |  |
| 4.63%, 08/05/27 (a) | 950 | 905 |
| The Israel Electric Corporation Ltd. |  |  |
| 6.88%, 06/21/23 (a) | 1000 | 1005 |
| The Southern Company |  |  |
| 5.11%, 08/01/27 (e) | 810 | 808 |
| Vistra Operations Company LLC |  |  |
| 4.88%, 05/13/24 (a) | 1970 | 1929 |
| 3.55%, 07/15/24 (a) | 2829 | 2715 |
|  |  | 55697 |
| **Consumer Discretionary 3.3%** | **Consumer Discretionary 3.3%** | **Consumer Discretionary 3.3%** |
| 7-Eleven, Inc. |  |  |
| 0.80%, 02/10/24 (a) | 2500 | 2378 |
| Amazon.com, Inc. |  |  |
| 4.55%, 12/01/27 | 2149 | 2143 |
| Clarios Global LP |  |  |
| 8.50%, 05/15/27 (a) (g) | 1687 | 1650 |
| Eldorado Resorts, Inc. |  |  |
| 6.25%, 07/01/25 (a) | 181 | 176 |
| Expedia Group, Inc. |  |  |
| 6.25%, 05/01/25 (a) | 672 | 677 |
| General Motors Financial Company, Inc. |  |  |
| 5.10%, 01/17/24 | 2873 | 2867 |
| 2.75%, 06/20/25 | 1666 | 1560 |
| GLP Financing, LLC |  |  |
| 5.38%, 11/01/23 | 629 | 627 |
| Hyatt Hotels Corporation |  |  |
| 1.30%, 10/01/23 (f) | 3501 | 3395 |
| 1.80%, 10/01/24 (f) | 376 | 352 |
| Hyundai Capital America |  |  |
| 0.80%, 04/03/23 - 01/08/24 (a) | 1414 | 1379 |
| 1.25%, 09/18/23 (a) | 1290 | 1250 |
| 0.88%, 06/14/24 (a) | 1048 | 979 |
| 1.00%, 09/17/24 (a) | 2309 | 2125 |
| 5.88%, 04/07/25 (a) | 451 | 453 |
| 1.30%, 01/08/26 (a) | 234 | 205 |
| Lennar Corporation |  |  |
| 4.88%, 12/15/23 | 597 | 593 |
| Magallanes, Inc. |  |  |
| 3.43%, 03/15/24 (a) | 2605 | 2528 |
| 3.64%, 03/15/25 (a) | 1873 | 1782 |
| 3.79%, 03/15/25 (a) | 655 | 626 |
| Mercedes-Benz Finance North America LLC |  |  |
| 5.50%, 11/27/24 (a) | 732 | 736 |
| Newell Brands Inc. |  |  |
| 4.45%, 04/01/26 (e) (f) | 518 | 489 |
| Prosus N.V. |  |  |
| 3.26%, 01/19/27 (a) | 1175 | 1058 |
| PVH Corp. |  |  |
| 4.63%, 07/10/25 (f) | 1951 | 1884 |
| Specialty Building Products Holdings, LLC |  |  |
| 6.38%, 09/30/26 (a) | 899 | 722 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Stellantis |  |  |
| 5.25%, 04/15/23 | 2349 | 2344 |
| Toll Brothers Finance Corp. |  |  |
| 4.38%, 04/15/23 | 202 | 201 |
| 4.88%, 11/15/25 | 867 | 848 |
| Univision Communications Inc. |  |  |
| 5.13%, 02/15/25 (a) | 854 | 814 |
| Wynn Las Vegas, LLC |  |  |
| 4.25%, 05/30/23 (a) | 854 | 842 |
| | | 37683 |
| **Health Care 2.6%** | **Health Care 2.6%** | **Health Care 2.6%** |
| Bayer US Finance II LLC |  |  |
| 3.88%, 12/15/23 (a) | 1755 | 1737 |
| 4.25%, 12/15/25 (a) | 5000 | 4851 |
| Centene Corporation |  |  |
| 4.25%, 12/15/27 | 2588 | 2430 |
| 2.45%, 07/15/28 | 1221 | 1031 |
| CVS Health Corporation |  |  |
| 4.30%, 03/25/28 | 2526 | 2444 |
| Ge Healthcare Holding LLC |  |  |
| 5.55%, 11/15/24 (a) | 3000 | 3010 |
| 5.60%, 11/15/25 (a) | 1003 | 1009 |
| HCA Inc. |  |  |
| 5.25%, 04/15/25 - 06/15/26 | 3754 | 3713 |
| Humana Inc. |  |  |
| 5.75%, 03/01/28 | 1638 | 1674 |
| Illumina, Inc. |  |  |
| 5.80%, 12/12/25 | 799 | 805 |
| 5.75%, 12/13/27 | 808 | 821 |
| Mylan Inc |  |  |
| 3.13%, 01/15/23 (a) | 1192 | 1190 |
| Stryker Corporation |  |  |
| 0.60%, 12/01/23 | 3486 | 3348 |
| Takeda Pharmaceutical Co Ltd |  |  |
| 4.40%, 11/26/23 | 1668 | 1656 |
|  |  | 29719 |
| **Materials 2.2%** | **Materials 2.2%** | **Materials 2.2%** |
| Alcoa Nederland Holding B.V. |  |  |
| 5.50%, 12/15/27 (a) | 1463 | 1410 |
| 6.13%, 05/15/28 (a) | 295 | 290 |
| Anglo American Capital PLC |  |  |
| 3.63%, 09/11/24 (a) | 1000 | 968 |
| 4.88%, 05/14/25 (a) | 333 | 326 |
| Baffinland Iron Mines Corporation |  |  |
| 8.75%, 07/15/26 (a) | 750 | 712 |
| Celanese US Holdings LLC |  |  |
| 5.90%, 07/05/24 (f) | 3362 | 3360 |
| First Quantum Minerals Ltd |  |  |
| 7.50%, 04/01/25 (a) | 975 | 953 |
| Freeport-McMoRan Inc. |  |  |
| 3.88%, 03/15/23 | 1924 | 1920 |
| 4.55%, 11/14/24 | 745 | 735 |
| Glencore Funding LLC |  |  |
| 4.13%, 05/30/23 (a) | 1387 | 1378 |
| 4.13%, 03/12/24 (a) | 4000 | 3931 |
| 4.63%, 04/29/24 (a) | 1750 | 1727 |
| 1.63%, 04/27/26 (a) | 334 | 296 |
| 4.00%, 03/27/27 (a) | 396 | 374 |
| International Flavors & Fragrances Inc. |  |  |
| 1.23%, 10/01/25 (a) | 2119 | 1873 |
| Kinross Gold Corporation |  |  |
| 5.95%, 03/15/24 | 694 | 696 |
| Nutrien Ltd. |  |  |
| 5.95%, 11/07/25 | 1454 | 1481 |
| Orbia Advance Corporation, S.A.B. de C.V. |  |  |
| 1.88%, 05/11/26 (a) | 786 | 687 |
| PT Freeport Indonesia |  |  |
| 4.76%, 04/14/27 (a) | 1000 | 960 |
| Suzano Austria GmbH |  |  |
| 5.75%, 07/14/26 (a) | 412 | 414 |
|  |  | 24491 |
| **Consumer Staples 1.8%** | **Consumer Staples 1.8%** | **Consumer Staples 1.8%** |
| Ashtead Capital, Inc. |  |  |
| 4.38%, 08/15/27 (a) | 1000 | 937 |
| 4.00%, 05/01/28 (a) | 275 | 251 |
| B. A. T. Capital Corporation |  |  |
| 3.22%, 08/15/24 | 2558 | 2467 |
| B.A.T. International Finance P.L.C. |  |  |
| 3.95%, 06/15/25 (a) | 1500 | 1441 |
| Constellation Brands, Inc. |  |  |
| 3.60%, 02/15/28 | 1651 | 1524 |
| Imperial Brands Finance PLC |  |  |
| 3.13%, 07/26/24 (a) (f) | 4298 | 4110 |
| 6.13%, 07/27/27 (a) | 1640 | 1628 |
| NBM US Holdings, Inc. |  |  |
| 7.00%, 05/14/26 (a) | 1000 | 994 |
| Philip Morris International Inc. |  |  |
| 5.00%, 11/17/25 | 573 | 576 |
| 5.13%, 11/17/27 | 1440 | 1454 |
| Reynolds American Inc. |  |  |
| 4.45%, 06/12/25 | 1650 | 1614 |
| Sabre GLBL Inc. |  |  |
| 7.38%, 09/01/25 (a) | 1369 | 1312 |
| Viterra Finance B.V. |  |  |
| 2.00%, 04/21/26 (a) | 753 | 652 |
| 4.90%, 04/21/27 (a) | 949 | 896 |
|  |  | 19856 |
| **Communication Services 1.6%** | **Communication Services 1.6%** | **Communication Services 1.6%** |
| Altice France Holding S.A. |  |  |
| 8.13%, 02/01/27 (a) | 3150 | 2876 |
| AMC Networks, Inc. |  |  |
| 5.00%, 04/01/24 | 1156 | 1084 |
| 4.75%, 08/01/25 | 305 | 234 |
| CCO Holdings, LLC |  |  |
| 4.00%, 03/01/23 (a) | 2000 | 1994 |
| Comcast Corporation |  |  |
| 5.35%, 11/15/27 | 498 | 509 |
| Netflix, Inc. |  |  |
| 5.88%, 02/15/25 | 700 | 709 |
| 3.63%, 06/15/25 (a) | 838 | 802 |
| 4.38%, 11/15/26 | 3484 | 3400 |
| 4.88%, 04/15/28 | 1000 | 972 |
| Take-Two Interactive Software, Inc. |  |  |
| 3.30%, 03/28/24 | 445 | 435 |
| 3.55%, 04/14/25 | 140 | 135 |
| T-Mobile USA, Inc. |  |  |
| 2.25%, 02/15/26 | 2013 | 1833 |
| 2.63%, 04/15/26 | 592 | 542 |
| 3.75%, 04/15/27 | 673 | 635 |
| Verizon Communications Inc. |  |  |
| 2.10%, 03/22/28 | 1631 | 1414 |
|  |  | 17574 |
| **Industrials 1.4%** | **Industrials 1.4%** | **Industrials 1.4%** |
| Air Lease Corporation |  |  |
| 3.00%, 09/15/23 | 2000 | 1965 |
| Aircastle Limited |  |  |
| 4.40%, 09/25/23 | 808 | 808 |
| 5.25%, 08/11/25 (a) | 964 | 928 |
| American Airlines Group Inc. |  |  |
| 3.75%, 03/01/25 (a) (g) | 977 | 833 |
| Bombardier Inc. |  |  |
| 7.13%, 06/15/26 (a) | 2202 | 2158 |
| CNH Industrial N.V. |  |  |
| 4.50%, 08/15/23 | 147 | 146 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 6.50%, 10/01/25 (a) | 573 | 539 |
| Granite US Holdings Corporation |  |  |
| 11.00%, 10/01/27 (a) | 1366 | 1438 |
| Huntington Ingalls Industries, Inc. |  |  |
| 3.84%, 05/01/25 | 668 | 641 |
| Park Aerospace Holdings Limited |  |  |
| 4.50%, 03/15/23 (a) | 720 | 718 |
| 5.50%, 02/15/24 (a) | 2454 | 2424 |
| Parker-Hannifin Corporation |  |  |
| 3.65%, 06/15/24 | 623 | 610 |
| PT Pelabuhan Indonesia III (Persero) |  |  |
| 4.50%, 05/02/23 (a) | 750 | 745 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Triton Container International Limited |  |  |
| 0.80%, 08/01/23 (a) | 886 | 861 |
| 1.15%, 06/07/24 (a) | 199 | 184 |
| Westinghouse Air Brake Technologies Corporation |  |  |
| 4.38%, 08/15/23 | 925 | 917 |
| | | 15915 |
| **Information Technology 1.2%** | **Information Technology 1.2%** | **Information Technology 1.2%** |
| Dell International L.L.C. |  |  |
| 5.45%, 06/15/23 (f) | 497 | 498 |
| 6.02%, 06/15/26 (f) | 2327 | 2376 |
| 4.90%, 10/01/26 (f) | 1164 | 1147 |
| Fidelity National Information Services, Inc. |  |  |
| 4.50%, 07/15/25 | 419 | 411 |
| Global Payments Inc. |  |  |
| 2.65%, 02/15/25 | 352 | 331 |
| 4.95%, 08/15/27 | 1432 | 1392 |
| Microchip Technology Incorporated |  |  |
| 4.33%, 06/01/23 | 394 | 392 |
| 2.67%, 09/01/23 | 648 | 635 |
| 0.97%, 02/15/24 | 885 | 841 |
| 4.25%, 09/01/25 | 631 | 613 |
| Oracle Corporation |  |  |
| 2.50%, 04/01/25 | 231 | 218 |
| 5.80%, 11/10/25 | 551 | 563 |
| 2.30%, 03/25/28 | 3682 | 3191 |
| Qorvo, Inc. |  |  |
| 1.75%, 12/15/24 (a) | 372 | 342 |
| SK Hynix Inc. |  |  |
| 1.50%, 01/19/26 (a) | 385 | 333 |
| Total System Services, Inc. |  |  |
| 3.75%, 06/01/23 | 848 | 844 |
|  |  | 14127 |
| **Real Estate 1.1%** | **Real Estate 1.1%** | **Real Estate 1.1%** |
| American Tower Corporation |  |  |
| 1.60%, 04/15/26 | 164 | 146 |
| 3.65%, 03/15/27 | 638 | 597 |
| 3.60%, 01/15/28 | 1791 | 1647 |
| EPR Properties |  |  |
| 4.75%, 12/15/26 | 1625 | 1461 |
| 4.50%, 06/01/27 | 675 | 588 |
| GLP Financing, LLC |  |  |
| 5.25%, 06/01/25 | 750 | 737 |
| Hat Holdings I LLC |  |  |
| 6.00%, 04/15/25 (a) | 326 | 316 |
| 3.38%, 06/15/26 (a) | 555 | 482 |
| Retail Properties of America, Inc. |  |  |
| 4.00%, 03/15/25 | 577 | 549 |
| VICI Properties Inc. |  |  |
| 5.63%, 05/01/24 (a) | 1450 | 1440 |
| 3.50%, 02/15/25 (a) | 2500 | 2365 |
| 4.63%, 06/15/25 (a) | 654 | 627 |
| 3.75%, 02/15/27 (a) | 498 | 453 |
| Vornado Realty L.P. |  |  |
| 3.50%, 01/15/25 | 639 | 596 |
| 2.15%, 06/01/26 | 311 | 263 |
|  |  | 12267 |
| Total Corporate Bonds And Notes (cost $541,141) | Total Corporate Bonds And Notes (cost $541,141) | 523998 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 35.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 35.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 35.1%** |
| 225 Liberty Street Trust 2016-225L |  |  |
| Series 2016-A-225L, REMIC, 3.60%, 02/12/26 | 813 | 748 |
| 5 Bryant Park 2018-5Bp Mortgage Trust |  |  |
| Series 2018-A-5BP, REMIC, 5.11%, (1 Month USD LIBOR + 0.80%), 06/15/33 (c) | 1250 | 1194 |
| ACRES Commercial Realty 2021-FL1 Issuer, Ltd. |  |  |
| Series 2021-A-FL1, 5.48%, (1 Month USD LIBOR + 1.15%), 10/20/36 (c) | 2400 | 2277 |
| ACRES Commercial Realty 2021-FL2 Issuer, Ltd. |  |  |
| Series 2021-A-FL2, 5.73%, (1 Month USD LIBOR + 1.40%), 01/16/37 (c) | 2730 | 2607 |
| Affirm Asset Securitization Trust 2021-B |  |  |
| Series 2021-A-B, 1.03%, 03/15/24 | 1100 | 1043 |
| Ally Auto Receivables Trust 2019-3 |  |  |
| Series 2019-A3-3, 1.93%, 04/15/23 | 154 | 154 |
| American Express Credit Account Master Trust |  |  |
| Series 2022-A-2, 3.39%, 05/15/25 | 3335 | 3238 |
| Series 2022-A-3, 3.75%, 08/15/25 | 3450 | 3371 |
| AmeriCredit Automobile Receivables Trust 2019-1 |  |  |
| Series 2019-C-1, 3.36%, 02/18/25 | 212 | 211 |
| Americredit Automobile Receivables Trust 2020-1 |  |  |
| Series 2020-B-1, 1.48%, 01/18/25 | 128 | 128 |
| Anchorage Capital Clo 3-R, LLC |  |  |
| Series 2014-A-3RA, 5.42%, (3 Month USD LIBOR + 1.05%), 01/28/31 (c) | 291 | 287 |
| Angel Oak Mortgage Trust 2020-6 |  |  |
| Series 2020-A1-6, REMIC, 1.26%, 09/25/24 | 43 | 37 |
| Apidos Clo Xxv Blocker A |  |  |
| Series 2016-A1R-25A, 5.41%, (3 Month USD LIBOR + 1.17%), 10/20/31 (c) | 2510 | 2467 |
| Apidos CLO XXXI |  |  |
| Series 2019-A1R-31A, 5.18%, (3 Month USD LIBOR + 1.10%), 04/15/31 (c) | 1700 | 1671 |
| Aqua Finance Trust 2021-A |  |  |
| Series 2021-A-A, REMIC, 1.54%, 02/17/27 | 970 | 883 |
| Arbor Realty Collateralized Loan Obligation Ltd |  |  |
| Series 2022-A-FL1, 5.26%, (SOFR 30-Day Average + 1.45%), 01/16/37 (c) | 2970 | 2875 |
| Arbor Realty Commercial Real Estate Notes 2021-FL2, Ltd. |  |  |
| Series 2021-A-FL2, 5.42%, (1 Month USD LIBOR + 1.10%), 05/15/36 (c) | 760 | 738 |
| Arbor Realty Commercial Real Estate Notes 2021-FL3, Ltd. |  |  |
| Series 2021-A-FL3, 5.39%, (1 Month USD LIBOR + 1.07%), 08/15/34 (c) | 990 | 938 |
| Ares L CLO Ltd. |  |  |
| Series 2018-AR-50A, 5.13%, (3 Month USD LIBOR + 1.05%), 06/15/32 (c) | 1510 | 1480 |
| Ares XLII CLO Ltd. |  |  |
| Series 2017-AR-42A, 5.24%, (3 Month USD LIBOR + 0.92%), 01/24/28 (c) | 1097 | 1083 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2019-A-2A, 3.35%, 09/20/24 | 2156 | 2083 |
| Series 2020-A-2A, 2.02%, 02/20/26 | 2079 | 1885 |
| BA Credit Card Trust |  |  |
| Series 2022-A2-A2, 5.00%, 11/17/25 | 1000 | 1011 |
| BA Master Credit Card Trust II |  |  |
| Series 2020-A-1A, 1.99%, 03/21/23 | 859 | 854 |
| Bain Capital Credit |  |  |
| Series 2017-A1R-1A, 5.21%, (3 Month USD LIBOR + 0.97%), 07/20/30 (c) | 1574 | 1555 |
| Bain Capital Credit CLO 2019-2, Limited |  |  |
| Series 2019-AR-2A, 5.18%, (3 Month USD LIBOR + 1.10%), 10/18/32 (c) | 1000 | 975 |
| Bain Capital Credit CLO 2020-5, Ltd |  |  |
| Series 2020-A1-5A, 5.46%, (3 Month USD LIBOR + 1.22%), 01/20/32 (c) | 410 | 403 |
| Barings CLO Ltd. 2019-III |  |  |
| Series 2019-A1R-3A, 5.31%, (3 Month USD LIBOR + 1.07%), 04/21/31 (c) | 2000 | 1972 |
| Bayview MSR Opportunity Master Fund Trust 2021-INV2 |  |  |
| Series 2021-A11-4, REMIC, 4.78%, (SOFR 30-Day Average + 0.85%), 03/25/44 (c) | 2489 | 2230 |
| BBCMS 2018-TALL Mortgage Trust |  |  |
| Series 2018-A-TALL, REMIC, 5.04%, (1 Month USD LIBOR + 0.72%), 03/16/37 (c) (e) | 2060 | 1920 |
| Series 2018-C-TALL, REMIC, 5.44%, (1 Month USD LIBOR + 1.12%), 03/16/37 (c) (e) | 2100 | 1776 |
| BBCMS 2019-BWAY Mortgage Trust |  |  |
| Series 2019-A-BWAY, REMIC, 5.27%, (1 Month USD LIBOR + 0.96%), 11/15/34 (c) | 845 | 786 |
| BDS 2018-FL1 |  |  |
| Series 2021-A-FL8, 5.26%, (1 Month USD LIBOR + 0.92%), 01/18/36 (c) | 1248 | 1202 |
| BDS 2021-FL7 Ltd |  |  |
| Series 2021-A-FL7, 5.41%, (1 Month USD LIBOR + 1.07%), 06/16/26 (c) | 2230 | 2143 |
| Benefit Street Partners CLO III, Ltd. |  |  |
| Series 2013-A1R2-IIIA, 5.24%, (3 Month USD LIBOR + 1.00%), 07/20/29 (c) | 619 | 614 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Benefit Street Partners CLO IV, Ltd. |  |  |
| Series 2014-ARRR-IVA, 5.42%, (3 Month USD LIBOR + 1.18%), 01/20/32 (c) | 480 | 472 |
| BFLD Trust 2019-DPLO |  |  |
| Series 2019-F-DPLO, REMIC, 6.86%, (1 Month USD LIBOR + 2.54%), 10/16/34 (c) | 2040 | 1953 |
| BHP Trust 2019-BXHP |  |  |
| Series 2019-A-BXHP, REMIC, 5.29%, (1 Month USD LIBOR + 0.98%), 08/15/36 (c) | 64 | 62 |
| BlueMountain Fuji US Clo I Ltd |  |  |
| Series 2017-A1R-1A, 5.22%, (3 Month USD LIBOR + 0.98%), 07/20/29 (c) | 2994 | 2949 |
| British Airways PLC |  |  |
| Series 2013-A-1, 4.63%, 06/20/24 | 156 | 152 |
| BSPRT 2021-FL7 Issuer, Ltd. |  |  |
| Series 2021-A-FL7, 5.64%, (1 Month USD LIBOR + 1.32%), 12/15/38 (c) | 1540 | 1471 |
| BWAY Corporation |  |  |
| Series 2013-A2-1515, REMIC, 3.45%, 03/12/25 | 640 | 604 |
| BX Commercial Mortgage Trust 2019-IMC |  |  |
| Series 2019-B-IMC, REMIC, 5.62%, (1 Month USD LIBOR + 1.30%), 04/17/34 (c) | 4982 | 4827 |
| BX Commercial Mortgage Trust 2019-XL |  |  |
| Series 2019-A-XL, REMIC, 5.37%, (1 Month Term SOFR + 1.03%), 10/15/36 (c) | 226 | 223 |
| BX Commercial Mortgage Trust 2021-ACNT |  |  |
| Series 2021-A-ACNT, REMIC, 5.17%, (1 Month USD LIBOR + 0.85%), 11/15/38 (c) | 1560 | 1500 |
| BX Trust 2017-APPL |  |  |
| Series 2017-F-SLCT, REMIC, 8.57%, (1 Month USD LIBOR + 4.25%), 07/15/34 (c) (e) | 3400 | 3303 |
| BX Trust 2018-GW |  |  |
| Series 2018-A-GW, REMIC, 5.12%, (1 Month USD LIBOR + 0.80%), 05/15/37 (c) (e) | 2890 | 2818 |
| BX Trust 2021-ARIA |  |  |
| Series 2021-E-ARIA, REMIC, 6.56%, (1 Month USD LIBOR + 2.24%), 10/16/23 (c) | 2620 | 2378 |
| BX Trust 2021-MFM1 |  |  |
| Series 2021-A-MFM1, REMIC, 5.02%, (1 Month USD LIBOR + 0.70%), 01/17/23 (c) | 700 | 678 |
| BX Trust 2022-LBA6 |  |  |
| Series 2022-A-LBA6, REMIC, 5.34%, (1 Month Term SOFR + 1.00%), 01/18/39 (c) | 4175 | 4034 |
| BX Trust 2022-PSB |  |  |
| Series 2022-A-PSB, REMIC, 6.79%, (1 Month Term SOFR + 2.45%), 08/15/39 (c) | 3796 | 3763 |
| BXHPP Trust 2021-FILM |  |  |
| Series 2021-A-FILM, REMIC, 4.97%, (1 Month USD LIBOR + 0.65%), 08/17/26 (c) | 5010 | 4676 |
| Series 2021-B-FILM, REMIC, 5.22%, (1 Month USD LIBOR + 0.90%), 08/17/26 (c) | 530 | 492 |
| Capital One Multi-Asset Execution Trust |  |  |
| Series 2022-A-A2, 3.49%, 05/15/25 | 5405 | 5257 |
| Series 2022-A-A3, 4.95%, 10/15/25 | 2090 | 2107 |
| Capital One Prime Auto Receivables Trust 2021-1 |  |  |
| Series 2021-A2-1, 0.32%, 04/17/23 | 365 | 361 |
| Capital One Prime Auto Receivables Trust 2022-1 |  |  |
| Series 2022-A3-1, 3.17%, 04/15/27 | 6330 | 6119 |
| Capital One Prime Auto Receivables Trust 2022-2 |  |  |
| Series 2022-A2A-2, 3.74%, 09/15/25 | 2175 | 2150 |
| Series 2022-A3-2, 3.66%, 05/17/27 | 2220 | 2169 |
| Carlyle Global Market Strategies CLO 2014-3-R Ltd |  |  |
| Series 2014-A1A-3RA, 5.41%, (3 Month USD LIBOR + 1.05%), 07/28/31 (c) | 3878 | 3819 |
| Carlyle Global Market Strategies CLO 2015-1, Ltd. |  |  |
| Series 2015-AR3-1A, 5.22%, (3 Month USD LIBOR + 0.98%), 07/21/31 (c) | 1000 | 984 |
| Carlyle US CLO 2017-2, Ltd. |  |  |
| Series 2017-A1R-2A, 5.29%, (3 Month USD LIBOR + 1.05%), 07/21/31 (c) | 2000 | 1969 |
| Carlyle US CLO 2017-3, Ltd. |  |  |
| Series 2017-A1AR-3A, 5.14%, (3 Month USD LIBOR + 0.90%), 07/20/29 (c) | 357 | 351 |
| Carlyle US CLO 2019-1, Ltd. |  |  |
| Series 2019-A1AR-1A, 5.32%, (3 Month USD LIBOR + 1.08%), 04/21/31 (c) | 1600 | 1571 |
| CarMax Auto Owner Trust 2020-2 |  |  |
| Series 2020-D-2, 5.75%, 03/15/24 | 1810 | 1794 |
| Series 2020-A3-2, 1.70%, 11/15/24 | 5 | 5 |
| Carmax Auto Owner Trust 2020-4 |  |  |
| Series 2020-B-4, 0.85%, 06/15/26 | 971 | 896 |
| Carvana Auto Receivables Trust 2021-N1 |  |  |
| Series 2021-A-N1, 0.70%, 11/10/25 | 171 | 159 |
| Carvana Auto Receivables Trust 2021-N2 |  |  |
| Series 2021-A1-N2, 0.32%, 10/10/23 | 203 | 199 |
| Carvana Auto Receivables Trust 2022-P1 |  |  |
| Series 2022-A3-P1, 3.35%, 06/10/25 | 3845 | 3695 |
| Carvana Auto Receivables Trust 2022-P2 |  |  |
| Series 2022-A4-P2, 4.68%, 09/10/26 | 1900 | 1858 |
| Cedar Funding Ltd |  |  |
| Series 2021-A-14A, 5.18%, (3 Month USD LIBOR + 1.10%), 07/15/33 (c) | 1220 | 1192 |
| Cedar Funding X CLO Ltd |  |  |
| Series 2019-AR-10A, 5.34%, (3 Month USD LIBOR + 1.10%), 10/20/32 (c) | 1400 | 1366 |
| Cedar Funding XI Clo Ltd |  |  |
| Series 2019-A1R-11A, 5.78%, (3 Month USD LIBOR + 1.05%), 06/01/32 (c) | 1440 | 1412 |
| CF Hippolyta Issuer LLC |  |  |
| Series 2021-B1-1A, REMIC, 1.98%, 03/15/26 | 2855 | 2344 |
| Chase Issuance Trust |  |  |
| Series 2022-A-A1, 3.97%, 09/15/25 | 1915 | 1865 |
| CIFC Funding 2012-II, Ltd. |  |  |
| Series 2014-A1R2-1A, 5.29%, (3 Month USD LIBOR + 1.10%), 01/31/31 (c) | 250 | 247 |
| CIFC Funding 2013-II, Ltd. |  |  |
| Series 2013-A1L2-2A, 5.19%, (3 Month USD LIBOR + 1.00%), 10/18/30 (c) | 1400 | 1381 |
| CIFC Funding 2021-IV Ltd. |  |  |
| Series 2021-A-4A, 5.13%, (3 Month USD LIBOR + 1.05%), 07/15/33 (c) | 2000 | 1969 |
| Citigroup Commercial Mortgage Trust 2016-GC37 |  |  |
| Series 2016-A4-GC37, REMIC, 3.31%, 01/12/26 | 3750 | 3507 |
| Citigroup Commercial Mortgage Trust 2020-GC46 |  |  |
| Interest Only, Series 2020-XA-GC46, REMIC, 0.98%, 02/18/53 (c) | 34722 | 1695 |
| COMM 2013-CCRE6 Mortgage Trust |  |  |
| Series 2013-A4-CR6, REMIC, 3.10%, 02/10/23 | 198 | 193 |
| COMM 2014-CCRE17 Mortgage Trust |  |  |
| Series 2014-A4-CR17, REMIC, 3.70%, 04/12/24 | 380 | 367 |
| Series 2014-A5-CR17, REMIC, 3.98%, 04/12/24 | 350 | 340 |
| COMM 2014-CCRE21 Mortgage Trust |  |  |
| Series 2014-A3-CR21, REMIC, 3.53%, 12/12/24 | 296 | 284 |
| COMM 2014-UBS3 Mortgage Trust |  |  |
| Series 2014-A3-UBS3, REMIC, 3.55%, 04/12/24 | 334 | 323 |
| COMM 2014-UBS4 Mortgage Trust |  |  |
| Series 2014-A5-UBS6, REMIC, 3.64%, 11/13/24 | 425 | 407 |
| COMM 2015-LC21 Mortgage Trust |  |  |
| Series 2015-A3-LC21, REMIC, 3.45%, 05/12/25 | 341 | 325 |
| Credit Acceptance Auto Loan Trust 2021-3 |  |  |
| Series 2021-A-3A, 1.00%, 07/15/24 | 600 | 568 |
| CSMC 2019-ICE4 |  |  |
| Series 2019-A-ICE4, REMIC, 5.30%, (1 Month USD LIBOR + 0.98%), 05/15/36 (c) | 4525 | 4471 |
| CSMC 2020-NQM1 Trust |  |  |
| Series 2020-A1-NQM1, REMIC, 1.21%, 05/25/65 (e) | 103 | 91 |
| CSMC 2020-SPT1 Trust |  |  |
| Series 2020-A1-SPT1, REMIC, 1.62%, 06/25/24 (e) | 78 | 75 |
| CSMC 2021-ADV |  |  |
| Series 2021-A-ADV, REMIC, 5.72%, (1 Month USD LIBOR + 1.40%), 07/17/23 (c) | 510 | 489 |
| CSMC 2021-AFC1 Trust |  |  |
| Series 2021-A1-AFC1, REMIC, 0.83%, 02/25/25 (c) | 139 | 104 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CSMC 2021-NQM1 Trust |  |  |
| Series 2021-A1-NQM1, REMIC, 0.81%, 02/25/25 (e) | 978 | 788 |
| CSMC 2021-NQM3 Trust |  |  |
| Series 2021-A1-NQM3, REMIC, 1.01%, 05/25/25 (c) | 341 | 276 |
| CSMC 2021-NQM6 Trust |  |  |
| Series 2021-A1-NQM6, REMIC, 1.17%, 09/25/25 (c) | 1497 | 1164 |
| Series 2021-A2-NQM6, REMIC, 1.38%, 09/25/25 (c) | 980 | 752 |
| CSMC 2022-NQM1 Trust |  |  |
| Series 2022-A1-NQM1, REMIC, 2.27%, 11/25/66 (c) | 921 | 791 |
| DBGS 2021-W52 Mortgage Trust |  |  |
| Series 2021-A-W52, REMIC, 5.27%, 10/17/39 (c) | 1070 | 1010 |
| Series 2021-C-W52, REMIC, 6.18%, 10/17/39 (c) | 2010 | 1891 |
| Deephaven Residential Mortgage Trust 2021-3 |  |  |
| Series 2021-A1-3, REMIC, 1.19%, 09/25/25 | 1040 | 855 |
| Dell Equipment Finance Trust 2020-2 |  |  |
| Series 2020-A3-2, 0.57%, 10/23/23 | 198 | 196 |
| Dell Equipment Finance Trust 2021-2 |  |  |
| Series 2021-A2-2, 0.33%, 06/22/23 | 444 | 439 |
| Discover Card Execution Note Trust |  |  |
| Series 2022-A3-A3, 3.56%, 07/15/25 | 2485 | 2408 |
| Series 2022-A-A4, 5.03%, 10/15/25 | 2710 | 2738 |
| Drive Auto Receivables Trust 2018-5 |  |  |
| Series 2018-D-5, 4.30%, 04/15/26 | 251 | 251 |
| Drive Auto Receivables Trust 2019-1 |  |  |
| Series 2019-D-1, 4.09%, 06/15/26 | 235 | 234 |
| Drive Auto Receivables Trust 2021-2 |  |  |
| Series 2021-D-2, REMIC, 1.39%, 03/15/29 | 1127 | 1028 |
| Dryden 47 Senior Loan Fund |  |  |
| Series 2017-A1R-47A, 5.06%, (3 Month USD LIBOR + 0.98%), 04/15/28 (c) | 1608 | 1591 |
| Dryden 53 CLO Ltd., Series 2017-53A |  |  |
| Series 2017-A-53A, 5.20%, (3 Month USD LIBOR + 1.12%), 01/15/31 (c) | 530 | 523 |
| Dryden 55 CLO, Ltd. |  |  |
| Series 2018-A1-55A, 5.10%, (3 Month USD LIBOR + 1.02%), 04/15/31 (c) | 1600 | 1579 |
| Dryden 72 CLO Ltd |  |  |
| Series 2019-AR-72A, 5.69%, (3 Month USD LIBOR + 1.08%), 05/17/32 (c) | 1130 | 1106 |
| Dryden Senior Loan Fund |  |  |
| Series 2022-A1-113A, 6.27%, (3 Month Term SOFR + 2.00%), 10/20/35 (c) | 1500 | 1497 |
| Ellington Financial Mortgage Trust 2020-2 |  |  |
| Series 2020-A1-2, REMIC, 1.18%, 11/25/24 (c) | 51 | 44 |
| Ellington Financial Mortgage Trust 2021-1 |  |  |
| Series 2021-A1-1, REMIC, 0.80%, 02/25/66 (c) | 276 | 224 |
| Elmwood CLO 19 Ltd |  |  |
| Series 2022-A-6A, 5.76%, (3 Month Term SOFR + 2.20%), 10/18/34 (c) | 3000 | 2990 |
| Enterprise Fleet Financing 2020-2, LLC |  |  |
| Series 2020-A2-2, REMIC, 0.61%, 01/20/24 | 134 | 130 |
| EQUS 2021-EQAZ Mortgage Trust |  |  |
| Series 2021-B-EQAZ, REMIC, 4.98%, 10/15/38 (c) | 620 | 592 |
| Series 2021-C-EQAZ, REMIC, 5.23%, 10/15/38 (c) | 1950 | 1853 |
| Exeter Automobile Receivables Trust 2021-2 |  |  |
| Series 2021-C-2A, 0.98%, 06/15/26 | 375 | 361 |
| Series 2021-D-2A, 1.40%, 04/15/27 | 175 | 160 |
| Exeter Automobile Receivables Trust 2022-3 |  |  |
| Series 2022-A3-3A, 4.21%, 10/15/23 | 1900 | 1883 |
| Series 2022-B-3A, 4.86%, 06/15/24 | 4000 | 3932 |
| First Investors Auto Owner Trust 2022-2 |  |  |
| Series 2022-A-2A, 6.26%, 08/15/25 | 1974 | 1972 |
| Flagship Credit Auto Trust 2022-3 |  |  |
| Series 2022-A2-3, 4.06%, 10/15/25 | 2302 | 2282 |
| Flagship Credit Auto Trust 2022-4 |  |  |
| Series 2022-A2-4, 6.15%, 09/15/26 | 1930 | 1941 |
| Series 2022-A3-4, 6.32%, 06/15/27 | 2315 | 2311 |
| Fontainebleau Miami Beach Trust 2019-FBLU |  |  |
| Series 2019-A-FBLU, REMIC, 3.14%, 12/12/24 | 5610 | 5209 |
| Ford Credit Auto Owner Trust 2018-REV1 |  |  |
| Series 2018-A-1, 3.19%, 01/15/25 | 3910 | 3739 |
| Ford Credit Auto Owner Trust 2018-REV2 |  |  |
| Series 2018-A-2, 3.47%, 07/15/23 (e) | 175 | 173 |
| Ford Credit Auto Owner Trust 2019-REV1 |  |  |
| Series 2019-A-1, 3.52%, 01/15/24 (e) | 524 | 514 |
| Ford Credit Auto Owner Trust 2020-C |  |  |
| Series 2020-A3-C, 0.41%, 07/15/25 | 312 | 303 |
| Ford Credit Auto Owner Trust 2021-REV1 |  |  |
| Series 2021-A-1, 1.37%, 04/15/26 | 900 | 798 |
| Ford Credit Auto Owner Trust 2022-REV1 |  |  |
| Series 2022-A-1, 3.88%, 05/15/27 | 4000 | 3831 |
| Galaxy XIX CLO, Ltd. |  |  |
| Series 2015-A1RR-19A, 5.27%, (3 Month USD LIBOR + 0.95%), 07/24/30 (c) | 598 | 588 |
| Galaxy XXIII CLO Ltd |  |  |
| Series 2017-AR-23A, 5.19%, (3 Month USD LIBOR + 0.87%), 04/24/29 (c) | 1536 | 1514 |
| GLS Auto Receivables Trust 2021-3 |  |  |
| Series 2021-A-3A, 0.42%, 05/15/23 | 234 | 232 |
| GM Financial Automobile Leasing Trust 2020-3 |  |  |
| Series 2020-A4-3, 0.51%, 01/20/23 | 319 | 318 |
| GM Financial Automobile Leasing Trust 2022-2 |  |  |
| Series 2022-A3-2, REMIC, 3.42%, 06/20/25 | 5000 | 4868 |
| GM Financial Automobile Leasing Trust 2022-3 |  |  |
| Series 2022-A2A-3, 4.01%, 01/22/24 | 2335 | 2314 |
| Series 2022-A3-3, 4.01%, 10/21/24 | 2121 | 2075 |
| GM Financial Consumer Automobile Receivables Trust |  |  |
| Series 2021-A3-1, 0.35%, 05/16/24 | 264 | 255 |
| Golden Credit Card Trust |  |  |
| Series 2018-A-4A, 3.44%, 08/15/23 | 267 | 264 |
| Great Wolf Trust 2019-WOLF |  |  |
| Series 2019-A-WOLF, REMIC, 5.35%, (1 Month USD LIBOR + 1.03%), 12/15/36 (c) (e) | 4806 | 4668 |
| Series 2019-C-WOLF, REMIC, 5.95%, (1 Month USD LIBOR + 1.63%), 12/15/36 (c) (e) | 1600 | 1530 |
| Greystone CRE Notes 2021-FL3, Ltd. |  |  |
| Series 2021-A-FL3, 5.52%, (1 Month USD LIBOR + 1.20%), 07/15/39 (c) | 3900 | 3708 |
| Greywolf CLO VII, Ltd. |  |  |
| Series 2018-A1-7A, 5.42%, (3 Month USD LIBOR + 1.18%), 10/20/31 (a) (c) | 250 | 246 |
| GS Mortgage Securities Corp Trust 2018-RIVR |  |  |
| Series 2018-A-RIVR, REMIC, 5.27%, (1 Month USD LIBOR + 0.95%), 07/16/35 (c) (e) | 3838 | 3346 |
| GS Mortgage Securities Corp Trust 2019-70P |  |  |
| Series 2019-B-70P, 5.64%, (1 Month USD LIBOR + 1.32%), 10/15/36 (c) (e) | 360 | 340 |
| GS Mortgage Securities Corporation Trust 2019-SMP |  |  |
| Series 2019-A-SMP, 5.47%, (1 Month USD LIBOR + 1.15%), 08/16/32 (c) (e) | 100 | 98 |
| GS Mortgage Securities Corporation Trust 2021-ARDN |  |  |
| Series 2021-A-ARDN, REMIC, 5.57%, (1 Month USD LIBOR + 1.25%), 11/15/23 (c) | 2730 | 2636 |
| GS Mortgage Securities Corporation Trust 2021-RENT |  |  |
| Series 2021-A-RENT, 5.05%, (1 Month USD LIBOR + 0.70%), 11/21/35 (c) | 4949 | 4547 |
| GS Mortgage Securities Corporation Trust 2021-ROSS |  |  |
| Series 2021-A-ROSS, REMIC, 5.47%, (1 Month USD LIBOR + 1.15%), 06/15/23 (c) | 650 | 611 |
| Series 2021-H-ROSS, REMIC, 10.22%, (1 Month USD LIBOR + 5.90%), 06/15/23 (c) | 750 | 667 |
| GS Mortgage Securities Trust 2013-GCJ14 |  |  |
| Series 2013-A5-GC14, REMIC, 4.24%, 08/11/23 | 396 | 387 |
| GS Mortgage Securities Trust 2014-GC18 |  |  |
| Series 2014-A4-GC18, REMIC, 4.07%, 01/12/24 | 5000 | 4875 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| GS Mortgage Securities Trust 2015-GC28 |  |  |
| Series 2015-A5-GC28, REMIC, 3.40%, 01/10/25 | 350 | 332 |
| Hertz Vehicle Financing III LLC |  |  |
| Series 2021-A-1A, 1.21%, 12/25/24 | 1135 | 1049 |
| Series 2021-A-2A, 1.68%, 12/25/26 | 1241 | 1075 |
| HGI CRE CLO 2021-FL2, Ltd. |  |  |
| Series 2021-A-FL2, 5.33%, (1 Month USD LIBOR + 1.00%), 09/19/36 (c) (e) | 1940 | 1840 |
| Honda Auto Receivables 2020-2 Owner Trust |  |  |
| Series 2020-A4-2, 1.09%, 08/15/23 | 535 | 518 |
| HONO 2021-LULU Mortgage Trust |  |  |
| Series 2021-A-LULU, REMIC, 5.47%, (1 Month USD LIBOR + 1.15%), 10/16/23 (c) | 3940 | 3784 |
| Hospitality Investors Trust, Inc. |  |  |
| Series 2019-A-HIT, REMIC, 5.32%, (1 Month USD LIBOR + 1.00%), 11/17/36 (c) | 306 | 299 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust |  |  |
| Series 2022-A-NLP, REMIC, 4.93%, (1 Month Term SOFR + 0.60%), 04/15/37 (c) | 4977 | 4604 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-AON |  |  |
| Series 2018-A-AON, REMIC, 4.13%, 07/10/23 | 3205 | 3012 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-ICON |  |  |
| Series 2019-A-ICON, REMIC, 3.88%, 01/05/24 | 820 | 791 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1440 |  |  |
| Series 2021-B-1440, REMIC, 6.07%, (1 Month USD LIBOR + 1.75%), 03/15/24 (c) | 2000 | 1918 |
| JPMBB Commercial Mortgage Securities Trust 2014-C18 |  |  |
| Series 2014-A5-C18, REMIC, 4.08%, 02/16/24 | 445 | 432 |
| JPMBB Commercial Mortgage Securities Trust 2015-C30 |  |  |
| Series 2015-A5-C30, REMIC, 3.82%, 07/17/25 | 3936 | 3737 |
| JPMCC Commercial Mortgage Securities Trust 2017-JP7 |  |  |
| Series 2017-A3-JP7, REMIC, 3.38%, 07/17/24 | 117 | 112 |
| JPMDB Commercial Mortgage Securities Trust 2020-COR7 |  |  |
| Series 2020-A2-COR7, REMIC, 2.21%, 03/15/25 (c) | 500 | 467 |
| Kayne CLO 2 Ltd |  |  |
| Series 2018-AR-2A, 5.16%, (3 Month USD LIBOR + 1.08%), 10/15/31 (c) | 620 | 610 |
| Kayne CLO 7 Ltd |  |  |
| Series 2020-A1-7A, 5.28%, (3 Month USD LIBOR + 1.20%), 04/18/33 (c) | 1500 | 1470 |
| Key Commercial Mortgage Securities Trust 2018-S1 |  |  |
| Series 2018-A1-S1, REMIC, 3.72%, 10/17/23 | 203 | 200 |
| KKR CLO 24 LTD. |  |  |
| Series A1R-24, 5.32%, (3 Month USD LIBOR + 1.08%), 04/20/32 (c) | 1620 | 1587 |
| KKR Industrial Portfolio Trust 2021-KDIP |  |  |
| Series 2021-A-KDIP, REMIC, 4.87%, (1 Month USD LIBOR + 0.55%), 12/15/25 (c) | 192 | 185 |
| KNDR Trust 2021-KIND |  |  |
| Series 2021-A-KIND, REMIC, 5.27%, (1 Month USD LIBOR + 0.95%), 08/15/26 (c) | 1013 | 957 |
| KREF 2021-FL2 Ltd. |  |  |
| Series 2021-A-FL2, 5.40%, (1 Month USD LIBOR + 1.07%), 02/17/39 (c) (e) | 1520 | 1465 |
| Series 2021-AS-FL2, 5.63%, (1 Month USD LIBOR + 1.30%), 02/17/39 (c) (e) | 1520 | 1422 |
| Lendmark Funding Trust 2021-2 |  |  |
| Series 2021-A-2A, 2.00%, 04/20/32 | 1710 | 1420 |
| Lendmark Funding Trust 2021-B |  |  |
| Series 2021-A-1A, 1.90%, 05/20/26 | 1490 | 1257 |
| Lendmark Funding Trust 2022-1 |  |  |
| Series 2022-A-1A, 5.12%, 04/20/26 | 1420 | 1385 |
| Series 2022-B-1A, 5.62%, 06/20/26 | 3480 | 3339 |
| LFT CRE 2021-FL1 LLC |  |  |
| Series 2021-A-FL1, 5.50%, (1 Month USD LIBOR + 1.17%), 06/15/39 (c) | 860 | 833 |
| Series 2021-B-FL1, 6.08%, (1 Month USD LIBOR + 1.75%), 06/15/39 (c) | 1360 | 1307 |
| LIFE 2021-BMR Mortgage Trust |  |  |
| Series 2021-A-BMR, REMIC, 5.02%, (1 Month USD LIBOR + 0.70%), 03/15/23 (c) | 3342 | 3237 |
| LIFE 2022-BMR2 Mortgage Trust |  |  |
| Series 2022-A1-BMR2, REMIC, 5.63%, (1 Month Term SOFR + 1.30%), 05/15/24 (c) | 2080 | 2028 |
| Loancore 2019-CRE2 Issuer Ltd. |  |  |
| Series 2019-C-CRE2, 6.32%, (1 Month USD LIBOR + 2.00%), 03/15/24 (c) | 2310 | 2262 |
| LoanCore 2021-CRE7 Issuer Ltd |  |  |
| Series 2022-A-CRE7, 5.36%, (SOFR 30-Day Average + 1.55%), 01/21/37 (c) | 1620 | 1561 |
| Madison Park Funding XI, Ltd. |  |  |
| Series 2013-AR2-11A, REMIC, 5.22%, (3 Month USD LIBOR + 0.90%), 07/23/29 (c) | 1938 | 1913 |
| Magnetite XXIX, Limited |  |  |
| Series 2021-A-29A, 5.07%, (3 Month USD LIBOR + 0.99%), 01/17/34 (c) | 520 | 510 |
| Mariner Finance Issuance Trust 2021-B |  |  |
| Series 2021-A-BA, 2.10%, 10/20/27 | 795 | 693 |
| Mariner Finance Issuance Trust 2022-A |  |  |
| Series 2022-A-AA, 6.45%, 10/20/37 | 2670 | 2646 |
| Mercedes-Benz Auto Receivables Trust 2022-1 |  |  |
| Series 2022-A3-1, 5.21%, 05/15/26 | 1055 | 1063 |
| MF1 2021-FL6 Ltd. |  |  |
| Series 2021-AS-FL6, 5.78%, (1 Month USD LIBOR + 1.45%), 07/18/36 (c) | 830 | 782 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-A-FL7, 5.41%, (1 Month USD LIBOR + 1.08%), 10/20/36 (c) | 4980 | 4765 |
| Series 2021-AS-FL7, 5.78%, (1 Month USD LIBOR + 1.45%), 10/20/36 (c) | 1190 | 1122 |
| MF1 2022-FL8 Ltd. |  |  |
| Series 2022-A-FL8, 5.16%, (SOFR 30-Day Average + 1.35%), 02/20/37 (c) | 4053 | 3884 |
| Series 2022-AS-FL8, 5.56%, (SOFR 30-Day Average + 1.75%), 02/20/37 (c) | 2320 | 2213 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 |  |  |
| Series 2016-A4-C29, REMIC, 3.33%, 03/17/26 | 450 | 419 |
| Morgan Stanley Capital I Trust 2015-420 |  |  |
| Series 2015-A-420, REMIC, 3.73%, 10/15/24 | 363 | 342 |
| Mountain View CLO X Ltd |  |  |
| Series 2015-AR-10A, 4.76%, (3 Month USD LIBOR + 0.82%), 10/13/27 (c) | 93 | 93 |
| MTN Commercial Mortgage Trust 2022-LPFL |  |  |
| Series 2022-A-LPFL, REMIC, 5.73%, (1 Month Term SOFR + 1.40%), 03/15/24 (c) | 4850 | 4721 |
| Natixis Commercial Mortgage Securities Trust 2018-285M |  |  |
| Series 2018-A-285M, REMIC, 3.92%, 11/17/32 (c) | 1000 | 907 |
| Navient Private Education Refi Loan Trust 2020-F |  |  |
| Series 2020-A-FA, 1.22%, 07/15/69 | 319 | 292 |
| Navient Private Education Refi Loan Trust 2021-C |  |  |
| Series 2021-A-CA, 1.06%, 10/15/69 | 1375 | 1166 |
| Navient Private Education Refi Loan Trust 2022-A |  |  |
| Series 2022-A-A, 2.23%, 07/15/70 | 1244 | 1062 |
| Nelnet Student Loan Trust 2021-A |  |  |
| Series 2021-APT1-A, 1.36%, 04/20/62 | 553 | 488 |
| New Economy Assets – Phase 1 Sponsor, LLC |  |  |
| Series 2021-A1-1, REMIC, 1.91%, 10/20/26 | 880 | 745 |
| Newark BSL CLO 2 Ltd |  |  |
| Series 2017-A1R-1A, 5.33%, (3 Month USD LIBOR + 0.97%), 07/25/30 (c) | 298 | 294 |
| Nissan Auto Lease Trust 2020-B |  |  |
| Series 2020-A3-B, 0.43%, 10/16/23 | 3 | 3 |
| Nissan Auto Lease Trust 2022-A |  |  |
| Series 2022-A3-A, REMIC, 3.81%, 07/15/24 | 2395 | 2354 |
| NYO Commercial Mortgage Trust 2021-1290 |  |  |
| Series 2021-A-1290, REMIC, 5.41%, (1 Month USD LIBOR + 1.10%), 11/15/23 (c) | 2350 | 2136 |
| OCP Clo 2019-17 Ltd |  |  |
| Series 2019-A1R-17A, 5.28%, (3 Month USD LIBOR + 1.04%), 07/20/32 (c) | 1940 | 1897 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Octagon Investment Partners 32, Ltd. |  |  |
| Series 2017-A1R-1A, 5.03%, (3 Month USD LIBOR + 0.95%), 07/16/29 (c) | 1434 | 1416 |
| Octagon Investment Partners XIV Ltd |  |  |
| Series 2012-AARR-1A, 5.03%, (3 Month USD LIBOR + 0.95%), 07/16/29 (c) | 468 | 462 |
| Octagon Investment Partners XVII, Ltd. |  |  |
| Series 2013-A1R2-1A, 5.36%, (3 Month USD LIBOR + 1.00%), 01/27/31 (c) | 250 | 247 |
| Octagon Investment Partners XXI, Ltd. |  |  |
| Series 2014-AAR3-1A, 5.65%, (3 Month USD LIBOR + 1.00%), 02/14/31 (c) | 620 | 609 |
| Octane Receivables Trust 2021-1 |  |  |
| Series 2022-A2-1A, 4.18%, 03/20/25 | 1811 | 1769 |
| Series 2021-A-1A, 0.93%, 03/22/27 | 223 | 215 |
| Octane Receivables Trust 2022-2 |  |  |
| Series 2022-A-2A, REMIC, 5.11%, 02/22/28 | 996 | 985 |
| One Bryant Park Trust 2019-OBP |  |  |
| Series 2019-A-OBP, 2.52%, 09/17/29 | 2650 | 2172 |
| One New York Plaza Trust 2020-1NYP |  |  |
| Series 2020-A-1NYP, REMIC, 5.27%, (1 Month USD LIBOR + 0.95%), 01/15/23 (c) | 1000 | 947 |
| Series 2020-AJ-1NYP, REMIC, 5.57%, (1 Month USD LIBOR + 1.25%), 01/15/23 (c) | 670 | 647 |
| OneMain Direct Auto Receivables Trust 2021-1 |  |  |
| Series 2021-A-1A, 0.87%, 07/14/28 | 1495 | 1373 |
| OneMain Financial Issuance Trust 2021-1 |  |  |
| Series 2021-A1-1A, 1.55%, 09/14/27 | 1160 | 990 |
| Series 2021-A2-1A, 4.57%, (SOFR 30-Day Average + 0.76%), 09/14/27 (c) | 750 | 714 |
| OneMain Financial Issuance Trust 2022-3 |  |  |
| Series 2022-A-3A, 5.94%, 04/14/26 | 2370 | 2354 |
| OZLM XVII, Ltd. |  |  |
| Series 2017-A1-17A, 5.49%, (3 Month USD LIBOR + 1.25%), 07/22/30 (c) | 1491 | 1467 |
| Pagaya AI Debt Trust 2022-1 |  |  |
| Series 2022-A-1, 2.03%, 10/15/29 | 1462 | 1405 |
| Palmer Square Loan Funding 2020-1, LLC |  |  |
| Series 2020-A1-1A, 5.48%, (3 Month USD LIBOR + 0.80%), 02/22/28 (c) | 109 | 109 |
| Parallel 2017-1 Ltd |  |  |
| Series 2017-A1R-1A, 5.27%, (3 Month USD LIBOR + 1.03%), 07/20/29 (c) | 389 | 383 |
| PenFed Auto Receivables Owner Trust 2022-A |  |  |
| Series 2022-A2-A, 3.83%, 12/16/24 | 3215 | 3189 |
| PFP 2021-7, Ltd. |  |  |
| Series 2021-A-7, 5.18%, (1 Month USD LIBOR + 0.85%), 04/16/38 (c) | 263 | 256 |
| PFS Financing Corp. |  |  |
| Series 2020-A-E, 1.00%, 10/16/23 | 1000 | 964 |
| Series 2020-A-G, 0.97%, 02/15/24 | 1442 | 1360 |
| Ready Capital Mortgage Financing 2021-FL6, LLC |  |  |
| Series 2021-A-FL6, 5.34%, (1 Month USD LIBOR + 0.95%), 07/25/36 (c) | 892 | 842 |
| Romark CLO Ltd |  |  |
| Series 2017-A2R-1A, REMIC, 5.97%, (3 Month USD LIBOR + 1.65%), 10/23/30 (c) | 2220 | 2134 |
| Santander Drive Auto Receivables Trust 2020-2 |  |  |
| Series 2020-D-2, 2.22%, 03/17/25 | 615 | 598 |
| Santander Drive Auto Receivables Trust 2021-1 |  |  |
| Series 2021-C-1, 0.75%, 11/15/24 | 311 | 306 |
| Series 2021-D-1, 1.45%, 11/15/24 | 430 | 403 |
| Series 2021-C-1, 1.02%, 06/15/27 | 475 | 465 |
| Santander Drive Auto Receivables Trust 2022-5 |  |  |
| Series 2022-A2-5, REMIC, 3.98%, 01/15/25 | 2415 | 2405 |
| Series 2022-C-5, REMIC, 4.74%, 10/16/28 | 1195 | 1166 |
| Santander Drive Auto Receivables Trust 2022-6 |  |  |
| Series 2022-A2-6, 4.37%, 02/15/24 | 2395 | 2382 |
| Santander Retail Auto Lease Trust 2021-A |  |  |
| Series 2021-A3-A, 0.51%, 12/20/23 | 1875 | 1827 |
| Santander Retail Auto Lease Trust 2021-C |  |  |
| Series 2021-A2-C, 0.29%, 04/22/24 | 57 | 57 |
| Series 2021-A3-C, 0.50%, 03/20/25 | 905 | 881 |
| SCF Equipment Leasing 2019-2 LLC |  |  |
| Series 2019-A2-2A, 2.47%, 04/20/26 | 1135 | 1118 |
| Series 2019-B-2A, 2.76%, 08/20/26 | 1500 | 1447 |
| SCF Equipment Leasing 2021-1 LLC |  |  |
| Series 2021-A3-1A, 0.83%, 08/21/28 | 850 | 806 |
| Series 2021-B-1A, 1.37%, 08/20/29 | 1000 | 893 |
| SCF Equipment Leasing 2022-1 LLC |  |  |
| Series 2022-A3-1A, REMIC, 2.92%, 12/22/25 | 1395 | 1306 |
| SFO Commercial Mortgage Trust 2021-555 |  |  |
| Series 2021-A-555, REMIC, 5.47%, (1 Month USD LIBOR + 1.15%), 05/15/28 (c) | 680 | 623 |
| SMRT 2022-MINI |  |  |
| Series 2022-A-MINI, REMIC, 5.34%, (1 Month Term SOFR + 1.00%), 01/15/27 (c) | 3840 | 3706 |
| Starwood Mortgage Residential Trust 2021-2 |  |  |
| Series 2021-A1-2, REMIC, 0.94%, 05/25/23 | 538 | 478 |
| TCI-Flatiron Clo 2017-1 Ltd |  |  |
| Series 2017-AR-1A, 5.61%, (3 Month USD LIBOR + 0.96%), 11/18/30 (c) | 720 | 709 |
| TCI-Flatiron Clo 2018-1 Ltd |  |  |
| Series 2018-ANR-1A, 5.47%, (3 Month USD LIBOR + 1.06%), 01/29/32 (c) | 250 | 245 |
| TCW CLO 2022-1 Ltd |  |  |
| Series 2022-A1-1A, 5.38%, (3 Month Term SOFR + 1.34%), 04/22/33 (c) | 2500 | 2431 |
| Toyota Auto Loan Extended Note Trust 2021-1 |  |  |
| Series 2021-A-1A, 1.07%, 02/25/26 (e) | 4000 | 3546 |
| Toyota Auto Loan Extended Note Trust 2022-1 |  |  |
| Series 2022-A-1A, 3.82%, 04/26/27 | 1950 | 1845 |
| TRTX 2019-FL3 Issuer, Ltd. |  |  |
| Series 2019-A-FL3, 5.59%, (1 Month Term SOFR + 1.26%), 10/17/34 (c) | 180 | 180 |
| UBS-Barclays Commercial Mortgage Trust 2013-C6 |  |  |
| Series 2013-A4-C6, REMIC, 3.24%, 03/10/23 | 726 | 714 |
| Upstart Securitization Trust 2021-2 |  |  |
| Series 2021-A-2, 0.91%, 06/20/31 | 197 | 194 |
| Upstart Securitization Trust 2021-5 |  |  |
| Series 2021-A-5, 1.31%, 11/20/31 | 706 | 677 |
| Verizon Master Trust |  |  |
| Series 2022-A1A-7, 5.23%, 11/20/24 | 1960 | 1972 |
| Verus Securitization Trust 2020-5 |  |  |
| Series 2020-A1-5, REMIC, 1.22%, 05/25/65 (e) | 61 | 54 |
| Verus Securitization Trust 2021-1 |  |  |
| Series 2021-A1-1, REMIC, 0.82%, 01/25/66 (c) | 377 | 310 |
| Verus Securitization Trust 2021-3 |  |  |
| Series 2021-A1-3, REMIC, 1.05%, 06/25/66 | 493 | 406 |
| Verus Securitization Trust 2021-R2 |  |  |
| Series 2021-A1-R2, REMIC, 0.92%, 02/25/64 | 614 | 517 |
| Waikiki Beach Hotel Trust 2019-WBM |  |  |
| Series 2019-A-WBM, REMIC, 5.37%, (1 Month USD LIBOR + 1.05%), 12/15/33 (c) | 128 | 125 |
| Series 2019-D-WBM, REMIC, 6.35%, (1 Month USD LIBOR + 2.03%), 12/15/33 (c) | 500 | 477 |
| Westlake Automobile Receivables Trust 2021-2 |  |  |
| Series 2021-A2A-2A, 0.32%, 04/15/25 | 497 | 491 |
| Series 2021-C-2A, 0.89%, 07/15/26 | 665 | 630 |
| World Omni Automobile Lease Securitization Trust 2020-B |  |  |
| Series 2020-A3-B, 0.45%, 02/15/24 | 584 | 580 |
| York CLO-2 Ltd |  |  |
| Series 2015-AR-1A, 5.47%, (3 Month USD LIBOR + 1.15%), 01/22/31 (c) | 2900 | 2860 |
| Series 2015-BR-1A, 5.77%, (3 Month USD LIBOR + 1.45%), 01/22/31 (c) | 478 | 461 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $412,435) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $412,435) | 396423 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 9.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 9.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 9.3%** |
| **U.S. Treasury Note 8.5%** | **U.S. Treasury Note 8.5%** | **U.S. Treasury Note 8.5%** |
| Treasury, United States Department of |  |  |
| 4.38%, 10/31/24 | 40155 | 40036 |
| 4.50%, 11/30/24 | 41251 | 41257 |
| 4.25%, 12/31/24 | 15045 | 14993 |
|  |  | 96286 |
| **Collateralized Mortgage Obligations 0.7%** | **Collateralized Mortgage Obligations 0.7%** | **Collateralized Mortgage Obligations 0.7%** |
| Connecticut Avenue Securities Trust 2022-R08 |  |  |
| Series 2022-1M1-R08, REMIC, 6.48%, (SOFR 30-Day Average + 2.55%), 07/25/42 (c) | 928 | 931 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2021-M1-HQA3, REMIC, 4.78%, (SOFR 30-Day Average + 0.85%), 09/25/41 (c) | 726 | 694 |
| Series 2022-M1A-DNA4, REMIC, 6.13%, (SOFR 30-Day Average + 2.20%), 05/27/42 (c) | 2586 | 2585 |
| Series 2022-M1A-HQA2, REMIC, 6.58%, (SOFR 30-Day Average + 2.65%), 07/25/42 (c) | 2387 | 2400 |
| Series 2022-M1A-HQA3, REMIC, 6.23%, (SOFR 30-Day Average + 2.30%), 08/25/42 (c) | 1436 | 1435 |
| | | 8045 |
| **Municipal 0.1%** | **Municipal 0.1%** | **Municipal 0.1%** |
| Illinois, State of |  |  |
| 4.95%, 06/01/23 | 139 | 139 |
| Louisiana Utilities Restoration Corporation |  |  |
| 3.62%, 02/01/29 | 398 | 386 |
|  |  | 525 |
| Total Government And Agency Obligations (cost $105,001) | Total Government And Agency Obligations (cost $105,001) | 104856 |
| **SENIOR FLOATING RATE INSTRUMENTS 3.3%** | **SENIOR FLOATING RATE INSTRUMENTS 3.3%** | **SENIOR FLOATING RATE INSTRUMENTS 3.3%** |
| **Communication Services 1.0%** | **Communication Services 1.0%** | **Communication Services 1.0%** |
| CenturyLink, Inc. |  |  |
| 2020 Term Loan A, 6.07%, (1 Month USD LIBOR + 2.00%), 01/31/25 (c) | 1490 | 1450 |
| Charter Communications Operating, LLC |  |  |
| 2019 Term Loan B1, 5.83%, (1 Month USD LIBOR + 1.75%), 04/30/25 (c) | 5017 | 4984 |
| Comcast Hulu Holdings, LLC |  |  |
| Term Loan A, 4.95%, (1 Month USD LIBOR + 0.88%), 03/15/24 (c) | 3163 | 3117 |
| Maxar Technologies Ltd. |  |  |
| 2022 Term Loan B, 0.00%, (1 Month Term SOFR + 4.25%), 06/09/29 (c) (h) | 1696 | 1694 |
|  |  | 11245 |
| **Health Care 0.7%** | **Health Care 0.7%** | **Health Care 0.7%** |
| Horizon Therapeutics USA Inc. |  |  |
| 2021 Term Loan B2, 0.00%, (3 Month USD LIBOR + 1.75%), 02/25/28 (c) (h) | 2674 | 2671 |
| Signify Health, LLC |  |  |
| 2021 Term Loan B, 0.00%, (3 Month USD LIBOR + 3.00%), 06/22/28 (c) (h) | 527 | 519 |
| 2021 Term Loan B, 5.88%, (3 Month USD LIBOR + 3.00%), 06/22/28 (c) | 1845 | 1817 |
| WP CityMD Bidco LLC |  |  |
| 2021 1st Lien Term Loan B, 6.92%, (1 Month USD LIBOR + 3.25%), 12/23/28 (c) | 2583 | 2577 |
|  |  | 7584 |
| **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** |
| Caesars Resort Collection, LLC |  |  |
| 2017 1st Lien Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 12/23/24 (c) | 561 | 559 |
| Churchill Downs Incorporated |  |  |
| 2017 Term Loan B, 6.08%, (1 Month USD LIBOR + 2.00%), 12/12/24 (c) | 2376 | 2370 |
| Resorts World Las Vegas LLC |  |  |
| Term Loan A, 5.57%, (1 Month USD LIBOR + 1.50%), 04/16/24 (c) (i) | 2000 | 1960 |
|  |  | 4889 |
| **Real Estate 0.3%** | **Real Estate 0.3%** | **Real Estate 0.3%** |
| American Tower Corporation |  |  |
| 2021 First Lien Delayed Draw Term loan, 5.56%, (3 Month USD LIBOR + 1.13%), 12/08/23 (c) | 850 | 842 |
| Invitation Homes Operating Partnership LP |  |  |
| 2020 Term Loan A, 5.39%, (3 Month USD LIBOR + 1.00%), 01/31/25 (c) (i) | 2919 | 2854 |
|  |  | 3696 |
| **Energy 0.2%** | **Energy 0.2%** | **Energy 0.2%** |
| Buckeye Partners, L.P. |  |  |
| 2021 Term Loan B, 6.37%, (1 Month USD LIBOR + 2.25%), 11/01/26 (c) | 833 | 827 |
| Granite Holdings US Acquisition Co. |  |  |
| 2021 Term Loan B, 7.67%, (3 Month USD LIBOR + 4.00%), 09/30/26 (c) | 1676 | 1674 |
|  |  | 2501 |
| **Industrials 0.2%** | **Industrials 0.2%** | **Industrials 0.2%** |
| XPO Logistics, Inc. |  |  |
| 2018 Term Loan B, 5.93%, (1 Month USD LIBOR + 1.75%), 02/23/25 (c) | 2324 | 2311 |
| **Information Technology 0.2%** | **Information Technology 0.2%** | **Information Technology 0.2%** |
| Moneygram International, Inc |  |  |
| 2021 Term Loan B, 8.57%, (1 Month USD LIBOR + 4.50%), 07/21/26 (c) | 1768 | 1760 |
| Project Alpha Intermediate Holding, Inc. |  |  |
| 2021 Term Loan B, 8.08%, (1 Month USD LIBOR + 4.00%), 04/26/24 (c) | 435 | 424 |
|  |  | 2184 |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| Cowen Inc |  |  |
| Term Loan B, 8.40%, (6 Month USD LIBOR + 3.25%), 03/24/28 (c) | 1850 | 1847 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| Nutrition & Biosciences, Inc. |  |  |
| 3 Year Delayed Draw Term Loan, 5.76%, (3 Month USD LIBOR + 1.25%), 01/17/23 (c) (i) | 233 | 231 |
| 5 Year Delayed Draw Term Loan, 6.13%, (3 Month USD LIBOR + 1.63%), 01/17/25 (c) (i) | 775 | 771 |
|  |  | 1002 |
| Total Senior Floating Rate Instruments (cost $37,513) | Total Senior Floating Rate Instruments (cost $37,513) | 37259 |
| **SHORT TERM INVESTMENTS 4.7%** | **SHORT TERM INVESTMENTS 4.7%** | **SHORT TERM INVESTMENTS 4.7%** |
| **Discount Notes 1.5%** | **Discount Notes 1.5%** | **Discount Notes 1.5%** |
| FHLBanks Office of Finance |  |  |
| 4.23%, 02/01/23 | 5437 | 5419 |
| 4.45%, 03/14/23 | 11425 | 11327 |
|  |  | 16746 |
| **U.S. Treasury Bill 1.2%** | **U.S. Treasury Bill 1.2%** | **U.S. Treasury Bill 1.2%** |
| Treasury, United States Department of |  |  |
| 4.45%, 04/11/23 | 13745 | 13580 |
| **Commercial Paper 1.1%** | **Commercial Paper 1.1%** | **Commercial Paper 1.1%** |
| CommonSpirit Health |  |  |
| 5.48%, 01/24/23 | 4500 | 4486 |
| Constellation Brands, Inc. |  |  |
| 5.00%, 01/04/23 | 2366 | 2364 |
| Targa Resources Corp. |  |  |
| 5.28%, 01/09/23 | 5478 | 5470 |
|  |  | 12320 |
| **Investment Companies 0.8%** | **Investment Companies 0.8%** | **Investment Companies 0.8%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (j) (k) | 9927 | 9927 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (j) (k) | 1035 | 1035 |
| Total Short Term Investments (cost $53,602) | Total Short Term Investments (cost $53,602) | 53608 |
| **Total Investments 98.8% (cost $1,149,692)** | **Total Investments 98.8% (cost $1,149,692)** | **1116144** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (230) |
| **Other Assets and Liabilities, Net 1.2%** | **Other Assets and Liabilities, Net 1.2%** | **13812** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1129726** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $212,076 and 18.8% of the Fund.

(b) Convertible security.

(c) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(d) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(e) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(f) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(g) All or a portion of the security was on loan as of December 31, 2022.

(h) This senior floating rate interest will settle after December 31, 2022. If a reference rate and spread is presented, it will go into effect upon settlement.

(i) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(j) Investment in affiliate.

(k) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 82.7% |
| **United Kingdom** | 3.8 |
| **Cayman Islands** | 2.6 |
| **Canada** | 1.6 |
| **Ireland** | 1.6 |
| **Netherlands** | 1.0 |
| **France** | 1.0 |
| **Denmark** | 1.0 |
| **Switzerland** | 0.8 |
| **Italy** | 0.7 |
| **Germany** | 0.6 |
| **Mexico** | 0.6 |
| **Australia** | 0.4 |
| **Japan** | 0.4 |
| **Bermuda** | 0.4 |
| **Indonesia** | 0.2 |
| **Jersey** | 0.1 |
| **Brazil** | 0.1 |
| **Mauritius** | 0.1 |
| **Israel** | 0.1 |
| **Sweden** | 0.1 |
| **Finland** | 0.1 |
| **South Korea** |  |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities** | **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities** | **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities** | **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities** | **JNL/Lord Abbett Short Duration Income Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Citizens Bank, National Association, 4.58%, 08/09/28 | 08/04/22 | 1481 | 1466 | 0.1 |
| Comision Federal De Electricidad, E.P.E., 4.75%, 02/23/27 | 10/03/22 | 413 | 421 |  |
| Greenko Solar (Mauritius) Limited, 6.25%, 02/21/23 | 10/27/22 | 795 | 795 | 0.1 |
| ING Groep N.V., 4.70%, 03/22/28 | 12/15/21 | 534 | 517 |  |
| UBS AG, 5.13%, 05/15/24 | 08/14/20 | 1985 | 1870 | 0.2 |
|  |  | 5208 | 5069 | 0.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Lord Abbett Short Duration Income Fund — Futures Contracts** | **JNL/Lord Abbett Short Duration Income Fund — Futures Contracts** | **JNL/Lord Abbett Short Duration Income Fund — Futures Contracts** | **JNL/Lord Abbett Short Duration Income Fund — Futures Contracts** | **JNL/Lord Abbett Short Duration Income Fund — Futures Contracts** | **JNL/Lord Abbett Short Duration Income Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 1826 | April 2023 | 374023 | (285) | 450 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 5 Year Note | (639) | April 2023 | (69160) | 55 | 193 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 523998 |  | 523998 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 396423 |  | 396423 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 104856 |  | 104856 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 31443 | 5816 | 37259 |
| &nbsp;&nbsp;Short Term Investments | 10962 | 42646 |  | 53608 |
|  | 10962 | 1099366 | 5816 | 1116144 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 643 |  |  | 643 |
|  | 643 |  |  | 643 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** |
| **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** |
| **Communication Services 98.6%** | **Communication Services 98.6%** | **Communication Services 98.6%** |
| Activision Blizzard, Inc. | 47 | 3634 |
| Alphabet Inc. - Class A (a) | 398 | 35124 |
| Alphabet Inc. - Class C (a) | 353 | 31313 |
| Altice USA, Inc. - Class A (a) | 14 | 67 |
| AMC Entertainment Holdings, Inc. - Class A (a) (b) | 34 | 139 |
| AT&T Inc. | 475 | 8745 |
| Cable One, Inc. |  | 230 |
| Charter Communications, Inc. - Class A (a) | 7 | 2432 |
| Cogent Communications Holdings, Inc. | 3 | 161 |
| Comcast Corporation - Class A | 287 | 10055 |
| Dish Network Corporation - Class A (a) | 17 | 233 |
| Electronic Arts Inc. | 17 | 2136 |
| Endeavor Group Holdings, Inc. - Class A (a) | 12 | 261 |
| Fox Corporation - Class A | 20 | 612 |
| Fox Corporation - Class B | 9 | 266 |
| Frontier Communications Parent, Inc. (a) | 15 | 379 |
| Globalstar, Inc. (a) (b) | 47 | 62 |
| IAC Inc. (a) | 5 | 231 |
| Iridium Communications Inc. | 8 | 432 |
| John Wiley & Sons, Inc. - Class A | 3 | 114 |
| Liberty Broadband Corporation - Series A (a) | 1 | 82 |
| Liberty Broadband Corporation - Series C (a) | 8 | 608 |
| Liberty Media Corporation - Series A (a) | 2 | 85 |
| Liberty Media Corporation - Series A (a) (b) | 5 | 194 |
| Liberty Media Corporation - Series C (a) | 10 | 397 |
| Liberty Media Corporation - Series C (a) | 14 | 824 |
| Live Nation Entertainment, Inc. (a) | 10 | 665 |
| Lumen Technologies Inc. | 64 | 332 |
| Madison Square Garden Entertainment Corp. - Class A | 1 | 223 |
| Match Group, Inc. (a) | 19 | 772 |
| Meta Platforms, Inc. - Class A (a) | 150 | 18036 |
| Netflix, Inc. (a) | 30 | 8746 |
| News Corporation - Class A | 25 | 465 |
| News Corporation - Class B | 8 | 146 |
| Nexstar Media Group, Inc. - Class A | 2 | 441 |
| Omnicom Group Inc. | 14 | 1111 |
| Paramount Global - Class A (b) | 1 | 12 |
| Paramount Global - Class B (b) | 34 | 569 |
| Pinterest, Inc. - Class A (a) | 39 | 953 |
| Playtika Holding Corp. (a) | 6 | 51 |
| Roblox Corporation - Class A (a) | 24 | 689 |
| Roku Inc. - Class A (a) | 8 | 331 |
| Shutterstock, Inc. (b) | 2 | 85 |
| Sirius XM Holdings Inc. (b) | 46 | 271 |
| Snap Inc. - Class A (a) | 67 | 600 |
| Take-Two Interactive Software, Inc. (a) | 10 | 1095 |
| TechTarget, Inc. (a) | 2 | 79 |
| TEGNA Inc. | 15 | 313 |
| The Interpublic Group of Companies, Inc. | 26 | 854 |
| The New York Times Company - Class A | 11 | 356 |
| The Walt Disney Company (a) | 121 | 10556 |
| T-Mobile USA, Inc. (a) | 40 | 5572 |
| Verizon Communications Inc. | 280 | 11029 |
| Warner Music Group Corp. - Class A | 8 | 271 |
| World Wrestling Entertainment, Inc. - Class A | 3 | 196 |
| Yelp Inc. (a) | 5 | 127 |
| Ziff Davis, Inc. (a) | 3 | 247 |
|  |  | 164009 |
| **Consumer Discretionary 0.6%** | **Consumer Discretionary 0.6%** | **Consumer Discretionary 0.6%** |
| Dave & Buster's Entertainment, Inc. (a) | 3 | 99 |
| Doordash, Inc. - Class A (a) | 17 | 855 |
|  |  | 954 |
| **Information Technology 0.3%** | **Information Technology 0.3%** | **Information Technology 0.3%** |
| Twilio Inc. - Class A (a) | 12 | 571 |
| **Real Estate 0.3%** | **Real Estate 0.3%** | **Real Estate 0.3%** |
| Zillow Group, Inc. - Class A (a) | 4 | 122 |
| Zillow Group, Inc. - Class C (a) | 11 | 350 |
|  |  | 472 |
| Total Common Stocks (cost $230,112) | Total Common Stocks (cost $230,112) | 166006 |
| **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 436 | 436 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (c) (d) | 432 | 432 |
| Total Short Term Investments (cost $868) | Total Short Term Investments (cost $868) | 868 |
| **Total Investments 100.3% (cost $230,980)** | **Total Investments 100.3% (cost $230,980)** | **166874** |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | (551) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **166323** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Communication Services Sector Fund — Futures Contracts** | **JNL/Mellon Communication Services Sector Fund — Futures Contracts** | **JNL/Mellon Communication Services Sector Fund — Futures Contracts** | **JNL/Mellon Communication Services Sector Fund — Futures Contracts** | **JNL/Mellon Communication Services Sector Fund — Futures Contracts** | **JNL/Mellon Communication Services Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Communication Services Select Sector Index | 10 | March 2023 | 650 |  | (17) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** | **JNL/Mellon Communication Services Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 166006 |  |  | 166006 |
| &nbsp;&nbsp;Short Term Investments | 868 |  |  | 868 |
|  | 166874 |  |  | 166874 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (17) |  |  | (17) |
|  | (17) |  |  | (17) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** |
| **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **Consumer Discretionary 94.9%** | **Consumer Discretionary 94.9%** | **Consumer Discretionary 94.9%** |
| Academy Sports & Outdoors, Inc. | 24 | 1255 |
| Acushnet Holdings Corp. | 10 | 437 |
| Adient Public Limited Company (a) | 28 | 969 |
| Advance Auto Parts, Inc. | 18 | 2639 |
| Airbnb, Inc. - Class A (a) | 119 | 10191 |
| Amazon.com, Inc. (a) | 2653 | 222868 |
| American Eagle Outfitters, Inc. | 50 | 695 |
| Aptiv PLC (a) | 81 | 7541 |
| Asbury Automotive Group, Inc. (a) | 7 | 1186 |
| Autoliv, Inc. | 23 | 1769 |
| AutoNation, Inc. (a) | 10 | 1099 |
| AutoZone, Inc. (a) | 6 | 13988 |
| Bath & Body Works, Inc. | 68 | 2878 |
| Best Buy Co., Inc. | 60 | 4812 |
| Bloomin' Brands, Inc. | 24 | 493 |
| Booking Holdings Inc. (a) | 12 | 23367 |
| BorgWarner Inc. | 70 | 2800 |
| Boyd Gaming Corporation | 24 | 1291 |
| Bright Horizons Family Solutions, Inc. (a) | 17 | 1077 |
| Brunswick Corporation | 22 | 1554 |
| Burlington Stores, Inc. (a) | 20 | 3974 |
| Caesars Entertainment, Inc. (a) | 64 | 2663 |
| Capri Holdings Limited (a) | 38 | 2203 |
| CarMax, Inc. (a) | 47 | 2877 |
| Carnival Corporation (a) (b) | 299 | 2407 |
| Carter's, Inc. | 11 | 839 |
| Cavco Industries, Inc. (a) | 3 | 582 |
| Chewy, Inc. - Class A (a) (b) | 28 | 1026 |
| Chipotle Mexican Grill, Inc. (a) | 8 | 11518 |
| Choice Hotels International, Inc. | 8 | 930 |
| Churchill Downs Incorporated | 10 | 2075 |
| Columbia Sportswear Company | 11 | 927 |
| Coupang, Inc. - Class A (a) | 305 | 4485 |
| Cracker Barrel Old Country Store, Inc. | 6 | 615 |
| Crocs, Inc. (a) | 18 | 1998 |
| D.R. Horton, Inc. | 94 | 8365 |
| Dana Incorporated | 38 | 577 |
| Darden Restaurants, Inc. | 36 | 5042 |
| Deckers Outdoor Corporation (a) | 8 | 3156 |
| Dick's Sporting Goods, Inc. | 17 | 1999 |
| Dillard's, Inc. - Class A | 1 | 329 |
| Domino's Pizza, Inc. | 11 | 3667 |
| Dorman Products, Inc. (a) | 8 | 684 |
| Draftkings Inc. - Class A (a) | 133 | 1521 |
| eBay Inc. | 163 | 6740 |
| ETSY, Inc. (a) | 38 | 4503 |
| Expedia Group, Inc. (a) | 45 | 3939 |
| Five Below, Inc. (a) | 17 | 2924 |
| Floor & Decor Holdings, Inc. - Class A (a) | 32 | 2199 |
| Foot Locker, Inc. | 24 | 896 |
| Ford Motor Company | 1183 | 13758 |
| Fox Factory Holding Corp. (a) | 12 | 1143 |
| Frontdoor, Inc. (a) | 25 | 523 |
| GameStop Corp. - Class A (a) (b) | 75 | 1392 |
| General Motors Company | 425 | 14308 |
| Gentex Corporation | 69 | 1894 |
| Gentherm Incorporated (a) | 10 | 648 |
| Genuine Parts Company | 42 | 7304 |
| Group 1 Automotive, Inc. | 4 | 783 |
| H & R Block, Inc. | 46 | 1698 |
| Hanesbrands Inc. | 101 | 645 |
| Harley-Davidson, Inc. | 40 | 1645 |
| Hasbro, Inc. | 39 | 2357 |
| Hilton Grand Vacations Inc. (a) | 24 | 908 |
| Hilton Worldwide Holdings Inc. | 81 | 10245 |
| Hyatt Hotels Corporation - Class A (a) | 14 | 1293 |
| Installed Building Products, Inc. | 7 | 571 |
| KB Home | 24 | 756 |
| Kohl's Corporation | 35 | 878 |
| Kontoor Brands, Inc. | 16 | 623 |
| Las Vegas Sands Corp. (a) | 98 | 4731 |
| LCI Industries | 8 | 703 |
| Lear Corporation | 17 | 2170 |
| Leggett & Platt, Incorporated | 39 | 1260 |
| Lennar Corporation - Class A | 76 | 6895 |
| Lennar Corporation - Class B | 5 | 340 |
| Leslie's, Inc. (a) | 46 | 560 |
| LGI Homes, Inc. (a) | 6 | 578 |
| Life Time Group Holdings, Inc. (a) | 18 | 213 |
| Light & Wonder, Inc. (a) | 28 | 1640 |
| Lithia Motors, Inc. - Class A | 8 | 1669 |
| LKQ Corporation | 76 | 4047 |
| Lowe`s Companies, Inc. | 186 | 36969 |
| Lucid Group, Inc. (a) (b) | 175 | 1193 |
| Lululemon Athletica Canada Inc. (a) | 35 | 11133 |
| Luminar Technologies, Inc. - Class A (a) (b) | 73 | 360 |
| M.D.C. Holdings, Inc. | 16 | 500 |
| Macy's, Inc. | 81 | 1670 |
| Marriott International, Inc. - Class A | 80 | 11976 |
| Marriott Vacations Worldwide Corporation | 11 | 1532 |
| Mattel, Inc. (a) | 106 | 1889 |
| McDonald's Corporation | 219 | 57699 |
| MercadoLibre S.R.L (a) | 14 | 11727 |
| Meritage Homes Corporation (a) | 11 | 1008 |
| MGM Resorts International | 95 | 3189 |
| Mister Car Wash, Inc. (a) (b) | 25 | 228 |
| Mohawk Industries, Inc. (a) | 16 | 1607 |
| Murphy USA Inc. | 6 | 1737 |
| National Vision Holdings, Inc. (a) | 24 | 914 |
| NIKE, Inc. - Class B | 377 | 44062 |
| Nordstrom, Inc. (b) | 35 | 569 |
| Norwegian Cruise Line Holdings Ltd. (a) | 125 | 1530 |
| NVR, Inc. (a) | 1 | 4151 |
| O'Reilly Automotive, Inc. (a) | 19 | 15818 |
| Papa John's International, Inc. | 10 | 791 |
| Peloton Interactive, Inc. - Class A (a) (b) | 95 | 754 |
| PENN Entertainment, Inc. (a) | 46 | 1371 |
| Penske Automotive Group, Inc. | 7 | 855 |
| Petco Health And Wellness Company, Inc. - Class A (a) | 25 | 236 |
| Planet Fitness, Inc. - Class A (a) | 25 | 1959 |
| Polaris Inc. | 16 | 1638 |
| PulteGroup, Inc. | 68 | 3106 |
| PVH Corp. | 19 | 1374 |
| Quantumscape Battery, Inc. - Class A (a) (b) | 88 | 498 |
| Ralph Lauren Corporation - Class A | 12 | 1289 |
| Red Rock Resorts, Inc. - Class A | 15 | 585 |
| RH (a) | 6 | 1511 |
| Rivian Automotive, Inc. - Class A (a) | 163 | 3007 |
| Ross Stores, Inc. | 104 | 12060 |
| Royal Caribbean Cruises Ltd. | 65 | 3239 |
| Seaworld Entertainment, Inc. (a) | 12 | 634 |
| Service Corporation International | 46 | 3165 |
| Shake Shack, Inc. - Class A (a) | 12 | 486 |
| Signet Jewelers Limited | 14 | 971 |
| Six Flags Operations Inc. (a) | 23 | 541 |
| Skechers U.S.A., Inc. - Class A (a) | 40 | 1676 |
| Skyline Champion Corporation (a) | 16 | 839 |
| Starbucks Corporation | 343 | 34040 |
| Steven Madden, Ltd. | 22 | 699 |
| Sweetgreen, Inc. - Class A (a) (b) | 23 | 201 |
| Tapestry, Inc. | 72 | 2731 |
| Taylor Morrison Home II Corporation - Class A (a) | 32 | 973 |
| Tempur Sealy International, Inc. | 51 | 1747 |
| Tesla Inc. (a) | 802 | 98836 |
| Texas Roadhouse, Inc. - Class A | 20 | 1804 |
| The Gap, Inc. | 65 | 737 |
| The Goodyear Tire & Rubber Company (a) | 85 | 858 |
| The Home Depot, Inc. | 306 | 96662 |
| The ODP Corporation (a) | 13 | 578 |
| The TJX Companies, Inc. | 347 | 27628 |
| The Wendy's Company | 52 | 1176 |
| Thor Industries, Inc. | 16 | 1213 |
| Toll Brothers, Inc. | 31 | 1544 |
| Topgolf Callaway Brands Corp. (a) | 41 | 803 |
| Tractor Supply Company | 33 | 7432 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Travel + Leisure Co. | 24 | 881 |
| Ulta Beauty, Inc. (a) | 15 | 7194 |
| Under Armour, Inc. - Class A (a) | 52 | 527 |
| Under Armour, Inc. - Class C (a) | 59 | 525 |
| Urban Outfitters, Inc. (a) | 19 | 448 |
| V.F. Corporation | 98 | 2717 |
| Vail Resorts, Inc. | 12 | 2875 |
| Victoria's Secret & Co. (a) | 24 | 867 |
| Visteon Corporation (a) | 8 | 1087 |
| Wayfair Inc. - Class A (a) (b) | 24 | 782 |
| Whirlpool Corporation | 16 | 2306 |
| Williams-Sonoma, Inc. | 20 | 2293 |
| Wingstop Inc. | 9 | 1227 |
| Wyndham Hotels & Resorts, Inc. | 26 | 1868 |
| Wynn Resorts, Limited (a) | 31 | 2540 |
| YETI Holdings, Inc. (a) | 26 | 1057 |
| Yum! Brands, Inc. | 84 | 10813 |
| | | 1050462 |
| **Materials 3.1%** | **Materials 3.1%** | **Materials 3.1%** |
| Amcor Pty Ltd | 446 | 5315 |
| Ball Corporation | 94 | 4805 |
| Berry Global Group, Inc. | 37 | 2264 |
| Crown Holdings, Inc. | 36 | 2948 |
| Graphic Packaging Holding Company | 92 | 2042 |
| Greif, Inc. - Class A | 8 | 513 |
| Greif, Inc. - Class B |  | 37 |
| International Paper Company | 107 | 3701 |
| O-I Glass, Inc. (a) | 45 | 745 |
| Packaging Corporation of America | 28 | 3548 |
| Sealed Air Corporation | 43 | 2154 |
| Silgan Holdings Inc. | 26 | 1358 |
| Sonoco Products Company | 29 | 1767 |
| WestRock Company | 76 | 2682 |
|  |  | 33879 |
| **Industrials 1.3%** | **Industrials 1.3%** | **Industrials 1.3%** |
| Albany International Corp. - Class A | 9 | 895 |
| Allison Systems, Inc. | 28 | 1148 |
| Chargepoint Inc. - Class A (a) (b) | 82 | 782 |
| Copart, Inc. (a) | 128 | 7805 |
| Driven Brands Holdings Inc. (a) | 17 | 477 |
| Rollins, Inc. | 69 | 2527 |
| Rush Enterprises, Inc. - Class A | 13 | 695 |
| Rush Enterprises, Inc. - Class B | 1 | 37 |
|  |  | 14366 |
| **Consumer Staples 0.3%** | **Consumer Staples 0.3%** | **Consumer Staples 0.3%** |
| Casey's General Stores, Inc. | 11 | 2490 |
| Olaplex Holdings, Inc. (a) | 28 | 144 |
| Reynolds Consumer Products Inc. | 17 | 514 |
|  |  | 3148 |
| **Information Technology 0.1%** | **Information Technology 0.1%** | **Information Technology 0.1%** |
| Sabre Corporation (a) | 98 | 607 |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| TripAdvisor, Inc. (a) | 31 | 563 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Cannae Holdings, Inc. (a) | 22 | 448 |
| Total Common Stocks (cost $1,107,317) | Total Common Stocks (cost $1,107,317) | 1103473 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (c) (d) | 3852 | 3852 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 2240 | 2240 |
| Total Short Term Investments (cost $6,092) | Total Short Term Investments (cost $6,092) | 6092 |
| **Total Investments 100.3% (cost $1,113,409)** | **Total Investments 100.3% (cost $1,113,409)** | **1109565** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (18) |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(3178)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1106369** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Consumer Discretionary Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Discretionary Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Discretionary Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Discretionary Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Discretionary Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Discretionary Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Consumer Discretionary Select Sector Index | 23 | March 2023 | 3007 | (18) | 16 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** | **JNL/Mellon Consumer Discretionary Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1103473 |  |  | 1103473 |
| &nbsp;&nbsp;Short Term Investments | 6092 |  |  | 6092 |
|  | 1109565 |  |  | 1109565 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 16 |  |  | 16 |
|  | 16 |  |  | 16 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** |
| **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **Consumer Staples 92.1%** | **Consumer Staples 92.1%** | **Consumer Staples 92.1%** |
| Albertsons Companies, Inc. - Class A | 63 | 1313 |
| Altria Group, Inc. | 370 | 16911 |
| Archer-Daniels-Midland Company | 116 | 10787 |
| Bellring Intermediate Holdings, Inc. (a) | 53 | 1361 |
| BJ's Wholesale Club Holdings, Inc. (a) | 36 | 2394 |
| Brown-Forman Corporation - Class A | 21 | 1382 |
| Brown-Forman Corporation - Class B | 46 | 3020 |
| Bunge Limited | 37 | 3654 |
| Cal-Maine Foods, Inc. | 19 | 1020 |
| Campbell Soup Company | 52 | 2933 |
| Celsius Holdings, Inc. (a) | 14 | 1428 |
| Central Garden & Pet Company (a) | 19 | 698 |
| Central Garden & Pet Company - Class A (a) | 26 | 921 |
| Church & Dwight Co., Inc. | 57 | 4564 |
| Coca-Cola Consolidated, Inc. | 2 | 1080 |
| Colgate-Palmolive Company | 174 | 13732 |
| Conagra Brands, Inc. | 112 | 4350 |
| Constellation Brands, Inc. - Class A | 35 | 8094 |
| Costco Wholesale Corporation | 89 | 40740 |
| Coty Inc. - Class A (a) | 155 | 1326 |
| Darling Ingredients Inc. (a) | 42 | 2652 |
| e.l.f. Beauty, Inc. (a) | 22 | 1238 |
| Edgewell Personal Care Colombia S A S | 27 | 1030 |
| Flowers Foods, Inc. | 61 | 1758 |
| Freshpet, Inc. (a) | 21 | 1115 |
| General Mills, Inc. | 125 | 10518 |
| Grocery Outlet Holding Corp. (a) | 41 | 1195 |
| Herbalife Nutrition Ltd. (a) | 71 | 1051 |
| Hormel Foods Corporation | 71 | 3255 |
| Hostess Brands, Inc. - Class A (a) | 53 | 1195 |
| Ingredion Incorporated | 20 | 1931 |
| Inter Parfums, Inc. | 10 | 988 |
| J & J Snack Foods Corp. | 7 | 1076 |
| Kellogg Company | 60 | 4267 |
| Keurig Dr Pepper Inc. | 186 | 6631 |
| Kimberly-Clark Corporation | 72 | 9773 |
| Kraft Foods Group, Inc. | 174 | 7102 |
| Lamb Weston Holdings, Inc. | 36 | 3244 |
| Lancaster Colony Corporation | 7 | 1431 |
| McCormick & Company, Incorporated | 57 | 4761 |
| MGPI Processing, Inc. | 9 | 915 |
| Molson Coors Beverage Company - Class B | 50 | 2573 |
| Mondelez International, Inc. - Class A | 281 | 18728 |
| Monster Beverage 1990 Corporation (a) | 82 | 8340 |
| National Beverage Corp. (a) | 18 | 837 |
| Nu Skin Enterprises, Inc. - Class A | 27 | 1125 |
| PepsiCo, Inc. | 277 | 50069 |
| Performance Food Group Company (a) | 42 | 2448 |
| Philip Morris International Inc. | 314 | 31806 |
| Pilgrim's Pride Corporation (a) | 35 | 840 |
| Post Holdings, Inc. (a) | 18 | 1628 |
| PriceSmart, Inc. | 15 | 919 |
| Spectrum Brands Holdings, Inc. | 19 | 1189 |
| Sprouts Farmers Market, Inc. (a) | 41 | 1313 |
| Sysco Corporation | 109 | 8327 |
| The Boston Beer Company, Inc. - Class A (a) | 4 | 1228 |
| The Clorox Company | 29 | 4056 |
| The Coca-Cola Company | 783 | 49820 |
| The Estee Lauder Companies Inc. - Class A | 49 | 12069 |
| The Hershey Company | 32 | 7424 |
| The J. M. Smucker Company | 26 | 4051 |
| The Kroger Co. | 143 | 6393 |
| The Procter & Gamble Company | 475 | 71971 |
| The Simply Good Foods Company (a) | 34 | 1312 |
| Treehouse Foods, Inc. (a) | 25 | 1223 |
| Tyson Foods, Inc. - Class A | 68 | 4223 |
| United Natural Foods, Inc. (a) | 29 | 1123 |
| US Foods Holding Corp. (a) | 60 | 2039 |
| Walmart Inc. | 285 | 40378 |
| Weis Markets, Inc. | 11 | 890 |
|  |  | 527176 |
| **Consumer Discretionary 7.4%** | **Consumer Discretionary 7.4%** | **Consumer Discretionary 7.4%** |
| Chegg, Inc. (a) | 49 | 1227 |
| Coursera, Inc. (a) | 69 | 818 |
| Dollar General Corporation | 47 | 11691 |
| Dollar Tree, Inc. (a) | 46 | 6561 |
| Graham Holdings Co., Ltd. - Class B | 2 | 1122 |
| Grand Canyon Education, Inc. (a) | 13 | 1333 |
| Helen of Troy Limited (a) | 12 | 1281 |
| Krispy Kreme, Inc. (b) | 59 | 607 |
| Laureate Education, Inc. - Class A | 95 | 910 |
| Newell Brands Inc. | 124 | 1623 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 25 | 1153 |
| Target Corporation | 96 | 14264 |
|  |  | 42590 |
| Total Common Stocks (cost $546,081) | Total Common Stocks (cost $546,081) | 569766 |
| **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 555 | 555 |
| Total Short Term Investments (cost $555) | Total Short Term Investments (cost $555) | 555 |
| **Total Investments 99.6% (cost $546,636)** | **Total Investments 99.6% (cost $546,636)** | **570321** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (14) |
| **Other Assets and Liabilities, Net 0.4%** | **Other Assets and Liabilities, Net 0.4%** | **2106** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **572413** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Consumer Staples Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Staples Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Staples Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Staples Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Staples Sector Fund — Futures Contracts** | **JNL/Mellon Consumer Staples Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Consumer Staples Select Sector Index | 34 | March 2023 | 2580 | (14) | (8) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 569766 |  |  | 569766 |
| &nbsp;&nbsp;Short Term Investments | 555 |  |  | 555 |
|  | 570321 |  |  | 570321 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (8) |  |  | (8) |
|  | (8) |  |  | (8) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** |
| **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** | **COMMON STOCKS 98.6%** |
| **Health Care 21.2%** | **Health Care 21.2%** | **Health Care 21.2%** |
| Amgen Inc. | 245 | 64373 |
| Johnson & Johnson | 245 | 43297 |
| Merck & Co., Inc. | 245 | 27194 |
| UnitedHealth Group Incorporated | 245 | 129948 |
|  |  | 264812 |
| **Information Technology 18.1%** | **Information Technology 18.1%** | **Information Technology 18.1%** |
| Apple Inc. | 246 | 31846 |
| Cisco Systems, Inc. | 245 | 11677 |
| Intel Corporation | 246 | 6478 |
| International Business Machines Corporation | 245 | 34532 |
| Microsoft Corporation | 245 | 58780 |
| Salesforce, Inc. (a) | 246 | 32498 |
| Visa Inc. - Class A | 245 | 50922 |
|  |  | 226733 |
| **Financials 15.9%** | **Financials 15.9%** | **Financials 15.9%** |
| American Express Company | 245 | 36214 |
| JPMorgan Chase & Co. | 245 | 32868 |
| The Goldman Sachs Group, Inc. | 245 | 84163 |
| The Travelers Companies, Inc. | 245 | 45954 |
|  |  | 199199 |
| **Industrials 15.0%** | **Industrials 15.0%** | **Industrials 15.0%** |
| 3M Company | 245 | 29393 |
| Caterpillar Inc. | 245 | 58716 |
| Honeywell International Inc. | 245 | 52525 |
| The Boeing Company (a) | 245 | 46689 |
|  |  | 187323 |
| **Consumer Discretionary 13.7%** | **Consumer Discretionary 13.7%** | **Consumer Discretionary 13.7%** |
| McDonald's Corporation | 245 | 64591 |
| NIKE, Inc. - Class B | 245 | 28679 |
| The Home Depot, Inc. | 245 | 77418 |
|  |  | 170688 |
| **Consumer Staples 7.7%** | **Consumer Staples 7.7%** | **Consumer Staples 7.7%** |
| The Coca-Cola Company | 245 | 15591 |
| The Procter & Gamble Company | 245 | 37148 |
| Walgreens Boots Alliance, Inc. | 245 | 9157 |
| Walmart Inc. | 245 | 34753 |
|  |  | 96649 |
| **Energy 3.5%** | **Energy 3.5%** | **Energy 3.5%** |
| Chevron Corporation | 245 | 43993 |
| **Communication Services 2.5%** | **Communication Services 2.5%** | **Communication Services 2.5%** |
| The Walt Disney Company (a) | 245 | 21294 |
| Verizon Communications Inc. | 245 | 9657 |
|  |  | 30951 |
| **Materials 1.0%** | **Materials 1.0%** | **Materials 1.0%** |
| Dow Inc. | 245 | 12351 |
| Total Common Stocks (cost $836,320) | Total Common Stocks (cost $836,320) | 1232699 |
| **SHORT TERM INVESTMENTS 1.4%** | **SHORT TERM INVESTMENTS 1.4%** | **SHORT TERM INVESTMENTS 1.4%** |
| **Investment Companies 1.4%** | **Investment Companies 1.4%** | **Investment Companies 1.4%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (b) (c) | 16914 | 16914 |
| Total Short Term Investments (cost $16,914) | Total Short Term Investments (cost $16,914) | 16914 |
| **Total Investments 100.0% (cost $853,234)** | **Total Investments 100.0% (cost $853,234)** | **1249613** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (73) |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **550** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1250090** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Dow Index Fund — Futures Contracts** | **JNL/Mellon Dow Index Fund — Futures Contracts** | **JNL/Mellon Dow Index Fund — Futures Contracts** | **JNL/Mellon Dow Index Fund — Futures Contracts** | **JNL/Mellon Dow Index Fund — Futures Contracts** | **JNL/Mellon Dow Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Dow Jones Industrial Average Index | 110 | March 2023 | 18494 | (73) | (187) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** | **JNL/Mellon Dow Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1232699 |  |  | 1232699 |
| &nbsp;&nbsp;Short Term Investments | 16914 |  |  | 16914 |
|  | 1249613 |  |  | 1249613 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (187) |  |  | (187) |
|  | (187) |  |  | (187) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** |
| **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **Energy 99.1%** | **Energy 99.1%** | **Energy 99.1%** |
| Antero Midstream Corporation | 511 | 5512 |
| Antero Resources Corporation (a) | 420 | 13024 |
| Apa Corp. | 487 | 22754 |
| Arch Resources, Inc. - Class A | 28 | 3969 |
| Baker Hughes Company - Class A | 1515 | 44746 |
| Cactus, Inc. - Class A | 93 | 4680 |
| California Resources Corporation | 113 | 4909 |
| Callon Petroleum Company (a) (b) | 77 | 2858 |
| ChampionX Corporation | 305 | 8828 |
| Cheniere Energy, Inc. | 378 | 56630 |
| Chesapeake Energy Corporation (b) | 163 | 15388 |
| Chevron Corporation | 2702 | 484923 |
| Chord Energy Corporation | 64 | 8720 |
| Civitas Resources, Inc. | 78 | 4511 |
| CNX Resources Corporation (a) | 273 | 4603 |
| Comstock Resources, Inc. (b) | 136 | 1868 |
| ConocoPhillips | 1892 | 223303 |
| CONSOL Energy Inc. | 49 | 3187 |
| Coterra Energy Inc. | 1200 | 29478 |
| CVR Energy, Inc. | 44 | 1394 |
| Delek US Holdings, Inc. | 103 | 2791 |
| Denbury Inc. (a) | 75 | 6505 |
| Devon Energy Corporation | 993 | 61065 |
| Diamondback Energy, Inc. | 268 | 36617 |
| DT Midstream, Inc. | 149 | 8224 |
| EOG Resources, Inc. | 892 | 115540 |
| EQT Corporation | 555 | 18787 |
| Equitrans Midstream Corporation | 653 | 4373 |
| Exxon Mobil Corporation | 6254 | 689862 |
| Halliburton Company | 1379 | 54265 |
| Helmerich & Payne, Inc. | 159 | 7865 |
| Hess Corporation | 421 | 59763 |
| HF Sinclair Corporation | 204 | 10574 |
| Highpeak Energy, Inc. (b) | 20 | 461 |
| International Seaways, Inc. | 61 | 2257 |
| Kinder Morgan, Inc. | 3004 | 54312 |
| Kosmos Energy Ltd. (a) | 683 | 4342 |
| Liberty Energy Inc. - Class A | 238 | 3816 |
| Magnolia Oil & Gas Corporation - Class A | 253 | 5927 |
| Marathon Oil Corporation | 962 | 26032 |
| Marathon Petroleum Corporation | 712 | 82841 |
| Matador Resources Company | 172 | 9846 |
| Murphy Oil Corporation | 224 | 9619 |
| NexTier Oilfield Solutions Inc. (a) | 237 | 2190 |
| Northern Oil and Gas Incorporated (b) | 101 | 3112 |
| Nov Inc. | 601 | 12552 |
| Occidental Petroleum Corporation | 1104 | 69559 |
| ONEOK, Inc. | 679 | 44632 |
| Ovintiv Canada ULC | 375 | 19023 |
| Patterson-UTI Energy, Inc. | 332 | 5586 |
| PBF Energy Inc. - Class A (b) | 174 | 7078 |
| PDC Energy, Inc. | 140 | 8911 |
| Peabody Energy Corporation (a) | 174 | 4607 |
| Permian Resources Corporation - Class A (b) | 307 | 2882 |
| Phillips 66 | 718 | 74707 |
| Pioneer Natural Resources Company | 361 | 82412 |
| Range Resources Corporation | 371 | 9285 |
| RPC, Inc. | 125 | 1112 |
| Schlumberger Limited | 2154 | 115126 |
| SM Energy Company | 190 | 6618 |
| Southwestern Energy Company (a) | 1672 | 9784 |
| Targa Resources Corp. | 344 | 25269 |
| Texas Pacific Land Corporation | 9 | 21942 |
| The Williams Companies, Inc. | 1850 | 60857 |
| Transocean Ltd. (a) (c) | 1019 | 4645 |
| Valaris Limited (a) | 93 | 6298 |
| Valero Energy Corporation | 585 | 74275 |
| Weatherford International Public Limited Company (a) | 97 | 4936 |
|  |  | 2898367 |
| **Utilities 0.3%** | **Utilities 0.3%** | **Utilities 0.3%** |
| National Fuel Gas Company | 137 | 8699 |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| Valvoline, Inc. | 266 | 8673 |
| Total Common Stocks (cost $2,028,440) | Total Common Stocks (cost $2,028,440) | 2915739 |
| **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** | **SHORT TERM INVESTMENTS 0.8%** |
| **Investment Companies 0.8%** | **Investment Companies 0.8%** | **Investment Companies 0.8%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (d) (e) | 24350 | 24350 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (d) (e) | 473 | 473 |
| Total Short Term Investments (cost $24,823) | Total Short Term Investments (cost $24,823) | 24823 |
| **Total Investments 100.5% (cost $2,053,263)** | **Total Investments 100.5% (cost $2,053,263)** | **2940562** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **60** |
| **Other Assets and Liabilities, Net (0.5)%** | **Other Assets and Liabilities, Net (0.5)%** | **(14944)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2925678** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Mellon Energy Sector Fund — Restricted Securities** | **JNL/Mellon Energy Sector Fund — Restricted Securities** | **JNL/Mellon Energy Sector Fund — Restricted Securities** | **JNL/Mellon Energy Sector Fund — Restricted Securities** | **JNL/Mellon Energy Sector Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Transocean Ltd. | 06/17/22 | 3577 | 4645 | 0.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Energy Sector Fund — Futures Contracts** | **JNL/Mellon Energy Sector Fund — Futures Contracts** | **JNL/Mellon Energy Sector Fund — Futures Contracts** | **JNL/Mellon Energy Sector Fund — Futures Contracts** | **JNL/Mellon Energy Sector Fund — Futures Contracts** | **JNL/Mellon Energy Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Energy Select Sector Index | 132 | March 2023 | 11881 | 60 | 269 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** | **JNL/Mellon Energy Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 2915739 |  |  | 2915739 |
| &nbsp;&nbsp;Short Term Investments | 24823 |  |  | 24823 |
|  | 2940562 |  |  | 2940562 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 269 |  |  | 269 |
|  | 269 |  |  | 269 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** |
| **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** |
| **Financials 85.2%** | **Financials 85.2%** | **Financials 85.2%** |
| ADS Alliance Data Systems, Inc. | 14 | 510 |
| Affiliated Managers Group, Inc. | 10 | 1561 |
| AFLAC Incorporated | 149 | 10749 |
| Ally Financial Inc. | 79 | 1938 |
| American Equity Investment Life Holding Company | 18 | 827 |
| American Express Company | 158 | 23323 |
| American Financial Group, Inc. | 18 | 2530 |
| American International Group, Inc. | 196 | 12407 |
| Ameriprise Financial, Inc. | 28 | 8750 |
| Ameris Bancorp | 18 | 828 |
| AON Public Limited Company - Class A | 55 | 16394 |
| Apollo Asset Management, Inc. (a) | 115 | 7322 |
| Arch Capital Group Ltd. (b) | 98 | 6132 |
| Ares Management Corporation - Class A | 41 | 2806 |
| Arthur J. Gallagher & Co. | 56 | 10497 |
| Artisan Partners Asset Management Inc. - Class A | 18 | 533 |
| Associated Banc-Corp | 40 | 928 |
| Assurant, Inc. | 14 | 1741 |
| Assured Guaranty Ltd. | 16 | 974 |
| Atlantic Union Bank | 20 | 701 |
| AXIS Capital Holdings Limited | 21 | 1118 |
| Axos Financial, Inc. (b) | 14 | 546 |
| BancFirst Corporation | 5 | 409 |
| Bank of America Corporation | 1843 | 61041 |
| Bank of Hawaii Corporation | 11 | 831 |
| Bank OZK | 30 | 1196 |
| BankUnited, Inc. | 20 | 684 |
| Banner Corporation | 8 | 530 |
| Berkshire Hathaway Inc. - Class B (b) | 476 | 146965 |
| BlackRock, Inc. | 40 | 28105 |
| Blackstone Inc. - Class A | 185 | 13749 |
| Blue Owl Capital Inc. - Class A | 89 | 944 |
| BOK Financial Corporation | 8 | 786 |
| Brighthouse Financial, Inc. (b) | 18 | 945 |
| Brown & Brown, Inc. | 62 | 3556 |
| Cadence Bank | 49 | 1209 |
| Capital One Financial Corporation | 101 | 9362 |
| Cathay General Bancorp | 19 | 789 |
| Chubb Limited | 110 | 24178 |
| Cincinnati Financial Corporation | 42 | 4250 |
| Citigroup Inc. | 511 | 23133 |
| Citizens Financial Group, Inc. | 131 | 5143 |
| CME Group Inc. - Class A | 95 | 15973 |
| CNA Financial Corporation | 7 | 309 |
| CNO Financial Group, Inc. | 31 | 704 |
| Cohen & Steers, Inc. | 7 | 449 |
| Columbia Banking System, Inc. | 21 | 643 |
| Columbia Financial, Inc. (b) | 9 | 190 |
| Comerica Incorporated | 35 | 2310 |
| Commerce Bancshares, Inc. | 30 | 2044 |
| Community Bank System, Inc. | 14 | 911 |
| Corebridge Financial, Inc. | 17 | 348 |
| Credit Acceptance Corporation (b) | 2 | 772 |
| Cullen/Frost Bankers, Inc. | 17 | 2254 |
| CVB Financial Corp. | 35 | 907 |
| Discover Financial Services | 72 | 7058 |
| East West Bancorp, Inc. | 37 | 2447 |
| Eastern Bankshares, Inc. | 42 | 719 |
| Enact Holdings, Inc. | 7 | 157 |
| Enstar Group Limited (b) | 4 | 855 |
| Equitable Holdings, Inc. | 92 | 2632 |
| Erie Indemnity Company - Class A | 7 | 1650 |
| Essent Group Ltd. | 28 | 1098 |
| Evercore Inc. - Class A | 9 | 1035 |
| Everest Re Group, Ltd. | 10 | 3419 |
| F.N.B. Corporation | 92 | 1200 |
| FactSet Research Systems Inc. | 10 | 4058 |
| Federated Hermes, Inc. - Class B | 22 | 815 |
| Fidelity National Financial, Inc. - Class A | 71 | 2689 |
| Fifth Third Bancorp | 181 | 5939 |
| First American Financial Corporation | 27 | 1412 |
| First Bancorp. | 51 | 646 |
| First Citizens BancShares, Inc. - Class A | 3 | 2380 |
| First Financial Bancorp. | 25 | 608 |
| First Financial Bankshares, Inc. | 34 | 1175 |
| First Hawaiian, Inc. | 34 | 890 |
| First Horizon Corporation | 141 | 3458 |
| First Interstate BancSystem, Inc. - Class A | 23 | 893 |
| First Merchants Corporation | 16 | 659 |
| First Republic Bank | 48 | 5907 |
| FirstCash Holdings, Inc. | 10 | 843 |
| Focus Financial Partners Inc. - Class A (b) | 15 | 551 |
| Franklin Resources, Inc. | 75 | 1980 |
| Freedom Holding Corp. (b) (c) | 5 | 275 |
| Fulton Financial Corporation | 43 | 726 |
| Glacier Bancorp, Inc. | 29 | 1438 |
| Globe Life Inc. | 24 | 2868 |
| Hamilton Lane Incorporated - Class A | 9 | 602 |
| Hancock Whitney Corporation | 23 | 1112 |
| Heartland Financial USA, Inc. | 8 | 377 |
| Hilltop Holdings Inc. | 12 | 347 |
| Home BancShares, Inc. | 50 | 1141 |
| Houlihan Lokey, Inc. - Class A | 13 | 1161 |
| Huntington Bancshares Incorporated | 380 | 5358 |
| Independence Holdings, LLC | 32 | 1070 |
| Independent Bank Corp. | 12 | 1010 |
| Independent Bank Group, Inc. | 9 | 551 |
| Interactive Brokers Group, Inc. - Class A | 27 | 1975 |
| Intercontinental Exchange, Inc. | 147 | 15131 |
| International Bancshares Corporation | 14 | 657 |
| Invesco Ltd. | 120 | 2162 |
| Jackson Financial Inc. - Class A (a) | 16 | 556 |
| Janus Henderson Group PLC | 36 | 845 |
| Jefferies Financial Group Inc. | 48 | 1647 |
| JPMorgan Chase & Co. | 775 | 103867 |
| K.K.R. Co., Inc. - Class A | 153 | 7088 |
| KeyCorp | 247 | 4311 |
| Kinsale Capital Group, Inc. | 6 | 1498 |
| Lakeland Financial Corporation | 6 | 465 |
| Lincoln National Corporation | 40 | 1235 |
| Loews Corporation | 52 | 3047 |
| LPL Financial Holdings Inc. | 21 | 4522 |
| M&T Bank Corporation | 46 | 6621 |
| Markel Corporation (b) | 4 | 4661 |
| MarketAxess Holdings Inc. | 10 | 2760 |
| Marsh & Mclennan Companies, Inc. | 131 | 21674 |
| MetLife, Inc. | 174 | 12595 |
| MGIC Investment Corporation | 78 | 1010 |
| Moelis & Company - Class A | 17 | 648 |
| Moody's Corporation | 42 | 11592 |
| Morgan Stanley | 348 | 29596 |
| Morningstar, Inc. | 7 | 1430 |
| Mr. Cooper Group Inc. (b) | 18 | 736 |
| MSCI Inc. - Class A | 21 | 9820 |
| Nasdaq, Inc. | 89 | 5484 |
| Navient Corporation | 27 | 440 |
| Nelnet, Inc. - Class A | 5 | 437 |
| New York Community Bancorp, Inc. - Series A | 175 | 1505 |
| Northern Trust Corporation | 55 | 4870 |
| Old National Bancorp | 78 | 1397 |
| Old Republic International Corporation | 75 | 1804 |
| Pacific Premier Bancorp, Inc. | 26 | 813 |
| PacWest Bancorp | 31 | 716 |
| Palomar Holdings, Inc. (b) | 7 | 303 |
| Park National Corporation | 4 | 498 |
| PennyMac Financial Services, Inc. | 8 | 435 |
| Pinnacle Financial Partners, Inc. | 20 | 1491 |
| Popular, Inc. | 19 | 1281 |
| Primerica, Inc. | 10 | 1376 |
| Principal Financial Group, Inc. | 60 | 5043 |
| Prosperity Bancshares, Inc. | 24 | 1741 |
| Prudential Financial, Inc. | 97 | 9662 |
| Radian Group Inc. | 43 | 822 |
| Raymond James Financial, Inc. | 51 | 5462 |
| Regions Financial Corporation | 247 | 5320 |
| Reinsurance Group of America, Incorporated | 18 | 2499 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| RenaissanceRe Holdings Ltd | 12 | 2145 |
| RLI Corp. | 11 | 1408 |
| Ryan Specialty Group Holdings, Inc. - Class A (b) | 22 | 898 |
| S&P Global Inc. | 88 | 29452 |
| SEI Investments Company | 27 | 1566 |
| Selective Insurance Group, Inc. | 16 | 1402 |
| ServisFirst Bancshares, Inc. | 13 | 908 |
| Signature Bank | 17 | 1929 |
| Silvergate Capital Corporation - Class A (b) | 8 | 141 |
| Simmons First National Corporation - Class A | 33 | 709 |
| SLM Corporation | 67 | 1113 |
| SoFi Technologies, Inc. (b) (c) | 219 | 1008 |
| Southstate Corporation | 20 | 1533 |
| State Street Corporation | 97 | 7533 |
| Stifel Financial Corp. | 28 | 1617 |
| Stock Yards Bancorp, Inc. | 7 | 487 |
| SVB Financial Group (b) | 16 | 3585 |
| Synchrony Financial | 119 | 3917 |
| Synovus Financial Corp. | 38 | 1439 |
| T. Rowe Price Group, Inc. | 59 | 6436 |
| Texas Capital Bancshares, Inc. (b) | 13 | 814 |
| TFS Financial Corporation | 13 | 194 |
| The Allstate Corporation | 70 | 9496 |
| The Bank of New York Mellon Corporation (a) | 194 | 8841 |
| The Carlyle Group, Inc. | 57 | 1716 |
| The Charles Schwab Corporation | 403 | 33535 |
| The Goldman Sachs Group, Inc. | 89 | 30705 |
| The Hanover Insurance Group, Inc. | 9 | 1279 |
| The Hartford Financial Services Group, Inc. | 84 | 6377 |
| The PNC Financial Services Group, Inc. | 106 | 16821 |
| The Progressive Corporation | 154 | 20040 |
| The Travelers Companies, Inc. | 62 | 11602 |
| TowneBank | 18 | 546 |
| TPG Inc. - Class A | 13 | 366 |
| Tradeweb Markets Inc. - Class A | 29 | 1893 |
| Truist Financial Corporation | 350 | 15076 |
| Trupanion, Inc. (b) (c) | 9 | 440 |
| Trustmark Corporation | 15 | 511 |
| U.S. Bancorp | 357 | 15570 |
| UMB Financial Corporation | 11 | 953 |
| Umpqua Holdings Corporation | 58 | 1042 |
| United Bankshares, Inc. | 36 | 1455 |
| United Community Banks, Inc. | 29 | 969 |
| Unum Group | 49 | 2019 |
| Upstart Holdings, Inc. (b) (c) | 19 | 251 |
| Valley National Bancorp | 113 | 1282 |
| Virtu Financial, Inc. - Class A | 25 | 510 |
| Voya Financial, Inc. (c) | 26 | 1606 |
| W. R. Berkley Corporation | 54 | 3935 |
| Walker & Dunlop, Inc. | 8 | 634 |
| Washington Federal, Inc. | 17 | 583 |
| Webster Financial Corporation | 46 | 2173 |
| Wells Fargo & Company | 1006 | 41546 |
| WesBanco, Inc. | 16 | 593 |
| Western Alliance Bancorporation | 29 | 1715 |
| White Mountains Insurance Group Ltd | 1 | 952 |
| Willis Towers Watson Public Limited Company | 29 | 6991 |
| Wintrust Financial Corporation | 16 | 1371 |
| WSFS Financial Corporation | 17 | 768 |
| Zions Bancorporation, National Association | 39 | 1933 |
| Zurich American Corporation | 17 | 823 |
| | | 1168643 |
| **Information Technology 13.9%** | **Information Technology 13.9%** | **Information Technology 13.9%** |
| MasterCard Incorporated - Class A | 224 | 77947 |
| PayPal Holdings, Inc. (b) | 301 | 21440 |
| The Western Union Company | 103 | 1414 |
| Visa Inc. - Class A | 432 | 89700 |
|  |  | 190501 |
| **Industrials 0.0%** | **Industrials 0.0%** | **Industrials 0.0%** |
| Dun & Bradstreet Holdings, Inc. | 55 | 670 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| CorVel Corporation (b) | 3 | 368 |
| Total Common Stocks (cost $1,279,677) | Total Common Stocks (cost $1,279,677) | 1360182 |
| **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (a) (d) | 2948 | 2948 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (a) (d) | 405 | 405 |
| Total Short Term Investments (cost $3,353) | Total Short Term Investments (cost $3,353) | 3353 |
| **Total Investments 99.4% (cost $1,283,030)** | **Total Investments 99.4% (cost $1,283,030)** | **1363535** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (20) |
| **Other Assets and Liabilities, Net 0.6%** | **Other Assets and Liabilities, Net 0.6%** | **8933** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1372448** |

---

(a) Investment in affiliate.

(b) Non-income producing security.

(c) All or a portion of the security was on loan as of December 31, 2022.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Financial Sector Fund — Long Term Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Long Term Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Long Term Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Long Term Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Long Term Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Long Term Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Long Term Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Long Term Investments in Affiliates** | **JNL/Mellon Financial Sector Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Apollo Asset Management, Inc. |  | 6718 | 1011 | 170 | 211 | 1404 | 7322 | 0.5 |
| Apollo Global Management, Inc. | 4265 |  | 2926 |  |  | (1339) |  |  |
| Athene Holding Ltd - Class A | 2963 |  | 1875 |  |  | (1088) |  |  |
| Jackson Financial Inc. - Class A | 1019 | 177 | 395 | 50 | (71) | (174) | 556 |  |
| The Bank of New York Mellon Corporation | 11926 | 1496 | 1795 | 291 | (10) | (2776) | 8841 | 0.7 |
|  | 20173 | 8391 | 8002 | 511 | 130 | (3973) | 16719 | 1.2 |

---

Effective January 1, 2022, Athene Holding Ltd - Class A merged with Apollo Global Management, Inc. to form Apollo Asset Management, Inc. in a tax-free reorganization. Sales Proceeds includes the cost basis of $1,875 and $2,926 of Athene Holding Ltd - Class A and Apollo Global Management, Inc. shares, respectively, that were exchanged for shares of Apollo Asset Management, Inc. that are included in Purchases.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Financial Sector Fund — Futures Contracts** | **JNL/Mellon Financial Sector Fund — Futures Contracts** | **JNL/Mellon Financial Sector Fund — Futures Contracts** | **JNL/Mellon Financial Sector Fund — Futures Contracts** | **JNL/Mellon Financial Sector Fund — Futures Contracts** | **JNL/Mellon Financial Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Financial Select Sector Index | 119 | March 2023 | 12541 | (20) | 88 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** | **JNL/Mellon Financial Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1360182 |  |  | 1360182 |
| &nbsp;&nbsp;Short Term Investments | 3353 |  |  | 3353 |
|  | 1363535 |  |  | 1363535 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 88 |  |  | 88 |
|  | 88 |  |  | 88 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** |
| **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **Health Care 99.1%** | **Health Care 99.1%** | **Health Care 99.1%** |
| 10X Genomics, Inc. - Class A (a) | 61 | 2240 |
| Abbott Laboratories | 1134 | 124530 |
| AbbVie Inc. | 1149 | 185750 |
| Abcellera Biologics Inc. (a) | 138 | 1399 |
| Acadia Healthcare Company, Inc. (a) | 59 | 4889 |
| ACADIA Pharmaceuticals Inc. (a) | 78 | 1244 |
| Agilent Technologies, Inc. | 192 | 28781 |
| Agiliti, Inc. (a) | 19 | 314 |
| Agilon Health Management, Inc. (a) | 129 | 2079 |
| Align Technology, Inc. (a) | 47 | 9911 |
| Alkermes Public Limited Company (a) | 106 | 2770 |
| Alnylam Pharmaceuticals, Inc. (a) | 80 | 19048 |
| Amedisys, Inc. (a) | 22 | 1800 |
| AmerisourceBergen Corporation | 105 | 17405 |
| Amgen Inc. | 347 | 91161 |
| Amicus Therapeutics, Inc. (a) | 168 | 2047 |
| AMN Healthcare Services, Inc. (a) | 29 | 3016 |
| Amylyx Pharmaceuticals, Inc. (a) | 27 | 985 |
| Apellis Pharmaceuticals, Inc. (a) | 60 | 3080 |
| Apollo Medical Holdings, Inc. (a) (b) | 23 | 667 |
| Arrowhead Pharmaceuticals Inc (a) | 69 | 2786 |
| Arvinas Operations, Inc. (a) | 30 | 1016 |
| AtriCure, Inc. (a) | 31 | 1369 |
| Axonics, Inc. (a) | 31 | 1930 |
| Azenta, Inc. (a) | 49 | 2873 |
| Baxter International Inc. | 328 | 16703 |
| Beam Therapeutics Inc. (a) (c) | 39 | 1540 |
| Becton, Dickinson and Company | 185 | 47110 |
| Biogen Inc. (a) | 94 | 25914 |
| BioMarin Pharmaceutical Inc. (a) | 120 | 12455 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 14 | 5803 |
| Bio-Techne Corporation | 102 | 8493 |
| Blueprint Medicines Corporation (a) | 39 | 1690 |
| Boston Scientific Corporation (a) | 929 | 42976 |
| Bristol-Myers Squibb Company | 1383 | 99473 |
| Bruker Corporation | 66 | 4488 |
| Cardinal Health, Inc. | 172 | 13185 |
| Catalent, Inc. (a) | 116 | 5225 |
| Centene Corporation (a) | 369 | 30238 |
| Cerevel Therapeutics Holdings, Inc. - Class A (a) | 37 | 1171 |
| Certara, Inc. (a) | 67 | 1076 |
| Charles River Laboratories International, Inc. (a) | 33 | 7228 |
| Chemed Corporation | 10 | 4984 |
| Cigna Corporation | 199 | 65934 |
| CONMED Corporation | 19 | 1703 |
| Corcept Therapeutics Incorporated (a) | 60 | 1221 |
| Coronado Topco, Inc. (a) | 35 | 3014 |
| CRISPR Therapeutics AG (a) | 52 | 2094 |
| CVS Health Corporation | 852 | 79383 |
| Cytokinetics, Incorporated (a) | 62 | 2852 |
| Danaher Corporation | 426 | 113166 |
| DaVita Inc. (a) | 36 | 2704 |
| Denali Therapeutics Inc. (a) | 75 | 2096 |
| Dentsply Sirona Inc. | 139 | 4434 |
| DexCom, Inc. (a) | 252 | 28527 |
| Doximity, Inc. - Class A (a) (c) | 73 | 2434 |
| Edwards Lifesciences Corporation (a) | 402 | 30003 |
| Elanco Animal Health Incorporated (a) | 294 | 3590 |
| Elevance Health, Inc. | 155 | 79658 |
| Eli Lilly and Company | 513 | 187511 |
| Encompass Health Corporation | 66 | 3921 |
| Envista Holdings Corporation (a) | 104 | 3507 |
| EQRX, Inc. (a) (c) | 150 | 369 |
| Evolent Health, Inc. - Class A (a) | 61 | 1722 |
| Exact Sciences Corporation (a) | 114 | 5665 |
| Exelixis, Inc. (a) | 209 | 3359 |
| Fate Therapeutics, Inc. (a) | 54 | 547 |
| Gilead Sciences, Inc. | 813 | 69818 |
| Glaukos Corporation (a) | 31 | 1344 |
| Globus Medical, Inc. - Class A (a) | 50 | 3712 |
| Guardant Health, Inc. (a) | 67 | 1827 |
| Haemonetics Corporation (a) | 33 | 2595 |
| Halozyme Therapeutics, Inc. (a) | 88 | 4987 |
| Harmony Biosciences Holdings Inc. (a) | 19 | 1062 |
| HCA Healthcare, Inc. | 138 | 33167 |
| HealthEquity, Inc. (a) | 55 | 3396 |
| Henry Schein, Inc. (a) | 89 | 7069 |
| Hologic, Inc. (a) | 162 | 12102 |
| Horizon Therapeutics Public Limited Company (a) | 147 | 16772 |
| Humana Inc. | 82 | 42072 |
| ICU Medical, Inc. (a) | 13 | 2071 |
| IDEXX Laboratories, Inc. (a) | 54 | 22086 |
| Illumina, Inc. (a) | 102 | 20610 |
| Inari Medical, Inc. (a) | 32 | 2041 |
| Incyte Corporation (a) | 120 | 9622 |
| Insmed Incorporated (a) | 80 | 1598 |
| Inspire Medical Systems, Inc. (a) | 18 | 4552 |
| Insulet Corporation (a) | 45 | 13346 |
| Integer Holdings Corporation (a) | 21 | 1416 |
| Integra LifeSciences Holdings Corporation (a) | 47 | 2633 |
| Intellia Therapeutics, Inc. (a) | 58 | 2038 |
| Intra-Cellular Therapies, Inc. (a) | 57 | 3020 |
| Intuitive Surgical, Inc. (a) | 230 | 61103 |
| Ionis Pharmaceuticals, Inc. (a) | 93 | 3521 |
| IQVIA Holdings Inc (a) | 121 | 24815 |
| Irhythm Technologies, Inc. (a) | 20 | 1838 |
| Iveric Bio, Inc. (a) | 85 | 1822 |
| Jazz Pharmaceuticals Public Limited Company (a) | 41 | 6488 |
| Johnson & Johnson | 1700 | 300224 |
| Karuna Therapeutics, Inc. (a) | 18 | 3458 |
| Laboratory Corporation of America Holdings | 58 | 13565 |
| Lantheus Holdings, Inc. (a) | 45 | 2316 |
| Lifestance Health Group, Inc. (a) (c) | 60 | 294 |
| LivaNova PLC (a) | 34 | 1906 |
| Maravai LifeSciences Holdings, Inc. - Class A (a) | 71 | 1014 |
| Masimo Corporation (a) | 32 | 4702 |
| McKesson Corporation | 92 | 34616 |
| Medpace Holdings, Inc. (a) | 16 | 3461 |
| Medtronic, Inc. | 862 | 67006 |
| Merck & Co., Inc. | 1647 | 182755 |
| Merit Medical Systems, Inc. (a) | 37 | 2612 |
| Mettler-Toledo International Inc. (a) | 14 | 20920 |
| Mirati Therapeutics, Inc. (a) | 33 | 1487 |
| Moderna, Inc. (a) | 215 | 38634 |
| Molina Healthcare, Inc. (a) | 38 | 12476 |
| Multiplan Corporation - Class A (a) (c) | 156 | 179 |
| Myovant Sciences Ltd. (a) | 31 | 830 |
| Natera, Inc. (a) | 74 | 2961 |
| Neogen Corporation (a) | 132 | 2009 |
| Neurocrine Biosciences, Inc. (a) | 62 | 7448 |
| Novocure Limited (a) | 59 | 4339 |
| NuVasive, Inc. (a) | 35 | 1423 |
| Oak Street Health, Inc. (a) (c) | 77 | 1663 |
| Omnicell, Inc. (a) | 29 | 1459 |
| Option Care Health, Inc. (a) | 103 | 3092 |
| Organon & Co. | 165 | 4620 |
| Pacira Pharmaceuticals, Inc. (a) | 30 | 1144 |
| Patterson Companies, Inc. | 58 | 1620 |
| Penumbra, Inc. (a) | 25 | 5462 |
| PerkinElmer, Inc. | 81 | 11421 |
| Perrigo Company Public Limited Company | 88 | 3001 |
| Pfizer Inc. | 3649 | 186992 |
| Premier Healthcare Solutions, Inc. - Class A | 78 | 2745 |
| Prestige Consumer Healthcare Inc. (a) | 32 | 2027 |
| Privia Health Group Inc. (a) | 32 | 736 |
| Progyny, Inc. (a) | 47 | 1456 |
| Prometheus Biosciences, Inc. (a) | 20 | 2142 |
| PTC Therapeutics, Inc. (a) | 44 | 1694 |
| Quest Diagnostics Incorporated | 74 | 11647 |
| R1 RCM Inc. (a) | 90 | 984 |
| Regeneron Pharmaceuticals, Inc. (a) | 70 | 50180 |
| Relay Therapeutics, Inc. (a) | 59 | 883 |
| Repligen Corporation (a) | 34 | 5719 |
| ResMed Inc. | 95 | 19774 |
| Roivant Sciences Ltd. (a) (c) | 63 | 502 |
| Royalty Pharma PLC - Class A | 238 | 9416 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Sage Therapeutics Inc. (a) | 33 | 1272 |
| Sarepta Therapeutics, Inc. (a) | 57 | 7399 |
| Seagen Inc. (a) | 88 | 11336 |
| Select Medical Holdings Corporation | 68 | 1677 |
| Shockwave Medical, Inc. (a) | 24 | 4841 |
| Signify Health, Inc. - Class A (a) | 45 | 1301 |
| Sotera Health LLC (a) | 62 | 519 |
| STAAR Surgical Company (a) | 32 | 1540 |
| Steris Limited | 65 | 11986 |
| Stryker Corporation | 219 | 53415 |
| Symbion, Inc. (a) | 39 | 1084 |
| Syneos Health, Inc. - Class A (a) | 68 | 2499 |
| Tandem Diabetes Care, Inc. (a) | 42 | 1873 |
| Teladoc Health, Inc. (a) | 106 | 2506 |
| Teleflex Incorporated | 30 | 7490 |
| Tenet Healthcare Corporation (a) | 69 | 3378 |
| The Cooper Companies, Inc. | 32 | 10585 |
| The Ensign Group, Inc. | 36 | 3435 |
| Thermo Fisher Scientific Inc. | 255 | 140576 |
| Tilray Brands, Inc. (a) | 388 | 1043 |
| Ultragenyx Pharmaceutical Inc. (a) | 46 | 2109 |
| United Therapeutics Corporation (a) | 30 | 8222 |
| UnitedHealth Group Incorporated | 607 | 321783 |
| Universal Health Services, Inc. - Class B | 42 | 5909 |
| Vaxcyte, Inc. (a) | 42 | 2007 |
| Veeva Systems Inc. - Class A (a) | 91 | 14690 |
| Vertex Pharmaceuticals Incorporated (a) | 166 | 48055 |
| Viatris Inc. | 786 | 8746 |
| VIR Biotechnology, Inc. (a) | 48 | 1207 |
| Waters Corporation (a) | 39 | 13393 |
| West Pharmaceutical Services, Inc. | 48 | 11329 |
| Zimmer Biomet Holdings, Inc. | 136 | 17374 |
| Zoetis Inc. - Class A | 304 | 44515 |
| | | 3666907 |
| **Consumer Staples 0.5%** | **Consumer Staples 0.5%** | **Consumer Staples 0.5%** |
| Walgreens Boots Alliance, Inc. | 466 | 17405 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| AptarGroup, Inc. | 42 | 4602 |
| Ginkgo Bioworks Holdings, Inc. - Class A (a) (c) | 520 | 878 |
|  |  | 5480 |
| Total Common Stocks (cost $2,186,743) | Total Common Stocks (cost $2,186,743) | 3689792 |
| **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (b) (d) | 11295 | 11295 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (b) (d) | 1146 | 1146 |
| Total Short Term Investments (cost $12,441) | Total Short Term Investments (cost $12,441) | 12441 |
| **Total Investments 100.0% (cost $2,199,184)** | **Total Investments 100.0% (cost $2,199,184)** | **3702233** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (65) |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (81) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3702087** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) All or a portion of the security was on loan as of December 31, 2022.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Healthcare Sector Fund — Long Term Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Long Term Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Long Term Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Long Term Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Long Term Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Long Term Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Long Term Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Long Term Investments in Affiliates** | **JNL/Mellon Healthcare Sector Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Apollo Medical Holdings, Inc. | 1923 |  | 185 |  | (64) | (1007) | 667 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Healthcare Sector Fund — Futures Contracts** | **JNL/Mellon Healthcare Sector Fund — Futures Contracts** | **JNL/Mellon Healthcare Sector Fund — Futures Contracts** | **JNL/Mellon Healthcare Sector Fund — Futures Contracts** | **JNL/Mellon Healthcare Sector Fund — Futures Contracts** | **JNL/Mellon Healthcare Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Health Care Select Sector Index | 107 | March 2023 | 14931 | (65) | (140) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** | **JNL/Mellon Healthcare Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 3689792 |  |  | 3689792 |
| &nbsp;&nbsp;Short Term Investments | 12441 |  |  | 12441 |
|  | 3702233 |  |  | 3702233 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (140) |  |  | (140) |
|  | (140) |  |  | (140) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** |
| **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** |
| **Industrials 91.5%** | **Industrials 91.5%** | **Industrials 91.5%** |
| 3M Company | 29 | 3477 |
| A. O. Smith Corporation | 7 | 383 |
| AAON, Inc. | 2 | 163 |
| ABM Industries Incorporated | 4 | 156 |
| Acuity Brands, Inc. | 2 | 280 |
| Advanced Drainage Systems, Inc. | 3 | 274 |
| AECOM | 7 | 622 |
| Aerojet Rocketdyne Holdings, Inc. (a) | 4 | 226 |
| AeroVironment, Inc. (a) | 1 | 114 |
| AGCO Corporation | 3 | 449 |
| Air Lease Corporation - Class A | 5 | 206 |
| Air Transport Services Group, Inc. (a) | 3 | 79 |
| Alaska Air Group, Inc. (a) | 7 | 285 |
| Allegion Public Limited Company | 5 | 485 |
| Altra Industrial Motion Corp. | 3 | 208 |
| American Airlines Group Inc. (a) | 34 | 432 |
| AMETEK, Inc. | 12 | 1683 |
| APi Group Corp (a) | 10 | 196 |
| Applied Industrial Technologies, Inc. | 2 | 259 |
| Arcosa, Inc. | 3 | 140 |
| Armstrong World Industries, Inc. | 2 | 166 |
| Atkore Inc. (a) | 2 | 244 |
| Atlas Air Worldwide Holdings, Inc. (a) | 1 | 138 |
| Avis Budget Group, Inc. (a) | 1 | 218 |
| Axon Enterprise, Inc. (a) | 4 | 588 |
| Beacon Roofing Supply, Inc. (a) | 3 | 144 |
| Bloom Energy Corporation - Class A (a) | 9 | 180 |
| Booz Allen Hamilton Holding Corporation - Class A | 7 | 725 |
| Brady Corporation - Class A | 2 | 112 |
| Builders FirstSource, Inc. (a) | 8 | 500 |
| BWXT Government Group, Inc. | 5 | 277 |
| C.H. Robinson Worldwide, Inc. | 6 | 565 |
| Carlisle Companies Incorporated | 3 | 639 |
| Carrier Global Corporation | 44 | 1809 |
| Casella Waste Systems, Inc. - Class A (a) | 3 | 215 |
| Caterpillar Inc. | 27 | 6539 |
| CBIZ, Inc. (a) | 3 | 126 |
| Chart Industries, Inc. (a) | 2 | 221 |
| Cintas Corporation | 5 | 2044 |
| Clean Harbors, Inc. (a) | 3 | 301 |
| Comfort Systems USA, Inc. | 2 | 220 |
| Core & Main, Inc. - Class A (a) | 4 | 73 |
| Crane Holdings, Co. | 2 | 250 |
| CSX Corporation | 110 | 3416 |
| Cummins Inc. | 7 | 1792 |
| Curtiss-Wright Corporation | 2 | 333 |
| Deere & Company | 14 | 6177 |
| Delta Air Lines, Inc. (a) | 34 | 1105 |
| Donaldson Company, Inc. | 6 | 379 |
| Dover Corporation | 7 | 997 |
| Dycom Industries, Inc. (a) | 2 | 142 |
| Eaton Corporation Public Limited Company | 21 | 3274 |
| EMCOR Group, Inc. | 2 | 368 |
| Emerson Electric Co. | 31 | 2979 |
| Encore Wire Corporation | 1 | 132 |
| EnerSys | 2 | 160 |
| EnPro Industries, Inc. | 1 | 120 |
| Equifax Inc. | 6 | 1248 |
| ESAB Corporation | 3 | 128 |
| Evoqua Water Technologies Corp. (a) | 6 | 251 |
| Expeditors International of Washington, Inc. | 8 | 867 |
| Exponent, Inc. | 3 | 266 |
| Fastenal Company | 30 | 1422 |
| Federal Signal Corporation | 3 | 150 |
| FedEx Corporation | 13 | 2175 |
| First Advantage Corporation (a) | 3 | 39 |
| Flowserve Corporation | 7 | 214 |
| Fluor Corporation (a) | 7 | 257 |
| Fortune Brands Innovations, Inc. | 7 | 387 |
| Forward Air Corporation | 1 | 148 |
| Franklin Electric Co., Inc. | 2 | 160 |
| Frontier Group Holdings, Inc. (a) (b) | 2 | 20 |
| FTI Consulting, Inc. (a) | 2 | 287 |
| Gates Industrial Corporation PLC (a) | 5 | 62 |
| GATX Corporation | 2 | 195 |
| Generac Holdings Inc. (a) | 3 | 338 |
| General Dynamics Corporation | 12 | 2930 |
| General Electric Company | 57 | 4802 |
| GMS Inc. (a) | 2 | 109 |
| Graco Inc. | 9 | 595 |
| GXO Logistics Inc. (a) | 6 | 264 |
| Hayward Holdings, Inc. (a) | 5 | 49 |
| HEICO Corporation | 2 | 321 |
| HEICO Corporation - Class A | 4 | 437 |
| Helios Technologies, Inc. | 2 | 95 |
| Herc Holdings Inc. | 1 | 173 |
| Hertz Global Holdings, Inc. (a) | 9 | 137 |
| Hexcel Corporation | 4 | 258 |
| Hillenbrand, Inc. | 4 | 158 |
| Honeywell International Inc. | 35 | 7557 |
| Howmet Aerospace Inc. | 19 | 761 |
| Hub Group, Inc. - Class A (a) | 2 | 135 |
| Hubbell Incorporated | 3 | 661 |
| Huntington Ingalls Industries, Inc. | 2 | 482 |
| IAA Spinco Inc. (a) | 7 | 280 |
| ICF International, Inc. | 1 | 87 |
| IDEX Corporation | 4 | 903 |
| Illinois Tool Works Inc. | 15 | 3230 |
| Ingersoll Rand Inc. | 21 | 1110 |
| Insperity, Inc. | 2 | 211 |
| ITT Inc. | 4 | 352 |
| J. B. Hunt Transport Services, Inc. | 4 | 758 |
| Jacobs Solutions Inc. | 7 | 804 |
| JetBlue Airways Corporation (a) | 17 | 113 |
| Joby Aviation, Inc. - Class A (a) (b) | 15 | 51 |
| John Bean Technologies Corporation | 2 | 155 |
| Johnson Controls International Public Limited Company | 36 | 2312 |
| Kadant Inc. | 1 | 110 |
| KBR, Inc. | 7 | 382 |
| Kennametal Inc. | 4 | 104 |
| Kirby Corporation (a) | 3 | 200 |
| Knight-Swift Transportation Holdings Inc. - Class A | 8 | 441 |
| Korn Ferry | 3 | 143 |
| L3Harris Technologies, Inc. | 10 | 2079 |
| Landstar System, Inc. | 2 | 307 |
| LegalZoom.com, Inc. (a) (b) | 4 | 34 |
| Lennox International Inc. | 2 | 403 |
| Lincoln Electric Holdings, Inc. | 3 | 436 |
| Lockheed Martin Corporation | 12 | 5952 |
| ManpowerGroup Inc. | 3 | 220 |
| Masco Corporation | 12 | 552 |
| MasTec, Inc. (a) | 3 | 263 |
| Matson Intermodal - Paragon, Inc. | 2 | 122 |
| McGrath RentCorp | 1 | 122 |
| MDU Resources Group, Inc. | 11 | 324 |
| Mercury Systems, Inc. (a) | 3 | 139 |
| Mine Safety Appliances Company, LLC | 2 | 277 |
| Moog Inc. - Class A | 2 | 135 |
| MSC Industrial Direct Co., Inc. - Class A | 2 | 201 |
| Mueller Industries, Inc. | 3 | 178 |
| Nordson Corporation | 3 | 670 |
| Norfolk Southern Corporation | 12 | 2992 |
| Northrop Grumman Corporation | 8 | 4141 |
| NV5 Global, Inc. (a) | 1 | 87 |
| Nvent Electric Public Limited Company | 9 | 336 |
| Old Dominion Freight Line, Inc. | 5 | 1349 |
| Oshkosh Corporation | 3 | 302 |
| Otis Worldwide Corporation | 22 | 1711 |
| Owens Corning | 5 | 417 |
| PACCAR Inc | 18 | 1805 |
| Parker-Hannifin Corporation | 7 | 1960 |
| Parsons Corporation (a) | 2 | 80 |
| Pentair Public Limited Company | 9 | 387 |
| Plug Power Inc. (a) | 28 | 344 |
| Quanta Services, Inc. | 7 | 1068 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Raytheon Technologies Corporation | 77 | 7782 |
| RBC Bearings Incorporated (a) | 2 | 317 |
| Regal Beloit Corporation | 3 | 415 |
| Republic Services, Inc. | 11 | 1390 |
| Resideo Technologies, Inc. (a) | 8 | 129 |
| Robert Half International Inc. | 6 | 419 |
| Rocket Lab USA, Inc. - Class A (a) | 11 | 41 |
| Rockwell Automation, Inc. | 6 | 1552 |
| Ryder System, Inc. | 3 | 219 |
| Saia, Inc. (a) | 1 | 290 |
| Schneider National, Inc. - Class B | 2 | 44 |
| SiteOne Landscape Supply, Inc. (a) | 2 | 282 |
| Snap-on Incorporated | 3 | 637 |
| Southwest Airlines Co. | 31 | 1049 |
| Spirit AeroSystems Holdings, Inc. - Class A | 5 | 160 |
| Spirit Airlines | 6 | 113 |
| SPX Technologies, Inc. (a) | 2 | 153 |
| Stanley Black & Decker, Inc. | 8 | 583 |
| Stericycle, Inc. (a) | 5 | 240 |
| Terex Corporation | 3 | 149 |
| Tetra Tech, Inc. | 3 | 404 |
| Textron Inc. | 11 | 775 |
| The AZEK Company Inc. - Class A (a) | 6 | 119 |
| The Boeing Company (a) | 29 | 5598 |
| The Brink's Company | 2 | 132 |
| The Middleby Corporation (a) | 3 | 382 |
| The Timken Company | 4 | 248 |
| The Toro Company | 6 | 622 |
| Trane Technologies Public Limited Company | 12 | 2031 |
| TransDigm Group Incorporated | 3 | 1706 |
| TransUnion | 10 | 574 |
| Trex Company, Inc. (a) | 6 | 243 |
| Trinet Group, Inc. (a) | 2 | 129 |
| Trinity Industries, Inc. | 4 | 122 |
| Triton Container International Limited | 3 | 212 |
| U-Haul Holding Company (b) | 1 | 30 |
| Unifirst Corporation | 1 | 150 |
| Union Pacific Corporation | 32 | 6678 |
| United Airlines Holdings, Inc. (a) | 17 | 646 |
| United Parcel Service, Inc. - Class B | 38 | 6655 |
| United Rentals, Inc. (a) | 4 | 1292 |
| Valmont Industries, Inc. | 1 | 368 |
| Verisk Analytics, Inc. | 8 | 1447 |
| Vertiv Holdings Co - Class A | 16 | 214 |
| W. W. Grainger, Inc. | 2 | 1312 |
| Waste Management, Inc. | 20 | 3074 |
| Watsco, Inc. | 2 | 435 |
| Watts Water Technologies, Inc. - Class A | 1 | 213 |
| Werner Enterprises, Inc. | 3 | 125 |
| WESCO International, Inc. (a) | 2 | 293 |
| Westinghouse Air Brake Technologies Corporation | 10 | 952 |
| WillScot Mobile Mini Holdings Corp. - Class A (a) | 11 | 499 |
| Woodward, Inc. | 3 | 304 |
| XPO, Inc. (a) | 6 | 199 |
| Xylem Inc. | 9 | 1045 |
| Zurn Elkay Water Solutions Corporation | 8 | 159 |
| | | 172813 |
| **Information Technology 6.2%** | **Information Technology 6.2%** | **Information Technology 6.2%** |
| Advanced Energy Industries, Inc. | 2 | 171 |
| Automatic Data Processing, Inc. | 22 | 5197 |
| Dolby Laboratories, Inc. - Class A | 3 | 231 |
| Global Payments Inc. | 14 | 1409 |
| MAXIMUS, Inc. | 3 | 237 |
| Paychex, Inc. | 17 | 1944 |
| Roper Technologies, Inc. | 6 | 2404 |
| Vm Consolidated, Inc. - Class A (a) | 7 | 102 |
|  |  | 11695 |
| **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** |
| ADT, Inc. | 11 | 101 |
| Aramark | 14 | 559 |
| Pool Corporation | 2 | 619 |
| TopBuild Corp. (a) | 2 | 261 |
|  |  | 1540 |
| **Materials 0.7%** | **Materials 0.7%** | **Materials 0.7%** |
| Arconic Corporation (a) | 5 | 110 |
| ATI Inc. (a) | 7 | 205 |
| Avery Dennison Corporation | 4 | 769 |
| Louisiana-Pacific Corporation | 4 | 224 |
| Worthington Industries, Inc. | 2 | 81 |
|  |  | 1389 |
| **Consumer Staples 0.1%** | **Consumer Staples 0.1%** | **Consumer Staples 0.1%** |
| Energizer Holdings, Inc. | 4 | 119 |
| Seaboard Corporation |  | 49 |
|  |  | 168 |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| Enovis Corporation (a) | 3 | 136 |
| Total Common Stocks (cost $190,956) | Total Common Stocks (cost $190,956) | 187741 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 1063 | 1063 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (c) (d) | 55 | 55 |
| Total Short Term Investments (cost $1,118) | Total Short Term Investments (cost $1,118) | 1118 |
| **Total Investments 100.0% (cost $192,074)** | **Total Investments 100.0% (cost $192,074)** | **188859** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (7) |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (48) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **188804** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Industrials Sector Fund — Futures Contracts** | **JNL/Mellon Industrials Sector Fund — Futures Contracts** | **JNL/Mellon Industrials Sector Fund — Futures Contracts** | **JNL/Mellon Industrials Sector Fund — Futures Contracts** | **JNL/Mellon Industrials Sector Fund — Futures Contracts** | **JNL/Mellon Industrials Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Industrial Select Sector Index | 15 | March 2023 | 1509 | (7) | (15) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 187741 |  |  | 187741 |
| &nbsp;&nbsp;Short Term Investments | 1118 |  |  | 1118 |
|  | 188859 |  |  | 188859 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Industrials Sector Fund (continued)** | **JNL/Mellon Industrials Sector Fund (continued)** | **JNL/Mellon Industrials Sector Fund (continued)** | **JNL/Mellon Industrials Sector Fund (continued)** | **JNL/Mellon Industrials Sector Fund (continued)** |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (15) |  |  | (15) |
|  | (15) |  |  | (15) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** |
| **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** |
| **Information Technology 97.4%** | **Information Technology 97.4%** | **Information Technology 97.4%** |
| Accenture Public Limited Company - Class A | 296 | 79000 |
| ACI Worldwide, Inc. (a) | 53 | 1214 |
| Adobe Inc. (a) | 218 | 73513 |
| Advanced Micro Devices, Inc. (a) | 758 | 49070 |
| Affirm Holdings, Inc. - Class A (a) (b) | 102 | 984 |
| Akamai Technologies, Inc. (a) | 74 | 6229 |
| Alarm.Com Holdings, Inc. (a) | 23 | 1152 |
| Allegro Microsystems Inc. (a) | 31 | 939 |
| Altair Engineering Inc. - Class A (a) | 24 | 1109 |
| Alteryx, Inc. - Class A (a) | 29 | 1454 |
| Ambarella Inc. (a) | 18 | 1470 |
| Amkor Technology, Inc. | 47 | 1123 |
| Amphenol Corporation - Class A | 280 | 21290 |
| Analog Devices, Inc. | 242 | 39642 |
| ANSYS, Inc. (a) | 41 | 9909 |
| AppFolio, Inc. - Class A (a) | 9 | 978 |
| Appian Corporation - Class A (a) | 20 | 644 |
| Apple Inc. | 5209 | 676754 |
| Applied Materials, Inc. | 404 | 39365 |
| AppLovin Corporation - Class A (a) | 61 | 638 |
| Arista Networks, Inc. (a) | 116 | 14089 |
| Arrow Electronics, Inc. (a) | 29 | 2997 |
| Asana, Inc. - Class A (a) | 36 | 491 |
| Atlassian Corporation - Class A (a) | 69 | 8943 |
| Autodesk, Inc. (a) | 101 | 18943 |
| Avnet, Inc. | 43 | 1779 |
| Badger Meter, Inc. | 12 | 1299 |
| Belden Inc. | 21 | 1520 |
| Bentley Systems, Incorporated - Class B | 92 | 3412 |
| Bill.Com Holdings Inc. (a) (b) | 45 | 4872 |
| Black Knight, Inc. (a) | 73 | 4533 |
| Blackbaud, Inc. (a) | 21 | 1248 |
| Blackline, Inc. (a) | 25 | 1700 |
| Block, Inc. - Class A (a) | 253 | 15904 |
| Box, Inc. - Class A (a) | 69 | 2134 |
| Broadcom Inc. | 190 | 106404 |
| Broadridge Financial Solutions, Inc. | 55 | 7420 |
| Cadence Design Systems, Inc. (a) | 129 | 20706 |
| Calix, Inc. (a) | 27 | 1854 |
| CCC Intelligent Solutions Holdings Inc. (a) | 53 | 464 |
| CDW Corp. | 64 | 11389 |
| Ceridian HCM Holding Inc. (a) | 72 | 4627 |
| Ciena Corporation (a) | 70 | 3545 |
| Cirrus Logic, Inc. (a) | 26 | 1906 |
| Cisco Systems, Inc. | 1929 | 91911 |
| Clear Secure, Inc. - Class A | 35 | 971 |
| Cloudflare, Inc. - Class A (a) | 134 | 6057 |
| Cognex Corporation | 81 | 3839 |
| Cognizant Technology Solutions Corporation - Class A | 241 | 13772 |
| Coherent Corp. (a) | 62 | 2175 |
| CommVault Systems, Inc. (a) | 21 | 1321 |
| Concentrix Corporation | 20 | 2652 |
| Confluent, Inc. - Class A (a) | 70 | 1553 |
| Corning Incorporated | 359 | 11463 |
| Coupa Software Incorporated (a) | 36 | 2870 |
| CrowdStrike Holdings, Inc. - Class A (a) | 101 | 10654 |
| CSG Systems International, Inc. | 11 | 616 |
| Cvent Holding Corp. (a) (b) | 33 | 177 |
| Datadog, Inc. - Class A (a) | 117 | 8585 |
| Dell Technologies Inc. - Class C | 122 | 4912 |
| DigitalOcean Holdings, Inc. (a) (b) | 30 | 771 |
| Diodes Incorporated (a) | 21 | 1610 |
| DocuSign, Inc. (a) | 94 | 5229 |
| DoubleVerify Holdings, Inc. (a) | 32 | 705 |
| Dropbox, Inc. - Class A (a) | 126 | 2820 |
| DXC Technology Company (a) | 108 | 2857 |
| Dynatrace, Inc. (a) | 95 | 3623 |
| E2Open Parent Holdings, Inc. - Class A (a) (b) | 83 | 485 |
| Elastic N.V. (a) | 36 | 1856 |
| Emersub CX, Inc. (a) | 14 | 2852 |
| EngageSmart, Inc. (a) | 10 | 171 |
| Enphase Energy, Inc. (a) | 64 | 16901 |
| Entegris, Inc. | 70 | 4588 |
| Envestnet, Inc. (a) | 26 | 1589 |
| EPAM Systems, Inc. (a) | 27 | 8812 |
| Euronet Worldwide, Inc. (a) | 22 | 2080 |
| EVERTEC, Inc. | 31 | 994 |
| ExlService Holdings, Inc. (a) | 16 | 2632 |
| Extreme Networks, Inc. (a) | 56 | 1025 |
| F5, Inc. (a) | 28 | 4029 |
| Fabrinet (a) | 17 | 2204 |
| Fair Isaac Corporation (a) | 12 | 7045 |
| Fidelity National Information Services, Inc. | 279 | 18961 |
| First Solar, Inc. (a) | 47 | 6992 |
| Fiserv, Inc. (a) | 298 | 30158 |
| Five9, Inc. (a) | 33 | 2272 |
| FleetCor Technologies, Inc. (a) | 35 | 6369 |
| Flex Ltd. (a) | 212 | 4555 |
| Flywire Corporation (a) | 31 | 748 |
| Fortinet, Inc. (a) | 304 | 14875 |
| Gartner, Inc. (a) | 37 | 12511 |
| Gen Digital Inc. | 273 | 5853 |
| Genpact Limited | 81 | 3732 |
| Gitlab Inc. - Class A (a) | 28 | 1251 |
| GoDaddy Inc. - Class A (a) | 73 | 5455 |
| Guidewire Software, Inc. (a) | 38 | 2371 |
| Hewlett Packard Enterprise Company | 605 | 9655 |
| HP, Inc. | 415 | 11157 |
| HubSpot, Inc. (a) | 23 | 6599 |
| Impinj, Inc. (a) | 10 | 1047 |
| Informatica Inc. - Class A (a) (b) | 19 | 309 |
| Insight Enterprises, Inc. (a) | 14 | 1428 |
| Intel Corporation | 1939 | 51252 |
| International Business Machines Corporation | 425 | 59854 |
| Intuit Inc. | 132 | 51549 |
| IPG Photonics Corporation (a) | 15 | 1421 |
| Itron, Inc. (a) | 22 | 1140 |
| Jabil Inc. | 63 | 4307 |
| Jack Henry & Associates, Inc. | 34 | 6033 |
| JAMF Holding Corp. (a) | 22 | 469 |
| JFROG Ltd (a) | 30 | 634 |
| Juniper Networks, Inc. | 152 | 4850 |
| Keysight Technologies, Inc. (a) | 84 | 14360 |
| KLA Corporation | 67 | 25090 |
| Kulicke and Soffa Industries, Inc. | 27 | 1200 |
| Kyndryl Holdings, Inc. (a) | 93 | 1036 |
| Lam Research Corporation | 64 | 26933 |
| Lattice Semiconductor Corporation (a) | 64 | 4166 |
| Littelfuse, Inc. | 12 | 2647 |
| Lumentum Holdings Inc. (a) | 32 | 1665 |
| MACOM Technology Solutions Holdings, Inc. (a) | 25 | 1546 |
| Manhattan Associates, Inc. (a) | 29 | 3576 |
| Marqeta, Inc. - Class A (a) | 199 | 1215 |
| Marvell Technology, Inc. | 401 | 14863 |
| MaxLinear, Inc. (a) | 35 | 1202 |
| Microchip Technology Incorporated | 259 | 18182 |
| Micron Technology, Inc. | 511 | 25526 |
| Microsoft Corporation | 2633 | 631449 |
| MicroStrategy Incorporated - Class A (a) (b) | 5 | 644 |
| MKS Instruments, Inc. | 27 | 2290 |
| MongoDB, Inc. - Class A (a) | 32 | 6365 |
| Monolithic Power Systems, Inc. | 21 | 7421 |
| Motorola Solutions, Inc. | 79 | 20247 |
| National Instruments Corporation | 62 | 2274 |
| nCino, Inc. (a) | 38 | 1003 |
| NCR Corporation (a) | 67 | 1558 |
| NetApp, Inc. | 103 | 6158 |
| NetScout Systems, Inc. (a) | 33 | 1085 |
| New Relic, Inc. (a) | 28 | 1566 |
| Novanta Inc. (a) | 17 | 2279 |
| Nutanix, Inc. - Class A (a) | 108 | 2805 |
| NVIDIA Corporation | 1170 | 170982 |
| NXP Semiconductors N.V. | 122 | 19215 |
| Okta, Inc. - Class A (a) | 71 | 4880 |
| On Semiconductor Corporation (a) | 203 | 12632 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Onto Innovation Inc. (a) | 24 | 1614 |
| Oracle Corporation | 722 | 59025 |
| Pagerduty, Inc. (a) | 40 | 1053 |
| Palantir Technologies Inc. - Class A (a) | 829 | 5322 |
| Palo Alto Networks, Inc. (a) | 141 | 19685 |
| Paycom Software, Inc. (a) | 23 | 7103 |
| PAYCOR HCM, Inc. (a) | 24 | 578 |
| Paylocity Holding Corporation (a) | 19 | 3771 |
| Pegasystems Inc. | 20 | 681 |
| Perficient, Inc. (a) | 17 | 1194 |
| Plexus Corp. (a) | 13 | 1295 |
| Power Integrations, Inc. | 27 | 1921 |
| Powerschool Holdings, Inc. - Class A (a) | 16 | 360 |
| Procore Technologies, Inc. (a) | 30 | 1405 |
| Progress Software Corporation | 20 | 1004 |
| PTC Inc. (a) | 50 | 5979 |
| Pure Storage, Inc. - Class A (a) | 132 | 3533 |
| Q2 Holdings, Inc. (a) | 27 | 739 |
| Qorvo, Inc. (a) | 47 | 4283 |
| Qualcomm Incorporated | 527 | 57908 |
| Qualtrics International Inc. - Class A (a) | 49 | 513 |
| Qualys, Inc. (a) | 16 | 1828 |
| Rambus Inc. (a) | 51 | 1815 |
| Rapid7, Inc. (a) | 29 | 984 |
| Remitly Global, Inc. (a) | 38 | 439 |
| RingCentral, Inc. - Class A (a) | 36 | 1270 |
| Salesforce, Inc. (a) | 470 | 62301 |
| Sanmina Corporation (a) | 28 | 1608 |
| Seagate Technology Holdings Public Limited Company | 90 | 4742 |
| SentinelOne, Inc. - Class A (a) | 96 | 1402 |
| ServiceNow, Inc. (a) | 95 | 36852 |
| Shift4 Payments, LLC - Class A (a) | 25 | 1393 |
| Silicon Laboratories Inc. (a) | 16 | 2112 |
| Sitime Corporation (a) | 8 | 812 |
| Skyworks Solutions, Inc. | 75 | 6835 |
| Smartsheet Inc. - Class A (a) | 61 | 2397 |
| Snowflake Inc. - Class A (a) | 134 | 19257 |
| SolarEdge Technologies Ltd. (a) | 26 | 7454 |
| Splunk Inc. (a) | 70 | 6058 |
| Sprout Social, Inc. - Class A (a) | 22 | 1242 |
| SPS Commerce, Inc. (a) | 17 | 2165 |
| Squarespace, Inc. - Class A (a) | 14 | 319 |
| SS&C Technologies Holdings, Inc. | 103 | 5337 |
| Super Micro Computer, Inc. (a) | 20 | 1681 |
| Synaptics Incorporated (a) | 19 | 1763 |
| Synopsys, Inc. (a) | 72 | 22941 |
| TD SYNNEX Corporation | 20 | 1922 |
| TE Connectivity Ltd. (c) | 149 | 17158 |
| Teledyne Technologies Incorporated (a) | 22 | 8804 |
| Tenable Holdings, Inc. (a) | 54 | 2072 |
| Teradata Corporation (a) | 47 | 1594 |
| Teradyne, Inc. | 73 | 6391 |
| Texas Instruments Incorporated | 426 | 70457 |
| Thoughtworks Holding, Inc. (a) | 33 | 335 |
| Toast, Inc. - Class A (a) | 143 | 2573 |
| Trimble Inc. (a) | 116 | 5888 |
| TTEC Holdings, Inc. | 9 | 417 |
| Tyler Technologies, Inc. (a) | 20 | 6310 |
| Uipath, Inc. - Class A (a) | 168 | 2137 |
| Unity Software Inc. (a) (b) | 114 | 3266 |
| Universal Display Corporation | 20 | 2191 |
| Varonis Systems, Inc. (a) | 51 | 1232 |
| Verint Systems Inc. (a) | 32 | 1158 |
| VeriSign, Inc. (a) | 43 | 8919 |
| ViaSat, Inc. (a) | 37 | 1186 |
| Viavi Solutions Inc. (a) | 109 | 1143 |
| Vishay Intertechnology, Inc. | 58 | 1258 |
| VMware, Inc. - Class A (a) | 97 | 11952 |
| Vontier Corporation (b) | 75 | 1451 |
| Western Digital Corporation (a) | 149 | 4709 |
| Wex, Inc. (a) | 20 | 3344 |
| Wolfspeed, Inc. (a) | 58 | 4036 |
| Workday, Inc. - Class A (a) | 94 | 15764 |
| Workiva Inc. - Class A (a) | 22 | 1826 |
| Xerox Holdings Corporation | 55 | 797 |
| Zebra Technologies Corporation - Class A (a) | 24 | 6235 |
| Zoom Video Communications, Inc. - Class A (a) | 104 | 7046 |
| Zscaler, Inc. (a) | 40 | 4441 |
| | | 3434914 |
| **Industrials 1.7%** | **Industrials 1.7%** | **Industrials 1.7%** |
| Alight, Inc. - Class A (a) | 126 | 1050 |
| ASGN Incorporated (a) | 24 | 1955 |
| Caci International Inc. - Class A (a) | 11 | 3315 |
| Clarivate PLC (a) | 202 | 1681 |
| Fortive Corporation | 166 | 10671 |
| Leidos Holdings, Inc. | 64 | 6766 |
| Lyft, Inc. - Class A (a) | 144 | 1586 |
| Science Applications International Corporation | 26 | 2884 |
| Sensata Technologies Holding PLC | 72 | 2888 |
| Sterling Check Corp. (a) | 12 | 186 |
| SunPower Corporation (a) (b) | 42 | 763 |
| Sunrun Inc. (a) | 100 | 2405 |
| Uber Technologies, Inc. (a) | 937 | 23175 |
|  |  | 59325 |
| **Communication Services 0.4%** | **Communication Services 0.4%** | **Communication Services 0.4%** |
| Bumble Inc. - Class A (a) (b) | 39 | 826 |
| Rumble Inc. - Class A (a) (b) | 34 | 204 |
| The Trade Desk, Inc. - Class A (a) | 210 | 9405 |
| ZoomInfo Technologies Inc. - Class A (a) | 127 | 3831 |
|  |  | 14266 |
| **Consumer Discretionary 0.2%** | **Consumer Discretionary 0.2%** | **Consumer Discretionary 0.2%** |
| Garmin Ltd. | 72 | 6655 |
| Sonos, Inc. (a) | 58 | 981 |
|  |  | 7636 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Coinbase Global, Inc. - Class A (a) (b) | 76 | 2675 |
| Robinhood Markets, Inc. - Class A (a) | 235 | 1914 |
|  |  | 4589 |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| Sunnova Energy International Inc. (a) | 49 | 881 |
| Total Common Stocks (cost $2,808,861) | Total Common Stocks (cost $2,808,861) | 3521611 |
| **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (d) (e) | 7645 | 7645 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (d) (e) | 2803 | 2803 |
| Total Short Term Investments (cost $10,448) | Total Short Term Investments (cost $10,448) | 10448 |
| **Total Investments 100.1% (cost $2,819,309)** | **Total Investments 100.1% (cost $2,819,309)** | **3532059** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (34) |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(2950)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3529075** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Mellon Information Technology Sector Fund — Restricted Securities** | **JNL/Mellon Information Technology Sector Fund — Restricted Securities** | **JNL/Mellon Information Technology Sector Fund — Restricted Securities** | **JNL/Mellon Information Technology Sector Fund — Restricted Securities** | **JNL/Mellon Information Technology Sector Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| TE Connectivity Ltd. | 10/08/15 | 14010 | 17158 | 0.5 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Information Technology Sector Fund — Futures Contracts** | **JNL/Mellon Information Technology Sector Fund — Futures Contracts** | **JNL/Mellon Information Technology Sector Fund — Futures Contracts** | **JNL/Mellon Information Technology Sector Fund — Futures Contracts** | **JNL/Mellon Information Technology Sector Fund — Futures Contracts** | **JNL/Mellon Information Technology Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Technology Select Sector Index | 78 | March 2023 | 9847 | (34) | 7 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** | **JNL/Mellon Information Technology Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 3521611 |  |  | 3521611 |
| &nbsp;&nbsp;Short Term Investments | 10448 |  |  | 10448 |
|  | 3532059 |  |  | 3532059 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 7 |  |  | 7 |
|  | 7 |  |  | 7 |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** |
| **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** |
| **Materials 95.9%** | **Materials 95.9%** | **Materials 95.9%** |
| Air Products and Chemicals, Inc. | 43 | 13322 |
| Albemarle Corporation | 23 | 4950 |
| Alcoa Corporation | 34 | 1568 |
| Alpha Metallurgical Resources, Inc. | 3 | 414 |
| Ashland Global Holdings Inc. | 10 | 1044 |
| Avient Corporation | 17 | 562 |
| Axalta Coating Systems Ltd. (a) | 43 | 1095 |
| Balchem Corporation | 6 | 765 |
| Cabot Corporation | 11 | 733 |
| Celanese Corporation - Class A | 19 | 1987 |
| CF Industries Holdings, Inc. | 38 | 3257 |
| Cleveland-Cliffs Inc. (a) | 100 | 1618 |
| Commercial Metals Company | 23 | 1104 |
| Corteva, Inc. | 139 | 8183 |
| Dow Inc. | 137 | 6910 |
| DuPont de Nemours, Inc. | 97 | 6643 |
| Eagle Materials Inc. | 7 | 954 |
| Eastman Chemical Company | 23 | 1904 |
| Ecolab Inc. | 48 | 7028 |
| Element Solutions Inc. | 44 | 798 |
| FMC Corporation | 25 | 3063 |
| Freeport-McMoRan Inc. | 279 | 10583 |
| H.B. Fuller Company | 10 | 744 |
| Hecla Mining Company | 110 | 610 |
| Huntsman Corporation | 35 | 967 |
| Ingevity Corporation (a) | 7 | 482 |
| Innospec Inc. | 5 | 496 |
| International Flavors & Fragrances Inc. | 50 | 5208 |
| Legacy Vulcan Corp. | 26 | 4535 |
| Linde Public Limited Company | 96 | 31421 |
| Livent Corporation (a) | 35 | 695 |
| LyondellBasell Industries N.V. - Class A | 50 | 4109 |
| Martin Marietta Materials, Inc. | 12 | 4089 |
| Minerals Technologies Inc. | 6 | 384 |
| MOS Holdings Inc. | 66 | 2910 |
| MP Materials Corp. - Class A (a) | 18 | 437 |
| NewMarket Corporation | 1 | 413 |
| Newmont Corporation | 155 | 7300 |
| Nucor Corporation | 50 | 6589 |
| Olin Corporation | 25 | 1314 |
| PPG Industries, Inc. | 46 | 5758 |
| Quaker Chemical Corporation | 3 | 443 |
| Reliance Steel & Aluminum Co. | 11 | 2315 |
| Royal Gold, Inc. | 13 | 1442 |
| RPM International Inc. | 25 | 2451 |
| Sensient Technologies Corporation | 8 | 597 |
| Southern Copper Corporation | 17 | 1001 |
| Steel Dynamics, Inc. | 33 | 3175 |
| Stepan Company | 4 | 438 |
| Summit Materials, Inc. - Class A (a) | 23 | 655 |
| Sylvamo Corporation | 6 | 313 |
| The Chemours Company | 29 | 900 |
| The Scotts Miracle-Gro Company | 8 | 383 |
| The Sherwin-Williams Company | 46 | 10905 |
| Tronox Holdings PLC | 22 | 305 |
| United States Steel Corporation (b) | 46 | 1144 |
| Westlake Corporation | 7 | 688 |
|  |  | 184101 |
| **Industrials 1.7%** | **Industrials 1.7%** | **Industrials 1.7%** |
| Boise Cascade Company | 8 | 528 |
| Simpson Manufacturing Co., Inc. | 8 | 736 |
| UFP Industries, Inc. | 12 | 952 |
| Univar Solutions Inc. (a) | 32 | 1011 |
|  |  | 3227 |
| **Health Care 1.4%** | **Health Care 1.4%** | **Health Care 1.4%** |
| Avantor, Inc. (a) | 131 | 2771 |
| **Consumer Staples 0.2%** | **Consumer Staples 0.2%** | **Consumer Staples 0.2%** |
| WD-40 Company | 3 | 427 |
| **Energy 0.2%** | **Energy 0.2%** | **Energy 0.2%** |
| Enviva, Inc. | 6 | 317 |
| Total Common Stocks (cost $208,851) | Total Common Stocks (cost $208,851) | 190843 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 1111 | 1111 |
| Total Short Term Investments (cost $1,111) | Total Short Term Investments (cost $1,111) | 1111 |
| **Total Investments 100.0% (cost $209,962)** | **Total Investments 100.0% (cost $209,962)** | **191954** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (11) |
| **Other Assets and Liabilities, Net (0.0)%** | **Other Assets and Liabilities, Net (0.0)%** | (72) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **191871** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

500

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Materials Sector Fund — Futures Contracts** | **JNL/Mellon Materials Sector Fund — Futures Contracts** | **JNL/Mellon Materials Sector Fund — Futures Contracts** | **JNL/Mellon Materials Sector Fund — Futures Contracts** | **JNL/Mellon Materials Sector Fund — Futures Contracts** | **JNL/Mellon Materials Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Materials Select Sector Index | 19 | March 2023 | 1641 | (11) | (66) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 190843 |  |  | 190843 |
| &nbsp;&nbsp;Short Term Investments | 1111 |  |  | 1111 |
|  | 191954 |  |  | 191954 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (66) |  |  | (66) |
|  | (66) |  |  | (66) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

501

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** |
| **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** |
| **Information Technology 49.2%** | **Information Technology 49.2%** | **Information Technology 49.2%** |
| Adobe Inc. (a) | 184 | 61797 |
| Advanced Micro Devices, Inc. (a) | 637 | 41249 |
| Analog Devices, Inc. | 201 | 32997 |
| ANSYS, Inc. (a) | 34 | 8313 |
| Apple Inc. | 3896 | 506160 |
| Applied Materials, Inc. | 340 | 33091 |
| ASML Holding N.V. - ADR | 35 | 19067 |
| Atlassian Corporation - Class A (a) | 59 | 7536 |
| Autodesk, Inc. (a) | 85 | 15933 |
| Automatic Data Processing, Inc. | 164 | 39137 |
| Broadcom Inc. | 160 | 89444 |
| Cadence Design Systems, Inc. (a) | 108 | 17406 |
| Cisco Systems, Inc. | 1623 | 77303 |
| Cognizant Technology Solutions Corporation - Class A | 203 | 11609 |
| CrowdStrike Holdings, Inc. - Class A (a) | 86 | 9078 |
| Datadog, Inc. - Class A (a) | 115 | 8479 |
| Enphase Energy, Inc. (a) | 54 | 14225 |
| Fiserv, Inc. (a) | 251 | 25351 |
| Fortinet, Inc. (a) | 309 | 15086 |
| Globalfoundries Inc. (a) (b) | 215 | 11602 |
| Intel Corporation | 1630 | 43084 |
| Intuit Inc. | 111 | 43189 |
| KLA Corporation | 56 | 21105 |
| Lam Research Corporation | 54 | 22641 |
| Marvell Technology, Inc. | 337 | 12474 |
| Microchip Technology Incorporated | 217 | 15262 |
| Micron Technology, Inc. | 429 | 21462 |
| Microsoft Corporation | 2260 | 542044 |
| NVIDIA Corporation | 972 | 141999 |
| NXP Semiconductors N.V. | 102 | 16175 |
| Palo Alto Networks, Inc. (a) | 119 | 16665 |
| Paychex, Inc. | 142 | 16450 |
| PayPal Holdings, Inc. (a) | 450 | 32070 |
| Qualcomm Incorporated | 443 | 48679 |
| Synopsys, Inc. (a) | 60 | 19284 |
| Texas Instruments Incorporated | 359 | 59228 |
| Workday, Inc. - Class A (a) | 80 | 13351 |
| Zoom Video Communications, Inc. - Class A (a) | 97 | 6573 |
| Zscaler, Inc. (a) | 57 | 6374 |
|  |  | 2142972 |
| **Communication Services 15.9%** | **Communication Services 15.9%** | **Communication Services 15.9%** |
| Activision Blizzard, Inc. | 309 | 23664 |
| Alphabet Inc. - Class A (a) | 1854 | 163540 |
| Alphabet Inc. - Class C (a) | 1853 | 164416 |
| Charter Communications, Inc. - Class A (a) | 62 | 20851 |
| Comcast Corporation - Class A | 1704 | 59587 |
| Electronic Arts Inc. | 109 | 13323 |
| Meta Platforms, Inc. - Class A (a) | 888 | 106885 |
| Netflix, Inc. (a) | 176 | 51833 |
| Sirius XM Holdings Inc. (b) | 1536 | 8972 |
| T-Mobile USA, Inc. (a) | 491 | 68799 |
| Warner Bros. Discovery, Inc. - Series A (a) | 959 | 9093 |
|  |  | 690963 |
| **Consumer Discretionary 14.1%** | **Consumer Discretionary 14.1%** | **Consumer Discretionary 14.1%** |
| Airbnb, Inc. - Class A (a) | 157 | 13449 |
| Amazon.com, Inc. (a) | 3106 | 260910 |
| Booking Holdings Inc. (a) | 15 | 30876 |
| Dollar Tree, Inc. (a) | 87 | 12357 |
| eBay Inc. | 214 | 8889 |
| JD.com, Inc. - Class A - ADR | 192 | 10770 |
| Lucid Group, Inc. (a) (b) | 664 | 4533 |
| Lululemon Athletica Canada Inc. (a) | 48 | 15477 |
| Marriott International, Inc. - Class A | 125 | 18616 |
| MercadoLibre S.R.L (a) | 20 | 16811 |
| O'Reilly Automotive, Inc. (a) | 25 | 20862 |
| Pinduoduo Inc. - ADR (a) | 185 | 15077 |
| Rivian Automotive, Inc. - Class A (a) | 361 | 6647 |
| Ross Stores, Inc. | 137 | 15911 |
| Starbucks Corporation | 453 | 44974 |
| Tesla Inc. (a) | 961 | 118429 |
|  |  | 614588 |
| **Health Care 7.2%** | **Health Care 7.2%** | **Health Care 7.2%** |
| Align Technology, Inc. (a) | 31 | 6507 |
| Amgen Inc. | 211 | 55353 |
| AstraZeneca PLC - ADR | 241 | 16360 |
| Biogen Inc. (a) | 57 | 15751 |
| DexCom, Inc. (a) | 153 | 17277 |
| Gilead Sciences, Inc. | 495 | 42531 |
| IDEXX Laboratories, Inc. (a) | 33 | 13345 |
| Illumina, Inc. (a) | 62 | 12563 |
| Intuitive Surgical, Inc. (a) | 140 | 37038 |
| Moderna, Inc. (a) | 152 | 27257 |
| Regeneron Pharmaceuticals, Inc. (a) | 42 | 30517 |
| Seagen Inc. (a) | 73 | 9424 |
| Vertex Pharmaceuticals Incorporated (a) | 101 | 29279 |
|  |  | 313202 |
| **Consumer Staples 6.6%** | **Consumer Staples 6.6%** | **Consumer Staples 6.6%** |
| Costco Wholesale Corporation | 175 | 79806 |
| Keurig Dr Pepper Inc. | 559 | 19948 |
| Kraft Foods Group, Inc. | 484 | 19697 |
| Mondelez International, Inc. - Class A | 539 | 35951 |
| Monster Beverage 1990 Corporation (a) | 206 | 20923 |
| PepsiCo, Inc. | 544 | 98311 |
| Walgreens Boots Alliance, Inc. | 342 | 12762 |
|  |  | 287398 |
| **Industrials 4.0%** | **Industrials 4.0%** | **Industrials 4.0%** |
| Cintas Corporation | 40 | 18114 |
| Copart, Inc. (a) | 188 | 11455 |
| CoStar Group, Inc. (a) | 161 | 12414 |
| CSX Corporation | 830 | 25726 |
| Fastenal Company | 226 | 10705 |
| Honeywell International Inc. | 266 | 56909 |
| Old Dominion Freight Line, Inc. | 44 | 12384 |
| PACCAR Inc | 137 | 13595 |
| Verisk Analytics, Inc. | 62 | 10898 |
|  |  | 172200 |
| **Utilities 1.4%** | **Utilities 1.4%** | **Utilities 1.4%** |
| American Electric Power Company, Inc. | 203 | 19272 |
| Constellation Energy Group, Inc. | 129 | 11135 |
| Exelon Corporation | 393 | 16968 |
| Xcel Energy Inc. | 216 | 15155 |
|  |  | 62530 |
| **Energy 0.5%** | **Energy 0.5%** | **Energy 0.5%** |
| Baker Hughes Company - Class A | 396 | 11681 |
| Diamondback Energy, Inc. | 70 | 9509 |
|  |  | 21190 |
| Total Common Stocks (cost $3,418,388) | Total Common Stocks (cost $3,418,388) | 4305043 |
| **SHORT TERM INVESTMENTS 1.2%** | **SHORT TERM INVESTMENTS 1.2%** | **SHORT TERM INVESTMENTS 1.2%** |
| **Investment Companies 1.0%** | **Investment Companies 1.0%** | **Investment Companies 1.0%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 44789 | 44789 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (c) (d) | 6975 | 6975 |
| Total Short Term Investments (cost $51,764) | Total Short Term Investments (cost $51,764) | 51764 |
| **Total Investments 100.1% (cost $3,470,152)** | **Total Investments 100.1% (cost $3,470,152)** | **4356807** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (50) |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(2826)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4353931** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

502

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Nasdaq 100 Index Fund — Futures Contracts** | **JNL/Mellon Nasdaq 100 Index Fund — Futures Contracts** | **JNL/Mellon Nasdaq 100 Index Fund — Futures Contracts** | **JNL/Mellon Nasdaq 100 Index Fund — Futures Contracts** | **JNL/Mellon Nasdaq 100 Index Fund — Futures Contracts** | **JNL/Mellon Nasdaq 100 Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| NASDAQ 100 Stock Index | 239 | March 2023 | 55519 | (50) | (2832) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** | **JNL/Mellon Nasdaq 100 Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 4305043 |  |  | 4305043 |
| &nbsp;&nbsp;Short Term Investments | 51764 |  |  | 51764 |
|  | 4356807 |  |  | 4356807 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (2832) |  |  | (2832) |
|  | (2832) |  |  | (2832) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

503

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** |
| **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** |
| **Real Estate 94.0%** | **Real Estate 94.0%** | **Real Estate 94.0%** |
| Agree Realty Corporation | 13 | 928 |
| Alexandria Real Estate Equities, Inc. | 22 | 3217 |
| American Homes 4 Rent - Class A | 45 | 1371 |
| American Tower Corporation | 69 | 14588 |
| Americold Realty Trust | 40 | 1131 |
| Apartment Income REIT Corp. | 22 | 760 |
| Apple Hospitality REIT, Inc. | 31 | 494 |
| AvalonBay Communities, Inc. | 21 | 3342 |
| Boston Properties, Inc. | 21 | 1426 |
| Brixmor Property Group Inc. | 44 | 1005 |
| Broadstone Net Lease, Inc. | 25 | 412 |
| Camden Property Trust | 16 | 1763 |
| CBRE Group, Inc. - Class A (a) | 47 | 3596 |
| Corporate Office Properties Trust | 17 | 435 |
| Cousins Properties Incorporated | 22 | 566 |
| Crown Castle Inc. | 64 | 8687 |
| Cubesmart, L.P. | 33 | 1340 |
| Cushman & Wakefield PLC (a) | 24 | 297 |
| DiamondRock Alpharetta Tenant, LLC | 31 | 254 |
| Digital Realty Trust, Inc. | 43 | 4263 |
| DigitalBridge Group, Inc. - Class A | 22 | 237 |
| Douglas Emmett, Inc. | 26 | 404 |
| EastGroup Properties, Inc. | 6 | 957 |
| EPR Properties | 11 | 416 |
| Equinix, Inc. | 14 | 8964 |
| Equity Commonwealth | 16 | 408 |
| Equity Lifestyle Properties, Inc. | 26 | 1674 |
| Equity Residential | 50 | 2968 |
| Essential Properties Realty Trust, Inc. | 21 | 494 |
| Essex Property Trust, Inc. | 10 | 2029 |
| eXp World Holdings, Inc. (b) | 11 | 119 |
| Extra Space Storage Inc. | 20 | 2915 |
| Federal Realty Investment Trust | 11 | 1092 |
| First Industrial Realty Trust, Inc. | 20 | 944 |
| Four Corners Property Trust, Inc. | 12 | 323 |
| Gaming and Leisure Properties, Inc. | 38 | 1984 |
| Healthpeak Properties, Inc. | 80 | 1993 |
| Highwoods Properties, Inc. | 15 | 433 |
| Host Hotels & Resorts, Inc. | 106 | 1697 |
| Independence Realty Trust, Inc. | 33 | 561 |
| Innovative Industrial Properties, Inc. | 4 | 417 |
| Invitation Homes Inc. | 86 | 2546 |
| Iron Mountain Incorporated | 43 | 2141 |
| JBG Smith Properties | 15 | 278 |
| Jones Lang LaSalle Incorporated (a) | 7 | 1118 |
| Kennedy-Wilson Holdings, Inc. | 17 | 271 |
| Kilroy Realty Corporation | 15 | 598 |
| Kimco Realty Corporation | 91 | 1937 |
| Kite Realty Naperville, LLC | 32 | 680 |
| Lamar Advertising Company - Class A | 13 | 1221 |
| Life Storage Inc. | 13 | 1236 |
| LXP Industrial Trust | 41 | 412 |
| Medical Properties Trust, Inc. | 88 | 985 |
| Mid-America Apartment Communities, Inc. | 17 | 2681 |
| National Health Investors, Inc. | 6 | 338 |
| National Retail Properties, Inc. | 27 | 1212 |
| National Storage Affiliates Trust | 13 | 453 |
| Omega Healthcare Investors, Inc. | 35 | 967 |
| OUTFRONT Media Inc. | 21 | 356 |
| Park Hotels & Resorts Inc. | 33 | 390 |
| Pebblebrook Hotel Trust | 19 | 259 |
| Phillips Edison & Company, Inc. (b) | 17 | 552 |
| Physicians Realty Trust | 34 | 490 |
| PotlatchDeltic Corporation | 12 | 527 |
| ProLogis Inc. | 137 | 15389 |
| Public Storage | 23 | 6550 |
| Rayonier Inc. | 22 | 715 |
| Realty Income Corporation | 93 | 5883 |
| Regency Centers Corporation | 23 | 1423 |
| Retail Opportunity Investments Corp. | 18 | 274 |
| Rexford Industrial Realty, Inc. | 27 | 1480 |
| RLJ III-EM Columbus Lessee, LLC | 24 | 253 |
| Ryman Hospitality Properties, Inc. | 8 | 666 |
| Sabra Health Care REIT, Inc. | 34 | 422 |
| Safehold Inc. | 4 | 102 |
| SBA Communications Corporation | 16 | 4476 |
| Simon Property Group, Inc. | 48 | 5680 |
| SITE Centers Corp. | 27 | 373 |
| SL Green Realty Corp. (b) | 10 | 320 |
| Spirit Realty Capital, Inc. | 21 | 824 |
| STAG Industrial, Inc. | 27 | 859 |
| Store Capital Corporation | 39 | 1258 |
| Sun Communities, Inc. | 18 | 2620 |
| Sunstone Hotel Investors, Inc. | 31 | 302 |
| Terreno Realty Corporation | 10 | 565 |
| The Howard Hughes Corporation (a) | 5 | 387 |
| The Macerich Company | 32 | 356 |
| The St. Joe Company | 5 | 194 |
| UDR, Inc. | 45 | 1753 |
| Uniti Group Inc. | 35 | 194 |
| Ventas, Inc. | 59 | 2663 |
| VICI Properties Inc. | 142 | 4615 |
| Vornado Realty Trust | 24 | 493 |
| W.P. Carey Inc. | 31 | 2407 |
| Welltower OP LLC | 70 | 4581 |
| Wework Inc. - Class A (a) (b) | 35 | 49 |
| Weyerhaeuser Company | 109 | 3374 |
| Xenia Hotels & Resorts, Inc. | 17 | 218 |
|  |  | 174270 |
| **Financials 2.8%** | **Financials 2.8%** | **Financials 2.8%** |
| AGNC Investment Corp. | 85 | 877 |
| Annaly Capital Management, Inc. | 69 | 1458 |
| Arbor Realty Trust, Inc. | 26 | 338 |
| Blackstone Mortgage Trust, Inc. - Class A | 25 | 537 |
| Claros Mortgage Trust, Inc. (b) | 18 | 263 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 13 | 382 |
| Rithm Capital Corp. | 70 | 575 |
| Starwood Property Trust, Inc. | 46 | 836 |
|  |  | 5266 |
| **Industrials 2.5%** | **Industrials 2.5%** | **Industrials 2.5%** |
| CoStar Group, Inc. (a) | 60 | 4648 |
| Total Common Stocks (cost $223,962) | Total Common Stocks (cost $223,962) | 184184 |
| **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** | **SHORT TERM INVESTMENTS 0.3%** |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (c) (d) | 380 | 380 |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 202 | 202 |
| Total Short Term Investments (cost $582) | Total Short Term Investments (cost $582) | 582 |
| **Total Investments 99.6% (cost $224,544)** | **Total Investments 99.6% (cost $224,544)** | **184766** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (17) |
| **Other Assets and Liabilities, Net 0.4%** | **Other Assets and Liabilities, Net 0.4%** | **714** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **185463** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

504

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Real Estate Sector Fund — Futures Contracts** | **JNL/Mellon Real Estate Sector Fund — Futures Contracts** | **JNL/Mellon Real Estate Sector Fund — Futures Contracts** | **JNL/Mellon Real Estate Sector Fund — Futures Contracts** | **JNL/Mellon Real Estate Sector Fund — Futures Contracts** | **JNL/Mellon Real Estate Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Real Estate Select Sector Index | 33 | March 2023 | 1521 | (17) | (16) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 184184 |  |  | 184184 |
| &nbsp;&nbsp;Short Term Investments | 582 |  |  | 582 |
|  | 184766 |  |  | 184766 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (16) |  |  | (16) |
|  | (16) |  |  | (16) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

505

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** |
| **COMMON STOCKS 99.0%** | **COMMON STOCKS 99.0%** | **COMMON STOCKS 99.0%** |
| **Information Technology 25.5%** | **Information Technology 25.5%** | **Information Technology 25.5%** |
| Accenture Public Limited Company - Class A | 208 | 55422 |
| Adobe Inc. (a) (b) | 153 | 51330 |
| Advanced Micro Devices, Inc. (a) | 531 | 34420 |
| Akamai Technologies, Inc. (a) (b) | 56 | 4755 |
| Amphenol Corporation - Class A | 194 | 14774 |
| Analog Devices, Inc. | 169 | 27687 |
| ANSYS, Inc. (a) | 29 | 7030 |
| Apple Inc. (b) | 4910 | 637902 |
| Applied Materials, Inc. (b) | 284 | 27630 |
| Arista Networks, Inc. (a) | 83 | 10020 |
| Autodesk, Inc. (a) | 71 | 13319 |
| Automatic Data Processing, Inc. | 137 | 32706 |
| Broadcom Inc. | 133 | 74282 |
| Broadridge Financial Solutions, Inc. | 40 | 5308 |
| Cadence Design Systems, Inc. (a) | 89 | 14291 |
| CDW Corp. | 45 | 8072 |
| Ceridian HCM Holding Inc. (a) (b) | 52 | 3312 |
| Cisco Systems, Inc. | 1349 | 64288 |
| Cognizant Technology Solutions Corporation - Class A | 168 | 9601 |
| Corning Incorporated (b) | 245 | 7835 |
| DXC Technology Company (a) | 71 | 1873 |
| Enphase Energy, Inc. (a) | 45 | 11856 |
| EPAM Systems, Inc. (a) (b) | 19 | 6136 |
| F5, Inc. (a) (b) | 19 | 2790 |
| Fidelity National Information Services, Inc. | 196 | 13317 |
| First Solar, Inc. (a) (b) | 32 | 4789 |
| Fiserv, Inc. (a) | 207 | 20922 |
| FleetCor Technologies, Inc. (a) | 26 | 4778 |
| Fortinet, Inc. (a) | 212 | 10344 |
| Gartner, Inc. (a) | 26 | 8682 |
| Gen Digital Inc. (b) | 199 | 4261 |
| Global Payments Inc. (b) | 86 | 8577 |
| Hewlett Packard Enterprise Company (b) | 420 | 6697 |
| HP, Inc. (b) | 297 | 7985 |
| Intel Corporation | 1352 | 35727 |
| International Business Machines Corporation (b) | 294 | 41463 |
| Intuit Inc. | 93 | 36100 |
| Jack Henry & Associates, Inc. | 23 | 4050 |
| Juniper Networks, Inc. | 100 | 3194 |
| Keysight Technologies, Inc. (a) | 58 | 10004 |
| KLA Corporation | 46 | 17279 |
| Lam Research Corporation | 44 | 18675 |
| MasterCard Incorporated - Class A | 278 | 96648 |
| Microchip Technology Incorporated | 184 | 12902 |
| Micron Technology, Inc. | 358 | 17907 |
| Microsoft Corporation | 2448 | 586980 |
| Monolithic Power Systems, Inc. (b) | 14 | 4985 |
| Motorola Solutions, Inc. | 55 | 14096 |
| NetApp, Inc. (b) | 71 | 4268 |
| NVIDIA Corporation | 819 | 119696 |
| NXP Semiconductors N.V. | 86 | 13580 |
| On Semiconductor Corporation (a) (b) | 140 | 8746 |
| Oracle Corporation | 503 | 41155 |
| Paychex, Inc. (b) | 107 | 12416 |
| Paycom Software, Inc. (a) (b) | 16 | 4835 |
| PayPal Holdings, Inc. (a) | 377 | 26831 |
| PTC Inc. (a) | 34 | 4085 |
| Qorvo, Inc. (a) | 35 | 3172 |
| Qualcomm Incorporated | 369 | 40559 |
| Roper Technologies, Inc. | 35 | 15242 |
| Salesforce, Inc. (a) | 330 | 43722 |
| Seagate Technology Holdings Public Limited Company (b) | 64 | 3356 |
| ServiceNow, Inc. (a) | 67 | 25889 |
| Skyworks Solutions, Inc. | 54 | 4921 |
| SolarEdge Technologies Ltd. (a) (b) | 19 | 5268 |
| Synopsys, Inc. (a) | 51 | 16175 |
| TE Connectivity Ltd. (c) | 103 | 11828 |
| Teledyne Technologies Incorporated (a) | 15 | 6130 |
| Teradyne, Inc. (b) | 52 | 4567 |
| Texas Instruments Incorporated | 297 | 49057 |
| Trimble Inc. (a) | 83 | 4180 |
| Tyler Technologies, Inc. (a) (b) | 13 | 4289 |
| VeriSign, Inc. (a) | 30 | 6255 |
| Visa Inc. - Class A (b) | 537 | 111539 |
| Western Digital Corporation (a) | 112 | 3536 |
| Zebra Technologies Corporation - Class A (a) (b) | 17 | 4421 |
|  |  | 2716719 |
| **Health Care 15.7%** | **Health Care 15.7%** | **Health Care 15.7%** |
| Abbott Laboratories | 570 | 62623 |
| AbbVie Inc. | 581 | 93895 |
| Agilent Technologies, Inc. | 97 | 14494 |
| Align Technology, Inc. (a) | 24 | 5016 |
| AmerisourceBergen Corporation | 54 | 8965 |
| Amgen Inc. (b) | 177 | 46380 |
| Baxter International Inc. (b) | 170 | 8640 |
| Becton, Dickinson and Company | 95 | 24168 |
| Biogen Inc. (a) | 47 | 12911 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 7 | 3007 |
| Bio-Techne Corporation (b) | 50 | 4157 |
| Boston Scientific Corporation (a) | 469 | 21680 |
| Bristol-Myers Squibb Company | 695 | 50004 |
| Cardinal Health, Inc. (b) | 86 | 6616 |
| Catalent, Inc. (a) | 58 | 2603 |
| Centene Corporation (a) | 190 | 15562 |
| Charles River Laboratories International, Inc. (a) | 16 | 3539 |
| Cigna Corporation | 100 | 33009 |
| CVS Health Corporation | 432 | 40269 |
| Danaher Corporation (b) | 216 | 57282 |
| DaVita Inc. (a) (b) | 22 | 1624 |
| Dentsply Sirona Inc. | 70 | 2220 |
| DexCom, Inc. (a) | 127 | 14379 |
| Edwards Lifesciences Corporation (a) | 198 | 14751 |
| Elevance Health, Inc. | 79 | 40404 |
| Eli Lilly and Company | 259 | 94815 |
| Gilead Sciences, Inc. | 411 | 35262 |
| HCA Healthcare, Inc. | 70 | 16763 |
| Henry Schein, Inc. (a) | 46 | 3696 |
| Hologic, Inc. (a) | 81 | 6041 |
| Humana Inc. | 42 | 21382 |
| IDEXX Laboratories, Inc. (a) | 27 | 11019 |
| Illumina, Inc. (a) (b) | 53 | 10681 |
| Incyte Corporation (a) | 62 | 4991 |
| Intuitive Surgical, Inc. (a) | 116 | 30757 |
| IQVIA Holdings Inc (a) | 62 | 12734 |
| Johnson & Johnson | 858 | 151486 |
| Laboratory Corporation of America Holdings | 29 | 6768 |
| McKesson Corporation (b) | 47 | 17598 |
| Medtronic, Inc. | 437 | 33999 |
| Merck & Co., Inc. | 833 | 92388 |
| Mettler-Toledo International Inc. (a) (b) | 7 | 10576 |
| Moderna, Inc. (a) (b) | 107 | 19287 |
| Molina Healthcare, Inc. (a) | 19 | 6307 |
| Organon & Co. (b) | 82 | 2293 |
| PerkinElmer, Inc. (b) | 41 | 5791 |
| Pfizer Inc. | 1846 | 94587 |
| Quest Diagnostics Incorporated (b) | 38 | 5925 |
| Regeneron Pharmaceuticals, Inc. (a) | 35 | 25153 |
| ResMed Inc. | 48 | 10037 |
| Steris Limited (b) | 33 | 6174 |
| Stryker Corporation | 111 | 27148 |
| Teleflex Incorporated (b) | 15 | 3752 |
| The Cooper Companies, Inc. | 16 | 5231 |
| Thermo Fisher Scientific Inc. | 129 | 71188 |
| UnitedHealth Group Incorporated | 306 | 162213 |
| Universal Health Services, Inc. - Class B | 22 | 3052 |
| Vertex Pharmaceuticals Incorporated (a) | 85 | 24571 |
| Viatris Inc. | 379 | 4218 |
| Waters Corporation (a) | 20 | 6703 |
| West Pharmaceutical Services, Inc. | 24 | 5621 |
| Zimmer Biomet Holdings, Inc. | 67 | 8580 |
| Zoetis Inc. - Class A | 152 | 22280 |
|  |  | 1669265 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

506

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Financials 11.5%** | **Financials 11.5%** | **Financials 11.5%** |
| AFLAC Incorporated (b) | 194 | 13969 |
| American Express Company | 198 | 29195 |
| American International Group, Inc. | 247 | 15636 |
| Ameriprise Financial, Inc. | 35 | 11044 |
| AON Public Limited Company - Class A | 67 | 20209 |
| Arch Capital Group Ltd. (a) (b) | 120 | 7528 |
| Arthur J. Gallagher & Co. | 69 | 12930 |
| Assurant, Inc. (b) | 17 | 2160 |
| Bank of America Corporation | 2300 | 76183 |
| Berkshire Hathaway Inc. - Class B (a) | 592 | 182798 |
| BlackRock, Inc. | 49 | 35008 |
| Brown & Brown, Inc. | 79 | 4525 |
| Capital One Financial Corporation | 127 | 11792 |
| Cboe Global Markets, Inc. | 34 | 4300 |
| Chubb Limited | 137 | 30262 |
| Cincinnati Financial Corporation (b) | 54 | 5518 |
| Citigroup Inc. | 638 | 28859 |
| Citizens Financial Group, Inc. | 158 | 6232 |
| CME Group Inc. - Class A | 118 | 19802 |
| Comerica Incorporated | 40 | 2668 |
| Discover Financial Services | 91 | 8871 |
| Everest Re Group, Ltd. | 14 | 4479 |
| FactSet Research Systems Inc. | 13 | 5125 |
| Fifth Third Bancorp | 221 | 7242 |
| First Republic Bank | 61 | 7375 |
| Franklin Resources, Inc. (b) | 91 | 2392 |
| Globe Life Inc. (b) | 29 | 3437 |
| Huntington Bancshares Incorporated | 478 | 6737 |
| Intercontinental Exchange, Inc. | 182 | 18681 |
| Invesco Ltd. (b) | 157 | 2825 |
| JPMorgan Chase & Co. | 963 | 129074 |
| KeyCorp (b) | 317 | 5526 |
| Lincoln National Corporation (b) | 54 | 1646 |
| Loews Corporation | 62 | 3642 |
| M&T Bank Corporation | 56 | 8169 |
| MarketAxess Holdings Inc. | 13 | 3539 |
| Marsh & Mclennan Companies, Inc. | 161 | 26714 |
| MetLife, Inc. | 208 | 15085 |
| Moody's Corporation | 52 | 14527 |
| Morgan Stanley | 430 | 36581 |
| MSCI Inc. - Class A | 26 | 12178 |
| Nasdaq, Inc. | 106 | 6480 |
| Northern Trust Corporation (b) | 66 | 5833 |
| Principal Financial Group, Inc. | 71 | 5946 |
| Prudential Financial, Inc. (b) | 123 | 12218 |
| Raymond James Financial, Inc. (b) | 66 | 7004 |
| Regions Financial Corporation (b) | 302 | 6502 |
| S&P Global Inc. | 109 | 36573 |
| Signature Bank (b) | 22 | 2483 |
| State Street Corporation | 122 | 9470 |
| SVB Financial Group (a) | 20 | 4597 |
| Synchrony Financial | 146 | 4812 |
| T. Rowe Price Group, Inc. (b) | 75 | 8178 |
| The Allstate Corporation | 89 | 12034 |
| The Bank of New York Mellon Corporation (d) | 240 | 10917 |
| The Charles Schwab Corporation | 501 | 41705 |
| The Goldman Sachs Group, Inc. | 111 | 37986 |
| The Hartford Financial Services Group, Inc. | 105 | 7941 |
| The PNC Financial Services Group, Inc. | 133 | 21080 |
| The Progressive Corporation | 191 | 24798 |
| The Travelers Companies, Inc. | 77 | 14519 |
| Truist Financial Corporation | 430 | 18496 |
| U.S. Bancorp | 447 | 19477 |
| W. R. Berkley Corporation | 68 | 4907 |
| Wells Fargo & Company | 1243 | 51335 |
| Willis Towers Watson Public Limited Company (b) | 37 | 9064 |
| Zions Bancorporation, National Association (b) | 49 | 2401 |
|  |  | 1231219 |
| **Consumer Discretionary 9.7%** | **Consumer Discretionary 9.7%** | **Consumer Discretionary 9.7%** |
| Advance Auto Parts, Inc. | 20 | 2887 |
| Amazon.com, Inc. (a) | 2914 | 244786 |
| Aptiv PLC (a) | 87 | 8142 |
| AutoZone, Inc. (a) | 6 | 15853 |
| Bath & Body Works, Inc. | 77 | 3243 |
| Best Buy Co., Inc. (b) | 65 | 5253 |
| Booking Holdings Inc. (a) | 13 | 26021 |
| BorgWarner Inc. (b) | 76 | 3050 |
| Caesars Entertainment, Inc. (a) | 68 | 2811 |
| CarMax, Inc. (a) (b) | 52 | 3187 |
| Carnival Corporation (a) (b) | 319 | 2571 |
| Chipotle Mexican Grill, Inc. (a) | 9 | 12647 |
| D.R. Horton, Inc. (b) | 107 | 9547 |
| Darden Restaurants, Inc. | 40 | 5590 |
| Dollar General Corporation | 74 | 18187 |
| Dollar Tree, Inc. (a) | 69 | 9705 |
| Domino's Pizza, Inc. | 12 | 4043 |
| eBay Inc. | 171 | 7076 |
| ETSY, Inc. (a) (b) | 41 | 4870 |
| Expedia Group, Inc. (a) | 50 | 4347 |
| Ford Motor Company | 1315 | 15297 |
| Garmin Ltd. | 50 | 4581 |
| General Motors Company | 465 | 15652 |
| Genuine Parts Company | 45 | 7869 |
| Hasbro, Inc. (b) | 45 | 2768 |
| Hilton Worldwide Holdings Inc. | 90 | 11355 |
| Las Vegas Sands Corp. (a) (b) | 112 | 5369 |
| Lennar Corporation - Class A (b) | 81 | 7308 |
| LKQ Corporation | 83 | 4457 |
| Lowe`s Companies, Inc. | 203 | 40528 |
| Marriott International, Inc. - Class A | 88 | 13122 |
| McDonald's Corporation | 241 | 63547 |
| MGM Resorts International | 104 | 3494 |
| Mohawk Industries, Inc. (a) (b) | 16 | 1679 |
| Newell Brands Inc. (b) | 119 | 1560 |
| NIKE, Inc. - Class B | 412 | 48201 |
| Norwegian Cruise Line Holdings Ltd. (a) (b) | 122 | 1495 |
| NVR, Inc. (a) | 1 | 4331 |
| O'Reilly Automotive, Inc. (a) (b) | 21 | 17409 |
| Pool Corporation (b) | 13 | 3910 |
| PulteGroup, Inc. | 77 | 3515 |
| Ralph Lauren Corporation - Class A (b) | 11 | 1207 |
| Ross Stores, Inc. | 113 | 13096 |
| Royal Caribbean Cruises Ltd. (b) | 72 | 3540 |
| Starbucks Corporation | 376 | 37257 |
| Tapestry, Inc. | 81 | 3094 |
| Target Corporation (b) | 152 | 22591 |
| Tesla Inc. (a) | 881 | 108557 |
| The Home Depot, Inc. | 336 | 106184 |
| The TJX Companies, Inc. | 383 | 30522 |
| Tractor Supply Company | 36 | 8087 |
| Ulta Beauty, Inc. (a) | 17 | 7906 |
| V.F. Corporation (b) | 106 | 2938 |
| Whirlpool Corporation (b) | 18 | 2566 |
| Wynn Resorts, Limited (a) (b) | 35 | 2861 |
| Yum! Brands, Inc. | 92 | 11787 |
|  |  | 1033456 |
| **Industrials 8.6%** | **Industrials 8.6%** | **Industrials 8.6%** |
| 3M Company | 180 | 21577 |
| A. O. Smith Corporation (b) | 46 | 2618 |
| Alaska Air Group, Inc. (a) (b) | 41 | 1764 |
| Allegion Public Limited Company | 29 | 3030 |
| American Airlines Group Inc. (a) (b) | 211 | 2687 |
| AMETEK, Inc. | 75 | 10412 |
| C.H. Robinson Worldwide, Inc. (b) | 39 | 3571 |
| Carrier Global Corporation | 274 | 11292 |
| Caterpillar Inc. | 174 | 41611 |
| Cintas Corporation | 28 | 12719 |
| Copart, Inc. (a) | 145 | 8812 |
| CoStar Group, Inc. (a) | 137 | 10604 |
| CSX Corporation | 688 | 21321 |
| Cummins Inc. (b) | 46 | 11025 |
| Deere & Company (b) | 90 | 38740 |
| Delta Air Lines, Inc. (a) | 218 | 7174 |
| Dover Corporation (b) | 46 | 6263 |
| Eaton Corporation Public Limited Company | 132 | 20676 |
| Emerson Electric Co. | 195 | 18694 |
| Equifax Inc. (b) | 41 | 8057 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

507

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Expeditors International of Washington, Inc. (b) | 52 | 5353 |
| Fastenal Company (b) | 186 | 8793 |
| FedEx Corporation (b) | 79 | 13656 |
| Fortive Corporation | 119 | 7622 |
| Generac Holdings Inc. (a) (b) | 20 | 2052 |
| General Dynamics Corporation | 74 | 18472 |
| General Electric Company (b) | 357 | 29895 |
| Honeywell International Inc. | 221 | 47340 |
| Howmet Aerospace Inc. | 121 | 4776 |
| Huntington Ingalls Industries, Inc. | 13 | 2912 |
| IDEX Corporation (b) | 24 | 5534 |
| Illinois Tool Works Inc. (b) | 91 | 19960 |
| Ingersoll Rand Inc. | 131 | 6829 |
| J. B. Hunt Transport Services, Inc. | 27 | 4634 |
| Jacobs Solutions Inc. | 42 | 4991 |
| Johnson Controls International Public Limited Company | 222 | 14213 |
| L3Harris Technologies, Inc. | 62 | 12960 |
| Leidos Holdings, Inc. | 45 | 4683 |
| Lockheed Martin Corporation | 76 | 37196 |
| Masco Corporation (b) | 77 | 3591 |
| Nordson Corporation | 18 | 4281 |
| Norfolk Southern Corporation | 76 | 18671 |
| Northrop Grumman Corporation (b) | 47 | 25786 |
| Old Dominion Freight Line, Inc. (b) | 30 | 8633 |
| Otis Worldwide Corporation | 138 | 10800 |
| PACCAR Inc | 112 | 11112 |
| Parker-Hannifin Corporation | 42 | 12164 |
| Pentair Public Limited Company | 55 | 2455 |
| Quanta Services, Inc. | 48 | 6810 |
| Raytheon Technologies Corporation | 484 | 48871 |
| Republic Services, Inc. | 68 | 8773 |
| Robert Half International Inc. (b) | 35 | 2560 |
| Rockwell Automation, Inc. | 38 | 9681 |
| Rollins, Inc. | 75 | 2754 |
| Snap-on Incorporated (b) | 17 | 3936 |
| Southwest Airlines Co. | 191 | 6439 |
| Stanley Black & Decker, Inc. (b) | 49 | 3660 |
| Textron Inc. | 69 | 4868 |
| The Boeing Company (a) (b) | 182 | 34684 |
| Trane Technologies Public Limited Company | 75 | 12686 |
| TransDigm Group Incorporated (b) | 17 | 10685 |
| Union Pacific Corporation | 202 | 41814 |
| United Airlines Holdings, Inc. (a) (b) | 105 | 3967 |
| United Parcel Service, Inc. - Class B | 239 | 41556 |
| United Rentals, Inc. (a) (b) | 23 | 8205 |
| Verisk Analytics, Inc. | 51 | 8990 |
| W. W. Grainger, Inc. (b) | 15 | 8264 |
| Waste Management, Inc. | 122 | 19156 |
| Westinghouse Air Brake Technologies Corporation | 58 | 5765 |
| Xylem Inc. (b) | 61 | 6757 |
| | | 912892 |
| **Communication Services 7.2%** | **Communication Services 7.2%** | **Communication Services 7.2%** |
| Activision Blizzard, Inc. | 231 | 17703 |
| Alphabet Inc. - Class A (a) | 1961 | 173042 |
| Alphabet Inc. - Class C (a) | 1739 | 154342 |
| AT&T Inc. | 2338 | 43050 |
| Charter Communications, Inc. - Class A (a) | 35 | 11913 |
| Comcast Corporation - Class A | 1420 | 49645 |
| Dish Network Corporation - Class A (a) (b) | 82 | 1155 |
| Electronic Arts Inc. | 86 | 10475 |
| Fox Corporation - Class A (b) | 100 | 3045 |
| Fox Corporation - Class B | 45 | 1275 |
| Live Nation Entertainment, Inc. (a) (b) | 47 | 3274 |
| Lumen Technologies Inc. (b) | 298 | 1557 |
| Match Group, Inc. (a) | 91 | 3774 |
| Meta Platforms, Inc. - Class A (a) | 738 | 88867 |
| Netflix, Inc. (a) (b) | 146 | 43108 |
| News Corporation - Class A (b) | 130 | 2369 |
| News Corporation - Class B (b) | 38 | 694 |
| Omnicom Group Inc. | 65 | 5284 |
| Paramount Global - Class B (b) | 166 | 2798 |
| Take-Two Interactive Software, Inc. (a) (b) | 51 | 5313 |
| The Interpublic Group of Companies, Inc. (b) | 115 | 3828 |
| The Walt Disney Company (a) | 602 | 52331 |
| T-Mobile USA, Inc. (a) | 195 | 27350 |
| Verizon Communications Inc. | 1378 | 54274 |
| Warner Bros. Discovery, Inc. - Series A (a) (b) | 707 | 6707 |
|  |  | 767173 |
| **Consumer Staples 7.1%** | **Consumer Staples 7.1%** | **Consumer Staples 7.1%** |
| Altria Group, Inc. | 591 | 27004 |
| Archer-Daniels-Midland Company (b) | 180 | 16697 |
| Brown-Forman Corporation - Class B (b) | 61 | 4024 |
| Campbell Soup Company (b) | 72 | 4097 |
| Church & Dwight Co., Inc. | 79 | 6364 |
| Colgate-Palmolive Company | 274 | 21621 |
| Conagra Brands, Inc. | 156 | 6047 |
| Constellation Brands, Inc. - Class A (b) | 53 | 12377 |
| Costco Wholesale Corporation | 145 | 66364 |
| General Mills, Inc. | 194 | 16296 |
| Hormel Foods Corporation (b) | 93 | 4256 |
| Kellogg Company (b) | 84 | 6019 |
| Keurig Dr Pepper Inc. | 281 | 10020 |
| Kimberly-Clark Corporation | 113 | 15294 |
| Kraft Foods Group, Inc. (b) | 268 | 10929 |
| Lamb Weston Holdings, Inc. | 49 | 4359 |
| McCormick & Company, Incorporated (b) | 84 | 6996 |
| Molson Coors Beverage Company - Class B (b) | 63 | 3231 |
| Mondelez International, Inc. - Class A | 447 | 29820 |
| Monster Beverage 1990 Corporation (a) (b) | 124 | 12594 |
| PepsiCo, Inc. | 450 | 81371 |
| Philip Morris International Inc. | 510 | 51585 |
| Sysco Corporation (b) | 165 | 12638 |
| The Clorox Company (b) | 40 | 5683 |
| The Coca-Cola Company | 1273 | 80982 |
| The Estee Lauder Companies Inc. - Class A | 76 | 18887 |
| The Hershey Company | 49 | 11369 |
| The J. M. Smucker Company (b) | 35 | 5529 |
| The Kroger Co. | 211 | 9409 |
| The Procter & Gamble Company | 778 | 117893 |
| Tyson Foods, Inc. - Class A | 95 | 5912 |
| Walgreens Boots Alliance, Inc. (b) | 232 | 8675 |
| Walmart Inc. | 466 | 66108 |
|  |  | 760450 |
| **Energy 5.2%** | **Energy 5.2%** | **Energy 5.2%** |
| Apa Corp. (b) | 109 | 5095 |
| Baker Hughes Company - Class A (b) | 328 | 9698 |
| Chevron Corporation | 584 | 104807 |
| ConocoPhillips | 409 | 48219 |
| Coterra Energy Inc. (b) | 260 | 6380 |
| Devon Energy Corporation | 218 | 13417 |
| Diamondback Energy, Inc. | 60 | 8178 |
| EOG Resources, Inc. (b) | 192 | 24872 |
| EQT Corporation (b) | 121 | 4094 |
| Exxon Mobil Corporation | 1352 | 149124 |
| Halliburton Company | 306 | 12030 |
| Hess Corporation | 91 | 12839 |
| Kinder Morgan, Inc. (b) | 651 | 11769 |
| Marathon Oil Corporation | 206 | 5577 |
| Marathon Petroleum Corporation | 153 | 17848 |
| Occidental Petroleum Corporation | 235 | 14832 |
| ONEOK, Inc. (b) | 142 | 9340 |
| Phillips 66 | 155 | 16136 |
| Pioneer Natural Resources Company | 77 | 17584 |
| Schlumberger Limited | 463 | 24739 |
| Targa Resources Corp. | 74 | 5447 |
| The Williams Companies, Inc. (b) | 404 | 13299 |
| Valero Energy Corporation | 128 | 16254 |
|  |  | 551578 |
| **Utilities 3.1%** | **Utilities 3.1%** | **Utilities 3.1%** |
| Alliant Energy Corporation | 81 | 4499 |
| Ameren Corporation | 81 | 7220 |
| American Electric Power Company, Inc. | 169 | 16093 |
| American Water Works Company, Inc. | 59 | 8947 |
| Atmos Energy Corporation (b) | 47 | 5277 |
| CenterPoint Energy, Inc. | 199 | 5982 |
| CMS Energy Corporation | 94 | 5947 |
| Consolidated Edison, Inc. | 117 | 11160 |
| Constellation Energy Group, Inc. | 110 | 9468 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

508

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Dominion Energy, Inc. | 274 | 16780 |
| DTE Energy Company | 63 | 7365 |
| Duke Energy Corporation | 254 | 26149 |
| Edison International (b) | 130 | 8240 |
| Entergy Corporation | 65 | 7263 |
| Evergy, Inc. | 74 | 4634 |
| Eversource Energy (b) | 111 | 9305 |
| Exelon Corporation (b) | 330 | 14259 |
| FirstEnergy Corp. | 181 | 7580 |
| NextEra Energy, Inc. | 652 | 54526 |
| NiSource Inc. | 130 | 3560 |
| NRG Energy, Inc. (b) | 79 | 2513 |
| PG&E Corporation (a) (b) | 527 | 8563 |
| Pinnacle West Capital Corporation | 38 | 2871 |
| PPL Corporation | 245 | 7169 |
| Public Service Enterprise Group Incorporated | 163 | 10015 |
| Sempra Energy | 105 | 16211 |
| The AES Corporation | 216 | 6199 |
| The Southern Company | 358 | 25533 |
| WEC Energy Group Inc. | 102 | 9570 |
| Xcel Energy Inc. | 182 | 12769 |
| | | 335667 |
| **Materials 2.7%** | **Materials 2.7%** | **Materials 2.7%** |
| Air Products and Chemicals, Inc. | 73 | 22579 |
| Albemarle Corporation | 38 | 8336 |
| Amcor Pty Ltd (b) | 486 | 5782 |
| Avery Dennison Corporation | 27 | 4918 |
| Ball Corporation (b) | 99 | 5081 |
| Celanese Corporation - Class A | 34 | 3487 |
| CF Industries Holdings, Inc. | 68 | 5756 |
| Corteva, Inc. | 232 | 13665 |
| Dow Inc. | 235 | 11866 |
| DuPont de Nemours, Inc. (b) | 158 | 10830 |
| Eastman Chemical Company | 37 | 3021 |
| Ecolab Inc. | 81 | 11731 |
| FMC Corporation (b) | 41 | 5142 |
| Freeport-McMoRan Inc. | 464 | 17642 |
| International Flavors & Fragrances Inc. | 86 | 9003 |
| International Paper Company (b) | 122 | 4227 |
| Legacy Vulcan Corp. | 45 | 7896 |
| Linde Public Limited Company | 163 | 53172 |
| LyondellBasell Industries N.V. - Class A (b) | 86 | 7120 |
| Martin Marietta Materials, Inc. | 20 | 6780 |
| MOS Holdings Inc. | 109 | 4801 |
| Newmont Corporation | 264 | 12459 |
| Nucor Corporation | 84 | 11079 |
| Packaging Corporation of America | 30 | 3856 |
| PPG Industries, Inc. | 77 | 9649 |
| Sealed Air Corporation | 46 | 2296 |
| Steel Dynamics, Inc. | 50 | 4844 |
| The Sherwin-Williams Company | 77 | 18273 |
| WestRock Company | 84 | 2947 |
|  |  | 288238 |
| **Real Estate 2.7%** | **Real Estate 2.7%** | **Real Estate 2.7%** |
| Alexandria Real Estate Equities, Inc. | 48 | 7019 |
| American Tower Corporation | 152 | 32098 |
| AvalonBay Communities, Inc. | 45 | 7289 |
| Boston Properties, Inc. | 47 | 3186 |
| Camden Property Trust | 34 | 3846 |
| CBRE Group, Inc. - Class A (a) (b) | 104 | 7972 |
| Crown Castle Inc. | 144 | 19514 |
| Digital Realty Trust, Inc. (b) | 94 | 9464 |
| Equinix, Inc. (b) | 30 | 19914 |
| Equity Residential | 109 | 6456 |
| Essex Property Trust, Inc. | 21 | 4552 |
| Extra Space Storage Inc. | 42 | 6248 |
| Federal Realty Investment Trust (b) | 26 | 2615 |
| Healthpeak Properties, Inc. | 179 | 4491 |
| Host Hotels & Resorts, Inc. (b) | 235 | 3768 |
| Invitation Homes Inc. (b) | 190 | 5622 |
| Iron Mountain Incorporated (b) | 96 | 4773 |
| Kimco Realty Corporation (b) | 199 | 4224 |
| Mid-America Apartment Communities, Inc. (b) | 39 | 6102 |
| ProLogis Inc. | 302 | 34010 |
| Public Storage | 51 | 14391 |
| Realty Income Corporation (b) | 207 | 13122 |
| Regency Centers Corporation (b) | 55 | 3407 |
| SBA Communications Corporation | 35 | 9917 |
| Simon Property Group, Inc. | 106 | 12496 |
| UDR, Inc. | 102 | 3963 |
| Ventas, Inc. | 132 | 5961 |
| VICI Properties Inc. | 311 | 10069 |
| Vornado Realty Trust (b) | 54 | 1118 |
| Welltower OP LLC | 157 | 10274 |
| Weyerhaeuser Company | 251 | 7785 |
|  |  | 285666 |
| Total Common Stocks (cost $6,216,805) | Total Common Stocks (cost $6,216,805) | 10552323 |
| **SHORT TERM INVESTMENTS 6.8%** | **SHORT TERM INVESTMENTS 6.8%** | **SHORT TERM INVESTMENTS 6.8%** |
| **Securities Lending Collateral 5.9%** | **Securities Lending Collateral 5.9%** | **Securities Lending Collateral 5.9%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (d) (e) | 133832 | 133832 |
| Repurchase Agreement with CIT, 4.77% (Collateralized by various publicly traded equities and U.S. Treasury securities with a value of $306,162) acquired on 12/30/2022, due 4/3/2023 at $303,737 | 300000 | 300000 |
| Repurchase Agreement with MSC, 4.72% (Collateralized by various publicly traded equities and U.S. Treasury securities with a value of $215,908) acquired on 12/30/2022, due 6/29/2023 at $204,746 | 200000 | 200000 |
|  |  | 633832 |
| **Investment Companies 0.9%** | **Investment Companies 0.9%** | **Investment Companies 0.9%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (d) (e) | 90383 | 90383 |
| Total Short Term Investments (cost $724,215) | Total Short Term Investments (cost $724,215) | 724215 |
| **Total Investments 105.8% (cost $6,941,020)** | **Total Investments 105.8% (cost $6,941,020)** | **11276538** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (319) |
| **Other Assets and Liabilities, Net (5.8)%** | **Other Assets and Liabilities, Net (5.8)%** | **(617736)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **10658483** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Mellon S&P 500 Index Fund — Restricted Securities** | **JNL/Mellon S&P 500 Index Fund — Restricted Securities** | **JNL/Mellon S&P 500 Index Fund — Restricted Securities** | **JNL/Mellon S&P 500 Index Fund — Restricted Securities** | **JNL/Mellon S&P 500 Index Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| TE Connectivity Ltd. | 10/11/12 | 6287 | 11828 | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

509

------

***JNL Series Trust***

December 31, 2022

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon S&P 500 Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon S&P 500 Index Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| The Bank of New York Mellon Corporation | 14790 | 312 | 1246 | 343 | 564 | (3503) | 10917 | 0.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon S&P 500 Index Fund — Futures Contracts** | **JNL/Mellon S&P 500 Index Fund — Futures Contracts** | **JNL/Mellon S&P 500 Index Fund — Futures Contracts** | **JNL/Mellon S&P 500 Index Fund — Futures Contracts** | **JNL/Mellon S&P 500 Index Fund — Futures Contracts** | **JNL/Mellon S&P 500 Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 561 | March 2023 | 111279 | (319) | (2978) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 10552323 |  |  | 10552323 |
| &nbsp;&nbsp;Short Term Investments | 724215 |  |  | 724215 |
|  | 11276538 |  |  | 11276538 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (2978) |  |  | (2978) |
|  | (2978) |  |  | (2978) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

510

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***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** |
| **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** |
| **Information Technology 24.8%** | **Information Technology 24.8%** | **Information Technology 24.8%** |
| Accenture Public Limited Company - Class A | 78 | 20795 |
| ACI Worldwide, Inc. (a) | 16 | 362 |
| Adobe Inc. (a) | 57 | 19277 |
| Advanced Energy Industries, Inc. | 5 | 438 |
| Advanced Micro Devices, Inc. (a) | 200 | 12927 |
| Affirm Holdings, Inc. - Class A (a) (b) | 20 | 196 |
| Akamai Technologies, Inc. (a) | 19 | 1581 |
| Alarm.Com Holdings, Inc. (a) | 7 | 366 |
| Allegro Microsystems Inc. (a) | 7 | 207 |
| Altair Engineering Inc. - Class A (a) | 5 | 237 |
| Alteryx, Inc. - Class A (a) | 5 | 274 |
| Ambarella Inc. (a) | 5 | 423 |
| Amkor Technology, Inc. | 12 | 296 |
| Amphenol Corporation - Class A | 71 | 5438 |
| Analog Devices, Inc. | 64 | 10526 |
| ANSYS, Inc. (a) | 10 | 2534 |
| AppFolio, Inc. - Class A (a) | 3 | 297 |
| Appian Corporation - Class A (a) | 6 | 210 |
| Apple Inc. | 1847 | 240010 |
| Applied Materials, Inc. | 108 | 10486 |
| AppLovin Corporation - Class A (a) (b) | 15 | 157 |
| Arista Networks, Inc. (a) | 30 | 3692 |
| Arrow Electronics, Inc. (a) | 8 | 814 |
| Asana, Inc. - Class A (a) | 10 | 142 |
| Atlassian Corporation - Class A (a) | 18 | 2276 |
| Autodesk, Inc. (a) | 27 | 4961 |
| Automatic Data Processing, Inc. | 51 | 12241 |
| Avnet, Inc. | 13 | 553 |
| Badger Meter, Inc. | 3 | 330 |
| Belden Inc. | 5 | 360 |
| Bentley Systems, Incorporated - Class B | 26 | 957 |
| Bill.Com Holdings Inc. (a) (b) | 13 | 1365 |
| Black Knight, Inc. (a) | 19 | 1180 |
| Blackbaud, Inc. (a) | 6 | 373 |
| Blackline, Inc. (a) | 7 | 497 |
| Block, Inc. - Class A (a) | 67 | 4221 |
| Box, Inc. - Class A (a) (b) | 19 | 607 |
| Broadcom Inc. | 50 | 27959 |
| Broadridge Financial Solutions, Inc. | 15 | 2039 |
| Cadence Design Systems, Inc. (a) | 34 | 5394 |
| Calix, Inc. (a) | 8 | 546 |
| CDW Corp. | 17 | 3029 |
| Ceridian HCM Holding Inc. (a) | 20 | 1270 |
| Ciena Corporation (a) | 16 | 819 |
| Cirrus Logic, Inc. (a) | 8 | 606 |
| Cisco Systems, Inc. | 507 | 24164 |
| Clear Secure, Inc. - Class A | 10 | 275 |
| Cloudflare, Inc. - Class A (a) | 36 | 1617 |
| Cognex Corporation | 24 | 1109 |
| Cognizant Technology Solutions Corporation - Class A | 65 | 3723 |
| Coherent Corp. (a) | 18 | 643 |
| CommVault Systems, Inc. (a) | 6 | 401 |
| Concentrix Corporation | 5 | 723 |
| Confluent, Inc. - Class A (a) | 15 | 338 |
| Corning Incorporated | 93 | 2974 |
| Coupa Software Incorporated (a) | 9 | 675 |
| CrowdStrike Holdings, Inc. - Class A (a) | 26 | 2719 |
| Datadog, Inc. - Class A (a) | 31 | 2303 |
| Dell Technologies Inc. - Class C | 35 | 1399 |
| DigitalOcean Holdings, Inc. (a) | 8 | 213 |
| Diodes Incorporated (a) | 5 | 398 |
| DocuSign, Inc. (a) | 26 | 1467 |
| Dolby Laboratories, Inc. - Class A | 6 | 414 |
| DoubleVerify Holdings, Inc. (a) | 8 | 186 |
| Dropbox, Inc. - Class A (a) | 30 | 664 |
| DXC Technology Company (a) | 29 | 766 |
| Dynatrace, Inc. (a) | 27 | 1043 |
| E2Open Parent Holdings, Inc. - Class A (a) (b) | 24 | 141 |
| Elastic N.V. (a) | 9 | 484 |
| Emersub CX, Inc. (a) | 4 | 760 |
| Enphase Energy, Inc. (a) | 17 | 4434 |
| Entegris, Inc. | 20 | 1283 |
| Envestnet, Inc. (a) | 8 | 470 |
| EPAM Systems, Inc. (a) | 7 | 2384 |
| Euronet Worldwide, Inc. (a) | 6 | 566 |
| EVERTEC, Inc. | 10 | 316 |
| ExlService Holdings, Inc. (a) | 4 | 760 |
| Extreme Networks, Inc. (a) | 12 | 214 |
| F5, Inc. (a) | 7 | 967 |
| Fabrinet (a) | 5 | 637 |
| Fair Isaac Corporation (a) | 3 | 1956 |
| Fidelity National Information Services, Inc. | 74 | 5025 |
| First Solar, Inc. (a) | 12 | 1757 |
| Fiserv, Inc. (a) | 79 | 7934 |
| Five9, Inc. (a) | 9 | 640 |
| FleetCor Technologies, Inc. (a) | 10 | 1796 |
| Flex Ltd. (a) | 59 | 1276 |
| Flywire Corporation (a) | 9 | 225 |
| Fortinet, Inc. (a) | 81 | 3979 |
| Gartner, Inc. (a) | 9 | 3182 |
| Gen Digital Inc. | 72 | 1534 |
| Genpact Limited | 18 | 846 |
| Gitlab Inc. - Class A (a) | 6 | 250 |
| Global Payments Inc. | 33 | 3272 |
| GoDaddy Inc. - Class A (a) | 19 | 1454 |
| Guidewire Software, Inc. (a) | 12 | 742 |
| Hewlett Packard Enterprise Company | 157 | 2507 |
| HP, Inc. | 113 | 3028 |
| HubSpot, Inc. (a) | 6 | 1639 |
| Impinj, Inc. (a) | 2 | 222 |
| Informatica Inc. - Class A (a) (b) | 5 | 83 |
| Insight Enterprises, Inc. (a) | 5 | 465 |
| Intel Corporation | 511 | 13493 |
| International Business Machines Corporation | 112 | 15757 |
| Intuit Inc. | 35 | 13463 |
| IPG Photonics Corporation (a) | 5 | 495 |
| Itron, Inc. (a) | 7 | 363 |
| Jabil Inc. | 16 | 1080 |
| Jack Henry & Associates, Inc. | 9 | 1498 |
| JAMF Holding Corp. (a) | 5 | 104 |
| JFROG Ltd (a) | 5 | 108 |
| Juniper Networks, Inc. | 41 | 1317 |
| Keysight Technologies, Inc. (a) | 22 | 3756 |
| KLA Corporation | 18 | 6663 |
| Kulicke and Soffa Industries, Inc. | 9 | 380 |
| Kyndryl Holdings, Inc. (a) | 24 | 269 |
| Lam Research Corporation | 17 | 7181 |
| Lattice Semiconductor Corporation (a) | 17 | 1098 |
| Littelfuse, Inc. | 3 | 765 |
| Lumentum Holdings Inc. (a) | 9 | 491 |
| MACOM Technology Solutions Holdings, Inc. (a) | 6 | 382 |
| Manhattan Associates, Inc. (a) | 7 | 857 |
| Marqeta, Inc. - Class A (a) | 48 | 292 |
| Marvell Technology, Inc. | 107 | 3946 |
| MasterCard Incorporated - Class A | 105 | 36464 |
| MAXIMUS, Inc. | 9 | 629 |
| MaxLinear, Inc. (a) | 9 | 313 |
| Microchip Technology Incorporated | 68 | 4765 |
| Micron Technology, Inc. | 133 | 6644 |
| Microsoft Corporation | 921 | 220839 |
| MicroStrategy Incorporated - Class A (a) (b) | 1 | 150 |
| MKS Instruments, Inc. | 8 | 635 |
| MongoDB, Inc. - Class A (a) | 9 | 1704 |
| Monolithic Power Systems, Inc. | 5 | 1934 |
| Motorola Solutions, Inc. | 21 | 5333 |
| National Instruments Corporation | 18 | 673 |
| nCino, Inc. (a) | 7 | 188 |
| NCR Corporation (a) | 18 | 430 |
| NetApp, Inc. | 26 | 1552 |
| NetScout Systems, Inc. (a) | 9 | 291 |
| New Relic, Inc. (a) | 8 | 432 |
| Novanta Inc. (a) | 5 | 685 |
| Nutanix, Inc. - Class A (a) | 29 | 748 |
| NVIDIA Corporation | 308 | 44951 |
| NXP Semiconductors N.V. | 32 | 5002 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

511

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Okta, Inc. - Class A (a) | 18 | 1219 |
| On Semiconductor Corporation (a) | 53 | 3310 |
| Onto Innovation Inc. (a) | 7 | 461 |
| Oracle Corporation | 187 | 15303 |
| Pagerduty, Inc. (a) | 9 | 247 |
| Palantir Technologies Inc. - Class A (a) | 212 | 1364 |
| Palo Alto Networks, Inc. (a) | 37 | 5208 |
| Paychex, Inc. | 40 | 4569 |
| Paycom Software, Inc. (a) | 6 | 1809 |
| Paylocity Holding Corporation (a) | 5 | 887 |
| PayPal Holdings, Inc. (a) | 140 | 9957 |
| Pegasystems Inc. | 6 | 194 |
| Perficient, Inc. (a) | 5 | 327 |
| Plexus Corp. (a) | 1 | 127 |
| Power Integrations, Inc. | 7 | 517 |
| Procore Technologies, Inc. (a) | 7 | 317 |
| Progress Software Corporation | 5 | 254 |
| PTC Inc. (a) | 14 | 1673 |
| Pure Storage, Inc. - Class A (a) | 36 | 957 |
| Q2 Holdings, Inc. (a) | 8 | 228 |
| Qorvo, Inc. (a) | 12 | 1075 |
| Qualcomm Incorporated | 139 | 15280 |
| Qualtrics International Inc. - Class A (a) | 15 | 151 |
| Qualys, Inc. (a) | 5 | 527 |
| Rambus Inc. (a) | 12 | 424 |
| Rapid7, Inc. (a) | 8 | 261 |
| RingCentral, Inc. - Class A (a) | 12 | 413 |
| Roper Technologies, Inc. | 13 | 5745 |
| Sabre Corporation (a) (b) | 48 | 296 |
| Salesforce, Inc. (a) | 123 | 16328 |
| Sanmina Corporation (a) | 5 | 311 |
| Seagate Technology Holdings Public Limited Company | 25 | 1296 |
| SentinelOne, Inc. - Class A (a) | 29 | 417 |
| ServiceNow, Inc. (a) | 25 | 9699 |
| Shift4 Payments, LLC - Class A (a) | 5 | 299 |
| Silicon Laboratories Inc. (a) | 4 | 513 |
| Sitime Corporation (a) | 2 | 220 |
| Skyworks Solutions, Inc. | 19 | 1718 |
| Smartsheet Inc. - Class A (a) | 17 | 674 |
| Snowflake Inc. - Class A (a) | 34 | 4948 |
| SolarEdge Technologies Ltd. (a) | 7 | 2029 |
| Splunk Inc. (a) | 20 | 1684 |
| Sprout Social, Inc. - Class A (a) | 6 | 344 |
| SPS Commerce, Inc. (a) | 5 | 652 |
| Squarespace, Inc. - Class A (a) | 7 | 153 |
| SS&C Technologies Holdings, Inc. | 29 | 1511 |
| Super Micro Computer, Inc. (a) | 6 | 454 |
| Synaptics Incorporated (a) | 4 | 422 |
| Synopsys, Inc. (a) | 19 | 6044 |
| TD SYNNEX Corporation | 6 | 544 |
| TE Connectivity Ltd. (c) | 40 | 4535 |
| Teledyne Technologies Incorporated (a) | 6 | 2416 |
| Tenable Holdings, Inc. (a) | 11 | 417 |
| Teradata Corporation (a) | 15 | 508 |
| Teradyne, Inc. | 18 | 1602 |
| Texas Instruments Incorporated | 113 | 18628 |
| The Western Union Company | 49 | 671 |
| Thoughtworks Holding, Inc. (a) | 7 | 73 |
| Toast, Inc. - Class A (a) | 33 | 604 |
| Trimble Inc. (a) | 31 | 1570 |
| TTEC Holdings, Inc. | 3 | 130 |
| Twilio Inc. - Class A (a) | 22 | 1088 |
| Tyler Technologies, Inc. (a) | 5 | 1624 |
| Uipath, Inc. - Class A (a) | 37 | 471 |
| Unity Software Inc. (a) (b) | 23 | 648 |
| Universal Display Corporation | 5 | 566 |
| Varonis Systems, Inc. (a) | 15 | 364 |
| Verint Systems Inc. (a) | 8 | 300 |
| VeriSign, Inc. (a) | 11 | 2286 |
| ViaSat, Inc. (a) | 11 | 335 |
| Viavi Solutions Inc. (a) | 32 | 336 |
| Visa Inc. - Class A | 202 | 42064 |
| Vishay Intertechnology, Inc. | 9 | 192 |
| Vm Consolidated, Inc. - Class A (a) | 14 | 192 |
| VMware, Inc. - Class A (a) | 26 | 3202 |
| Vontier Corporation | 14 | 269 |
| Western Digital Corporation (a) | 41 | 1285 |
| Wex, Inc. (a) | 5 | 798 |
| Wolfspeed, Inc. (a) | 16 | 1122 |
| Workday, Inc. - Class A (a) | 25 | 4205 |
| Workiva Inc. - Class A (a) | 5 | 461 |
| Xerox Holdings Corporation | 8 | 112 |
| Zebra Technologies Corporation - Class A (a) | 7 | 1743 |
| Zoom Video Communications, Inc. - Class A (a) | 26 | 1786 |
| Zscaler, Inc. (a) | 11 | 1223 |
| | | 1138016 |
| **Health Care 15.3%** | **Health Care 15.3%** | **Health Care 15.3%** |
| 10X Genomics, Inc. - Class A (a) | 13 | 468 |
| Abbott Laboratories | 215 | 23574 |
| AbbVie Inc. | 219 | 35384 |
| Abcellera Biologics Inc. (a) | 24 | 240 |
| Acadia Healthcare Company, Inc. (a) | 10 | 787 |
| ACADIA Pharmaceuticals Inc. (a) | 12 | 197 |
| Agilent Technologies, Inc. | 37 | 5557 |
| Agilon Health Management, Inc. (a) (b) | 24 | 386 |
| Align Technology, Inc. (a) | 9 | 1991 |
| Alkermes Public Limited Company (a) | 23 | 591 |
| Alnylam Pharmaceuticals, Inc. (a) | 15 | 3486 |
| Amedisys, Inc. (a) | 3 | 265 |
| AmerisourceBergen Corporation | 20 | 3252 |
| Amgen Inc. | 66 | 17385 |
| Amicus Therapeutics, Inc. (a) | 38 | 465 |
| AMN Healthcare Services, Inc. (a) | 5 | 468 |
| Apellis Pharmaceuticals, Inc. (a) | 13 | 685 |
| Apollo Medical Holdings, Inc. (a) (d) | 6 | 163 |
| Arrowhead Pharmaceuticals Inc (a) | 14 | 562 |
| Arvinas Operations, Inc. (a) | 5 | 169 |
| AtriCure, Inc. (a) | 6 | 280 |
| Avantor, Inc. (a) | 79 | 1675 |
| Axonics, Inc. (a) | 5 | 310 |
| Azenta, Inc. (a) | 11 | 628 |
| Baxter International Inc. | 61 | 3134 |
| Beam Therapeutics Inc. (a) (b) | 6 | 233 |
| Becton, Dickinson and Company | 35 | 9016 |
| Biogen Inc. (a) | 18 | 4994 |
| BioMarin Pharmaceutical Inc. (a) | 23 | 2431 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 2 | 1007 |
| Bio-Techne Corporation | 20 | 1680 |
| Blueprint Medicines Corporation (a) | 8 | 350 |
| Boston Scientific Corporation (a) | 175 | 8119 |
| Bristol-Myers Squibb Company | 262 | 18864 |
| Bruker Corporation | 14 | 956 |
| Cardinal Health, Inc. | 33 | 2518 |
| Catalent, Inc. (a) | 22 | 982 |
| Centene Corporation (a) | 70 | 5752 |
| Cerevel Therapeutics Holdings, Inc. - Class A (a) | 9 | 271 |
| Certara, Inc. (a) | 15 | 236 |
| Charles River Laboratories International, Inc. (a) | 6 | 1332 |
| Chemed Corporation | 2 | 964 |
| Cigna Corporation | 38 | 12538 |
| CONMED Corporation | 4 | 340 |
| Corcept Therapeutics Incorporated (a) | 11 | 232 |
| Coronado Topco, Inc. (a) | 7 | 576 |
| CorVel Corporation (a) | 1 | 160 |
| CRISPR Therapeutics AG (a) | 10 | 393 |
| CVS Health Corporation | 162 | 15140 |
| Cytokinetics, Incorporated (a) (b) | 12 | 558 |
| Danaher Corporation | 81 | 21554 |
| DaVita Inc. (a) | 6 | 458 |
| Denali Therapeutics Inc. (a) | 11 | 316 |
| Dentsply Sirona Inc. | 29 | 936 |
| DexCom, Inc. (a) | 49 | 5499 |
| Doximity, Inc. - Class A (a) | 12 | 415 |
| Edwards Lifesciences Corporation (a) | 76 | 5689 |
| Elanco Animal Health Incorporated (a) | 61 | 747 |
| Elevance Health, Inc. | 30 | 15220 |
| Eli Lilly and Company | 98 | 35704 |
| Encompass Health Corporation | 11 | 629 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

512

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Enovis Corporation (a) | 6 | 335 |
| Envista Holdings Corporation (a) | 17 | 584 |
| EQRX, Inc. (a) | 49 | 122 |
| Evolent Health, Inc. - Class A (a) | 11 | 312 |
| Exact Sciences Corporation (a) | 22 | 1083 |
| Exelixis, Inc. (a) | 31 | 498 |
| Fate Therapeutics, Inc. (a) | 12 | 117 |
| Gilead Sciences, Inc. | 156 | 13398 |
| Glaukos Corporation (a) | 3 | 145 |
| Globus Medical, Inc. - Class A (a) | 11 | 800 |
| Guardant Health, Inc. (a) | 14 | 393 |
| Haemonetics Corporation (a) | 7 | 511 |
| Halozyme Therapeutics, Inc. (a) | 18 | 1001 |
| Harmony Biosciences Holdings Inc. (a) | 1 | 46 |
| HCA Healthcare, Inc. | 26 | 6326 |
| HealthEquity, Inc. (a) | 9 | 547 |
| Henry Schein, Inc. (a) | 18 | 1422 |
| Hologic, Inc. (a) | 32 | 2383 |
| Horizon Therapeutics Public Limited Company (a) | 29 | 3268 |
| Humana Inc. | 16 | 7991 |
| ICU Medical, Inc. (a) | 3 | 417 |
| IDEXX Laboratories, Inc. (a) | 10 | 4259 |
| Illumina, Inc. (a) | 19 | 3903 |
| Inari Medical, Inc. (a) | 7 | 454 |
| Incyte Corporation (a) | 22 | 1747 |
| Insmed Incorporated (a) | 17 | 338 |
| Inspire Medical Systems, Inc. (a) | 4 | 978 |
| Insulet Corporation (a) | 8 | 2488 |
| Integer Holdings Corporation (a) | 4 | 256 |
| Integra LifeSciences Holdings Corporation (a) (b) | 10 | 567 |
| Intellia Therapeutics, Inc. (a) | 10 | 339 |
| Intra-Cellular Therapies, Inc. (a) | 12 | 615 |
| Intuitive Surgical, Inc. (a) | 44 | 11642 |
| Ionis Pharmaceuticals, Inc. (a) | 15 | 567 |
| IQVIA Holdings Inc (a) | 23 | 4783 |
| Irhythm Technologies, Inc. (a) | 4 | 347 |
| Iveric Bio, Inc. (a) | 11 | 242 |
| Jazz Pharmaceuticals Public Limited Company (a) | 8 | 1219 |
| Johnson & Johnson | 323 | 57052 |
| Karuna Therapeutics, Inc. (a) | 3 | 600 |
| Laboratory Corporation of America Holdings | 11 | 2599 |
| Lantheus Holdings, Inc. (a) | 9 | 454 |
| LivaNova PLC (a) | 8 | 438 |
| Maravai LifeSciences Holdings, Inc. - Class A (a) | 13 | 190 |
| Masimo Corporation (a) | 5 | 804 |
| McKesson Corporation | 18 | 6613 |
| Medpace Holdings, Inc. (a) | 3 | 531 |
| Medtronic, Inc. | 165 | 12788 |
| Merck & Co., Inc. | 314 | 34805 |
| Merit Medical Systems, Inc. (a) | 8 | 564 |
| Mettler-Toledo International Inc. (a) | 3 | 4056 |
| Mirati Therapeutics, Inc. (a) | 7 | 312 |
| Moderna, Inc. (a) | 41 | 7331 |
| Molina Healthcare, Inc. (a) | 7 | 2432 |
| Multiplan Corporation - Class A (a) | 34 | 39 |
| Natera, Inc. (a) | 12 | 477 |
| Neogen Corporation (a) | 20 | 305 |
| Neurocrine Biosciences, Inc. (a) | 12 | 1435 |
| Novocure Limited (a) | 12 | 892 |
| NuVasive, Inc. (a) | 6 | 247 |
| Oak Street Health, Inc. (a) | 11 | 235 |
| Omnicell, Inc. (a) | 6 | 305 |
| Option Care Health, Inc. (a) | 21 | 622 |
| Organon & Co. | 34 | 946 |
| Pacira Pharmaceuticals, Inc. (a) | 5 | 193 |
| Patterson Companies, Inc. | 6 | 160 |
| Penumbra, Inc. (a) | 5 | 1127 |
| PerkinElmer, Inc. | 15 | 2074 |
| Perrigo Company Public Limited Company | 19 | 640 |
| Pfizer Inc. | 695 | 35611 |
| Premier Healthcare Solutions, Inc. - Class A | 17 | 583 |
| Prestige Consumer Healthcare Inc. (a) | 5 | 323 |
| Privia Health Group Inc. (a) | 6 | 134 |
| Progyny, Inc. (a) | 9 | 289 |
| Prometheus Biosciences, Inc. (a) | 3 | 308 |
| PTC Therapeutics, Inc. (a) | 7 | 265 |
| Quest Diagnostics Incorporated | 14 | 2181 |
| R1 RCM Inc. (a) (b) | 20 | 220 |
| Regeneron Pharmaceuticals, Inc. (a) | 13 | 9554 |
| Relay Therapeutics, Inc. (a) | 11 | 160 |
| Repligen Corporation (a) | 6 | 1064 |
| ResMed Inc. | 18 | 3754 |
| Royalty Pharma PLC - Class A | 46 | 1836 |
| Sage Therapeutics Inc. (a) | 8 | 323 |
| Sarepta Therapeutics, Inc. (a) | 11 | 1447 |
| Seagen Inc. (a) | 18 | 2286 |
| Select Medical Holdings Corporation | 14 | 351 |
| Shockwave Medical, Inc. (a) | 4 | 904 |
| Signify Health, Inc. - Class A (a) | 9 | 244 |
| Sotera Health LLC (a) | 10 | 80 |
| STAAR Surgical Company (a) | 7 | 340 |
| Steris Limited | 13 | 2339 |
| Stryker Corporation | 42 | 10246 |
| Symbion, Inc. (a) | 4 | 123 |
| Syneos Health, Inc. - Class A (a) | 13 | 495 |
| Tandem Diabetes Care, Inc. (a) | 9 | 408 |
| Teladoc Health, Inc. (a) | 23 | 534 |
| Teleflex Incorporated | 5 | 1319 |
| Tenet Healthcare Corporation (a) | 13 | 644 |
| The Cooper Companies, Inc. | 6 | 1958 |
| The Ensign Group, Inc. | 6 | 604 |
| Thermo Fisher Scientific Inc. | 48 | 26617 |
| Tilray Brands, Inc. (a) | 65 | 175 |
| Ultragenyx Pharmaceutical Inc. (a) | 9 | 419 |
| United Therapeutics Corporation (a) | 6 | 1664 |
| UnitedHealth Group Incorporated | 115 | 61179 |
| Universal Health Services, Inc. - Class B | 7 | 1033 |
| Vaxcyte, Inc. (a) | 6 | 272 |
| Veeva Systems Inc. - Class A (a) | 18 | 2887 |
| Vertex Pharmaceuticals Incorporated (a) | 32 | 9165 |
| Viatris Inc. | 153 | 1699 |
| VIR Biotechnology, Inc. (a) | 11 | 268 |
| Waters Corporation (a) | 7 | 2466 |
| West Pharmaceutical Services, Inc. | 9 | 2035 |
| Zimmer Biomet Holdings, Inc. | 27 | 3399 |
| Zoetis Inc. - Class A | 57 | 8378 |
| | | 699203 |
| **Financials 12.1%** | **Financials 12.1%** | **Financials 12.1%** |
| ADS Alliance Data Systems, Inc. | 7 | 264 |
| Affiliated Managers Group, Inc. | 4 | 601 |
| AFLAC Incorporated | 71 | 5119 |
| AGNC Investment Corp. (b) | 70 | 729 |
| Ally Financial Inc. | 39 | 953 |
| American Equity Investment Life Holding Company | 11 | 493 |
| American Express Company | 74 | 11001 |
| American Financial Group, Inc. | 8 | 1055 |
| American International Group, Inc. | 91 | 5726 |
| Ameriprise Financial, Inc. | 13 | 4015 |
| Ameris Bancorp | 9 | 423 |
| Annaly Capital Management, Inc. | 44 | 922 |
| AON Public Limited Company - Class A | 26 | 7752 |
| Apollo Asset Management, Inc. (d) | 55 | 3487 |
| Arbor Realty Trust, Inc. | 18 | 233 |
| Arch Capital Group Ltd. (a) | 47 | 2950 |
| Ares Management Corporation - Class A | 19 | 1313 |
| Arthur J. Gallagher & Co. | 26 | 4889 |
| Artisan Partners Asset Management Inc. - Class A | 10 | 300 |
| Associated Banc-Corp | 16 | 372 |
| Assurant, Inc. | 7 | 881 |
| Assured Guaranty Ltd. | 6 | 364 |
| Atlantic Union Bank | 8 | 265 |
| AXIS Capital Holdings Limited | 11 | 588 |
| Axos Financial, Inc. (a) | 6 | 221 |
| BancFirst Corporation | 3 | 248 |
| Bank of America Corporation | 866 | 28671 |
| Bank of Hawaii Corporation | 3 | 241 |
| Bank OZK | 17 | 669 |
| BankUnited, Inc. | 12 | 422 |
| Banner Corporation | 4 | 227 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

513

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Berkshire Hathaway Inc. - Class B (a) | 223 | 68751 |
| BlackRock, Inc. | 19 | 13202 |
| Blackstone Inc. - Class A | 87 | 6419 |
| Blackstone Mortgage Trust, Inc. - Class A | 21 | 441 |
| Blue Owl Capital Inc. - Class A | 44 | 471 |
| BOK Financial Corporation | 4 | 393 |
| Brighthouse Financial, Inc. (a) | 9 | 457 |
| Brown & Brown, Inc. | 30 | 1734 |
| Cadence Bank | 18 | 449 |
| Cannae Holdings, Inc. (a) | 14 | 293 |
| Capital One Financial Corporation | 48 | 4443 |
| Cathay General Bancorp | 8 | 334 |
| Chubb Limited | 52 | 11438 |
| Cincinnati Financial Corporation | 19 | 1958 |
| Citigroup Inc. | 239 | 10809 |
| Citizens Financial Group, Inc. | 63 | 2481 |
| Claros Mortgage Trust, Inc. | 14 | 200 |
| CME Group Inc. - Class A | 45 | 7561 |
| CNO Financial Group, Inc. | 18 | 409 |
| Cohen & Steers, Inc. | 4 | 250 |
| Coinbase Global, Inc. - Class A (a) (b) | 20 | 700 |
| Columbia Banking System, Inc. | 12 | 351 |
| Comerica Incorporated | 18 | 1173 |
| Commerce Bancshares, Inc. | 13 | 875 |
| Community Bank System, Inc. | 7 | 455 |
| Credit Acceptance Corporation (a) (b) | 1 | 268 |
| Cullen/Frost Bankers, Inc. | 8 | 1091 |
| CVB Financial Corp. | 13 | 326 |
| Discover Financial Services | 33 | 3256 |
| East West Bancorp, Inc. | 16 | 1073 |
| Eastern Bankshares, Inc. | 15 | 261 |
| Enstar Group Limited (a) | 2 | 376 |
| Equitable Holdings, Inc. | 41 | 1186 |
| Erie Indemnity Company - Class A | 4 | 870 |
| Essent Group Ltd. | 16 | 609 |
| Evercore Inc. - Class A | 5 | 523 |
| Everest Re Group, Ltd. | 5 | 1557 |
| F.N.B. Corporation | 49 | 640 |
| FactSet Research Systems Inc. | 5 | 1976 |
| Federated Hermes, Inc. - Class B | 12 | 419 |
| Fidelity National Financial, Inc. - Class A | 36 | 1372 |
| Fifth Third Bancorp | 88 | 2873 |
| First American Financial Corporation | 11 | 591 |
| First Bancorp. | 30 | 385 |
| First Citizens BancShares, Inc. - Class A | 2 | 1191 |
| First Financial Bancorp. | 10 | 242 |
| First Financial Bankshares, Inc. | 18 | 625 |
| First Hawaiian, Inc. | 17 | 450 |
| First Horizon Corporation | 69 | 1699 |
| First Interstate BancSystem, Inc. - Class A | 8 | 324 |
| First Merchants Corporation | 4 | 167 |
| First Republic Bank | 23 | 2820 |
| FirstCash Holdings, Inc. | 5 | 398 |
| Focus Financial Partners Inc. - Class A (a) | 6 | 228 |
| Franklin Resources, Inc. | 36 | 942 |
| Fulton Financial Corporation | 27 | 447 |
| Glacier Bancorp, Inc. | 13 | 657 |
| Globe Life Inc. | 12 | 1408 |
| Hamilton Lane Incorporated - Class A | 5 | 331 |
| Hancock Whitney Corporation | 12 | 569 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b) | 11 | 320 |
| Hilltop Holdings Inc. | 2 | 53 |
| Home BancShares, Inc. | 20 | 460 |
| Houlihan Lokey, Inc. - Class A | 7 | 634 |
| Huntington Bancshares Incorporated | 177 | 2492 |
| Independence Holdings, LLC | 14 | 454 |
| Independent Bank Corp. | 5 | 456 |
| Independent Bank Group, Inc. | 6 | 360 |
| Interactive Brokers Group, Inc. - Class A | 11 | 831 |
| Intercontinental Exchange, Inc. | 69 | 7048 |
| International Bancshares Corporation | 5 | 213 |
| Invesco Ltd. | 40 | 726 |
| Jackson Financial Inc. - Class A (d) | 5 | 163 |
| Janus Henderson Group PLC | 20 | 466 |
| Jefferies Financial Group Inc. | 24 | 834 |
| JPMorgan Chase & Co. | 363 | 48697 |
| K.K.R. Co., Inc. - Class A | 70 | 3268 |
| KeyCorp | 112 | 1959 |
| Kinsale Capital Group, Inc. | 3 | 758 |
| Lakeland Financial Corporation | 3 | 229 |
| Lincoln National Corporation | 18 | 554 |
| Loews Corporation | 27 | 1554 |
| LPL Financial Holdings Inc. | 10 | 2125 |
| M&T Bank Corporation | 21 | 3052 |
| Markel Corporation (a) | 2 | 2086 |
| MarketAxess Holdings Inc. | 5 | 1279 |
| Marsh & Mclennan Companies, Inc. | 62 | 10196 |
| MetLife, Inc. | 80 | 5805 |
| MGIC Investment Corporation | 34 | 448 |
| Moelis & Company - Class A | 10 | 365 |
| Moody's Corporation | 20 | 5438 |
| Morgan Stanley | 163 | 13845 |
| Morningstar, Inc. | 3 | 667 |
| Mr. Cooper Group Inc. (a) | 12 | 466 |
| MSCI Inc. - Class A | 10 | 4559 |
| Nasdaq, Inc. | 43 | 2653 |
| Navient Corporation | 8 | 134 |
| Nelnet, Inc. - Class A | 2 | 184 |
| New York Community Bancorp, Inc. - Series A | 69 | 593 |
| Northern Trust Corporation | 27 | 2408 |
| Old National Bancorp | 38 | 683 |
| Old Republic International Corporation | 30 | 730 |
| Pacific Premier Bancorp, Inc. | 13 | 403 |
| PacWest Bancorp | 16 | 378 |
| Park National Corporation | 2 | 239 |
| PennyMac Financial Services, Inc. | 4 | 246 |
| Pinnacle Financial Partners, Inc. | 8 | 604 |
| Popular, Inc. | 11 | 712 |
| Primerica, Inc. | 4 | 559 |
| Principal Financial Group, Inc. | 28 | 2387 |
| Prosperity Bancshares, Inc. | 10 | 721 |
| Prudential Financial, Inc. | 45 | 4435 |
| Radian Group Inc. | 16 | 302 |
| Raymond James Financial, Inc. | 24 | 2602 |
| Regions Financial Corporation | 112 | 2418 |
| Reinsurance Group of America, Incorporated | 8 | 1186 |
| RenaissanceRe Holdings Ltd | 5 | 880 |
| Rithm Capital Corp. | 51 | 415 |
| RLI Corp. | 5 | 708 |
| Robinhood Markets, Inc. - Class A (a) | 53 | 433 |
| Ryan Specialty Group Holdings, Inc. - Class A (a) | 12 | 502 |
| S&P Global Inc. | 41 | 13778 |
| SEI Investments Company | 11 | 649 |
| Selective Insurance Group, Inc. | 8 | 750 |
| ServisFirst Bancshares, Inc. | 7 | 513 |
| Signature Bank | 7 | 853 |
| Silvergate Capital Corporation - Class A (a) | 3 | 50 |
| Simmons First National Corporation - Class A | 18 | 380 |
| SLM Corporation | 27 | 449 |
| SoFi Technologies, Inc. (a) | 96 | 443 |
| Southstate Corporation | 10 | 768 |
| Starwood Property Trust, Inc. | 42 | 771 |
| State Street Corporation | 45 | 3498 |
| Stifel Financial Corp. | 15 | 884 |
| Stock Yards Bancorp, Inc. | 3 | 213 |
| SVB Financial Group (a) | 8 | 1789 |
| Synchrony Financial | 54 | 1763 |
| Synovus Financial Corp. | 18 | 666 |
| T. Rowe Price Group, Inc. | 28 | 3028 |
| Texas Capital Bancshares, Inc. (a) | 4 | 234 |
| TFS Financial Corporation | 8 | 113 |
| The Allstate Corporation | 33 | 4480 |
| The Bank of New York Mellon Corporation (d) | 90 | 4117 |
| The Carlyle Group, Inc. | 24 | 714 |
| The Charles Schwab Corporation | 189 | 15710 |
| The Goldman Sachs Group, Inc. | 42 | 14506 |
| The Hanover Insurance Group, Inc. | 5 | 677 |
| The Hartford Financial Services Group, Inc. | 40 | 3038 |
| The PNC Financial Services Group, Inc. | 51 | 8005 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

514

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| The Progressive Corporation | 72 | 9357 |
| The Travelers Companies, Inc. | 30 | 5558 |
| TowneBank | 6 | 196 |
| Tradeweb Markets Inc. - Class A | 13 | 821 |
| Truist Financial Corporation | 165 | 7113 |
| Trupanion, Inc. (a) | 3 | 163 |
| Trustmark Corporation | 7 | 238 |
| U.S. Bancorp | 166 | 7230 |
| UMB Financial Corporation | 6 | 506 |
| Umpqua Holdings Corporation | 33 | 586 |
| United Bankshares, Inc. | 18 | 724 |
| United Community Banks, Inc. | 14 | 480 |
| Unum Group | 22 | 911 |
| Upstart Holdings, Inc. (a) (b) | 7 | 94 |
| Valley National Bancorp | 59 | 669 |
| Virtu Financial, Inc. - Class A | 13 | 266 |
| Voya Financial, Inc. (b) | 13 | 821 |
| W. R. Berkley Corporation | 25 | 1833 |
| Walker & Dunlop, Inc. | 4 | 309 |
| Washington Federal, Inc. | 9 | 295 |
| Webster Financial Corporation | 22 | 1050 |
| Wells Fargo & Company | 470 | 19394 |
| WesBanco, Inc. | 4 | 163 |
| Western Alliance Bancorporation | 15 | 870 |
| White Mountains Insurance Group Ltd |  | 308 |
| Willis Towers Watson Public Limited Company | 13 | 3252 |
| Wintrust Financial Corporation | 8 | 680 |
| WSFS Financial Corporation | 6 | 265 |
| Zions Bancorporation, National Association | 20 | 979 |
| Zurich American Corporation | 9 | 420 |
| | | 552356 |
| **Consumer Discretionary 10.1%** | **Consumer Discretionary 10.1%** | **Consumer Discretionary 10.1%** |
| Academy Sports & Outdoors, Inc. | 10 | 510 |
| Acushnet Holdings Corp. | 6 | 239 |
| Adient Public Limited Company (a) | 13 | 441 |
| ADT, Inc. | 20 | 185 |
| Advance Auto Parts, Inc. | 8 | 1136 |
| Airbnb, Inc. - Class A (a) | 48 | 4096 |
| Amazon.com, Inc. (a) | 1096 | 92096 |
| American Eagle Outfitters, Inc. | 21 | 288 |
| Aptiv PLC (a) | 33 | 3103 |
| Aramark | 32 | 1313 |
| Asbury Automotive Group, Inc. (a) | 3 | 550 |
| Autoliv, Inc. | 10 | 758 |
| AutoNation, Inc. (a) | 5 | 517 |
| AutoZone, Inc. (a) | 2 | 5682 |
| Bath & Body Works, Inc. | 26 | 1108 |
| Best Buy Co., Inc. | 24 | 1911 |
| Bloomin' Brands, Inc. | 11 | 220 |
| Booking Holdings Inc. (a) | 5 | 9651 |
| BorgWarner Inc. | 30 | 1202 |
| Boyd Gaming Corporation | 11 | 620 |
| Bright Horizons Family Solutions, Inc. (a) | 8 | 531 |
| Brunswick Corporation | 10 | 697 |
| Burlington Stores, Inc. (a) | 8 | 1656 |
| Caesars Entertainment, Inc. (a) | 29 | 1197 |
| Capri Holdings Limited (a) | 16 | 896 |
| CarMax, Inc. (a) | 19 | 1181 |
| Carnival Corporation (a) (b) | 124 | 998 |
| Carter's, Inc. | 6 | 444 |
| Cavco Industries, Inc. (a) | 1 | 271 |
| Chegg, Inc. (a) | 13 | 331 |
| Chewy, Inc. - Class A (a) (b) | 12 | 458 |
| Chipotle Mexican Grill, Inc. (a) | 3 | 4740 |
| Choice Hotels International, Inc. | 3 | 317 |
| Churchill Downs Incorporated | 4 | 801 |
| Columbia Sportswear Company | 5 | 441 |
| Coupang, Inc. - Class A (a) | 121 | 1780 |
| Coursera, Inc. (a) | 9 | 111 |
| Cracker Barrel Old Country Store, Inc. | 2 | 217 |
| Crocs, Inc. (a) | 7 | 805 |
| D.R. Horton, Inc. | 37 | 3309 |
| Dana Incorporated | 24 | 359 |
| Darden Restaurants, Inc. | 15 | 2069 |
| Dave & Buster's Entertainment, Inc. (a) | 7 | 239 |
| Deckers Outdoor Corporation (a) | 3 | 1213 |
| Dick's Sporting Goods, Inc. | 6 | 681 |
| Dillard's, Inc. - Class A | 1 | 247 |
| Dollar General Corporation | 28 | 6958 |
| Dollar Tree, Inc. (a) | 26 | 3687 |
| Domino's Pizza, Inc. | 4 | 1515 |
| Doordash, Inc. - Class A (a) | 33 | 1597 |
| Dorman Products, Inc. (a) | 4 | 307 |
| Draftkings Inc. - Class A (a) | 62 | 707 |
| eBay Inc. | 67 | 2782 |
| ETSY, Inc. (a) | 15 | 1823 |
| Expedia Group, Inc. (a) | 20 | 1739 |
| Five Below, Inc. (a) | 7 | 1202 |
| Floor & Decor Holdings, Inc. - Class A (a) | 12 | 809 |
| Foot Locker, Inc. | 13 | 479 |
| Ford Motor Company | 495 | 5751 |
| Fox Factory Holding Corp. (a) | 6 | 550 |
| Frontdoor, Inc. (a) | 12 | 241 |
| GameStop Corp. - Class A (a) (b) | 28 | 516 |
| Garmin Ltd. | 18 | 1643 |
| General Motors Company | 176 | 5904 |
| Gentex Corporation | 29 | 799 |
| Gentherm Incorporated (a) | 5 | 318 |
| Genuine Parts Company | 17 | 2970 |
| Graham Holdings Co., Ltd. - Class B |  | 298 |
| Grand Canyon Education, Inc. (a) | 3 | 358 |
| Group 1 Automotive, Inc. | 2 | 307 |
| H & R Block, Inc. | 22 | 802 |
| Hanesbrands Inc. | 51 | 322 |
| Harley-Davidson, Inc. | 15 | 607 |
| Hasbro, Inc. | 15 | 930 |
| Helen of Troy Limited (a) | 3 | 374 |
| Hilton Grand Vacations Inc. (a) | 8 | 297 |
| Hilton Worldwide Holdings Inc. | 33 | 4205 |
| Hyatt Hotels Corporation - Class A (a) | 6 | 522 |
| Installed Building Products, Inc. | 4 | 321 |
| KB Home | 10 | 317 |
| Kohl's Corporation | 18 | 462 |
| Kontoor Brands, Inc. | 8 | 310 |
| Las Vegas Sands Corp. (a) | 40 | 1916 |
| LCI Industries | 3 | 302 |
| Lear Corporation | 7 | 807 |
| Leggett & Platt, Incorporated | 19 | 622 |
| Lennar Corporation - Class A | 31 | 2776 |
| Lennar Corporation - Class B | 3 | 192 |
| Leslie's, Inc. (a) | 21 | 252 |
| LGI Homes, Inc. (a) | 2 | 215 |
| Light & Wonder, Inc. (a) | 13 | 769 |
| Lithia Motors, Inc. - Class A | 3 | 626 |
| LKQ Corporation | 32 | 1689 |
| Lowe`s Companies, Inc. | 77 | 15277 |
| Lucid Group, Inc. (a) (b) | 72 | 489 |
| Lululemon Athletica Canada Inc. (a) | 15 | 4654 |
| Luminar Technologies, Inc. - Class A (a) (b) | 27 | 135 |
| M.D.C. Holdings, Inc. | 9 | 289 |
| Macy's, Inc. | 28 | 569 |
| Marriott International, Inc. - Class A | 33 | 4947 |
| Marriott Vacations Worldwide Corporation | 4 | 572 |
| Mattel, Inc. (a) | 40 | 717 |
| McDonald's Corporation | 91 | 23969 |
| MercadoLibre S.R.L (a) | 6 | 4913 |
| Meritage Homes Corporation (a) | 5 | 467 |
| MGM Resorts International | 36 | 1198 |
| Mohawk Industries, Inc. (a) | 7 | 726 |
| Murphy USA Inc. | 2 | 668 |
| National Vision Holdings, Inc. (a) | 11 | 445 |
| Newell Brands Inc. | 41 | 539 |
| NIKE, Inc. - Class B | 156 | 18302 |
| Nordstrom, Inc. (b) | 7 | 112 |
| Norwegian Cruise Line Holdings Ltd. (a) | 49 | 606 |
| NVR, Inc. (a) |  | 1684 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 6 | 268 |
| O'Reilly Automotive, Inc. (a) | 8 | 6467 |
| Papa John's International, Inc. | 5 | 377 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

515

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Peloton Interactive, Inc. - Class A (a) (b) | 43 | 343 |
| PENN Entertainment, Inc. (a) | 23 | 670 |
| Penske Automotive Group, Inc. | 1 | 77 |
| Petco Health And Wellness Company, Inc. - Class A (a) | 11 | 101 |
| Planet Fitness, Inc. - Class A (a) | 12 | 924 |
| Polaris Inc. | 6 | 587 |
| Pool Corporation | 5 | 1580 |
| PulteGroup, Inc. | 27 | 1217 |
| PVH Corp. | 10 | 697 |
| Quantumscape Battery, Inc. - Class A (a) (b) | 32 | 180 |
| Ralph Lauren Corporation - Class A | 4 | 454 |
| Red Rock Resorts, Inc. - Class A | 7 | 265 |
| RH (a) (b) | 2 | 658 |
| Rivian Automotive, Inc. - Class A (a) | 69 | 1267 |
| Ross Stores, Inc. | 43 | 5018 |
| Royal Caribbean Cruises Ltd. | 26 | 1303 |
| Seaworld Entertainment, Inc. (a) | 7 | 386 |
| Service Corporation International | 20 | 1369 |
| Shake Shack, Inc. - Class A (a) | 6 | 244 |
| Signet Jewelers Limited | 7 | 489 |
| Six Flags Operations Inc. (a) | 12 | 287 |
| Skechers U.S.A., Inc. - Class A (a) | 14 | 577 |
| Skyline Champion Corporation (a) | 7 | 379 |
| Sonos, Inc. (a) | 5 | 80 |
| Starbucks Corporation | 142 | 14069 |
| Steven Madden, Ltd. | 10 | 329 |
| Sweetgreen, Inc. - Class A (a) | 13 | 110 |
| Tapestry, Inc. | 30 | 1151 |
| Target Corporation | 56 | 8388 |
| Taylor Morrison Home II Corporation - Class A (a) | 17 | 511 |
| Tempur Sealy International, Inc. | 18 | 601 |
| Tesla Inc. (a) | 331 | 40767 |
| Texas Roadhouse, Inc. - Class A | 9 | 855 |
| The Gap, Inc. | 31 | 354 |
| The Goodyear Tire & Rubber Company (a) (b) | 38 | 387 |
| The Home Depot, Inc. | 126 | 39944 |
| The ODP Corporation (a) | 5 | 239 |
| The TJX Companies, Inc. | 142 | 11316 |
| The Wendy's Company | 26 | 586 |
| Thor Industries, Inc. | 8 | 598 |
| Toll Brothers, Inc. | 11 | 558 |
| TopBuild Corp. (a) | 4 | 611 |
| Topgolf Callaway Brands Corp. (a) | 15 | 300 |
| Tractor Supply Company | 14 | 3065 |
| Travel + Leisure Co. | 12 | 437 |
| Ulta Beauty, Inc. (a) | 6 | 2983 |
| Under Armour, Inc. - Class A (a) | 29 | 295 |
| Under Armour, Inc. - Class C (a) | 30 | 265 |
| Urban Outfitters, Inc. (a) | 11 | 266 |
| V.F. Corporation | 42 | 1151 |
| Vail Resorts, Inc. | 5 | 1215 |
| Victoria's Secret & Co. (a) | 9 | 329 |
| Visteon Corporation (a) | 3 | 430 |
| Wayfair Inc. - Class A (a) | 11 | 364 |
| Whirlpool Corporation | 6 | 871 |
| Williams-Sonoma, Inc. | 7 | 841 |
| Wingstop Inc. | 4 | 579 |
| Wyndham Hotels & Resorts, Inc. | 10 | 733 |
| Wynn Resorts, Limited (a) | 12 | 971 |
| YETI Holdings, Inc. (a) | 11 | 451 |
| Yum! Brands, Inc. | 34 | 4339 |
| | | 463311 |
| **Industrials 9.5%** | **Industrials 9.5%** | **Industrials 9.5%** |
| 3M Company | 69 | 8235 |
| A. O. Smith Corporation | 17 | 962 |
| AAON, Inc. | 7 | 496 |
| ABM Industries Incorporated | 6 | 275 |
| Acuity Brands, Inc. | 4 | 698 |
| Advanced Drainage Systems, Inc. | 7 | 588 |
| AECOM | 17 | 1411 |
| Aerojet Rocketdyne Holdings, Inc. (a) | 8 | 432 |
| AeroVironment, Inc. (a) | 3 | 232 |
| AGCO Corporation | 7 | 1005 |
| Air Lease Corporation - Class A | 15 | 560 |
| Alaska Air Group, Inc. (a) | 18 | 779 |
| Albany International Corp. - Class A | 2 | 240 |
| Alight, Inc. - Class A (a) | 30 | 250 |
| Allegion Public Limited Company | 12 | 1267 |
| Allison Systems, Inc. | 9 | 383 |
| Altra Industrial Motion Corp. | 10 | 596 |
| American Airlines Group Inc. (a) | 76 | 970 |
| AMETEK, Inc. | 29 | 4020 |
| APi Group Corp (a) | 25 | 466 |
| Applied Industrial Technologies, Inc. | 5 | 643 |
| Arcosa, Inc. | 4 | 204 |
| Armstrong World Industries, Inc. | 7 | 452 |
| ASGN Incorporated (a) | 7 | 601 |
| Atkore Inc. (a) | 4 | 419 |
| Atlas Air Worldwide Holdings, Inc. (a) | 4 | 369 |
| Avis Budget Group, Inc. (a) | 4 | 584 |
| Axon Enterprise, Inc. (a) | 9 | 1488 |
| Beacon Roofing Supply, Inc. (a) | 4 | 226 |
| Bloom Energy Corporation - Class A (a) | 17 | 325 |
| Boise Cascade Company | 6 | 384 |
| Booz Allen Hamilton Holding Corporation - Class A | 17 | 1816 |
| Brady Corporation - Class A | 8 | 371 |
| Builders FirstSource, Inc. (a) | 19 | 1227 |
| BWXT Government Group, Inc. | 13 | 775 |
| C.H. Robinson Worldwide, Inc. | 15 | 1405 |
| Caci International Inc. - Class A (a) | 3 | 926 |
| Carlisle Companies Incorporated | 6 | 1486 |
| Carrier Global Corporation | 100 | 4145 |
| Casella Waste Systems, Inc. - Class A (a) | 5 | 387 |
| Caterpillar Inc. | 64 | 15354 |
| CBIZ, Inc. (a) | 6 | 282 |
| Chargepoint Inc. - Class A (a) (b) | 35 | 333 |
| Chart Industries, Inc. (a) (b) | 5 | 588 |
| Cintas Corporation | 11 | 4910 |
| Clarivate PLC (a) | 51 | 426 |
| Clean Harbors, Inc. (a) | 7 | 785 |
| Comfort Systems USA, Inc. | 5 | 583 |
| Copart, Inc. (a) | 53 | 3211 |
| CoStar Group, Inc. (a) | 50 | 3878 |
| Crane Holdings, Co. | 7 | 684 |
| CSX Corporation | 259 | 8035 |
| Cummins Inc. | 17 | 4214 |
| Curtiss-Wright Corporation | 5 | 777 |
| Deere & Company | 34 | 14500 |
| Delta Air Lines, Inc. (a) | 82 | 2691 |
| Donaldson Company, Inc. | 13 | 751 |
| Dover Corporation | 17 | 2311 |
| Driven Brands Holdings Inc. (a) | 6 | 177 |
| Dun & Bradstreet Holdings, Inc. | 22 | 275 |
| Dycom Industries, Inc. (a) | 4 | 397 |
| Eaton Corporation Public Limited Company | 49 | 7703 |
| EMCOR Group, Inc. | 5 | 801 |
| Emerson Electric Co. | 72 | 6943 |
| Encore Wire Corporation | 3 | 366 |
| EnerSys | 6 | 418 |
| EnPro Industries, Inc. | 2 | 232 |
| Equifax Inc. | 15 | 2957 |
| ESAB Corporation | 5 | 236 |
| Evoqua Water Technologies Corp. (a) | 17 | 667 |
| Expeditors International of Washington, Inc. | 20 | 2032 |
| Exponent, Inc. | 5 | 490 |
| Fastenal Company | 70 | 3316 |
| Federal Signal Corporation | 6 | 276 |
| FedEx Corporation | 29 | 5056 |
| Flowserve Corporation | 18 | 558 |
| Fluor Corporation (a) | 18 | 622 |
| Fortive Corporation | 44 | 2814 |
| Fortune Brands Innovations, Inc. | 14 | 787 |
| Forward Air Corporation | 4 | 383 |
| Franklin Electric Co., Inc. | 3 | 239 |
| FTI Consulting, Inc. (a) | 5 | 741 |
| Gates Industrial Corporation PLC (a) | 11 | 124 |
| GATX Corporation | 5 | 499 |
| Generac Holdings Inc. (a) | 8 | 822 |
| General Dynamics Corporation | 28 | 6925 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

516

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| General Electric Company | 135 | 11331 |
| GMS Inc. (a) | 4 | 214 |
| Graco Inc. | 20 | 1327 |
| GXO Logistics Inc. (a) | 14 | 577 |
| Hayward Holdings, Inc. (a) | 8 | 74 |
| HEICO Corporation | 5 | 698 |
| HEICO Corporation - Class A | 8 | 1006 |
| Helios Technologies, Inc. | 5 | 269 |
| Herc Holdings Inc. | 4 | 460 |
| Hertz Global Holdings, Inc. (a) | 22 | 333 |
| Hexcel Corporation | 12 | 697 |
| Hillenbrand, Inc. | 10 | 415 |
| Honeywell International Inc. | 83 | 17757 |
| Howmet Aerospace Inc. | 43 | 1705 |
| Hub Group, Inc. - Class A (a) | 5 | 383 |
| Hubbell Incorporated | 6 | 1489 |
| Huntington Ingalls Industries, Inc. | 5 | 1241 |
| IAA Spinco Inc. (a) | 14 | 544 |
| IDEX Corporation | 9 | 2045 |
| Illinois Tool Works Inc. | 35 | 7760 |
| Ingersoll Rand Inc. | 51 | 2642 |
| Insperity, Inc. | 3 | 331 |
| ITT Inc. | 9 | 728 |
| J. B. Hunt Transport Services, Inc. | 10 | 1716 |
| Jacobs Solutions Inc. | 15 | 1819 |
| JetBlue Airways Corporation (a) | 47 | 304 |
| Joby Aviation, Inc. - Class A (a) (b) | 38 | 126 |
| John Bean Technologies Corporation | 4 | 408 |
| Johnson Controls International Public Limited Company | 84 | 5390 |
| Kadant Inc. | 1 | 195 |
| KBR, Inc. | 16 | 852 |
| Kennametal Inc. | 14 | 328 |
| Kirby Corporation (a) | 7 | 473 |
| Knight-Swift Transportation Holdings Inc. - Class A | 18 | 950 |
| Korn Ferry | 6 | 310 |
| L3Harris Technologies, Inc. | 23 | 4888 |
| Landstar System, Inc. | 4 | 723 |
| Leidos Holdings, Inc. | 17 | 1803 |
| Lennox International Inc. | 4 | 1010 |
| Lincoln Electric Holdings, Inc. | 7 | 1074 |
| Lockheed Martin Corporation | 29 | 13989 |
| Lyft, Inc. - Class A (a) | 42 | 460 |
| ManpowerGroup Inc. | 6 | 469 |
| Masco Corporation | 29 | 1361 |
| MasTec, Inc. (a) | 8 | 686 |
| Matson Intermodal - Paragon, Inc. | 3 | 164 |
| McGrath RentCorp | 2 | 243 |
| MDU Resources Group, Inc. | 21 | 643 |
| Mercury Systems, Inc. (a) | 8 | 375 |
| Mine Safety Appliances Company, LLC | 5 | 759 |
| Moog Inc. - Class A | 3 | 245 |
| MSC Industrial Direct Co., Inc. - Class A | 6 | 515 |
| Mueller Industries, Inc. | 5 | 319 |
| Nordson Corporation | 7 | 1555 |
| Norfolk Southern Corporation | 29 | 7109 |
| Northrop Grumman Corporation | 18 | 9762 |
| Nvent Electric Public Limited Company | 21 | 804 |
| Old Dominion Freight Line, Inc. | 11 | 3242 |
| Oshkosh Corporation | 9 | 810 |
| Otis Worldwide Corporation | 50 | 3938 |
| Owens Corning | 11 | 975 |
| PACCAR Inc | 43 | 4296 |
| Parker-Hannifin Corporation | 16 | 4657 |
| Parsons Corporation (a) | 4 | 179 |
| Pentair Public Limited Company | 23 | 1041 |
| Plug Power Inc. (a) (b) | 66 | 810 |
| Quanta Services, Inc. | 18 | 2630 |
| Raytheon Technologies Corporation | 183 | 18456 |
| RBC Bearings Incorporated (a) | 4 | 755 |
| Regal Beloit Corporation | 9 | 1025 |
| Republic Services, Inc. | 26 | 3346 |
| Resideo Technologies, Inc. (a) | 17 | 272 |
| Robert Half International Inc. | 14 | 1066 |
| Rocket Lab USA, Inc. - Class A (a) | 20 | 75 |
| Rockwell Automation, Inc. | 14 | 3605 |
| Rollins, Inc. | 27 | 994 |
| Rush Enterprises, Inc. - Class A | 7 | 368 |
| Ryder System, Inc. | 8 | 634 |
| Saia, Inc. (a) | 4 | 778 |
| Schneider National, Inc. - Class B | 6 | 140 |
| Science Applications International Corporation | 6 | 663 |
| Sensata Technologies Holding PLC | 22 | 887 |
| Simpson Manufacturing Co., Inc. | 6 | 542 |
| SiteOne Landscape Supply, Inc. (a) | 6 | 760 |
| Snap-on Incorporated | 7 | 1554 |
| Southwest Airlines Co. | 72 | 2411 |
| Spirit AeroSystems Holdings, Inc. - Class A | 15 | 433 |
| Spirit Airlines | 15 | 291 |
| SPX Technologies, Inc. (a) | 4 | 265 |
| Stanley Black & Decker, Inc. | 18 | 1357 |
| Stericycle, Inc. (a) | 13 | 663 |
| SunPower Corporation (a) (b) | 13 | 235 |
| Sunrun Inc. (a) | 29 | 695 |
| Terex Corporation | 10 | 415 |
| Tetra Tech, Inc. | 6 | 854 |
| Textron Inc. | 25 | 1765 |
| The AZEK Company Inc. - Class A (a) | 17 | 341 |
| The Boeing Company (a) | 69 | 13173 |
| The Brink's Company | 5 | 250 |
| The Middleby Corporation (a) | 6 | 802 |
| The Timken Company | 10 | 687 |
| The Toro Company | 12 | 1372 |
| Trane Technologies Public Limited Company | 29 | 4863 |
| TransDigm Group Incorporated | 6 | 4080 |
| TransUnion | 23 | 1311 |
| Trex Company, Inc. (a) | 15 | 645 |
| Trinet Group, Inc. (a) | 3 | 230 |
| Trinity Industries, Inc. | 3 | 100 |
| Triton Container International Limited | 7 | 477 |
| Uber Technologies, Inc. (a) | 243 | 6020 |
| UFP Industries, Inc. | 8 | 669 |
| U-Haul Holding Company (b) | 1 | 71 |
| Unifirst Corporation | 1 | 284 |
| Union Pacific Corporation | 76 | 15726 |
| United Airlines Holdings, Inc. (a) | 42 | 1591 |
| United Parcel Service, Inc. - Class B | 91 | 15834 |
| United Rentals, Inc. (a) | 9 | 3075 |
| Univar Solutions Inc. (a) | 17 | 533 |
| Valmont Industries, Inc. | 3 | 974 |
| Verisk Analytics, Inc. | 19 | 3438 |
| Vertiv Holdings Co - Class A | 39 | 539 |
| W. W. Grainger, Inc. | 6 | 3073 |
| Waste Management, Inc. | 46 | 7164 |
| Watsco, Inc. | 5 | 1122 |
| Watts Water Technologies, Inc. - Class A | 4 | 567 |
| Werner Enterprises, Inc. | 9 | 374 |
| WESCO International, Inc. (a) | 6 | 780 |
| Westinghouse Air Brake Technologies Corporation | 23 | 2312 |
| WillScot Mobile Mini Holdings Corp. - Class A (a) | 28 | 1256 |
| Woodward, Inc. | 9 | 824 |
| XPO, Inc. (a) | 14 | 461 |
| Xylem Inc. | 22 | 2474 |
| Zurn Elkay Water Solutions Corporation | 17 | 356 |
| | | 434850 |
| **Communication Services 6.7%** | **Communication Services 6.7%** | **Communication Services 6.7%** |
| Activision Blizzard, Inc. | 88 | 6701 |
| Alphabet Inc. - Class A (a) | 738 | 65100 |
| Alphabet Inc. - Class C (a) | 654 | 58036 |
| Altice USA, Inc. - Class A (a) | 24 | 112 |
| AMC Entertainment Holdings, Inc. - Class A (a) (b) | 60 | 242 |
| AT&T Inc. | 878 | 16157 |
| Bumble Inc. - Class A (a) (b) | 4 | 80 |
| Cable One, Inc. | 1 | 473 |
| Charter Communications, Inc. - Class A (a) | 13 | 4571 |
| Cogent Communications Holdings, Inc. | 2 | 140 |
| Comcast Corporation - Class A | 533 | 18636 |
| Dish Network Corporation - Class A (a) | 33 | 469 |
| Electronic Arts Inc. | 33 | 4062 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

517

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Endeavor Group Holdings, Inc. - Class A (a) | 17 | 386 |
| Fox Corporation - Class A | 35 | 1062 |
| Fox Corporation - Class B | 15 | 438 |
| Frontier Communications Parent, Inc. (a) | 27 | 683 |
| Globalstar, Inc. (a) (b) | 137 | 182 |
| IAC Inc. (a) | 10 | 455 |
| Iridium Communications Inc. | 17 | 855 |
| John Wiley & Sons, Inc. - Class A (b) | 7 | 283 |
| Liberty Broadband Corporation - Series A (a) | 1 | 69 |
| Liberty Broadband Corporation - Series C (a) | 16 | 1215 |
| Liberty Media Corporation - Series A (a) | 2 | 110 |
| Liberty Media Corporation - Series A (a) | 11 | 442 |
| Liberty Media Corporation - Series C (a) | 20 | 768 |
| Liberty Media Corporation - Series C (a) | 24 | 1430 |
| Live Nation Entertainment, Inc. (a) | 18 | 1287 |
| Lumen Technologies Inc. | 126 | 660 |
| Madison Square Garden Entertainment Corp. - Class A | 1 | 216 |
| Match Group, Inc. (a) | 36 | 1508 |
| Meta Platforms, Inc. - Class A (a) | 278 | 33428 |
| Netflix, Inc. (a) | 55 | 16330 |
| News Corporation - Class A | 50 | 902 |
| News Corporation - Class B | 20 | 368 |
| Nexstar Media Group, Inc. - Class A | 5 | 926 |
| Omnicom Group Inc. | 25 | 2051 |
| Paramount Global - Class B (b) | 65 | 1089 |
| Pinterest, Inc. - Class A (a) | 74 | 1801 |
| Playtika Holding Corp. (a) | 11 | 98 |
| Roblox Corporation - Class A (a) | 42 | 1196 |
| Roku Inc. - Class A (a) | 16 | 658 |
| Shutterstock, Inc. | 4 | 192 |
| Sirius XM Holdings Inc. (b) | 79 | 463 |
| Snap Inc. - Class A (a) | 119 | 1064 |
| Take-Two Interactive Software, Inc. (a) | 20 | 2080 |
| TechTarget, Inc. (a) | 4 | 161 |
| TEGNA Inc. | 32 | 674 |
| The Interpublic Group of Companies, Inc. | 48 | 1584 |
| The New York Times Company - Class A | 21 | 683 |
| The Trade Desk, Inc. - Class A (a) | 54 | 2428 |
| The Walt Disney Company (a) | 226 | 19605 |
| T-Mobile USA, Inc. (a) | 73 | 10256 |
| TripAdvisor, Inc. (a) | 16 | 280 |
| Verizon Communications Inc. | 520 | 20484 |
| Warner Music Group Corp. - Class A | 14 | 506 |
| World Wrestling Entertainment, Inc. - Class A | 3 | 185 |
| Yelp Inc. (a) | 10 | 268 |
| Ziff Davis, Inc. (a) | 6 | 486 |
| ZoomInfo Technologies Inc. - Class A (a) | 34 | 1031 |
| | | 308105 |
| **Consumer Staples 6.7%** | **Consumer Staples 6.7%** | **Consumer Staples 6.7%** |
| Albertsons Companies, Inc. - Class A | 22 | 458 |
| Altria Group, Inc. | 223 | 10183 |
| Archer-Daniels-Midland Company | 68 | 6301 |
| Bellring Intermediate Holdings, Inc. (a) | 14 | 348 |
| BJ's Wholesale Club Holdings, Inc. (a) | 17 | 1126 |
| Brown-Forman Corporation - Class A | 7 | 490 |
| Brown-Forman Corporation - Class B | 22 | 1460 |
| Bunge Limited | 20 | 1946 |
| Cal-Maine Foods, Inc. | 5 | 280 |
| Campbell Soup Company | 24 | 1363 |
| Casey's General Stores, Inc. | 5 | 1052 |
| Celsius Holdings, Inc. (a) | 4 | 408 |
| Central Garden & Pet Company (a) | 2 | 58 |
| Central Garden & Pet Company - Class A (a) | 6 | 231 |
| Church & Dwight Co., Inc. | 29 | 2314 |
| Coca-Cola Consolidated, Inc. |  | 251 |
| Colgate-Palmolive Company | 103 | 8143 |
| Conagra Brands, Inc. | 57 | 2217 |
| Constellation Brands, Inc. - Class A | 20 | 4547 |
| Costco Wholesale Corporation | 55 | 25040 |
| Coty Inc. - Class A (a) | 40 | 343 |
| Darling Ingredients Inc. (a) | 19 | 1206 |
| e.l.f. Beauty, Inc. (a) | 4 | 248 |
| Edgewell Personal Care Colombia S A S | 6 | 225 |
| Energizer Holdings, Inc. | 10 | 319 |
| Flowers Foods, Inc. | 28 | 802 |
| Freshpet, Inc. (a) | 6 | 331 |
| General Mills, Inc. | 74 | 6231 |
| Grocery Outlet Holding Corp. (a) | 7 | 211 |
| Herbalife Nutrition Ltd. (a) | 12 | 183 |
| Hormel Foods Corporation | 33 | 1521 |
| Hostess Brands, Inc. - Class A (a) | 13 | 295 |
| Ingredion Incorporated | 7 | 684 |
| Inter Parfums, Inc. | 2 | 202 |
| J & J Snack Foods Corp. | 2 | 369 |
| Kellogg Company | 32 | 2250 |
| Keurig Dr Pepper Inc. | 104 | 3699 |
| Kimberly-Clark Corporation | 42 | 5711 |
| Kraft Foods Group, Inc. | 98 | 4004 |
| Lamb Weston Holdings, Inc. | 17 | 1508 |
| Lancaster Colony Corporation | 3 | 538 |
| McCormick & Company, Incorporated | 32 | 2655 |
| Molson Coors Beverage Company - Class B | 25 | 1290 |
| Mondelez International, Inc. - Class A | 169 | 11292 |
| Monster Beverage 1990 Corporation (a) | 48 | 4882 |
| National Beverage Corp. (a) | 4 | 175 |
| Nu Skin Enterprises, Inc. - Class A | 6 | 247 |
| Olaplex Holdings, Inc. (a) | 7 | 38 |
| PepsiCo, Inc. | 171 | 30861 |
| Performance Food Group Company (a) | 19 | 1130 |
| Philip Morris International Inc. | 192 | 19428 |
| Pilgrim's Pride Corporation (a) | 8 | 187 |
| Post Holdings, Inc. (a) (b) | 5 | 479 |
| PriceSmart, Inc. | 4 | 229 |
| Reynolds Consumer Products Inc. | 9 | 268 |
| Seaboard Corporation |  | 155 |
| Spectrum Brands Holdings, Inc. | 5 | 297 |
| Sprouts Farmers Market, Inc. (a) | 13 | 410 |
| Sysco Corporation | 63 | 4836 |
| The Boston Beer Company, Inc. - Class A (a) | 1 | 469 |
| The Clorox Company | 16 | 2232 |
| The Coca-Cola Company | 483 | 30754 |
| The Estee Lauder Companies Inc. - Class A | 28 | 7050 |
| The Hershey Company | 18 | 4263 |
| The J. M. Smucker Company | 13 | 2028 |
| The Kroger Co. | 83 | 3697 |
| The Procter & Gamble Company | 293 | 44366 |
| The Simply Good Foods Company (a) | 6 | 215 |
| Treehouse Foods, Inc. (a) | 5 | 259 |
| Tyson Foods, Inc. - Class A | 35 | 2192 |
| United Natural Foods, Inc. (a) | 8 | 301 |
| US Foods Holding Corp. (a) | 22 | 753 |
| Walgreens Boots Alliance, Inc. | 93 | 3463 |
| Walmart Inc. | 174 | 24721 |
| WD-40 Company | 1 | 233 |
|  |  | 304951 |
| **Energy 5.1%** | **Energy 5.1%** | **Energy 5.1%** |
| Antero Midstream Corporation | 41 | 447 |
| Antero Resources Corporation (a) | 38 | 1184 |
| Apa Corp. | 39 | 1816 |
| Arch Resources, Inc. - Class A | 2 | 233 |
| Baker Hughes Company - Class A | 128 | 3791 |
| Cactus, Inc. - Class A | 7 | 367 |
| California Resources Corporation | 6 | 263 |
| Callon Petroleum Company (a) (b) | 7 | 255 |
| ChampionX Corporation | 25 | 736 |
| Cheniere Energy, Inc. | 31 | 4587 |
| Chesapeake Energy Corporation (b) | 11 | 1032 |
| Chevron Corporation | 220 | 39444 |
| Chord Energy Corporation | 6 | 781 |
| Civitas Resources, Inc. | 5 | 260 |
| CNX Resources Corporation (a) | 19 | 327 |
| Comstock Resources, Inc. | 12 | 169 |
| ConocoPhillips | 154 | 18164 |
| CONSOL Energy Inc. | 3 | 219 |
| Coterra Energy Inc. | 98 | 2409 |
| CVR Energy, Inc. | 6 | 184 |
| Delek US Holdings, Inc. | 9 | 237 |
| Denbury Inc. (a) | 7 | 600 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

518

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Devon Energy Corporation | 82 | 5071 |
| Diamondback Energy, Inc. | 21 | 2905 |
| DT Midstream, Inc. | 12 | 684 |
| Enviva, Inc. | 4 | 197 |
| EOG Resources, Inc. | 72 | 9371 |
| EQT Corporation | 46 | 1573 |
| Equitrans Midstream Corporation | 59 | 396 |
| Exxon Mobil Corporation | 509 | 56113 |
| Halliburton Company | 112 | 4419 |
| Helmerich & Payne, Inc. | 15 | 737 |
| Hess Corporation | 35 | 4931 |
| HF Sinclair Corporation | 19 | 1007 |
| Kinder Morgan, Inc. | 243 | 4397 |
| Kosmos Energy Ltd. (a) | 54 | 344 |
| Liberty Energy Inc. - Class A | 18 | 281 |
| Magnolia Oil & Gas Corporation - Class A | 20 | 467 |
| Marathon Oil Corporation | 77 | 2071 |
| Marathon Petroleum Corporation | 58 | 6738 |
| Matador Resources Company | 15 | 867 |
| Murphy Oil Corporation | 20 | 862 |
| New Fortress Energy Inc. - Class A | 6 | 254 |
| NexTier Oilfield Solutions Inc. (a) | 24 | 218 |
| Northern Oil and Gas Incorporated | 7 | 226 |
| Nov Inc. | 54 | 1131 |
| Occidental Petroleum Corporation | 91 | 5759 |
| ONEOK, Inc. | 55 | 3607 |
| Ovintiv Canada ULC | 30 | 1541 |
| Patterson-UTI Energy, Inc. | 30 | 507 |
| PBF Energy Inc. - Class A | 12 | 491 |
| PDC Energy, Inc. | 14 | 858 |
| Peabody Energy Corporation (a) | 13 | 343 |
| Permian Resources Corporation - Class A | 31 | 292 |
| Phillips 66 | 59 | 6168 |
| Pioneer Natural Resources Company | 29 | 6706 |
| Range Resources Corporation | 28 | 699 |
| Schlumberger Limited | 175 | 9365 |
| SM Energy Company | 17 | 607 |
| Southwestern Energy Company (a) | 144 | 842 |
| Targa Resources Corp. | 27 | 1975 |
| Texas Pacific Land Corporation | 1 | 1920 |
| The Williams Companies, Inc. | 147 | 4820 |
| Transocean Ltd. (a) (c) | 81 | 368 |
| Valaris Limited (a) (b) | 9 | 593 |
| Valero Energy Corporation | 47 | 5999 |
| | | 236225 |
| **Real Estate 3.2%** | **Real Estate 3.2%** | **Real Estate 3.2%** |
| Agree Realty Corporation | 10 | 741 |
| Alexandria Real Estate Equities, Inc. | 18 | 2595 |
| American Homes 4 Rent - Class A | 40 | 1203 |
| American Tower Corporation | 57 | 12167 |
| Americold Realty Trust | 37 | 1044 |
| Apartment Income REIT Corp. | 20 | 689 |
| Apple Hospitality REIT, Inc. | 31 | 491 |
| AvalonBay Communities, Inc. | 17 | 2774 |
| Boston Properties, Inc. | 19 | 1254 |
| Brixmor Property Group Inc. | 34 | 778 |
| Broadstone Net Lease, Inc. | 18 | 287 |
| Camden Property Trust | 14 | 1578 |
| CBRE Group, Inc. - Class A (a) | 41 | 3159 |
| Corporate Office Properties Trust | 15 | 379 |
| Cousins Properties Incorporated | 21 | 525 |
| Crown Castle Inc. | 53 | 7213 |
| Cubesmart, L.P. | 28 | 1143 |
| Cushman & Wakefield PLC (a) | 18 | 221 |
| DiamondRock Alpharetta Tenant, LLC | 28 | 230 |
| Digital Realty Trust, Inc. | 35 | 3533 |
| DigitalBridge Group, Inc. - Class A | 17 | 183 |
| Douglas Emmett, Inc. | 13 | 202 |
| EastGroup Properties, Inc. | 6 | 831 |
| EPR Properties | 10 | 377 |
| Equinix, Inc. | 11 | 7419 |
| Equity Commonwealth | 13 | 312 |
| Equity Lifestyle Properties, Inc. | 20 | 1318 |
| Equity Residential | 41 | 2391 |
| Essential Properties Realty Trust, Inc. | 16 | 383 |
| Essex Property Trust, Inc. | 9 | 1802 |
| eXp World Holdings, Inc. (b) | 9 | 101 |
| Extra Space Storage Inc. | 16 | 2417 |
| Federal Realty Investment Trust | 10 | 963 |
| First Industrial Realty Trust, Inc. | 14 | 663 |
| Four Corners Property Trust, Inc. | 12 | 320 |
| Gaming and Leisure Properties, Inc. | 32 | 1657 |
| Healthpeak Properties, Inc. | 64 | 1600 |
| Highwoods Properties, Inc. | 15 | 413 |
| Host Hotels & Resorts, Inc. | 82 | 1318 |
| Independence Realty Trust, Inc. | 25 | 427 |
| Innovative Industrial Properties, Inc. | 3 | 347 |
| Invitation Homes Inc. | 71 | 2112 |
| Iron Mountain Incorporated | 35 | 1731 |
| JBG Smith Properties | 8 | 150 |
| Jones Lang LaSalle Incorporated (a) | 5 | 854 |
| Kennedy-Wilson Holdings, Inc. | 20 | 316 |
| Kilroy Realty Corporation | 13 | 502 |
| Kimco Realty Corporation | 76 | 1602 |
| Kite Realty Naperville, LLC | 29 | 607 |
| Lamar Advertising Company - Class A | 10 | 904 |
| Life Storage Inc. | 11 | 1109 |
| LXP Industrial Trust | 40 | 398 |
| Medical Properties Trust, Inc. | 64 | 718 |
| Mid-America Apartment Communities, Inc. | 14 | 2182 |
| National Health Investors, Inc. | 4 | 183 |
| National Retail Properties, Inc. | 20 | 896 |
| National Storage Affiliates Trust | 11 | 381 |
| Omega Healthcare Investors, Inc. | 33 | 928 |
| OUTFRONT Media Inc. | 20 | 323 |
| Park Hotels & Resorts Inc. | 27 | 324 |
| Pebblebrook Hotel Trust | 18 | 245 |
| Phillips Edison & Company, Inc. (b) | 13 | 419 |
| Physicians Realty Trust | 30 | 441 |
| PotlatchDeltic Corporation | 9 | 380 |
| ProLogis Inc. | 114 | 12896 |
| Public Storage | 20 | 5539 |
| Rayonier Inc. | 20 | 648 |
| Realty Income Corporation | 75 | 4765 |
| Regency Centers Corporation | 21 | 1301 |
| Rexford Industrial Realty, Inc. | 20 | 1115 |
| RLJ III-EM Columbus Lessee, LLC | 22 | 234 |
| Ryman Hospitality Properties, Inc. | 8 | 631 |
| Sabra Health Care REIT, Inc. | 31 | 386 |
| Safehold Inc. | 2 | 67 |
| SBA Communications Corporation | 14 | 3792 |
| Simon Property Group, Inc. | 41 | 4842 |
| SITE Centers Corp. | 24 | 325 |
| SL Green Realty Corp. (b) | 6 | 203 |
| Spirit Realty Capital, Inc. | 16 | 656 |
| STAG Industrial, Inc. | 22 | 716 |
| Store Capital Corporation | 34 | 1099 |
| Sun Communities, Inc. | 15 | 2148 |
| Sunstone Hotel Investors, Inc. | 30 | 293 |
| Terreno Realty Corporation | 10 | 557 |
| The Howard Hughes Corporation (a) | 4 | 273 |
| The Macerich Company | 30 | 340 |
| The St. Joe Company | 5 | 181 |
| UDR, Inc. | 39 | 1503 |
| Uniti Group Inc. | 33 | 182 |
| Ventas, Inc. | 50 | 2259 |
| VICI Properties Inc. | 122 | 3949 |
| Vornado Realty Trust | 23 | 472 |
| W.P. Carey Inc. | 26 | 2023 |
| Welltower OP LLC | 59 | 3858 |
| Wework Inc. - Class A (a) (b) | 27 | 39 |
| Weyerhaeuser Company | 92 | 2850 |
| Xenia Hotels & Resorts, Inc. | 16 | 216 |
| Zillow Group, Inc. - Class A (a) | 6 | 187 |
| Zillow Group, Inc. - Class C (a) | 19 | 602 |
|  |  | 146300 |
| **Utilities 3.1%** | **Utilities 3.1%** | **Utilities 3.1%** |
| ALLETE, Inc. | 8 | 546 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

519

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Alliant Energy Corporation | 31 | 1716 |
| Ameren Corporation | 31 | 2788 |
| American Electric Power Company, Inc. | 63 | 5978 |
| American States Water Company | 5 | 435 |
| American Water Works Company, Inc. | 22 | 3410 |
| Atmos Energy Corporation (b) | 18 | 2046 |
| AVANGRID, Inc. | 9 | 393 |
| Avista Corporation | 7 | 328 |
| Black Hills Corporation | 8 | 585 |
| California Water Service Group | 5 | 273 |
| CenterPoint Energy, Inc. | 82 | 2470 |
| Chesapeake Utilities Corporation | 1 | 172 |
| Clearway Energy, Inc. - Class A | 5 | 156 |
| Clearway Energy, Inc. - Class C | 13 | 402 |
| CMS Energy Corporation | 37 | 2374 |
| Consolidated Edison, Inc. | 43 | 4141 |
| Constellation Energy Group, Inc. | 41 | 3522 |
| Dominion Energy, Inc. | 102 | 6251 |
| DTE Energy Company | 23 | 2753 |
| Duke Energy Corporation | 95 | 9777 |
| Edison International | 47 | 2984 |
| Entergy Corporation | 26 | 2895 |
| Essential Utilities, Inc. | 31 | 1498 |
| Evergy, Inc. | 30 | 1893 |
| Eversource Energy | 42 | 3490 |
| Exelon Corporation | 120 | 5188 |
| FirstEnergy Corp. | 69 | 2903 |
| Hawaiian Electric Industries, Inc. | 15 | 622 |
| IDACORP, Inc. | 7 | 746 |
| MGE Energy, Inc. | 3 | 179 |
| National Fuel Gas Company | 13 | 813 |
| New Jersey Resources Corporation | 11 | 546 |
| NextEra Energy, Inc. | 243 | 20340 |
| NiSource Inc. | 55 | 1495 |
| NorthWestern Corporation | 8 | 494 |
| NRG Energy, Inc. | 28 | 879 |
| OGE Energy Corp. | 25 | 987 |
| One Gas, Inc. | 6 | 422 |
| Ormat Technologies, Inc. (b) | 4 | 339 |
| Otter Tail Corporation | 3 | 167 |
| PG&E Corporation (a) | 197 | 3199 |
| Pinnacle West Capital Corporation | 15 | 1151 |
| PNM Resources, Inc. | 11 | 561 |
| Portland General Electric Company | 13 | 617 |
| PPL Corporation | 93 | 2712 |
| Public Service Enterprise Group Incorporated | 62 | 3775 |
| Sempra Energy | 39 | 6062 |
| SJW Group | 3 | 244 |
| South Jersey Industries, Inc. | 16 | 581 |
| Southwest Gas Holdings, Inc. | 6 | 385 |
| Spire Inc. | 5 | 310 |
| Sunnova Energy International Inc. (a) | 10 | 184 |
| The AES Corporation | 86 | 2475 |
| The Southern Company | 131 | 9376 |
| UGI Corporation | 29 | 1075 |
| Vistra Corp. | 46 | 1069 |
| WEC Energy Group Inc. | 39 | 3685 |
| Xcel Energy Inc. | 68 | 4753 |
| | | 141610 |
| **Materials 3.0%** | **Materials 3.0%** | **Materials 3.0%** |
| Air Products and Chemicals, Inc. | 27 | 8395 |
| Albemarle Corporation | 14 | 3071 |
| Alcoa Corporation | 21 | 939 |
| Alpha Metallurgical Resources, Inc. | 2 | 299 |
| Amcor Pty Ltd | 181 | 2153 |
| AptarGroup, Inc. | 8 | 899 |
| Arconic Corporation (a) | 16 | 337 |
| Ashland Global Holdings Inc. | 5 | 571 |
| ATI Inc. (a) | 16 | 481 |
| Avery Dennison Corporation | 10 | 1893 |
| Avient Corporation | 13 | 432 |
| Axalta Coating Systems Ltd. (a) | 30 | 761 |
| Balchem Corporation | 4 | 539 |
| Ball Corporation | 40 | 2020 |
| Berry Global Group, Inc. | 14 | 842 |
| Cabot Corporation | 5 | 341 |
| Celanese Corporation - Class A | 12 | 1265 |
| CF Industries Holdings, Inc. | 23 | 1976 |
| Cleveland-Cliffs Inc. (a) | 65 | 1044 |
| Commercial Metals Company | 16 | 781 |
| Corteva, Inc. | 89 | 5248 |
| Crown Holdings, Inc. | 14 | 1186 |
| Dow Inc. | 84 | 4255 |
| DuPont de Nemours, Inc. | 62 | 4260 |
| Eagle Materials Inc. | 5 | 646 |
| Eastman Chemical Company | 14 | 1169 |
| Ecolab Inc. | 31 | 4536 |
| Element Solutions Inc. | 31 | 556 |
| FMC Corporation | 15 | 1866 |
| Freeport-McMoRan Inc. | 177 | 6716 |
| Ginkgo Bioworks Holdings, Inc. - Class A (a) (b) | 135 | 228 |
| Graphic Packaging Holding Company | 40 | 890 |
| Greif, Inc. - Class A | 4 | 291 |
| H.B. Fuller Company | 6 | 429 |
| Hecla Mining Company | 81 | 448 |
| Huntsman Corporation | 27 | 731 |
| Ingevity Corporation (a) | 3 | 221 |
| Innospec Inc. | 4 | 411 |
| International Flavors & Fragrances Inc. | 31 | 3286 |
| International Paper Company | 44 | 1540 |
| Legacy Vulcan Corp. | 16 | 2825 |
| Linde Public Limited Company | 61 | 19892 |
| Livent Corporation (a) | 21 | 411 |
| Louisiana-Pacific Corporation | 9 | 528 |
| LyondellBasell Industries N.V. - Class A | 31 | 2603 |
| Martin Marietta Materials, Inc. | 8 | 2589 |
| Minerals Technologies Inc. | 4 | 224 |
| MOS Holdings Inc. | 43 | 1876 |
| MP Materials Corp. - Class A (a) | 10 | 231 |
| NewMarket Corporation | 1 | 272 |
| Newmont Corporation | 96 | 4508 |
| Nucor Corporation | 32 | 4224 |
| O-I Glass, Inc. (a) | 14 | 239 |
| Olin Corporation | 15 | 812 |
| Packaging Corporation of America | 11 | 1459 |
| PPG Industries, Inc. | 29 | 3688 |
| Quaker Chemical Corporation | 2 | 354 |
| Reliance Steel & Aluminum Co. | 7 | 1396 |
| Royal Gold, Inc. | 9 | 974 |
| RPM International Inc. | 15 | 1475 |
| Sealed Air Corporation | 19 | 950 |
| Sensient Technologies Corporation | 6 | 414 |
| Silgan Holdings Inc. | 10 | 517 |
| Sonoco Products Company | 10 | 617 |
| Southern Copper Corporation | 12 | 716 |
| Steel Dynamics, Inc. | 19 | 1817 |
| Stepan Company | 4 | 375 |
| Summit Materials, Inc. - Class A (a) | 16 | 443 |
| Sylvamo Corporation | 4 | 205 |
| The Chemours Company | 18 | 549 |
| The Scotts Miracle-Gro Company | 6 | 288 |
| The Sherwin-Williams Company | 29 | 6983 |
| Tronox Holdings PLC | 16 | 214 |
| United States Steel Corporation (b) | 28 | 695 |
| Valvoline, Inc. | 25 | 808 |
| Westlake Corporation | 4 | 454 |
| WestRock Company | 29 | 1033 |
| Worthington Industries, Inc. | 6 | 280 |
|  |  | 135890 |
| Total Common Stocks (cost $5,120,876) | Total Common Stocks (cost $5,120,876) | 4560817 |
| **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (d) (e) | 17579 | 17579 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

520

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (d) (e) | 4805 | 4805 |
| Total Short Term Investments (cost $22,384) | Total Short Term Investments (cost $22,384) | 22384 |
| **Total Investments 100.1% (cost $5,143,260)** | **Total Investments 100.1% (cost $5,143,260)** | **4583201** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (100) |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(2200)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4580901** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon U.S. Stock Market Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon U.S. Stock Market Index Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Apollo Asset Management, Inc. |  | 3023 | 170 | 83 | 6 | 628 | 3487 | 0.1 |
| Apollo Global Management, Inc. | 2194 |  | 1613 |  |  | (581) |  |  |
| Apollo Medical Holdings, Inc. | 405 |  |  |  |  | (242) | 163 |  |
| Athene Holding Ltd - Class A | 1536 |  | 1066 |  |  | (470) |  |  |
| Jackson Financial Inc. - Class A | 230 | 247 | 241 | 18 | (11) | (62) | 163 |  |
| The Bank of New York Mellon Corporation | 6104 |  | 703 | 140 | (4) | (1280) | 4117 | 0.1 |
|  | 10469 | 3270 | 3793 | 241 | (9) | (2007) | 7930 | 0.2 |

---

Effective January 1, 2022, Athene Holding Ltd – Class A merged with Apollo Global Management, Inc. to form Apollo Asset Management, Inc. in a tax-free reorganization. Sales Proceeds includes the cost basis of $1,066 and $1,613 of Athene Holding Ltd – Class A and Apollo Global Management, Inc. shares, respectively, that were exchanged for shares of Apollo Asset Management Inc. that are included in Purchases.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Mellon U.S. Stock Market Index Fund — Restricted Securities** | **JNL/Mellon U.S. Stock Market Index Fund — Restricted Securities** | **JNL/Mellon U.S. Stock Market Index Fund — Restricted Securities** | **JNL/Mellon U.S. Stock Market Index Fund — Restricted Securities** | **JNL/Mellon U.S. Stock Market Index Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| TE Connectivity Ltd. | 04/24/21 | 5325 | 4535 | 0.1 |
| Transocean Ltd. | 06/17/22 | 284 | 368 |  |
|  |  | 5609 | 4903 | 0.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** | **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** | **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** | **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** | **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** | **JNL/Mellon U.S. Stock Market Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Russell 2000 Index | 30 | March 2023 | 2682 | (13) | (25) |
| S&P 500 Index | 113 | March 2023 | 22064 | (87) | (250) |
|  |  |  |  | (100) | (275) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 4560817 |  |  | 4560817 |
| &nbsp;&nbsp;Short Term Investments | 22384 |  |  | 22384 |
|  | 4583201 |  |  | 4583201 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (275) |  |  | (275) |
|  | (275) |  |  | (275) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

521

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** |
| **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** |
| **Utilities 98.9%** | **Utilities 98.9%** | **Utilities 98.9%** |
| ALLETE, Inc. | 33 | 2112 |
| Alliant Energy Corporation | 144 | 7958 |
| Ameren Corporation | 148 | 13191 |
| American Electric Power Company, Inc. | 295 | 27998 |
| American States Water Company | 21 | 1974 |
| American Water Works Company, Inc. | 104 | 15904 |
| Atmos Energy Corporation | 80 | 8999 |
| AVANGRID, Inc. | 40 | 1713 |
| Avista Corporation | 43 | 1883 |
| Black Hills Corporation | 37 | 2622 |
| California Water Service Group | 32 | 1907 |
| CenterPoint Energy, Inc. | 361 | 10834 |
| Chesapeake Utilities Corporation | 10 | 1201 |
| Clearway Energy, Inc. - Class A | 20 | 594 |
| Clearway Energy, Inc. - Class C | 47 | 1501 |
| CMS Energy Corporation | 167 | 10548 |
| Consolidated Edison, Inc. | 204 | 19408 |
| Constellation Energy Group, Inc. | 188 | 16178 |
| Dominion Energy, Inc. | 478 | 29321 |
| DTE Energy Company | 111 | 13067 |
| Duke Energy Corporation | 442 | 45511 |
| Edison International | 219 | 13941 |
| Entergy Corporation | 117 | 13136 |
| Essential Utilities, Inc. | 137 | 6545 |
| Evergy, Inc. | 132 | 8292 |
| Eversource Energy | 200 | 16757 |
| Exelon Corporation | 570 | 24652 |
| FirstEnergy Corp. | 312 | 13072 |
| Hawaiian Electric Industries, Inc. | 63 | 2624 |
| IDACORP, Inc. | 29 | 3123 |
| MGE Energy, Inc. | 21 | 1463 |
| Montauk Renewables, Inc. (a) | 36 | 395 |
| New Jersey Resources Corporation | 55 | 2735 |
| NextEra Energy, Inc. | 1140 | 95330 |
| NiSource Inc. | 233 | 6398 |
| NorthWestern Corporation | 33 | 1964 |
| NRG Energy, Inc. | 132 | 4202 |
| OGE Energy Corp. | 115 | 4555 |
| One Gas, Inc. | 31 | 2348 |
| Ormat Technologies, Inc. | 28 | 2419 |
| Otter Tail Corporation | 24 | 1406 |
| PG&E Corporation (a) | 924 | 15023 |
| Pinnacle West Capital Corporation | 65 | 4949 |
| PNM Resources, Inc. | 49 | 2399 |
| Portland General Electric Company | 51 | 2506 |
| PPL Corporation | 423 | 12346 |
| Public Service Enterprise Group Incorporated | 286 | 17543 |
| Sempra Energy | 181 | 27875 |
| SJW Group | 15 | 1242 |
| South Jersey Industries, Inc. | 70 | 2492 |
| Southwest Gas Holdings, Inc. | 35 | 2187 |
| Spire Inc. | 30 | 2070 |
| The AES Corporation | 383 | 11024 |
| The Southern Company | 625 | 44612 |
| UGI Corporation | 120 | 4450 |
| Vistra Corp. | 214 | 4971 |
| WEC Energy Group Inc. | 181 | 16971 |
| Xcel Energy Inc. | 314 | 22017 |
|  |  | 654458 |
| **Energy 0.2%** | **Energy 0.2%** | **Energy 0.2%** |
| New Fortress Energy Inc. - Class A | 28 | 1167 |
| Total Common Stocks (cost $645,792) | Total Common Stocks (cost $645,792) | 655625 |
| **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (b) (c) | 3485 | 3485 |
| Total Short Term Investments (cost $3,485) | Total Short Term Investments (cost $3,485) | 3485 |
| **Total Investments 99.6% (cost $649,277)** | **Total Investments 99.6% (cost $649,277)** | **659110** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (53) |
| **Other Assets and Liabilities, Net 0.4%** | **Other Assets and Liabilities, Net 0.4%** | **2837** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **661894** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon Utilities Sector Fund — Futures Contracts** | **JNL/Mellon Utilities Sector Fund — Futures Contracts** | **JNL/Mellon Utilities Sector Fund — Futures Contracts** | **JNL/Mellon Utilities Sector Fund — Futures Contracts** | **JNL/Mellon Utilities Sector Fund — Futures Contracts** | **JNL/Mellon Utilities Sector Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P Utilities Select Sector Index | 66 | March 2023 | 4742 | (53) | (15) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 655625 |  |  | 655625 |
| &nbsp;&nbsp;Short Term Investments | 3485 |  |  | 3485 |
|  | 659110 |  |  | 659110 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (15) |  |  | (15) |
|  | (15) |  |  | (15) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

522

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** |
| **COMMON STOCKS 97.0%** | **COMMON STOCKS 97.0%** | **COMMON STOCKS 97.0%** |
| **United States of America 63.9%** | **United States of America 63.9%** | **United States of America 63.9%** |
| 3M Company | 4 | 463 |
| Abbott Laboratories | 12 | 1331 |
| AbbVie Inc. | 12 | 1965 |
| Activision Blizzard, Inc. | 5 | 372 |
| Adobe Inc. (a) | 3 | 1090 |
| Advance Auto Parts, Inc. |  | 62 |
| Advanced Micro Devices, Inc. (a) | 11 | 717 |
| AFLAC Incorporated | 4 | 284 |
| Agilent Technologies, Inc. | 2 | 304 |
| Agilon Health Management, Inc. (a) | 1 | 23 |
| Air Products and Chemicals, Inc. | 2 | 462 |
| Airbnb, Inc. - Class A (a) | 3 | 236 |
| Akamai Technologies, Inc. (a) | 1 | 90 |
| Albemarle Corporation | 1 | 172 |
| Albertsons Companies, Inc. - Class A | 1 | 24 |
| Alexandria Real Estate Equities, Inc. | 1 | 166 |
| Align Technology, Inc. (a) |  | 104 |
| Allegion Public Limited Company | 1 | 61 |
| Alliant Energy Corporation | 2 | 94 |
| Ally Financial Inc. | 2 | 60 |
| Alnylam Pharmaceuticals, Inc. (a) | 1 | 194 |
| Alphabet Inc. - Class A (a) | 41 | 3638 |
| Alphabet Inc. - Class C (a) | 37 | 3240 |
| Altria Group, Inc. | 12 | 564 |
| Amazon.com, Inc. (a) | 61 | 5146 |
| Ameren Corporation | 2 | 159 |
| American Electric Power Company, Inc. | 4 | 341 |
| American Express Company | 4 | 615 |
| American Financial Group, Inc. |  | 60 |
| American International Group, Inc. | 5 | 331 |
| American Tower Corporation | 3 | 676 |
| American Water Works Company, Inc. | 1 | 186 |
| Ameriprise Financial, Inc. | 1 | 240 |
| AmerisourceBergen Corporation | 1 | 187 |
| AMETEK, Inc. | 2 | 216 |
| Amgen Inc. | 4 | 960 |
| Amphenol Corporation - Class A | 4 | 312 |
| Analog Devices, Inc. | 4 | 589 |
| Annaly Capital Management, Inc. | 3 | 62 |
| ANSYS, Inc. (a) | 1 | 141 |
| Apa Corp. | 2 | 88 |
| Apollo Asset Management, Inc. (b) | 3 | 201 |
| Apple Inc. | 103 | 13403 |
| Applied Materials, Inc. | 6 | 591 |
| Aptiv PLC (a) | 2 | 171 |
| Aramark | 2 | 76 |
| Archer-Daniels-Midland Company | 4 | 353 |
| Arista Networks, Inc. (a) | 2 | 211 |
| Arthur J. Gallagher & Co. | 1 | 270 |
| AT&T Inc. | 49 | 905 |
| Atmos Energy Corporation | 1 | 116 |
| Autodesk, Inc. (a) | 1 | 279 |
| Automatic Data Processing, Inc. | 3 | 684 |
| AutoZone, Inc. (a) |  | 335 |
| AvalonBay Communities, Inc. | 1 | 156 |
| AVANGRID, Inc. |  | 16 |
| Avantor, Inc. (a) | 4 | 91 |
| Avery Dennison Corporation | 1 | 102 |
| Baker Hughes Company - Class A | 7 | 206 |
| Ball Corporation | 2 | 113 |
| Bank of America Corporation | 48 | 1592 |
| Bath & Body Works, Inc. | 2 | 71 |
| Baxter International Inc. | 3 | 176 |
| Becton, Dickinson and Company | 2 | 494 |
| Bentley Systems, Incorporated - Class B | 1 | 44 |
| Berkshire Hathaway Inc. - Class B (a) | 12 | 3834 |
| Best Buy Co., Inc. | 1 | 115 |
| Bill.Com Holdings Inc. (a) | 1 | 67 |
| Biogen Inc. (a) | 1 | 279 |
| BioMarin Pharmaceutical Inc. (a) | 1 | 131 |
| Bio-Rad Laboratories, Inc. - Class A (a) |  | 59 |
| Bio-Techne Corporation | 1 | 82 |
| BlackRock, Inc. | 1 | 735 |
| Blackstone Inc. - Class A | 5 | 354 |
| Block, Inc. - Class A (a) | 4 | 232 |
| Booking Holdings Inc. (a) |  | 558 |
| Booz Allen Hamilton Holding Corporation - Class A | 1 | 94 |
| BorgWarner Inc. | 2 | 65 |
| Boston Properties, Inc. | 1 | 63 |
| Boston Scientific Corporation (a) | 10 | 458 |
| Bristol-Myers Squibb Company | 15 | 1061 |
| Broadcom Inc. | 3 | 1553 |
| Broadridge Financial Solutions, Inc. | 1 | 105 |
| Brookfield Renewable Corporation - Class A | 1 | 21 |
| Brown & Brown, Inc. | 2 | 90 |
| Brown-Forman Corporation - Class A |  | 25 |
| Brown-Forman Corporation - Class B | 1 | 83 |
| Bunge Limited | 1 | 98 |
| Burlington Stores, Inc. (a) |  | 93 |
| C.H. Robinson Worldwide, Inc. | 1 | 85 |
| Cadence Design Systems, Inc. (a) | 2 | 299 |
| Caesars Entertainment, Inc. (a) | 1 | 58 |
| Camden Property Trust | 1 | 85 |
| Campbell Soup Company | 1 | 83 |
| Capital One Financial Corporation | 3 | 248 |
| Cardinal Health, Inc. | 2 | 139 |
| CarMax, Inc. (a) | 1 | 69 |
| Carrier Global Corporation | 6 | 239 |
| Catalent, Inc. (a) | 1 | 55 |
| Caterpillar Inc. | 4 | 856 |
| CBRE Group, Inc. - Class A (a) | 2 | 172 |
| CDW Corp. | 1 | 172 |
| Celanese Corporation - Class A | 1 | 80 |
| Centene Corporation (a) | 4 | 326 |
| CenterPoint Energy, Inc. | 4 | 128 |
| Ceridian HCM Holding Inc. (a) | 1 | 72 |
| CF Industries Holdings, Inc. | 1 | 123 |
| Charles River Laboratories International, Inc. (a) |  | 70 |
| Charter Communications, Inc. - Class A (a) | 1 | 250 |
| Cheniere Energy, Inc. | 2 | 258 |
| Chevron Corporation | 12 | 2191 |
| Chipotle Mexican Grill, Inc. (a) |  | 266 |
| Chubb Limited | 3 | 636 |
| Church & Dwight Co., Inc. | 2 | 132 |
| Cigna Corporation | 2 | 699 |
| Cincinnati Financial Corporation | 1 | 106 |
| Cintas Corporation | 1 | 266 |
| Cisco Systems, Inc. | 28 | 1357 |
| Citigroup Inc. | 13 | 607 |
| Citizens Financial Group, Inc. | 3 | 134 |
| Cloudflare, Inc. - Class A (a) | 2 | 83 |
| CME Group Inc. - Class A | 2 | 419 |
| CMS Energy Corporation | 2 | 124 |
| Cognex Corporation | 1 | 57 |
| Cognizant Technology Solutions Corporation - Class A | 4 | 203 |
| Coinbase Global, Inc. - Class A (a) (c) | 1 | 39 |
| Colgate-Palmolive Company | 6 | 449 |
| Comcast Corporation - Class A | 30 | 1038 |
| Comerica Incorporated | 1 | 63 |
| Conagra Brands, Inc. | 3 | 128 |
| ConocoPhillips | 9 | 1025 |
| Consolidated Edison, Inc. | 2 | 237 |
| Constellation Brands, Inc. - Class A | 1 | 258 |
| Constellation Energy Group, Inc. | 2 | 199 |
| Copart, Inc. (a) | 3 | 176 |
| Corebridge Financial, Inc. | 1 | 18 |
| Corning Incorporated | 5 | 160 |
| Corteva, Inc. | 5 | 297 |
| CoStar Group, Inc. (a) | 3 | 209 |
| Costco Wholesale Corporation | 3 | 1391 |
| Coterra Energy Inc. | 5 | 135 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 157 |
| Crown Castle Inc. | 3 | 396 |
| Crown Holdings, Inc. | 1 | 70 |
| CSX Corporation | 15 | 460 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

523

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Cummins Inc. | 1 | 236 |
| CVS Health Corporation | 9 | 841 |
| D.R. Horton, Inc. | 2 | 202 |
| Danaher Corporation | 5 | 1195 |
| Darden Restaurants, Inc. | 1 | 125 |
| Datadog, Inc. - Class A (a) | 2 | 126 |
| DaVita Inc. (a) |  | 36 |
| Deere & Company | 2 | 814 |
| Dell Technologies Inc. - Class C | 2 | 74 |
| Delta Air Lines, Inc. (a) | 4 | 142 |
| Dentsply Sirona Inc. | 2 | 48 |
| Devon Energy Corporation | 5 | 277 |
| DexCom, Inc. (a) | 3 | 314 |
| Diamondback Energy, Inc. | 1 | 172 |
| Digital Realty Trust, Inc. | 2 | 201 |
| Discover Financial Services | 2 | 184 |
| DocuSign, Inc. (a) | 1 | 74 |
| Dollar General Corporation | 2 | 386 |
| Dollar Tree, Inc. (a) | 2 | 217 |
| Dominion Energy, Inc. | 6 | 351 |
| Domino's Pizza, Inc. |  | 86 |
| Doordash, Inc. - Class A (a) | 2 | 92 |
| Dover Corporation | 1 | 130 |
| Dow Inc. | 5 | 251 |
| DTE Energy Company | 1 | 155 |
| Duke Energy Corporation | 5 | 558 |
| DuPont de Nemours, Inc. | 3 | 234 |
| DXC Technology Company (a) | 2 | 46 |
| Dynatrace, Inc. (a) | 1 | 49 |
| East West Bancorp, Inc. | 1 | 63 |
| Eastman Chemical Company | 1 | 76 |
| Eaton Corporation Public Limited Company | 3 | 423 |
| eBay Inc. | 4 | 160 |
| Ecolab Inc. | 2 | 246 |
| Edison International | 3 | 165 |
| Edwards Lifesciences Corporation (a) | 4 | 315 |
| Elanco Animal Health Incorporated (a) | 3 | 40 |
| Electronic Arts Inc. | 2 | 219 |
| Elevance Health, Inc. | 2 | 843 |
| Eli Lilly and Company | 5 | 1984 |
| Emerson Electric Co. | 4 | 388 |
| Emersub CX, Inc. (a) |  | 40 |
| Enphase Energy, Inc. (a) | 1 | 249 |
| Entegris, Inc. | 1 | 67 |
| Entergy Corporation | 1 | 159 |
| EOG Resources, Inc. | 4 | 522 |
| EPAM Systems, Inc. (a) |  | 126 |
| EQT Corporation | 2 | 82 |
| Equifax Inc. | 1 | 161 |
| Equinix, Inc. | 1 | 415 |
| Equitable Holdings, Inc. | 2 | 71 |
| Equity Lifestyle Properties, Inc. | 1 | 77 |
| Equity Residential | 2 | 138 |
| Essex Property Trust, Inc. |  | 94 |
| ETSY, Inc. (a) | 1 | 97 |
| Evergy, Inc. | 2 | 101 |
| Eversource Energy | 2 | 194 |
| Exact Sciences Corporation (a) | 1 | 57 |
| Exelon Corporation | 7 | 300 |
| Expedia Group, Inc. (a) | 1 | 89 |
| Expeditors International of Washington, Inc. | 1 | 124 |
| Extra Space Storage Inc. | 1 | 135 |
| Exxon Mobil Corporation | 28 | 3116 |
| F5, Inc. (a) |  | 60 |
| FactSet Research Systems Inc. |  | 103 |
| Fastenal Company | 4 | 181 |
| Federal Realty Investment Trust |  | 48 |
| FedEx Corporation | 2 | 282 |
| Fidelity National Financial, Inc. - Class A | 2 | 72 |
| Fidelity National Information Services, Inc. | 4 | 282 |
| Fifth Third Bancorp | 5 | 158 |
| First Republic Bank | 1 | 148 |
| First Solar, Inc. (a) | 1 | 102 |
| FirstEnergy Corp. | 4 | 158 |
| Fiserv, Inc. (a) | 4 | 445 |
| FleetCor Technologies, Inc. (a) | 1 | 103 |
| FMC Corporation | 1 | 110 |
| Ford Motor Company | 28 | 320 |
| Fortinet, Inc. (a) | 5 | 221 |
| Fortive Corporation | 2 | 148 |
| Fortune Brands Innovations, Inc. | 1 | 51 |
| Fox Corporation - Class A | 2 | 72 |
| Fox Corporation - Class B | 1 | 30 |
| Franklin Resources, Inc. | 2 | 49 |
| Freeport-McMoRan Inc. | 10 | 374 |
| Gartner, Inc. (a) | 1 | 190 |
| Gen Digital Inc. | 4 | 86 |
| Generac Holdings Inc. (a) |  | 42 |
| General Dynamics Corporation | 2 | 387 |
| General Electric Company | 7 | 623 |
| General Mills, Inc. | 4 | 342 |
| General Motors Company | 10 | 331 |
| Genuine Parts Company | 1 | 167 |
| Gilead Sciences, Inc. | 9 | 745 |
| Global Payments Inc. | 2 | 194 |
| Globe Life Inc. | 1 | 78 |
| GoDaddy Inc. - Class A (a) | 1 | 88 |
| Halliburton Company | 6 | 234 |
| Hasbro, Inc. | 1 | 56 |
| HCA Healthcare, Inc. | 2 | 366 |
| Healthpeak Properties, Inc. | 4 | 92 |
| HEICO Corporation |  | 43 |
| HEICO Corporation - Class A | 1 | 60 |
| Henry Schein, Inc. (a) | 1 | 78 |
| Hess Corporation | 2 | 263 |
| Hewlett Packard Enterprise Company | 9 | 145 |
| Hilton Worldwide Holdings Inc. | 2 | 238 |
| Hologic, Inc. (a) | 2 | 127 |
| Honeywell International Inc. | 5 | 995 |
| Horizon Therapeutics Public Limited Company (a) | 2 | 175 |
| Hormel Foods Corporation | 2 | 83 |
| Host Hotels & Resorts, Inc. | 5 | 76 |
| Howmet Aerospace Inc. | 3 | 106 |
| HP, Inc. | 6 | 162 |
| Hubbell Incorporated |  | 86 |
| HubSpot, Inc. (a) |  | 88 |
| Humana Inc. | 1 | 446 |
| Huntington Bancshares Incorporated | 9 | 134 |
| Huntington Ingalls Industries, Inc. |  | 59 |
| IDEX Corporation | 1 | 118 |
| IDEXX Laboratories, Inc. (a) | 1 | 234 |
| Illinois Tool Works Inc. | 2 | 426 |
| Illumina, Inc. (a) | 1 | 214 |
| Incyte Corporation (a) | 1 | 104 |
| Ingersoll Rand Inc. | 3 | 149 |
| Insulet Corporation (a) |  | 133 |
| Intel Corporation | 28 | 747 |
| Intercontinental Exchange, Inc. | 4 | 393 |
| International Business Machines Corporation | 6 | 875 |
| International Flavors & Fragrances Inc. | 2 | 178 |
| International Paper Company | 3 | 92 |
| Intuit Inc. | 2 | 757 |
| Intuitive Surgical, Inc. (a) | 2 | 642 |
| Invesco Ltd. | 3 | 57 |
| Invitation Homes Inc. | 4 | 117 |
| IQVIA Holdings Inc (a) | 1 | 263 |
| Iron Mountain Incorporated | 2 | 98 |
| J. B. Hunt Transport Services, Inc. | 1 | 102 |
| Jack Henry & Associates, Inc. | 1 | 90 |
| Jacobs Solutions Inc. | 1 | 111 |
| Jazz Pharmaceuticals Public Limited Company (a) |  | 69 |
| Jefferies Financial Group Inc. | 1 | 47 |
| Johnson & Johnson | 18 | 3194 |
| Johnson Controls International Public Limited Company | 5 | 304 |
| JPMorgan Chase & Co. | 20 | 2704 |
| Juniper Networks, Inc. | 2 | 67 |
| K.K.R. Co., Inc. - Class A | 4 | 182 |
| Kellogg Company | 2 | 125 |
| Keurig Dr Pepper Inc. | 6 | 208 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

524

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| KeyCorp | 6 | 103 |
| Keysight Technologies, Inc. (a) | 1 | 212 |
| Kimberly-Clark Corporation | 2 | 309 |
| Kimco Realty Corporation | 4 | 83 |
| Kinder Morgan, Inc. | 13 | 240 |
| KLA Corporation | 1 | 366 |
| Kraft Foods Group, Inc. | 5 | 220 |
| L3Harris Technologies, Inc. | 1 | 277 |
| Laboratory Corporation of America Holdings | 1 | 155 |
| Lam Research Corporation | 1 | 391 |
| Lamb Weston Holdings, Inc. | 1 | 94 |
| Las Vegas Sands Corp. (a) | 2 | 108 |
| Lear Corporation |  | 46 |
| Legacy Vulcan Corp. | 1 | 156 |
| Leidos Holdings, Inc. | 1 | 99 |
| Lennar Corporation - Class A | 2 | 160 |
| Lennar Corporation - Class B |  | 8 |
| Lennox International Inc. |  | 58 |
| Liberty Broadband Corporation - Series A (a) |  | 12 |
| Liberty Broadband Corporation - Series C (a) | 1 | 75 |
| Liberty Media Corporation - Series A (a) | 1 | 26 |
| Liberty Media Corporation - Series C (a) | 1 | 42 |
| Lincoln National Corporation | 1 | 35 |
| Live Nation Entertainment, Inc. (a) | 1 | 62 |
| LKQ Corporation | 2 | 102 |
| Lockheed Martin Corporation | 2 | 778 |
| Loews Corporation | 1 | 80 |
| Lowe`s Companies, Inc. | 4 | 847 |
| LPL Financial Holdings Inc. | 1 | 115 |
| Lucid Group, Inc. (a) (c) | 4 | 25 |
| Lululemon Athletica Canada Inc. (a) | 1 | 255 |
| Lumen Technologies Inc. | 6 | 31 |
| LyondellBasell Industries N.V. - Class A | 2 | 146 |
| M&T Bank Corporation | 1 | 175 |
| Marathon Oil Corporation | 5 | 128 |
| Marathon Petroleum Corporation | 3 | 392 |
| Markel Corporation (a) |  | 123 |
| MarketAxess Holdings Inc. |  | 74 |
| Marriott International, Inc. - Class A | 2 | 284 |
| Marsh & Mclennan Companies, Inc. | 3 | 567 |
| Martin Marietta Materials, Inc. |  | 140 |
| Marvell Technology, Inc. | 6 | 221 |
| Masco Corporation | 2 | 77 |
| MasterCard Incorporated - Class A | 6 | 2031 |
| Match Group, Inc. (a) | 2 | 76 |
| McCormick & Company, Incorporated | 2 | 144 |
| McDonald's Corporation | 5 | 1333 |
| McKesson Corporation | 1 | 370 |
| Merck & Co., Inc. | 17 | 1933 |
| Meta Platforms, Inc. - Class A (a) | 16 | 1867 |
| MetLife, Inc. | 4 | 313 |
| Mettler-Toledo International Inc. (a) |  | 231 |
| MGM Resorts International | 3 | 85 |
| Microchip Technology Incorporated | 4 | 258 |
| Micron Technology, Inc. | 8 | 378 |
| Microsoft Corporation | 51 | 12336 |
| Mid-America Apartment Communities, Inc. | 1 | 120 |
| Moderna, Inc. (a) | 2 | 425 |
| Molina Healthcare, Inc. (a) |  | 134 |
| Molson Coors Beverage Company - Class B | 1 | 64 |
| Mondelez International, Inc. - Class A | 9 | 626 |
| MongoDB, Inc. - Class A (a) |  | 87 |
| Monolithic Power Systems, Inc. |  | 100 |
| Monster Beverage 1990 Corporation (a) | 3 | 272 |
| Moody's Corporation | 1 | 306 |
| Morgan Stanley | 9 | 783 |
| MOS Holdings Inc. | 3 | 110 |
| Motorola Solutions, Inc. | 1 | 295 |
| MSCI Inc. - Class A | 1 | 257 |
| Nasdaq, Inc. | 2 | 139 |
| NetApp, Inc. | 2 | 92 |
| Netflix, Inc. (a) | 3 | 903 |
| Neurocrine Biosciences, Inc. (a) | 1 | 71 |
| Newmont Corporation | 5 | 258 |
| News Corporation - Class A | 3 | 52 |
| News Corporation - Class B | 1 | 15 |
| NextEra Energy, Inc. | 14 | 1154 |
| NIKE, Inc. - Class B | 9 | 1011 |
| NiSource Inc. | 3 | 73 |
| Norfolk Southern Corporation | 2 | 400 |
| Northern Trust Corporation | 1 | 126 |
| Northrop Grumman Corporation | 1 | 542 |
| Novocure Limited (a) | 1 | 40 |
| NRG Energy, Inc. | 2 | 54 |
| Nucor Corporation | 2 | 239 |
| NVIDIA Corporation | 17 | 2516 |
| NVR, Inc. (a) |  | 106 |
| Occidental Petroleum Corporation | 5 | 322 |
| Okta, Inc. - Class A (a) | 1 | 67 |
| Old Dominion Freight Line, Inc. | 1 | 179 |
| Omnicom Group Inc. | 1 | 114 |
| On Semiconductor Corporation (a) | 3 | 189 |
| ONEOK, Inc. | 3 | 202 |
| Oracle Corporation | 11 | 867 |
| O'Reilly Automotive, Inc. (a) |  | 370 |
| Otis Worldwide Corporation | 3 | 217 |
| Owens Corning | 1 | 62 |
| PACCAR Inc | 2 | 232 |
| Packaging Corporation of America | 1 | 74 |
| Palantir Technologies Inc. - Class A (a) | 12 | 79 |
| Palo Alto Networks, Inc. (a) | 2 | 280 |
| Paramount Global - Class B | 4 | 66 |
| Parker-Hannifin Corporation | 1 | 257 |
| Paychex, Inc. | 2 | 261 |
| Paycom Software, Inc. (a) |  | 104 |
| Paylocity Holding Corporation (a) |  | 50 |
| PayPal Holdings, Inc. (a) | 8 | 570 |
| Pentair Public Limited Company | 1 | 52 |
| PepsiCo, Inc. | 9 | 1714 |
| PerkinElmer, Inc. | 1 | 120 |
| Pfizer Inc. | 39 | 1977 |
| PG&E Corporation (a) | 11 | 172 |
| Philip Morris International Inc. | 11 | 1079 |
| Phillips 66 | 3 | 340 |
| Pinnacle West Capital Corporation | 1 | 62 |
| Pinterest, Inc. - Class A (a) | 4 | 90 |
| Pioneer Natural Resources Company | 2 | 374 |
| Plug Power Inc. (a) (c) | 3 | 43 |
| Pool Corporation |  | 78 |
| PPG Industries, Inc. | 2 | 204 |
| PPL Corporation | 5 | 148 |
| Principal Financial Group, Inc. | 1 | 123 |
| ProLogis Inc. | 6 | 709 |
| Prudential Financial, Inc. | 2 | 248 |
| PTC Inc. (a) | 1 | 90 |
| Public Service Enterprise Group Incorporated | 3 | 206 |
| Public Storage | 1 | 306 |
| PulteGroup, Inc. | 2 | 69 |
| Qiagen N.V. (a) | 2 | 82 |
| Qorvo, Inc. (a) | 1 | 68 |
| Qualcomm Incorporated | 8 | 851 |
| Quanta Services, Inc. | 1 | 133 |
| Quest Diagnostics Incorporated | 1 | 134 |
| Raymond James Financial, Inc. | 1 | 137 |
| Raytheon Technologies Corporation | 10 | 1019 |
| Realty Income Corporation | 5 | 294 |
| Regency Centers Corporation | 1 | 68 |
| Regeneron Pharmaceuticals, Inc. (a) | 1 | 533 |
| Regions Financial Corporation | 7 | 145 |
| Reinsurance Group of America, Incorporated |  | 70 |
| Republic Services, Inc. | 1 | 185 |
| ResMed Inc. | 1 | 204 |
| Rivian Automotive, Inc. - Class A (a) | 4 | 71 |
| Roblox Corporation - Class A (a) | 3 | 72 |
| Rockwell Automation, Inc. | 1 | 200 |
| Roku Inc. - Class A (a) | 1 | 32 |
| Rollins, Inc. | 2 | 59 |
| Roper Technologies, Inc. | 1 | 308 |
| Ross Stores, Inc. | 2 | 281 |
| Royal Caribbean Cruises Ltd. | 1 | 74 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

525

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Royalty Pharma PLC - Class A | 2 | 95 |
| S&P Global Inc. | 2 | 783 |
| Salesforce, Inc. (a) | 7 | 903 |
| SBA Communications Corporation | 1 | 209 |
| Schlumberger Limited | 10 | 525 |
| Seagen Inc. (a) | 1 | 125 |
| Sealed Air Corporation | 1 | 53 |
| SEI Investments Company | 1 | 43 |
| Sempra Energy | 2 | 334 |
| Sensata Technologies Holding PLC | 1 | 44 |
| ServiceNow, Inc. (a) | 1 | 539 |
| Signature Bank |  | 46 |
| Simon Property Group, Inc. | 2 | 263 |
| Sirius XM Holdings Inc. (c) | 7 | 42 |
| Skyworks Solutions, Inc. | 1 | 102 |
| Snap Inc. - Class A (a) | 7 | 66 |
| Snap-on Incorporated |  | 84 |
| Snowflake Inc. - Class A (a) | 2 | 283 |
| SolarEdge Technologies Ltd. (a) |  | 110 |
| Southern Copper Corporation | 1 | 36 |
| Southwest Airlines Co. | 4 | 135 |
| Splunk Inc. (a) | 1 | 94 |
| SS&C Technologies Holdings, Inc. | 1 | 76 |
| Stanley Black & Decker, Inc. | 1 | 83 |
| Starbucks Corporation | 8 | 783 |
| State Street Corporation | 2 | 192 |
| Steel Dynamics, Inc. | 1 | 106 |
| Steris Limited | 1 | 127 |
| Stryker Corporation | 2 | 571 |
| Sun Communities, Inc. | 1 | 126 |
| SVB Financial Group (a) |  | 92 |
| Synchrony Financial | 3 | 93 |
| Synopsys, Inc. (a) | 1 | 333 |
| Sysco Corporation | 3 | 266 |
| T. Rowe Price Group, Inc. | 2 | 169 |
| Take-Two Interactive Software, Inc. (a) | 1 | 117 |
| Tapestry, Inc. | 2 | 72 |
| Targa Resources Corp. | 1 | 109 |
| Target Corporation | 3 | 468 |
| Teledyne Technologies Incorporated (a) |  | 131 |
| Teleflex Incorporated |  | 78 |
| Teradyne, Inc. | 1 | 93 |
| Tesla Inc. (a) | 19 | 2282 |
| Texas Instruments Incorporated | 6 | 1033 |
| Texas Pacific Land Corporation |  | 98 |
| Textron Inc. | 2 | 107 |
| The AES Corporation | 4 | 126 |
| The Allstate Corporation | 2 | 258 |
| The Bank of New York Mellon Corporation (b) | 5 | 228 |
| The Boeing Company (a) | 4 | 730 |
| The Carlyle Group, Inc. | 2 | 46 |
| The Charles Schwab Corporation | 10 | 870 |
| The Clorox Company | 1 | 117 |
| The Coca-Cola Company | 27 | 1702 |
| The Cooper Companies, Inc. |  | 111 |
| The Estee Lauder Companies Inc. - Class A | 2 | 389 |
| The Goldman Sachs Group, Inc. | 2 | 809 |
| The Hartford Financial Services Group, Inc. | 2 | 178 |
| The Hershey Company | 1 | 228 |
| The Home Depot, Inc. | 7 | 2232 |
| The Interpublic Group of Companies, Inc. | 3 | 85 |
| The J. M. Smucker Company | 1 | 119 |
| The Kroger Co. | 4 | 199 |
| The PNC Financial Services Group, Inc. | 3 | 415 |
| The Procter & Gamble Company | 16 | 2490 |
| The Progressive Corporation | 4 | 513 |
| The Sherwin-Williams Company | 2 | 383 |
| The Southern Company | 8 | 544 |
| The TJX Companies, Inc. | 8 | 643 |
| The Trade Desk, Inc. - Class A (a) | 3 | 139 |
| The Travelers Companies, Inc. | 2 | 306 |
| The Walt Disney Company (a) | 13 | 1089 |
| The Williams Companies, Inc. | 9 | 281 |
| Thermo Fisher Scientific Inc. | 3 | 1499 |
| T-Mobile USA, Inc. (a) | 4 | 579 |
| Tractor Supply Company | 1 | 171 |
| Trane Technologies Public Limited Company | 2 | 259 |
| TransDigm Group Incorporated |  | 223 |
| TransUnion | 1 | 73 |
| Trimble Inc. (a) | 2 | 88 |
| Truist Financial Corporation | 9 | 389 |
| Twilio Inc. - Class A (a) | 1 | 67 |
| Tyler Technologies, Inc. (a) |  | 89 |
| Tyson Foods, Inc. - Class A | 2 | 128 |
| U.S. Bancorp | 9 | 412 |
| Uber Technologies, Inc. (a) | 14 | 339 |
| UDR, Inc. | 2 | 77 |
| UGI Corporation | 1 | 53 |
| Ulta Beauty, Inc. (a) |  | 179 |
| Union Pacific Corporation | 4 | 889 |
| United Airlines Holdings, Inc. (a) | 2 | 81 |
| United Parcel Service, Inc. - Class B | 5 | 875 |
| United Rentals, Inc. (a) |  | 172 |
| UnitedHealth Group Incorporated | 6 | 3410 |
| Unity Software Inc. (a) | 2 | 49 |
| Universal Health Services, Inc. - Class B | 1 | 76 |
| V.F. Corporation | 2 | 62 |
| Vail Resorts, Inc. |  | 68 |
| Valero Energy Corporation | 3 | 351 |
| Veeva Systems Inc. - Class A (a) | 1 | 152 |
| Ventas, Inc. | 3 | 127 |
| VeriSign, Inc. (a) | 1 | 140 |
| Verisk Analytics, Inc. | 1 | 196 |
| Verizon Communications Inc. | 29 | 1138 |
| Vertex Pharmaceuticals Incorporated (a) | 2 | 511 |
| Viatris Inc. | 9 | 95 |
| VICI Properties Inc. | 7 | 218 |
| Visa Inc. - Class A | 11 | 2336 |
| Vistra Corp. | 3 | 75 |
| VMware, Inc. - Class A (a) | 1 | 169 |
| Voya Financial, Inc. | 1 | 32 |
| W. R. Berkley Corporation | 1 | 106 |
| W. W. Grainger, Inc. |  | 167 |
| W.P. Carey Inc. | 1 | 109 |
| Walgreens Boots Alliance, Inc. | 5 | 187 |
| Walmart Inc. | 10 | 1379 |
| Waste Management, Inc. | 3 | 409 |
| Waters Corporation (a) |  | 144 |
| Watsco, Inc. |  | 55 |
| WEC Energy Group Inc. | 2 | 203 |
| Wells Fargo & Company | 26 | 1077 |
| Welltower OP LLC | 3 | 204 |
| West Pharmaceutical Services, Inc. | 1 | 119 |
| Western Digital Corporation (a) | 2 | 65 |
| Westinghouse Air Brake Technologies Corporation | 1 | 121 |
| Westlake Corporation |  | 24 |
| WestRock Company | 2 | 62 |
| Weyerhaeuser Company | 5 | 158 |
| Whirlpool Corporation |  | 58 |
| Willis Towers Watson Public Limited Company | 1 | 179 |
| Workday, Inc. - Class A (a) | 1 | 235 |
| Wynn Resorts, Limited (a) | 1 | 62 |
| Xcel Energy Inc. | 4 | 257 |
| Xylem Inc. | 1 | 136 |
| Yum! Brands, Inc. | 2 | 251 |
| Zebra Technologies Corporation - Class A (a) |  | 95 |
| Zillow Group, Inc. - Class A (a) |  | 8 |
| Zillow Group, Inc. - Class C (a) | 1 | 34 |
| Zimmer Biomet Holdings, Inc. | 1 | 185 |
| Zions Bancorporation, National Association | 1 | 55 |
| Zoetis Inc. - Class A | 3 | 469 |
| Zoom Video Communications, Inc. - Class A (a) | 2 | 108 |
| ZoomInfo Technologies Inc. - Class A (a) | 2 | 65 |
| Zscaler, Inc. (a) | 1 | 60 |
| | | 226492 |
| **Japan 6.8%** | **Japan 6.8%** | **Japan 6.8%** |
| ABC-Mart, Inc. |  | 17 |
| ACOM Co., Ltd. | 4 | 9 |
| Advance Residence Investment Corp. |  | 23 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

526

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Advantest Corporation | 1 | 90 |
| Aeon Co., Ltd. | 6 | 125 |
| AGC Inc. (c) | 2 | 53 |
| Aisin Corporation | 1 | 34 |
| Ajinomoto Co., Inc. | 4 | 113 |
| ANA Holdings Inc. (a) | 1 | 21 |
| Asahi Group Holdings, Ltd. (c) | 4 | 115 |
| Asahi Intecc Co., Ltd. (c) | 2 | 28 |
| Asahi Kasei Corporation | 9 | 68 |
| ASICS Corporation (c) | 1 | 28 |
| Astellas Pharma Inc. | 13 | 196 |
| Bandai Namco Holdings Inc. | 2 | 94 |
| Bridgestone Corporation (c) | 4 | 149 |
| Brother Industries, Ltd. | 2 | 26 |
| Canon Inc. (c) | 7 | 151 |
| Capcom Co., Ltd. | 1 | 32 |
| Central Japan Railway Company | 1 | 172 |
| Chubu Electric Power Co., Inc. | 5 | 54 |
| Chugai Pharmaceutical Co., Ltd. | 4 | 112 |
| Concordia Financial Group, Ltd. | 7 | 28 |
| COSMOS Pharmaceutical Corporation |  | 10 |
| CyberAgent, Inc. | 3 | 25 |
| Dai Nippon Printing Co., Ltd. | 2 | 36 |
| Daifuku Co., Ltd. | 1 | 42 |
| Dai-ichi Life Holdings, Inc. | 8 | 172 |
| Daiichi Sankyo Company, Ltd | 13 | 434 |
| Daikin Industries, Ltd. | 2 | 304 |
| Daito Trust Construction Co., Ltd. | 1 | 51 |
| Daiwa House Industry Co., Ltd | 5 | 103 |
| Daiwa House REIT Investment Corporation |  | 33 |
| Daiwa Securities Group Inc. | 10 | 45 |
| DENSO Corporation | 4 | 172 |
| DISCO Corporation |  | 57 |
| East Japan Railway Company | 3 | 148 |
| Eisai Co., Ltd. | 2 | 132 |
| ENEOS Holdings, Inc. | 22 | 75 |
| FANUC Corporation (c) | 1 | 195 |
| Fast Retailing Co., Ltd. |  | 244 |
| Fuji Electric Co., Ltd. | 1 | 37 |
| FUJIFILM Holdings Corporation | 3 | 135 |
| Fujitsu Limited | 1 | 159 |
| Fukuoka Financial Group, Inc. | 1 | 25 |
| GLP J-REIT |  | 35 |
| GMO Payment Gateway, Inc. | 1 | 41 |
| Hakuhodo DY Holdings Inc. | 2 | 21 |
| Hamamatsu Photonics K.K. | 1 | 48 |
| Hankyu Hanshin Holdings, Inc. | 2 | 50 |
| HASEKO Corporation | 2 | 19 |
| Hikari Tsushin,Inc. |  | 14 |
| Hirose Electric Co., Ltd. |  | 27 |
| Hitachi Construction Machinery Co., Ltd. | 1 | 16 |
| Hitachi, Ltd. | 7 | 332 |
| Honda Motor Co., Ltd. | 12 | 264 |
| Hoshizaki Corporation (c) | 1 | 28 |
| Hoya Corporation | 3 | 240 |
| Hulic Co., Ltd. (c) | 3 | 27 |
| IBIDEN Co., Ltd. | 1 | 33 |
| Idemitsu Kosan Co., Ltd. | 2 | 40 |
| Iida Group Holdings Co., Ltd. | 1 | 20 |
| Inpex Corporation (c) | 8 | 80 |
| Isuzu Motors Limited | 4 | 46 |
| ITOCHU Corporation | 10 | 318 |
| ITOCHU Techno-Solutions Corporation | 1 | 14 |
| Japan Airlines Co., Ltd. (a) | 1 | 20 |
| Japan Airport Terminal Co., Ltd. (a) | 1 | 30 |
| Japan Exchange Group, Inc. | 4 | 52 |
| Japan Metropolitan Fund Investment Corporation |  | 38 |
| Japan Post Bank Co., Ltd. | 4 | 34 |
| Japan Post Holdings Co., Ltd. | 17 | 140 |
| Japan Post Insurance Co., Ltd. | 2 | 26 |
| Japan Prime Realty Investment Corporation (c) |  | 20 |
| Japan Real Estate Investment Corporation |  | 40 |
| Japan Tobacco Inc. (c) | 8 | 151 |
| JFE Holdings, Inc. | 4 | 45 |
| JSR Corporation | 2 | 29 |
| Kajima Corporation | 3 | 40 |
| Kakaku.com, Inc. | 1 | 16 |
| Kansai Paint Co., Ltd | 2 | 22 |
| Kao Corporation (c) | 3 | 128 |
| Kawasaki Heavy Industries, Ltd. | 1 | 26 |
| KDDI Corporation (c) | 11 | 332 |
| Keio Corporation | 1 | 33 |
| Keisei Electric Railway Co., Ltd. | 1 | 34 |
| Keyence Corporation | 1 | 545 |
| Kikkoman Corporation | 1 | 68 |
| Kintetsu Group Holdings Co., Ltd. | 1 | 43 |
| Kirin Holdings Company, Ltd (c) | 6 | 87 |
| Kobayashi Pharmaceutical Co., Ltd. |  | 27 |
| Kobe Bussan Co., Ltd. | 1 | 23 |
| Koei Tecmo Holdings Co., Ltd. | 1 | 14 |
| Koito Manufacturing Co., Ltd. | 2 | 27 |
| Komatsu Ltd. | 7 | 143 |
| Konami Holdings Corporation | 1 | 32 |
| Kose Corporation |  | 22 |
| Kubota Corporation (c) | 8 | 106 |
| Kurita Water Industries Ltd. | 1 | 29 |
| KYOCERA Corporation | 2 | 119 |
| Kyowa Kirin Co., Ltd. | 2 | 41 |
| Kyushu Railway Company | 1 | 24 |
| Lasertec Co., Ltd. (c) | 1 | 81 |
| Lawson, Inc. |  | 15 |
| Lion Corporation (c) | 2 | 23 |
| LIXIL Corporation | 2 | 29 |
| M3, Inc. (c) | 3 | 76 |
| Makita Corporation | 2 | 44 |
| Marubeni Corporation | 11 | 127 |
| Marui Group Co.Ltd. (c) | 2 | 25 |
| Matsuki Yokokokara & Company Co., Ltd. | 1 | 45 |
| Mazda Motor Corporation | 4 | 31 |
| McDonald's Holdings Company (Japan), Ltd. (c) | 1 | 19 |
| Medipal Holdings Corporation | 1 | 17 |
| Meiji Holdings Co., Ltd. | 1 | 51 |
| Minebeamitsumi Inc. | 3 | 40 |
| MISUMI Group Inc. | 2 | 43 |
| Mitsubishi Chemical Group Corporation | 10 | 50 |
| Mitsubishi Corporation | 10 | 329 |
| Mitsubishi Electric Corporation | 15 | 145 |
| Mitsubishi Estate Co., Ltd. | 9 | 124 |
| Mitsubishi Gas Chemical Company, Inc. | 1 | 19 |
| Mitsubishi HC Capital Inc. | 5 | 27 |
| Mitsubishi Heavy Industries, Ltd. | 2 | 87 |
| Mitsubishi Motors Corporation (a) | 5 | 17 |
| Mitsubishi UFJ Financial Group Inc | 88 | 595 |
| Mitsui & Co., Ltd. | 11 | 323 |
| Mitsui Chemicals, Inc. | 2 | 34 |
| Mitsui Fudosan Co., Ltd. | 7 | 120 |
| Mitsui O.S.K. Lines, Ltd. (c) | 2 | 60 |
| Mizuho Bank, Ltd. (c) | 2 | 47 |
| Mizuho Financial Group, Inc. | 17 | 242 |
| MonotaRO Co., Ltd. (c) | 2 | 25 |
| MS&AD Insurance Group Holdings, Inc. (c) | 3 | 102 |
| Murata Manufacturing Co., Ltd. | 5 | 243 |
| Nagoya Railroad Co., Ltd. | 1 | 23 |
| Nec Corporation | 2 | 63 |
| NEXON Co., Ltd. (c) | 3 | 74 |
| NGK Insulators, Ltd. | 2 | 24 |
| NGK Spark Plug Co.Ltd. | 1 | 24 |
| Nidec Corporation | 4 | 191 |
| Nihon M&A Center Holdings Inc. | 2 | 22 |
| Nikon Corporation | 2 | 21 |
| Nintendo Co., Ltd. | 8 | 335 |
| Nippon Building Fund Inc. (c) |  | 49 |
| Nippon Express Co., Ltd. (c) | 1 | 34 |
| Nippon Paint Holdings Co., Ltd. (c) | 7 | 56 |
| Nippon Prologis REIT, Inc. |  | 38 |
| Nippon Sanso Holdings Corporation | 1 | 17 |
| Nippon Shinyaku Co., Ltd. |  | 23 |
| Nippon Steel Corporation | 7 | 113 |
| Nippon Telegraph and Telephone Corporation | 8 | 231 |
| Nippon Yusen Kabushiki Kaisha (c) | 3 | 77 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

527

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Nissan Motor Co., Ltd. | 16 | 50 |
| Nisshin Seifun Group Inc. | 2 | 25 |
| Nissin Chemical Corporation | 1 | 44 |
| Nissin Food Holdings Co., Ltd. | 1 | 40 |
| Nitori Holdings Co., Ltd. | 1 | 78 |
| Nitto Denko Corporation | 1 | 58 |
| Nomura Holdings, Inc. | 19 | 71 |
| Nomura Real Estate Holdings, Inc. | 1 | 15 |
| Nomura Real Estate Master Fund, Inc. |  | 38 |
| Nomura Research Institute Ltd | 3 | 79 |
| Nsk Ltd. | 3 | 15 |
| NTT DATA Corporation | 4 | 64 |
| Obayashi Corporation | 5 | 37 |
| OBIC Co., Ltd. |  | 59 |
| Odakyu Electric Railway Co., Ltd. | 2 | 31 |
| Oji Holdings Corporation | 7 | 28 |
| Olympus Corporation | 9 | 156 |
| OMRON Corporation | 1 | 68 |
| Ono Pharmaceutical Co., Ltd. | 3 | 79 |
| Open House Group Co., Ltd. | 1 | 18 |
| Oracle Corporation Japan |  | 13 |
| Oriental Land Co., Ltd. | 2 | 233 |
| ORIX Corporation | 9 | 136 |
| ORIX JREIT Inc. |  | 24 |
| Osaka Gas Co., Ltd. | 3 | 48 |
| Otsuka Corporation (c) | 1 | 25 |
| Otsuka Holdings Co., Ltd. (c) | 4 | 126 |
| Pan Pacific International Holdings Corporation | 4 | 67 |
| Panasonic Holdings Corporation (c) | 16 | 133 |
| Persol Holdings Co., Ltd. | 1 | 28 |
| Rakuten Group, Inc. (c) | 6 | 25 |
| Recruit Holdings Co., Ltd. | 12 | 380 |
| Renesas Electronics Corporation (a) | 11 | 100 |
| Resona Holdings, Inc. | 16 | 89 |
| Ricoh Company, Ltd. | 4 | 33 |
| Rinnai Corporation |  | 22 |
| ROHM Co., Ltd. | 1 | 43 |
| Santen Pharmaceutical Co., Ltd. | 3 | 20 |
| SBI Holdings, Inc. (c) | 2 | 34 |
| SCSK Corporation | 1 | 14 |
| Secom Co., Ltd. | 2 | 85 |
| Sega Sammy Holdings, Inc. | 1 | 17 |
| Seibu Holdings Inc. | 2 | 19 |
| Seiko Epson Corporation. | 2 | 35 |
| Sekisui Chemical Co., Ltd. | 3 | 43 |
| Sekisui House, Ltd. | 4 | 78 |
| Seven & I Holdings Co., Ltd. | 5 | 232 |
| SG Holdings Co., Ltd. | 3 | 47 |
| Sharp Corporation (c) | 2 | 11 |
| Shimadzu Corporation | 2 | 54 |
| Shimano Inc. | 1 | 94 |
| Shimizu Corporation | 5 | 28 |
| Shin-Etsu Chemical Co., Ltd. | 3 | 354 |
| Shinsei Bank, Limited | 1 | 15 |
| Shionogi & Co., Ltd. | 2 | 100 |
| Shiseido Company, Limited (c) | 3 | 132 |
| Showa Denko K.K. (c) | 1 | 15 |
| SMC Corporation | 1 | 210 |
| Softbank Corp. (c) | 20 | 225 |
| SoftBank Group Corp | 8 | 338 |
| Sojitz Corporation | 1 | 28 |
| Sompo Holdings, Inc. | 2 | 106 |
| Sony Group Corporation | 9 | 658 |
| Square Enix Holdings Co., Ltd. | 1 | 28 |
| Stanley Electric Co., Ltd. | 1 | 23 |
| Subaru Corporation. | 4 | 66 |
| SUMCO Corporation (c) | 2 | 29 |
| Sumitomo Chemical Company, Limited | 11 | 39 |
| Sumitomo Corporation | 8 | 138 |
| Sumitomo Dainippon Pharma Co., Ltd. | 2 | 11 |
| Sumitomo Electric Industries, Ltd. | 5 | 59 |
| Sumitomo Metal Mining Co., Ltd. | 2 | 67 |
| Sumitomo Mitsui Financial Group, Inc. | 10 | 398 |
| Sumitomo Mitsui Trust Bank, Limited | 3 | 87 |
| Sumitomo Realty & Development Co., Ltd. | 3 | 75 |
| Suntory Beverage & Food Limited (c) | 1 | 31 |
| Suzuki Motor Corporation | 3 | 106 |
| Sysmex Corporation | 1 | 67 |
| T&D Holdings, lnc. | 4 | 63 |
| Taisei Corporation | 2 | 48 |
| Taisho Pharmaceutical Holdings Co., Ltd. |  | 13 |
| Takeda Pharmaceutical Co Ltd (c) | 11 | 339 |
| TDK Corporation | 3 | 88 |
| Terumo Corporation | 5 | 153 |
| The Bank of Kyoto, Ltd. | 1 | 22 |
| The Chiba Bank, Ltd. | 5 | 37 |
| The Kansai Electric Power Company, Incorporated | 5 | 50 |
| TIS Inc. | 1 | 37 |
| TOBU Railway Co., LTD. | 1 | 33 |
| Toho Co., Ltd. | 1 | 39 |
| Tokio Marine Holdings, Inc. | 14 | 302 |
| Tokyo Century Corporation |  | 10 |
| Tokyo Electric Power Company Holdings, Inc. (a) | 6 | 20 |
| Tokyo Electron Limited | 1 | 324 |
| Tokyo Gas Co., Ltd. | 3 | 49 |
| Tokyu Corporation | 4 | 48 |
| Tokyu Fudosan Holdings Corporation | 5 | 22 |
| Toppan Inc. | 3 | 38 |
| Toray Industries, Inc. | 12 | 65 |
| Toshiba Corporation | 3 | 101 |
| Tosoh Corporation | 2 | 26 |
| TOTO Ltd. | 1 | 37 |
| Toyo Suisan Kaisha, Ltd. | 1 | 23 |
| Toyota Industries Corporation | 1 | 76 |
| Toyota Motor Corporation | 87 | 1184 |
| Toyota Tsusho Corporation | 2 | 59 |
| Trend Micro Incorporated (c) | 1 | 47 |
| Unicharm Corporation | 3 | 115 |
| United Urban Investment Corporation |  | 25 |
| USS Co., Ltd. | 2 | 24 |
| Welcia Holdings Co., Ltd. | 1 | 14 |
| West Japan Railway Company | 2 | 87 |
| Yakult Honsha Co., Ltd. | 1 | 72 |
| Yamaha Corporation (c) | 1 | 45 |
| Yamaha Motor Co., Ltd. (c) | 3 | 61 |
| Yamato Holdings Co., Ltd. | 3 | 40 |
| Yaskawa Electric Corporation | 2 | 57 |
| Yokogawa Electric Corporation | 2 | 25 |
| Z Holdings Corporation (c) | 18 | 44 |
| ZOZO, Inc. | 1 | 15 |
| | | 24132 |
| **United Kingdom 4.5%** | **United Kingdom 4.5%** | **United Kingdom 4.5%** |
| 3i Group plc | 7 | 113 |
| abrdn plc | 15 | 35 |
| Admiral Group PLC | 2 | 45 |
| Amcor Pty Ltd | 11 | 126 |
| Anglo American PLC | 9 | 356 |
| AON Public Limited Company - Class A | 1 | 434 |
| Ashtead Group Public Limited Company | 3 | 176 |
| Associated British Foods PLC | 2 | 47 |
| AstraZeneca PLC | 11 | 1453 |
| Auto Trader Group PLC | 6 | 41 |
| AVEVA Group plc | 1 | 30 |
| Aviva PLC | 21 | 113 |
| B&M European Value Retail S.A. | 6 | 29 |
| BAE Systems PLC | 22 | 228 |
| Barclays PLC | 107 | 205 |
| Barratt Developments P L C | 7 | 33 |
| BP P.L.C. | 127 | 727 |
| British American Tobacco P.L.C. | 15 | 612 |
| BT Group PLC | 47 | 64 |
| Bunzl Public Limited Company | 2 | 82 |
| Burberry Group PLC | 3 | 71 |
| Carnival Corporation (a) (c) | 7 | 55 |
| Centrica PLC | 40 | 46 |
| Coca-Cola Europacific Partners PLC | 1 | 78 |
| Compass Group PLC | 12 | 282 |
| Convatec Group PLC (d) | 11 | 31 |
| Croda International Public Limited Company | 1 | 76 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

528

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| DCC Public Limited Company | 1 | 35 |
| Dechra Pharmaceuticals PLC | 1 | 32 |
| Diageo PLC | 16 | 713 |
| Direct Line Insurance Group PLC | 10 | 28 |
| DS Smith PLC | 9 | 36 |
| easyJet PLC (a) | 4 | 14 |
| Entain PLC | 4 | 65 |
| Evraz PLC (e) | 3 |  |
| Experian PLC | 7 | 231 |
| Ferguson PLC | 1 | 188 |
| Fiat Chrysler Automobiles N.V. | 15 | 215 |
| GSK PLC | 27 | 473 |
| Haleon PLC (a) | 36 | 143 |
| Halma Public Limited Company | 3 | 62 |
| Harbour Energy PLC | 3 | 11 |
| Hargreaves Lansdown PLC | 2 | 20 |
| Hikma Pharmaceuticals Public Limited Company | 1 | 23 |
| Hiscox Ltd. | 2 | 32 |
| Howden Joinery Group PLC | 4 | 28 |
| HSBC Holdings PLC | 138 | 860 |
| Imperial Brands PLC | 7 | 164 |
| Informa Jersey Limited | 10 | 78 |
| InterContinental Hotels Group PLC | 1 | 72 |
| Intermediate Capital Group PLC | 2 | 28 |
| Intertek Group Plc | 1 | 57 |
| ITV PLC | 24 | 22 |
| J Sainsbury PLC | 12 | 31 |
| JD Sports Fashion PLC | 18 | 28 |
| Johnson Matthey PLC | 1 | 33 |
| Kingfisher PLC | 15 | 43 |
| Land Securities Group PLC | 5 | 35 |
| Legal & General Group PLC | 42 | 127 |
| Linde Public Limited Company | 3 | 1118 |
| Lloyds Banking Group PLC | 472 | 260 |
| London Stock Exchange Group PLC | 2 | 208 |
| M&G PLC | 18 | 40 |
| Melrose Holdings Limited | 30 | 49 |
| Mondi plc | 3 | 58 |
| National Grid PLC | 26 | 312 |
| NatWest Group PLC | 37 | 118 |
| Next PLC | 1 | 64 |
| Ocado Group PLC (a) | 4 | 31 |
| Pearson PLC | 5 | 59 |
| Pepco Group N.V. (a) (d) | 1 | 6 |
| Persimmon Public Limited Company | 2 | 33 |
| Phoenix Group Holdings PLC | 6 | 41 |
| Prudential Public Limited Company (b) | 18 | 246 |
| Reckitt Benckiser Group PLC | 5 | 360 |
| Relx PLC | 14 | 374 |
| Rentokil Initial PLC | 19 | 120 |
| Rightmove PLC | 6 | 37 |
| Rio Tinto PLC | 7 | 505 |
| Rolls-Royce PLC (a) | 59 | 67 |
| Schroders PLC | 5 | 28 |
| SEGRO Public Limited Company | 8 | 78 |
| Severn Trent PLC | 2 | 48 |
| Smith & Nephew PLC | 6 | 84 |
| Smiths Group PLC | 3 | 52 |
| Spirax-Sarco Engineering PLC | 1 | 66 |
| SSE PLC | 7 | 152 |
| St. James's Place PLC | 4 | 49 |
| Standard Chartered PLC | 18 | 139 |
| Tate & Lyle Public Limited Company | 3 | 23 |
| Taylor Wimpey PLC | 26 | 32 |
| Tesco PLC | 54 | 148 |
| The Berkeley Group Holdings PLC | 1 | 39 |
| The British Land Company Public Limited Company | 7 | 33 |
| The Sage Group PLC. | 8 | 71 |
| Unilever PLC | 18 | 918 |
| United Utilities PLC | 5 | 56 |
| Vodafone Group Public Limited Company | 180 | 183 |
| Weir Group PLC(The) | 2 | 36 |
| Whitbread PLC | 1 | 43 |
| Wise PLC - Class A (a) | 3 | 17 |
| WPP 2012 Limited | 8 | 79 |
| | | 15995 |
| **Canada 3.3%** | **Canada 3.3%** | **Canada 3.3%** |
| Agnico Eagle Mines Limited | 3 | 168 |
| Air Canada (a) | 2 | 33 |
| Algonquin Power & Utilities Corp. (c) | 5 | 33 |
| Alimentation Couche-Tard Inc. | 5 | 235 |
| AltaGas Ltd. | 2 | 36 |
| ARC Resources Ltd. (c) | 5 | 64 |
| Bank of Montreal | 5 | 418 |
| Barrick Gold Corporation | 12 | 211 |
| BCE Inc. | 2 | 88 |
| Brookfield Corporation - Class A | 10 | 310 |
| CAE Inc. (a) | 2 | 41 |
| Cameco Corporation | 3 | 63 |
| Canadian Apartment Properties Real Estate Investment Trust | 1 | 16 |
| Canadian Imperial Bank of Commerce | 6 | 254 |
| Canadian National Railway Company | 4 | 503 |
| Canadian Natural Resources Limited | 8 | 428 |
| Canadian Pacific Railway Limited | 6 | 469 |
| Canadian Tire Corporation, Limited - Class A |  | 42 |
| Canadian Utilities Limited - Class A | 1 | 24 |
| CCL Industries Inc. - Class B | 1 | 47 |
| Cenovus Energy Inc. | 10 | 187 |
| CGI Inc. - Class A (a) | 2 | 129 |
| Constellation Software Inc. |  | 208 |
| Dollarama Inc. | 2 | 119 |
| Emera Incorporated | 2 | 65 |
| Empire Company Limited - Class A | 1 | 34 |
| Enbridge Inc. | 14 | 549 |
| Fairfax Financial Holdings Limited |  | 91 |
| Finning International Inc. | 1 | 27 |
| First Quantum Minerals Ltd | 4 | 84 |
| FirstService Corporation (c) |  | 32 |
| Fortis Inc. | 3 | 128 |
| Franco-Nevada Corporation | 1 | 177 |
| George Weston Limited | 1 | 64 |
| GFL Environmental Inc. | 1 | 32 |
| Gildan Activewear Inc. - Class A | 1 | 36 |
| Great-West Lifeco Inc. | 2 | 42 |
| Groupe WSP Global Inc. | 1 | 98 |
| Hydro One Limited | 2 | 62 |
| iA Societe Financiere Inc. | 1 | 47 |
| IGM Financial Inc. (c) | 1 | 14 |
| Imperial Oil Limited | 1 | 64 |
| Intact Financial Corporation | 1 | 173 |
| Keyera Corp. (c) | 2 | 37 |
| Kinross Gold Corporation | 8 | 33 |
| Loblaw Companies Limited | 1 | 88 |
| Lundin Mining Corporation | 5 | 29 |
| Magna International Inc. | 2 | 107 |
| Manulife Financial Corporation | 12 | 221 |
| Metro Inc. - Class A | 2 | 92 |
| National Bank of Canada | 2 | 155 |
| Nutrien Ltd. | 4 | 268 |
| Nuvei Technologies Corp. (a) |  | 11 |
| ONEX Corporation | 1 | 24 |
| Open Text Corporation | 2 | 53 |
| Pembina Pipeline Corporation | 4 | 129 |
| Power Corporation of Canada | 4 | 90 |
| Quebecor Inc. - Class B | 1 | 27 |
| Restaurant Brands International Limited Partnership | 2 | 129 |
| RioCan Real Estate Investment Trust | 1 | 17 |
| Ritchie Bros. Auctioneers Incorporated | 1 | 40 |
| Rogers Communications Inc. - Class B | 2 | 112 |
| Royal Bank of Canada | 10 | 904 |
| Saputo Inc. | 2 | 40 |
| Shaw Communications Inc. - Class B | 3 | 86 |
| Shopify Inc. - Class A (a) | 9 | 296 |
| Sun Life Financial Inc. | 4 | 181 |
| Suncor Energy Inc. | 9 | 299 |
| TC Energy Corporation | 7 | 279 |
| Teck Resources Limited - Class B | 3 | 125 |
| TELUS Corporation | 3 | 58 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

529

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| TFI International Inc. | 1 | 52 |
| The Bank of Nova Scotia (c) | 8 | 399 |
| The Toronto-Dominion Bank | 12 | 800 |
| Thomson Reuters Corporation | 1 | 129 |
| TMX Group Limited |  | 38 |
| Tourmaline Oil Corp | 2 | 106 |
| Turquoise Hill Resources Ltd - Class A (a) | 3 | 27 |
| Waste Connections, Inc. | 2 | 233 |
| West Fraser Timber Co. Ltd. |  | 29 |
| Wheaton Precious Metals Corp. | 3 | 117 |
| | | 11805 |
| **France 3.0%** | **France 3.0%** | **France 3.0%** |
| Adevinta ASA - Class B (a) (d) | 3 | 19 |
| Aeroports de Paris (a) |  | 30 |
| Alstom (c) | 2 | 48 |
| Amundi (d) |  | 25 |
| AXA | 14 | 388 |
| Biomerieux SA |  | 32 |
| BNP Paribas | 8 | 439 |
| Bollore SE | 6 | 32 |
| Bouygues | 1 | 45 |
| Bureau Veritas | 2 | 55 |
| Capgemini | 1 | 179 |
| Carrefour | 4 | 69 |
| Compagnie De Saint-Gobain | 4 | 178 |
| Compagnie Generale des Etablissements Michelin | 5 | 136 |
| Credit Agricole SA | 9 | 100 |
| Danone | 4 | 226 |
| Dassault Aviation |  | 24 |
| Dassault Systemes | 5 | 180 |
| EDENRED | 2 | 91 |
| Eiffage | 1 | 57 |
| Electricite de France | 5 | 61 |
| Engie | 13 | 184 |
| EssilorLuxottica | 2 | 377 |
| Gecina |  | 38 |
| Getlink S.E. | 3 | 50 |
| Hermes International |  | 370 |
| IPSEN |  | 27 |
| Kering | 1 | 258 |
| L'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 4 | 516 |
| Legrand | 2 | 146 |
| L'Oreal | 2 | 629 |
| LVMH Moet Hennessy Louis Vuitton | 2 | 1314 |
| Orange | 13 | 127 |
| Pernod Ricard | 1 | 272 |
| Publicis Groupe SA | 2 | 96 |
| Safran | 2 | 300 |
| Sanofi | 8 | 764 |
| Sartorius Stedim Biotech |  | 53 |
| Schneider Electric SE | 4 | 557 |
| Societe d'exploitation Hoteliere | 1 | 58 |
| Societe Generale | 6 | 139 |
| Teleperformance SE |  | 96 |
| Thales | 1 | 93 |
| TotalEnergies SE | 17 | 1065 |
| Veolia Environnement-VE | 4 | 115 |
| VINCI | 4 | 371 |
| Vivendi SE | 5 | 52 |
| Worldline (a) (d) | 2 | 63 |
|  |  | 10544 |
| **Switzerland 2.6%** | **Switzerland 2.6%** | **Switzerland 2.6%** |
| ABB Ltd - Class N | 12 | 368 |
| Alcon AG | 3 | 231 |
| Baloise Holding AG - Class N |  | 48 |
| Barry Callebaut AG - Class N |  | 55 |
| Chocoladefabriken Lindt & Sprungli AG - Class N |  | 103 |
| Coca-Cola HBC AG | 1 | 33 |
| Compagnie Financiere Richemont SA | 4 | 463 |
| Credit Suisse Group AG - Class N (c) | 24 | 72 |
| EMS-Chemie Holding AG |  | 33 |
| Garmin Ltd. | 1 | 93 |
| Geberit AG - Class N |  | 115 |
| Givaudan SA - Class N |  | 166 |
| Glencore PLC | 84 | 568 |
| Julius Bar Gruppe AG - Class N | 2 | 91 |
| Kuhne & Nagel International AG |  | 80 |
| Lafarge | 4 | 199 |
| Lonza Group AG | 1 | 260 |
| Nestle S.A. - Class N | 19 | 2228 |
| Novartis AG - Class N | 17 | 1530 |
| Partners Group Holding AG |  | 132 |
| Roche Holding AG |  | 69 |
| Schindler Holding AG - Class N |  | 27 |
| SGS SA - Class N |  | 93 |
| Sika AG | 1 | 265 |
| Sonova Holding AG |  | 87 |
| STMicroelectronics N.V. | 4 | 156 |
| Straumann Holding AG - Class N | 1 | 89 |
| Swiss Life Holding AG - Class N |  | 109 |
| Swiss Re AG | 2 | 179 |
| Swisscom AG - Class N |  | 93 |
| TE Connectivity Ltd. (d) | 2 | 253 |
| The Swatch Group AG |  | 57 |
| The Swatch Group AG - Class N |  | 18 |
| UBS Group AG | 25 | 459 |
| Zurich Insurance Group AG - Class N | 1 | 527 |
|  |  | 9349 |
| **Australia 2.3%** | **Australia 2.3%** | **Australia 2.3%** |
| Ampol Limited | 2 | 37 |
| ANZ Group Holdings Limited (a) | 21 | 342 |
| Aristocrat Leisure Limited | 5 | 93 |
| ASX Limited | 1 | 58 |
| Atlas Arteria Limited | 9 | 41 |
| Atlassian Corporation - Class A (a) | 1 | 132 |
| Aurizon Holdings Limited | 13 | 32 |
| Australian Pipeline Trust | 8 | 55 |
| Bendigo and Adelaide Bank Limited | 4 | 24 |
| BHP Group Limited | 35 | 1078 |
| BlueScope Steel Limited | 3 | 38 |
| Brambles Limited | 10 | 83 |
| Challenger Limited | 4 | 20 |
| Cochlear Limited |  | 64 |
| Coles Group Limited | 9 | 106 |
| Commonwealth Bank of Australia | 12 | 820 |
| Computershare Limited | 4 | 66 |
| CSL Limited | 3 | 649 |
| Dexus Property Trust | 8 | 42 |
| Domino's Pizza Enterprises Limited (c) |  | 19 |
| Endeavour Group Limited | 9 | 38 |
| Fortescue Metals Group Ltd | 11 | 158 |
| Goodman Funding Pty Ltd | 12 | 139 |
| GPT Management Holdings Limited | 13 | 38 |
| Harvey Norman Holdings Limited | 5 | 13 |
| IDP Education Limited | 1 | 24 |
| IGO Limited | 5 | 44 |
| Incitec Pivot Limited | 13 | 34 |
| Insurance Australia Group Limited | 16 | 51 |
| Lendlease Corporation Limited | 4 | 23 |
| Macquarie Group Limited | 2 | 277 |
| Medibank Private Limited | 18 | 36 |
| Mineral Resources Limited | 1 | 61 |
| Mirvac Limited | 25 | 36 |
| National Australia Bank Limited | 22 | 448 |
| Newcrest Mining Limited | 6 | 85 |
| Northern Star Resources Ltd | 8 | 59 |
| Orica Limited | 3 | 30 |
| Origin Energy Limited | 13 | 67 |
| Pilbara Minerals Limited (a) | 19 | 48 |
| Qantas Airways Limited (a) | 9 | 35 |
| QBE Insurance Group Limited | 11 | 97 |
| Ramsay Health Care Limited | 1 | 58 |
| REA Group Ltd |  | 28 |
| Reece Limited | 2 | 19 |
| Rio Tinto Limited | 3 | 200 |
| Santos Limited | 24 | 117 |
| Scentre Group Limited | 38 | 74 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

530

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| SEEK Limited | 2 | 35 |
| Seven Group Holdings Limited | 1 | 13 |
| Sonic Healthcare Limited | 3 | 66 |
| South32 Limited | 30 | 84 |
| Stockland Corporation Ltd | 16 | 40 |
| Suncorp Group Limited | 9 | 70 |
| Telstra Group Limited | 27 | 74 |
| The Lottery Corporation Limited (a) | 16 | 50 |
| TPG Corporation Limited | 3 | 12 |
| Transurban Holdings Limited | 21 | 184 |
| Treasury Wine Estates Limited | 5 | 48 |
| Vicinity Centres RE Ltd | 26 | 36 |
| Washington H. Soul Pattinson and Company Limited | 2 | 31 |
| Wesfarmers Limited | 8 | 241 |
| Westpac Banking Corporation | 24 | 380 |
| WiseTech Global Limited | 1 | 38 |
| Woodside Energy Group Ltd | 13 | 324 |
| Woolworths Group Limited | 9 | 197 |
| Worley Limited | 2 | 22 |
| | | 8081 |
| **Germany 2.0%** | **Germany 2.0%** | **Germany 2.0%** |
| Adidas AG - Class N | 1 | 173 |
| Allianz SE | 3 | 601 |
| BASF SE - Class N | 6 | 310 |
| Bayer Aktiengesellschaft - Class N | 7 | 342 |
| Bayerische Motoren Werke Aktiengesellschaft | 2 | 196 |
| Beiersdorf Aktiengesellschaft | 1 | 81 |
| Brenntag SE - Class N | 1 | 65 |
| Carl Zeiss Meditec AG |  | 29 |
| Commerzbank Aktiengesellschaft (a) | 7 | 65 |
| Continental Aktiengesellschaft | 1 | 44 |
| Covestro AG (d) | 1 | 48 |
| Daimler Truck Holding AG (a) | 3 | 106 |
| Delivery Hero SE (a) (d) | 1 | 61 |
| Deutsche Bank Aktiengesellschaft - Class N | 14 | 159 |
| Deutsche Borse Aktiengesellschaft - Class N | 1 | 226 |
| Deutsche Lufthansa Aktiengesellschaft (a) | 4 | 34 |
| Deutsche Post AG - Class N | 7 | 253 |
| Deutsche Telekom AG - Class N | 24 | 488 |
| DW Property Invest GmbH |  | 4 |
| E.ON SE - Class N | 15 | 152 |
| Evonik Industries AG | 1 | 25 |
| Fresenius SE & Co. KGaA | 3 | 79 |
| GEA Group Aktiengesellschaft | 1 | 47 |
| Hannover Ruck SE - Class N |  | 87 |
| HeidelbergCement AG | 1 | 59 |
| Henkel AG & Co. KGaA | 1 | 43 |
| Infineon Technologies AG - Class N | 9 | 271 |
| Mercedes-Benz Group AG - Class N | 5 | 357 |
| Merck Kommanditgesellschaft auf Aktien | 1 | 170 |
| MTU Aero Engines AG - Class N |  | 80 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 1 | 318 |
| Puma SE | 1 | 45 |
| RWE Aktiengesellschaft | 5 | 206 |
| SAP SE | 8 | 783 |
| Siemens Aktiengesellschaft - Class N | 5 | 730 |
| Siemens Energy AG | 3 | 53 |
| Siemens Healthineers AG (d) | 2 | 112 |
| Symrise AG | 1 | 96 |
| Talanx Aktiengesellschaft |  | 17 |
| Telefonica Deutschland Holding AG | 7 | 16 |
| Vantage Towers AG | 1 | 28 |
| Vonovia SE | 6 | 136 |
| Zalando SE (a) (d) | 2 | 66 |
|  |  | 7261 |
| **Netherlands 1.9%** | **Netherlands 1.9%** | **Netherlands 1.9%** |
| Adyen B.V. (a) (d) |  | 289 |
| Aegon N.V. | 10 | 53 |
| Airbus SE | 4 | 516 |
| Akzo Nobel N.V. | 1 | 85 |
| argenx SE (a) |  | 145 |
| ASM International N.V. |  | 86 |
| ASML Holding N.V. | 3 | 1519 |
| CNH Industrial N.V. | 7 | 114 |
| HAL Trust | 1 | 77 |
| Heineken Holding N.V. | 1 | 53 |
| Heineken N.V. | 2 | 152 |
| ING Groep N.V. | 27 | 327 |
| JDE Peet's N.V. |  | 13 |
| Koninklijke Ahold Delhaize N.V. | 7 | 207 |
| Koninklijke DSM N.V. | 1 | 147 |
| Koninklijke KPN N.V. | 26 | 79 |
| Koninklijke Philips N.V. | 6 | 97 |
| NN Group N.V. | 2 | 92 |
| NXP Semiconductors N.V. | 2 | 284 |
| Prosus N.V. - Class N | 8 | 558 |
| Randstad N.V. | 1 | 55 |
| Shell PLC - Class A | 49 | 1384 |
| Unibail-Rodamco-Westfield SE (a) | 1 | 41 |
| Universal Music Group N.V. | 6 | 137 |
| Wolters Kluwer N.V. - Class C | 2 | 190 |
|  |  | 6700 |
| **Sweden 0.9%** | **Sweden 0.9%** | **Sweden 0.9%** |
| AB Sagax - Class B | 1 | 26 |
| Aktiebolaget Electrolux - Class B (c) | 2 | 25 |
| Aktiebolaget Industrivarden - Class A | 1 | 31 |
| Aktiebolaget Industrivarden - Class C | 1 | 28 |
| Aktiebolaget SKF - Class B | 3 | 39 |
| Aktiebolaget Volvo - Class A | 1 | 27 |
| Aktiebolaget Volvo - Class B | 11 | 194 |
| Alfa Laval AB | 2 | 59 |
| Assa Abloy AB - Class B | 7 | 148 |
| Atlas Copco Aktiebolag - Class A | 17 | 207 |
| Atlas Copco Aktiebolag - Class B | 11 | 114 |
| Axfood Aktiebolag | 1 | 19 |
| Boliden AB | 2 | 72 |
| Castellum Aktiebolag (c) | 2 | 24 |
| Deca Games Holding AB - Class B (a) (c) | 6 | 28 |
| Epiroc Aktiebolag - Class A | 4 | 78 |
| Epiroc Aktiebolag - Class B | 3 | 44 |
| EQT AB (d) | 3 | 56 |
| Essity Aktiebolag (publ) - Class B | 4 | 109 |
| Evolution AB (publ) (d) | 1 | 134 |
| Fastighets AB Balder - Class B (a) | 5 | 21 |
| G&L Beijer Ref AB - Class B (c) | 2 | 24 |
| Getinge AB - Class B | 1 | 31 |
| H & M Hennes & Mauritz AB - Class B (c) | 5 | 58 |
| Hexagon Aktiebolag - Class B | 15 | 157 |
| Holmen Aktiebolag - Class B | 1 | 25 |
| Husqvarna Aktiebolag - Class B | 3 | 20 |
| Indutrade Aktiebolag | 2 | 34 |
| Investment Ab Latour - Class B | 1 | 18 |
| Investor Aktiebolag - Class A | 4 | 72 |
| Investor Aktiebolag - Class B | 12 | 221 |
| Kinnevik AB - Class B (a) | 2 | 23 |
| L E Lundbergforetagen AB (publ) - Class B | 1 | 22 |
| Lifco Ab (Publ) - Class B | 1 | 23 |
| NIBE Industrier AB - Class B | 10 | 91 |
| Nordnet AB | 1 | 14 |
| Saab AB - Class B | 1 | 22 |
| Sandvik Aktiebolag | 7 | 135 |
| Securitas AB - Class B | 2 | 19 |
| Skandinaviska Enskilda Banken AB - Class A | 12 | 141 |
| Skanska AB - Class B | 3 | 43 |
| SSAB AB - Class A | 2 | 9 |
| SSAB AB - Class B | 4 | 22 |
| Svenska Cellulosa Aktiebolaget SCA - Class B | 4 | 48 |
| Svenska Handelsbanken AB - Class A | 11 | 111 |
| Swedbank AB - Class A | 7 | 112 |
| Swedish Orphan Biovitrum AB (Publ) (a) | 2 | 32 |
| Tele2 AB - Class B | 3 | 27 |
| Telefonaktiebolaget LM Ericsson - Class B | 22 | 126 |
| Telia Company AB | 17 | 44 |
| Trelleborg AB - Class B | 2 | 38 |
| Volvo Car AB - Class B (a) (c) | 4 | 20 |
|  |  | 3265 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

531

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Denmark 0.8%** | **Denmark 0.8%** | **Denmark 0.8%** |
| A.P. Moller - Maersk A/S - Class A |  | 47 |
| A.P. Moller - Maersk A/S - Class B |  | 90 |
| Carlsberg A/S - Class B | 1 | 91 |
| Chr. Hansen Holding A/S | 1 | 53 |
| Coloplast A/S - Class B | 1 | 98 |
| Danske Bank A/S | 5 | 98 |
| Demant A/S (a) | 1 | 20 |
| DSV A/S | 1 | 202 |
| Genmab A/S (a) |  | 190 |
| Novo Nordisk A/S - Class B | 11 | 1522 |
| Novozymes A/S - Class B | 1 | 74 |
| Orsted A/S (d) | 1 | 115 |
| Pandora A/S | 1 | 46 |
| Tryg A/S | 2 | 53 |
| Vestas Wind Systems A/S | 7 | 199 |
|  |  | 2898 |
| **Hong Kong 0.8%** | **Hong Kong 0.8%** | **Hong Kong 0.8%** |
| AIA Group Limited | 81 | 891 |
| Budweiser Brewing Company APAC Limited (d) | 13 | 39 |
| CK Asset Holdings Limited | 13 | 83 |
| CK Hutchison Holdings Limited | 18 | 109 |
| CK Infrastructure Holdings Limited | 5 | 26 |
| CLP Holdings Limited | 11 | 84 |
| DFI Retail Group Holding Limited | 2 | 6 |
| ESR Cayman Limited (d) | 18 | 37 |
| Galaxy Entertainment Group Limited | 14 | 92 |
| Hang Lung Properties Limited | 14 | 28 |
| Hang Seng Bank, Limited | 5 | 78 |
| Henderson Land Development Company Limited | 9 | 32 |
| HK Electric Investments Limited | 16 | 11 |
| HKT Trust | 28 | 34 |
| Hong Kong And China Gas Company Limited - The- | 74 | 70 |
| Hong Kong Exchanges and Clearing Limited | 8 | 346 |
| Jardine Matheson Holdings Limited | 2 | 91 |
| Link Real Estate Investment Trust | 15 | 107 |
| MTR Corporation Limited | 11 | 57 |
| New World Development Company Limited | 9 | 26 |
| Power Assets Holdings Limited | 9 | 52 |
| Sino Land Company Limited | 25 | 31 |
| Sun Hung Kai Properties Limited | 10 | 144 |
| Swire Pacific Limited - Class A | 3 | 23 |
| Swire Pacific Limited - Class B | 10 | 14 |
| Swire Properties Limited | 8 | 20 |
| Techtronic Industries Company Limited | 11 | 128 |
| The Wharf (Holdings) Limited | 9 | 26 |
| WH Group Limited (d) | 62 | 36 |
| Wharf Real Estate Investment Company Limited | 11 | 64 |
|  |  | 2785 |
| **Ireland 0.7%** | **Ireland 0.7%** | **Ireland 0.7%** |
| Accenture Public Limited Company - Class A | 4 | 1161 |
| CRH Public Limited Company | 5 | 207 |
| Flutter Entertainment Public Limited Company (a) | 1 | 142 |
| James Hardie Industries Public Limited Company - CDI | 3 | 55 |
| Kerry Group Public Limited Company - Class A | 1 | 98 |
| Kingspan Group Public Limited Company | 1 | 55 |
| Medtronic, Inc. | 9 | 707 |
| Seagate Technology Holdings Public Limited Company | 1 | 72 |
| Smurfit Kappa Funding Designated Activity Company | 2 | 69 |
|  |  | 2566 |
| **Spain 0.7%** | **Spain 0.7%** | **Spain 0.7%** |
| Acciona,S.A. |  | 27 |
| ACS, Actividades de Construccion y Servicios, S.A. (c) | 2 | 53 |
| AENA, S.M.E., S.A. (a) (d) |  | 60 |
| Amadeus IT Group, S.A. (a) (d) | 3 | 163 |
| Banco Bilbao Vizcaya Argentaria, S.A. | 42 | 256 |
| Banco Santander, S.A. | 117 | 353 |
| CaixaBank, S.A. | 30 | 117 |
| Cellnex Telecom, S.A. (d) | 4 | 142 |
| Corporacion Acciona Energias Renovables, S.A. |  | 15 |
| Endesa, S.A. | 2 | 42 |
| Ferrovial, S.A. | 3 | 89 |
| Grifols, S.A. - Class A | 2 | 26 |
| Iberdrola, Sociedad Anonima | 41 | 479 |
| Industria de Diseno Textil, S.A. | 8 | 205 |
| MAPFRE, S.A. | 7 | 13 |
| Naturgy Energy Group, S.A. | 2 | 40 |
| Red Electrica Corporacion, S.A. (c) | 3 | 51 |
| Repsol, S.A. | 10 | 157 |
| Telefonica, S.A. | 38 | 138 |
|  |  | 2426 |
| **Italy 0.6%** | **Italy 0.6%** | **Italy 0.6%** |
| A2a S.P.A. | 11 | 14 |
| Amplifon S.p.A | 1 | 17 |
| Assicurazioni Generali S.P.A. | 8 | 149 |
| Banca Mediolanum SpA | 2 | 14 |
| Banco BPM Societa' Per Azioni | 10 | 37 |
| Buzzi Unicem S.p.A - Senza Vincoli Di Rappresentazione Grafica | 1 | 13 |
| Davide Campari-Milano N.V. | 3 | 29 |
| DiaSorin S.p.A. |  | 22 |
| Enel S.p.A | 53 | 285 |
| Eni S.p.A. | 17 | 243 |
| Ferrari N.V. | 1 | 187 |
| Finecobank Banca Fineco SPA | 4 | 68 |
| Hera S.p.A. | 5 | 14 |
| Infrastrutture Wireless Italiane S.p.A. (d) | 2 | 22 |
| Intesa Sanpaolo SPA | 123 | 273 |
| Leonardo S.p.A. | 3 | 24 |
| Mediobanca Banca di Credito Finanziario Societa' Per Azioni | 5 | 48 |
| Moncler S.p.A. | 1 | 70 |
| Nexi S.p.A. (a) | 5 | 41 |
| Pirelli & C. S.p.A. (d) | 3 | 13 |
| Poste Italiane SPA (d) | 3 | 31 |
| Prysmian S.p.A. | 2 | 72 |
| Recordati Industria Chimica E Farmaceutica S.P.A. In Breve Recordati S.P.A. | 1 | 32 |
| Snam S.P.A. | 14 | 67 |
| Telecom Italia SPA (c) | 79 | 18 |
| Terna – Rete Elettrica Nazionale S.p.A. | 9 | 67 |
| UniCredit S.p.A. | 15 | 207 |
| UnipolSai Assicurazioni S.p.A. (c) | 3 | 8 |
|  |  | 2085 |
| **Singapore 0.4%** | **Singapore 0.4%** | **Singapore 0.4%** |
| Ascendas Real Estate Investment Trust | 23 | 47 |
| Capitaland Group Pte. Ltd. | 33 | 51 |
| Capitaland Investment Limited | 17 | 46 |
| City Developments Limited | 4 | 22 |
| DBS Group Holdings Ltd | 13 | 333 |
| Flex Ltd. (a) | 3 | 72 |
| Genting Singapore Limited | 41 | 29 |
| Great Eastern Holdings Limited | 1 | 8 |
| Jardine Cycle & Carriage Limited | 1 | 15 |
| Keppel Corporation Limited | 9 | 49 |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. (d) | 13 | 16 |
| Olam Group Limited | 7 | 8 |
| Oversea-Chinese Banking Corporation Limited | 29 | 260 |
| Singapore Airlines Limited (c) | 9 | 36 |
| Singapore Exchange Limited | 6 | 40 |
| Singapore Technologies Engineering Ltd | 10 | 26 |
| Singapore Telecommunications Limited | 47 | 91 |
| United Overseas Bank Limited | 10 | 240 |
| UOL Group Limited | 3 | 15 |
| Venture Corporation Limited | 2 | 24 |
| Wilmar International Limited | 19 | 60 |
|  |  | 1488 |
| **Finland 0.4%** | **Finland 0.4%** | **Finland 0.4%** |
| Elisa Oyj | 1 | 52 |
| Fortum Oyj | 3 | 48 |
| Huhtamaki Oyj | 1 | 22 |
| Kesko Oyj - Class A | 1 | 14 |
| Kesko Oyj - Class B | 2 | 41 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

532

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Kone Corporation - Class B | 3 | 142 |
| Metso Outotec Oyj | 4 | 47 |
| Neste Oyj | 3 | 137 |
| Nokia Oyj | 37 | 170 |
| Nordea Bank Abp | 23 | 249 |
| Orion Oyj - Class A |  | 11 |
| Orion Oyj - Class B | 1 | 42 |
| Sampo Oyj - Class A | 3 | 180 |
| Stora Enso Oyj - Class R | 4 | 57 |
| UPM-Kymmene Oyj | 4 | 135 |
| Wartsila Oyj Abp | 4 | 30 |
| | | 1377 |
| **Belgium 0.3%** | **Belgium 0.3%** | **Belgium 0.3%** |
| Ackermans |  | 26 |
| ageas SA/NV | 1 | 59 |
| Anheuser-Busch InBev | 7 | 401 |
| Azelis Group | 1 | 21 |
| D'Ieteren Group |  | 27 |
| Elia Group |  | 42 |
| Etablissements Fr. Colruyt - Etablissementen Fr. Colruyt (c) |  | 8 |
| Groupe Bruxelles Lambert - Groep Brussel Lambert | 1 | 56 |
| KBC Groep | 2 | 148 |
| Proximus | 1 | 10 |
| Sofina |  | 21 |
| Solvay | 1 | 52 |
| UCB | 1 | 70 |
| Umicore | 1 | 49 |
| Warehouses De Pauw | 1 | 27 |
|  |  | 1017 |
| **Norway 0.2%** | **Norway 0.2%** | **Norway 0.2%** |
| Aker ASA |  | 12 |
| Aker BP ASA | 2 | 64 |
| DNB Bank ASA | 6 | 123 |
| Equinor ASA | 7 | 264 |
| Gjensidige Forsikring ASA | 1 | 27 |
| Kongsberg Gruppen ASA | 1 | 26 |
| Leroy Seafood Group ASA | 2 | 11 |
| Mowi ASA | 3 | 55 |
| Norsk Hydro ASA | 9 | 68 |
| Orkla ASA | 6 | 40 |
| SalMar ASA |  | 14 |
| Schibsted ASA - Class A |  | 8 |
| Schibsted ASA - Class B | 1 | 11 |
| Storebrand ASA | 3 | 28 |
| Telenor ASA | 5 | 43 |
| TOMRA Systems ASA | 1 | 23 |
| Var Energi ASA (c) | 4 | 14 |
| Yara International ASA | 1 | 47 |
|  |  | 878 |
| **Israel 0.1%** | **Israel 0.1%** | **Israel 0.1%** |
| Azrieli Group Ltd. |  | 16 |
| Bank Hapoalim Ltd | 9 | 77 |
| Bank Leumi le-Israel B.M. | 10 | 83 |
| Bezeq The Israel Telecommunication Corp., Limited | 14 | 24 |
| Elbit Systems Ltd. |  | 27 |
| Icl Group Ltd | 5 | 38 |
| Israel Discount Bank Limited | 8 | 40 |
| Mizrahi-Tefahot Bank Ltd. | 1 | 30 |
| Nice Ltd (a) |  | 87 |
| Teva Pharmaceutical Industries Ltd (a) | 8 | 70 |
|  |  | 492 |
| **Bermuda 0.1%** | **Bermuda 0.1%** | **Bermuda 0.1%** |
| Arch Capital Group Ltd. (a) | 3 | 164 |
| Autostore Holdings Ltd (a) (c) (d) | 9 | 17 |
| Everest Re Group, Ltd. |  | 93 |
|  |  | 274 |
| **Brazil 0.1%** | **Brazil 0.1%** | **Brazil 0.1%** |
| MercadoLibre S.R.L (a) |  | 266 |
| **Poland 0.1%** | **Poland 0.1%** | **Poland 0.1%** |
| Allegro.eu (a) (d) | 2 | 14 |
| Bank Polska Kasa Opieki - Spolka Akcyjna | 1 | 22 |
| Dino Polska Spolka Akcyjna (a) (d) |  | 26 |
| ING Bank Slaski S.A. |  | 8 |
| KGHM Polska Miedz Spolka Akcyjna | 1 | 25 |
| LPP Spolka Akcyjna |  | 19 |
| Polski Koncern Naftowy Orlen Spolka Akcyjna | 4 | 58 |
| Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna | 6 | 38 |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna | 4 | 29 |
| Santander Bank Polska S.A. |  | 13 |
|  |  | 252 |
| **Austria 0.1%** | **Austria 0.1%** | **Austria 0.1%** |
| Andritz AG |  | 28 |
| BAWAG Group AG (d) |  | 25 |
| Erste Group Bank AG | 2 | 64 |
| EVN AG |  | 7 |
| OMV Aktiengesellschaft | 1 | 50 |
| Raiffeisen Bank International AG (a) | 1 | 15 |
| Telekom Austria Aktiengesellschaft (c) | 1 | 6 |
| Verbund AG (c) |  | 24 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe |  | 9 |
| voestalpine AG | 1 | 19 |
|  |  | 247 |
| **Luxembourg 0.1%** | **Luxembourg 0.1%** | **Luxembourg 0.1%** |
| ArcelorMittal | 4 | 101 |
| Eurofins Scientific SE | 1 | 81 |
| Tenaris S.A. | 3 | 60 |
|  |  | 242 |
| **New Zealand 0.1%** | **New Zealand 0.1%** | **New Zealand 0.1%** |
| Auckland International Airport Limited (a) | 9 | 44 |
| Contact Energy Limited | 5 | 25 |
| Fisher & Paykel Healthcare Corporation Limited | 4 | 59 |
| Mercury NZ Limited | 4 | 16 |
| Meridian Energy Limited | 9 | 31 |
| Spark New Zealand Limited | 14 | 47 |
|  |  | 222 |
| **Portugal 0.1%** | **Portugal 0.1%** | **Portugal 0.1%** |
| EDP - Energias de Portugal, S.A. | 20 | 98 |
| EDP Renovaveis, S.A. | 2 | 36 |
| Galp Energia, SGPS, S.A. | 3 | 44 |
| Jeronimo Martins, SGPS, S.A. | 2 | 39 |
|  |  | 217 |
| **China 0.1%** | **China 0.1%** | **China 0.1%** |
| Wuxi Biologics Cayman Inc (a) (d) | 25 | 193 |
| **South Korea 0.0%** | **South Korea 0.0%** | **South Korea 0.0%** |
| Coupang, Inc. - Class A (a) | 7 | 106 |
| **Macau 0.0%** | **Macau 0.0%** | **Macau 0.0%** |
| Sands China Ltd. (a) | 16 | 53 |
| **Chile 0.0%** | **Chile 0.0%** | **Chile 0.0%** |
| Antofagasta PLC | 2 | 45 |
| **Jersey 0.0%** | **Jersey 0.0%** | **Jersey 0.0%** |
| Clarivate PLC (a) | 2 | 20 |
| **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** | **United Arab Emirates 0.0%** |
| Mediclinic International PLC | 3 | 20 |
| NMC Health PLC (e) | 1 |  |
| **Mexico 0.0%** | **Mexico 0.0%** | **Mexico 0.0%** |
| Fresnillo PLC | 1 | 12 |
| Total Common Stocks (cost $268,463) | Total Common Stocks (cost $268,463) | 343805 |
| **PREFERRED STOCKS 0.6%** | **PREFERRED STOCKS 0.6%** | **PREFERRED STOCKS 0.6%** |
| **Switzerland 0.5%** | **Switzerland 0.5%** | **Switzerland 0.5%** |
| Chocoladefabriken Lindt & Sprungli AG |  | 71 |
| Roche Holding AG | 5 | 1518 |
| Schindler Holding AG |  | 52 |
|  |  | 1641 |
| **Germany 0.1%** | **Germany 0.1%** | **Germany 0.1%** |
| Bayerische Motoren Werke Aktiengesellschaft |  | 30 |
| Henkel AG & Co. KGaA (f) | 1 | 85 |
| Porsche Automobil Holding SE (f) | 1 | 55 |
| Sartorius Aktiengesellschaft |  | 66 |
| Volkswagen Aktiengesellschaft (f) | 1 | 153 |
|  |  | 389 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

533

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Spain 0.0%** | **Spain 0.0%** | **Spain 0.0%** |
| Grifols, S.A. | 2 | 15 |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia SPA | 39 | 9 |
| Total Preferred Stocks (cost $1,953) | Total Preferred Stocks (cost $1,953) | 2054 |
| **SHORT TERM INVESTMENTS 2.1%** | **SHORT TERM INVESTMENTS 2.1%** | **SHORT TERM INVESTMENTS 2.1%** |
| **Investment Companies 2.0%** | **Investment Companies 2.0%** | **Investment Companies 2.0%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (b) (g) | 7040 | 7040 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (b) (g) | 401 | 401 |
| Total Short Term Investments (cost $7,441) | Total Short Term Investments (cost $7,441) | 7441 |
| **Total Investments 99.7% (cost $277,857)** | **Total Investments 99.7% (cost $277,857)** | **353300** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (4) |
| **Other Assets and Liabilities, Net 0.3%** | **Other Assets and Liabilities, Net 0.3%** | **1009** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **354305** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) All or a portion of the security was on loan as of December 31, 2022.

(d) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(e) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(f) Convertible security.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon World Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon World Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon World Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon World Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon World Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon World Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon World Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon World Index Fund — Long Term Investments in Affiliates** | **JNL/Mellon World Index Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Apollo Asset Management, Inc. |  | 176 |  | 4 |  | 25 | 201 |  |
| Apollo Global Management, Inc. | 104 |  | 70 |  |  | (34) |  |  |
| Athene Holding Ltd - Class A | 66 |  | 64 |  |  | (2) |  |  |
| Prudential Public Limited Company | 309 |  |  | 4 |  | (63) | 246 | 0.1 |
| The Bank of New York Mellon Corporation | 280 | 10 |  | 7 |  | (62) | 228 | 0.1 |
|  | 759 | 186 | 134 | 15 |  | (136) | 675 | 0.2 |

---

Effective January 1, 2022, Athene Holding Ltd - Class A merged with Apollo Global Management, Inc. to form Apollo Asset Management, Inc. in a tax-free reorganization. Sales Proceeds includes the cost basis of $64 and $70 of Athene Holding Ltd - Class A and Apollo Global Management, Inc. shares, respectively, that were exchanged for shares of Apollo Asset Management, Inc. that are included in Purchases.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Mellon World Index Fund — Restricted Securities** | **JNL/Mellon World Index Fund — Restricted Securities** | **JNL/Mellon World Index Fund — Restricted Securities** | **JNL/Mellon World Index Fund — Restricted Securities** | **JNL/Mellon World Index Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adevinta ASA - Class B | 08/31/20 | 44 | 19 |  |
| Adyen B.V. | 02/28/19 | 346 | 289 | 0.1 |
| AENA, S.M.E., S.A. | 09/22/17 | 89 | 60 |  |
| Allegro.eu | 06/18/21 | 38 | 14 |  |
| Amadeus IT Group, S.A. | 09/22/17 | 206 | 163 | 0.1 |
| Amundi | 11/30/17 | 38 | 25 |  |
| Autostore Holdings Ltd | 12/17/21 | 34 | 17 |  |
| BAWAG Group AG | 04/23/21 | 24 | 25 |  |
| Budweiser Brewing Company APAC Limited | 10/15/19 | 48 | 39 |  |
| Cellnex Telecom, S.A. | 05/28/19 | 178 | 142 | 0.1 |
| Convatec Group PLC | 04/23/21 | 31 | 31 |  |
| Covestro AG | 09/22/17 | 116 | 48 |  |
| Delivery Hero SE | 05/31/18 | 96 | 61 |  |
| Dino Polska Spolka Akcyjna | 06/18/21 | 22 | 26 |  |
| EQT AB | 05/29/20 | 60 | 56 |  |
| ESR Cayman Limited | 11/30/20 | 56 | 37 |  |
| Evolution AB (publ) | 05/29/20 | 103 | 134 | 0.1 |
| Infrastrutture Wireless Italiane S.p.A. | 05/29/20 | 24 | 22 |  |
| Mapletree Commercial Trust Treasury Company Pte. Ltd. | 11/26/19 | 23 | 16 |  |
| Orsted A/S | 09/22/17 | 71 | 115 |  |
| Pepco Group N.V. | 03/22/22 | 7 | 6 |  |
| Pirelli & C. S.p.A. | 04/23/21 | 18 | 13 |  |
| Poste Italiane SPA | 09/22/17 | 23 | 31 |  |
| Siemens Healthineers AG | 06/18/21 | 128 | 112 |  |
| TE Connectivity Ltd. | 09/22/17 | 182 | 253 | 0.1 |
| WH Group Limited | 09/21/17 | 64 | 36 |  |
| Worldline | 09/22/17 | 101 | 63 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

534

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Mellon World Index Fund — Restricted Securities (continued)** | **JNL/Mellon World Index Fund — Restricted Securities (continued)** | **JNL/Mellon World Index Fund — Restricted Securities (continued)** | **JNL/Mellon World Index Fund — Restricted Securities (continued)** | **JNL/Mellon World Index Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Wuxi Biologics Cayman Inc | 12/17/21 | 272 | 193 | 0.1 |
| Zalando SE | 09/22/17 | 106 | 66 |  |
|  |  | 2548 | 2112 | 0.6 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon World Index Fund — Futures Contracts** | **JNL/Mellon World Index Fund — Futures Contracts** | **JNL/Mellon World Index Fund — Futures Contracts** | **JNL/Mellon World Index Fund — Futures Contracts** | **JNL/Mellon World Index Fund — Futures Contracts** | **JNL/Mellon World Index Fund — Futures Contracts** | **JNL/Mellon World Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Euro STOXX 50 Price Index | 26 | March 2023 | EUR | 1016 | (20) | (34) |
| FTSE 100 Index | 5 | March 2023 | GBP | 373 | (2) | 1 |
| S&P 500 Index | 29 | March 2023 |  | 5734 | (16) | (136) |
| S&P/ASX 200 Index | 3 | March 2023 | AUD | 533 | 2 | (6) |
| S&P/TSX 60 Index | 2 | March 2023 | CAD | 478 | (3) | (7) |
| Topix Index | 6 | March 2023 | JPY | 116230 | 2 | (21) |
|  |  |  |  |  | (37) | (203) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** | **JNL/Mellon World Index Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| AUD/USD | SCB | 03/15/23 | AUD | 198 | 135 |  |
| CAD/USD | BOA | 03/15/23 | CAD | 202 | 149 | 1 |
| EUR/USD | HSB | 03/15/23 | EUR | 578 | 622 | 8 |
| GBP/USD | BMO | 03/15/23 | GBP | 155 | 188 | (3) |
| JPY/USD | BOA | 03/15/23 | JPY | 84312 | 649 | 27 |
|  |  |  |  |  | 1743 | 33 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** | **JNL/Mellon World Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 243990 | 99815 |  | 343805 |
| &nbsp;&nbsp;Preferred Stocks | 2054 |  |  | 2054 |
| &nbsp;&nbsp;Short Term Investments | 7441 |  |  | 7441 |
|  | 253485 | 99815 |  | 353300 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1 |  |  | 1 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 36 |  | 36 |
|  | 1 | 36 |  | 37 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (204) |  |  | (204) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (3) |  | (3) |
|  | (204) | (3) |  | (207) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

535

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** |
| **COMMON STOCKS 97.7%** | **COMMON STOCKS 97.7%** | **COMMON STOCKS 97.7%** |
| **Financials 18.8%** | **Financials 18.8%** | **Financials 18.8%** |
| American International Group, Inc. | 237 | 15000 |
| Arthur J. Gallagher & Co. | 115 | 21759 |
| Assurant, Inc. | 136 | 16959 |
| Cboe Global Markets, Inc. | 103 | 12984 |
| Cincinnati Financial Corporation | 87 | 8879 |
| Comerica Incorporated | 168 | 11251 |
| Discover Financial Services | 85 | 8345 |
| East West Bancorp, Inc. | 143 | 9419 |
| Element Fleet Management Corp. (a) | 196 | 2672 |
| Equitable Holdings, Inc. | 676 | 19398 |
| Evercore Inc. - Class A | 91 | 9944 |
| Everest Re Group, Ltd. | 64 | 21171 |
| Invesco Ltd. | 434 | 7806 |
| M&T Bank Corporation | 97 | 14097 |
| Northern Trust Corporation | 139 | 12328 |
| Prosperity Bancshares, Inc. | 155 | 11242 |
| Raymond James Financial, Inc. | 205 | 21889 |
| Signature Bank | 67 | 7761 |
| SLM Corporation | 980 | 16266 |
| State Street Corporation | 141 | 10905 |
| SVB Financial Group (b) | 54 | 12453 |
| The Hanover Insurance Group, Inc. | 58 | 7873 |
| The Hartford Financial Services Group, Inc. | 381 | 28865 |
| TPG Inc. - Class A | 255 | 7090 |
| Umpqua Holdings Corporation | 774 | 13816 |
| Voya Financial, Inc. | 239 | 14695 |
| Willis Towers Watson Public Limited Company | 81 | 19889 |
| Zions Bancorporation, National Association | 299 | 14710 |
|  |  | 379466 |
| **Industrials 16.5%** | **Industrials 16.5%** | **Industrials 16.5%** |
| Alaska Air Group, Inc. (b) | 166 | 7147 |
| Builders FirstSource, Inc. (b) | 119 | 7698 |
| Delta Air Lines, Inc. (b) | 293 | 9612 |
| Dun & Bradstreet Holdings, Inc. | 612 | 7503 |
| Eaton Corporation Public Limited Company | 152 | 23848 |
| Fortune Brands Innovations, Inc. | 145 | 8295 |
| GFL Environmental Inc. | 328 | 9592 |
| Howmet Aerospace Inc. | 446 | 17574 |
| Ingersoll Rand Inc. | 258 | 13486 |
| ITT Inc. | 142 | 11501 |
| Johnson Controls International Public Limited Company | 406 | 26007 |
| KBR, Inc. | 493 | 26008 |
| Knight-Swift Transportation Holdings Inc. - Class A | 206 | 10801 |
| L3Harris Technologies, Inc. | 66 | 13699 |
| Leidos Holdings, Inc. | 191 | 20093 |
| Masco Corporation | 270 | 12606 |
| PACCAR Inc | 166 | 16400 |
| Quanta Services, Inc. | 84 | 11928 |
| Regal Beloit Corporation | 136 | 16335 |
| Republic Services, Inc. | 83 | 10736 |
| RXO Inc. (b) | 182 | 3123 |
| Sensata Technologies Holding PLC | 288 | 11612 |
| Stanley Black & Decker, Inc. | 128 | 9637 |
| Westinghouse Air Brake Technologies Corporation | 199 | 19872 |
| XPO, Inc. (b) | 239 | 7953 |
|  |  | 333066 |
| **Consumer Discretionary 10.6%** | **Consumer Discretionary 10.6%** | **Consumer Discretionary 10.6%** |
| Aptiv PLC (b) | 96 | 8896 |
| Aramark | 400 | 16544 |
| Brunswick Corporation | 205 | 14770 |
| Dollar Tree, Inc. (b) | 102 | 14366 |
| Hyatt Hotels Corporation - Class A (b) | 102 | 9222 |
| International Game Technology PLC | 630 | 14287 |
| Lear Corporation | 84 | 10398 |
| LKQ Corporation | 476 | 25429 |
| Mattel, Inc. (b) | 611 | 10907 |
| Newell Brands Inc. | 715 | 9351 |
| PVH Corp. | 149 | 10499 |
| Ross Stores, Inc. | 112 | 12976 |
| Skechers U.S.A., Inc. - Class A (b) | 351 | 14717 |
| The Wendy's Company | 731 | 16538 |
| Toll Brothers, Inc. | 380 | 18991 |
| Urban Outfitters, Inc. (b) | 278 | 6639 |
|  |  | 214530 |
| **Materials 9.3%** | **Materials 9.3%** | **Materials 9.3%** |
| Ashland Global Holdings Inc. | 128 | 13749 |
| Avery Dennison Corporation | 61 | 11010 |
| Axalta Coating Systems Ltd. (b) | 544 | 13864 |
| Berry Global Group, Inc. | 247 | 14917 |
| Celanese Corporation - Class A | 106 | 10812 |
| Corteva, Inc. | 301 | 17705 |
| Crown Holdings, Inc. | 136 | 11175 |
| DuPont de Nemours, Inc. | 267 | 18323 |
| Eastman Chemical Company | 220 | 17936 |
| Graphic Packaging Holding Company | 775 | 17236 |
| International Flavors & Fragrances Inc. | 133 | 13910 |
| Legacy Vulcan Corp. | 72 | 12591 |
| WestRock Company | 428 | 15052 |
|  |  | 188280 |
| **Utilities 8.3%** | **Utilities 8.3%** | **Utilities 8.3%** |
| Atmos Energy Corporation | 71 | 7962 |
| CenterPoint Energy, Inc. | 494 | 14816 |
| CMS Energy Corporation | 262 | 16611 |
| Edison International | 169 | 10773 |
| Eversource Energy | 169 | 14171 |
| PG&E Corporation (b) | 1817 | 29545 |
| Pinnacle West Capital Corporation | 200 | 15222 |
| Public Service Enterprise Group Incorporated | 300 | 18358 |
| Sempra Energy | 106 | 16434 |
| The AES Corporation | 774 | 22274 |
|  |  | 166166 |
| **Information Technology 8.2%** | **Information Technology 8.2%** | **Information Technology 8.2%** |
| Amdocs Limited | 193 | 17524 |
| Black Knight, Inc. (b) | 134 | 8270 |
| Check Point Software Technologies Ltd (b) | 59 | 7435 |
| Corning Incorporated | 392 | 12505 |
| Flex Ltd. (b) | 607 | 13033 |
| Global Payments Inc. | 118 | 11760 |
| Marvell Technology, Inc. | 321 | 11894 |
| Motorola Solutions, Inc. | 61 | 15592 |
| NXP Semiconductors N.V. | 100 | 15792 |
| On Semiconductor Corporation (b) | 230 | 14319 |
| Seagate Technology Holdings Public Limited Company | 129 | 6791 |
| TE Connectivity Ltd. (c) | 109 | 12514 |
| Verint Systems Inc. (b) | 148 | 5363 |
| Zebra Technologies Corporation - Class A (b) | 51 | 12969 |
|  |  | 165761 |
| **Health Care 7.3%** | **Health Care 7.3%** | **Health Care 7.3%** |
| Agilent Technologies, Inc. | 84 | 12631 |
| AmerisourceBergen Corporation | 125 | 20714 |
| Dentsply Sirona Inc. | 322 | 10265 |
| Hologic, Inc. (b) | 131 | 9807 |
| Icon Public Limited Company (b) | 60 | 11673 |
| Laboratory Corporation of America Holdings | 58 | 13719 |
| Maravai LifeSciences Holdings, Inc. - Class A (b) | 221 | 3157 |
| Organon & Co. | 318 | 8878 |
| PerkinElmer, Inc. | 105 | 14656 |
| Syneos Health, Inc. - Class A (b) | 103 | 3760 |
| Teleflex Incorporated | 25 | 6271 |
| Universal Health Services, Inc. - Class B | 116 | 16321 |
| Zimmer Biomet Holdings, Inc. | 123 | 15662 |
|  |  | 147514 |
| **Energy 7.2%** | **Energy 7.2%** | **Energy 7.2%** |
| Chesapeake Energy Corporation | 109 | 10291 |
| Devon Energy Corporation | 297 | 18294 |
| Diamondback Energy, Inc. | 122 | 16634 |
| Halliburton Company | 322 | 12658 |
| Hess Corporation | 173 | 24556 |
| Pioneer Natural Resources Company | 92 | 21055 |
| Plains GP Holdings, L.P. - Class A (b) | 899 | 11185 |
| Targa Resources Corp. | 206 | 15167 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

536

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Valero Energy Corporation | 119 | 15108 |
| | | 144948 |
| **Real Estate 6.6%** | **Real Estate 6.6%** | **Real Estate 6.6%** |
| Brixmor Property Group Inc. | 603 | 13675 |
| Essex Property Trust, Inc. | 42 | 8881 |
| Host Hotels & Resorts, Inc. | 677 | 10874 |
| Jones Lang LaSalle Incorporated (b) | 62 | 9866 |
| Life Storage Inc. | 167 | 16418 |
| Mid-America Apartment Communities, Inc. | 52 | 8099 |
| Spirit Realty Capital, Inc. | 223 | 8904 |
| STAG Industrial, Inc. | 249 | 8055 |
| Sun Communities, Inc. | 102 | 14599 |
| VICI Properties Inc. | 648 | 21009 |
| W.P. Carey Inc. | 170 | 13317 |
|  |  | 133697 |
| **Consumer Staples 3.9%** | **Consumer Staples 3.9%** | **Consumer Staples 3.9%** |
| Albertsons Companies, Inc. - Class A | 524 | 10870 |
| Coca-Cola Europacific Partners PLC | 228 | 12632 |
| Ingredion Incorporated | 186 | 18204 |
| Kellogg Company | 173 | 12288 |
| Performance Food Group Company (b) | 176 | 10303 |
| The J. M. Smucker Company | 92 | 14598 |
|  |  | 78895 |
| **Communication Services 1.0%** | **Communication Services 1.0%** | **Communication Services 1.0%** |
| Electronic Arts Inc. | 87 | 10584 |
| Liberty Broadband Corporation - Series C (b) | 127 | 9680 |
|  |  | 20264 |
| Total Common Stocks (cost $1,651,518) | Total Common Stocks (cost $1,651,518) | 1972587 |
| **PREFERRED STOCKS 0.4%** | **PREFERRED STOCKS 0.4%** | **PREFERRED STOCKS 0.4%** |
| **Consumer Staples 0.4%** | **Consumer Staples 0.4%** | **Consumer Staples 0.4%** |
| Henkel AG & Co. KGaA (d) | 118 | 8216 |
| Total Preferred Stocks (cost $10,436) | Total Preferred Stocks (cost $10,436) | 8216 |
| **SHORT TERM INVESTMENTS 1.6%** | **SHORT TERM INVESTMENTS 1.6%** | **SHORT TERM INVESTMENTS 1.6%** |
| **Investment Companies 1.6%** | **Investment Companies 1.6%** | **Investment Companies 1.6%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (e) (f) | 32194 | 32194 |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (e) (f) | 182 | 182 |
| Total Short Term Investments (cost $32,376) | Total Short Term Investments (cost $32,376) | 32376 |
| **Total Investments 99.7% (cost $1,694,330)** | **Total Investments 99.7% (cost $1,694,330)** | **2013179** |
| **Other Assets and Liabilities, Net 0.3%** | **Other Assets and Liabilities, Net 0.3%** | **6340** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2019519** |

---

(a) All or a portion of the security was on loan as of December 31, 2022.

(b) Non-income producing security.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Convertible security.

(e) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/MFS Mid Cap Value Fund — Long Term Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Long Term Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Long Term Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Long Term Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Long Term Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Long Term Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Long Term Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Long Term Investments in Affiliates** | **JNL/MFS Mid Cap Value Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Apollo Asset Management, Inc. |  | 12182 | 16876 | 364 | 4694 |  |  |  |
| Apollo Global Management, Inc. | 5481 |  | 2538 |  |  | (2943) |  |  |
| Athene Holding Ltd - Class A | 18485 |  | 9504 |  |  | (8981) |  |  |
|  | 23966 | 12182 | 28918 | 364 | 4694 | (11924) |  |  |

---

Effective January 1, 2022, Athene Holding Ltd – Class A merged with Apollo Global Management, Inc. to form Apollo Asset Management, Inc. in a tax-free reorganization. Sales Proceeds includes the cost basis of $9,504 and $2,538 of Athene Holding Ltd – Class A and Apollo Global Management, Inc. shares, respectively, that were exchanged for shares of Apollo Asset Management, Inc. that are included in Purchases.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/MFS Mid Cap Value Fund — Restricted Securities** | **JNL/MFS Mid Cap Value Fund — Restricted Securities** | **JNL/MFS Mid Cap Value Fund — Restricted Securities** | **JNL/MFS Mid Cap Value Fund — Restricted Securities** | **JNL/MFS Mid Cap Value Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| TE Connectivity Ltd. | 10/10/17 | 10949 | 12514 | 0.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/MFS Mid Cap Value Fund — Forward Foreign Currency Contracts** | **JNL/MFS Mid Cap Value Fund — Forward Foreign Currency Contracts** | **JNL/MFS Mid Cap Value Fund — Forward Foreign Currency Contracts** | **JNL/MFS Mid Cap Value Fund — Forward Foreign Currency Contracts** | **JNL/MFS Mid Cap Value Fund — Forward Foreign Currency Contracts** | **JNL/MFS Mid Cap Value Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/CAD | JPM | 01/04/23<br> CAD | (160) | (118) |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

537

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1972587 |  |  | 1972587 |
| &nbsp;&nbsp;Preferred Stocks | 8216 |  |  | 8216 |
| &nbsp;&nbsp;Short Term Investments | 32376 |  |  | 32376 |
|  | 2013179 |  |  | 2013179 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  |  |  |  |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

538

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** |
| **COMMON STOCKS 88.3%** | **COMMON STOCKS 88.3%** | **COMMON STOCKS 88.3%** |
| **Financials 80.3%** | **Financials 80.3%** | **Financials 80.3%** |
| 3i Group plc | 22 | 362 |
| Alaris Royalty Corp. (a) |  | 1 |
| Antin Infrastructure Partners (b) | 1 | 25 |
| Ares Management Corporation - Class A | 3 | 194 |
| AURELIUS Equity Opportunities SE & Co. KGaA | 6 | 114 |
| Blackstone Inc. - Class A | 10 | 730 |
| Bridgepoint Group PLC (a) | 35 | 81 |
| Bure Equity AB | 5 | 115 |
| Compass Diversified Holdings | 8 | 141 |
| Creades AB (publ) - Class A |  | 3 |
| EQT AB (a) | 15 | 314 |
| Eurazeo | 2 | 141 |
| GCM Grosvenor Inc. - Class A |  | 1 |
| Gimv | 2 | 104 |
| Hamilton Lane Incorporated - Class A | 2 | 127 |
| Intermediate Capital Group PLC | 19 | 263 |
| IP Group PLC | 56 | 38 |
| JAFCO Group Co., Ltd. | 7 | 122 |
| K.K.R. Co., Inc. - Class A | 16 | 722 |
| Kinnevik AB - Class B (b) | 3 | 47 |
| MA Financial Group Limited | 8 | 23 |
| Molten Ventures PLC (b) | 3 | 12 |
| Mutares SE & Co. KGaA | 3 | 50 |
| ONEX Corporation | 5 | 255 |
| Partners Group Holding AG | 1 | 540 |
| Patria Investments Ltd - Class A | 8 | 109 |
| Polar Capital Holdings PLC | 6 | 37 |
| Ratos AB - Class B | 36 | 145 |
| SBI Holdings, Inc. | 9 | 167 |
| Stepstone Group Inc. - Class A | 3 | 86 |
| T. Rowe Price Group, Inc. | 4 | 396 |
| The Carlyle Group, Inc. | 11 | 330 |
| TPG Inc. - Class A | 2 | 68 |
| VNV Global AB (publ) (b) | 1 | 2 |
| Wendel | 2 | 168 |
|  |  | 6033 |
| **Industrials 4.5%** | **Industrials 4.5%** | **Industrials 4.5%** |
| Ackermans | 1 | 151 |
| Investment Ab Latour - Class B | 10 | 185 |
|  |  | 336 |
| **Health Care 1.4%** | **Health Care 1.4%** | **Health Care 1.4%** |
| Puretech Health PLC (b) | 32 | 104 |
| **Real Estate 1.1%** | **Real Estate 1.1%** | **Real Estate 1.1%** |
| DigitalBridge Group, Inc. - Class A | 8 | 84 |
| **Communication Services 1.0%** | **Communication Services 1.0%** | **Communication Services 1.0%** |
| Stagwell, Inc. - Class A (b) | 12 | 77 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| BEENOS Inc. |  | 1 |
| Total Common Stocks (cost $8,671) | Total Common Stocks (cost $8,671) | 6635 |
| **INVESTMENT COMPANIES 10.5%** | **INVESTMENT COMPANIES 10.5%** | **INVESTMENT COMPANIES 10.5%** |
| 3I Infrastructure PLC | 37 | 151 |
| Caledonia Investments PLC | 1 | 62 |
| Chrysalis Investments Limited | 9 | 8 |
| HBM Healthcare Investments AG |  | 1 |
| HgCapital Trust PLC | 40 | 172 |
| ICG Enterprise Trust PLC | 7 | 102 |
| Monroe Capital Corporation | 2 | 14 |
| NB Private Equity Partners Limited | 1 | 10 |
| Pantheon International PLC | 35 | 111 |
| Princess Private Equity Holding Limited | 6 | 56 |
| RIT Capital Partners PLC |  | 13 |
| Stellus Capital Investment Corporation | 1 | 19 |
| Syncona Limited | 33 | 72 |
| Total Investment Companies (cost $895) | Total Investment Companies (cost $895) | 791 |
| **Total Investments 98.8% (cost $9,566)** | **Total Investments 98.8% (cost $9,566)** | **7426** |
| **Other Assets and Liabilities, Net 1.2%** | **Other Assets and Liabilities, Net 1.2%** | **94** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **7520** |

---

(a) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(b) Non-income producing security.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Long Term Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Long Term Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Long Term Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Long Term Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Long Term Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Long Term Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Long Term Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Long Term Investments in Affiliates** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Apollo Asset Management, Inc. |  | 962 | 937 | 15 | (25) |  |  |  |
| Apollo Global Management, Inc. | 802 |  | 727 |  |  | (75) |  |  |
|  | 802 | 962 | 1664 | 15 | (25) | (75) |  |  |

---

Effective January 1, 2022, Apollo Global Management, Inc. was reorganized to form Apollo Asset Management, Inc. in a tax-free reorganization. Sales Proceeds includes the cost basis of $727 of Apollo Global Management, Inc. shares that were exchanged for shares of Apollo Asset Management, Inc. that are included in Purchases.

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 43.1% |
| **United Kingdom** | 17.6 |
| **Sweden** | 10.9 |
| **Switzerland** | 7.3 |
| **France** | 4.5 |
| **Japan** | 3.9 |
| **Canada** | 3.5 |
| **Belgium** | 3.5 |
| **Germany** | 2.2 |
| **Jersey** | 2.0 |
| **Guernsey** | 1.2 |
| **Australia** | 0.3 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

539

------

***JNL Series Trust***

December 31, 2022

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Restricted Securities** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Restricted Securities** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Restricted Securities** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Restricted Securities** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Alaris Royalty Corp. | 08/02/22 | 1 | 1 |  |
| Bridgepoint Group PLC | 12/16/22 | 80 | 81 | 1.1 |
| EQT AB | 09/17/21 | 533 | 314 | 4.2 |
|  |  | 614 | 396 | 5.3 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 3185 | 2848 |  | 6033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials |  | 336 |  | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care |  | 104 |  | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 84 |  |  | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 77 |  |  | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary |  | 1 |  | 1 |
| &nbsp;&nbsp;Investment Companies | 33 | 758 |  | 791 |
|  | 3379 | 4047 |  | 7426 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

540

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** |
| **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** | **COMMON STOCKS 99.7%** |
| **Information Technology 28.7%** | **Information Technology 28.7%** | **Information Technology 28.7%** |
| Accenture Public Limited Company - Class A | 8 | 2229 |
| Adobe Inc. (a) | 6 | 2077 |
| ANSYS, Inc. (a) | 1 | 283 |
| Apple Inc. | 85 | 11108 |
| Applied Materials, Inc. | 11 | 1108 |
| Automatic Data Processing, Inc. | 5 | 1313 |
| Cadence Design Systems, Inc. (a) | 4 | 588 |
| CDW Corp. | 2 | 318 |
| Cisco Systems, Inc. | 54 | 2593 |
| Cognex Corporation | 2 | 105 |
| Dell Technologies Inc. - Class C | 3 | 140 |
| Flex Ltd. (a) | 6 | 124 |
| Global Payments Inc. | 4 | 355 |
| Hewlett Packard Enterprise Company | 17 | 271 |
| HP, Inc. | 12 | 317 |
| International Business Machines Corporation | 12 | 1689 |
| Keysight Technologies, Inc. (a) | 2 | 404 |
| Lam Research Corporation | 2 | 765 |
| Microsoft Corporation | 95 | 22826 |
| Motorola Solutions, Inc. | 2 | 575 |
| NVIDIA Corporation | 33 | 4824 |
| Palo Alto Networks, Inc. (a) | 4 | 550 |
| Paychex, Inc. | 4 | 489 |
| PayPal Holdings, Inc. (a) | 15 | 1083 |
| Roper Technologies, Inc. | 1 | 602 |
| Salesforce, Inc. (a) | 13 | 1758 |
| Seagate Technology Holdings Public Limited Company | 3 | 135 |
| Synopsys, Inc. (a) | 2 | 642 |
| TE Connectivity Ltd. (b) | 4 | 485 |
| Trimble Inc. (a) | 3 | 161 |
| Twilio Inc. - Class A (a) | 2 | 112 |
| Visa Inc. - Class A | 22 | 4503 |
| VMware, Inc. - Class A (a) | 3 | 340 |
| Western Digital Corporation (a) | 4 | 136 |
| Workday, Inc. - Class A (a) | 3 | 447 |
| Zebra Technologies Corporation - Class A (a) | 1 | 179 |
|  |  | 65634 |
| **Health Care 15.8%** | **Health Care 15.8%** | **Health Care 15.8%** |
| Agilent Technologies, Inc. | 4 | 590 |
| Align Technology, Inc. (a) | 1 | 208 |
| AmerisourceBergen Corporation | 2 | 354 |
| Amgen Inc. | 7 | 1860 |
| Avantor, Inc. (a) | 9 | 185 |
| Biogen Inc. (a) | 2 | 523 |
| BioMarin Pharmaceutical Inc. (a) | 2 | 252 |
| Bio-Rad Laboratories, Inc. - Class A (a) |  | 118 |
| Bio-Techne Corporation | 2 | 175 |
| Bristol-Myers Squibb Company | 28 | 2028 |
| Bruker Corporation | 1 | 90 |
| Cardinal Health, Inc. | 3 | 265 |
| Centene Corporation (a) | 8 | 620 |
| Charles River Laboratories International, Inc. (a) | 1 | 145 |
| Chemed Corporation |  | 97 |
| Cigna Corporation | 4 | 1342 |
| CVS Health Corporation | 17 | 1623 |
| Danaher Corporation | 9 | 2310 |
| DaVita Inc. (a) | 1 | 50 |
| Dentsply Sirona Inc. | 3 | 86 |
| Edwards Lifesciences Corporation (a) | 8 | 615 |
| Elevance Health, Inc. | 3 | 1624 |
| Gilead Sciences, Inc. | 17 | 1427 |
| Henry Schein, Inc. (a) | 2 | 144 |
| Humana Inc. | 2 | 856 |
| IDEXX Laboratories, Inc. (a) | 1 | 448 |
| Illumina, Inc. (a) | 2 | 424 |
| IQVIA Holdings Inc (a) | 2 | 498 |
| Jazz Pharmaceuticals Public Limited Company (a) | 1 | 127 |
| Laboratory Corporation of America Holdings | 1 | 274 |
| McKesson Corporation | 2 | 709 |
| Medtronic, Inc. | 18 | 1369 |
| Mettler-Toledo International Inc. (a) |  | 429 |
| PerkinElmer, Inc. | 2 | 231 |
| Quest Diagnostics Incorporated | 2 | 242 |
| Regeneron Pharmaceuticals, Inc. (a) | 1 | 1030 |
| Repligen Corporation (a) | 1 | 113 |
| ResMed Inc. | 2 | 404 |
| The Cooper Companies, Inc. | 1 | 221 |
| Thermo Fisher Scientific Inc. | 5 | 2863 |
| UnitedHealth Group Incorporated | 12 | 6567 |
| Veeva Systems Inc. - Class A (a) | 2 | 301 |
| Vertex Pharmaceuticals Incorporated (a) | 3 | 980 |
| Waters Corporation (a) | 1 | 274 |
| West Pharmaceutical Services, Inc. | 1 | 229 |
| Zoetis Inc. - Class A | 6 | 902 |
|  |  | 36222 |
| **Consumer Discretionary 12.1%** | **Consumer Discretionary 12.1%** | **Consumer Discretionary 12.1%** |
| Advance Auto Parts, Inc. | 1 | 121 |
| Airbnb, Inc. - Class A (a) | 5 | 452 |
| Aptiv PLC (a) | 4 | 330 |
| AutoZone, Inc. (a) |  | 614 |
| Bath & Body Works, Inc. | 3 | 127 |
| Best Buy Co., Inc. | 3 | 207 |
| Booking Holdings Inc. (a) | 1 | 1032 |
| BorgWarner Inc. | 3 | 129 |
| Burlington Stores, Inc. (a) | 1 | 172 |
| CarMax, Inc. (a) | 2 | 122 |
| Carnival Corporation (a) (c) | 14 | 109 |
| Chipotle Mexican Grill, Inc. (a) |  | 509 |
| D.R. Horton, Inc. | 4 | 377 |
| Darden Restaurants, Inc. | 2 | 221 |
| Deckers Outdoor Corporation (a) |  | 141 |
| Dollar General Corporation | 3 | 741 |
| Dollar Tree, Inc. (a) | 3 | 392 |
| eBay Inc. | 7 | 298 |
| ETSY, Inc. (a) | 2 | 197 |
| Expedia Group, Inc. (a) | 2 | 179 |
| Five Below, Inc. (a) | 1 | 132 |
| Floor & Decor Holdings, Inc. - Class A (a) | 1 | 102 |
| GameStop Corp. - Class A (a) (c) | 4 | 65 |
| Genuine Parts Company | 2 | 322 |
| Hasbro, Inc. | 2 | 102 |
| Hilton Worldwide Holdings Inc. | 4 | 450 |
| Las Vegas Sands Corp. (a) | 4 | 211 |
| Lear Corporation | 1 | 101 |
| Lennar Corporation - Class A | 3 | 303 |
| Lennar Corporation - Class B |  | 18 |
| LKQ Corporation | 3 | 176 |
| Lowe`s Companies, Inc. | 8 | 1639 |
| Lululemon Athletica Canada Inc. (a) | 2 | 491 |
| Marriott International, Inc. - Class A | 4 | 534 |
| McDonald's Corporation | 10 | 2559 |
| MercadoLibre S.R.L (a) | 1 | 519 |
| Murphy USA Inc. |  | 79 |
| NIKE, Inc. - Class B | 17 | 1954 |
| NVR, Inc. (a) |  | 180 |
| O'Reilly Automotive, Inc. (a) | 1 | 705 |
| Penske Automotive Group, Inc. |  | 34 |
| Pool Corporation | 1 | 157 |
| PulteGroup, Inc. | 3 | 132 |
| Ross Stores, Inc. | 5 | 536 |
| Royal Caribbean Cruises Ltd. | 3 | 146 |
| Service Corporation International | 2 | 142 |
| Starbucks Corporation | 15 | 1510 |
| Tapestry, Inc. | 3 | 119 |
| Target Corporation | 6 | 906 |
| The Home Depot, Inc. | 14 | 4287 |
| The TJX Companies, Inc. | 15 | 1223 |
| Tractor Supply Company | 1 | 328 |
| Ulta Beauty, Inc. (a) | 1 | 318 |
| V.F. Corporation | 4 | 122 |
| Whirlpool Corporation | 1 | 100 |
| Williams-Sonoma, Inc. | 1 | 97 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

541

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Yum! Brands, Inc. | 4 | 481 |
| | | 27750 |
| **Financials 11.6%** | **Financials 11.6%** | **Financials 11.6%** |
| AFLAC Incorporated | 8 | 543 |
| American Express Company | 8 | 1169 |
| AON Public Limited Company - Class A | 3 | 828 |
| Berkshire Hathaway Inc. - Class B (a) | 24 | 7378 |
| BlackRock, Inc. | 2 | 1411 |
| CME Group Inc. - Class A | 5 | 804 |
| Discover Financial Services | 4 | 359 |
| Everest Re Group, Ltd. | 1 | 169 |
| FactSet Research Systems Inc. |  | 199 |
| Fifth Third Bancorp | 9 | 295 |
| Franklin Resources, Inc. | 4 | 102 |
| Globe Life Inc. | 1 | 149 |
| Huntington Bancshares Incorporated | 20 | 275 |
| Intercontinental Exchange, Inc. | 7 | 755 |
| Invesco Ltd. | 6 | 112 |
| Lincoln National Corporation | 2 | 65 |
| Loews Corporation | 3 | 156 |
| MarketAxess Holdings Inc. | 1 | 140 |
| Marsh & Mclennan Companies, Inc. | 7 | 1086 |
| MetLife, Inc. | 9 | 627 |
| Moody's Corporation | 2 | 584 |
| Morgan Stanley | 17 | 1486 |
| MSCI Inc. - Class A | 1 | 487 |
| Nasdaq, Inc. | 5 | 281 |
| Principal Financial Group, Inc. | 3 | 247 |
| Prudential Financial, Inc. | 5 | 488 |
| Regions Financial Corporation | 13 | 271 |
| S&P Global Inc. | 4 | 1478 |
| SEI Investments Company | 1 | 74 |
| State Street Corporation | 5 | 374 |
| Synchrony Financial | 6 | 197 |
| T. Rowe Price Group, Inc. | 3 | 325 |
| The Allstate Corporation | 3 | 471 |
| The Carlyle Group, Inc. | 3 | 89 |
| The Hartford Financial Services Group, Inc. | 4 | 317 |
| The PNC Financial Services Group, Inc. | 5 | 841 |
| The Travelers Companies, Inc. | 3 | 584 |
| Truist Financial Corporation | 17 | 752 |
| Unum Group | 3 | 105 |
| Willis Towers Watson Public Limited Company | 1 | 352 |
|  |  | 26425 |
| **Industrials 7.9%** | **Industrials 7.9%** | **Industrials 7.9%** |
| AGCO Corporation | 1 | 117 |
| Allegion Public Limited Company | 1 | 122 |
| Avis Budget Group, Inc. (a) |  | 54 |
| Booz Allen Hamilton Holding Corporation - Class A | 2 | 178 |
| C.H. Robinson Worldwide, Inc. | 2 | 142 |
| Carlisle Companies Incorporated | 1 | 118 |
| Carrier Global Corporation | 11 | 459 |
| Cintas Corporation | 1 | 520 |
| Copart, Inc. (a) | 6 | 344 |
| CSX Corporation | 28 | 869 |
| Cummins Inc. | 2 | 456 |
| Deere & Company | 4 | 1562 |
| Delta Air Lines, Inc. (a) | 8 | 278 |
| Eaton Corporation Public Limited Company | 5 | 833 |
| Emerson Electric Co. | 8 | 749 |
| Expeditors International of Washington, Inc. | 2 | 219 |
| Fastenal Company | 8 | 357 |
| FedEx Corporation | 3 | 547 |
| Illinois Tool Works Inc. | 4 | 821 |
| J. B. Hunt Transport Services, Inc. | 1 | 198 |
| Johnson Controls International Public Limited Company | 9 | 585 |
| Knight-Swift Transportation Holdings Inc. - Class A | 2 | 112 |
| Masco Corporation | 3 | 135 |
| Norfolk Southern Corporation | 3 | 752 |
| Old Dominion Freight Line, Inc. | 1 | 338 |
| Owens Corning | 1 | 110 |
| Republic Services, Inc. | 3 | 351 |
| Robert Half International Inc. | 1 | 105 |
| Rockwell Automation, Inc. | 2 | 392 |
| Rollins, Inc. | 3 | 116 |
| Tetra Tech, Inc. | 1 | 98 |
| The Toro Company | 1 | 151 |
| Trane Technologies Public Limited Company | 3 | 507 |
| TransUnion | 3 | 149 |
| U-Haul Holding Company (c) |  | 7 |
| Union Pacific Corporation | 8 | 1688 |
| United Parcel Service, Inc. - Class B | 10 | 1682 |
| United Rentals, Inc. (a) | 1 | 327 |
| Verisk Analytics, Inc. | 2 | 368 |
| Waste Management, Inc. | 5 | 773 |
| Watsco, Inc. |  | 113 |
| Xylem Inc. | 2 | 260 |
|  |  | 18062 |
| **Communication Services 6.1%** | **Communication Services 6.1%** | **Communication Services 6.1%** |
| AT&T Inc. | 94 | 1739 |
| Charter Communications, Inc. - Class A (a) | 1 | 486 |
| Comcast Corporation - Class A | 57 | 2000 |
| Electronic Arts Inc. | 3 | 423 |
| Fox Corporation - Class A | 4 | 126 |
| Fox Corporation - Class B | 2 | 54 |
| Liberty Broadband Corporation - Series A (a) |  | 16 |
| Liberty Broadband Corporation - Series C (a) | 2 | 117 |
| Liberty Media Corporation - Series A (a) |  | 18 |
| Liberty Media Corporation - Series A (a) | 1 | 35 |
| Liberty Media Corporation - Series C (a) | 2 | 85 |
| Liberty Media Corporation - Series C (a) | 3 | 160 |
| Lumen Technologies Inc. | 13 | 69 |
| Match Group, Inc. (a) | 4 | 159 |
| Netflix, Inc. (a) | 6 | 1739 |
| News Corporation - Class A | 5 | 97 |
| News Corporation - Class B | 1 | 22 |
| Omnicom Group Inc. | 3 | 223 |
| Paramount Global - Class B (c) | 6 | 109 |
| Pinterest, Inc. - Class A (a) | 8 | 192 |
| Roblox Corporation - Class A (a) | 5 | 141 |
| Sirius XM Holdings Inc. (c) | 10 | 56 |
| Snap Inc. - Class A (a) | 13 | 115 |
| Take-Two Interactive Software, Inc. (a) | 2 | 217 |
| The Interpublic Group of Companies, Inc. | 5 | 175 |
| The Walt Disney Company (a) | 24 | 2100 |
| T-Mobile USA, Inc. (a) | 8 | 1106 |
| Verizon Communications Inc. | 56 | 2194 |
|  |  | 13973 |
| **Real Estate 5.2%** | **Real Estate 5.2%** | **Real Estate 5.2%** |
| Alexandria Real Estate Equities, Inc. | 2 | 284 |
| American Homes 4 Rent - Class A | 4 | 126 |
| American Tower Corporation | 6 | 1307 |
| AvalonBay Communities, Inc. | 2 | 307 |
| Boston Properties, Inc. | 2 | 129 |
| Brixmor Property Group Inc. | 4 | 93 |
| Camden Property Trust | 1 | 153 |
| CBRE Group, Inc. - Class A (a) | 4 | 327 |
| Crown Castle Inc. | 6 | 775 |
| Digital Realty Trust, Inc. | 4 | 382 |
| EastGroup Properties, Inc. | 1 | 88 |
| Equinix, Inc. | 1 | 808 |
| Equity Residential | 4 | 264 |
| Essex Property Trust, Inc. | 1 | 178 |
| Extra Space Storage Inc. | 2 | 261 |
| Federal Realty Investment Trust | 1 | 94 |
| Healthpeak Properties, Inc. | 7 | 183 |
| Host Hotels & Resorts, Inc. | 9 | 152 |
| Iron Mountain Incorporated | 4 | 196 |
| Jones Lang LaSalle Incorporated (a) | 1 | 95 |
| Kimco Realty Corporation | 8 | 177 |
| Lamar Advertising Company - Class A | 1 | 106 |
| Life Storage Inc. |  | 18 |
| Mid-America Apartment Communities, Inc. | 2 | 243 |
| ProLogis Inc. | 12 | 1379 |
| Public Storage | 2 | 590 |
| Realty Income Corporation | 8 | 531 |
| Regency Centers Corporation | 2 | 124 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

542

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| SBA Communications Corporation | 1 | 401 |
| Simon Property Group, Inc. | 4 | 512 |
| Store Capital Corporation | 3 | 111 |
| UDR, Inc. | 4 | 152 |
| Ventas, Inc. | 5 | 235 |
| W.P. Carey Inc. | 3 | 212 |
| Welltower OP LLC | 6 | 411 |
| Weyerhaeuser Company | 10 | 300 |
| Zillow Group, Inc. - Class A (a) | 1 | 27 |
| Zillow Group, Inc. - Class C (a) | 2 | 74 |
| | | 11805 |
| **Consumer Staples 4.8%** | **Consumer Staples 4.8%** | **Consumer Staples 4.8%** |
| Brown-Forman Corporation - Class A | 1 | 47 |
| Brown-Forman Corporation - Class B | 2 | 157 |
| Campbell Soup Company | 3 | 148 |
| Church & Dwight Co., Inc. | 3 | 265 |
| Colgate-Palmolive Company | 11 | 869 |
| Constellation Brands, Inc. - Class A | 2 | 502 |
| Costco Wholesale Corporation | 6 | 2678 |
| General Mills, Inc. | 8 | 663 |
| Kimberly-Clark Corporation | 5 | 611 |
| Molson Coors Beverage Company - Class B | 3 | 133 |
| PepsiCo, Inc. | 18 | 3299 |
| Performance Food Group Company (a) | 2 | 124 |
| Sysco Corporation | 7 | 517 |
| The Clorox Company | 2 | 225 |
| The Kroger Co. | 9 | 383 |
| US Foods Holding Corp. (a) | 3 | 91 |
| Walgreens Boots Alliance, Inc. | 10 | 358 |
|  |  | 11070 |
| **Energy 3.2%** | **Energy 3.2%** | **Energy 3.2%** |
| Baker Hughes Company - Class A | 13 | 393 |
| Cheniere Energy, Inc. | 3 | 493 |
| Halliburton Company | 12 | 473 |
| Hess Corporation | 4 | 524 |
| HF Sinclair Corporation | 2 | 95 |
| Kinder Morgan, Inc. | 26 | 476 |
| Marathon Petroleum Corporation | 6 | 718 |
| Murphy Oil Corporation | 2 | 86 |
| Nov Inc. | 5 | 112 |
| ONEOK, Inc. | 6 | 388 |
| Ovintiv Canada ULC | 3 | 163 |
| Phillips 66 | 6 | 656 |
| Range Resources Corporation | 3 | 82 |
| Schlumberger Limited | 19 | 1002 |
| Southwestern Energy Company (a) | 12 | 70 |
| Targa Resources Corp. | 3 | 215 |
| Texas Pacific Land Corporation |  | 195 |
| The Williams Companies, Inc. | 16 | 535 |
| Valero Energy Corporation | 5 | 652 |
|  |  | 7328 |
| **Materials 2.7%** | **Materials 2.7%** | **Materials 2.7%** |
| Air Products and Chemicals, Inc. | 3 | 903 |
| Amcor Pty Ltd | 20 | 239 |
| AptarGroup, Inc. | 1 | 100 |
| Avery Dennison Corporation | 1 | 200 |
| Ball Corporation | 4 | 208 |
| Crown Holdings, Inc. | 2 | 127 |
| Eastman Chemical Company | 2 | 135 |
| International Flavors & Fragrances Inc. | 3 | 351 |
| Linde Public Limited Company | 7 | 2138 |
| LyondellBasell Industries N.V. - Class A | 3 | 277 |
| Newmont Corporation | 11 | 496 |
| Packaging Corporation of America | 1 | 154 |
| PPG Industries, Inc. | 3 | 390 |
| Reliance Steel & Aluminum Co. | 1 | 156 |
| Sealed Air Corporation | 2 | 95 |
| WestRock Company | 3 | 115 |
|  |  | 6084 |
| **Utilities 1.6%** | **Utilities 1.6%** | **Utilities 1.6%** |
| Alliant Energy Corporation | 3 | 188 |
| AVANGRID, Inc. | 1 | 43 |
| CenterPoint Energy, Inc. | 8 | 246 |
| CMS Energy Corporation | 4 | 247 |
| Consolidated Edison, Inc. | 5 | 451 |
| DTE Energy Company | 3 | 299 |
| Eversource Energy | 5 | 386 |
| Exelon Corporation | 13 | 564 |
| Sempra Energy | 4 | 648 |
| Xcel Energy Inc. | 7 | 512 |
|  |  | 3584 |
| Total Common Stocks (cost $249,775) | Total Common Stocks (cost $249,775) | 227937 |
| **SHORT TERM INVESTMENTS 0.0%** | **SHORT TERM INVESTMENTS 0.0%** | **SHORT TERM INVESTMENTS 0.0%** |
| **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** | **Securities Lending Collateral 0.0%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (d) (e) | 66 | 66 |
| Total Short Term Investments (cost $66) | Total Short Term Investments (cost $66) | 66 |
| **Total Investments 99.7% (cost $249,841)** | **Total Investments 99.7% (cost $249,841)** | **228003** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (3) |
| **Other Assets and Liabilities, Net 0.3%** | **Other Assets and Liabilities, Net 0.3%** | **756** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **228756** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) All or a portion of the security was on loan as of December 31, 2022.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar U.S. Sustainability Index Fund — Long Term Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Long Term Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Long Term Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Long Term Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Long Term Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Long Term Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Long Term Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Long Term Investments in Affiliates** | **JNL/Morningstar U.S. Sustainability Index Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| The Bank of New York Mellon Corporation | 676 | 96 | 607 | 4 | (48) | (117) |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Morningstar U.S. Sustainability Index Fund — Restricted Securities** | **JNL/Morningstar U.S. Sustainability Index Fund — Restricted Securities** | **JNL/Morningstar U.S. Sustainability Index Fund — Restricted Securities** | **JNL/Morningstar U.S. Sustainability Index Fund — Restricted Securities** | **JNL/Morningstar U.S. Sustainability Index Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| TE Connectivity Ltd. | 03/04/20 | 567 | 485 | 0.2 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

543

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar U.S. Sustainability Index Fund — Futures Contracts** | **JNL/Morningstar U.S. Sustainability Index Fund — Futures Contracts** | **JNL/Morningstar U.S. Sustainability Index Fund — Futures Contracts** | **JNL/Morningstar U.S. Sustainability Index Fund — Futures Contracts** | **JNL/Morningstar U.S. Sustainability Index Fund — Futures Contracts** | **JNL/Morningstar U.S. Sustainability Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 5 | March 2023 | 992 | (3) | (27) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** | **JNL/Morningstar U.S. Sustainability Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 227937 |  |  | 227937 |
| &nbsp;&nbsp;Short Term Investments | 66 |  |  | 66 |
|  | 228003 |  |  | 228003 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (27) |  |  | (27) |
|  | (27) |  |  | (27) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

544

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** |
| **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** | **COMMON STOCKS 99.4%** |
| **Information Technology 32.2%** | **Information Technology 32.2%** | **Information Technology 32.2%** |
| Adobe Inc. (a) | 63 | 21201 |
| Applied Materials, Inc. | 107 | 10374 |
| Fortinet, Inc. (a) | 381 | 18617 |
| Guidewire Software, Inc. (a) | 139 | 8682 |
| KLA Corporation | 28 | 10646 |
| Lam Research Corporation | 46 | 19262 |
| Microchip Technology Incorporated | 146 | 10246 |
| Microsoft Corporation | 80 | 19217 |
| Monolithic Power Systems, Inc. | 27 | 9589 |
| NVIDIA Corporation | 72 | 10536 |
| Salesforce, Inc. (a) | 141 | 18710 |
| ServiceNow, Inc. (a) | 48 | 18729 |
| Teradyne, Inc. | 225 | 19634 |
| The Western Union Company | 1406 | 19357 |
| Tyler Technologies, Inc. (a) | 59 | 19126 |
| Workday, Inc. - Class A (a) | 122 | 20457 |
|  |  | 254383 |
| **Industrials 18.1%** | **Industrials 18.1%** | **Industrials 18.1%** |
| 3M Company | 160 | 19193 |
| Allegion Public Limited Company | 107 | 11262 |
| Emerson Electric Co. | 228 | 21854 |
| Equifax Inc. | 104 | 20187 |
| Masco Corporation | 399 | 18601 |
| Rockwell Automation, Inc. | 39 | 10083 |
| The Boeing Company (a) | 124 | 23568 |
| TransUnion | 313 | 17788 |
|  |  | 142536 |
| **Health Care 11.7%** | **Health Care 11.7%** | **Health Care 11.7%** |
| Biogen Inc. (a) | 80 | 22180 |
| Gilead Sciences, Inc. | 147 | 12580 |
| Medtronic, Inc. | 236 | 18358 |
| Veeva Systems Inc. - Class A (a) | 116 | 18754 |
| Zimmer Biomet Holdings, Inc. | 164 | 20849 |
|  |  | 92721 |
| **Financials 11.5%** | **Financials 11.5%** | **Financials 11.5%** |
| Berkshire Hathaway Inc. - Class B (a) | 33 | 10073 |
| BlackRock, Inc. | 15 | 10865 |
| Intercontinental Exchange, Inc. | 96 | 9882 |
| MarketAxess Holdings Inc. | 39 | 10996 |
| State Street Corporation | 124 | 9616 |
| Tradeweb Markets Inc. - Class A | 155 | 10063 |
| U.S. Bancorp | 229 | 9984 |
| Wells Fargo & Company | 458 | 18917 |
|  |  | 90396 |
| **Consumer Discretionary 9.3%** | **Consumer Discretionary 9.3%** | **Consumer Discretionary 9.3%** |
| Amazon.com, Inc. (a) | 190 | 15978 |
| ETSY, Inc. (a) | 169 | 20216 |
| MercadoLibre S.R.L (a) | 22 | 18596 |
| Polaris Inc. | 184 | 18548 |
|  |  | 73338 |
| **Communication Services 9.3%** | **Communication Services 9.3%** | **Communication Services 9.3%** |
| Alphabet Inc. - Class A (a) | 200 | 17679 |
| Comcast Corporation - Class A | 567 | 19835 |
| Meta Platforms, Inc. - Class A (a) | 153 | 18439 |
| The Walt Disney Company (a) | 197 | 17114 |
|  |  | 73067 |
| **Materials 4.8%** | **Materials 4.8%** | **Materials 4.8%** |
| Ecolab Inc. | 128 | 18697 |
| International Flavors & Fragrances Inc. | 183 | 19208 |
|  |  | 37905 |
| **Utilities 1.3%** | **Utilities 1.3%** | **Utilities 1.3%** |
| Dominion Energy, Inc. | 172 | 10544 |
| **Consumer Staples 1.2%** | **Consumer Staples 1.2%** | **Consumer Staples 1.2%** |
| Kellogg Company | 135 | 9615 |
| Total Common Stocks (cost $856,976) | Total Common Stocks (cost $856,976) | 784505 |
| **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (b) (c) | 3984 | 3984 |
| Total Short Term Investments (cost $3,984) | Total Short Term Investments (cost $3,984) | 3984 |
| **Total Investments 99.9% (cost $860,960)** | **Total Investments 99.9% (cost $860,960)** | **788489** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (14) |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **467** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **788942** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Morningstar Wide Moat Index Fund — Futures Contracts** | **JNL/Morningstar Wide Moat Index Fund — Futures Contracts** | **JNL/Morningstar Wide Moat Index Fund — Futures Contracts** | **JNL/Morningstar Wide Moat Index Fund — Futures Contracts** | **JNL/Morningstar Wide Moat Index Fund — Futures Contracts** | **JNL/Morningstar Wide Moat Index Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 27 | March 2023 | 5283 | (14) | (71) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

545

------

***JNL Series Trust***

December 31, 2022

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 784505 |  |  | 784505 |
| &nbsp;&nbsp;Short Term Investments | 3984 |  |  | 3984 |
|  | 788489 |  |  | 788489 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (71) |  |  | (71) |
|  | (71) |  |  | (71) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

546

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** |
| **CORPORATE BONDS AND NOTES 56.5%** | **CORPORATE BONDS AND NOTES 56.5%** | **CORPORATE BONDS AND NOTES 56.5%** |
| **Financials 30.7%** | **Financials 30.7%** | **Financials 30.7%** |
| American Express Company |  |  |
| 5.00%, (SOFR + 0.93%), 03/04/25 (a) | 7040 | 7023 |
| Bank of America Corporation |  |  |
| 4.92%, (SOFR + 1.10%), 04/25/25 (a) | 9995 | 9933 |
| Blackstone Inc. |  |  |
| 4.75%, 02/15/23 (b) | 3010 | 3009 |
| Capital One Financial Corporation |  |  |
| 5.13%, (3 Month USD LIBOR + 0.72%), 01/30/23 (a) | 560 | 560 |
| 5.31%, (SOFR + 1.35%), 05/09/25 (a) | 5798 | 5723 |
| Caterpillar Financial Services Corporation |  |  |
| 4.44%, (SOFR + 0.27%), 09/13/24 (a) | 4071 | 4041 |
| Citigroup Inc. |  |  |
| 5.75%, (3 Month USD LIBOR + 1.10%), 05/17/24 (a) | 9591 | 9625 |
| John Deere Capital Corporation |  |  |
| 5.27%, (3 Month USD LIBOR + 0.55%), 06/07/23 (a) | 460 | 461 |
| 3.75%, (SOFR + 0.12%), 07/10/23 (a) | 2000 | 1996 |
| 3.83%, (SOFR + 0.20%), 10/11/24 (a) | 3507 | 3469 |
| JPMorgan Chase & Co. |  |  |
| 4.88%, (SOFR + 0.58%), 06/23/25 (a) | 9680 | 9493 |
| Morgan Stanley |  |  |
| 4.44%, (SOFR + 0.63%), 01/24/25 (a) | 9845 | 9696 |
| National Rural Utilities Cooperative Finance Corporation |  |  |
| 4.34%, (SOFR + 0.40%), 08/07/23 (a) | 1690 | 1685 |
| 4.04%, (SOFR + 0.33%), 10/18/24 (a) | 6000 | 5926 |
| Protective Life Global Funding |  |  |
| 5.28%, (SOFR + 0.98%), 03/28/25 (a) (b) | 2375 | 2351 |
| Royal Bank of Canada |  |  |
| 4.44%, (3 Month USD LIBOR + 0.36%), 01/17/23 (a) (c) | 1490 | 1489 |
| 4.20%, (SOFR + 0.44%), 01/21/25 (a) (c) | 1940 | 1896 |
| The Bank of New York Mellon Corporation |  |  |
| 3.98%, (SOFR + 0.20%), 10/25/24 (a) | 3553 | 3507 |
| The Goldman Sachs Group, Inc. |  |  |
| 6.33%, (3 Month USD LIBOR + 1.60%), 11/29/23 (a) | 9720 | 9792 |
| The Toronto-Dominion Bank |  |  |
| 4.30%, (SOFR + 0.48%), 01/27/23 (a) (c) | 1781 | 1782 |
| Toyota Motor Credit Corporation |  |  |
| 4.95%, (SOFR + 0.65%), 12/29/23 (a) | 4885 | 4883 |
| 4.92%, (SOFR + 0.62%), 03/22/24 (a) | 1890 | 1886 |
| Truist Bank |  |  |
| 3.91%, (SOFR + 0.20%), 01/17/24 (a) | 3705 | 3668 |
| Truist Financial Corporation |  |  |
| 4.53%, (SOFR + 0.40%), 06/09/25 (a) | 5729 | 5605 |
| Wells Fargo & Company |  |  |
| 3.75%, 01/24/24 | 8306 | 8207 |
|  |  | 117706 |
| **Consumer Discretionary 4.9%** | **Consumer Discretionary 4.9%** | **Consumer Discretionary 4.9%** |
| General Motors Financial Company, Inc. |  |  |
| 3.25%, 01/05/23 | 3590 | 3590 |
| Magallanes, Inc. |  |  |
| 6.03%, (SOFR + 1.78%), 03/15/24 (a) (b) | 3140 | 3130 |
| Starbucks Corporation |  |  |
| 4.38%, (SOFR + 0.42%), 02/14/24 (a) | 5625 | 5592 |
| Volkswagen Group of America, Inc. |  |  |
| 5.06%, (SOFR + 0.95%), 06/07/24 (a) (b) | 6385 | 6350 |
|  |  | 18662 |
| **Utilities 4.6%** | **Utilities 4.6%** | **Utilities 4.6%** |
| CenterPoint Energy Resources Corp. |  |  |
| 5.28%, (3 Month USD LIBOR + 0.50%), 03/02/23 (a) | 1810 | 1809 |
| Duke Energy Corporation |  |  |
| 4.40%, (SOFR + 0.25%), 06/10/23 (a) | 4546 | 4527 |
| Florida Power & Light Company |  |  |
| 4.21%, (SOFR + 0.25%), 05/10/23 (a) | 3242 | 3236 |
| Mississippi Power Company |  |  |
| 4.60%, (SOFR + 0.30%), 06/28/24 (a) | 1710 | 1680 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.31%, (SOFR + 0.40%), 11/03/23 (a) | 5914 | 5890 |
| PPL Electric Utilities Corporation |  |  |
| 4.63%, (SOFR + 0.33%), 06/24/24 (a) | 445 | 439 |
|  |  | 17581 |
| **Communication Services 4.4%** | **Communication Services 4.4%** | **Communication Services 4.4%** |
| AT&T Inc. |  |  |
| 4.94%, (SOFR + 0.64%), 03/25/24 (a) | 8740 | 8690 |
| Verizon Communications Inc. |  |  |
| 4.80%, (SOFR + 0.50%), 03/22/24 (a) | 8285 | 8228 |
|  |  | 16918 |
| **Health Care 4.3%** | **Health Care 4.3%** | **Health Care 4.3%** |
| Baxter International Inc. |  |  |
| 4.31%, (SOFR + 0.26%), 12/01/23 (a) | 4425 | 4389 |
| Roche Holdings, Inc. |  |  |
| 4.71%, (SOFR + 0.56%), 03/10/25 (a) (b) | 4825 | 4802 |
| Thermo Fisher Scientific Inc. |  |  |
| 4.10%, (SOFR + 0.39%), 10/18/23 (a) | 3435 | 3419 |
| Zoetis Inc. |  |  |
| 3.25%, 02/01/23 | 3855 | 3850 |
|  |  | 16460 |
| **Industrials 2.3%** | **Industrials 2.3%** | **Industrials 2.3%** |
| General Electric Capital Corporation |  |  |
| 5.77%, (3 Month USD LIBOR + 1.00%), 03/15/23 (a) | 4390 | 4385 |
| Siemens Financieringsmaatschappij N.V. |  |  |
| 4.58%, (SOFR + 0.43%), 03/11/24 (a) (b) | 4460 | 4437 |
|  |  | 8822 |
| **Real Estate 1.9%** | **Real Estate 1.9%** | **Real Estate 1.9%** |
| American Tower Corporation |  |  |
| 3.50%, 01/31/23 | 1575 | 1573 |
| Simon Property Group, L.P. |  |  |
| 4.08%, (SOFR + 0.43%), 01/11/24 (a) | 5901 | 5859 |
|  |  | 7432 |
| **Energy 1.6%** | **Energy 1.6%** | **Energy 1.6%** |
| Enbridge Inc. |  |  |
| 4.38%, (SOFR + 0.40%), 02/17/23 (a) | 3180 | 3179 |
| 4.61%, (SOFR + 0.63%), 02/16/24 (a) | 1560 | 1552 |
| Total Capital International |  |  |
| 2.70%, 01/25/23 | 1382 | 1381 |
|  |  | 6112 |
| **Information Technology 1.3%** | **Information Technology 1.3%** | **Information Technology 1.3%** |
| Analog Devices, Inc. |  |  |
| 3.85%, (SOFR + 0.25%), 10/01/24 (a) | 2655 | 2615 |
| Cisco Systems, Inc. |  |  |
| 2.60%, 02/28/23 | 1035 | 1032 |
| Oracle Corporation |  |  |
| 2.63%, 02/15/23 | 1165 | 1162 |
|  |  | 4809 |
| **Consumer Staples 0.5%** | **Consumer Staples 0.5%** | **Consumer Staples 0.5%** |
| GSK Consumer Healthcare Capital US LLC |  |  |
| 5.19%, (SOFR + 0.89%), 03/24/24 (a) | 1855 | 1863 |
| Total Corporate Bonds And Notes (cost $216,974) | Total Corporate Bonds And Notes (cost $216,974) | 216365 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 18.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 18.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 18.1%** |
| Ally Auto Receivables Trust 2022-1 |  |  |
| Series 2022-A2-1, 2.67%, 11/15/23 | 2138 | 2117 |
| BMW Vehicle Owner Trust 2022-A |  |  |
| Series 2022-A2A-A, REMIC, 2.52%, 10/25/23 | 1460 | 1445 |
| Capital One Multi-Asset Execution Trust |  |  |
| Series 2017-A5-A5, 4.90%, (1 Month USD LIBOR + 0.58%), 09/16/24 (a) | 5000 | 4978 |
| Capital One Prime Auto Receivables Trust 2022-1 |  |  |
| Series 2022-A2-1, 2.71%, 06/16/25 | 3011 | 2970 |
| CCG Receivables Trust 2021-2 |  |  |
| Series 2021-A2-2, 0.54%, 03/14/29 | 1171 | 1116 |
| Citibank Credit Card Issuance Trust |  |  |
| Series 2017-A5-A5, 4.98%, (1 Month USD LIBOR + 0.62%), 04/22/24 (a) | 4000 | 3997 |
| DLLST 2022-1 LLC |  |  |
| Series 2022-A2-1A, 2.79%, 01/22/24 | 1644 | 1630 |
| Ford Credit Auto Lease Trust 2022-A |  |  |
| Series 2022-A2A-A, 2.78%, 10/15/24 | 3100 | 3073 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

547

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Ford Credit Auto Owner Trust 2022-B |  |  |
| Series 2022-A2A-B, 3.44%, 02/15/25 | 6929 | 6872 |
| GM Financial Automobile Leasing Trust 2022-2 |  |  |
| Series 2022-A2-2, REMIC, 2.93%, 10/21/24 | 1684 | 1664 |
| GM Financial Consumer Automobile Receivables Trust 2022-2 |  |  |
| Series 2022-A2-2, 2.52%, 05/16/25 | 118 | 117 |
| GM Financial Consumer Automobile Receivables Trust 2022-3 |  |  |
| Series 2022-A2A-3, REMIC, 3.50%, 09/16/25 | 7204 | 7131 |
| GreatAmerica Financial Services Corporation |  |  |
| Series 2021-A2-2, 0.38%, 09/15/23 | 196 | 193 |
| HPEFS Equipment Trust 2022-1 |  |  |
| Series 2022-A2-1A, 1.02%, 09/20/23 | 601 | 593 |
| Hyundai Auto Lease Securitization Trust 2022-B |  |  |
| Series 2022-A2A-B, REMIC, 2.75%, 12/15/23 | 1136 | 1122 |
| Hyundai Auto Lease Securitization Trust 2022-C |  |  |
| Series 2022-A2A-C, 4.34%, 04/15/24 | 2867 | 2842 |
| Hyundai Auto Receivables Trust 2021-C |  |  |
| Series 2021-A2A-C, 0.36%, 06/15/23 | 645 | 637 |
| Mercedes-Benz Auto Receivables Trust 2022-1 |  |  |
| Series 2022-A2-1, 5.26%, 06/17/24 | 2601 | 2606 |
| Nissan Auto Lease Trust 2022-A |  |  |
| Series 2022-A2A-A, REMIC, 3.45%, 11/15/23 | 2615 | 2594 |
| Nissan Auto Receivables 2022-B Owner Trust |  |  |
| Series 2022-A2-B, 4.50%, 05/15/24 | 1532 | 1526 |
| Santander Retail Auto Lease Trust 2022-A |  |  |
| Series 2022-A2-A, 0.97%, 02/20/24 | 991 | 967 |
| Trillium Credit Card Trust II |  |  |
| Series 2021-A-2A, 4.10%, (SOFR 30-Day Average + 0.22%), 10/26/23 (a) | 1600 | 1598 |
| Verizon Master Trust |  |  |
| Series 2022-A1B-7, 4.40%, (SOFR 30-Day Average + 0.85%), 11/20/24 (a) | 2028 | 2019 |
| Verizon Owner Trust 2019-C |  |  |
| Series 2019-A1B-C, 4.77%, (1 Month USD LIBOR + 0.42%), 04/22/24 (a) | 10 | 10 |
| Verizon Owner Trust 2020-A |  |  |
| Series 2020-A1A-A, 1.85%, 07/20/24 | 761 | 756 |
| Verizon Owner Trust 2020-C |  |  |
| Series 2020-A-C, 0.41%, 12/20/23 | 1527 | 1503 |
| Volkswagen Auto Lease Trust 2022-A |  |  |
| Series 2022-A2-A, 3.02%, 01/20/24 | 5798 | 5722 |
| World Omni Auto Receivables Trust 2020-C |  |  |
| Series 2020-A3-C, 0.48%, 11/17/25 | 1652 | 1611 |
| World Omni Auto Receivables Trust 2022-B |  |  |
| Series 2022-A2A-B, 2.77%, 10/15/25 | 3261 | 3211 |
| World Omni Auto Receivables Trust 2022-D |  |  |
| Series 2022-A2A-D, 5.51%, 03/16/26 | 2718 | 2720 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $69,933) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $69,933) | 69340 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 0.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 0.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 0.2%** |
| **U.S. Government Agency Obligations 0.2%** | **U.S. Government Agency Obligations 0.2%** | **U.S. Government Agency Obligations 0.2%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 0.38%, 04/20/23 (d) | 900 | 889 |
| Total Government And Agency Obligations (cost $900) | Total Government And Agency Obligations (cost $900) | 889 |
| **SHORT TERM INVESTMENTS 16.4%** | **SHORT TERM INVESTMENTS 16.4%** | **SHORT TERM INVESTMENTS 16.4%** |
| **Investment Companies 11.2%** | **Investment Companies 11.2%** | **Investment Companies 11.2%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (e) (f) | 42652 | 42652 |
| **U.S. Treasury Bill 5.2%** | **U.S. Treasury Bill 5.2%** | **U.S. Treasury Bill 5.2%** |
| Treasury, United States Department of |  |  |
| 3.56%, 02/09/23 | 20000 | 19920 |
| Total Short Term Investments (cost $62,576) | Total Short Term Investments (cost $62,576) | 62572 |
| **Total Investments 91.2% (cost $350,383)** | **Total Investments 91.2% (cost $350,383)** | **349166** |
| **Other Derivative Instruments 1.7%** | **Other Derivative Instruments 1.7%** | **6409** |
| **Other Assets and Liabilities, Net 7.1%** | **Other Assets and Liabilities, Net 7.1%** | **27192** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **382767** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(b) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $24,079 and 6.3% of the Fund.

(c) Convertible security.

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

(e) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Aluminum | 211 | April 2023 | 12664 | (78) | (78) |
| Brent Crude | 311 | March 2023 | 24115 | 703 | 2404 |
| Coffee C | 112 | May 2023 | 6975 | (118) | 37 |
| Copper | 180 | May 2023 | 17486 | (59) | (321) |
| Corn | 672 | March 2023 | 22940 | (34) | (142) |
| Cotton No. 2 | 96 | May 2023 | 3908 | 35 | 98 |
| Crude Oil, WTI | 371 | May 2023 | 27299 | 738 | 2548 |
| Gasoline, RBOB | 81 | March 2023 | 8267 | 337 | 164 |
| Gold, 100 Oz. | 307 | February 2023 | 53037 | 6 | 3027 |
| KC HRW Wheat | 158 | May 2023 | 6548 | 166 | 422 |
| Lean Hogs | 162 | June 2023 | 6734 | 34 | 341 |
| Live Cattle | 237 | July 2023 | 14841 | (31) | 121 |
| Low Sulfur Gasoil | 141 | March 2023 | 13314 | 18 | (871) |
| Natural Gas | 883 | April 2023 | 36495 | (71) | (1908) |
| New York Harbor ULSD | 74 | March 2023 | 8665 | 110 | 1216 |
| Nickel | 77 | May 2023 | 13904 | 52 | 51 |
| Silver | 157 | March 2023 | 17276 | (165) | 1596 |
| Soybean | 299 | July 2023 | 22457 | 97 | 465 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

548

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts (continued)** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts (continued)** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts (continued)** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts (continued)** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts (continued)** | **JNL/Neuberger Berman Commodity Strategy Fund — Futures Contracts (continued)** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| Soybean Meal | 306 | March 2023 | 14278 | 383 | 135 |
| Soybean Oil | 329 | March 2023 | 12012 | (452) | 635 |
| Sugar No. 11 | 535 | July 2023 | 11119 | (120) | 98 |
| Wheat | 273 | July 2023 | 10455 | 242 | 505 |
| Zinc | 128 | May 2023 | 10416 | (1855) | (944) |
|  |  |  |  | (62) | 9599 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 216365 |  | 216365 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 69340 |  | 69340 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 889 |  | 889 |
| &nbsp;&nbsp;Short Term Investments | 42652 | 19920 |  | 62572 |
|  | 42652 | 306514 |  | 349166 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 13863 |  |  | 13863 |
|  | 13863 |  |  | 13863 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (4264) |  |  | (4264) |
|  | (4264) |  |  | (4264) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

549

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 27.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 27.3%** | **GOVERNMENT AND AGENCY OBLIGATIONS 27.3%** |
| **U.S. Government Agency Obligations 27.3%** | **U.S. Government Agency Obligations 27.3%** | **U.S. Government Agency Obligations 27.3%** |
| Federal Farm Credit Banks Funding Corporation |  |  |
| 1.60%, 08/14/23 (a) | 1600 | 1569 |
| Federal Home Loan Bank of Pittsburgh |  |  |
| 3.38%, 09/01/23 (a) | 1600 | 1583 |
| Federal Home Loan Mortgage Corporation |  |  |
| 0.38%, 05/05/23 (a) | 500 | 493 |
| 0.25%, 08/24/23 (a) | 910 | 884 |
| Total Government And Agency Obligations (cost $4,563) | Total Government And Agency Obligations (cost $4,563) | 4529 |
| **CORPORATE BONDS AND NOTES 25.2%** | **CORPORATE BONDS AND NOTES 25.2%** | **CORPORATE BONDS AND NOTES 25.2%** |
| **Financials 12.7%** | **Financials 12.7%** | **Financials 12.7%** |
| American Express Company |  |  |
| 4.14%, (SOFR + 0.23%), 11/03/23 (b) | 55 | 55 |
| 5.00%, (SOFR + 0.93%), 03/04/25 (b) | 205 | 204 |
| Bank of America Corporation |  |  |
| 4.92%, (SOFR + 1.10%), 04/25/25 (b) | 320 | 318 |
| Caterpillar Financial Services Corporation |  |  |
| 4.22%, (SOFR + 0.25%), 05/17/24 (b) | 175 | 174 |
| JPMorgan Chase & Co. |  |  |
| 4.88%, (SOFR + 0.58%), 06/23/25 (b) | 325 | 319 |
| Morgan Stanley |  |  |
| 4.44%, (SOFR + 0.63%), 01/24/25 (b) | 325 | 320 |
| The Goldman Sachs Group, Inc. |  |  |
| 6.33%, (3 Month USD LIBOR + 1.60%), 11/29/23 (b) | 315 | 317 |
| Toyota Motor Credit Corporation |  |  |
| 4.92%, (SOFR + 0.62%), 03/22/24 (b) | 400 | 399 |
|  |  | 2106 |
| **Communication Services 3.1%** | **Communication Services 3.1%** | **Communication Services 3.1%** |
| AT&T Inc. |  |  |
| 4.94%, (SOFR + 0.64%), 03/25/24 (b) | 345 | 343 |
| Verizon Communications Inc. |  |  |
| 4.80%, (SOFR + 0.50%), 03/22/24 (b) | 170 | 169 |
|  |  | 512 |
| **Health Care 2.2%** | **Health Care 2.2%** | **Health Care 2.2%** |
| Roche Holdings, Inc. |  |  |
| 4.71%, (SOFR + 0.56%), 03/10/25 (b) (c) | 200 | 199 |
| Thermo Fisher Scientific Inc. |  |  |
| 4.10%, (SOFR + 0.39%), 10/18/23 (b) | 170 | 169 |
|  |  | 368 |
| **Information Technology 1.9%** | **Information Technology 1.9%** | **Information Technology 1.9%** |
| Analog Devices, Inc. |  |  |
| 3.85%, (SOFR + 0.25%), 10/01/24 (b) | 325 | 320 |
| **Energy 1.6%** | **Energy 1.6%** | **Energy 1.6%** |
| Enbridge Inc. |  |  |
| 4.61%, (SOFR + 0.63%), 02/16/24 (b) | 260 | 259 |
| **Consumer Discretionary 1.6%** | **Consumer Discretionary 1.6%** | **Consumer Discretionary 1.6%** |
| Volkswagen Group of America, Inc. |  |  |
| 5.06%, (SOFR + 0.95%), 06/07/24 (b) (c) | 260 | 258 |
| **Real Estate 1.0%** | **Real Estate 1.0%** | **Real Estate 1.0%** |
| Simon Property Group, L.P. |  |  |
| 4.08%, (SOFR + 0.43%), 01/11/24 (b) | 170 | 169 |
| **Industrials 0.7%** | **Industrials 0.7%** | **Industrials 0.7%** |
| General Electric Capital Corporation |  |  |
| 5.77%, (3 Month USD LIBOR + 1.00%), 03/15/23 (b) | 120 | 120 |
| **Utilities 0.4%** | **Utilities 0.4%** | **Utilities 0.4%** |
| Florida Power & Light Company |  |  |
| 4.21%, (SOFR + 0.25%), 05/10/23 (b) | 75 | 75 |
| Total Corporate Bonds And Notes (cost $4,207) | Total Corporate Bonds And Notes (cost $4,207) | 4187 |
| **SHORT TERM INVESTMENTS 38.6%** | **SHORT TERM INVESTMENTS 38.6%** | **SHORT TERM INVESTMENTS 38.6%** |
| **U.S. Treasury Bill 27.0%** | **U.S. Treasury Bill 27.0%** | **U.S. Treasury Bill 27.0%** |
| Treasury, United States Department of |  |  |
| 3.31%, 01/03/23 | 1600 | 1600 |
| 4.26%, 03/02/23 | 2000 | 1986 |
| 4.35%, 03/23/23 | 900 | 892 |
|  |  | 4478 |
| **Investment Companies 11.6%** | **Investment Companies 11.6%** | **Investment Companies 11.6%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (d) (e) | 1930 | 1930 |
| Total Short Term Investments (cost $6,407) | Total Short Term Investments (cost $6,407) | 6408 |
| **Total Investments 91.1% (cost $15,177)** | **Total Investments 91.1% (cost $15,177)** | **15124** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **5** |
| **Other Assets and Liabilities, Net 8.9%** | **Other Assets and Liabilities, Net 8.9%** | **1471** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **16600** |

---

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

(b) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(c) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $457 and 2.8% of the Fund.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Gold Plus Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Futures Contracts** | **JNL/Neuberger Berman Gold Plus Strategy Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Bitcoin | 6 | January 2023 | 501 | 5 | (6) |
| Gold, 100 Oz. | 83 | February 2023 | 14372 | 2 | 786 |
| Palladium | 2 | March 2023 | 376 | (4) | (16) |
| Platinum | 7 | April 2023 | 357 | 5 | 22 |
| Silver | 3 | March 2023 | 323 | (3) | 38 |
|  |  |  |  | 5 | 824 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

550

------

***JNL Series Trust***

December 31, 2022

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 4529 |  | 4529 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 4187 |  | 4187 |
| &nbsp;&nbsp;Short Term Investments | 1930 | 4478 |  | 6408 |
|  | 1930 | 13194 |  | 15124 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 846 |  |  | 846 |
|  | 846 |  |  | 846 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (22) |  |  | (22) |
|  | (22) |  |  | (22) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

551

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** |
| **CORPORATE BONDS AND NOTES 54.1%** | **CORPORATE BONDS AND NOTES 54.1%** | **CORPORATE BONDS AND NOTES 54.1%** |
| **Financials 14.1%** | **Financials 14.1%** | **Financials 14.1%** |
| 1MDB Global Investments Limited |  |  |
| 4.40%, 03/09/23 (a) | 1000 | 975 |
| ABN AMRO Bank N.V. |  |  |
| 3.32%, 03/13/37 (b) (c) | 1400 | 1012 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 3.30%, 01/30/32 | 1820 | 1422 |
| Alliant Holdings Intermediate, LLC |  |  |
| 6.75%, 10/15/27 (c) | 1120 | 1009 |
| Ally Financial Inc. |  |  |
| 4.70%, (100, 05/15/26) (d) | 830 | 550 |
| 5.75%, 11/20/25 | 270 | 262 |
| American Express Company |  |  |
| 3.55%, (100, 09/15/26) (d) | 540 | 445 |
| AmWINS Group, Inc. |  |  |
| 4.88%, 06/30/29 (c) | 740 | 635 |
| AssuredPartners, Inc. |  |  |
| 7.00%, 08/15/25 (c) | 880 | 856 |
| 5.63%, 01/15/29 (c) | 1010 | 839 |
| Banco Bilbao Vizcaya Argentaria, S.A. |  |  |
| 6.50%, (100, 03/05/25) (b) (d) | 200 | 192 |
| Banco do Brasil S.A |  |  |
| 6.25%, (100, 04/15/24) (a) (d) | 550 | 505 |
| Banco Santander, S.A. |  |  |
| 7.50%, (100, 02/08/24) (a) (b) (d) | 800 | 781 |
| 5.15%, 08/18/25 (b) | 1000 | 989 |
| Bank of America Corporation |  |  |
| 4.30%, (100, 01/28/25) (d) | 287 | 250 |
| 4.38%, (100, 01/27/27) (d) | 920 | 782 |
| 5.88%, (100, 03/15/28) (d) | 330 | 291 |
| 6.13%, (100, 04/27/27) (d) | 820 | 801 |
| 6.25%, (100, 09/05/24) (d) | 467 | 450 |
| 1.84%, 02/04/25 | 2680 | 2567 |
| 4.95%, 07/22/28 | 1440 | 1407 |
| 5.02%, 07/22/33 | 1990 | 1888 |
| 2.48%, 09/21/36 | 2775 | 2046 |
| Barclays PLC |  |  |
| 4.38%, (100, 03/15/28) (b) (d) | 2065 | 1578 |
| 8.00%, (100, 03/15/29) (b) (d) | 390 | 367 |
| 5.50%, 08/09/28 (b) | 1455 | 1409 |
| BNP Paribas |  |  |
| 4.50%, (100, 02/25/30) (b) (c) (d) | 450 | 346 |
| 4.63%, (100, 02/25/31) (c) (d) | 1540 | 1239 |
| 7.38%, (100, 08/19/25) (b) (c) (d) | 342 | 338 |
| 9.25%, (100, 11/17/27) (b) (c) (d) | 385 | 401 |
| BPCE |  |  |
| 3.65%, 01/14/37 (c) | 1550 | 1160 |
| Capital One Financial Corporation |  |  |
| 3.95%, (100, 09/01/26) (d) | 1405 | 1108 |
| Citigroup Inc. |  |  |
| 3.88%, (100, 02/18/26) (d) | 225 | 192 |
| 4.00%, (100, 12/10/25) (d) | 220 | 192 |
| 4.15%, (100, 11/15/26) (d) | 935 | 770 |
| 4.70%, (100, 01/30/25) (d) | 305 | 254 |
| 5.00%, (100, 09/12/24) (d) | 403 | 359 |
| 3.29%, 03/17/26 | 1550 | 1466 |
| Citizens Financial Group, Inc. |  |  |
| 4.00%, (100, 10/06/26) (d) | 215 | 174 |
| 6.00%, (100, 07/06/23) (d) | 275 | 253 |
| 6.38%, (100, 04/06/24) (d) | 368 | 338 |
| Commerzbank Aktiengesellschaft |  |  |
| 7.00%, (100, 04/09/25) (a) (d) | 400 | 378 |
| Corebridge Financial, Inc. |  |  |
| 4.35%, 04/05/42 (c) | 835 | 683 |
| Credit Suisse Group AG |  |  |
| 5.10%, (100, 01/24/30) (c) (d) | 265 | 154 |
| 5.25%, (100, 02/11/27) (c) (d) | 950 | 624 |
| 6.38%, (100, 08/21/26) (c) (d) | 307 | 221 |
| 9.75%, (100, 06/23/27) (c) (d) | 970 | 853 |
| 3.09%, 05/14/32 (c) | 1860 | 1292 |
| 9.02%, 11/15/33 (b) (c) | 1015 | 1043 |
| Discover Financial Services |  |  |
| 5.50%, (100, 10/30/27) (d) | 1326 | 1060 |
| Emirates NBD Bank PJSC |  |  |
| 6.13%, (100, 03/20/25) (a) (d) | 575 | 566 |
| Encore Capital Group, Inc. |  |  |
| 5.38%, 02/15/26, GBP (a) | 165 | 179 |
| 4.25%, 06/01/28, GBP (a) | 480 | 445 |
| Fifth Third Bancorp |  |  |
| 5.10%, (100, 06/30/23) (d) | 547 | 521 |
| Ford Motor Credit Company LLC |  |  |
| 5.13%, 06/16/25 | 235 | 227 |
| 3.38%, 11/13/25 | 245 | 222 |
| 4.39%, 01/08/26 | 55 | 51 |
| 4.13%, 08/17/27 | 35 | 31 |
| 7.35%, 11/04/27 | 335 | 343 |
| 5.11%, 05/03/29 | 495 | 448 |
| 4.00%, 11/13/30 | 320 | 263 |
| 3.63%, 06/17/31 | 145 | 114 |
| Global Aviation Leasing Co., Ltd. |  |  |
| 7.25%, 09/15/24 (c) (e) (f) | 2269 | 1934 |
| Grupo Aval Acciones y Valores S.A. |  |  |
| 4.38%, 02/04/30 (c) | 390 | 317 |
| GTCR (AP) Finance Inc. |  |  |
| 8.00%, 05/15/27 (c) | 390 | 374 |
| HSBC Holdings PLC |  |  |
| 4.00%, (100, 03/09/26) (b) (d) | 450 | 389 |
| 4.70%, (100, 03/09/31) (b) (d) | 410 | 325 |
| HUB International Limited |  |  |
| 7.00%, 05/01/26 (c) | 260 | 255 |
| Huntington Bancshares Incorporated |  |  |
| 5.63%, (100, 07/15/30) (d) | 475 | 443 |
| 5.70%, (100, 04/15/23) (d) | 504 | 469 |
| ING Groep N.V. |  |  |
| 3.88%, (100, 05/16/27) (b) (d) | 1460 | 1066 |
| 5.75%, (100, 11/16/26) (b) (d) | 846 | 752 |
| 6.50%, (100, 04/16/25) (b) (d) | 245 | 232 |
| Intesa Sanpaolo SPA |  |  |
| 8.25%, 11/21/33 (c) | 1045 | 1060 |
| JPMorgan Chase & Co. |  |  |
| 3.65%, (100, 06/01/26) (d) | 200 | 170 |
| 4.60%, (100, 02/01/25) (d) | 552 | 490 |
| 7.02%, (3 Month USD LIBOR + 2.58%), (100, 02/01/23) (d) (g) | 459 | 453 |
| 1.56%, 12/10/25 | 2065 | 1914 |
| 4.85%, 07/25/28 | 1440 | 1406 |
| Liberty Mutual Group Inc. |  |  |
| 4.13%, 12/15/51 (c) | 690 | 559 |
| Lloyds Banking Group PLC |  |  |
| 7.50%, (100, 06/27/24) (b) (d) | 863 | 841 |
| M&T Bank Corporation |  |  |
| 3.50%, (100, 09/01/26) (d) | 1095 | 852 |
| Morgan Stanley |  |  |
| 2.48%, 09/16/36 | 2775 | 2017 |
| MSCI Inc. |  |  |
| 3.63%, 09/01/30 - 11/01/31 (c) | 335 | 278 |
| 3.25%, 08/15/33 (c) | 175 | 135 |
| NatWest Group PLC |  |  |
| 4.60%, (100, 06/28/31) (b) (d) | 935 | 672 |
| 6.00%, (100, 12/29/25) (b) (d) | 595 | 550 |
| 3.03%, 11/28/35 (b) | 3060 | 2242 |
| Nordea Bank Abp |  |  |
| 3.75%, (100, 03/01/29) (b) (c) (d) | 1015 | 782 |
| OneMain Finance Corporation |  |  |
| 6.88%, 03/15/25 | 1185 | 1139 |
| 7.13%, 03/15/26 | 1455 | 1383 |
| 3.50%, 01/15/27 | 740 | 613 |
| 3.88%, 09/15/28 | 905 | 720 |
| 4.00%, 09/15/30 | 330 | 247 |
| Royal Bank of Canada |  |  |
| 3.38%, 04/14/25 (b) | 1025 | 992 |
| Skandinaviska Enskilda Banken AB |  |  |
| 5.13%, (100, 05/13/25) (a) (b) (d) | 800 | 745 |
| Societe Generale |  |  |
| 4.75%, (100, 05/26/26) (b) (c) (d) | 330 | 280 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

552

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Standard Chartered PLC |  |  |
| 4.30%, (100, 08/19/28) (b) (c) (d) | 1180 | 906 |
| Starwood Property Trust, Inc. |  |  |
| 5.50%, 11/01/23 (c) | 585 | 581 |
| 3.75%, 12/31/24 (c) | 235 | 222 |
| 4.75%, 03/15/25 | 860 | 823 |
| SVB Financial Group |  |  |
| 4.25%, (100, 11/15/26) (d) | 1560 | 1030 |
| The Bank of New York Mellon Corporation |  |  |
| 3.70%, (100, 03/20/26) (d) | 143 | 128 |
| 3.75%, (100, 12/20/26) (d) | 1935 | 1569 |
| The Charles Schwab Corporation |  |  |
| 4.00%, (100, 12/01/30) (d) | 1617 | 1281 |
| The Goldman Sachs Group, Inc. |  |  |
| 3.65%, (100, 08/10/26) (d) | 420 | 340 |
| 3.80%, (100, 05/10/26) (d) | 200 | 164 |
| 4.13%, (100, 11/10/26) (d) | 770 | 641 |
| 4.95%, (100, 02/10/25) (d) | 225 | 205 |
| 5.50%, (100, 08/10/24) (d) (h) | 156 | 151 |
| 1.76%, 01/24/25 | 2680 | 2565 |
| The PNC Financial Services Group, Inc. |  |  |
| 3.40%, (100, 09/15/26) (d) | 1555 | 1231 |
| 5.00%, (100, 11/01/26) (d) | 90 | 78 |
| Truist Financial Corporation |  |  |
| 5.10%, (100, 03/01/30) (d) | 1180 | 1103 |
| 7.87%, (3 Month USD LIBOR + 3.10%), (100, 03/15/23) (d) (g) (h) | 308 | 305 |
| U.S. Bancorp |  |  |
| 3.70%, (100, 01/15/27) (d) | 1480 | 1218 |
| UBS Group AG |  |  |
| 4.38%, (100, 02/10/31) (c) (d) | 200 | 152 |
| 4.88%, (100, 02/12/27) (c) (d) | 445 | 377 |
| 4.70%, 08/05/27 (b) (c) | 1470 | 1421 |
| UBS Group Funding (Switzerland) AG |  |  |
| 6.88%, (100, 08/07/25) (a) (b) (d) | 1066 | 1041 |
| UniCredit S.p.A. |  |  |
| 8.00%, (100, 06/03/24) (a) (b) (d) | 200 | 191 |
| VistaJet Malta Finance P.L.C. |  |  |
| 7.88%, 05/01/27 (c) | 725 | 656 |
| 6.38%, 02/01/30 (c) | 700 | 562 |
| Wells Fargo & Company |  |  |
| 3.90%, (100, 03/15/26) (d) | 810 | 703 |
| 5.90%, (100, 06/15/24) (d) | 384 | 344 |
| Westpac Banking Corporation |  |  |
| 3.02%, 11/18/36 | 1515 | 1121 |
| | | 90821 |
| **Communication Services 7.7%** | **Communication Services 7.7%** | **Communication Services 7.7%** |
| Altice Financing S.A. |  |  |
| 4.25%, 08/15/29, EUR (a) | 700 | 601 |
| Altice France |  |  |
| 6.00%, 02/15/28 (c) | 2390 | 1411 |
| 4.13%, 01/15/29, EUR (a) | 730 | 593 |
| Altice France Holding S.A. |  |  |
| 8.00%, 05/15/27, EUR (a) | 200 | 158 |
| 5.50%, 01/15/28 (c) | 630 | 495 |
| 4.00%, 02/15/28, EUR (a) | 100 | 68 |
| AMC Networks, Inc. |  |  |
| 4.25%, 02/15/29 | 335 | 209 |
| AT&T Inc. |  |  |
| 4.50%, 03/09/48 | 2299 | 1874 |
| 3.65%, 06/01/51 | 715 | 507 |
| 3.50%, 09/15/53 | 2590 | 1764 |
| C&W Senior Financing Designated Activity Company |  |  |
| 6.88%, 09/15/27 (c) | 260 | 241 |
| Cars.com Inc. |  |  |
| 6.38%, 11/01/28 (c) | 420 | 374 |
| CCO Holdings, LLC |  |  |
| 5.00%, 02/01/28 (c) | 385 | 350 |
| 4.75%, 03/01/30 (c) | 825 | 713 |
| 4.50%, 08/15/30 (c) | 905 | 749 |
| 4.25%, 02/01/31 (c) | 460 | 369 |
| 4.75%, 02/01/32 (c) | 1105 | 896 |
| 4.50%, 05/01/32 | 175 | 139 |
| 4.50%, 06/01/33 (c) | 180 | 139 |
| 4.25%, 01/15/34 (c) | 335 | 248 |
| Charter Communications Operating, LLC |  |  |
| 4.80%, 03/01/50 | 1895 | 1385 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 5.13%, 08/15/27 (c) | 128 | 111 |
| Comcast Corporation |  |  |
| 2.94%, 11/01/56 | 4370 | 2747 |
| Commscope Technologies LLC |  |  |
| 5.00%, 03/15/27 (c) | 280 | 192 |
| Commscope, Inc. |  |  |
| 7.13%, 07/01/28 (c) | 535 | 385 |
| Consolidated Communications, Inc. |  |  |
| 5.00%, 10/01/28 (c) | 300 | 221 |
| 6.50%, 10/01/28 (c) | 340 | 265 |
| CSC Holdings, LLC |  |  |
| 7.50%, 04/01/28 (c) | 200 | 136 |
| 5.75%, 01/15/30 (c) | 2790 | 1578 |
| 4.63%, 12/01/30 (c) | 955 | 526 |
| Cumulus Media New Holdings Inc. |  |  |
| 6.75%, 07/01/26 (c) (h) | 194 | 163 |
| DISH DBS Corporation |  |  |
| 7.38%, 07/01/28 | 750 | 530 |
| 5.13%, 06/01/29 | 540 | 348 |
| Dish Network Corporation |  |  |
| 2.38%, 03/15/24 (b) | 640 | 579 |
| 3.38%, 08/15/26 (b) | 350 | 220 |
| DKT Finance ApS |  |  |
| 7.00%, 06/17/23, EUR (a) | 140 | 149 |
| Eircom Limited |  |  |
| 3.50%, 05/15/26, EUR (a) | 290 | 279 |
| Frontier Communications Holdings, LLC |  |  |
| 5.88%, 11/01/29 | 605 | 469 |
| 6.00%, 01/15/30 (c) | 345 | 271 |
| 8.75%, 05/15/30 (c) | 320 | 327 |
| Frontier Communications Parent, Inc. |  |  |
| 5.88%, 10/15/27 (c) | 280 | 261 |
| 5.00%, 05/01/28 (c) | 355 | 310 |
| 6.75%, 05/01/29 (c) | 525 | 434 |
| Iliad Holding |  |  |
| 5.63%, 10/15/28, EUR (a) | 393 | 380 |
| 7.00%, 10/15/28 (c) | 305 | 277 |
| Level 3 Financing, Inc. |  |  |
| 4.63%, 09/15/27 (c) | 700 | 584 |
| 3.63%, 01/15/29 (c) | 535 | 391 |
| 3.75%, 07/15/29 (c) | 150 | 108 |
| Live Nation Entertainment, Inc. |  |  |
| 4.88%, 11/01/24 (c) | 335 | 325 |
| 5.63%, 03/15/26 (c) | 630 | 598 |
| 6.50%, 05/15/27 (c) | 930 | 910 |
| Lorca Telecom Bondco SA. |  |  |
| 4.00%, 09/18/27, EUR (a) | 1025 | 981 |
| 4.00%, 09/18/27, EUR (c) | 200 | 191 |
| MVC Acquisition Corp. |  |  |
| 5.75%, 08/01/28 (c) | 330 | 278 |
| 8.00%, 08/01/29 (c) | 420 | 348 |
| Netflix, Inc. |  |  |
| 5.88%, 11/15/28 | 105 | 107 |
| 6.38%, 05/15/29 | 100 | 103 |
| Northwest Fiber, LLC |  |  |
| 4.75%, 04/30/27 (c) | 645 | 564 |
| 6.00%, 02/15/28 (c) (h) | 470 | 363 |
| Outfront Media Capital Corporation |  |  |
| 5.00%, 08/15/27 (c) | 92 | 83 |
| Oztel Holdings SPC Limited |  |  |
| 6.63%, 04/24/28 (c) | 720 | 722 |
| Paramount Global |  |  |
| 4.20%, 05/19/32 | 1825 | 1490 |
| 6.38%, 03/30/62 | 2130 | 1731 |
| PLT VII Finance S.a r.l. |  |  |
| 4.63%, 01/05/26, EUR (a) | 230 | 231 |
| Radiate HoldCo, LLC |  |  |
| 4.50%, 09/15/26 (c) | 445 | 327 |
| Rogers Communications Inc. |  |  |
| 3.80%, 03/15/32 (c) | 740 | 639 |
| 4.55%, 03/15/52 (c) | 2060 | 1607 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

553

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| SES |  |  |
| 5.63%, (100, 01/29/24), EUR (a) (d) | 100 | 104 |
| Sirius XM Radio Inc. |  |  |
| 3.13%, 09/01/26 (c) | 665 | 590 |
| 5.00%, 08/01/27 (c) | 110 | 102 |
| 5.50%, 07/01/29 (c) | 1080 | 987 |
| 4.13%, 07/01/30 (c) | 970 | 801 |
| 3.88%, 09/01/31 (c) | 315 | 249 |
| Sprint Capital Corporation |  |  |
| 8.75%, 03/15/32 | 140 | 167 |
| Sprint Corporation |  |  |
| 7.63%, 02/15/25 | 50 | 52 |
| Summer (BC) Bidco B LLC |  |  |
| 5.50%, 10/31/26 (c) | 485 | 393 |
| T-Mobile USA, Inc. |  |  |
| 2.25%, 02/15/26 | 665 | 606 |
| 3.38%, 04/15/29 | 335 | 295 |
| 4.50%, 04/15/50 | 1270 | 1051 |
| 3.40%, 10/15/52 | 2365 | 1606 |
| United Group B.V. |  |  |
| 4.00%, 11/15/27, EUR (a) | 335 | 265 |
| 3.63%, 02/15/28, EUR (a) | 180 | 139 |
| Verizon Communications Inc. |  |  |
| 2.36%, 03/15/32 | 2255 | 1791 |
| 2.99%, 10/30/56 | 1370 | 841 |
| Virgin Media Finance PLC |  |  |
| 5.00%, 07/15/30 (c) | 205 | 165 |
| Virgin Media Secured Finance PLC |  |  |
| 5.50%, 05/15/29 (c) | 620 | 557 |
| Virgin Media Vendor Financing Notes III Designated Activity Company |  |  |
| 4.88%, 07/15/28, GBP (a) | 585 | 572 |
| Virgin Media Vendor Financing Notes IV Designated Activity Company |  |  |
| 5.00%, 07/15/28 (c) | 635 | 555 |
| Zayo Group Holdings, Inc. |  |  |
| 6.13%, 03/01/28 (c) | 360 | 205 |
| Ziff Davis, Inc. |  |  |
| 4.63%, 10/15/30 (c) | 305 | 258 |
| Ziggo Bond Company B.V. |  |  |
| 3.38%, 02/28/30, EUR (a) | 681 | 523 |
| | | 49996 |
| **Energy 7.1%** | **Energy 7.1%** | **Energy 7.1%** |
| Antero Midstream Partners LP |  |  |
| 5.75%, 01/15/28 (c) | 275 | 256 |
| Ascent Resources - Utica, LLC |  |  |
| 7.00%, 11/01/26 (c) | 350 | 341 |
| 8.25%, 12/31/28 (c) | 660 | 648 |
| 5.88%, 06/30/29 (c) | 705 | 629 |
| Bip-V Chinook |  |  |
| 5.50%, 06/15/31 (c) | 1120 | 981 |
| BP Capital Markets P.L.C. |  |  |
| 4.88%, (100, 03/22/30) (d) | 2835 | 2482 |
| Buckeye Partners, L.P. |  |  |
| 5.85%, 11/15/43 | 180 | 134 |
| 5.60%, 10/15/44 | 725 | 526 |
| Callon Petroleum Company |  |  |
| 8.00%, 08/01/28 (c) | 330 | 313 |
| 7.50%, 06/15/30 (c) | 350 | 321 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 03/01/29 (c) | 1452 | 1311 |
| CrownRock, L.P. |  |  |
| 5.63%, 10/15/25 (c) | 190 | 183 |
| DCP Midstream, LP |  |  |
| 5.85%, 05/21/43 (c) | 475 | 463 |
| DT Midstream, Inc. |  |  |
| 4.13%, 06/15/29 (c) | 1050 | 901 |
| Ecopetrol S.A. |  |  |
| 5.88%, 05/28/45 | 345 | 241 |
| Enbridge Inc. |  |  |
| 2.50%, 02/14/25 | 1370 | 1294 |
| Energy Transfer LP |  |  |
| 6.63%, (100, 02/15/28) (d) | 3465 | 2536 |
| 7.13%, (100, 05/15/30) (d) | 4615 | 3855 |
| Enterprise Products Operating LLC |  |  |
| 4.20%, 01/31/50 | 1890 | 1489 |
| EQM Midstream Partners, LP |  |  |
| 6.00%, 07/01/25 (c) | 206 | 200 |
| 7.50%, 06/01/27 - 06/01/30 (c) | 330 | 321 |
| 6.50%, 07/01/27 (c) | 205 | 196 |
| 5.50%, 07/15/28 | 1230 | 1099 |
| 4.50%, 01/15/29 (c) | 235 | 199 |
| 4.75%, 01/15/31 (c) | 280 | 231 |
| EQT Corporation |  |  |
| 5.70%, 04/01/28 | 750 | 746 |
| FS Luxembourg S.a r.l. |  |  |
| 10.00%, 12/15/25 (c) | 110 | 110 |
| Genesis Energy, L.P. |  |  |
| 6.50%, 10/01/25 | 330 | 314 |
| 6.25%, 05/15/26 | 595 | 546 |
| 8.00%, 01/15/27 | 325 | 306 |
| 7.75%, 02/01/28 | 490 | 452 |
| Harvest Midstream I, L.P. |  |  |
| 7.50%, 09/01/28 (c) | 1065 | 1022 |
| Hess Corporation |  |  |
| 5.60%, 02/15/41 | 425 | 396 |
| Hilcorp Energy I, L.P. |  |  |
| 6.25%, 11/01/28 (c) | 125 | 113 |
| 5.75%, 02/01/29 (c) | 250 | 223 |
| 6.00%, 02/01/31 (c) | 276 | 234 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/29 (c) | 645 | 544 |
| Kinder Morgan, Inc. |  |  |
| 5.55%, 06/01/45 | 2025 | 1850 |
| Kinetik Holdings LP |  |  |
| 5.88%, 06/15/30 (c) | 350 | 328 |
| Leeward Renewable Energy Operations, LLC |  |  |
| 4.25%, 07/01/29 (c) | 425 | 368 |
| Medco Bell PTE. LTD. |  |  |
| 6.38%, 01/30/27 (c) | 330 | 299 |
| MV24 Capital B.V. |  |  |
| 6.75%, 06/01/34 (c) | 188 | 172 |
| Nabors Industries Ltd |  |  |
| 7.25%, 01/15/26 (c) | 425 | 402 |
| National company KazMunayGaz JSC |  |  |
| 5.75%, 04/19/47 (c) | 375 | 291 |
| New Fortress Energy Inc. |  |  |
| 6.75%, 09/15/25 (c) | 705 | 668 |
| 6.50%, 09/30/26 (c) | 1170 | 1090 |
| Northern Oil and Gas Incorporated |  |  |
| 8.13%, 03/01/28 (c) | 685 | 657 |
| NuStar Logistics, L.P. |  |  |
| 5.75%, 10/01/25 | 605 | 584 |
| Occidental Petroleum Corporation |  |  |
| 5.88%, 09/01/25 | 590 | 591 |
| 5.50%, 12/01/25 | 455 | 454 |
| 5.55%, 03/15/26 | 180 | 179 |
| 8.88%, 07/15/30 | 170 | 192 |
| 6.13%, 01/01/31 | 230 | 233 |
| 6.60%, 03/15/46 | 400 | 412 |
| PDC Energy, Inc. |  |  |
| 5.75%, 05/15/26 | 350 | 333 |
| Petrobras Global Finance B.V. |  |  |
| 5.50%, 06/10/51 (h) | 105 | 81 |
| Petroleos de Venezuela, S.A. |  |  |
| 0.00%, 05/16/24 - 04/12/27 (a) (i) (j) (k) | 6339 | 271 |
| Petroleos Mexicanos |  |  |
| 6.35%, 02/12/48 | 505 | 310 |
| 7.69%, 01/23/50 | 1250 | 866 |
| Plains All American Pipeline, L.P. |  |  |
| 3.55%, 12/15/29 | 1165 | 1012 |
| PT Pertamina (Persero) |  |  |
| 6.45%, 05/30/44 (c) | 260 | 260 |
| Repsol International Finance B.V. |  |  |
| 4.25%, (100, 09/11/28), EUR (a) (d) | 130 | 124 |
| Southwestern Energy Company |  |  |
| 5.38%, 03/15/30 | 310 | 282 |
| 4.75%, 02/01/32 | 915 | 781 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

554

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Summit Midstream Holdings, LLC |  |  |
| 5.75%, 04/15/25 | 190 | 160 |
| 8.50%, 10/15/26 (c) | 1230 | 1168 |
| Sunnova Energy Corporation |  |  |
| 5.88%, 09/01/26 (c) (h) | 1090 | 974 |
| Tallgrass Energy Partners, LP |  |  |
| 7.50%, 10/01/25 (c) | 1055 | 1064 |
| 6.00%, 03/01/27 (c) | 560 | 524 |
| 5.50%, 01/15/28 (c) | 875 | 778 |
| 6.00%, 12/31/30 - 09/01/31 (c) | 1475 | 1278 |
| Targa Resources Partners LP |  |  |
| 6.50%, 07/15/27 | 45 | 45 |
| 5.00%, 01/15/28 | 50 | 48 |
| 6.88%, 01/15/29 | 45 | 45 |
| Western Midstream Operating, LP |  |  |
| 4.30%, 02/01/30 (e) (l) | 500 | 438 |
| WPX Energy, Inc. |  |  |
| 5.25%, 09/15/24 | 115 | 108 |
| | | 45876 |
| **Consumer Discretionary 5.5%** | **Consumer Discretionary 5.5%** | **Consumer Discretionary 5.5%** |
| Accor |  |  |
| 2.63%, (100, 01/30/25), EUR (a) (d) | 300 | 263 |
| Adient Global Holdings Ltd |  |  |
| 3.50%, 08/15/24, EUR (a) | 300 | 307 |
| AFFLELOU |  |  |
| 4.25%, 05/19/26, EUR (a) | 175 | 166 |
| Allwyn International a.s. |  |  |
| 3.88%, 02/15/27, EUR (a) | 245 | 236 |
| Aramark International Finance S.a r.l. |  |  |
| 3.13%, 04/01/25, EUR (a) | 277 | 282 |
| Aramark Services, Inc. |  |  |
| 5.00%, 04/01/25 (c) | 630 | 616 |
| 5.00%, 02/01/28 (c) | 640 | 598 |
| Asbury Automotive Group, Inc. |  |  |
| 4.63%, 11/15/29 (c) | 75 | 63 |
| 5.00%, 02/15/32 (c) | 420 | 346 |
| B&M European Value Retail S.A. |  |  |
| 3.63%, 07/15/25, GBP (a) | 124 | 140 |
| Caesars Entertainment, Inc. |  |  |
| 4.63%, 10/15/29 (c) (h) | 650 | 529 |
| Carnival Corporation |  |  |
| 7.63%, 03/01/26 (c) (h) | 670 | 535 |
| 5.75%, 03/01/27 (c) | 350 | 250 |
| 9.88%, 08/01/27 (c) | 945 | 895 |
| 4.00%, 08/01/28 (c) | 165 | 134 |
| Carnival Holdings Bermuda Ltd. |  |  |
| 10.38%, 05/01/28 (c) | 435 | 447 |
| CD&R Smokey Buyer Inc |  |  |
| 6.75%, 07/15/25 (c) | 625 | 539 |
| Churchill Downs Incorporated |  |  |
| 5.50%, 04/01/27 (c) | 330 | 314 |
| Cirsa Finance International |  |  |
| 4.75%, 05/22/25, EUR (a) | 209 | 211 |
| Clarios Global LP |  |  |
| 4.38%, 05/15/26, EUR (a) | 455 | 446 |
| Discovery Communications, LLC |  |  |
| 4.65%, 05/15/50 | 1775 | 1232 |
| Dufry One B.V. |  |  |
| 2.00%, 02/15/27, EUR (a) | 230 | 200 |
| 3.38%, 04/15/28, EUR (a) | 755 | 668 |
| EG Global Finance PLC |  |  |
| 3.63%, 02/07/24, EUR (a) | 100 | 101 |
| 4.38%, 02/07/25, EUR (a) | 255 | 236 |
| Eldorado Resorts, Inc. |  |  |
| 6.25%, 07/01/25 (c) | 555 | 540 |
| 8.13%, 07/01/27 (c) | 740 | 728 |
| Faurecia |  |  |
| 2.38%, 06/15/27, EUR (a) | 150 | 134 |
| 3.75%, 06/15/28, EUR (a) | 100 | 91 |
| Ford Motor Company |  |  |
| 9.63%, 04/22/30 | 415 | 470 |
| 3.25%, 02/12/32 | 185 | 139 |
| 4.75%, 01/15/43 | 180 | 129 |
| 5.29%, 12/08/46 | 1695 | 1299 |
| General Motors Company |  |  |
| 5.15%, 04/01/38 | 1775 | 1543 |
| General Motors Financial Company, Inc. |  |  |
| 3.80%, 04/07/25 | 1685 | 1628 |
| Hanesbrands Inc. |  |  |
| 4.88%, 05/15/26 (c) | 455 | 409 |
| IHO Verwaltungs GmbH |  |  |
| 3.88%, 05/15/27, EUR (a) (f) | 200 | 180 |
| Jaguar Land Rover Automotive PLC |  |  |
| 7.75%, 10/15/25 (c) | 520 | 483 |
| 4.50%, 01/15/26, EUR (a) | 170 | 156 |
| 4.50%, 07/15/28, EUR (a) (h) | 470 | 380 |
| KB Home |  |  |
| 7.25%, 07/15/30 | 330 | 320 |
| 4.00%, 06/15/31 | 140 | 113 |
| LHMC Finco 2 S.A R.L. |  |  |
| 8.00%, 10/02/25, EUR (a) (e) (f) | 100 | 92 |
| Lions Gate Capital Holdings LLC |  |  |
| 5.50%, 04/15/29 (c) | 875 | 507 |
| Lowe`s Companies, Inc. |  |  |
| 4.45%, 04/01/62 | 1085 | 850 |
| Magallanes, Inc. |  |  |
| 5.14%, 03/15/52 (c) | 2610 | 1916 |
| Magnum Management Corporation |  |  |
| 5.38%, 04/15/27 | 165 | 158 |
| 5.25%, 07/15/29 | 150 | 135 |
| Maison Finco PLC |  |  |
| 6.00%, 10/31/27, GBP (a) | 104 | 91 |
| Maxeda DIY Holding B.V. |  |  |
| 5.88%, 10/01/26, EUR (a) | 169 | 124 |
| MCE Finance Limited |  |  |
| 5.63%, 07/17/27 (c) | 595 | 511 |
| Motion Bondco Designated Activity Company |  |  |
| 4.50%, 11/15/27, EUR (a) | 120 | 104 |
| NCL Corporation Ltd. |  |  |
| 3.63%, 12/15/24 (c) | 460 | 394 |
| 5.88%, 03/15/26 - 02/15/27 (c) | 440 | 370 |
| Next Group PLC |  |  |
| 3.63%, 05/18/28, GBP (a) (h) | 300 | 319 |
| Ockenfels Group GmbH & Co. KG |  |  |
| 5.25%, 04/30/29, EUR (a) | 130 | 119 |
| Pinnacle Bidco PLC |  |  |
| 6.38%, 02/15/25, GBP (a) | 295 | 308 |
| Playtech PLC |  |  |
| 4.25%, 03/07/26, EUR (a) | 230 | 231 |
| Restaurant Brands International Limited Partnership |  |  |
| 4.00%, 10/15/30 (c) | 700 | 568 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.50%, 08/31/26 - 04/01/28 (c) | 1755 | 1430 |
| Schaeffler AG |  |  |
| 3.38%, 10/12/28, EUR (a) | 300 | 278 |
| Seaworld Entertainment, Inc. |  |  |
| 5.25%, 08/15/29 (c) | 460 | 401 |
| Shea Homes Limited Partnership, A California Limited Partnership |  |  |
| 4.75%, 02/15/28 | 650 | 568 |
| Six Flags Operations Inc. |  |  |
| 4.88%, 07/31/24 (c) | 280 | 270 |
| 5.50%, 04/15/27 (c) (h) | 335 | 302 |
| Taylor Morrison Communities, Inc. |  |  |
| 5.88%, 06/15/27 (c) | 170 | 164 |
| 5.75%, 01/15/28 (c) | 215 | 202 |
| The Goodyear Tire & Rubber Company |  |  |
| 5.00%, 05/31/26 (h) | 505 | 477 |
| 5.00%, 07/15/29 | 940 | 784 |
| Toll Brothers Finance Corp. |  |  |
| 4.35%, 02/15/28 | 160 | 146 |
| White Cap Parent, LLC |  |  |
| 8.25%, 03/15/26 (c) (f) | 420 | 363 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| 4.38%, 08/15/28 (c) | 605 | 542 |
| Wynn Las Vegas, LLC |  |  |
| 5.50%, 03/01/25 (c) | 2428 | 2314 |
| 5.25%, 05/15/27 (c) | 1395 | 1263 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

555

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Wynn Macau, Limited |  |  |
| 5.50%, 01/15/26 (c) | 435 | 399 |
| ZF Europe Finance B.V. |  |  |
| 3.00%, 10/23/29, EUR (a) | 600 | 486 |
| ZF Friedrichshafen AG |  |  |
| 3.75%, 09/21/28, EUR (a) | 100 | 90 |
| | | 35772 |
| **Industrials 4.4%** | **Industrials 4.4%** | **Industrials 4.4%** |
| AerCap Global Aviation Trust |  |  |
| 6.50%, 06/15/45 (c) | 510 | 484 |
| American Airlines, Inc. |  |  |
| 5.50%, 04/20/26 (c) | 2895 | 2784 |
| 5.75%, 04/20/29 (c) | 2720 | 2488 |
| Ardagh Metal Packaging Finance Public Limited Company |  |  |
| 6.00%, 06/15/27 (c) | 370 | 363 |
| 4.00%, 09/01/29 (c) | 30 | 24 |
| Ardagh Packaging Finance Public Limited Company |  |  |
| 4.75%, 07/15/27, GBP (a) | 185 | 153 |
| 5.25%, 08/15/27 (c) | 315 | 238 |
| ASGN Incorporated |  |  |
| 4.63%, 05/15/28 (c) | 700 | 635 |
| Beacon Roofing Supply, Inc. |  |  |
| 4.50%, 11/15/26 (c) (h) | 635 | 595 |
| Builders FirstSource, Inc. |  |  |
| 4.25%, 02/01/32 (c) | 175 | 142 |
| 6.38%, 06/15/32 (c) | 165 | 155 |
| Chart Industries, Inc. |  |  |
| 7.50%, 01/01/30 (c) | 660 | 663 |
| 9.50%, 01/01/31 (c) | 240 | 246 |
| CMA CGM |  |  |
| 7.50%, 01/15/26, EUR (a) | 170 | 188 |
| Cornerstone Building Brands, Inc. |  |  |
| 8.75%, 08/01/28 (c) | 410 | 376 |
| 6.13%, 01/15/29 (c) | 545 | 384 |
| Delta Air Lines, Inc. |  |  |
| 3.75%, 10/28/29 (h) | 955 | 803 |
| Garda World Security Corporation |  |  |
| 4.63%, 02/15/27 (c) | 245 | 217 |
| 6.00%, 06/01/29 (c) | 495 | 405 |
| Global Infrastructure Solutions Inc. |  |  |
| 5.63%, 06/01/29 (c) | 180 | 140 |
| Graham Packaging Company Europe LLC |  |  |
| 7.13%, 08/15/28 (c) | 305 | 255 |
| IAA Spinco Inc. |  |  |
| 5.50%, 06/15/27 (c) | 330 | 321 |
| Imola Merger Corporation |  |  |
| 4.75%, 05/15/29 (c) | 510 | 442 |
| Intelligent Packaging Limited Purchaser Inc. |  |  |
| 6.00%, 09/15/28 (c) | 160 | 129 |
| Intrum AB |  |  |
| 3.50%, 07/15/26, EUR (a) | 335 | 299 |
| 3.00%, 09/15/27, EUR (a) | 515 | 438 |
| Jeld-Wen, Inc. |  |  |
| 6.25%, 05/15/25 (c) | 20 | 19 |
| 4.88%, 12/15/27 (c) | 1245 | 939 |
| KAR Auction Services, Inc. |  |  |
| 5.13%, 06/01/25 (c) | 215 | 210 |
| LATAM Airlines Group S.A. |  |  |
| 13.38%, 10/15/27 - 10/15/29 (c) | 660 | 670 |
| Lockheed Martin Corporation |  |  |
| 5.70%, 11/15/54 | 1010 | 1071 |
| Masonite International Corporation |  |  |
| 5.38%, 02/01/28 (c) | 215 | 199 |
| 3.50%, 02/15/30 (c) | 765 | 620 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.25%, 04/15/25 (c) | 120 | 111 |
| National Express Group PLC |  |  |
| 4.25%, (100, 11/26/25), GBP (a) (d) | 145 | 143 |
| Pactiv Evergreen Group Issuer Incorporated |  |  |
| 4.38%, 10/15/28 (c) | 675 | 603 |
| Reynolds Group Issuer Inc. |  |  |
| 4.00%, 10/15/27 (c) | 30 | 27 |
| Rolls-Royce Group PLC |  |  |
| 5.75%, 10/15/27, GBP (a) | 300 | 330 |
| Sensata Technologies B.V. |  |  |
| 4.00%, 04/15/29 (c) | 135 | 116 |
| 5.88%, 09/01/30 (c) | 445 | 422 |
| SGL Carbon SE |  |  |
| 4.63%, 09/30/24, EUR (a) | 310 | 327 |
| SPX Flow, Inc. |  |  |
| 8.75%, 04/01/30 (c) (h) | 530 | 419 |
| Standard Buildings Solutions Inc. |  |  |
| 4.75%, 01/15/28 (c) | 200 | 180 |
| 4.38%, 07/15/30 (c) | 860 | 703 |
| 3.38%, 01/15/31 (c) | 185 | 139 |
| Terex Corporation |  |  |
| 5.00%, 05/15/29 (c) | 650 | 584 |
| The ADT Security Corporation |  |  |
| 4.88%, 07/15/32 (c) | 680 | 578 |
| The Boeing Company |  |  |
| 5.81%, 05/01/50 (l) | 3090 | 2882 |
| TransDigm Inc. |  |  |
| 6.25%, 03/15/26 (c) | 470 | 465 |
| 6.38%, 06/15/26 | 420 | 409 |
| 7.50%, 03/15/27 | 720 | 713 |
| 5.50%, 11/15/27 | 840 | 789 |
| Trivium Packaging Finance B.V. |  |  |
| 5.50%, 08/15/26 (c) | 635 | 594 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.38%, 04/15/26 (c) | 715 | 666 |
| United Rentals, Inc. |  |  |
| 3.88%, 02/15/31 | 330 | 278 |
|  |  | 28573 |
| **Consumer Staples 3.3%** | **Consumer Staples 3.3%** | **Consumer Staples 3.3%** |
| AA Bond Co Limited |  |  |
| 6.50%, 01/31/26, GBP (c) | 100 | 96 |
| Allied Universal Holdco LLC |  |  |
| 4.63%, 06/01/28 (c) | 355 | 293 |
| 6.00%, 06/01/29 (c) | 700 | 512 |
| APX Group, Inc. |  |  |
| 6.75%, 02/15/27 (c) | 290 | 279 |
| 5.75%, 07/15/29 (c) (h) | 795 | 659 |
| Atlas LuxCo 4 S.a r.l. |  |  |
| 4.63%, 06/01/28 (c) | 390 | 327 |
| Autostrade per l'italia S.P.A. |  |  |
| 1.88%, 09/26/29, EUR (a) | 140 | 118 |
| Avis Budget Car Rental, LLC |  |  |
| 5.75%, 07/15/27 (c) | 965 | 879 |
| 5.38%, 03/01/29 (c) (h) | 685 | 588 |
| BCP V Modular Services Finance II PLC |  |  |
| 6.13%, 11/30/28, GBP (a) | 178 | 179 |
| Bellis Finco PLC |  |  |
| 4.00%, 02/16/27, GBP (a) | 150 | 132 |
| Constellation Brands, Inc. |  |  |
| 2.25%, 08/01/31 | 1715 | 1361 |
| Coty Inc. |  |  |
| 4.75%, 04/15/26, EUR (a) | 284 | 285 |
| 5.00%, 04/15/26 (c) | 175 | 167 |
| 6.50%, 04/15/26 (c) (h) | 80 | 77 |
| GW B-CR Security Corporation |  |  |
| 9.50%, 11/01/27 (c) | 610 | 588 |
| Kapla Holding |  |  |
| 3.38%, 12/15/26, EUR (a) | 268 | 253 |
| Kraft Heinz Foods Company |  |  |
| 3.88%, 05/15/27 | 120 | 115 |
| Loxama |  |  |
| 5.75%, 07/15/27, EUR (a) | 226 | 206 |
| MHP SE |  |  |
| 7.75%, 05/10/24 (c) | 275 | 138 |
| Molson Coors Beverage Company |  |  |
| 4.20%, 07/15/46 | 1890 | 1469 |
| MPH Acquisition Holdings LLC |  |  |
| 5.75%, 11/01/28 (c) (h) | 3280 | 2180 |
| Natura Cosmeticos S.A. |  |  |
| 4.13%, 05/03/28 (c) (h) | 245 | 200 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

556

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| PECF USS Intermediate Holding III Corporation |  |  |
| 8.00%, 11/15/29 (c) | 275 | 179 |
| Performance Food Group Company |  |  |
| 5.50%, 10/15/27 (c) | 625 | 594 |
| Pilgrim's Pride Corporation |  |  |
| 4.25%, 04/15/31 (c) | 670 | 570 |
| 3.50%, 03/01/32 (c) | 1560 | 1219 |
| Post Holdings, Inc. |  |  |
| 5.63%, 01/15/28 (c) | 215 | 203 |
| Premier Foods Finance PLC |  |  |
| 3.50%, 10/15/26, GBP (a) | 100 | 105 |
| Prime Security Services Borrower, LLC |  |  |
| 5.25%, 04/15/24 (c) | 620 | 610 |
| 5.75%, 04/15/26 (c) | 870 | 838 |
| 6.25%, 01/15/28 (c) | 1015 | 927 |
| Safeway Inc. |  |  |
| 3.50%, 03/15/29 (c) | 230 | 193 |
| 4.88%, 02/15/30 (c) | 215 | 192 |
| Sysco Corporation |  |  |
| 6.60%, 04/01/50 (l) | 1152 | 1255 |
| 3.15%, 12/14/51 | 870 | 578 |
| Techem Verwaltungsgesellschaft 674 mbH |  |  |
| 6.00%, 07/30/26, EUR (a) | 264 | 265 |
| Techem Verwaltungsgesellschaft 675 mbH |  |  |
| 2.00%, 07/15/25, EUR (a) | 200 | 196 |
| United Rentals (North America), Inc. |  |  |
| 6.00%, 12/15/29 (c) | 755 | 752 |
| 5.25%, 01/15/30 | 215 | 202 |
| 3.75%, 01/15/32 | 485 | 396 |
| Verisure Holding AB |  |  |
| 3.88%, 07/15/26, EUR (a) | 465 | 449 |
| 3.25%, 02/15/27, EUR (a) | 275 | 254 |
| | | 21078 |
| **Utilities 2.7%** | **Utilities 2.7%** | **Utilities 2.7%** |
| Calpine Corporation |  |  |
| 4.50%, 02/15/28 (c) | 1170 | 1046 |
| 5.13%, 03/15/28 (c) | 160 | 143 |
| 4.63%, 02/01/29 (c) | 1152 | 993 |
| 5.00%, 02/01/31 (c) | 1654 | 1393 |
| Centrica PLC |  |  |
| 5.25%, 04/10/75, GBP (a) | 185 | 205 |
| Dominion Energy, Inc. |  |  |
| 4.35%, (100, 01/15/27) (d) | 390 | 328 |
| Edison International |  |  |
| 5.00%, (100, 12/15/26) (d) | 2215 | 1853 |
| FirstEnergy Corp. |  |  |
| 5.35%, 07/15/47 (e) (l) | 379 | 338 |
| 3.40%, 03/01/50 | 200 | 132 |
| NRG Energy, Inc. |  |  |
| 5.75%, 01/15/28 | 605 | 568 |
| 3.38%, 02/15/29 (c) | 310 | 250 |
| 5.25%, 06/15/29 (c) | 160 | 141 |
| 3.63%, 02/15/31 (c) | 1955 | 1496 |
| 3.88%, 02/15/32 (c) | 175 | 132 |
| Pacific Gas And Electric Company |  |  |
| 4.30%, 03/15/45 | 2375 | 1699 |
| Solaris Midstream Holdings, LLC |  |  |
| 7.63%, 04/01/26 (c) | 615 | 612 |
| The Southern Company |  |  |
| 4.00%, 01/15/51 | 3180 | 2895 |
| Vistra Corp. |  |  |
| 7.00%, (100, 12/15/26) (c) (d) | 845 | 770 |
| Vistra Operations Company LLC |  |  |
| 5.50%, 09/01/26 (c) | 230 | 222 |
| 5.00%, 07/31/27 (c) | 1210 | 1126 |
| 4.38%, 05/01/29 (c) | 880 | 759 |
|  |  | 17101 |
| **Health Care 2.6%** | **Health Care 2.6%** | **Health Care 2.6%** |
| AbbVie Inc. |  |  |
| 3.80%, 03/15/25 | 1965 | 1917 |
| Amgen Inc. |  |  |
| 2.77%, 09/01/53 | 1400 | 849 |
| Catalent Pharma Solutions, Inc. |  |  |
| 3.13%, 02/15/29 (c) | 205 | 163 |
| 3.50%, 04/01/30 (c) (h) | 50 | 39 |
| Centene Corporation |  |  |
| 2.45%, 07/15/28 | 170 | 143 |
| 3.38%, 02/15/30 | 495 | 420 |
| 3.00%, 10/15/30 | 165 | 135 |
| 2.50%, 03/01/31 | 175 | 137 |
| 2.63%, 08/01/31 | 175 | 138 |
| Cheplapharm Arzneimittel GmbH |  |  |
| 4.38%, 01/15/28, EUR (a) | 240 | 225 |
| CommonSpirit Health |  |  |
| 4.35%, 11/01/42 | 125 | 104 |
| Community Health Systems, Inc. |  |  |
| 5.63%, 03/15/27 (c) | 200 | 172 |
| 8.00%, 12/15/27 (c) | 661 | 598 |
| 6.00%, 01/15/29 (c) | 385 | 322 |
| 5.25%, 05/15/30 (c) | 285 | 215 |
| 4.75%, 02/15/31 (c) | 355 | 258 |
| CVS Health Corporation |  |  |
| 5.05%, 03/25/48 | 2650 | 2392 |
| DaVita Inc. |  |  |
| 4.63%, 06/01/30 (c) | 515 | 415 |
| 3.75%, 02/15/31 (c) | 650 | 485 |
| Enterprise Merger Sub Inc. |  |  |
| 8.75%, 10/15/26 (c) | 360 | 101 |
| Grunenthal GmbH |  |  |
| 3.63%, 11/15/26, EUR (a) | 100 | 98 |
| HCA Inc. |  |  |
| 5.63%, 09/01/28 | 160 | 159 |
| 5.88%, 02/01/29 | 155 | 155 |
| Merck & Co., Inc. |  |  |
| 2.90%, 12/10/61 | 1300 | 836 |
| Molina Healthcare, Inc. |  |  |
| 3.88%, 11/15/30 - 05/15/32 (c) | 980 | 820 |
| Mozart Debt Merger Sub Inc. |  |  |
| 3.88%, 04/01/29 (c) | 1300 | 1048 |
| Roche Holdings, Inc. |  |  |
| 2.61%, 12/13/51 (c) | 1280 | 836 |
| Select Medical Corporation |  |  |
| 6.25%, 08/15/26 (c) | 280 | 267 |
| Tenet Healthcare Corporation |  |  |
| 6.13%, 10/01/28 (c) | 1545 | 1386 |
| Tennessee Merger Sub, Inc. |  |  |
| 6.38%, 02/01/25 (c) (h) | 420 | 243 |
| Teva Pharmaceutical Finance Netherlands II B.V. |  |  |
| 1.88%, 03/31/27, EUR (a) | 155 | 133 |
| 1.63%, 10/15/28, EUR (a) | 695 | 551 |
| Viatris Inc. |  |  |
| 4.00%, 06/22/50 | 1790 | 1109 |
|  |  | 16869 |
| **Materials 2.5%** | **Materials 2.5%** | **Materials 2.5%** |
| Avient Corporation |  |  |
| 7.13%, 08/01/30 (c) | 390 | 384 |
| Ball Corporation |  |  |
| 2.88%, 08/15/30 | 175 | 140 |
| 3.13%, 09/15/31 | 175 | 140 |
| Carpenter Technology Corporation |  |  |
| 7.63%, 03/15/30 | 365 | 367 |
| Celanese US Holdings LLC |  |  |
| 4.78%, 07/19/26, EUR (l) | 200 | 203 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.15%, 01/14/30 (c) | 805 | 709 |
| CSN Islands XII Corp |  |  |
| 6.75%, 01/28/28 (c) | 830 | 792 |
| Diamond (BC) B.V. |  |  |
| 4.63%, 10/01/29 (c) | 765 | 614 |
| First Quantum Minerals Ltd |  |  |
| 7.50%, 04/01/25 (c) | 125 | 122 |
| 6.88%, 03/01/26 (c) | 535 | 509 |
| 6.88%, 10/15/27 (c) | 780 | 728 |
| FMG Resources (August 2006) Pty Ltd |  |  |
| 5.88%, 04/15/30 (c) | 110 | 103 |
| 4.38%, 04/01/31 (c) | 305 | 258 |
| 6.13%, 04/15/32 (c) | 265 | 247 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

557

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| H.B. Fuller Company |  |  |
| 4.25%, 10/15/28 | 675 | 594 |
| Hudbay Minerals Inc. |  |  |
| 4.50%, 04/01/26 (c) | 1080 | 986 |
| 6.13%, 04/01/29 (c) | 445 | 406 |
| INEOS Finance PLC |  |  |
| 3.38%, 03/31/26, EUR (a) | 405 | 385 |
| 2.88%, 05/01/26, EUR (a) (h) | 100 | 92 |
| Ineos Quattro Finance 1 PLC |  |  |
| 3.75%, 07/15/26, EUR (a) | 500 | 438 |
| Ineos Quattro Finance 2 PLC |  |  |
| 3.38%, 01/15/26 (c) | 1315 | 1189 |
| Kronos International, Inc. |  |  |
| 3.75%, 09/15/25, EUR (a) | 205 | 190 |
| Metinvest B.V. |  |  |
| 7.65%, 10/01/27 (c) | 105 | 54 |
| 7.75%, 10/17/29 (c) | 565 | 284 |
| NOVA Chemicals Corporation |  |  |
| 4.88%, 06/01/24 (c) | 635 | 615 |
| 5.25%, 06/01/27 (c) | 1247 | 1120 |
| Novelis Corporation |  |  |
| 3.88%, 08/15/31 (c) | 1115 | 912 |
| Olympus Water US Holding Corporation |  |  |
| 4.25%, 10/01/28 (c) | 645 | 528 |
| 6.25%, 10/01/29 (c) (h) | 265 | 201 |
| Periama Holdings, LLC |  |  |
| 5.95%, 04/19/26 (a) | 290 | 269 |
| Sappi Papier Holding GmbH |  |  |
| 3.63%, 03/15/28, EUR (a) | 100 | 92 |
| Spa Holdings 3 Oy |  |  |
| 3.63%, 02/04/28, EUR (a) | 380 | 342 |
| Tronox Incorporated |  |  |
| 4.63%, 03/15/29 (c) | 1140 | 947 |
| Volcan Compania Minera S.A.A. |  |  |
| 4.38%, 02/11/26 (c) | 124 | 107 |
| W. R. Grace Holdings LLC |  |  |
| 5.63%, 08/15/29 (c) | 1375 | 1112 |
| Wepa Hygieneprodukte GmbH |  |  |
| 2.88%, 12/15/27, EUR (a) | 163 | 141 |
| | | 16320 |
| **Real Estate 2.4%** | **Real Estate 2.4%** | **Real Estate 2.4%** |
| American Tower Corporation |  |  |
| 2.40%, 03/15/25 | 1065 | 1002 |
| Country Garden Holdings Company Limited |  |  |
| 4.80%, 08/06/30 (a) | 365 | 195 |
| EPR Properties |  |  |
| 3.75%, 08/15/29 | 875 | 690 |
| Iron Mountain Incorporated |  |  |
| 4.88%, 09/15/27 - 09/15/29 (c) | 1200 | 1065 |
| 5.25%, 03/15/28 - 07/15/30 (c) | 1490 | 1357 |
| 5.00%, 07/15/28 (c) | 800 | 719 |
| 4.50%, 02/15/31 (c) | 170 | 140 |
| 5.63%, 07/15/32 (c) | 1440 | 1256 |
| Iron Mountain Information Management Services, Inc. |  |  |
| 5.00%, 07/15/32 (c) | 165 | 138 |
| MPT Operating Partnership, L.P. |  |  |
| 5.25%, 08/01/26 (h) | 360 | 329 |
| 4.63%, 08/01/29 | 1025 | 795 |
| 3.50%, 03/15/31 | 175 | 120 |
| Realogy Group LLC |  |  |
| 5.75%, 01/15/29 (c) | 1679 | 1267 |
| 5.25%, 04/15/30 (c) | 1500 | 1094 |
| RHP Hotel Properties, LP |  |  |
| 4.75%, 10/15/27 | 1390 | 1264 |
| RLJ III-EM Columbus Lessee, LLC |  |  |
| 3.75%, 07/01/26 (c) | 905 | 806 |
| Samhallsbyggnadsbolaget i Norden AB |  |  |
| 1.00%, 08/12/27, EUR (a) (l) | 110 | 81 |
| Service Properties Trust |  |  |
| 3.95%, 01/15/28 | 475 | 338 |
| Uniti Group Inc. |  |  |
| 6.50%, 02/15/29 (c) | 1815 | 1202 |
| 6.00%, 01/15/30 (c) | 350 | 222 |
| VICI Properties Inc. |  |  |
| 4.25%, 12/01/26 (c) | 340 | 317 |
| Vivion Investments S.a r.l. |  |  |
| 3.00%, 08/08/24, EUR (a) (h) | 200 | 164 |
| XHR LP |  |  |
| 6.38%, 08/15/25 (c) | 860 | 839 |
|  |  | 15400 |
| **Information Technology 1.8%** | **Information Technology 1.8%** | **Information Technology 1.8%** |
| Analog Devices, Inc. |  |  |
| 2.95%, 10/01/51 | 505 | 343 |
| Apple Inc. |  |  |
| 2.55%, 08/20/60 | 1380 | 845 |
| Broadcom Inc. |  |  |
| 3.14%, 11/15/35 (c) | 2255 | 1655 |
| 3.50%, 02/15/41 (c) | 1715 | 1226 |
| CDW Finance Corporation |  |  |
| 3.57%, 12/01/31 | 1183 | 974 |
| Commscope Finance LLC |  |  |
| 8.25%, 03/01/27 (c) | 1485 | 1162 |
| CommScope Holding Company, Inc. |  |  |
| 6.00%, 06/15/25 (c) | 259 | 236 |
| Endure Digital, Inc. |  |  |
| 6.00%, 02/15/29 (c) | 290 | 189 |
| McAfee Corp. |  |  |
| 7.38%, 02/15/30 (c) | 1155 | 933 |
| Open Text Corporation |  |  |
| 4.13%, 12/01/31 (c) | 335 | 261 |
| Oracle Corporation |  |  |
| 4.00%, 11/15/47 | 2205 | 1617 |
| 3.95%, 03/25/51 | 1380 | 991 |
| Presidio Holdings, Inc. |  |  |
| 4.88%, 02/01/27 (c) | 395 | 360 |
| 8.25%, 02/01/28 (c) | 655 | 607 |
|  |  | 11399 |
| Total Corporate Bonds And Notes (cost $414,048) | Total Corporate Bonds And Notes (cost $414,048) | 349205 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 40.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 40.8%** | **GOVERNMENT AND AGENCY OBLIGATIONS 40.8%** |
| **Mortgage-Backed Securities 26.8%** | **Mortgage-Backed Securities 26.8%** | **Mortgage-Backed Securities 26.8%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 2.50%, 05/01/51 - 04/01/52 | 3528 | 2999 |
| 3.00%, 12/01/51 - 06/01/52 | 5054 | 4451 |
| 4.00%, 04/01/52 - 12/01/52 | 5582 | 5244 |
| 3.50%, 05/01/52 - 09/01/52 | 3374 | 3070 |
| 4.50%, 07/01/52 - 08/01/52 | 4242 | 4093 |
| 5.00%, 11/01/52 | 1812 | 1788 |
| 5.50%, 11/01/52 | 1345 | 1351 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.00%, 06/01/50 - 06/01/52 | 9758 | 8607 |
| 3.50%, 05/01/51 - 06/01/52 | 5926 | 5399 |
| 2.50%, 08/01/51 - 05/01/52 | 11509 | 9797 |
| 4.00%, 05/01/52 - 07/01/52 | 3390 | 3184 |
| 4.50%, 07/01/52 | 1382 | 1333 |
| 5.00%, 08/01/52 | 2019 | 1992 |
| TBA, 3.50%, 01/15/53 (m) | 18220 | 16570 |
| TBA, 4.00%, 01/15/53 (m) | 19055 | 17888 |
| TBA, 4.50%, 01/15/53 (m) | 17195 | 16574 |
| TBA, 5.00%, 01/15/53 (m) | 22210 | 21901 |
| TBA, 5.50%, 01/15/53 (m) | 16050 | 16098 |
| TBA, 6.00%, 01/15/53 (m) | 610 | 619 |
| Government National Mortgage Association |  |  |
| TBA, 4.00%, 01/15/53 (m) | 6225 | 5893 |
| TBA, 4.50%, 01/15/53 (m) | 9325 | 9048 |
| TBA, 5.00%, 01/15/53 (m) | 11435 | 11330 |
| TBA, 5.50%, 01/15/53 (m) | 3735 | 3754 |
|  |  | 172983 |
| **Collateralized Mortgage Obligations 6.0%** | **Collateralized Mortgage Obligations 6.0%** | **Collateralized Mortgage Obligations 6.0%** |
| Connecticut Avenue Securities Trust 2021-R01 |  |  |
| Series 2022-1M2-R01, REMIC, 5.83%, (SOFR 30-Day Average + 1.90%), 12/26/41 (g) | 2192 | 2084 |
| Connecticut Avenue Securities Trust 2022-R03 |  |  |
| Series 2022-1M2-R03, REMIC, 7.43%, (SOFR 30-Day Average + 3.50%), 03/25/42 (g) | 3060 | 3098 |
| Connecticut Avenue Securities Trust 2022-R07 |  |  |
| Series 2022-1M1-R07, REMIC, 6.88%, (SOFR 30-Day Average + 2.95%), 06/25/42 (g) | 1107 | 1116 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

558

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Connecticut Avenue Securities Trust 2022-R08 |  |  |
| Series 2022-1M2-R08, REMIC, 7.53%, (SOFR 30-Day Average + 3.60%), 07/25/42 (g) | 338 | 339 |
| Series 2022-1B1-R08, REMIC, 9.53%, (SOFR 30-Day Average + 5.60%), 07/25/42 (g) | 2146 | 2167 |
| Federal Home Loan Mortgage Corporation |  |  |
| Interest Only, Series 2020-X1-RR03, REMIC, 1.71%, 07/27/28 (g) | 18440 | 1419 |
| Interest Only, Series 2020-DX-RR02, REMIC, 1.82%, 09/27/28 (g) | 8100 | 681 |
| Interest Only, Series 2020-X-RR04, REMIC, 2.13%, 02/27/29 (g) | 19725 | 1968 |
| Interest Only, Series 2020-CX-RR02, REMIC, 1.27%, 03/27/29 (g) | 5615 | 356 |
| Series 2018-M2-HQA1, REMIC, 6.69%, (1 Month USD LIBOR + 2.30%), 09/25/30 (g) | 1856 | 1863 |
| Series 2022-M2-DNA2, REMIC, 7.68%, (SOFR 30-Day Average + 3.75%), 02/25/42 (g) | 2937 | 2770 |
| Series 2022-M2-HQA1, REMIC, 9.18%, (SOFR 30-Day Average + 5.25%), 03/25/42 (g) | 2460 | 2386 |
| Series 2022-M1B-DNA3, REMIC, 6.83%, (SOFR 30-Day Average + 2.90%), 04/25/42 (g) | 917 | 906 |
| Series 2022-M1B-HQA3, REMIC, 7.48%, (SOFR 30-Day Average + 3.55%), 08/25/42 (g) | 1457 | 1444 |
| Interest Only, Series SP-4150, REMIC, 1.83%, (6.15% - (1 Month USD LIBOR \* 1)), 01/15/43 (g) | 1665 | 191 |
| Interest Only, Series SA-4456, REMIC, 1.83%, (6.15% - (1 Month USD LIBOR \* 1)), 03/15/45 (g) | 1091 | 117 |
| Interest Only, Series LI-4994, REMIC, 4.00%, 12/25/48 | 2114 | 407 |
| Federal National Mortgage Association, Inc. |  |  |
| Interest Only, Series C26-413, 4.00%, 07/01/42 | 2161 | 393 |
| Interest Only, Series C24-418, 4.00%, 08/01/43 | 2678 | 474 |
| Series 2017-2M2-C06, REMIC, 7.19%, (1 Month USD LIBOR + 2.80%), 02/25/30 (g) | 3025 | 3058 |
| Series 2017-1M2-C07, REMIC, 6.79%, (1 Month USD LIBOR + 2.40%), 05/28/30 (g) | 447 | 445 |
| Series 2018-1M2-C01, REMIC, 6.64%, (1 Month USD LIBOR + 2.25%), 07/25/30 (g) | 1462 | 1447 |
| Series 2018-2M2-C02, REMIC, 6.59%, (1 Month USD LIBOR + 2.20%), 08/26/30 (g) | 994 | 982 |
| Series 2018-2M2-C04, REMIC, 6.94%, (1 Month USD LIBOR + 2.55%), 12/26/30 (g) | 2108 | 2096 |
| Series 2018-1M2-C05, REMIC, 6.74%, (1 Month USD LIBOR + 2.35%), 01/27/31 (g) | 2259 | 2262 |
| Interest Only, Series 2019-DS-49, REMIC, 1.76%, (6.15% - (1 Month USD LIBOR \* 1)), 06/25/43 (g) | 1903 | 216 |
| Interest Only, Series 2013-SY-72, REMIC, 2.13%, (6.15% - (1 Month USD LIBOR \* 1)), 07/25/43 (g) | 1989 | 222 |
| Interest Only, Series 2018-ST-18, REMIC, 1.71%, (6.10% - (1 Month USD LIBOR \* 1)), 12/25/44 (g) | 2081 | 227 |
| Interest Only, Series 2016-HS-31, REMIC, 1.61%, (6.00% - (1 Month USD LIBOR \* 1)), 06/25/46 (g) | 1431 | 144 |
| Interest Only, Series 2016-SA-62, REMIC, 1.61%, (6.00% - (1 Month USD LIBOR \* 1)), 09/25/46 (g) | 2109 | 239 |
| Interest Only, Series 2021-AI-76, REMIC, 3.50%, 11/25/51 | 3851 | 660 |
| Government National Mortgage Association |  |  |
| Interest Only, Series 2017-KS-112, REMIC, 1.85%, (6.20% - (1 Month USD LIBOR \* 1)), 07/20/47 (g) | 1889 | 194 |
| Interest Only, Series 2020-CI-162, REMIC, 2.00%, 10/20/50 | 5731 | 621 |
| Interest Only, Series 2021-DI-30, REMIC, 2.50%, 02/20/51 | 5019 | 656 |
| Interest Only, Series 2021-IO-196, REMIC, 2.50%, 11/20/51 | 2725 | 375 |
| The Government National Mortgage Association Guaranteed REMIC Pass-Through Securities |  |  |
| Interest Only, Series 2020-MI-151, REMIC, 2.50%, 10/20/50 | 4581 | 604 |
| | | 38627 |
| **Sovereign 4.0%** | **Sovereign 4.0%** | **Sovereign 4.0%** |
| Angola, Government of |  |  |
| 8.00%, 11/26/29 (c) | 335 | 294 |
| 9.38%, 05/08/48 (c) | 1175 | 928 |
| Cabinet of Ministers of Ukraine |  |  |
| 0.00%, 03/15/35 (c) (i) (j) | 1145 | 218 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 6.15%, 08/12/32, PEN | 7879 | 1831 |
| 3.00%, 01/15/34 | 535 | 423 |
| 6.90%, 08/12/37, PEN | 3083 | 732 |
| Gobierno de la Republica del Ecuador |  |  |
| 5.50%, 07/31/30 (c) (e) | 285 | 182 |
| 2.50%, 07/31/35 (c) (e) | 360 | 164 |
| Gobierno de La Republica del Paraguay |  |  |
| 4.95%, 04/28/31 (c) | 470 | 456 |
| Gobierno De La Republica Oriental Del Uruguay |  |  |
| 5.10%, 06/18/50 | 550 | 542 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 7.75%, 05/29/31, MXN | 33217 | 1595 |
| 3.50%, 02/12/34 | 1130 | 908 |
| 4.40%, 02/12/52 | 1130 | 832 |
| Government of Saudi Arabia |  |  |
| 3.25%, 11/17/51 (c) | 440 | 316 |
| 3.75%, 01/21/55 (c) | 335 | 262 |
| Government of the Republic of Panama |  |  |
| 2.25%, 09/29/32 | 490 | 363 |
| 3.30%, 01/19/33 | 655 | 531 |
| Government of the Sultanate of Oman |  |  |
| 6.25%, 01/25/31 (c) | 475 | 477 |
| 7.00%, 01/25/51 (c) | 770 | 743 |
| Koztarsasagi Elnoki Hivatal |  |  |
| 3.00%, 10/27/27, HUF | 157640 | 307 |
| 3.25%, 10/22/31, HUF | 402690 | 706 |
| Ministerio da Fazenda |  |  |
| 10.00%, 01/01/31, BRL | 1439 | 238 |
| Ministerio de Hacienda y Credito Publico |  |  |
| 7.00%, 06/30/32, COP | 5552200 | 775 |
| Ministerul Finantelor Publice |  |  |
| 3.63%, 03/27/32 (c) | 340 | 271 |
| 4.00%, 02/14/51 (c) | 360 | 238 |
| Ministry of Diwan Amiri Affairs |  |  |
| 4.40%, 04/16/50 (c) | 385 | 351 |
| People's Government of Inner Mongolia Autonomous Region |  |  |
| 5.13%, 04/07/26 (c) | 315 | 271 |
| Presidence de la Republique de Cote d'Ivoire |  |  |
| 6.13%, 06/15/33 (c) | 1060 | 941 |
| Presidencia Da Republica Federativa Do Brasil |  |  |
| 10.00%, 01/01/25 - 01/01/29, BRL | 3705 | 646 |
| Presidencia de la Republica de Colombia |  |  |
| 3.00%, 01/30/30 | 300 | 230 |
| 5.00%, 06/15/45 | 265 | 181 |
| Presidencia de la Republica de El Salvador |  |  |
| 9.50%, 07/15/52 (c) | 135 | 59 |
| Presidencia de la Republica Dominicana |  |  |
| 6.85%, 01/27/45 (c) | 1200 | 1044 |
| Republica Bolivariana de Venezuela |  |  |
| 0.00%, 10/13/24 (a) (i) (j) (k) | 1719 | 139 |
| Romania, Government of |  |  |
| 3.00%, 02/14/31 (a) | 852 | 670 |
| 4.00%, 02/14/51 (a) | 712 | 470 |
| South Africa, Parliament of |  |  |
| 8.00%, 01/31/30, ZAR | 14224 | 747 |
| 8.50%, 01/31/37, ZAR | 6558 | 306 |
| 5.65%, 09/27/47 | 505 | 371 |
| 5.75%, 09/30/49 | 280 | 205 |
| The Arab Republic of Egypt |  |  |
| 5.88%, 02/16/31 (c) | 200 | 139 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

559

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 8.50%, 01/31/47 (c) | 880 | 585 |
| The Republic of Indonesia, The Government of |  |  |
| 5.50%, 04/15/26, IDR | 3453000 | 217 |
| 6.50%, 02/15/31, IDR | 30000000 | 1878 |
| 4.63%, 04/15/43 (c) | 1095 | 1001 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 11.70%, 11/13/30, TRY | 11640 | 782 |
| | | 25565 |
| **U.S. Treasury Bond 2.9%** | **U.S. Treasury Bond 2.9%** | **U.S. Treasury Bond 2.9%** |
| Treasury, United States Department of |  |  |
| 1.13%, 05/15/40 | 2500 | 1566 |
| 3.13%, 08/15/44 - 05/15/48 | 1830 | 1542 |
| 2.50%, 05/15/46 | 4810 | 3591 |
| 2.38%, 11/15/49 | 2215 | 1606 |
| 1.88%, 02/15/51 (n) | 11115 | 7075 |
| 2.25%, 02/15/52 | 2190 | 1528 |
| 2.88%, 05/15/52 | 2260 | 1815 |
|  |  | 18723 |
| **Municipal 0.8%** | **Municipal 0.8%** | **Municipal 0.8%** |
| California, State of |  |  |
| 7.63%, 03/01/40 | 210 | 265 |
| Gilbert, Town of |  |  |
| 5.00%, 07/15/31 | 840 | 988 |
| New York City Municipal Water Finance Authority |  |  |
| 5.00%, 06/15/31 | 520 | 614 |
| New York City Transitional Finance Authority |  |  |
| 5.25%, 11/01/48 | 190 | 207 |
| New York, City of |  |  |
| 5.00%, 08/01/32 - 05/01/35 | 1295 | 1495 |
| President and Fellows of Harvard College |  |  |
| 5.00%, 11/15/32 | 1050 | 1263 |
|  |  | 4832 |
| **U.S. Treasury Inflation Indexed Securities 0.3%** | **U.S. Treasury Inflation Indexed Securities 0.3%** | **U.S. Treasury Inflation Indexed Securities 0.3%** |
| Treasury, United States Department of |  |  |
| 0.13%, 02/15/52 (o) | 3372 | 2153 |
| **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** | **Treasury Inflation Indexed Securities 0.0%** |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 1.50%, 06/18/25, TRY (o) | 3195 | 231 |
| Total Government And Agency Obligations (cost $281,993) | Total Government And Agency Obligations (cost $281,993) | 263114 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 13.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 13.5%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 13.5%** |
| 522 Funding CLO 2019-5, Ltd. |  |  |
| Series 2019-DR-5A, 7.11%, (3 Month Term SOFR + 3.25%), 04/16/35 (g) | 2850 | 2399 |
| AmCap Funding LLC |  |  |
| Series 2018-A-1, 4.98%, 06/15/23 | 1880 | 1819 |
| Amur Equipment Finance Receivables XI LLC |  |  |
| Series 2022-A2-2A, 5.30%, 06/21/28 | 487 | 482 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2021-B-2A, 1.90%, 02/20/27 | 761 | 636 |
| Series 2022-A-4A, 4.77%, 02/20/28 | 903 | 867 |
| Battalion CLO XXI Ltd. |  |  |
| Series 2021-D-21A, 7.38%, (3 Month USD LIBOR + 3.30%), 07/17/34 (g) | 1000 | 891 |
| BBCMS Mortgage Trust 2022-C17 |  |  |
| Interest Only, Series 2022-XA-C17, REMIC, 1.15%, 09/17/55 (g) | 8232 | 657 |
| Benefit Street Partners CLO XIX, Ltd |  |  |
| Series 2019-D-19A, 7.88%, (3 Month USD LIBOR + 3.80%), 01/18/33 (g) | 2600 | 2456 |
| BPR Trust 2022-OANA |  |  |
| Series 2022-D-OANA, REMIC, 8.03%, (1 Month Term SOFR + 3.70%), 04/15/24 (g) | 2275 | 2088 |
| BX Commercial Mortgage Trust 2021-VOLT |  |  |
| Series 2021-D-VOLT, REMIC, 5.97%, (1 Month USD LIBOR + 1.65%), 09/15/23 (g) | 2505 | 2343 |
| BX Trust 2019-OC11 |  |  |
| Series 2019-C-OC11, REMIC, 3.86%, 12/11/29 | 782 | 646 |
| Series 2019-D-OC11, REMIC, 3.94%, 12/11/29 (g) | 1489 | 1190 |
| BX Trust 2021-SDMF |  |  |
| Series 2021-D-SDMF, REMIC, 5.70%, (1 Month USD LIBOR + 1.39%), 09/15/23 (g) | 479 | 449 |
| Citigroup Commercial Mortgage Trust 2014-GC25 |  |  |
| Interest Only, Series 2014-XA-GC25, REMIC, 0.95%, 10/11/47 (g) | 11470 | 145 |
| Citigroup Commercial Mortgage Trust 2015-GC27 |  |  |
| Interest Only, Series 2015-XA-GC27, REMIC, 1.31%, 02/12/48 (g) | 6307 | 128 |
| COMM 2012-CCRE4 Mortgage Trust |  |  |
| Series 2012-AM-CR4, REMIC, 3.25%, 10/17/45 | 1835 | 1685 |
| COMM 2014-CCRE16 Mortgage Trust |  |  |
| Interest Only, Series 2014-XA-CR16, REMIC, 0.94%, 04/12/47 (g) | 11606 | 96 |
| COMM 2014-LC15 Mortgage Trust |  |  |
| Interest Only, Series 2014-XA-LC15, REMIC, 1.05%, 04/12/47 (g) | 14079 | 125 |
| COMM 2014-UBS3 Mortgage Trust |  |  |
| Interest Only, Series 2014-XA-UBS3, REMIC, 1.06%, 06/12/47 (g) | 11658 | 116 |
| COMM 2014-UBS4 Mortgage Trust |  |  |
| Interest Only, Series 2014-XA-UBS6, REMIC, 0.84%, 12/12/47 (g) | 9509 | 114 |
| Connecticut Avenue Securities Trust 2022-R04 |  |  |
| Series 2022-1M2-R04, REMIC, 7.03%, (SOFR 30-Day Average + 3.10%), 03/25/42 (g) | 1245 | 1240 |
| Elmwood CLO IV Ltd |  |  |
| Series 2020-D-1A, 7.23%, (3 Month USD LIBOR + 3.15%), 04/15/33 (g) | 4250 | 4051 |
| Enbridge Pipelines (Southern Lights) L.L.C. |  |  |
| Series 2015-CR2-2A, 6.99%, (3 Month USD LIBOR + 2.75%), 07/22/30 (g) | 2250 | 2095 |
| GS Mortgage Securities Corp II |  |  |
| Series 2022-A-ECI, REMIC, 6.53%, (1 Month Term SOFR + 2.19%), 08/15/24 (g) | 555 | 551 |
| GS Mortgage Securities Trust 2014-GC18 |  |  |
| Interest Only, Series 2014-XA-GC18, REMIC, 1.02%, 01/11/47 (g) | 14309 | 100 |
| GS Mortgage Securities Trust 2014-GC26 |  |  |
| Interest Only, Series 2014-XA-GC26, REMIC, 0.94%, 11/13/47 (g) | 10796 | 148 |
| GS Mortgage Securities Trust 2015-GC30 |  |  |
| Interest Only, Series 2015-XA-GC30, REMIC, 0.73%, 05/12/50 (g) | 15538 | 215 |
| Hilton Grand Vacations Trust 2022-1D |  |  |
| Series 2022-D-1D, 6.79%, 06/20/34 | 634 | 592 |
| Hilton Grand Vacations Trust 2022-2 |  |  |
| Series 2022-A-2A, 4.30%, 08/27/29 | 652 | 630 |
| Hilton USA Trust 2016-HHV |  |  |
| Series 2016-C-HHV, REMIC, 4.19%, 11/05/26 (g) | 400 | 360 |
| Intown 2022-Stay Mortgage Trust |  |  |
| Series 2022-A-STAY, REMIC, 6.28%, (1 Month Term SOFR + 2.49%), 08/15/24 (g) | 1708 | 1697 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO |  |  |
| Series 2022-D-OPO, REMIC, 3.45%, 01/08/27 (g) | 1814 | 1323 |
| Kayne CLO 6 Ltd |  |  |
| Series 2019-D-6A, 8.24%, (3 Month USD LIBOR + 4.00%), 01/21/33 (g) | 2450 | 2337 |
| Kayne CLO 7 Ltd |  |  |
| Series 2020-D-7A, 7.03%, (3 Month USD LIBOR + 2.95%), 04/18/33 (g) | 1900 | 1774 |
| Magnetite XXIV, Limited |  |  |
| Series 2019-DR-24A, 6.91%, (3 Month Term SOFR + 3.05%), 04/15/35 (g) | 5200 | 4732 |
| Mariner CLO 2015-1 LLC |  |  |
| Series 2015-DR2-1A, 7.09%, (3 Month USD LIBOR + 2.85%), 04/20/29 (g) | 2000 | 1851 |
| MetroNet Infrastructure Issuer LLC |  |  |
| Series 2022-A2-1A, 6.35%, 10/20/27 (c) | 1330 | 1326 |
| Milos CLO, Ltd. |  |  |
| Series 2017-DR-1A, 6.99%, (3 Month USD LIBOR + 2.75%), 10/21/30 (g) | 1750 | 1581 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2017-C33 |  |  |
| Series 2017-C-C33, REMIC, 4.56%, 05/17/27 (g) | 652 | 567 |
| MVW 2022-1 LLC |  |  |
| Series 2022-B-1A, 4.40%, 11/21/39 | 1153 | 1106 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

560

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Navient Private Education Refi Loan Trust 2021-F |  |  |
| Series 2021-A-FA, REMIC, 1.11%, 05/15/29 | 3869 | 3266 |
| OBX 2021-NQM4 Trust |  |  |
| Series 2021-A1-NQM4, 1.96%, 10/25/61 | 2149 | 1749 |
| OHA Loan Funding 2016-1, Ltd. |  |  |
| Series 2016-DR-1A, 7.24%, (3 Month USD LIBOR + 3.00%), 01/20/33 (g) | 3250 | 3017 |
| ONE 2021-PARK Mortgage Trust |  |  |
| Series 2021-E-PARK, REMIC, 6.20%, (1 Month Term SOFR + 1.86%), 03/15/23 (g) | 505 | 455 |
| OneMain Financial Issuance Trust 2022-2 |  |  |
| Series 2022-A-2A, 4.89%, 10/14/34 | 1807 | 1744 |
| Prestige Auto Receivables Trust 2022-1 |  |  |
| Series 2022-B-1A, 6.55%, 01/15/25 | 1004 | 1000 |
| SG Residential Mortgage Trust 2021-2 |  |  |
| Series 2021-A1-2, REMIC, 1.74%, 10/25/23 (g) | 3304 | 2664 |
| Sierra Timeshare 2021-1 Receivables Funding LLC |  |  |
| Series 2021-B-1A, REMIC, 1.34%, 11/20/37 | 598 | 545 |
| Sierra Timeshare 2021-2 Receivables Funding LLC |  |  |
| Series 2021-C-2A, 1.95%, 09/20/38 | 290 | 264 |
| SoFi Professional Loan Program 2020-A Trust |  |  |
| Series 2020-BFX-A, REMIC, 3.12%, 05/15/46 | 403 | 333 |
| Starwood Mortgage Residential Trust 2021-5 |  |  |
| Series 2021-A1-5, REMIC, 1.92%, 09/25/66 (g) | 6873 | 5613 |
| Structured Asset Investment Loan Trust 2005-4 |  |  |
| Series 2003-M1-BC5, REMIC, 5.51%, (1 Month USD LIBOR + 1.13%), 06/25/33 (e) (g) | 23 | 23 |
| Symphony CLO XXII Ltd |  |  |
| Series 2020-D-22A, 7.34%, (3 Month USD LIBOR + 3.15%), 04/18/33 (g) | 2000 | 1831 |
| TAL Advantage VII, LLC |  |  |
| Series 2020-A-1A, REMIC, 2.05%, 09/20/45 | 393 | 343 |
| Taubman Centers Commercial Mortgage Trust 2022-DPM |  |  |
| Series 2022-B-DPM, REMIC, 6.73%, (1 Month Term SOFR + 2.93%), 05/15/24 (g) | 1648 | 1582 |
| Series 2022-C-DPM, REMIC, 7.57%, (1 Month Term SOFR + 4.00%), 05/15/37 (g) | 975 | 936 |
| TICP CLO VII, Ltd. |  |  |
| Series 2017-DR-7A, 7.28%, (3 Month USD LIBOR + 3.20%), 04/15/33 (g) | 1000 | 930 |
| TICP CLO XV, Ltd. |  |  |
| Series 2020-D-15A, 7.39%, (3 Month USD LIBOR + 3.15%), 04/20/33 (g) | 500 | 473 |
| Towd Point Mortgage Trust 2022-4 |  |  |
| Series 2022-A1-4, REMIC, 3.75%, 09/25/62 | 1702 | 1580 |
| Trestles CLO III Ltd |  |  |
| Series 2020-D-3A, 7.49%, (3 Month USD LIBOR + 3.25%), 01/20/33 (g) | 1000 | 931 |
| Trinitas CLO Ltd |  |  |
| Series 2021-D-16A, 7.54%, (3 Month USD LIBOR + 3.30%), 07/20/34 (g) | 1500 | 1392 |
| United Airlines Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 5.88%, 10/15/27 | 703 | 693 |
| Vantage Data Centers Issuer, LLC |  |  |
| Series 2021-A2-1A, 2.17%, 10/15/26 | 780 | 653 |
| Verus Securitization Trust 2021-6 |  |  |
| Series 2021-A1-6, REMIC, 1.63%, 10/25/66 (g) | 6604 | 5321 |
| Series 2021-A3-6, REMIC, 1.89%, 10/25/66 (g) | 1701 | 1312 |
| Verus Securitization Trust 2022-4 |  |  |
| Series 2022-A3-4, REMIC, 4.73%, 04/25/67 (g) | 847 | 779 |
| WFRBS Commercial Mortgage Trust 2014-C21 |  |  |
| Interest Only, Series 2014-XA-C21, REMIC, 1.00%, 08/16/47 (g) | 9951 | 117 |
| WFRBS Commercial Mortgage Trust 2014-LC14 |  |  |
| Interest Only, Series 2014-XA-LC14, REMIC, 1.24%, 03/15/47 (g) | 6050 | 52 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $96,497) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $96,497) | 87206 |
| **INVESTMENT COMPANIES 3.9%** | **INVESTMENT COMPANIES 3.9%** | **INVESTMENT COMPANIES 3.9%** |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 238 | 25120 |
| Total Investment Companies (cost $24,112) | Total Investment Companies (cost $24,112) | 25120 |
| **SENIOR FLOATING RATE INSTRUMENTS 0.1%** | **SENIOR FLOATING RATE INSTRUMENTS 0.1%** | **SENIOR FLOATING RATE INSTRUMENTS 0.1%** |
| **Utilities 0.1%** | **Utilities 0.1%** | **Utilities 0.1%** |
| Nautilus Power, LLC |  |  |
| Term Loan B, 8.32%, (1 Month USD LIBOR + 4.25%), 04/28/24 (g) | 237 | 180 |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| GTT Communications, Inc. |  |  |
| 2018 USD Term Loan B, 10.00%, (PRIME + 3.75%), 04/27/25 (g) | 186 | 84 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| Aveanna Healthcare, LLC |  |  |
| 2021 Term Loan B, 8.14%, (3 Month USD LIBOR + 3.75%), 12/31/24 (g) | 30 | 23 |
| 2021 Delayed Draw Term Loan , 0.00%, (3 Month USD LIBOR + 3.75%), 07/15/28 (g) (p) | 8 | 6 |
| Envision Healthcare Corporation |  |  |
| 2022 Third Out Term Loan, 7.87%, (3 Month Term SOFR + 3.75%), 03/31/27 (f) (g) | 211 | 53 |
|  |  | 82 |
| Total Senior Floating Rate Instruments (cost $556) | Total Senior Floating Rate Instruments (cost $556) | 346 |
| **SHORT TERM INVESTMENTS 5.8%** | **SHORT TERM INVESTMENTS 5.8%** | **SHORT TERM INVESTMENTS 5.8%** |
| **Investment Companies 4.6%** | **Investment Companies 4.6%** | **Investment Companies 4.6%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (q) (r) | 29929 | 29929 |
| **Securities Lending Collateral 1.2%** | **Securities Lending Collateral 1.2%** | **Securities Lending Collateral 1.2%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (q) (r) | 7819 | 7819 |
| Total Short Term Investments (cost $37,748) | Total Short Term Investments (cost $37,748) | 37748 |
| **Total Investments 118.2% (cost $854,954)** | **Total Investments 118.2% (cost $854,954)** | **762739** |
| **Other Derivative Instruments (0.5)%** | **Other Derivative Instruments (0.5)%** | **(2966)** |
| **Other Assets and Liabilities, Net (17.7)%** | **Other Assets and Liabilities, Net (17.7)%** | **(114476)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **645297** |

---

(a) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(b) Convertible security.

(c) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $177,006 and 27.4% of the Fund.

(d) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(e) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(f) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(g) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(h) All or a portion of the security was on loan as of December 31, 2022.

(i) Non-income producing security.

(j) As of December 31, 2022, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(k) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

561

------

***JNL Series Trust***

December 31, 2022

Financial Statements.

(l) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(m) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2022, the total payable for investments purchased on a delayed delivery basis was $120,819.

(n) All or a portion of the security is pledged or segregated as collateral.

(o) Treasury inflation indexed note, par amount is adjusted for inflation.

(p) This senior floating rate interest will settle after December 31, 2022. If a reference rate and spread is presented, it will go into effect upon settlement.

(q) Investment in affiliate.

(r) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| 1MDB Global Investments Limited, 4.40%, 03/09/23 | 02/25/21 | 1001 | 975 | 0.2 |
| Accor, 2.63% (callable at 100, 01/30/25) | 11/10/21 | 335 | 263 |  |
| Adient Global Holdings Ltd, 3.50%, 08/15/24 | 04/20/22 | 300 | 307 | 0.1 |
| AFFLELOU, 4.25%, 05/19/26 | 07/09/21 | 211 | 166 |  |
| Allwyn International a.s., 3.88%, 02/15/27 | 02/18/21 | 280 | 236 |  |
| Altice Financing S.A., 4.25%, 08/15/29 | 11/10/21 | 795 | 601 | 0.1 |
| Altice France, 4.13%, 01/15/29 | 10/29/21 | 835 | 593 | 0.1 |
| Altice France Holding S.A., 8.00%, 05/15/27 | 07/13/22 | 168 | 158 |  |
| Altice France Holding S.A., 4.00%, 02/15/28 | 02/17/21 | 116 | 68 |  |
| Aramark International Finance S.a r.l., 3.13%, 04/01/25 | 09/26/22 | 250 | 282 | 0.1 |
| Ardagh Packaging Finance Public Limited Company, 4.75%, 07/15/27 | 03/25/22 | 223 | 153 |  |
| Autostrade per l'italia S.P.A., 1.88%, 09/26/29 | 04/22/21 | 170 | 118 |  |
| B&M European Value Retail S.A., 3.63%, 07/15/25 | 12/20/22 | 141 | 140 |  |
| Banco do Brasil S.A, 6.25% (callable at 100, 04/15/24) | 06/08/21 | 559 | 505 | 0.1 |
| Banco Santander, S.A., 7.50% (callable at 100, 02/08/24) | 11/05/19 | 815 | 781 | 0.1 |
| BCP V Modular Services Finance II PLC, 6.13%, 11/30/28 | 12/09/21 | 235 | 179 |  |
| Bellis Finco PLC, 4.00%, 02/16/27 | 08/04/22 | 132 | 132 |  |
| Centrica PLC, 5.25%, 04/10/75 | 08/24/22 | 202 | 205 |  |
| Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 | 07/19/22 | 214 | 225 |  |
| Cirsa Finance International, 4.75%, 05/22/25 | 11/12/21 | 194 | 211 |  |
| Clarios Global LP, 4.38%, 05/15/26 | 10/29/21 | 534 | 446 | 0.1 |
| CMA CGM, 7.50%, 01/15/26 | 08/24/22 | 176 | 188 |  |
| Commerzbank Aktiengesellschaft, 7.00% (callable at 100, 04/09/25) | 08/18/20 | 403 | 378 | 0.1 |
| Coty Inc., 4.75%, 04/15/26 | 09/20/22 | 248 | 285 | 0.1 |
| Country Garden Holdings Company Limited, 4.80%, 08/06/30 | 02/22/21 | 386 | 195 |  |
| DKT Finance ApS, 7.00%, 06/17/23 | 07/19/22 | 138 | 149 |  |
| Dufry One B.V., 2.00%, 02/15/27 | 11/04/20 | 248 | 200 |  |
| Dufry One B.V., 3.38%, 04/15/28 | 10/29/21 | 865 | 668 | 0.1 |
| EG Global Finance PLC, 3.63%, 02/07/24 | 11/08/22 | 94 | 101 |  |
| EG Global Finance PLC, 4.38%, 02/07/25 | 11/01/21 | 293 | 236 |  |
| Eircom Limited, 3.50%, 05/15/26 | 10/29/21 | 340 | 279 | 0.1 |
| Emirates NBD Bank PJSC, 6.13% (callable at 100, 03/20/25) | 03/04/21 | 602 | 566 | 0.1 |
| Encore Capital Group, Inc., 5.38%, 02/15/26 | 02/17/21 | 234 | 179 |  |
| Encore Capital Group, Inc., 4.25%, 06/01/28 | 10/29/21 | 641 | 445 | 0.1 |
| Faurecia, 2.38%, 06/15/27 | 11/03/21 | 173 | 134 |  |
| Faurecia, 3.75%, 06/15/28 | 02/17/21 | 124 | 91 |  |
| Grunenthal GmbH, 3.63%, 11/15/26 | 04/21/22 | 105 | 98 |  |
| IHO Verwaltungs GmbH, 3.88%, 05/15/27 | 04/21/22 | 203 | 180 |  |
| Iliad Holding, 5.63%, 10/15/28 | 12/09/21 | 424 | 380 | 0.1 |
| INEOS Finance PLC, 3.38%, 03/31/26 | 10/29/21 | 478 | 385 | 0.1 |
| INEOS Finance PLC, 2.88%, 05/01/26 | 10/20/21 | 117 | 92 |  |
| Ineos Quattro Finance 1 PLC, 3.75%, 07/15/26 | 11/11/21 | 580 | 438 | 0.1 |
| Intrum AB, 3.50%, 07/15/26 | 10/29/21 | 388 | 299 | 0.1 |
| Intrum AB, 3.00%, 09/15/27 | 02/17/21 | 580 | 438 | 0.1 |
| Jaguar Land Rover Automotive PLC, 4.50%, 01/15/26 | 02/17/21 | 208 | 156 |  |
| Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28 | 11/10/21 | 543 | 380 | 0.1 |
| Kapla Holding, 3.38%, 12/15/26 | 11/11/21 | 307 | 253 |  |
| Kronos International, Inc., 3.75%, 09/15/25 | 02/17/21 | 237 | 190 |  |
| LHMC Finco 2 S.A R.L., 8.00%, 10/02/25 | 11/29/22 | 91 | 92 |  |
| Lorca Telecom Bondco SA., 4.00%, 09/18/27 | 11/01/21 | 1198 | 981 | 0.2 |
| Loxama, 5.75%, 07/15/27 | 11/01/21 | 268 | 206 |  |
| Maison Finco PLC, 6.00%, 10/31/27 | 12/09/21 | 140 | 91 |  |
| Maxeda DIY Holding B.V., 5.88%, 10/01/26 | 10/29/21 | 197 | 124 |  |
| Motion Bondco Designated Activity Company, 4.50%, 11/15/27 | 02/18/21 | 142 | 104 |  |
| National Express Group PLC, 4.25% (callable at 100, 11/26/25) | 02/17/21 | 206 | 143 |  |
| Next Group PLC, 3.63%, 05/18/28 | 09/25/18 | 394 | 319 | 0.1 |
| Ockenfels Group GmbH & Co. KG, 5.25%, 04/30/29 | 06/23/21 | 158 | 119 |  |
| Periama Holdings, LLC, 5.95%, 04/19/26 | 05/05/21 | 305 | 269 | 0.1 |
| Petroleos de Venezuela, S.A., 0.00%, 05/16/24 | 03/25/15 | 1258 | 212 |  |
| Petroleos de Venezuela, S.A., 0.00%, 11/15/26 | 07/28/17 | 245 | 39 |  |
| Petroleos de Venezuela, S.A., 0.00%, 04/12/27 | 02/09/17 | 163 | 20 |  |
| Pinnacle Bidco PLC, 6.38%, 02/15/25 | 11/06/20 | 402 | 308 | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

562

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Playtech PLC, 4.25%, 03/07/26 | 08/03/22 | 225 | 231 |  |
| PLT VII Finance S.a r.l., 4.63%, 01/05/26 | 11/01/21 | 271 | 231 |  |
| Premier Foods Finance PLC, 3.50%, 10/15/26 | 09/24/21 | 138 | 105 |  |
| Repsol International Finance B.V., 4.25% (callable at 100, 09/11/28) | 02/17/21 | 171 | 124 |  |
| Republica Bolivariana de Venezuela, 0.00%, 10/13/24 | 03/25/15 | 514 | 139 |  |
| Rolls-Royce Group PLC, 5.75%, 10/15/27 | 11/11/21 | 444 | 330 | 0.1 |
| Romania, Government of, 3.00%, 02/14/31 | 01/06/22 | 856 | 670 | 0.1 |
| Romania, Government of, 4.00%, 02/14/51 | 01/06/22 | 693 | 470 | 0.1 |
| Samhallsbyggnadsbolaget i Norden AB, 1.00%, 08/12/27 | 09/13/22 | 79 | 81 |  |
| Sappi Papier Holding GmbH, 3.63%, 03/15/28 | 07/01/21 | 119 | 92 |  |
| Schaeffler AG, 3.38%, 10/12/28 | 03/01/22 | 339 | 278 | 0.1 |
| SES, 5.63% (callable at 100, 01/29/24) | 03/28/22 | 112 | 104 |  |
| SGL Carbon SE, 4.63%, 09/30/24 | 11/02/21 | 336 | 327 | 0.1 |
| Skandinaviska Enskilda Banken AB, 5.13% (callable at 100, 05/13/25) | 09/03/20 | 817 | 745 | 0.1 |
| Spa Holdings 3 Oy, 3.63%, 02/04/28 | 10/29/21 | 440 | 342 | 0.1 |
| Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 | 04/21/22 | 277 | 265 | 0.1 |
| Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 | 08/03/22 | 194 | 196 |  |
| Teva Pharmaceutical Finance Netherlands II B.V., 1.88%, 03/31/27 | 02/17/21 | 180 | 133 |  |
| Teva Pharmaceutical Finance Netherlands II B.V., 1.63%, 10/15/28 | 11/10/21 | 717 | 551 | 0.1 |
| UBS Group Funding (Switzerland) AG, 6.88% (callable at 100, 08/07/25) | 11/06/19 | 1129 | 1041 | 0.2 |
| UniCredit S.p.A., 8.00% (callable at 100, 06/03/24) | 11/05/19 | 205 | 191 |  |
| United Group B.V., 4.00%, 11/15/27 | 11/11/21 | 381 | 265 | 0.1 |
| United Group B.V., 3.63%, 02/15/28 | 02/17/21 | 214 | 139 |  |
| Verisure Holding AB, 3.88%, 07/15/26 | 10/29/21 | 547 | 449 | 0.1 |
| Verisure Holding AB, 3.25%, 02/15/27 | 11/10/21 | 317 | 254 |  |
| Virgin Media Vendor Financing Notes III Designated Activity Company, 4.88%, 07/15/28 | 10/29/21 | 799 | 572 | 0.1 |
| Vivion Investments S.a r.l., 3.00%, 08/08/24 | 02/18/21 | 238 | 164 |  |
| Wepa Hygieneprodukte GmbH, 2.88%, 12/15/27 | 11/09/22 | 126 | 141 |  |
| ZF Europe Finance B.V., 3.00%, 10/23/29 | 02/17/21 | 652 | 486 | 0.1 |
| ZF Friedrichshafen AG, 3.75%, 09/21/28 | 11/02/21 | 124 | 90 |  |
| Ziggo Bond Company B.V., 3.38%, 02/28/30 | 08/16/22 | 529 | 523 | 0.1 |
|  |  | 34195 | 26883 | 4.2 |

---

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 82.6% |
| **United Kingdom** | 2.4 |
| **Netherlands** | 2.3 |
| **Canada** | 1.6 |
| **Cayman Islands** | 1.2 |
| **Switzerland** | 1.0 |
| **France** | 0.9 |
| **Mexico** | 0.6 |
| **Luxembourg** | 0.5 |
| **Indonesia** | 0.5 |
| **Ireland** | 0.5 |
| **Spain** | 0.4 |
| **Peru** | 0.4 |
| **Panama** | 0.4 |
| **Sweden** | 0.3 |
| **Germany** | 0.3 |
| **Oman** | 0.3 |
| **Colombia** | 0.2 |
| **Australia** | 0.2 |
| **Romania** | 0.2 |
| **South Africa** | 0.2 |
| **Brazil** | 0.2 |
| **Liberia** | 0.2 |
| **Chile** | 0.2 |
| **Italy** | 0.2 |
| **Angola** | 0.2 |
| **Bermuda** | 0.2 |
| **Finland** | 0.2 |
| **Dominican Republic** | 0.1 |
| **Hungary** | 0.1 |
| **Turkey** | 0.1 |
| **Virgin Islands (British)** | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

563

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***JNL Series Trust***

December 31, 2022

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **Cote D'Ivoire** | 0.1 |
| **Hong Kong** | 0.1 |
| **Egypt** | 0.1 |
| **Saudi Arabia** | 0.1 |
| **United Arab Emirates** | 0.1 |
| **Uruguay** | 0.1 |
| **Zambia** | 0.1 |
| **Singapore** | 0.1 |
| **Paraguay** | 0.1 |
| **Venezuela** | 0.1 |
| **Ukraine** | 0.1 |
| **Qatar** | 0.1 |
| **Ecuador** |  |
| **Kazakhstan** |  |
| **Mongolia** |  |
| **Czech Republic** |  |
| **Isle of Man** |  |
| **Denmark** |  |
| **Jersey** |  |
| **Austria** |  |
| **El Salvador** |  |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Euro BOBL | 67 | March 2023 | EUR | 7993 | (31) | (253) |
| United States 10 Year Ultra Bond | 42 | March 2023 |  | 5102 | (3) | (134) |
| United States 2 Year Note | 580 | April 2023 |  | 119262 | (90) | (317) |
|  |  |  |  |  | (124) | (704) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Euro Bund | (38) | March 2023 | EUR | (5373) | 43 | 342 |
| Euro Buxl 30 Year Bond | (1) | March 2023 | EUR | (162) | 4 | 29 |
| Euro OAT | (2) | March 2023 | EUR | (273) | 3 | 19 |
| Euro Schatz | (8) | March 2023 | EUR | (853) | 1 | 10 |
| United States 10 Year Note | (214) | March 2023 |  | (24127) | 30 | 95 |
| United States 5 Year Note | (552) | April 2023 |  | (59692) | 48 | 115 |
| United States Long Bond | (155) | March 2023 |  | (19530) | 24 | 102 |
| United States Ultra Bond | (180) | March 2023 |  | (24647) | 89 | 471 |
|  |  |  |  |  | 242 | 1183 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| 3M Canada Bankers Acceptance (S) | Receiving | 2.67<br> (S) | 02/17/27<br> CAD | 8240 | 9 | 224 |
| 3M Canada Bankers Acceptance (S) | Paying | 2.67<br> (S) | 02/17/27<br> CAD | 8240 | (9) | (223) |
|  |  |  |  |  |  | 1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

564

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — Centrally Cleared Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** |
| ITRAXX.EUR.XO.38 (Q) | N/A | 5.00 | 12/20/27 | 4580 | (49) | (4) | (78) |
| **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| CDX.NA.HY.39 (Q) | 4.85 | 5.00 | 12/20/27 | (2290) | 13 | (2) | 25 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| BRL/USD | GSC | 02/02/23 | BRL | 963 | 181 | 5 |
| BRL/USD | JPM | 02/02/23 | BRL | 648 | 122 | 2 |
| BRL/USD | CIT | 03/01/23 | BRL | 417 | 78 | 1 |
| BRL/USD | GSC | 03/01/23 | BRL | 104 | 19 |  |
| CLP/USD | GSC | 01/05/23 | CLP | 1440868 | 1698 | 12 |
| CLP/USD | GSC | 02/09/23 | CLP | 161456 | 190 | 8 |
| COP/USD | CIT | 02/09/23 | COP | 1104286 | 226 | (1) |
| COP/USD | JPM | 02/09/23 | COP | 606068 | 124 | (1) |
| CZK/EUR | JPM | 01/30/23 | EUR | (308) | (331) | 4 |
| CZK/EUR | CIT | 03/16/23 | EUR | (19) | (20) |  |
| EUR/HUF | GSC | 01/10/23 | HUF | (66278) | (177) | (6) |
| EUR/HUF | CIT | 01/23/23 | HUF | (62179) | (166) | (6) |
| EUR/PLN | GSC | 03/16/23 | PLN | (1356) | (308) | (2) |
| EUR/RON | CIT | 02/09/23 | RON | (445) | (96) |  |
| EUR/RON | GSC | 02/09/23 | RON | (901) | (195) |  |
| EUR/RON | JPM | 02/09/23 | RON | (478) | (103) |  |
| EUR/USD | CIT | 01/04/23 | EUR | 6 | 6 |  |
| EUR/USD | JPM | 01/04/23 | EUR | 737 | 790 | 14 |
| EUR/USD | SSB | 01/18/23 | EUR | 3608 | 3866 | 298 |
| GBP/USD | CIT | 01/18/23 | GBP | 9550 | 11550 | (195) |
| GBP/USD | JPM | 01/18/23 | GBP | 3150 | 3810 | 313 |
| HUF/EUR | CIT | 01/10/23 | EUR | (37) | (40) | 1 |
| HUF/EUR | CIT | 01/23/23 | EUR | (105) | (112) | 4 |
| HUF/EUR | CIT | 03/16/23 | EUR | (745) | (802) | 38 |
| IDR/USD | CIT | 01/05/23 | IDR | 28344195 | 1821 | (6) |
| IDR/USD | CIT | 01/30/23 | IDR | 3489902 | 224 | 2 |
| IDR/USD | CIT | 03/15/23 | IDR | 2844195 | 183 |  |
| ILS/USD | CIT | 03/16/23 | ILS | 1509 | 431 | (11) |
| ILS/USD | JPM | 03/16/23 | ILS | 258 | 74 | (2) |
| KRW/USD | GSC | 02/08/23 | KRW | 663870 | 526 | 25 |
| MXN/USD | CIT | 01/05/23 | MXN | 33000 | 1693 | 9 |
| MXN/USD | GSC | 03/15/23 | MXN | 5227 | 265 | 5 |
| MYR/USD | GSC | 01/31/23 | MYR | 1396 | 317 | 4 |
| PEN/USD | CIT | 03/16/23 | PEN | 1070 | 280 | 3 |
| PEN/USD | GSC | 03/16/23 | PEN | 114 | 30 |  |
| PLN/EUR | CIT | 01/20/23 | EUR | (136) | (146) | 2 |
| PLN/EUR | GSC | 01/20/23 | EUR | (154) | (165) | 2 |
| RON/EUR | GSC | 02/09/23 | EUR | (123) | (133) |  |
| RON/EUR | JPM | 02/09/23 | EUR | (241) | (259) |  |
| RON/EUR | SCB | 02/09/23 | EUR | (495) | (531) |  |
| SGD/USD | JPM | 01/25/23 | SGD | 249 | 186 | 5 |
| THB/USD | CIT | 01/30/23 | THB | 2804 | 81 | 1 |
| THB/USD | JPM | 01/30/23 | THB | 1991 | 58 |  |
| THB/USD | JPM | 03/15/23 | THB | 8692 | 253 | 1 |
| TRY/USD | JPM | 03/15/23 | TRY | 645 | 33 |  |
| TWD/USD | CIT | 01/30/23 | TWD | 3328 | 109 | (1) |
| USD/BRL | GSC | 03/01/23 | BRL | (914) | (172) | 2 |
| USD/BRL | SSB | 03/01/23 | BRL | (993) | (186) | (2) |
| USD/COP | JPM | 02/09/23 | COP | (119165) | (24) |  |
| USD/EUR | CIT | 01/04/23 | EUR | (192) | (206) | (4) |
| USD/EUR | JPM | 01/04/23 | EUR | (297) | (319) | (9) |
| USD/EUR | JPM | 01/04/23 | EUR | (19) | (20) |  |
| USD/EUR | GSC | 01/18/23 | EUR | (17669) | (18934) | (1460) |
| USD/EUR | CIT | 01/20/23 | EUR | (182) | (196) | (12) |
| USD/GBP | GSC | 01/18/23 | GBP | (16019) | (19374) | (1452) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

565

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/Neuberger Berman Strategic Income Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/IDR | CIT | 01/05/23 | IDR | (2844195) | (183) |  |
| USD/IDR | JPM | 01/30/23 | IDR | (578633) | (37) |  |
| USD/KRW | JPM | 02/08/23 | KRW | (428051) | (339) | (14) |
| USD/PEN | GSC | 03/16/23 | PEN | (144) | (38) |  |
| USD/TRY | GSC | 03/15/23 | TRY | (15477) | (784) | (15) |
| USD/TWD | CIT | 01/30/23 | TWD | (13164) | (430) | 3 |
| ZAR/USD | CIT | 03/16/23 | ZAR | 4835 | 283 | 9 |
| ZAR/USD | GSC | 03/16/23 | ZAR | 2564 | 150 | 2 |
| ZAR/USD | SSB | 03/16/23 | ZAR | 355 | 21 | 1 |
|  |  |  |  |  | (15148) | (2423) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** | **JNL/Neuberger Berman Strategic Income Fund — OTC Total Return Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Unrealized Appreciation (Depreciation) ($)** |
| **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** |
| **INDEX** | **INDEX** | **INDEX** | **INDEX** | **INDEX** | **INDEX** | **INDEX** |
| iBoxx Liquid Investment Grade Index (MT) | SOFR +0.00% (M) | GSC | 03/23/23 | 19030  | (150) | (505) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 349205 |  | 349205 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 263114 |  | 263114 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 87206 |  | 87206 |
| &nbsp;&nbsp;Investment Companies | 25120 |  |  | 25120 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 346 |  | 346 |
| &nbsp;&nbsp;Short Term Investments | 37748 |  |  | 37748 |
|  | 62868 | 699871 |  | 762739 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1183 |  |  | 1183 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 224 |  | 224 |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | 25 |  | 25 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 776 |  | 776 |
|  | 1183 | 1025 |  | 2208 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (704) |  |  | (704) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (223) |  | (223) |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | (78) |  | (78) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (3199) |  | (3199) |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (505) |  | (505) |
|  | (704) | (4005) |  | (4709) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

566

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** |
| **COMMON STOCKS 95.3%** | **COMMON STOCKS 95.3%** | **COMMON STOCKS 95.3%** |
| **Financials 29.1%** | **Financials 29.1%** | **Financials 29.1%** |
| Ameriprise Financial, Inc. | 44 | 13658 |
| AON Public Limited Company - Class A | 52 | 15753 |
| Assurant, Inc. | 117 | 14585 |
| Bank of America Corporation | 707 | 23431 |
| Berkshire Hathaway Inc. - Class B (a) | 275 | 84838 |
| Chubb Limited | 188 | 41443 |
| CME Group Inc. - Class A | 229 | 38522 |
| Comerica Incorporated | 191 | 12744 |
| Everest Re Group, Ltd. | 44 | 14437 |
| JPMorgan Chase & Co. | 638 | 85590 |
| MetLife, Inc. | 303 | 21904 |
| Morgan Stanley | 336 | 28534 |
| RenaissanceRe Holdings Ltd | 73 | 13457 |
| The Allstate Corporation | 244 | 33041 |
| The Charles Schwab Corporation | 344 | 28665 |
| The Goldman Sachs Group, Inc. | 78 | 26828 |
| The Progressive Corporation | 120 | 15573 |
| U.S. Bancorp | 423 | 18435 |
| Voya Financial, Inc. (b) | 227 | 13975 |
|  |  | 545413 |
| **Health Care 17.9%** | **Health Care 17.9%** | **Health Care 17.9%** |
| AbbVie Inc. | 121 | 19552 |
| Becton, Dickinson and Company | 231 | 58737 |
| Danaher Corporation | 98 | 25950 |
| Eli Lilly and Company | 82 | 30154 |
| Gilead Sciences, Inc. | 532 | 45652 |
| Humana Inc. | 27 | 14072 |
| McKesson Corporation | 72 | 27045 |
| Medtronic, Inc. | 438 | 34040 |
| Merck & Co., Inc. | 147 | 16314 |
| Sanofi - ADR | 918 | 44441 |
| UnitedHealth Group Incorporated | 37 | 19840 |
|  |  | 335797 |
| **Energy 11.1%** | **Energy 11.1%** | **Energy 11.1%** |
| ConocoPhillips | 145 | 17138 |
| EOG Resources, Inc. | 142 | 18393 |
| EQT Corporation | 249 | 8432 |
| Exxon Mobil Corporation | 653 | 71988 |
| Hess Corporation | 174 | 24668 |
| Marathon Petroleum Corporation | 239 | 27797 |
| Schlumberger Limited | 748 | 39981 |
|  |  | 208397 |
| **Industrials 11.1%** | **Industrials 11.1%** | **Industrials 11.1%** |
| Caterpillar Inc. | 100 | 24057 |
| Eaton Corporation Public Limited Company | 207 | 32460 |
| FedEx Corporation | 56 | 9730 |
| Howmet Aerospace Inc. | 256 | 10103 |
| Hubbell Incorporated | 38 | 8827 |
| Ingersoll Rand Inc. | 427 | 22335 |
| L3Harris Technologies, Inc. | 66 | 13824 |
| Northrop Grumman Corporation | 34 | 18350 |
| Quanta Services, Inc. | 101 | 14459 |
| Raytheon Technologies Corporation | 525 | 53016 |
|  |  | 207161 |
| **Information Technology 8.8%** | **Information Technology 8.8%** | **Information Technology 8.8%** |
| Applied Materials, Inc. | 151 | 14669 |
| Cisco Systems, Inc. | 1200 | 57157 |
| Corning Incorporated | 409 | 13048 |
| Dolby Laboratories, Inc. - Class A | 136 | 9583 |
| Fidelity National Information Services, Inc. | 266 | 18044 |
| Hewlett Packard Enterprise Company | 1732 | 27646 |
| Micron Technology, Inc. | 257 | 12842 |
| Qualcomm Incorporated | 113 | 12415 |
|  |  | 165404 |
| **Utilities 5.0%** | **Utilities 5.0%** | **Utilities 5.0%** |
| Constellation Energy Group, Inc. | 407 | 35077 |
| Exelon Corporation | 613 | 26511 |
| Nextera Energy Partners, LP (b) | 114 | 8015 |
| PPL Corporation | 811 | 23687 |
|  |  | 93290 |
| **Communication Services 4.9%** | **Communication Services 4.9%** | **Communication Services 4.9%** |
| Alphabet Inc. - Class A (a) | 155 | 13683 |
| Comcast Corporation - Class A | 601 | 21006 |
| Omnicom Group Inc. | 288 | 23454 |
| The Interpublic Group of Companies, Inc. | 973 | 32398 |
|  |  | 90541 |
| **Consumer Discretionary 3.6%** | **Consumer Discretionary 3.6%** | **Consumer Discretionary 3.6%** |
| General Motors Company | 378 | 12718 |
| International Game Technology PLC | 1404 | 31848 |
| Las Vegas Sands Corp. (a) | 488 | 23480 |
|  |  | 68046 |
| **Materials 2.0%** | **Materials 2.0%** | **Materials 2.0%** |
| Freeport-McMoRan Inc. | 962 | 36537 |
| **Consumer Staples 1.8%** | **Consumer Staples 1.8%** | **Consumer Staples 1.8%** |
| Archer-Daniels-Midland Company | 99 | 9228 |
| British American Tobacco P.L.C. - ADR | 379 | 15150 |
| Bunge Limited | 99 | 9896 |
|  |  | 34274 |
| Total Common Stocks (cost $1,727,581) | Total Common Stocks (cost $1,727,581) | 1784860 |
| **SHORT TERM INVESTMENTS 5.9%** | **SHORT TERM INVESTMENTS 5.9%** | **SHORT TERM INVESTMENTS 5.9%** |
| **Investment Companies 5.9%** | **Investment Companies 5.9%** | **Investment Companies 5.9%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 110341 | 110341 |
| Total Short Term Investments (cost $110,341) | Total Short Term Investments (cost $110,341) | 110341 |
| **Total Investments 101.2% (cost $1,837,922)** | **Total Investments 101.2% (cost $1,837,922)** | **1895201** |
| **Other Assets and Liabilities, Net (1.2)%** | **Other Assets and Liabilities, Net (1.2)%** | **(22616)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1872585** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** | **JNL/Newton Equity Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1784860 |  |  | 1784860 |
| &nbsp;&nbsp;Short Term Investments | 110341 |  |  | 110341 |
|  | 1895201 |  |  | 1895201 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

567

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 52.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 52.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 52.9%** |
| **Mortgage-Backed Securities 32.2%** | **Mortgage-Backed Securities 32.2%** | **Mortgage-Backed Securities 32.2%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 4.00%, 05/01/48 - 02/01/52 | 24688 | 23414 |
| 3.50%, 06/01/48 | 120 | 111 |
| 3.00%, 04/01/52 - 08/01/52 | 9486 | 8341 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.00%, 05/01/39 - 03/01/52 | 42858 | 40687 |
| 3.50%, 03/01/48 - 02/01/50 | 4484 | 4151 |
| 3.00%, 03/01/50 - 07/01/52 | 7786 | 6892 |
| TBA, 2.50%, 01/15/53 (a) | 4000 | 3391 |
| TBA, 5.00%, 01/15/53 - 02/15/53 (a) | 3800 | 3746 |
| TBA, 6.50%, 01/15/53 (a) | 300 | 307 |
| TBA, 3.00%, 02/15/53 (a) | 41295 | 36304 |
| TBA, 3.50%, 02/15/53 (a) | 106150 | 96588 |
| TBA, 4.50%, 02/15/53 (a) | 11300 | 10892 |
| TBA, 6.00%, 02/15/53 (a) | 72000 | 73041 |
| TBA, 4.00%, 03/15/53 (a) | 74650 | 70089 |
| Government National Mortgage Association |  |  |
| TBA, 4.00%, 01/15/53 (a) | 6900 | 6532 |
| TBA, 4.50%, 01/15/53 (a) | 5800 | 5628 |
| TBA, 3.50%, 02/15/53 (a) | 12600 | 11582 |
|  |  | 401696 |
| **U.S. Treasury Inflation Indexed Securities 10.0%** | **U.S. Treasury Inflation Indexed Securities 10.0%** | **U.S. Treasury Inflation Indexed Securities 10.0%** |
| Treasury, United States Department of |  |  |
| 0.38%, 07/15/23 - 07/15/27 (b) | 13768 | 13549 |
| 0.63%, 01/15/24 - 02/15/43 (b) | 26259 | 24888 |
| 0.50%, 04/15/24 (b) | 11639 | 11322 |
| 0.13%, 07/15/24 - 07/15/31 (b) | 29446 | 27802 |
| 0.75%, 07/15/28 - 02/15/45 (b) | 6753 | 5892 |
| 0.88%, 01/15/29 - 02/15/47 (b) | 12601 | 11575 |
| 0.25%, 07/15/29 - 02/15/50 (b) | 19215 | 16799 |
| 2.13%, 02/15/40 - 02/15/41 (b) | 548 | 576 |
| 1.38%, 02/15/44 (b) | 512 | 470 |
| 1.00%, 02/15/46 - 02/15/49 (b) | 13794 | 11459 |
|  |  | 124332 |
| **U.S. Treasury Note 6.0%** | **U.S. Treasury Note 6.0%** | **U.S. Treasury Note 6.0%** |
| Treasury, United States Department of |  |  |
| 2.25%, 10/31/24 (c) | 37000 | 35526 |
| 2.63%, 01/31/26 (c) | 10300 | 9841 |
| 2.38%, 03/31/29 | 11900 | 10827 |
| 2.75%, 08/15/32 | 19800 | 18009 |
|  |  | 74203 |
| **Sovereign 4.6%** | **Sovereign 4.6%** | **Sovereign 4.6%** |
| Buenos Aires City S.A. |  |  |
| 72.38%, (BADLAR + 3.25%), 03/29/24, ARS (d) | 61987 | 182 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 8.20%, 08/12/26, PEN (e) | 7914 | 2184 |
| 6.35%, 08/12/28, PEN (f) | 338 | 85 |
| 6.35%, 08/12/28, PEN (e) | 4263 | 1069 |
| 5.94%, 02/12/29, PEN (e) | 1869 | 452 |
| 5.94%, 02/12/29, PEN | 5932 | 1436 |
| 6.95%, 08/12/31, PEN (e) | 1223 | 304 |
| 6.15%, 08/12/32, PEN | 4069 | 945 |
| 6.15%, 08/12/32, PEN (e) | 924 | 214 |
| 5.40%, 08/12/34, PEN (e) | 502 | 106 |
| 5.35%, 08/12/40, PEN (e) | 146 | 29 |
| Gobierno de la Provincia de Buenos Aires |  |  |
| 62.10%, (BADLAR + 3.75%), 04/12/25, ARS (d) (f) | 6440 | 17 |
| Ministry of Finance |  |  |
| 3.80%, 05/13/60 (f) | 2434 | 1913 |
| Ministry of Finance of the Russian Federation |  |  |
| 0.00%, 05/27/26 - 06/23/47 (f) (g) (h) | 15696 | 7464 |
| 0.00%, 06/23/27 - 06/23/47 (e) (f) (g) (h) | 3800 | 2218 |
| Presidencia De La Nacion |  |  |
| 15.50%, 10/17/26, ARS | 63437 | 42 |
| 1.00%, 07/09/29 | 563 | 151 |
| 0.50%, 07/09/30 (i) | 6961 | 1869 |
| 1.50%, 07/09/35 - 07/09/46 (i) | 4464 | 1163 |
| 3.88%, 01/09/38 (i) | 3720 | 1176 |
| 3.50%, 07/09/41 (i) | 2665 | 766 |
| Republica Bolivariana de Venezuela |  |  |
| 0.00%, 05/07/23 - 12/09/49 (f) (g) (h) (j) | 5970 | 483 |
| Romania, Government of |  |  |
| 2.13%, 03/07/28, EUR (e) | 1200 | 1065 |
| South Africa, Parliament of |  |  |
| 10.50%, 12/21/27, ZAR | 377200 | 23475 |
| Turkiye Cumhuriyeti Basbakanlik |  |  |
| 4.25%, 03/13/25 | 3800 | 3543 |
| 6.13%, 10/24/28 | 600 | 536 |
| 7.63%, 04/26/29 | 1330 | 1252 |
| 5.25%, 03/13/30 | 3400 | 2733 |
| 5.75%, 05/11/47 | 800 | 546 |
|  |  | 57418 |
| **Treasury Inflation Indexed Securities 0.1%** | **Treasury Inflation Indexed Securities 0.1%** | **Treasury Inflation Indexed Securities 0.1%** |
| Presidencia De La Nacion |  |  |
| 1.40%, 03/25/23, ARS (k) | 126112 | 1292 |
| **Municipal 0.0%** | **Municipal 0.0%** | **Municipal 0.0%** |
| Puerto Rico, Commonwealth of |  |  |
| 0.00%, 11/01/43 (i) | 77 | 34 |
| **U.S. Treasury Bond 0.0%** | **U.S. Treasury Bond 0.0%** | **U.S. Treasury Bond 0.0%** |
| Treasury, United States Department of |  |  |
| 3.00%, 08/15/48 | 30 | 25 |
| Total Government And Agency Obligations (cost $709,369) | Total Government And Agency Obligations (cost $709,369) | 659000 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 33.7%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 33.7%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 33.7%** |
| Accredited Mortgage Loan Trust 2006-2 |  |  |
| Series 2006-A4-2, REMIC, 4.65%, (1 Month USD LIBOR + 0.26%), 09/25/36 (d) (i) | 5391 | 5318 |
| Aegis Asset Backed Securities Trust |  |  |
| Series 2004-M1-1, REMIC, 5.41%, (1 Month USD LIBOR + 1.02%), 04/25/34 (d) (i) | 4630 | 4353 |
| AFC Mortgage Corporation |  |  |
| Series 2000-2A-1, REMIC, 5.03%, (1 Month USD LIBOR + 0.64%), 03/25/30 (d) | 1198 | 1138 |
| Alba 2006-2 PLC |  |  |
| Series 2006-D-2, 3.85%, (SONIA + 0.58%), 12/15/38, GBP (d) (f) | 1091 | 1141 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-B1-J4, REMIC, 6.41%, (1 Month USD LIBOR + 2.03%), 07/25/35 (d) (i) | 2747 | 2531 |
| Series 2005-A3-38, REMIC, 5.09%, (1 Month USD LIBOR + 0.70%), 09/25/35 (d) (i) | 243 | 207 |
| Series 2005-1A1-35CB, REMIC, 5.50%, 09/25/35 | 739 | 573 |
| Alternative Loan Trust 2005-45 |  |  |
| Series 2005-2A3A-AR1, REMIC, 5.09%, (1 Month USD LIBOR + 0.70%), 10/25/35 (d) (i) | 8216 | 6834 |
| Series 2005-1A1-59, REMIC, 5.01%, (1 Month USD LIBOR + 0.66%), 11/20/35 (d) (i) | 1564 | 1366 |
| Alternative Loan Trust 2006-9T1 |  |  |
| Series 2005-A1-81, REMIC, 4.95%, (1 Month USD LIBOR + 0.56%), 02/25/36 (d) (i) | 799 | 653 |
| Alternative Loan Trust 2006-OA17 |  |  |
| Series 2006-1A1A-OA17, REMIC, 4.55%, (1 Month USD LIBOR + 0.20%), 12/20/46 (d) (i) | 1514 | 1250 |
| Alternative Loan Trust 2007-19 |  |  |
| Series 2007-2A1-19, REMIC, 6.50%, 08/25/37 | 4022 | 1863 |
| American Airlines, Inc. |  |  |
| Series 2015-A-1, 3.38%, 05/01/27 | 1877 | 1533 |
| Attentus CDO III, Ltd. |  |  |
| Series 2007-A2-3A, REMIC, 4.36%, (3 Month USD LIBOR + 0.45%), 10/11/42 (d) (e) | 7648 | 6773 |
| BAMLL Commercial Mortgage Securities Trust 2019-AHT |  |  |
| Series 2019-A-AHT, REMIC, 5.52%, (1 Month USD LIBOR + 1.20%), 03/15/34 (d) | 7010 | 6729 |
| Banc of America Funding Corp |  |  |
| Series 2005-5M1-A, REMIC, 5.03%, (1 Month USD LIBOR + 0.68%), 02/20/35 (d) (i) | 3357 | 3083 |
| Series 2005-1A23-3, REMIC, 5.50%, 06/25/35 | 317 | 305 |
| BCAP LLC 2009-RR13-II Trust |  |  |
| Series 2009-17A3-RR13, REMIC, 5.88%, 04/26/37 (d) | 3562 | 1868 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

568

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Bear Stearns ALT-A Trust 2006-3 |  |  |
| Series 2005-12A1-8, REMIC, 4.93%, (1 Month USD LIBOR + 0.54%), 10/25/35 (d) (i) | 1837 | 1747 |
| Bombardier Capital Inc. |  |  |
| Series 1999-A5-B, REMIC, 7.44%, 12/15/29 (d) | 6296 | 832 |
| BX Trust 2021-ARIA |  |  |
| Series 2021-C-ARIA, REMIC, 5.96%, (1 Month USD LIBOR + 1.65%), 10/16/23 (d) | 2200 | 2050 |
| Series 2021-D-ARIA, REMIC, 6.21%, (1 Month USD LIBOR + 1.90%), 10/16/23 (d) | 2400 | 2220 |
| BX Trust 2021-RISE |  |  |
| Series 2021-D-RISE, REMIC, 6.07%, (1 Month USD LIBOR + 1.75%), 11/15/23 (d) | 915 | 860 |
| Carrington Mortgage Loan Trust, Series 2006-NC3 |  |  |
| Series 2006-A4-NC3, REMIC, 4.63%, (1 Month USD LIBOR + 0.24%), 07/25/36 (d) (i) | 7130 | 5664 |
| CBAM 2018-5 Ltd |  |  |
| Series 2018-A-5A, 5.10%, (3 Month USD LIBOR + 1.02%), 04/17/31 (d) | 1100 | 1081 |
| C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB8 |  |  |
| Series 2006-A2C-CB8, REMIC, 4.69%, (1 Month USD LIBOR + 0.30%), 10/25/36 (d) (i) | 5741 | 4747 |
| Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-2A |  |  |
| Series 2004-A1-1A, REMIC, 5.28%, (1 Month USD LIBOR + 0.28%), 01/25/35 (d) (e) (i) | 234 | 221 |
| CHL Mortgage Pass-Through Trust 2006-17 |  |  |
| Series 2006-A1-17, REMIC, 6.00%, 12/25/36 | 1216 | 563 |
| Citigroup Commercial Mortgage Trust 2016-C1 |  |  |
| Series 2016-A4-C1, REMIC, 3.21%, 05/12/26 | 5500 | 5125 |
| Citigroup Commercial Mortgage Trust 2018-B2 |  |  |
| Series 2018-A1-B2, REMIC, 2.86%, 01/12/23 | 47 | 47 |
| Citigroup Mortgage Loan Trust 2006-4 |  |  |
| Series 2006-2A1A-4, REMIC, 6.00%, 12/25/35 | 2558 | 2420 |
| Citigroup Mortgage Loan Trust 2013-2 |  |  |
| Series 2013-1A4-2, REMIC, 4.41%, 11/25/37 (d) | 3489 | 3054 |
| COMM 2013-CCRE10 Mortgage Trust |  |  |
| Series 2013-ASB-CR10, REMIC, 3.80%, 04/12/23 | 48 | 47 |
| Commonbond Student Loan Trust 2020-A-GS |  |  |
| Series 2020-A-AGS, 1.98%, 08/25/50 | 3943 | 3414 |
| Conseco Finance Corp. |  |  |
| Series 1999-A6-5, REMIC, 7.50%, 03/01/30 | 3056 | 1217 |
| Credit Suisse Mortgage Capital Certificates |  |  |
| Series 2009-5A9-11R, REMIC, 3.76%, 08/26/36 (d) | 1241 | 1190 |
| CSMC Mortgage-Backed Trust 2006-6 |  |  |
| Series 2006-1A11-6, REMIC, 6.00%, 07/25/36 | 482 | 260 |
| CSMC Series 2009-5R |  |  |
| Series 2009-1A2-5R, REMIC, 3.25%, 06/26/36 (d) | 2078 | 1654 |
| CWABS Asset-Backed Certificates Trust 2006-20 |  |  |
| Series 2006-2A4-20, REMIC, 4.62%, (1 Month USD LIBOR + 0.23%), 09/25/35 (d) (i) | 14200 | 12703 |
| CWABS Asset-Backed Certificates Trust 2006-21 |  |  |
| Series 2006-1A-21, REMIC, 4.53%, (1 Month USD LIBOR + 0.14%), 05/25/35 (d) (i) | 813 | 793 |
| CWABS Asset-Backed Certificates Trust 2007-10 |  |  |
| Series 2007-1M1-10, REMIC, 4.65%, (1 Month USD LIBOR + 0.26%), 11/25/36 (d) (i) | 9593 | 7454 |
| CWABS, Inc. |  |  |
| Series 2004-M1-SD3, REMIC, 5.66%, (1 Month USD LIBOR + 1.28%), 07/25/34 (d) (i) | 819 | 793 |
| Series 2004-M6-BC5, REMIC, 6.04%, (1 Month USD LIBOR + 1.65%), 07/25/34 (d) (i) | 3733 | 3592 |
| Series 2004-M4-AB2, REMIC, 5.66%, (1 Month USD LIBOR + 1.28%), 11/25/34 (d) (i) | 2370 | 1876 |
| Series 2005-MV6-7, REMIC, 5.59%, (1 Month USD LIBOR + 1.20%), 08/25/35 (d) (i) | 4000 | 3476 |
| CWMBS, Inc. |  |  |
| Series 2006-2A1-OA5, REMIC, 4.79%, (1 Month USD LIBOR + 0.40%), 04/25/46 (d) (i) | 2408 | 1962 |
| Ellington Financial Mortgage Trust 2020-1 |  |  |
| Series 2020-A1-1, REMIC, 2.01%, 05/25/65 (d) | 254 | 241 |
| Ellington Financial Mortgage Trust 2022-4 |  |  |
| Series 2022-A1-4, REMIC, 5.90%, 09/25/67 (i) | 12700 | 12518 |
| Encore Credit Receivables Trust |  |  |
| Series 2005-M5-4, REMIC, 5.36%, (1 Month USD LIBOR + 0.98%), 01/25/36 (d) (i) | 5905 | 4938 |
| Eurosail-UK 2007-3BL PLC |  |  |
| Series 2007-C1A-3X, 3.91%, (SONIA + 0.67%), 06/13/45, GBP (d) (f) | 11954 | 12167 |
| Eurosail-UK 2007-6NC PLC |  |  |
| Series 2007-A3A-6NCX, 4.06%, (SONIA + 0.82%), 09/13/45, GBP (d) (f) | 32 | 37 |
| Extended Stay America Trust 2021-ESH |  |  |
| Series 2021-A-ESH, REMIC, 5.40%, (1 Month USD LIBOR + 1.08%), 07/17/23 (d) | 12593 | 12233 |
| Fremont Home Loan Trust 2006-E |  |  |
| Series 2006-1A1-E, REMIC, 4.53%, (1 Month USD LIBOR + 0.14%), 01/25/37 (d) (i) | 14640 | 7396 |
| Galaxy XV CLO Ltd |  |  |
| Series 2013-ARR-15A, 5.05%, (3 Month USD LIBOR + 0.97%), 10/15/30 (d) | 7000 | 6882 |
| GE-WMC Mortgage Securities, L.L.C. |  |  |
| Series 2005-M2-1, REMIC, 5.08%, (1 Month USD LIBOR + 0.69%), 10/25/35 (d) (i) | 13365 | 11168 |
| GS Mortgage Securities Corp. |  |  |
| Series 2006-2A3-5, REMIC, 4.93%, (1 Month USD LIBOR + 0.54%), 03/25/36 (d) (i) | 3836 | 1758 |
| GSMSC Resecuritization Trust 2015-8R |  |  |
| Series 2015-B-8R, REMIC, 3.54%, 04/28/37 (d) | 23904 | 6595 |
| GSR Mortgage Loan Trust 2005-AR1 |  |  |
| Series 2004-1AF-4, REMIC, 4.79%, (1 Month USD LIBOR + 0.40%), 06/25/34 (d) | 4160 | 3499 |
| Series 2004-M2-10, REMIC, 4.56%, 08/25/34 (d) (i) | 2993 | 2599 |
| Harborview Mortgage Loan Trust 2006-8 |  |  |
| Series 2006-1A1-8, REMIC, 4.75%, (1 Month USD LIBOR + 0.40%), 07/21/36 (d) (i) | 3767 | 2020 |
| Harley Marine Financing LLC |  |  |
| Series 2018-A2-1A, 6.68%, 05/15/43 (i) | 171 | 168 |
| HITR 2019-2A A1 144A 3MLIB+176BP |  |  |
| Series 2019-A1-2, 6.42%, (3 Month USD LIBOR + 1.76%), 05/23/39 (d) | 9846 | 8994 |
| IndyMac INDX Mortgage Loan Trust 2006-AR21 |  |  |
| Series 2006-3A1-AR11, REMIC, 3.12%, 06/25/36 (d) | 2333 | 1456 |
| IndyMac MBS, Inc. |  |  |
| Series 2005-A5-A5, REMIC, 4.79%, (1 Month USD LIBOR + 0.40%), 05/25/35 (d) | 958 | 626 |
| J.P. Morgan Alternative Loan Trust 2006-A6 |  |  |
| Series 2006-1A1-A5, REMIC, 4.71%, (1 Month USD LIBOR + 0.32%), 10/25/36 (d) (i) | 1077 | 917 |
| J.P. Morgan Mortgage Acquisition Corp. 2005-FLD1 |  |  |
| Series 2005-M6-FLD1, REMIC, 5.47%, (1 Month USD LIBOR + 1.08%), 07/25/35 (d) | 7757 | 7342 |
| JPMCC Commercial Mortgage Securities Trust 2016-JP4 |  |  |
| Series 2016-A4-JP4, REMIC, 3.65%, 11/18/26 (d) | 2600 | 2431 |
| LCCM 2021-FL3 Trust |  |  |
| Series 2021-A-FL3, REMIC, 5.77%, (1 Month USD LIBOR + 1.45%), 11/17/36 (d) (i) | 17100 | 16317 |
| Lehman XS Trust, Series 2007-15N |  |  |
| Series 2007-2A1-15N, REMIC, 4.89%, (1 Month USD LIBOR + 0.25%), 08/25/47 (d) (i) | 2951 | 2624 |
| Madison Park Funding XLI, Ltd. |  |  |
| Series AR-12A, 5.15%, (3 Month USD LIBOR + 0.83%), 04/22/27 (d) | 4684 | 4634 |
| Mansard Mortgages 2006-1 PLC |  |  |
| Series 2006-B1-1X, 2.87%, (SONIA + 1.22%), 10/15/48, GBP (d) (f) | 3886 | 4211 |
| Meritage Mortgage Corporation |  |  |
| Series 2004-M2-2, REMIC, 5.29%, (1 Month USD LIBOR + 0.90%), 01/25/35 (d) (i) | 5072 | 4843 |
| METAL 2017-1 LLC |  |  |
| Series 2017-A-1, 4.58%, 10/15/24 (e) (i) | 1159 | 609 |
| Morgan Stanley & Co. LLC |  |  |
| Series 2019-A4-L2, REMIC, 4.07%, 02/16/29 | 1700 | 1571 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

569

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Morgan Stanley Capital I Trust 2018-Sun |  |  |
| Series 2018-D-SUN, REMIC, 5.97%, (1 Month USD LIBOR + 1.65%), 07/16/35 (d) (i) | 9562 | 9228 |
| Morgan Stanley Capital I Trust 2021-230P |  |  |
| Series 2021-D-230P, REMIC, 6.70%, (1 Month USD LIBOR + 2.38%), 12/15/23 (d) | 2929 | 2708 |
| Series 2021-E-230P, REMIC, 7.39%, (1 Month USD LIBOR + 3.08%), 12/15/23 (d) | 5417 | 4873 |
| Morgan Stanley Resecuritization Trust 2014-R3 |  |  |
| Series 2014-2AD-R3, REMIC, 6.24%, 07/28/48 (d) | 2325 | 2268 |
| Mr. Cooper Group Inc. |  |  |
| Series 2007-A1A-OA5, REMIC, 2.89%, (12 Month Treasury Average + 0.84%), 05/25/47 (d) | 1692 | 1384 |
| Navient Funding, LLC |  |  |
| Series 2006-A5-B, REMIC, 5.04%, (3 Month USD LIBOR + 0.27%), 12/15/39 (d) | 1551 | 1428 |
| Newgate Funding PLC |  |  |
| Series 2007-A3-2X, 3.96%, (3 Month GBP LIBOR + 0.16%), 12/15/50, GBP (d) (f) | 3769 | 4286 |
| Novastar Mortgage Funding Trust, Series 2007-1 |  |  |
| Series 2007-A2C-1, REMIC, 4.57%, (1 Month USD LIBOR + 0.18%), 03/25/37 (d) (i) | 39206 | 13467 |
| Pagaya AI Debt Selection Trust 2021-5 |  |  |
| Series 2021-A-5, 1.53%, 08/15/29 | 3702 | 3575 |
| Palmer Square Loan Funding 2020-1, LLC |  |  |
| Series 2020-A1-1A, 5.48%, (3 Month USD LIBOR + 0.80%), 02/22/28 (d) | 1834 | 1821 |
| Park Place Securities, Inc. |  |  |
| Series 2005-M5-WHQ2, REMIC, 5.42%, (1 Month USD LIBOR + 1.04%), 05/25/35 (d) (i) | 4461 | 3098 |
| People's Choice Home Loan Securities Trust Series 2005-3 |  |  |
| Series 2005-M3-3, REMIC, 5.24%, (1 Month USD LIBOR + 0.86%), 08/25/35 (d) (i) | 3545 | 3315 |
| PHH Alternative Mortgage Trust, Series 2007-3 |  |  |
| Series 2007-A3-3, REMIC, 4.99%, (1 Month USD LIBOR + 0.60%), 07/25/37 (d) (i) | 4127 | 3801 |
| Preferred Residential Securities 05-2 PLC |  |  |
| Series 2005-C1C-2X, 4.37%, (SONIA + 0.69%), 12/15/40, GBP (d) (f) (i) | 1860 | 2192 |
| RFMSI Series 2007-S4 Trust |  |  |
| Series 2007-A5-S4, REMIC, 6.00%, (1 Month USD LIBOR + 0.60%), 04/25/37 (d) | 871 | 710 |
| Saxon Asset Securities Trust 2004-3 |  |  |
| Series 2004-M1-1, REMIC, 5.18%, (1 Month USD LIBOR + 0.80%), 03/25/35 (d) (i) | 788 | 687 |
| Securitized Asset Backed Receivables LLC |  |  |
| Series 2005-M2-EC1, REMIC, 5.03%, (1 Month USD LIBOR + 0.65%), 01/25/35 (d) (i) | 263 | 258 |
| Series 2005-M2-FR3, REMIC, 5.36%, (1 Month USD LIBOR + 0.98%), 04/25/35 (d) (i) | 1062 | 913 |
| Series 2006-M3-OP1, REMIC, 5.00%, (1 Month USD LIBOR + 0.62%), 10/25/35 (d) (i) | 9925 | 9497 |
| SG Mortgage Securities Trust |  |  |
| Series 2005-M3-OPT1, REMIC, 5.09%, (1 Month USD LIBOR + 0.71%), 10/25/35 (d) (i) | 4975 | 4466 |
| S-JETS 2017-1 Limited |  |  |
| Series 2017-A-1, 3.97%, 08/15/25 (i) | 1053 | 812 |
| SMB Private Education Loan Trust 2022-B |  |  |
| Series 2022-A1A-B, REMIC, 3.94%, 02/16/55 | 3265 | 3051 |
| Series 2022-A1B-B, REMIC, 4.67%, (SOFR 30-Day Average + 1.45%), 02/16/55 (d) | 3265 | 3144 |
| Soundview Home Loan Trust |  |  |
| Series 2005-M2-OPT2, REMIC, 5.23%, (1 Month USD LIBOR + 0.84%), 08/25/35 (d) (i) | 8000 | 6764 |
| Specialty Underwriting & Residential Finance Trust |  |  |
| Series 2006-A1-AB2, REMIC, 4.69%, (1 Month USD LIBOR + 0.30%), 06/25/37 (d) (i) | 17868 | 10362 |
| Stratton Mortgage Funding 2020-1 PLC |  |  |
| Series 2020-C-1, 5.25%, (SONIA + 2.00%), 03/12/52, GBP (d) (f) (i) | 3200 | 3755 |
| Structured Asset Investment Loan Trust 2005-4 |  |  |
| Series 2005-M2-HE1, REMIC, 5.11%, (1 Month USD LIBOR + 0.72%), 07/25/35 (d) (i) | 1217 | 1127 |
| Structured Asset Securities CORP Mortgage Loan Trust 2007-OSI |  |  |
| Series 2007-A4-OSI, REMIC, 4.59%, (1 Month USD LIBOR + 0.20%), 06/25/37 (d) (i) | 15055 | 9863 |
| Towd Point Mortgage Trust 2022-4 |  |  |
| Series 2022-A1-4, REMIC, 3.75%, 09/25/62 | 13607 | 12636 |
| TruPS Financials Note Securitization 2017-2 Ltd |  |  |
| Series 2017-A1-2A, 6.32%, (3 Month USD LIBOR + 1.57%), 09/20/39 (d) | 1593 | 1520 |
| United Airlines Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 5.88%, 10/15/27 | 2134 | 2102 |
| US Airways, Inc. |  |  |
| Series 2010-A-1, 6.25%, 04/22/23 | 744 | 733 |
| WaMu Asset-Backed Certificates WaMu Series 2007-HE2 Trust |  |  |
| Series 2007-2A3-HE2, REMIC, 4.64%, (1 Month USD LIBOR + 0.25%), 04/25/37 (d) (i) | 38195 | 14094 |
| WaMu Asset-Backed Certificates, WaMu Series 200X-HEX Trust |  |  |
| Series 2005-3M2-WL1, REMIC, 5.17%, (1 Month USD LIBOR + 0.78%), 06/25/45 (d) (i) | 1847 | 1816 |
| Wamu Mortgage Pass-Through Certificates Series 2003-S10trust |  |  |
| Series 2005-1A3-AR10, REMIC, 3.83%, 09/25/35 (d) | 1486 | 1268 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OA3 Trust |  |  |
| Series 2007-4A2-OA3, REMIC, 2.75%, (12 Month Treasury Average + 0.70%), 04/25/47 (d) | 1154 | 886 |
| Wells Fargo Commercial Mortgage Trust 2017-HSDB |  |  |
| Series 2017-A-HSDB, REMIC, 5.37%, (1 Month USD LIBOR + 0.85%), 12/15/31 (d) (i) | 3065 | 3017 |
| Series 2017-B-HSDB, REMIC, 5.62%, (1 Month USD LIBOR + 1.10%), 12/15/31 (d) (i) | 2542 | 2467 |
| Series 2017-D-HSDB, REMIC, 6.36%, (1 Month USD LIBOR + 1.84%), 12/15/31 (d) (i) | 178 | 169 |
| Wells Fargo Mortgage Backed Securities 2007-AR7 Trust |  |  |
| Series 2007-A1-AR7, REMIC, 4.33%, 12/25/37 (d) | 8830 | 7553 |
| WFRBS Commercial Mortgage Trust 2013-C15 |  |  |
| Series 2013-ASB-C15, REMIC, 3.72%, 05/17/23 | 98 | 97 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $470,793) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $470,793) | 420585 |
| **CORPORATE BONDS AND NOTES 20.1%** | **CORPORATE BONDS AND NOTES 20.1%** | **CORPORATE BONDS AND NOTES 20.1%** |
| **Financials 7.0%** | **Financials 7.0%** | **Financials 7.0%** |
| Avolon Holdings Funding Limited |  |  |
| 2.53%, 11/18/27 (e) | 2605 | 2103 |
| Banco de Credito del Peru |  |  |
| 4.65%, 09/17/24, PEN (e) | 1800 | 443 |
| Barclays PLC |  |  |
| 6.38%, (100, 12/15/25), GBP (f) (l) | 1780 | 1967 |
| 7.25%, (100, 03/15/23), GBP (f) (l) (m) | 2900 | 3459 |
| 7.75%, (100, 09/15/23) (l) (m) | 5700 | 5536 |
| Corsair International Limited |  |  |
| 5.47%, (6 Month EURIBOR + 4.85%), 11/24/26, EUR (d) | 1000 | 1057 |
| 5.83%, (6 Month EURIBOR + 5.20%), 01/28/29, EUR (d) (e) | 1000 | 1054 |
| Credit Suisse Group AG |  |  |
| 7.25%, (100, 09/12/25) (e) (l) | 200 | 145 |
| 7.50%, (100, 07/17/23) (e) (l) | 1100 | 886 |
| 7.50%, (100, 07/17/23) (f) (l) | 3300 | 2657 |
| 7.50%, (100, 12/11/23) (e) (l) (m) | 2600 | 2258 |
| 6.50%, 08/08/23 (e) (m) | 1800 | 1737 |
| 3.09%, 05/14/32 (e) | 1250 | 868 |
| 6.54%, 08/12/33 (e) (m) | 2300 | 2024 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 3.96%, 11/26/25 | 1729 | 1650 |
| 3.04%, 05/28/32 (m) | 9500 | 7200 |
| Ford Motor Credit Company LLC |  |  |
| 2.68%, (3 Month EURIBOR + 0.70%), 12/01/24, EUR (d) | 100 | 103 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

570

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| HSBC Holdings PLC |  |  |
| 3.97%, 05/22/30 | 600 | 524 |
| 2.85%, 06/04/31 (m) | 5040 | 4012 |
| Intesa Sanpaolo SPA |  |  |
| 7.75%, (100, 01/11/27), EUR (f) (l) (m) | 8300 | 8568 |
| Lloyds Banking Group PLC |  |  |
| 4.95%, (5 Year EURIBOR Swap Rate Constant Maturity + 5.29%), (100, 06/27/25), EUR (d) (f) (l) (m) | 5342 | 5432 |
| 7.88%, (100, 06/27/29), GBP (f) (l) (m) | 1600 | 1841 |
| Nationwide Building Society |  |  |
| 4.30%, 03/08/29 (e) | 1600 | 1447 |
| NatWest Group PLC |  |  |
| 4.89%, 05/18/29 (m) | 200 | 188 |
| 5.08%, 01/27/30 (m) | 2800 | 2635 |
| 4.45%, 05/08/30 (m) (n) | 2000 | 1813 |
| Navient Corporation |  |  |
| 5.50%, 01/25/23 | 1590 | 1587 |
| OneMain Finance Corporation |  |  |
| 5.63%, 03/15/23 | 2745 | 2741 |
| Owl Rock Capital Corporation |  |  |
| 2.88%, 06/11/28 | 4600 | 3616 |
| Rio Oil Finance Trust |  |  |
| 9.25%, 07/06/24 (f) (i) | 64 | 65 |
| 8.20%, 04/06/28 (e) | 213 | 215 |
| Santander UK Group Holdings PLC |  |  |
| 6.75%, (100, 06/24/24), GBP (f) (l) (m) | 2780 | 3219 |
| 3.82%, 11/03/28 (m) | 1800 | 1604 |
| Stichting AK Rabobank Certificaten II |  |  |
| 6.50%, EUR (d) (f) (i) (l) | 4401 | 4516 |
| Turkiye Ihracat Kredi Bankasi A.S. |  |  |
| 8.25%, 01/24/24 (e) | 200 | 203 |
| UniCredit S.p.A. |  |  |
| 7.83%, 12/04/23 (e) | 6140 | 6193 |
| Voyager Aviation Holdings, LLC |  |  |
| 8.50%, 05/09/26 (e) | 2540 | 2108 |
| | | 87674 |
| **Communication Services 3.5%** | **Communication Services 3.5%** | **Communication Services 3.5%** |
| Altice Financing S.A. |  |  |
| 5.75%, 08/15/29 (e) (n) | 1275 | 1004 |
| DISH DBS Corporation |  |  |
| 5.25%, 12/01/26 (e) | 1490 | 1257 |
| 5.75%, 12/01/28 (e) | 1490 | 1190 |
| Intelsat Jackson Holdings S.A. |  |  |
| 6.50%, 03/15/30 (e) | 9103 | 8169 |
| Netflix, Inc. |  |  |
| 4.63%, 05/15/29, EUR (f) | 500 | 521 |
| 3.88%, 11/15/29, EUR (f) | 809 | 800 |
| 3.63%, 06/15/30, EUR (f) | 8611 | 8350 |
| Sprint Corporation |  |  |
| 7.88%, 09/15/23 | 15367 | 15596 |
| 7.13%, 06/15/24 | 1600 | 1633 |
| 7.63%, 03/01/26 | 47 | 49 |
| Windstream Escrow, LLC |  |  |
| 7.75%, 08/15/28 (e) | 6439 | 5268 |
|  |  | 43837 |
| **Utilities 3.1%** | **Utilities 3.1%** | **Utilities 3.1%** |
| National Power Company Ukrenergo |  |  |
| 6.88%, 11/09/28 (f) | 400 | 69 |
| Pacific Gas And Electric Company |  |  |
| 3.25%, 06/15/23 | 2792 | 2759 |
| 4.25%, 08/01/23 - 03/15/46 | 5580 | 5158 |
| 3.40%, 08/15/24 | 721 | 693 |
| 3.50%, 06/15/25 (n) | 577 | 545 |
| 3.45%, 07/01/25 | 963 | 912 |
| 2.95%, 03/01/26 | 690 | 634 |
| 3.30%, 03/15/27 - 12/01/27 | 1347 | 1194 |
| 3.00%, 06/15/28 | 3343 | 2887 |
| 3.75%, 07/01/28 - 08/15/42 | 1014 | 893 |
| 4.55%, 07/01/30 | 7255 | 6567 |
| 4.40%, 03/01/32 | 1000 | 875 |
| 4.50%, 12/15/41 | 84 | 60 |
| 4.45%, 04/15/42 | 237 | 177 |
| 4.60%, 06/15/43 | 108 | 82 |
| 4.75%, 02/15/44 | 209 | 162 |
| 4.30%, 03/15/45 | 11143 | 7971 |
| 4.00%, 12/01/46 | 30 | 20 |
| 4.95%, 07/01/50 | 3530 | 2758 |
| 5.25%, 03/01/52 | 1000 | 821 |
| PG&E Wildfire Recovery Funding LLC |  |  |
| 4.26%, 06/01/36 | 480 | 446 |
| 4.38%, 06/01/39 | 530 | 477 |
| 4.45%, 12/01/47 | 2800 | 2418 |
|  |  | 38578 |
| **Consumer Discretionary 1.6%** | **Consumer Discretionary 1.6%** | **Consumer Discretionary 1.6%** |
| Carvana Co. |  |  |
| 5.50%, 04/15/27 (e) | 120 | 47 |
| 4.88%, 09/01/29 (e) | 1400 | 532 |
| 10.25%, 05/01/30 (e) | 3600 | 1691 |
| Marriott International, Inc. |  |  |
| 4.63%, 06/15/30 (o) | 66 | 62 |
| MCE Finance Limited |  |  |
| 5.38%, 12/04/29 (e) | 800 | 645 |
| Mitchells & Butlers Finance PLC |  |  |
| 6.01%, 12/15/28, GBP (i) | 122 | 136 |
| Nissan Motor Co., Ltd. |  |  |
| 3.52%, 09/17/25 (e) | 2000 | 1859 |
| 4.35%, 09/17/27 (e) | 4300 | 3901 |
| 4.81%, 09/17/30 (e) | 300 | 254 |
| Sands China Ltd. |  |  |
| 5.63%, 08/08/25 (i) (o) | 6033 | 5840 |
| 4.30%, 01/08/26 (i) (o) | 400 | 368 |
| 5.90%, 08/08/28 (i) (o) | 2000 | 1874 |
| 4.88%, 06/18/30 (i) (o) | 200 | 172 |
| Studio City Company Limited |  |  |
| 7.00%, 02/15/27 (e) | 400 | 374 |
| Viking Cruises Limited |  |  |
| 13.00%, 05/15/25 (e) | 1600 | 1696 |
| Wynn Macau, Limited |  |  |
| 5.13%, 12/15/29 (e) | 1400 | 1129 |
|  |  | 20580 |
| **Energy 1.6%** | **Energy 1.6%** | **Energy 1.6%** |
| Gaz Capital S.A. |  |  |
| 0.00%, 01/24/24, EUR (f) (g) (h) | 4380 | 3282 |
| 0.00%, 03/23/27 (f) (g) (h) | 800 | 560 |
| Gaz Finance PLC |  |  |
| 0.00%, 06/29/27 (f) (g) (h) | 200 | 140 |
| 0.00%, 01/27/29 (e) (f) (g) (h) | 6400 | 4480 |
| Petroleos de Venezuela, S.A. |  |  |
| 0.00%, 05/16/24 - 04/12/37 (f) (g) (h) (j) | 1590 | 68 |
| Petroleos Mexicanos |  |  |
| 6.70%, 02/16/32 | 12389 | 9754 |
| 6.95%, 01/28/60 | 1190 | 753 |
| Topaz Solar Farms LLC |  |  |
| 4.88%, 09/30/39 (e) | 63 | 55 |
| 5.75%, 09/30/39 (e) | 679 | 642 |
| Valaris Limited |  |  |
| 8.25%, 04/30/28 (e) (p) | 16 | 16 |
| Valaris PLC |  |  |
| 8.25%, 04/30/28 (p) | 21 | 21 |
| Western Midstream Operating, LP |  |  |
| 5.04%, (3 Month USD LIBOR + 0.85%), 01/13/23 (d) | 124 | 124 |
|  |  | 19895 |
| **Health Care 1.2%** | **Health Care 1.2%** | **Health Care 1.2%** |
| Community Health Systems, Inc. |  |  |
| 8.00%, 03/15/26 (e) | 1134 | 1034 |
| 5.63%, 03/15/27 (e) | 4746 | 4072 |
| Legacy Lifepoint Health, LLC |  |  |
| 9.75%, 12/01/26 (e) | 6500 | 5233 |
| Prime Healthcare Services, Inc. |  |  |
| 7.25%, 11/01/25 (e) | 5000 | 4232 |
|  |  | 14571 |
| **Industrials 1.0%** | **Industrials 1.0%** | **Industrials 1.0%** |
| Cellnex Finance Company, S.A. |  |  |
| 3.88%, 07/07/41 (e) | 4860 | 3382 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

571

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Park Aerospace Holdings Limited |  |  |
| 4.50%, 03/15/23 (e) | 4325 | 4314 |
| The Boeing Company |  |  |
| 5.71%, 05/01/40 (o) | 1929 | 1839 |
| 5.81%, 05/01/50 (o) | 1497 | 1396 |
| 5.93%, 05/01/60 (o) | 2230 | 2044 |
| | | 12975 |
| **Real Estate 0.8%** | **Real Estate 0.8%** | **Real Estate 0.8%** |
| Country Garden Holdings Company Limited |  |  |
| 5.13%, 01/17/25 (f) | 600 | 403 |
| 3.13%, 10/22/25 (f) | 400 | 244 |
| 2.70%, 07/12/26 (f) | 400 | 228 |
| 3.88%, 10/22/30 (f) | 400 | 212 |
| EPR Properties |  |  |
| 4.75%, 12/15/26 | 32 | 29 |
| 4.95%, 04/15/28 | 90 | 77 |
| GLP Financing, LLC |  |  |
| 5.25%, 06/01/25 | 54 | 53 |
| 5.30%, 01/15/29 | 268 | 254 |
| Kennedy Wilson Europe Real Estate Limited |  |  |
| 3.25%, 11/12/25, EUR (f) | 3000 | 2497 |
| MPT Operating Partnership, L.P. |  |  |
| 3.69%, 06/05/28, GBP | 300 | 264 |
| Omega Healthcare Investors, Inc. |  |  |
| 3.63%, 10/01/29 | 184 | 151 |
| Uniti Group Inc. |  |  |
| 7.88%, 02/15/25 (e) | 5171 | 5019 |
| 6.50%, 02/15/29 (e) | 507 | 336 |
|  |  | 9767 |
| **Consumer Staples 0.2%** | **Consumer Staples 0.2%** | **Consumer Staples 0.2%** |
| Market Bidco Finco PLC |  |  |
| 4.75%, 11/04/27, EUR (e) | 2300 | 1965 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| Syngenta Finance N.V. |  |  |
| 4.89%, 04/24/25 (e) (o) | 943 | 913 |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| Oracle Corporation |  |  |
| 3.85%, 04/01/60 | 234 | 157 |
| Total Corporate Bonds And Notes (cost $300,409) | Total Corporate Bonds And Notes (cost $300,409) | 250912 |
| **SENIOR FLOATING RATE INSTRUMENTS 6.6%** | **SENIOR FLOATING RATE INSTRUMENTS 6.6%** | **SENIOR FLOATING RATE INSTRUMENTS 6.6%** |
| **Industrials 3.1%** | **Industrials 3.1%** | **Industrials 3.1%** |
| American Airlines, Inc. |  |  |
| 2021 Term Loan, 8.99%, (3 Month USD LIBOR + 4.75%), 03/10/28 (d) | 5700 | 5669 |
| TransDigm Inc. |  |  |
| 2022 Term Loan H, 5.92%, (3 Month Term SOFR + 3.25%), 02/28/27 (d) | 3447 | 3430 |
| TransDigm, Inc. |  |  |
| 2020 Term Loan F, 5.92%, (3 Month USD LIBOR + 2.25%), 06/09/23 (d) | 3939 | 3886 |
| 2020 Term Loan E, 5.92%, (3 Month USD LIBOR + 2.25%), 05/30/25 (d) | 8075 | 7980 |
| Uber Technologies, Inc. |  |  |
| 2021 1st Lien Term Loan B, 8.23%, (3 Month USD LIBOR + 3.50%), 04/04/25 (d) | 4923 | 4917 |
| 2021 Term Loan B, 8.23%, (3 Month USD LIBOR + 3.50%), 02/16/27 (d) | 12617 | 12583 |
|  |  | 38465 |
| **Financials 1.4%** | **Financials 1.4%** | **Financials 1.4%** |
| Avolon |  |  |
| Term Loan, 5.85%, (3 Month USD LIBOR + 1.50%), 02/05/27 (d) | 33 | 33 |
| Avolon TLB Borrower 1 (US) LLC |  |  |
| Term Loan B3, 6.10%, (3 Month USD LIBOR + 1.75%), 01/15/25 (d) | 31 | 31 |
| Ineos Finance PLC |  |  |
| Term Loan, 3.49%, (3 Month EURIBOR + 2.00%), 03/31/24, EUR (d) | 11399 | 12145 |
| Lealand Finance Company B.V. |  |  |
| 2020 Make Whole Term Loan, 7.07%, (1 Month USD LIBOR + 3.00%), 06/28/24 (d) | 21 | 13 |
| 2020 Take Back Term Loan, 5.07%, (3 Month USD LIBOR + 3.00%), 06/30/25 (d) (p) | 67 | 35 |
| Softbank Vision Fund II |  |  |
| Term Loan, 5.00%, 12/21/25 (d) (q) | 5620 | 5388 |
|  |  | 17645 |
| **Communication Services 0.8%** | **Communication Services 0.8%** | **Communication Services 0.8%** |
| Carnival Corporation |  |  |
| USD Term Loan B, 0.00%, (3 Month EURIBOR + 3.75%), 06/26/25, EUR (d) (r) | 2000 | 2051 |
| Cengage Learning, Inc. |  |  |
| 2021 Term Loan B, 7.81%, (6 Month USD LIBOR + 4.75%), 06/29/26 (d) | 4210 | 3777 |
| Intelsat Jackson Holdings S.A. |  |  |
| 2021 Exit Term Loan B, 7.44%, (SOFR + 4.50%), 01/25/29 (d) | 2375 | 2289 |
| PUG LLC |  |  |
| USD Term Loan , 7.57%, (1 Month USD LIBOR + 3.50%), 01/31/27 (d) | 95 | 78 |
| Syniverse Holdings, Inc. |  |  |
| 2022 Term Loan, 10.55%, (3 Month Term SOFR + 7.00%), 05/06/27 (d) | 544 | 473 |
| Windstream Services |  |  |
| Term Loan, 8.42%, 02/28/27 (d) (q) | 1000 | 934 |
| Windstream Services, LLC |  |  |
| 2020 Exit Term Loan B, 10.44%, (1 Month USD LIBOR + 6.25%), 08/24/27 (d) | 550 | 497 |
|  |  | 10099 |
| **Information Technology 0.5%** | **Information Technology 0.5%** | **Information Technology 0.5%** |
| Market Bidco Limited |  |  |
| Term Loan, 6.55%, (3 Month EURIBOR + 4.75%), 11/04/27 - 07/31/28, EUR (d) | 3058 | 2839 |
| Poseidon BidCo S.A.S |  |  |
| Term Loan, 6.86%, 07/14/28, EUR (d) (q) | 2947 | 2681 |
| SS&C European Holdings Sarl |  |  |
| 2018 Term Loan B4, 5.82%, (1 Month USD LIBOR + 1.75%), 02/27/25 (d) | 116 | 114 |
| SS&C Technologies Inc. |  |  |
| 2018 Term Loan B3, 5.82%, (1 Month USD LIBOR + 1.75%), 02/27/25 (d) | 149 | 146 |
|  |  | 5780 |
| **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** | **Consumer Discretionary 0.4%** |
| Caesars Resort Collection, LLC |  |  |
| 2017 1st Lien Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 12/23/24 (d) | 2969 | 2959 |
| Carnival Corporation |  |  |
| EUR Term Loan B, 3.98%, (3 Month EURIBOR + 3.75%), 06/26/25, EUR (d) | 897 | 920 |
| USD Term Loan B, 5.88%, (1 Month USD LIBOR + 3.00%), 06/29/25 (d) | 782 | 748 |
|  |  | 4627 |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Amsurg |  |  |
| Term Loan, 12.12%, (SOFR + 7.88%), 04/30/27 (d) | 1438 | 1394 |
| Term Loan, 15.74%, (SOFR + 11.50%), 04/30/27 (d) (p) | 3542 | 2810 |
| RegionalCare Hospital Partners Holdings, Inc. |  |  |
| 2018 Term Loan B, 8.16%, (3 Month USD LIBOR + 3.75%), 11/09/25 (d) | 87 | 81 |
|  |  | 4285 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| Axalta Coating Systems Dutch Holding B B.V. |  |  |
| Term Loan, 0.00%, (SOFR + 3.00%), 11/30/29 (d) (r) | 25 | 25 |
| Waterlogic Group Holdings Limited |  |  |
| Term Loan, 0.00%, 07/14/28, EUR (d) (q) (r) | 1473 | 1341 |
|  |  | 1366 |
| **Consumer Staples 0.0%** | **Consumer Staples 0.0%** | **Consumer Staples 0.0%** |
| Sunshine Luxembourg VII SARL |  |  |
| 2021 Term Loan B3, 7.42%, (3 Month USD LIBOR + 3.75%), 10/02/26 (d) | 444 | 424 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| Westmoreland Coal Company |  |  |
| Term Loan, 15.00%, (3 Month USD LIBOR + 15.00%), 03/15/29 (d) (p) | 72 | 54 |
| Total Senior Floating Rate Instruments (cost $85,538) | Total Senior Floating Rate Instruments (cost $85,538) | 82745 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

572

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **COMMON STOCKS 1.1%** | **COMMON STOCKS 1.1%** | **COMMON STOCKS 1.1%** |
| **Consumer Discretionary 0.5%** | **Consumer Discretionary 0.5%** | **Consumer Discretionary 0.5%** |
| NMG Parent LLC (g) (q) | 32 | 5558 |
| **Communication Services 0.4%** | **Communication Services 0.4%** | **Communication Services 0.4%** |
| Clear Channel Outdoor Holdings, Inc. (g) | 515 | 541 |
| iHeartMedia, Inc. (g) (j) | 91 | 503 |
| iHeartMedia, Inc. - Class A (g) | 125 | 763 |
| Intelsat Jackson Holdings, Ltd. (g) (q) | 124 | 2967 |
|  |  | 4774 |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| Noble Corporation PLC (g) | 38 | 1445 |
| Westmoreland Coal Company (g) (q) | 1 | 6 |
|  |  | 1451 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Credit Suisse Group AG - Class N | 93 | 277 |
| Voyager Common Shares (g) (q) |  |  |
| Voyager Preferred Units (g) (q) | 2 | 617 |
|  |  | 894 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| CBL & Associates Properties, Inc. (n) |  | 7 |
| Uniti Group Inc. | 55 | 302 |
|  |  | 309 |
| Total Common Stocks (cost $13,859) | Total Common Stocks (cost $13,859) | 12986 |
| **RIGHTS 0.2%** | **RIGHTS 0.2%** | **RIGHTS 0.2%** |
| Intelsat Jackson Holdings, Ltd. (g) (q) | 13 | 91 |
| Intelsat Jackson Holdings, Ltd. (g) (q) | 13 | 97 |
| Windstream Services, LLC (g) (q) | 109 | 2204 |
| Total Rights (cost $898) | Total Rights (cost $898) | 2392 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Intelsat Jackson Holdings, Ltd. (g) (q) |  | 1 |
| Intelsat Jackson Holdings, Ltd. (g) (q) | 1 | 4 |
| Total Warrants (cost $7) | Total Warrants (cost $7) | 5 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| Intelsat Jackson Holdings S.A. (g) (q) (s) | 4728 |  |
| Intelsat Jackson Holdings S.A. (g) (q) (s) | 4558 |  |
| Intelsat Jackson Holdings S.A. (g) (q) (s) | 3661 |  |
| Total Other Equity Interests (cost $0) | Total Other Equity Interests (cost $0) |  |
| **SHORT TERM INVESTMENTS 5.0%** | **SHORT TERM INVESTMENTS 5.0%** | **SHORT TERM INVESTMENTS 5.0%** |
| **U.S. Treasury Bill 3.6%** | **U.S. Treasury Bill 3.6%** | **U.S. Treasury Bill 3.6%** |
| Treasury, United States Department of |  |  |
| 3.60%, 01/17/23 (c) | 2584 | 2580 |
| 3.96%, 02/07/23 (c) | 31600 | 31480 |
| 4.40%, 03/30/23 | 10400 | 10294 |
|  |  | 44354 |
| **Discount Notes 1.0%** | **Discount Notes 1.0%** | **Discount Notes 1.0%** |
| FHLBanks Office of Finance |  |  |
| 4.38%, 02/17/23 | 12200 | 12135 |
| **Investment Companies 0.2%** | **Investment Companies 0.2%** | **Investment Companies 0.2%** |
| J.P. Morgan U.S. Government Money Market Fund, 4.11% (t) | 2247 | 2247 |
| **Treasury Securities 0.1%** | **Treasury Securities 0.1%** | **Treasury Securities 0.1%** |
| Presidencia De La Nacion |  |  |
| 0.00%, 05/19/23, ARS (u) | 415300 | 1927 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (t) (v) | 991 | 991 |
| Total Short Term Investments (cost $61,532) | Total Short Term Investments (cost $61,532) | 61654 |
| **Total Investments 119.6% (cost $1,642,405)** | **Total Investments 119.6% (cost $1,642,405)** | **1490279** |
| **Total Forward Sales Commitments (0.2)% (proceeds $2,284)** | **Total Forward Sales Commitments (0.2)% (proceeds $2,284)** | **(2259)** |
| **Other Derivative Instruments (0.3)%** | **Other Derivative Instruments (0.3)%** | **(3223)** |
| **Other Assets and Liabilities, Net (19.1)%** | **Other Assets and Liabilities, Net (19.1)%** | **(238309)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1246488** |

---

(a) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2022, the total payable for investments purchased on a delayed delivery basis was $323,241.

(b) Treasury inflation indexed note, par amount is adjusted for inflation.

(c) All or a portion of the security is pledged or segregated as collateral.

(d) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $101,637 and 8.2% of the Fund.

(f) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(g) Non-income producing security.

(h) As of December 31, 2022, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date. The aggregate value of these securities represented 1.5% of the Fund's net assets.

(i) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(j) Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(k) Treasury inflation indexed note, par amount is not adjusted for inflation.

(l) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(m) Convertible security.

(n) All or a portion of the security was on loan as of December 31, 2022.

(o) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(p) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(q) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(r) This senior floating rate interest will settle after December 31, 2022. If a reference rate and spread is presented, it will go into effect upon settlement.

(s) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(t) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

(u) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(v) Investment in affiliate.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **FORWARD SALES COMMITMENTS (0.2%)** | **FORWARD SALES COMMITMENTS (0.2%)** | **FORWARD SALES COMMITMENTS (0.2%)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS (0.2%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.2%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.2%)** |
| **Mortgage-Backed Securities (0.2%)** | **Mortgage-Backed Securities (0.2%)** | **Mortgage-Backed Securities (0.2%)** |
| Federal National Mortgage Association, Inc. |  |  |
| 3.50%, 01/15/53 | (800) | (728) |
| 4.00%, 01/15/53 | (1630) | (1531) |
| Total Government And Agency Obligations (proceeds $2,284) | Total Government And Agency Obligations (proceeds $2,284) | (2259) |
| **Total Forward Sales Commitments (0.2%) (proceeds $2,284)** | **Total Forward Sales Commitments (0.2%) (proceeds $2,284)** | **(2259)** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

573

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Restricted Securities** | **JNL/PIMCO Income Fund — Restricted Securities** | **JNL/PIMCO Income Fund — Restricted Securities** | **JNL/PIMCO Income Fund — Restricted Securities** | **JNL/PIMCO Income Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Alba 2006-2 PLC, Series 2006-D-2, 3.85%, 12/15/38 | 02/19/20 | 1349 | 1141 | 0.1 |
| Barclays PLC, 6.38% (callable at 100, 12/15/25) | 08/13/20 | 2346 | 1967 | 0.2 |
| Barclays PLC, 7.25% (callable at 100, 03/15/23) | 01/26/18 | 3940 | 3459 | 0.3 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 6.35%, 08/12/28 | 09/19/19 | 112 | 85 |  |
| Country Garden Holdings Company Limited, 5.13%, 01/17/25 | 01/13/22 | 527 | 403 |  |
| Country Garden Holdings Company Limited, 3.13%, 10/22/25 | 08/10/22 | 124 | 244 |  |
| Country Garden Holdings Company Limited, 2.70%, 07/12/26 | 08/02/22 | 117 | 228 |  |
| Country Garden Holdings Company Limited, 3.88%, 10/22/30 | 08/01/22 | 112 | 212 |  |
| Credit Suisse Group AG, 7.50% (callable at 100, 07/17/23) | 06/10/21 | 3377 | 2657 | 0.2 |
| Eurosail-UK 2007-3BL PLC, Series 2007-C1A-3X, 3.91%, 06/13/45 | 09/02/20 | 13890 | 12167 | 1.0 |
| Eurosail-UK 2007-6NC PLC, Series 2007-A3A-6NCX, 4.06%, 09/13/45 | 10/15/18 | 41 | 37 |  |
| Gaz Capital S.A., 0.00%, 01/24/24 | 01/16/19 | 4994 | 3282 | 0.3 |
| Gaz Capital S.A., 0.00%, 03/23/27 | 01/20/21 | 881 | 560 | 0.1 |
| Gaz Finance PLC, 0.00%, 06/29/27 | 02/03/21 | 204 | 140 |  |
| Gaz Finance PLC, 0.00%, 01/27/29 | 01/20/21 | 6400 | 4480 | 0.4 |
| Gobierno de la Provincia de Buenos Aires, 62.10%, 04/12/25 | 09/19/19 | 47 | 17 |  |
| Intesa Sanpaolo SPA, 7.75% (callable at 100, 01/11/27) | 01/07/21 | 11732 | 8568 | 0.7 |
| Kennedy Wilson Europe Real Estate Limited, 3.25%, 11/12/25 | 02/22/18 | 3737 | 2497 | 0.2 |
| Lloyds Banking Group PLC, 4.95% (callable at 100, 06/27/25) | 02/05/20 | 6636 | 5432 | 0.4 |
| Lloyds Banking Group PLC, 7.88% (callable at 100, 06/27/29) | 04/10/18 | 2592 | 1841 | 0.2 |
| Mansard Mortgages 2006-1 PLC, Series 2006-B1-1X, 2.87%, 10/15/48 | 02/19/20 | 4927 | 4211 | 0.3 |
| Ministry of Finance, 3.80%, 05/13/60 | 05/12/20 | 2827 | 1913 | 0.2 |
| Ministry of Finance of the Russian Federation, 0.00%, 05/27/26 | 04/07/22 | 1788 | 1462 | 0.1 |
| Ministry of Finance of the Russian Federation, 0.00%, 06/23/27 | 04/14/22 | 158 | 168 |  |
| Ministry of Finance of the Russian Federation, 0.00%, 06/23/27 | 04/06/22 | 1313 | 1176 | 0.1 |
| Ministry of Finance of the Russian Federation, 0.00%, 06/24/28 | 04/01/22 | 139 | 261 |  |
| Ministry of Finance of the Russian Federation, 0.00%, 03/31/30 | 04/01/22 | 153 | 263 |  |
| Ministry of Finance of the Russian Federation, 0.00%, 04/04/42 | 03/31/22 | 1016 | 1764 | 0.1 |
| Ministry of Finance of the Russian Federation, 0.00%, 04/04/42 | 03/16/22 | 943 | 1764 | 0.1 |
| Ministry of Finance of the Russian Federation, 0.00%, 09/16/43 | 04/01/22 | 241 | 378 |  |
| Ministry of Finance of the Russian Federation, 0.00%, 09/16/43 | 09/13/22 | 112 | 126 |  |
| Ministry of Finance of the Russian Federation, 0.00%, 06/23/47 | 04/11/22 | 2633 | 2160 | 0.2 |
| Ministry of Finance of the Russian Federation, 0.00%, 06/23/47 | 09/13/22 | 224 | 160 |  |
| National Power Company Ukrenergo, 6.88%, 11/09/28 | 09/29/22 | 73 | 69 |  |
| Netflix, Inc., 4.63%, 05/15/29 | 10/23/18 | 574 | 521 |  |
| Netflix, Inc., 3.88%, 11/15/29 | 04/24/19 | 903 | 800 | 0.1 |
| Netflix, Inc., 3.63%, 06/15/30 | 10/22/19 | 11039 | 8350 | 0.7 |
| Newgate Funding PLC, Series 2007-A3-2X, 3.96%, 12/15/50 | 11/28/17 | 4816 | 4286 | 0.3 |
| Petroleos de Venezuela, S.A., 0.00%, 05/16/24 | 11/03/17 | 87 | 21 |  |
| Petroleos de Venezuela, S.A., 0.00%, 11/15/26 | 11/20/18 | 78 | 21 |  |
| Petroleos de Venezuela, S.A., 0.00%, 04/12/27 | 09/06/18 | 59 | 13 |  |
| Petroleos de Venezuela, S.A., 0.00%, 04/12/37 | 09/06/18 | 59 | 13 |  |
| Preferred Residential Securities 05-2 PLC, Series 2005-C1C-2X, 4.37%, 12/15/40 | 10/06/22 | 2015 | 2192 | 0.2 |
| Republica Bolivariana de Venezuela, 0.00%, 05/07/23 | 12/13/17 | 472 | 150 |  |
| Republica Bolivariana de Venezuela, 0.00%, 10/13/24 | 12/13/17 | 346 | 108 |  |
| Republica Bolivariana de Venezuela, 0.00%, 04/21/25 | 12/13/17 | 260 | 87 |  |
| Republica Bolivariana de Venezuela, 0.00%, 05/07/28 | 12/13/17 | 88 | 29 |  |
| Republica Bolivariana de Venezuela, 0.00%, 08/05/31 | 09/12/18 | 220 | 73 |  |
| Republica Bolivariana de Venezuela, 0.00%, 03/31/38 | 12/13/17 | 93 | 31 |  |
| Republica Bolivariana de Venezuela, 0.00%, 12/09/49 | 12/13/17 | 15 | 5 |  |
| Rio Oil Finance Trust, 9.25%, 07/06/24 | 11/28/17 | 66 | 65 |  |
| Santander UK Group Holdings PLC, 6.75% (callable at 100, 06/24/24) | 12/05/17 | 3749 | 3219 | 0.3 |
| Stichting AK Rabobank Certificaten II, 6.50% | 09/05/19 | 6415 | 4516 | 0.4 |
| Stratton Mortgage Funding 2020-1 PLC, Series 2020-C-1, 5.25%, 03/12/52 | 01/05/21 | 4368 | 3755 | 0.3 |
|  |  | 115427 | 93547 | 7.5 |

---

---

| | | |
|:---|:---|:---|
| **JNL/PIMCO Income Fund – Unfunded Commitments** |  |  |
|  | **Unfunded Commitment ($)**  | **Unrealized Appreciation/(Depreciation) ($)**  |
| Caesars Resort Collection, LLC - 2017 1st Lien Term Loan B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  |
| Ineos Finance PLC - Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73) |
| Carnival Corporation - EUR Term Loan B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1995  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (270) |
| Amsurg - Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) |
| Poseidon BidCo S.A.S - Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3954  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

574

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Futures Contracts** | **JNL/PIMCO Income Fund — Futures Contracts** | **JNL/PIMCO Income Fund — Futures Contracts** | **JNL/PIMCO Income Fund — Futures Contracts** | **JNL/PIMCO Income Fund — Futures Contracts** | **JNL/PIMCO Income Fund — Futures Contracts** | **JNL/PIMCO Income Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Australia 10 Year Bond | 249 | March 2023 | AUD | 30449 | (23) | (1102) |
| United States 10 Year Ultra Bond | 83 | March 2023 |  | 9831 | (5) | (14) |
| United States 2 Year Note | 15 | April 2023 |  | 3077 | (2) |  |
| United States 5 Year Note | 17 | April 2023 |  | 1836 | (2) | (1) |
|  |  |  |  |  | (32) | (1117) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| 3M SOFR Index | (53) | March 2024 |  | (12895) | 6 | 245 |
| 3M SOFR Index | (46) | June 2024 |  | (11207) | 3 | 184 |
| 3M SOFR Index | (35) | September 2024 |  | (8539) | 1 | 119 |
| 3M SOFR Index | (32) | December 2024 |  | (7815) | (1) | 95 |
| 3M SOFR Index | (27) | March 2025 |  | (6599) | (2) | 74 |
| 3M SOFR Index | (25) | June 2025 |  | (6113) | (3) | 67 |
| 3M SOFR Index | (29) | September 2025 |  | (7093) | (3) | 75 |
| 3M SOFR Index | (23) | December 2025 |  | (5626) | (2) | 59 |
| 3M SOFR Index | (31) | March 2026 |  | (7583) | (3) | 80 |
| 3M SOFR Index | (27) | June 2026 |  | (6603) | (3) | 68 |
| Euro Bund | (82) | March 2023 | EUR | (11602) | 52 | 746 |
| United States 10 Year Note | (11) | March 2023 |  | (1250) | 2 | 14 |
| United States Long Bond | (316) | March 2023 |  | (39596) | 49 | (13) |
| United States Ultra Bond | (254) | March 2023 |  | (34038) | 127 | (78) |
|  |  |  |  |  | 223 | 1735 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| 28-Day MEXIBOR (M) | Receiving | 8.32<br> (M) | 03/30/23 | MXN | 756500 | (1) | 235 |
| 28-Day MEXIBOR (M) | Receiving | 8.68<br> (M) | 04/03/24 | MXN | 112800 | 3 | 131 |
| 28-Day MEXIBOR (M) | Receiving | 8.66<br> (M) | 04/04/24 | MXN | 45900 | 1 | 54 |
| 28-Day MEXIBOR (M) | Receiving | 8.75<br> (M) | 04/05/24 | MXN | 41700 | 1 | 47 |
| 28-Day MEXIBOR (M) | Receiving | 8.41<br> (M) | 03/31/27 | MXN | 13500 | 2 | 10 |
| 28-Day MEXIBOR (M) | Receiving | 8.73<br> (M) | 04/06/27 | MXN | 17000 | 2 | 4 |
| 28-Day MEXIBOR (M) | Receiving | 7.98<br> (M) | 12/10/27 | MXN | 900 |  | 8 |
| 28-Day MEXIBOR (M) | Receiving | 7.99<br> (M) | 12/21/27 | MXN | 100 |  | 1 |
| 28-Day MEXIBOR (M) | Receiving | 8.01<br> (M) | 12/21/27 | MXN | 3800 | 1 | 34 |
| 28-Day MEXIBOR (M) | Receiving | 7.91<br> (M) | 12/30/27 | MXN | 200 |  | 2 |
| 28-Day MEXIBOR (M) | Receiving | 8.03<br> (M) | 01/31/28 | MXN | 400 |  | 4 |
| 28-Day MEXIBOR (M) | Receiving | 8.05<br> (M) | 01/31/28 | MXN | 600 |  | 5 |
| 28-Day MEXIBOR (M) | Receiving | 7.50<br> (M) | 01/14/32 | MXN | 8300 | 2 | (3) |
| 28-Day MEXIBOR (M) | Receiving | 7.50<br> (M) | 01/15/32 | MXN | 34400 | 8 | (12) |
| 28-Day MEXIBOR (M) | Receiving | 8.73<br> (M) | 03/30/32 | MXN | 8500 | 2 | (1) |
| 28-Day MEXIBOR (M) | Receiving | 8.70<br> (M) | 03/31/32 | MXN | 20000 | 6 |  |
| 28-Day MEXIBOR (M) | Receiving | 7.38<br> (M) | 08/14/37 | MXN | 600 |  | 6 |
| 28-Day MEXIBOR (M) | Receiving | 7.36<br> (M) | 08/21/37 | MXN | 100 |  | 1 |
| 28-Day MEXIBOR (M) | Paying | 7.75<br> (M) | 01/05/23 | MXN | 300 |  | (1) |
| 28-Day MEXIBOR (M) | Paying | 7.61<br> (M) | 01/23/23 | MXN | 1300 |  | (4) |
| 28-Day MEXIBOR (M) | Paying | 7.81<br> (M) | 02/06/23 | MXN | 600 |  | (2) |
| 28-Day MEXIBOR (M) | Paying | 7.82<br> (M) | 02/06/23 | MXN | 700 |  | (3) |
| 28-Day MEXIBOR (M) | Paying | 4.47<br> (M) | 02/27/23 | MXN | 32900 |  | (15) |
| 28-Day MEXIBOR (M) | Paying | 4.52<br> (M) | 02/27/23 | MXN | 65900 |  | (31) |
| 28-Day MEXIBOR (M) | Paying | 4.55<br> (M) | 02/27/23 | MXN | 135800 | 1 | (68) |
| 28-Day MEXIBOR (M) | Paying | 4.56<br> (M) | 02/27/23 | MXN | 32300 |  | (15) |
| 28-Day MEXIBOR (M) | Paying | 4.57<br> (M) | 02/27/23 | MXN | 32900 |  | (15) |
| 28-Day MEXIBOR (M) | Paying | 4.50<br> (M) | 03/03/23 | MXN | 63300 |  | (30) |
| 28-Day MEXIBOR (M) | Paying | 7.55<br> (M) | 04/18/23 | MXN | 77200 |  | (304) |
| 28-Day MEXIBOR (M) | Paying | 7.70<br> (M) | 05/02/23 | MXN | 9000 |  | (38) |
| 28-Day MEXIBOR (M) | Paying | 7.67<br> (M) | 03/05/25 | MXN | 279500 | (14) | (2002) |
| 28-Day MEXIBOR (M) | Paying | 7.71<br> (M) | 03/07/25 | MXN | 50500 | (3) | (364) |
| 28-Day MEXIBOR (M) | Paying | 7.72<br> (M) | 03/07/25 | MXN | 50200 | (3) | (362) |
| 28-Day MEXIBOR (M) | Paying | 7.60<br> (M) | 04/14/25 | MXN | 85000 | (4) | (609) |
| 28-Day MEXIBOR (M) | Paying | 7.61<br> (M) | 04/15/25 | MXN | 20600 | (1) | (148) |
| 28-Day MEXIBOR (M) | Paying | 5.16<br> (M) | 06/06/25 | MXN | 400 |  | (2) |
| 28-Day MEXIBOR (M) | Paying | 5.54<br> (M) | 05/04/27 | MXN | 700 |  | (4) |
| 28-Day MEXIBOR (M) | Paying | 7.15<br> (M) | 06/11/27 | MXN | 6200 | (1) | (48) |
| 28-Day MEXIBOR (M) | Paying | 7.37<br> (M) | 10/11/27 | MXN | 9700 | (2) | (80) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

575

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| 3M JIBAR (Q) | Receiving | 7.71<br> (Q) | 11/23/25 | ZAR | 6600 |  | 2 |
| 3M JIBAR (Q) | Paying | 4.85<br> (Q) | 01/11/26 | ZAR | 16800 | (1) | (85) |
| 3M LIBOR (Q) | Receiving | 2.50<br> (S) | 12/18/24 |  | 2400 | 3 | 313 |
| 3M LIBOR (Q) | Receiving | 2.50<br> (S) | 12/20/24 |  | 1600 | 2 | 209 |
| 3M LIBOR (Q) | Receiving | 2.50<br> (S) | 12/20/24 |  | 11000 | 11 | 1438 |
| 3M LIBOR (Q) | Receiving | 1.30<br> (S) | 03/16/25 |  | 7600 | 9 | 833 |
| 3M LIBOR (Q) | Receiving | 1.30<br> (S) | 03/18/25 |  | 7600 | 10 | 834 |
| 3M LIBOR (Q) | Receiving | 0.93<br> (S) | 05/06/26 |  | 3500 | 3 | 359 |
| 3M LIBOR (Q) | Receiving | 0.50<br> (S) | 06/16/26 |  | 35800 | 13 | 3706 |
| 3M LIBOR (Q) | Receiving | 3.00<br> (S) | 06/19/26 |  | 59100 | 62 | 10609 |
| 3M LIBOR (Q) | Receiving | 1.01<br> (S) | 06/24/26 |  | 5700 | 6 | 587 |
| 3M LIBOR (Q) | Receiving | 1.25<br> (S) | 12/15/26 |  | 1200 | 1 | 152 |
| 3M LIBOR (Q) | Receiving | 1.74<br> (S) | 12/16/26 |  | 2700 | 2 | 431 |
| 3M LIBOR (Q) | Receiving | 1.35<br> (S) | 01/20/27 |  | 11500 | 10 | 1179 |
| 3M LIBOR (Q) | Receiving | 1.45<br> (S) | 02/17/27 |  | 8300 | 7 | 833 |
| 3M LIBOR (Q) | Receiving | 1.42<br> (S) | 02/24/27 |  | 6200 | 5 | 632 |
| 3M LIBOR (Q) | Receiving | 1.24<br> (S) | 05/12/28 |  | 1800 | 2 | 238 |
| 3M LIBOR (Q) | Receiving | 2.25<br> (S) | 06/20/28 |  | 2000 | 3 | 407 |
| 3M LIBOR (Q) | Receiving | 1.50<br> (S) | 01/12/29 |  | 1980 | 3 | 258 |
| 3M LIBOR (Q) | Receiving | 2.00<br> (S) | 12/10/29 |  | 1800 | 4 | 401 |
| 3M LIBOR (Q) | Receiving | 1.50<br> (S) | 12/18/29 |  | 3600 | 9 | 749 |
| 3M LIBOR (Q) | Receiving | 1.75<br> (S) | 01/15/30 |  | 5900 | 14 | 1277 |
| 3M LIBOR (Q) | Receiving | 2.00<br> (S) | 02/12/30 |  | 3500 | 8 | 789 |
| 3M LIBOR (Q) | Receiving | 2.00<br> (S) | 03/10/30 |  | 1700 | 4 | 385 |
| 3M LIBOR (Q) | Receiving | 1.43<br> (S) | 03/17/30 |  | 3800 | 9 | 801 |
| 3M LIBOR (Q) | Receiving | 1.25<br> (S) | 06/17/30 |  | 69000 | 154 | 14364 |
| 3M LIBOR (Q) | Receiving | 0.71<br> (S) | 07/28/30 |  | 1700 | 4 | 328 |
| 3M LIBOR (Q) | Receiving | 0.75<br> (S) | 06/16/31 |  | 33500 | 41 | 5028 |
| 3M LIBOR (Q) | Receiving | 1.45<br> (S) | 07/16/31 |  | 33100 | 63 | 5777 |
| 3M LIBOR (Q) | Receiving | 2.00<br> (S) | 01/15/50 |  | 500 | 2 | 225 |
| 3M LIBOR (Q) | Receiving | 1.63<br> (S) | 01/16/50 |  | 900 | 4 | 377 |
| 3M LIBOR (Q) | Receiving | 1.75<br> (S) | 01/22/50 |  | 2300 | 9 | 987 |
| 3M LIBOR (Q) | Receiving | 1.63<br> (S) | 02/03/50 |  | 11500 | 46 | 4820 |
| 3M LIBOR (Q) | Receiving | 1.88<br> (S) | 02/07/50 |  | 4300 | 18 | 1891 |
| 3M LIBOR (Q) | Receiving | 1.25<br> (S) | 06/16/51 |  | 4800 | 22 | 1032 |
| 3M LIBOR (Q) | Receiving | 1.04<br> (S) | 06/28/52 |  | 600 | 2 | 274 |
| 3M LIBOR (Q) | Paying | 1.27<br> (S) | 11/04/23 |  | 373700 | (115) | (9692) |
| 3M LIBOR (Q) | Paying | 1.38<br> (S) | 01/04/27 |  | 34000 | (32) | (3427) |
| 3M LIBOR (Q) | Paying | 1.43<br> (S) | 01/18/27 |  | 3400 | (3) | (339) |
| 3M LIBOR (Q) | Paying | 1.44<br> (S) | 01/18/27 |  | 3600 | (4) | (357) |
| 3M LIBOR (Q) | Paying | 1.55<br> (S) | 01/20/27 |  | 50900 | (45) | (4667) |
| 3M LIBOR (Q) | Paying | 1.58<br> (S) | 02/16/27 |  | 3500 | (3) | (334) |
| 3M LIBOR (Q) | Paying | 1.70<br> (S) | 02/17/27 |  | 33200 | (29) | (2896) |
| 3M LIBOR (Q) | Paying | 1.65<br> (S) | 02/24/27 |  | 20600 | (18) | (1848) |
| 3M LIBOR (Q) | Paying | 0.50<br> (S) | 06/16/28 |  | 19903 | (29) | (2267) |
| 3M LIBOR (Q) | Paying | 1.50<br> (S) | 12/15/28 |  | 10460 | (15) | (1593) |
| 3M LIBOR (Q) | Paying | 1.70<br> (S) | 01/12/29 |  | 7200 | (11) | (835) |
| 3M LIBOR (Q) | Paying | 1.52<br> (S) | 01/20/29 |  | 1000 | (1) | (130) |
| 3M LIBOR (Q) | Paying | 1.63<br> (S) | 01/26/29 |  | 1700 | (2) | (211) |
| 3M LIBOR (Q) | Paying | 1.00<br> (S) | 12/16/30 |  | 14824 | (29) | (3184) |
| 3M LIBOR (Q) | Paying | 0.75<br> (S) | 06/16/31 |  | 59600 | (112) | (8238) |
| 3M LIBOR (Q) | Paying | 1.50<br> (S) | 10/05/31 |  | 2100 | (4) | (367) |
| 3M LIBOR (Q) | Paying | 1.54<br> (S) | 10/15/31 |  | 2000 | (4) | (344) |
| 3M LIBOR (Q) | Paying | 1.54<br> (S) | 10/22/31 |  | 1400 | (3) | (242) |
| 3M LIBOR (Q) | Paying | 1.74<br> (S) | 01/12/32 |  | 1300 | (3) | (209) |
| 3M LIBOR (Q) | Paying | 1.66<br> (S) | 01/24/32 |  | 1700 | (3) | (285) |
| 3M LIBOR (Q) | Paying | 2.00<br> (S) | 02/18/32 |  | 3100 | (6) | (441) |
| 3M LIBOR (Q) | Paying | 1.59<br> (S) | 02/09/51 |  | 12800 | (51) | (4469) |
| 3M LIBOR (Q) | Paying | 1.82<br> (S) | 01/24/52 |  | 300 | (1) | (93) |
| 3M LIBOR (Q) | Paying | 1.87<br> (S) | 01/26/52 |  | 300 | (1) | (91) |
| 6M EURIBOR (S) | Receiving | (0.45)<br> (A) | 12/29/23 | EUR | 600 |  | 23 |
| 6M EURIBOR (S) | Receiving | (0.43)<br> (A) | 06/28/24 | EUR | 600 |  | 35 |
| 6M EURIBOR (S) | Receiving | (0.40)<br> (A) | 12/30/24 | EUR | 300 |  | 23 |
| 6M EURIBOR (S) | Receiving | (0.36)<br> (A) | 06/30/25 | EUR | 500 |  | 47 |
| 6M EURIBOR (S) | Receiving | (0.33)<br> (A) | 12/30/25 | EUR | 300 |  | 33 |
| 6M EURIBOR (S) | Receiving | (0.29)<br> (A) | 06/30/26 | EUR | 100 |  | 13 |
| 6M EURIBOR (S) | Receiving | 0.15<br> (A) | 06/17/30 | EUR | 4300 | 12 | 1124 |
| 6M EURIBOR (S) | Receiving | 1.75<br> (A) | 03/15/33 | EUR | 21300 | 104 | 463 |
| 6M EURIBOR (S) | Receiving | 0.25<br> (A) | 03/18/50 | EUR | 5400 | 41 | 3109 |
| 6M EURIBOR (S) | Receiving | 0.50<br> (A) | 06/17/50 | EUR | 2500 | 19 | 1527 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

576

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| 6M EURIBOR (S) | Receiving | 0.83<br> (A) | 12/09/52 | EUR | 19100 | 29 | 565 |
| 6M EURIBOR (S) | Paying | 0.55<br> (A) | 08/10/24 | EUR | 2700 | (1) | (116) |
| 6M EURIBOR (S) | Paying | 0.65<br> (A) | 04/12/27 | EUR | 8200 | (17) | (865) |
| 6M EURIBOR (S) | Paying | 0.65<br> (A) | 05/11/27 | EUR | 8200 | (16) | (875) |
| 6M EURIBOR (S) | Paying | 1.00<br> (A) | 05/13/27 | EUR | 11200 | (22) | (1024) |
| 6M EURIBOR (S) | Paying | 1.00<br> (A) | 05/18/27 | EUR | 5400 | (10) | (496) |
| 6M EURIBOR (S) | Paying | 2.00<br> (A) | 09/21/32 | EUR | 25380 | (121) | (2862) |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | (0.02)<br> (S) | 09/20/28 | JPY | 12430000 | 219 | 3746 |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | 0.00<br> (S) | 03/15/29 | JPY | 6580000 | 134 | 2313 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.40<br> (A) | 06/15/32 | JPY | 940000 | 30 | 295 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.50<br> (A) | 03/15/42 | JPY | 500000 | 40 | 326 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.71<br> (A) | 04/27/42 | JPY | 140000 | 11 | 95 |
| Bank of Japan Overnight Call Rate TONAR (A) | Paying | 0.18<br> (A) | 04/27/27 | JPY | 520000 | (3) | (58) |
| BRAZIBOR (A) | Receiving | 12.67<br> (A) | 01/02/23 | BRL | 1400 |  | 1 |
| BRAZIBOR (A) | Receiving | 12.69<br> (A) | 01/02/23 | BRL | 1000 |  | 1 |
| BRAZIBOR (A) | Receiving | 12.74<br> (A) | 01/02/23 | BRL | 2500 |  | 1 |
| BRAZIBOR (A) | Receiving | 12.75<br> (A) | 01/02/23 | BRL | 1200 |  | 1 |
| BRAZIBOR (A) | Receiving | 12.76<br> (A) | 01/02/23 | BRL | 2600 |  | 1 |
| BRAZIBOR (A) | Receiving | 12.90<br> (A) | 01/02/23 | BRL | 5100 |  | 1 |
| BRAZIBOR (A) | Receiving | 12.93<br> (A) | 01/02/23 | BRL | 600 |  |  |
| BRAZIBOR (A) | Receiving | 12.94<br> (A) | 01/02/23 | BRL | 2600 |  | 1 |
| BRAZIBOR (A) | Receiving | 12.95<br> (A) | 01/02/23 | BRL | 6400 |  | 1 |
| BRAZIBOR (A) | Receiving | 12.96<br> (A) | 01/02/23 | BRL | 5100 |  | 1 |
| BRAZIBOR (A) | Receiving | 12.97<br> (A) | 01/02/23 | BRL | 2600 |  |  |
| BRAZIBOR (A) | Receiving | 12.97<br> (A) | 01/02/23 | BRL | 2700 |  | 1 |
| BRAZIBOR (A) | Receiving | 12.97<br> (A) | 01/02/23 | BRL | 3200 |  | 1 |
| BRAZIBOR (A) | Paying | 5.86<br> (A) | 01/02/23 | BRL | 5100 |  | (52) |
| BRAZIBOR (A) | Paying | 5.84<br> (A) | 01/02/23 | BRL | 15200 |  | (154) |
| BRAZIBOR (A) | Paying | 5.83<br> (A) | 01/02/23 | BRL | 16900 |  | (171) |
| BRAZIBOR (A) | Paying | 11.16<br> (A) | 01/02/25 | BRL | 300 |  | (2) |
| BRAZIBOR (A) | Paying | 11.35<br> (A) | 01/02/25 | BRL | 400 |  | (2) |
| BRAZIBOR (A) | Paying | 11.14<br> (A) | 01/02/25 | BRL | 500 |  | (3) |
| BRAZIBOR (A) | Paying | 12.14<br> (A) | 01/02/25 | BRL | 900 |  | (2) |
| BRAZIBOR (A) | Paying | 12.15<br> (A) | 01/02/25 | BRL | 900 |  | (2) |
| BRAZIBOR (A) | Paying | 12.00<br> (A) | 01/02/25 | BRL | 1100 |  | (3) |
| BRAZIBOR (A) | Paying | 12.16<br> (A) | 01/02/25 | BRL | 1800 |  | (4) |
| BRAZIBOR (A) | Paying | 12.08<br> (A) | 01/02/25 | BRL | 1800 |  | (4) |
| BRAZIBOR (A) | Paying | 11.70<br> (A) | 01/04/27 | BRL | 100 |  |  |
| BRAZIBOR (A) | Paying | 11.26<br> (A) | 01/04/27 | BRL | 300 |  | (2) |
| BRAZIBOR (A) | Paying | 11.25<br> (A) | 01/04/27 | BRL | 300 |  | (2) |
| BRAZIBOR (A) | Paying | 11.22<br> (A) | 01/04/27 | BRL | 600 |  | (4) |
| BRAZIBOR (A) | Paying | 11.72<br> (A) | 01/04/27 | BRL | 600 |  | (3) |
| BRAZIBOR (A) | Paying | 11.87<br> (A) | 01/04/27 | BRL | 1600 |  | (6) |
| Sterling Overnight Index Average Rate (A) | Receiving | 2.00<br> (A) | 03/15/53 | GBP | 2100 | 3 | (18) |
| Sterling Overnight Index Average Rate (A) | Paying | 1.06<br> (A) | 02/21/52 | GBP | 300 |  | (159) |
| Sterling Overnight Index Average Rate (A) | Paying | 1.10<br> (A) | 02/21/52 | GBP | 300 |  | (156) |
| Sterling Overnight Index Average Rate (A) | Paying | 1.18<br> (A) | 02/28/52 | GBP | 700 | (1) | (350) |
| U.K. Retail Price Index (A) | Paying | 4.06<br> (A) | 09/15/31 | GBP | 1100 | (7) | (175) |
| U.K. Retail Price Index (A) | Paying | 4.00<br> (A) | 09/15/31 | GBP | 1300 | (8) | (211) |
| U.K. Retail Price Index (A) | Paying | 4.07<br> (A) | 09/15/31 | GBP | 2200 | (14) | (311) |
| U.K. Retail Price Index (A) | Paying | 4.40<br> (A) | 10/15/31 | GBP | 1400 | (9) | (155) |
| U.K. Retail Price Index (A) | Paying | 4.02<br> (A) | 10/15/31 | GBP | 1600 | (10) | (247) |
| U.K. Retail Price Index (A) | Paying | 4.14<br> (A) | 10/15/31 | GBP | 3100 | (19) | (428) |
| U.K. Retail Price Index (A) | Paying | 4.25<br> (A) | 11/15/31 | GBP | 3100 | (18) | (339) |
| U.S. SOFR (A) | Receiving | 2.45<br> (A) | 12/25/24 |  | 56400 | 32 | 847 |
| U.S. SOFR (A) | Receiving | 2.35<br> (A) | 01/23/25 |  | 28300 | 12 | 418 |
| U.S. SOFR (A) | Receiving | 1.60<br> (A) | 01/16/26 |  | 22200 | 28 | 536 |
| U.S. SOFR (A) | Receiving | 2.30<br> (A) | 01/17/26 |  | 15900 | 20 | 380 |
| U.S. SOFR (A) | Receiving | 1.00<br> (A) | 06/15/27 |  | 8220 | 14 | 657 |
| U.S. SOFR (A) | Receiving | 3.75<br> (A) | 12/13/27 |  | 3200 | 7 | 1 |
| U.S. SOFR (A) | Receiving | 2.00<br> (A) | 12/21/27 |  | 2100 | 3 | 18 |
| U.S. SOFR (A) | Receiving | 1.00<br> (A) | 06/15/29 |  | 350 | 1 | 34 |
| U.S. SOFR (A) | Receiving | 2.00<br> (A) | 12/21/29 |  | 2550 | 5 | 27 |
| U.S. SOFR (A) | Receiving | 1.25<br> (A) | 06/15/32 |  | 6850 | 22 | 1000 |
| U.S. SOFR (A) | Receiving | 3.35<br> (A) | 12/14/32 |  | 600 | 2 | 11 |
| U.S. SOFR (A) | Receiving | 2.00<br> (A) | 12/21/32 |  | 1280 |  |  |
| U.S. SOFR (A) | Paying | 0.50<br> (A) | 06/15/24 |  | 13600 | (8) | (668) |
| U.S. SOFR (A) | Paying | 1.57<br> (A) | 02/28/27 |  | 2200 | (4) | (191) |
| U.S. SOFR (A) | Paying | 1.79<br> (A) | 05/03/27 |  | 2700 | (5) | (217) |
| U.S. SOFR (A) | Paying | 2.85<br> (A) | 08/30/27 |  | 3300 | (6) | (131) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

577

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| U.S. SOFR (A) | Paying | 3.05<br> (A) | 09/07/27 | 1600 | (3) | (50) |
| U.S. SOFR (A) | Paying | 2.96<br> (A) | 10/04/27 | 3400 | (7) | (120) |
| U.S. SOFR (A) | Paying | 1.00<br> (A) | 06/15/29 | 127110 | (316) | (13995) |
| U.S. SOFR (A) | Paying | 1.75<br> (A) | 06/15/29 | 1570 | (3) | (2) |
| U.S. SOFR (A) | Paying | 3.05<br> (A) | 09/08/29 | 1600 | (4) | (56) |
| U.S. SOFR (A) | Paying | 3.10<br> (A) | 09/09/29 | 1600 | (4) | (51) |
| U.S. SOFR (A) | Paying | 1.25<br> (A) | 06/15/32 | 3870 | (8) | (374) |
| U.S. SOFR (A) | Paying | 1.75<br> (A) | 06/15/32 | 820 | (2) | (81) |
| U.S. SOFR (A) | Paying | 1.75<br> (A) | 06/15/32 | 3660 | (12) | (339) |
| U.S. SOFR (A) | Paying | 3.05<br> (A) | 09/06/32 | 2500 | (9) | (104) |
|  |  |  |  |  | 161 | 4299 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| AT&T Inc. (Q) | 0.67 | 1.00 | 06/20/23 | (2900) | 4 |  | 1 |
| AT&T Inc. (Q) | 0.97 | 1.00 | 12/20/25 | (500) |  |  | (6) |
| AT&T Inc. (Q) | 1.00 | 1.00 | 06/20/26 | (1000) |  |  | (15) |
| CDX.EM.29.V4 (Q) | 0.84 | 1.00 | 06/20/23 | (3485) | 3 |  | 28 |
| CDX.EM.30.V4 (Q) | 1.08 | 1.00 | 12/20/23 | (9520) | (8) | (2) | 113 |
| CDX.EM.31.V3 (Q) | 1.12 | 1.00 | 06/20/24 | (4472) | (8) |  | 50 |
| CDX.EM.32.V4 (Q) | 1.24 | 1.00 | 12/20/24 | (1275) | (6) |  | 16 |
| CDX.EM.34.V3 (Q) | 2.80 | 1.00 | 12/20/25 | (2944) | (141) | 2 | (8) |
| CDX.EM.36.V3 (Q) | 2.12 | 1.00 | 12/20/26 | (18584) | (726) | (3) | 72 |
| CDX.EM.38 (Q) | 2.39 | 1.00 | 12/20/27 | (7200) | (421) | (1) | 178 |
| CDX.NA.HY.34.V10 (Q) | 3.95 | 5.00 | 06/20/25 | (364) | 8 |  | (19) |
| CDX.NA.HY.35.V2 (Q) | 3.94 | 5.00 | 12/20/25 | (198) | 5 |  | (12) |
| CDX.NA.HY.36.V2 (Q) | 4.01 | 5.00 | 06/20/26 | (9306) | 271 | (4) | (596) |
| CDX.NA.HY.37.V2 (Q) | 4.12 | 5.00 | 12/20/26 | (2772) | 80 | (2) | (71) |
| CDX.NA.HY.38.V2 (Q) | 4.43 | 5.00 | 06/20/27 | (14553) | 301 | (8) | 237 |
| CDX.NA.HY.39 (Q) | 4.85 | 5.00 | 12/20/27 | (78000) | 454 | (55) | 2602 |
| CDX.NA.IG.39 (Q) | 0.82 | 1.00 | 12/20/27 | (3200) | 26 |  | 26 |
| EADS Finance (Q) | 0.87 | 1.00 | 06/20/26 | (6500) | 30 | (4) | (136) |
| EADS Finance (Q) | 1.12 | 1.00 | 06/20/28 | (100) | (1) |  | (3) |
| Ford Motor Credit Company LLC (Q) | 2.65 | 5.00 | 06/20/25 | (600) | 32 |  | 1 |
| Ford Motor Credit Company LLC (Q) | 2.78 | 5.00 | 12/20/25 | (900) | 53 |  | 20 |
| General Electric Company (Q) | 0.44 | 1.00 | 12/20/23 | (200) | 1 |  | 1 |
| General Electric Company (Q) | 0.80 | 1.00 | 06/20/26 | (6000) | 38 | (4) | (32) |
| General Electric Company (Q) | 0.87 | 1.00 | 12/20/26 | (600) | 3 |  | (4) |
| ITRAXX.EUR.37 (Q) | 0.84 | 1.00 | 06/20/27 | (18000) | 125 | 17 | 35 |
| ITRAXX.EUR.38 (Q) | 0.90 | 1.00 | 12/20/27 | (1000) | 5 | 1 | 16 |
| ITRAXX.EXJP.38 (Q) | 1.33 | 1.00 | 12/20/27 | (4600) | (65) | 2 | 75 |
| Rolls-Royce Group PLC (Q) | 2.78 | 1.00 | 12/20/25 | (4600) | (238) | (2) | 225 |
| Rolls-Royce Group PLC (Q) | 3.17 | 1.00 | 12/20/26 | (1300) | (105) | (1) | (50) |
| Rolls-Royce Group PLC (Q) | 3.36 | 1.00 | 06/20/27 | (2400) | (233) | (3) | (22) |
| The Boeing Company (Q) | 0.71 | 1.00 | 06/20/23 | (4300) | 6 |  | (11) |
| The Boeing Company (Q) | 1.30 | 1.00 | 12/20/26 | (400) | (4) |  | (2) |
| Verizon Communications Inc. (Q) | 1.07 | 1.00 | 06/20/27 | (2200) | (6) | (1) | (5) |
| Verizon Communications Inc. (Q) | 1.12 | 1.00 | 12/20/27 | (2100) | (11) |  | 14 |
|  |  |  |  |  | (528) | (68) | 2718 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** | **JNL/PIMCO Income Fund — Exchange Traded Futures Options** |
| **Reference Entity** | **Purchased**<br>(Written)<br>**Contracts<sup>1</sup>** | **Exercise**<br>**Price** | **Exercise**<br>**Price** | **Expiration** | **Variation**<br>**Margin Receivable (Payable) ($)** | **Unrealized**<br>**Appreciation (Depreciation) ($)** |
| **Interest Options** |  |  |  |  |  |  |
| Euro Bund Future, Feb. 2023 | (32) | EUR | 138.50 | 01/27/23 | (18) | (163) |
| Euro Bund Future, Feb. 2023 | (32) | EUR | 146.00 | 01/27/23 |  | 25 |
|  |  |  |  |  | (18) | (138) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

578

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Exchange Traded Written Options** | **JNL/PIMCO Income Fund — Exchange Traded Written Options** | **JNL/PIMCO Income Fund — Exchange Traded Written Options** | **JNL/PIMCO Income Fund — Exchange Traded Written Options** | **JNL/PIMCO Income Fund — Exchange Traded Written Options** | **JNL/PIMCO Income Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** | **Exchange Traded Future Options** |
| 3M SOFR Index Future, Dec. 2023 | Call | 98.00 | 12/15/23 | 55 | (7) |
| 3M SOFR Index Future, Dec. 2023 | Put | 96.50 | 12/15/23 | 55 | (165) |
|  |  |  |  |  | (172) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — OTC Written Options** | **JNL/PIMCO Income Fund — OTC Written Options** | **JNL/PIMCO Income Fund — OTC Written Options** | **JNL/PIMCO Income Fund — OTC Written Options** | **JNL/PIMCO Income Fund — OTC Written Options** | **JNL/PIMCO Income Fund — OTC Written Options** | **JNL/PIMCO Income Fund — OTC Written Options** | **JNL/PIMCO Income Fund — OTC Written Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** |
| ITRAXX.EUR.37, 06/20/27 | GSC | Put | 3.00 | 03/15/23 | EUR | 3700000 | (1) |
| **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** |
| 3M LIBOR, 01/23/33 | BCL | Call | 3.00 | 01/19/23 |  | 2300000 | (1) |
| 3M LIBOR, 01/23/33 | BOA | Call | 3.00 | 01/19/23 |  | 2300000 | (1) |
| 3M LIBOR, 12/05/24 | BOA | Call | 2.15 | 12/01/23 |  | 7300000 | (6) |
| 3M LIBOR, 01/11/28 | CIT | Call | 3.15 | 01/09/23 |  | 9200000 |  |
| 3M LIBOR, 04/04/25 | CIT | Call | 2.69 | 04/02/24 |  | 2000000 | (5) |
| 3M LIBOR, 10/17/24 | DUB | Call | 2.92 | 10/13/23 |  | 4700000 | (5) |
| 3M LIBOR, 04/10/25 | DUB | Call | 2.79 | 04/08/24 |  | 3200000 | (9) |
| 3M LIBOR, 01/17/28 | GSC | Call | 3.20 | 01/12/23 |  | 3300000 |  |
| 3M LIBOR, 01/25/28 | GSC | Call | 3.23 | 01/23/23 |  | 6500000 | (2) |
| 3M LIBOR, 10/17/24 | GSC | Call | 2.92 | 10/13/23 |  | 4700000 | (5) |
| 3M LIBOR, 10/24/24 | GSC | Call | 3.02 | 10/20/23 |  | 3800000 | (5) |
| 3M LIBOR, 10/25/24 | GSC | Call | 3.14 | 10/23/23 |  | 3700000 | (5) |
| 3M LIBOR, 10/25/24 | GSC | Call | 3.23 | 10/23/23 |  | 3700000 | (6) |
| 3M LIBOR, 10/25/24 | GSC | Call | 3.19 | 10/23/23 |  | 3700000 | (6) |
| 3M LIBOR, 10/27/24 | GSC | Call | 2.97 | 10/25/23 |  | 3700000 | (5) |
| 3M LIBOR, 10/31/24 | GSC | Call | 2.84 | 10/27/23 |  | 3700000 | (4) |
| 3M LIBOR, 11/07/24 | GSC | Call | 3.09 | 11/03/23 |  | 3700000 | (6) |
| 3M LIBOR, 11/14/24 | GSC | Call | 2.91 | 11/10/23 |  | 3700000 | (5) |
| 3M LIBOR, 11/21/24 | GSC | Call | 2.25 | 11/17/23 |  | 7200000 | (5) |
| 3M LIBOR, 11/22/24 | GSC | Call | 2.15 | 11/20/23 |  | 7200000 | (5) |
| 3M LIBOR, 12/11/24 | GSC | Call | 2.25 | 12/07/23 |  | 7300000 | (7) |
| 3M LIBOR, 04/04/25 | GSC | Call | 2.70 | 04/02/24 |  | 12000000 | (32) |
| 3M LIBOR, 04/10/25 | GSC | Call | 2.72 | 04/08/24 |  | 4000000 | (11) |
| 3M LIBOR, 01/17/28 | JPM | Call | 3.20 | 01/12/23 |  | 3700000 |  |
| 3M LIBOR, 01/23/33 | BCL | Put | 3.50 | 01/19/23 |  | 2300000 | (27) |
| 3M LIBOR, 01/23/33 | BOA | Put | 3.50 | 01/19/23 |  | 2300000 | (27) |
| 3M LIBOR, 12/05/24 | BOA | Put | 3.65 | 12/01/23 |  | 7300000 | (55) |
| 3M LIBOR, 01/11/28 | CIT | Put | 3.65 | 01/09/23 |  | 9200000 | (57) |
| 3M LIBOR, 04/04/25 | CIT | Put | 2.69 | 04/02/24 |  | 2000000 | (24) |
| 3M LIBOR, 10/17/24 | DUB | Put | 2.92 | 10/13/23 |  | 4700000 | (66) |
| 3M LIBOR, 04/10/25 | DUB | Put | 2.79 | 04/08/24 |  | 3200000 | (36) |
| 3M LIBOR, 01/17/28 | GSC | Put | 3.80 | 01/12/23 |  | 3300000 | (10) |
| 3M LIBOR, 01/25/28 | GSC | Put | 3.73 | 01/23/23 |  | 6500000 | (38) |
| 3M LIBOR, 10/17/24 | GSC | Put | 2.92 | 10/13/23 |  | 4700000 | (66) |
| 3M LIBOR, 10/24/24 | GSC | Put | 3.02 | 10/20/23 |  | 3800000 | (49) |
| 3M LIBOR, 10/25/24 | GSC | Put | 3.23 | 10/23/23 |  | 3700000 | (42) |
| 3M LIBOR, 10/25/24 | GSC | Put | 3.19 | 10/23/23 |  | 3700000 | (43) |
| 3M LIBOR, 10/25/24 | GSC | Put | 3.14 | 10/23/23 |  | 3700000 | (44) |
| 3M LIBOR, 10/27/24 | GSC | Put | 2.97 | 10/25/23 |  | 3700000 | (49) |
| 3M LIBOR, 10/31/24 | GSC | Put | 2.84 | 10/27/23 |  | 3700000 | (52) |
| 3M LIBOR, 11/07/24 | GSC | Put | 3.09 | 11/03/23 |  | 3700000 | (45) |
| 3M LIBOR, 11/14/24 | GSC | Put | 2.91 | 11/10/23 |  | 3700000 | (49) |
| 3M LIBOR, 11/21/24 | GSC | Put | 3.75 | 11/17/23 |  | 7200000 | (52) |
| 3M LIBOR, 11/22/24 | GSC | Put | 3.65 | 11/20/23 |  | 7200000 | (56) |
| 3M LIBOR, 12/11/24 | GSC | Put | 3.75 | 12/07/23 |  | 7300000 | (50) |
| 3M LIBOR, 04/04/25 | GSC | Put | 2.70 | 04/02/24 |  | 12000000 | (143) |
| 3M LIBOR, 04/10/25 | GSC | Put | 2.72 | 04/08/24 |  | 4000000 | (46) |
| 3M LIBOR, 01/17/28 | JPM | Put | 3.80 | 01/12/23 |  | 3700000 | (11) |
| 6M EURIBOR, 03/09/33 | GSC | Call | 2.55 | 03/07/23 | EUR | 5800000 | (17) |
| 6M EURIBOR, 04/11/24 | GSC | Call | 0.55 | 04/05/23 | EUR | 9700000 |  |
| 6M EURIBOR, 04/13/24 | GSC | Call | 0.55 | 04/11/23 | EUR | 13000000 |  |
| 6M EURIBOR, 04/26/24 | GSC | Call | 0.70 | 04/24/23 | EUR | 9400000 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

579

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — OTC Written Options (continued)** | **JNL/PIMCO Income Fund — OTC Written Options (continued)** | **JNL/PIMCO Income Fund — OTC Written Options (continued)** | **JNL/PIMCO Income Fund — OTC Written Options (continued)** | **JNL/PIMCO Income Fund — OTC Written Options (continued)** | **JNL/PIMCO Income Fund — OTC Written Options (continued)** | **JNL/PIMCO Income Fund — OTC Written Options (continued)** | **JNL/PIMCO Income Fund — OTC Written Options (continued)** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| 6M EURIBOR, 04/28/24 | GSC | Call | 0.70 | 04/26/23 | EUR | 8700000 |  |
| 6M EURIBOR, 05/17/24 | GSC | Call | 0.55 | 05/15/23 | EUR | 8400000 |  |
| 6M EURIBOR, 06/13/33 | GSC | Call | 2.07 | 06/09/23 | EUR | 5300000 | (17) |
| 6M EURIBOR, 03/09/33 | GSC | Put | 2.55 | 03/07/23 | EUR | 5800000 | (338) |
| 6M EURIBOR, 04/11/24 | GSC | Put | 2.10 | 04/05/23 | EUR | 9700000 | (147) |
| 6M EURIBOR, 04/13/24 | GSC | Put | 2.10 | 04/11/23 | EUR | 13000000 | (196) |
| 6M EURIBOR, 04/26/24 | GSC | Put | 2.25 | 04/24/23 | EUR | 9400000 | (131) |
| 6M EURIBOR, 04/28/24 | GSC | Put | 2.25 | 04/26/23 | EUR | 8700000 | (122) |
| 6M EURIBOR, 05/17/24 | GSC | Put | 2.10 | 05/15/23 | EUR | 8400000 | (131) |
| 6M EURIBOR, 06/13/33 | GSC | Put | 3.14 | 06/09/23 | EUR | 5300000 | (161) |
|  |  |  |  |  |  |  | (2533) |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Federal National Mortgage Association, Inc, 4.50%, 03/15/52 | JPM | Call | 99.00 | 03/06/23 |  | 1400000 | (3) |
| Federal National Mortgage Association, Inc, 4.50%, 03/15/52 | JPM | Call | 99.16 | 03/06/23 |  | 1400000 | (3) |
| Federal National Mortgage Association, Inc, 4.50%, 03/15/52 | JPM | Put | 97.00 | 03/06/23 |  | 1400000 | (23) |
| Federal National Mortgage Association, Inc, 4.50%, 03/15/52 | JPM | Put | 97.16 | 03/06/23 |  | 1400000 | (21) |
| Federal National Mortgage Association, Inc, 5.00%, 03/15/48 | JPM | Call | 100.77 | 03/06/23 |  | 1400000 | (5) |
| Federal National Mortgage Association, Inc, 5.00%, 03/15/48 | JPM | Put | 98.77 | 03/06/23 |  | 1400000 | (19) |
| Federal National Mortgage Association, Inc, 5.50%, 01/15/53 | BOA | Call | 101.89 | 01/05/23 |  | 3900000 |  |
| Federal National Mortgage Association, Inc, 5.50%, 02/15/53 | BOA | Call | 102.00 | 02/06/23 |  | 400000 | (1) |
| Federal National Mortgage Association, Inc, 5.50%, 02/15/53 | BOA | Call | 101.81 | 02/06/23 |  | 600000 | (1) |
| Federal National Mortgage Association, Inc, 5.50%, 02/15/53 | BOA | Put | 99.81 | 02/06/23 |  | 600000 | (4) |
| Federal National Mortgage Association, Inc, 5.50%, 02/15/53 | BOA | Put | 100.00 | 02/06/23 |  | 400000 | (3) |
|  |  |  |  |  |  |  | (83) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| AUD/USD | GSC | 02/16/23 | AUD | 10019 | 6834 | 34 |
| AUD/USD | JPM | 02/16/23 | AUD | 1778 | 1213 | (10) |
| AUD/USD | JPM | 02/16/23 | AUD | 25059 | 17093 | 97 |
| BRL/USD | CIT | 01/04/23 | BRL | 86838 | 16444 | (101) |
| BRL/USD | GSC | 04/04/23 | BRL | 86838 | 16162 | 153 |
| CAD/USD | CIT | 02/16/23 | CAD | 8490 | 6272 | (134) |
| CLP/USD | BOA | 03/15/23 | CLP | 849042 | 991 | 19 |
| CLP/USD | CIT | 03/15/23 | CLP | 4775935 | 5576 | 64 |
| EUR/USD | JPM | 02/16/23 | EUR | 603 | 648 | 3 |
| GBP/USD | CIT | 02/16/23 | GBP | 847 | 1025 | (7) |
| GBP/USD | CIT | 02/16/23 | GBP | 2637 | 3192 | 35 |
| IDR/USD | CIT | 02/14/23 | IDR | 23239124 | 1492 | 13 |
| IDR/USD | BOA | 02/23/23 | IDR | 5984647 | 384 | 3 |
| IDR/USD | JPM | 02/23/23 | IDR | 10342107 | 664 | 8 |
| IDR/USD | BCL | 03/14/23 | IDR | 16319842 | 1047 | 4 |
| IDR/USD | BOA | 03/14/23 | IDR | 162006000 | 10397 | 12 |
| INR/USD | CIT | 03/14/23 | INR | 1285 | 15 |  |
| JPY/USD | GSC | 02/16/23 | JPY | 3907100 | 29949 | 1451 |
| KRW/USD | BOA | 01/19/23 | KRW | 16502867 | 13056 | 414 |
| MXN/USD | GSC | 02/07/23 | MXN | 301491 | 15365 | 619 |
| MXN/USD | JPM | 02/21/23 | MXN | 177711 | 9036 | 367 |
| MXN/USD | GSC | 03/21/23 | MXN | 13 | 1 |  |
| MXN/USD | JPM | 03/21/23 | MXN | 2617 | 132 | 1 |
| NZD/USD | GSC | 02/16/23 | NZD | 1753 | 1114 | (17) |
| NZD/USD | JPM | 02/16/23 | NZD | 8175 | 5194 | (39) |
| PEN/USD | CIT | 01/25/23 | PEN | 1057 | 277 | 15 |
| PEN/USD | JPM | 03/15/23 | PEN | 4198 | 1098 | 16 |
| PEN/USD | CIT | 04/10/23 | PEN | 2665 | 696 | 30 |
| PEN/USD | CIT | 04/27/23 | PEN | 5570 | 1452 | 42 |
| PEN/USD | GSC | 05/03/23 | PEN | 453 | 118 | 6 |
| USD/AUD | GSC | 02/16/23 | AUD | (699) | (477) | (6) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

580

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Income Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/AUD | JPM | 02/16/23 | AUD | (820) | (559) | (10) |
| USD/BRL | GSC | 01/04/23 | BRL | (86838) | (16444) | (150) |
| USD/CAD | JPM | 02/16/23 | CAD | (8491) | (6273) | (54) |
| USD/CHF | CIT | 02/16/23 | CHF | (708) | (769) | (7) |
| USD/CNY | GSC | 01/19/23 | CNY | (418) | (60) |  |
| USD/EUR | CIT | 02/16/23 | EUR | (56993) | (61197) | (1441) |
| USD/EUR | JPM | 02/16/23 | EUR | (3284) | (3526) | (62) |
| USD/GBP | CIT | 02/16/23 | GBP | (34342) | (41566) | (691) |
| USD/GBP | CIT | 02/16/23 | GBP | (109) | (132) | 2 |
| USD/MXN | CIT | 03/15/23 | MXN | (949) | (48) | (1) |
| USD/MXN | GSC | 03/15/23 | MXN | (33425) | (1693) | (11) |
| USD/MXN | CIT | 03/21/23 | MXN | (42142) | (2132) | (28) |
| USD/MXN | CIT | 03/21/23 | MXN | (143044) | (7238) | 54 |
| USD/MXN | JPM | 03/21/23 | MXN | (722) | (37) |  |
| USD/MXN | CIT | 05/09/23 | MXN | (5611) | (281) | (4) |
| USD/PEN | CIT | 02/01/23 | PEN | (5382) | (1413) | (63) |
| USD/PEN | BOA | 02/06/23 | PEN | (7437) | (1951) | (57) |
| USD/PEN | CIT | 03/02/23 | PEN | (3732) | (977) | (49) |
| USD/TWD | JPM | 02/17/23 | TWD | (37859) | (1238) | 9 |
| USD/TWD | BOA | 03/15/23 | TWD | (114281) | (3746) | 136 |
| USD/TWD | CIT | 03/15/23 | TWD | (70732) | (2319) | 33 |
| USD/ZAR | BOA | 01/09/23 | ZAR | (52676) | (3099) | (130) |
| USD/ZAR | BCL | 01/18/23 | ZAR | (40001) | (2351) | (120) |
| USD/ZAR | BCL | 02/13/23 | ZAR | (40077) | (2350) | (119) |
| USD/ZAR | DUB | 02/13/23 | ZAR | (49283) | (2890) | 61 |
| USD/ZAR | BCL | 02/17/23 | ZAR | (70407) | (4127) | (175) |
| USD/ZAR | JPM | 02/21/23 | ZAR | (57504) | (3369) | (32) |
| USD/ZAR | BOA | 03/13/23 | ZAR | (72266) | (4228) | (124) |
| USD/ZAR | GSC | 05/12/23 | ZAR | (29204) | (1700) | 47 |
| USD/ZAR | CIT | 09/12/23 | ZAR | (11638) | (671) | (12) |
| ZAR/USD | GSC | 01/09/23 | ZAR | 19849 | 1168 | 27 |
|  |  |  |  |  | (10756) | 121 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup> ($)** | **Value ($)** | **Premiums**<br>**Paid**<br>(Received) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| Presidencia Da Republica Federativa Do Brasil (Q)  | CIT | 1.17 | 1.00 | 12/20/24  | (700)  | (2)  | (12)  | 10  |
| Presidencia Da Republica Federativa Do Brasil (Q)  | CIT | 0.57 | 1.00 | 06/20/23  | (400)  | 1  | (25)  | 26  |
| Presidencia Da Republica Federativa Do Brasil (Q)  | CIT | 1.86 | 1.00 | 06/20/26  | (7200)  | (192)  | (245)  | 53  |
| Presidencia Da Republica Federativa Do Brasil (Q)  | GSC | 1.86 | 1.00 | 06/20/26  | (10600)  | (283)  | (360)  | 77  |
| Presidencia Da Republica Federativa Do Brasil (Q)  | GSC | 1.17 | 1.00 | 12/20/24  | (500)  | (2)  | (8)  | 6  |
| CDX.NA.HY.33.V13 (Q)  | CIT | 0.25 | 5.00 | 12/20/24  | (13559)  | 1225  | 2258  | (1033)  |
| CMBX.NA.AAA.10 (M)  | GSC | 0.00 | 0.50 | 11/17/59  | (36500)  | (82)  | (328)  | 246  |
| CMBX.NA.AAA.11 (M)  | GSC | 0.00 | 0.50 | 11/18/54  | (7800)  | (37)  | 60  | (97)  |
| CMBX.NA.AAA.11 (M)  | GSC | 0.00 | 0.50 | 11/18/54  | (7500)  | (36)  | (41)  | 5  |
| CMBX.NA.AAA.13 (M)  | GSC | 0.00 | 0.50 | 12/16/72  | (79500)  | (1000)  | (1365)  | 365  |
| CMBX.NA.AAA.6 (M)  | GSC | 0.00 | 0.50 | 05/11/63  | (44)  | —  | —  | —  |
| CMBX.NA.AAA.9 (M)  | GSC | 0.00 | 0.50 | 09/17/58  | (23969)  | (8)  | 48  | (56)  |
| Presidencia de la Republica de Colombia (Q)  | BCL | 2.32 | 1.00 | 12/20/26  | (1000)  | (46)  | (46)  | —  |
| Presidencia de la Republica de Colombia (Q)  | CIT | 2.54 | 1.00 | 06/20/27  | (200)  | (12)  | (7)  | (5)  |
| Presidencia de la Republica de Colombia (Q)  | GSC | 2.71 | 1.00 | 12/20/27  | (100)  | (7)  | (9)  | 2  |
| Presidencia de la Republica de Colombia (Q)  | GSC | 2.36 | 1.00 | 06/20/27  | (300)  | (18)  | (11)  | (7)  |
| Presidencia de la Republica de Colombia (Q)  | JPM | 2.36 | 1.00 | 06/20/27  | (300)  | (18)  | (12)  | (6)  |
| Gobierno Federal de los Estados Unidos Mexicanos (Q)  | CIT | 0.59 | 1.00 | 06/20/24  | (3300)  | 21  | (56)  | 77  |
| Gobierno Federal de los Estados Unidos Mexicanos (Q)  | GSC | 0.34 | 1.00 | 06/20/23  | (1700)  | 6  | (13)  | 19  |
| Gobierno Federal de los Estados Unidos Mexicanos (Q)  | GSC | 0.48 | 1.00 | 12/20/23  | (1700)  | 9  | (26)  | 35  |
| Gobierno Federal de los Estados Unidos Mexicanos (Q)  | GSC | 0.64 | 1.00 | 12/20/24  | (1500)  | 11  | (12)  | 23  |
| South Africa, Parliament of (Q)  | DUB | 2.10 | 1.00 | 12/20/26  | (1200)  | (47)  | (53)  | 6  |
| South Africa, Parliament of (Q)  | GSC | 1.15 | 1.00 | 06/20/24  | (600)  | (1)  | (25)  | 24  |
| Turkiye Cumhuriyeti Basbakanlik (Q)  | BOA | 5.66 | 1.00 | 12/20/23  | (200)  | (5)  | (14)  | 9  |
| Turkiye Cumhuriyeti Basbakanlik (Q)  | BOA | 5.91 | 1.00 | 12/20/24  | (700)  | (42)  | (78)  | 36  |
| Turkiye Cumhuriyeti Basbakanlik (Q)  | BCL | 4.32 | 1.00 | 12/20/24  | (500)  | (30)  | (61)  | 31  |
| Turkiye Cumhuriyeti Basbakanlik (Q)  | BCL | 4.32 | 1.00 | 12/20/24  | (1810)  | (108)  | (224)  | 116  |
| Turkiye Cumhuriyeti Basbakanlik (Q)  | CIT | 4.32 | 1.00 | 12/20/24  | (100)  | (6)  | (10)  | 4  |
| Turkiye Cumhuriyeti Basbakanlik (Q)  | DUB | 4.32 | 1.00 | 12/20/24  | (200)  | (12)  | (23)  | 11  |
| Turkiye Cumhuriyeti Basbakanlik (Q)  | GSC | 4.32 | 1.00 | 12/20/24  | (1300)  | (78)  | (146)  | 68  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

581

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements (continued)** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup> ($)** | **Value ($)** | **Premiums**<br>**Paid**<br>(Received) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| Turkiye Cumhuriyeti Basbakanlik (Q)  | GSC | 4.07 | 1.00 | 06/20/24  | (200)  | (9)  | (19)  | 10  |
|  |  |  |  |  | (205182) | (808) | (863) | 55 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Income Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Income Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Income Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Income Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Income Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Income Fund — OTC Total Return Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Unrealized Appreciation (Depreciation) ($)** |
| **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** |
| **CREDIT** | **CREDIT** | **CREDIT** | **CREDIT** | **CREDIT** | **CREDIT** | **CREDIT** |
| iShares iBoxx $ High Yield Corporate Bond ETF (MT) | Federal Funds Effective Rate -2.75% (M) | BOA | 10/18/23 | 2364  |  | 41 |
| iShares iBoxx $ High Yield Corporate Bond ETF (MT) | Federal Funds Effective Rate -0.40% (M) | GSC | 12/13/23 | 850  |  | (17) |
| iShares iBoxx $ High Yield Corporate Bond ETF (MT) | Federal Funds Effective Rate -0.30% (M) | JPM | 11/29/23 | 857  |  | (25) |
|  |  |  |  |  |  | (1) |
| **INDEX** | **INDEX** | **INDEX** | **INDEX** | **INDEX** | **INDEX** | **INDEX** |
| iBoxx Liquid High Yield Index (MT) | SOFR +3.00% (S) | GSC | 06/20/23 | 700  |  | (13) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

582

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***JNL Series Trust***

December 31, 2022

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 659000 |  | 659000 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 420585 |  | 420585 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 250912 |  | 250912 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 72401 | 10344 | 82745 |
| &nbsp;&nbsp;Common Stocks | 3058 | 780 | 9148 | 12986 |
| &nbsp;&nbsp;Rights |  |  | 2392 | 2392 |
| &nbsp;&nbsp;Warrants |  |  | 5 | 5 |
| &nbsp;&nbsp;Other Equity Interests |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 3238 | 58416 |  | 61654 |
|  | 6296 | 1462094 | 21889 | 1490279 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Government And Agency Obligations |  | (2259) |  | (2259) |
| &nbsp;&nbsp;Senior Floating Rate Instruments<sup>1</sup> |  |  | (300) | (300) |
|  |  | (2259) | (300) | (2559) |
| **Assets - Investments in Other Financial Instruments<sup>2</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 1826 |  |  | 1826 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 80744 |  | 80744 |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | 3710 |  | 3710 |
| &nbsp;&nbsp;Exchange Traded Futures Options | 25 |  |  | 25 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 3775 |  | 3775 |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | 1259 |  | 1259 |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | 41 |  | 41 |
|  | 1851 | 89529 |  | 91380 |
| **Liabilities - Investments in Other Financial Instruments<sup>2</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (1208) |  |  | (1208) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (76445) |  | (76445) |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | (992) |  | (992) |
| &nbsp;&nbsp;Exchange Traded Futures Options | (163) |  |  | (163) |
| &nbsp;&nbsp;Exchange Traded Written Options | (172) |  |  | (172) |
| &nbsp;&nbsp;OTC Written Options |  | (2617) |  | (2617) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (3654) |  | (3654) |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | (1204) |  | (1204) |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (55) |  | (55) |
|  | (1543) | (84967) |  | (86510) |

---

<sup>1</sup> Unfunded commitments are not reflected in total investments in the Schedule of Investments. Net unrealized appreciation (depreciation) is reflected as an asset or liability, if applicable, in the table. See Unfunded Commitments table following Schedule of Investments.

<sup>2</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

583

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** |
| **CORPORATE BONDS AND NOTES 67.9%** | **CORPORATE BONDS AND NOTES 67.9%** | **CORPORATE BONDS AND NOTES 67.9%** |
| **Financials 30.4%** | **Financials 30.4%** | **Financials 30.4%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 4.98%, (SOFR + 0.68%), 09/29/23 (a) | 6900 | 6794 |
| 4.45%, 04/03/26 | 600 | 575 |
| AIA Group Limited |  |  |
| 3.60%, 04/09/29 (b) | 1200 | 1096 |
| AIB Group Public Limited Company |  |  |
| 4.26%, 04/10/25 (b) | 600 | 581 |
| Ally Financial Inc. |  |  |
| 3.05%, 06/05/23 | 1900 | 1880 |
| Antares Holdings LP |  |  |
| 3.95%, 07/15/26 (b) | 300 | 258 |
| 3.75%, 07/15/27 (b) | 1250 | 1004 |
| Arch Capital Group Ltd. |  |  |
| 3.64%, 06/30/50 | 615 | 431 |
| Ares Finance Co. II LLC |  |  |
| 3.25%, 06/15/30 (b) | 1200 | 994 |
| Ares Finance Co. III LLC |  |  |
| 4.13%, 06/30/51 (b) | 500 | 379 |
| Assured Guaranty US Holdings Inc. |  |  |
| 3.60%, 09/15/51 | 1700 | 1127 |
| Aviation Capital Group LLC |  |  |
| 3.88%, 05/01/23 (b) | 700 | 694 |
| 4.38%, 01/30/24 (b) | 200 | 196 |
| 5.50%, 12/15/24 (b) | 600 | 589 |
| 3.50%, 11/01/27 (b) | 1532 | 1341 |
| Avolon Holdings Funding Limited |  |  |
| 5.50%, 01/15/26 (b) | 400 | 379 |
| 4.25%, 04/15/26 (b) | 700 | 636 |
| 2.53%, 11/18/27 (b) | 2826 | 2281 |
| AXIS Specialty Finance PLC |  |  |
| 4.00%, 12/06/27 | 700 | 650 |
| Banco Bilbao Vizcaya Argentaria, S.A. |  |  |
| 1.13%, 09/18/25 (c) | 4000 | 3578 |
| Banco Santander, S.A. |  |  |
| 3.49%, 05/28/30 (c) | 4600 | 3879 |
| Bank of America Corporation |  |  |
| 4.30%, (100, 01/28/25) (d) (e) | 2700 | 2349 |
| 5.13%, (100, 06/20/24) (e) | 1600 | 1491 |
| 2.46%, 10/22/25 | 2100 | 1984 |
| 3.82%, 01/20/28 | 5000 | 4669 |
| 2.55%, 02/04/28 | 1300 | 1155 |
| 3.42%, 12/20/28 | 631 | 572 |
| 4.27%, 07/23/29 | 900 | 841 |
| 3.97%, 02/07/30 | 7000 | 6359 |
| 1.90%, 07/23/31 | 400 | 308 |
| 2.69%, 04/22/32 | 2900 | 2320 |
| 2.97%, 02/04/33 | 1000 | 806 |
| 4.57%, 04/27/33 | 1900 | 1741 |
| Bank of Ireland Group Public Limited Company |  |  |
| 6.00%, (100, 09/01/25), EUR (e) (f) | 700 | 695 |
| Barclays PLC |  |  |
| 6.02%, (3 Month USD LIBOR + 1.38%), 05/16/24 (a) (c) | 2477 | 2475 |
| 2.85%, 05/07/26 (c) | 1400 | 1298 |
| 5.75%, 08/09/33 (c) | 200 | 190 |
| BGC Partners, Inc. |  |  |
| 4.38%, 12/15/25 | 700 | 655 |
| Blackstone Holdings Finance Co. L.L.C. |  |  |
| 1.50%, 04/10/29, EUR (b) | 800 | 704 |
| Blackstone Inc. |  |  |
| 2.50%, 01/10/30 (b) | 5700 | 4625 |
| 5.00%, 06/15/44 (b) | 300 | 264 |
| Blue Owl Finance LLC |  |  |
| 4.13%, 10/07/51 (b) | 3400 | 2014 |
| BNP Paribas |  |  |
| 7.00%, (100, 08/16/28) (b) (e) | 200 | 189 |
| 2.82%, 11/19/25 (b) (c) | 5500 | 5207 |
| 4.40%, 08/14/28 (b) | 900 | 852 |
| Boral Finance Pty Limited |  |  |
| 3.75%, 05/01/28 (b) | 338 | 300 |
| Brookfield Financial, Inc. |  |  |
| 3.90%, 01/25/28 | 2000 | 1837 |
| 4.35%, 04/15/30 | 600 | 547 |
| Capital Farm Credit ACA |  |  |
| 5.00%, (100, 03/15/26) (e) | 3200 | 2761 |
| Capital One Financial Corporation |  |  |
| 3.95%, (100, 09/01/26) (e) | 1700 | 1341 |
| Carlyle Finance LLC |  |  |
| 3.50%, 09/19/29 (b) | 500 | 423 |
| Citigroup Inc. |  |  |
| 3.88%, (100, 02/18/26) (e) | 3100 | 2650 |
| 4.15%, (100, 11/15/26) (e) | 4400 | 3622 |
| 4.70%, (100, 01/30/25) (e) | 1600 | 1332 |
| 5.00%, (100, 09/12/24) (d) (e) | 2600 | 2319 |
| 5.95%, (100, 05/15/25) (e) | 1100 | 1006 |
| Citizens Bank, National Association |  |  |
| 3.75%, 02/18/26 | 600 | 575 |
| Citizens Financial Group, Inc. |  |  |
| 4.00%, (100, 10/06/26) (e) | 5200 | 4206 |
| CNA Financial Corporation |  |  |
| 2.05%, 08/15/30 | 300 | 236 |
| CoBank, ACB |  |  |
| 4.25%, (100, 01/01/27) (b) (e) | 2200 | 1875 |
| Cooperatieve Rabobank U.A. |  |  |
| 3.75%, 07/21/26 | 1000 | 943 |
| Corebridge Financial, Inc. |  |  |
| 3.85%, 04/05/29 (b) | 3000 | 2733 |
| Credit Agricole SA |  |  |
| 3.75%, 04/24/23 (b) (c) | 250 | 249 |
| Credit Suisse Group AG |  |  |
| 6.25%, (100, 12/18/24) (b) (e) | 200 | 157 |
| 6.38%, (100, 08/21/26) (b) (e) | 1600 | 1152 |
| 7.50%, (100, 07/17/23) (b) (e) | 2800 | 2254 |
| 6.50%, 08/08/23 (f) | 300 | 290 |
| 6.50%, 08/08/23 (b) (c) | 200 | 193 |
| 2.59%, 09/11/25 (b) (c) | 1700 | 1517 |
| 3.87%, 01/12/29 (b) (c) | 700 | 560 |
| 6.54%, 08/12/33 (b) (c) | 4250 | 3740 |
| Credit Suisse Group Funding (Guernsey) Limited |  |  |
| 3.75%, 03/26/25 (c) | 800 | 721 |
| 4.55%, 04/17/26 (c) | 700 | 611 |
| Danske Bank A/S |  |  |
| 3.24%, 12/20/25 (b) | 1000 | 936 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 2.22%, 09/18/24 (c) | 900 | 869 |
| 2.13%, 11/24/26 | 3400 | 3003 |
| 3.55%, 09/18/31 (c) | 5600 | 4486 |
| 3.04%, 05/28/32 (c) | 400 | 303 |
| Discover Financial Services |  |  |
| 6.13%, (100, 06/23/25) (e) | 2100 | 2043 |
| E\*Trade Financial Corporation |  |  |
| 4.50%, 06/20/28 | 2500 | 2438 |
| Erste Group Bank AG |  |  |
| 4.25%, (100, 10/15/27), EUR (e) (f) | 2000 | 1690 |
| Export-Import Bank of India |  |  |
| 3.25%, 01/15/30 (b) | 600 | 520 |
| FactSet Research Systems Inc. |  |  |
| 2.90%, 03/01/27 | 900 | 819 |
| Fairfax Financial Holdings Limited |  |  |
| 2.75%, 03/29/28, EUR (b) | 600 | 559 |
| 4.63%, 04/29/30 | 1900 | 1729 |
| Fidelity National Financial, Inc. |  |  |
| 3.20%, 09/17/51 | 400 | 233 |
| First American Financial Corporation |  |  |
| 4.30%, 02/01/23 | 650 | 649 |
| Franklin Resources, Inc. |  |  |
| 2.95%, 08/12/51 | 2400 | 1496 |
| Freedom Mortgage Corporation |  |  |
| 6.63%, 01/15/27 (b) | 2000 | 1562 |
| GE Capital Funding LLC |  |  |
| 4.55%, 05/15/32 (d) | 537 | 510 |
| Global Atlantic Financial Company |  |  |
| 3.13%, 06/15/31 (b) | 1700 | 1247 |
| Globe Life Inc. |  |  |
| 2.15%, 08/15/30 | 2100 | 1665 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

584

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| High Street Funding Trust I |  |  |
| 4.11%, 02/15/28 | 100 | 93 |
| HSBC Holdings PLC |  |  |
| 6.50%, (100, 03/23/28) (c) (e) | 1500 | 1386 |
| 2.63%, 11/07/25 (c) | 1200 | 1126 |
| 3.90%, 05/25/26 (c) | 600 | 570 |
| 4.29%, 09/12/26 (c) | 900 | 861 |
| 6.12%, (3 Month USD LIBOR + 1.38%), 09/12/26 (a) (c) | 500 | 492 |
| 4.04%, 03/13/28 (c) | 200 | 184 |
| 4.58%, 06/19/29 (c) | 1100 | 1013 |
| 2.85%, 06/04/31 (c) | 2500 | 1990 |
| 2.36%, 08/18/31 (c) | 2600 | 1984 |
| ING Groep N.V. |  |  |
| 2.73%, 04/01/32 (c) | 1000 | 798 |
| JAB Holdings B.V. |  |  |
| 2.20%, 11/23/30 (b) | 2050 | 1540 |
| JPMorgan Chase & Co. |  |  |
| 4.00%, (100, 04/01/25) (e) | 4700 | 4013 |
| 4.60%, (100, 02/01/25) (e) | 2900 | 2575 |
| 5.00%, (100, 08/01/24) (e) | 700 | 641 |
| 5.15%, (100, 05/01/23) (e) | 800 | 781 |
| 6.10%, (100, 10/01/24) (e) | 900 | 874 |
| 2.30%, 10/15/25 | 200 | 189 |
| 3.78%, 02/01/28 | 7000 | 6552 |
| 2.74%, 10/15/30 | 2900 | 2437 |
| 1.95%, 02/04/32 | 1800 | 1378 |
| Lazard Group LLC |  |  |
| 4.50%, 09/19/28 | 1200 | 1115 |
| 4.38%, 03/11/29 | 278 | 257 |
| LeasePlan Corporation N.V. |  |  |
| 2.88%, 10/24/24 (b) | 5300 | 4976 |
| Lloyds Banking Group PLC |  |  |
| 4.05%, 08/16/23 (c) | 1600 | 1587 |
| 4.45%, 05/08/25 (c) | 800 | 783 |
| 2.44%, 02/05/26 (c) | 600 | 557 |
| Mitsubishi UFJ Financial Group Inc |  |  |
| 5.19%, (3 Month USD LIBOR + 0.86%), 07/26/23 (a) | 300 | 300 |
| 1.41%, 07/17/25 | 9800 | 8900 |
| Mizuho Financial Group, Inc. |  |  |
| 2.87%, 09/13/30 | 4400 | 3676 |
| 1.98%, 09/08/31 | 1900 | 1454 |
| Moody's Corporation |  |  |
| 2.00%, 08/19/31 | 700 | 555 |
| 3.25%, 05/20/50 | 1000 | 695 |
| Morgan Stanley |  |  |
| 5.88%, (100, 09/15/26) (e) | 700 | 685 |
| 1.79%, 02/13/32 | 1500 | 1124 |
| 2.24%, 07/21/32 | 1600 | 1227 |
| Muthoot Finance Limited |  |  |
| 4.40%, 09/02/23 (b) | 2300 | 2257 |
| National Rural Utilities Cooperative Finance Corporation |  |  |
| 2.40%, 03/15/30 | 1600 | 1332 |
| Nationwide Building Society |  |  |
| 10.25%, GBP (e) | 535 | 805 |
| Nationwide Financial Services, Inc. |  |  |
| 3.90%, 11/30/49 (b) | 500 | 350 |
| NatWest Group PLC |  |  |
| 4.60%, (100, 06/28/31) (c) (e) | 1300 | 934 |
| 4.52%, 06/25/24 (c) | 1100 | 1089 |
| 6.27%, (3 Month USD LIBOR + 1.55%), 06/25/24 (a) (c) | 1801 | 1801 |
| 4.27%, 03/22/25 (c) | 1400 | 1365 |
| 5.08%, 01/27/30 (c) | 200 | 188 |
| Nippon Life Insurance Company of America |  |  |
| 3.40%, 01/23/50 (b) | 600 | 509 |
| Nomura Holdings, Inc. |  |  |
| 1.85%, 07/16/25 | 1300 | 1186 |
| 2.17%, 07/14/28 | 1900 | 1569 |
| 3.10%, 01/16/30 | 1800 | 1503 |
| Nykredit Realkredit A/S |  |  |
| 1.00%, 10/01/50, DKK (f) | 97 | 10 |
| 1.50%, 10/01/53, DKK (f) | 16126 | 1768 |
| Ohio National Financial Services, Inc. |  |  |
| 5.80%, 01/24/30 (b) (g) | 3100 | 2827 |
| Pacific LifeCorp |  |  |
| 3.35%, 09/15/50 (b) | 400 | 275 |
| Pine Street Trust I |  |  |
| 4.57%, 02/15/29 (b) | 1600 | 1483 |
| Principal Financial Group, Inc. |  |  |
| 3.70%, 05/15/29 | 100 | 93 |
| Protective Life Corporation |  |  |
| 4.30%, 09/30/28 (b) | 1000 | 938 |
| 3.40%, 01/15/30 (b) | 700 | 609 |
| Reinsurance Group of America, Incorporated |  |  |
| 3.95%, 09/15/26 | 600 | 578 |
| Rexford Industrial Realty, L.P. |  |  |
| 2.13%, 12/01/30 | 900 | 700 |
| Rio Oil Finance Trust |  |  |
| 9.25%, 07/06/24 (f) (g) | 154 | 155 |
| 9.25%, 07/06/24 (b) (g) | 64 | 65 |
| 9.75%, 01/06/27 (b) (g) | 116 | 119 |
| 8.20%, 04/06/28 (b) | 511 | 516 |
| Santander Holdings USA, Inc. |  |  |
| 3.24%, 10/05/26 | 2200 | 2041 |
| 4.40%, 07/13/27 | 100 | 96 |
| Santander UK Group Holdings PLC |  |  |
| 4.75%, 09/15/25 (b) | 600 | 574 |
| 1.53%, 08/21/26 (c) | 2100 | 1852 |
| SB Capital S.A. |  |  |
| 0.00%, 05/23/23 - 10/29/49 (f) (h) (i) (j) | 5700 |  |
| Societe Generale |  |  |
| 1.49%, 12/14/26 (b) | 900 | 784 |
| Standard Chartered PLC |  |  |
| 3.79%, 05/21/25 (b) | 1000 | 966 |
| 2.82%, 01/30/26 (b) | 1600 | 1488 |
| State Street Corporation |  |  |
| 5.63%, (100, 12/15/23) (d) (e) | 400 | 371 |
| Stichting AK Rabobank Certificaten II |  |  |
| 6.50%, EUR (a) (e) (f) (g) | 630 | 647 |
| Stifel Financial Corp. |  |  |
| 4.00%, 05/15/30 | 900 | 780 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 1.47%, 07/08/25 | 1100 | 1004 |
| 2.13%, 07/08/30 | 2700 | 2138 |
| Sumitomo Mitsui Trust Bank Ltd |  |  |
| 1.05%, 09/12/25 (b) | 1700 | 1516 |
| SVB Financial Group |  |  |
| 4.25%, (100, 11/15/26) (e) | 2600 | 1717 |
| Synchrony Financial |  |  |
| 3.95%, 12/01/27 | 2900 | 2587 |
| The Charles Schwab Corporation |  |  |
| 4.00%, (100, 12/01/30) (e) | 2300 | 1823 |
| 5.00%, (100, 12/01/27) (e) | 900 | 748 |
| 5.38%, (100, 06/01/25) (d) (e) | 1500 | 1464 |
| The Goldman Sachs Group, Inc. |  |  |
| 6.12%, (3 Month USD LIBOR + 1.75%), 10/28/27 (a) | 4100 | 4165 |
| 3.69%, 06/05/28 | 400 | 371 |
| 4.22%, 05/01/29 | 2400 | 2236 |
| 2.38%, 07/21/32 | 2300 | 1783 |
| The Hanover Insurance Group, Inc. |  |  |
| 2.50%, 09/01/30 | 500 | 385 |
| The PNC Financial Services Group, Inc. |  |  |
| 3.40%, (100, 09/15/26) (e) | 1500 | 1188 |
| 6.20%, (100, 09/15/27) (e) | 1000 | 979 |
| Truist Financial Corporation |  |  |
| 5.10%, (100, 03/01/30) (e) | 1000 | 935 |
| UBS Group AG |  |  |
| 4.38%, (100, 02/10/31) (b) (e) | 2600 | 1977 |
| 2.10%, 02/11/32 (b) | 1600 | 1203 |
| UniCredit S.p.A. |  |  |
| 7.83%, 12/04/23 (b) | 1200 | 1210 |
| 7.30%, 04/02/34 (b) (c) | 1300 | 1184 |
| Wells Fargo & Company |  |  |
| 2.16%, 02/11/26 | 2075 | 1936 |
| 3.20%, 06/17/27 | 800 | 744 |
| 3.58%, 05/22/28 | 4800 | 4450 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

585

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2.39%, 06/02/28 | 7200 | 6350 |
| Willis North America Inc. |  |  |
| 2.95%, 09/15/29 | 5500 | 4631 |
| | | 282727 |
| **Utilities 5.6%** | **Utilities 5.6%** | **Utilities 5.6%** |
| Adani Electricity Mumbai Limited |  |  |
| 3.95%, 02/12/30 (b) | 600 | 455 |
| Ameren Illinois Company |  |  |
| 3.25%, 03/15/50 | 300 | 217 |
| Arizona Public Service Company |  |  |
| 2.20%, 12/15/31 | 1700 | 1296 |
| 3.50%, 12/01/49 | 400 | 271 |
| 2.65%, 09/15/50 | 700 | 407 |
| Black Hills Corporation |  |  |
| 2.50%, 06/15/30 | 1400 | 1126 |
| Cameron LNG, LLC |  |  |
| 3.40%, 01/15/38 (b) | 1300 | 1062 |
| CenterPoint Energy Resources Corp. |  |  |
| 1.75%, 10/01/30 | 2000 | 1585 |
| Cleco Corporate Holdings LLC |  |  |
| 3.74%, 05/01/26 | 2200 | 2064 |
| DTE Electric Company |  |  |
| 2.25%, 03/01/30 | 1400 | 1180 |
| DTE Energy Company |  |  |
| 2.95%, 03/01/30 | 500 | 426 |
| Duquesne Light Holdings, Inc. |  |  |
| 3.62%, 08/01/27 (b) | 1200 | 1071 |
| Enel Finance America, LLC |  |  |
| 7.10%, 10/14/27 (b) | 400 | 416 |
| Enel Finance International N.V. |  |  |
| 2.88%, 07/12/41 (b) | 1600 | 964 |
| Entergy Corporation |  |  |
| 2.80%, 06/15/30 | 2600 | 2188 |
| Entergy Texas, Inc. |  |  |
| 1.75%, 03/15/31 | 700 | 548 |
| Evergy Metro, Inc. |  |  |
| 2.25%, 06/01/30 | 1000 | 823 |
| Georgia Power Company |  |  |
| 3.70%, 01/30/50 | 400 | 299 |
| 3.25%, 03/15/51 | 2300 | 1587 |
| ITC Holdings Corp. |  |  |
| 2.95%, 05/14/30 (b) | 2500 | 2117 |
| Mid-Atlantic Interstate Transmission, LLC |  |  |
| 4.10%, 05/15/28 (b) | 1300 | 1223 |
| Mississippi Power Company |  |  |
| 3.95%, 03/30/28 | 2600 | 2443 |
| Monongahela Power Company |  |  |
| 5.40%, 12/15/43 (b) | 106 | 102 |
| National Fuel Gas Company |  |  |
| 2.95%, 03/01/31 (k) | 300 | 236 |
| NiSource Inc. |  |  |
| 2.95%, 09/01/29 | 700 | 608 |
| Pacific Gas And Electric Company |  |  |
| 3.25%, 06/15/23 - 06/01/31 | 2200 | 1929 |
| 3.15%, 01/01/26 | 1200 | 1116 |
| 3.30%, 03/15/27 - 08/01/40 | 5300 | 4241 |
| 3.75%, 07/01/28 | 250 | 222 |
| 4.65%, 08/01/28 | 200 | 184 |
| 2.50%, 02/01/31 | 1800 | 1398 |
| 4.60%, 06/15/43 | 600 | 456 |
| 4.30%, 03/15/45 | 200 | 143 |
| 4.25%, 03/15/46 | 1200 | 832 |
| 4.95%, 07/01/50 | 500 | 391 |
| 5.25%, 03/01/52 | 2300 | 1887 |
| PECO Energy Company |  |  |
| 3.00%, 09/15/49 | 800 | 549 |
| Puget Energy, Inc. |  |  |
| 4.10%, 06/15/30 | 900 | 805 |
| San Diego Gas & Electric Company |  |  |
| 1.70%, 10/01/30 | 1000 | 792 |
| 4.10%, 06/15/49 | 200 | 164 |
| Sempra Energy |  |  |
| 3.40%, 02/01/28 | 800 | 743 |
| 4.13%, 04/01/52 | 400 | 315 |
| Southern California Edison Company |  |  |
| 4.24%, (SOFR + 0.64%), 04/03/23 (a) | 2900 | 2897 |
| 6.05%, 03/15/39 | 400 | 406 |
| 3.60%, 02/01/45 | 400 | 287 |
| 4.00%, 04/01/47 | 1100 | 866 |
| Southern California Gas Company |  |  |
| 2.55%, 02/01/30 | 1600 | 1362 |
| System Energy Resources, Inc. |  |  |
| 2.14%, 12/09/25 | 1300 | 1187 |
| The Cleveland Electric Illuminating Company |  |  |
| 3.50%, 04/01/28 (b) | 2870 | 2613 |
| The East Ohio Gas Company |  |  |
| 2.00%, 06/15/30 (b) | 600 | 471 |
| The Narragansett Electric Company |  |  |
| 3.40%, 04/09/30 (b) | 700 | 625 |
| The Southern Company |  |  |
| 2.95%, 07/01/23 | 200 | 198 |
| 4.25%, 07/01/36 | 400 | 349 |
| 8.40%, (3 Month USD LIBOR + 3.63%), 03/15/57 (a) | 200 | 200 |
|  |  | 52342 |
| **Real Estate 5.6%** | **Real Estate 5.6%** | **Real Estate 5.6%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| 4.50%, 07/30/29 | 500 | 471 |
| 2.75%, 12/15/29 | 2600 | 2207 |
| 3.00%, 05/18/51 | 1100 | 703 |
| American Assets Trust, L.P. |  |  |
| 3.38%, 02/01/31 | 2600 | 2063 |
| American Homes 4 Rent, L.P. |  |  |
| 4.25%, 02/15/28 | 1200 | 1113 |
| American Tower Corporation |  |  |
| 3.00%, 06/15/23 | 600 | 595 |
| 2.95%, 01/15/25 - 01/15/51 | 2400 | 2058 |
| 4.00%, 06/01/25 | 1000 | 972 |
| 2.75%, 01/15/27 | 1900 | 1721 |
| 3.13%, 01/15/27 | 400 | 367 |
| 1.88%, 10/15/30 | 1600 | 1235 |
| 3.70%, 10/15/49 | 2100 | 1497 |
| Brixmor Operating Partnership LP |  |  |
| 3.90%, 03/15/27 | 700 | 643 |
| Corporate Office Properties Trust |  |  |
| 2.25%, 03/15/26 | 400 | 353 |
| Crown Castle Inc. |  |  |
| 3.80%, 02/15/28 | 900 | 837 |
| 4.30%, 02/15/29 | 1800 | 1698 |
| 4.00%, 11/15/49 | 1501 | 1140 |
| 4.15%, 07/01/50 | 1100 | 858 |
| EPR Properties |  |  |
| 4.50%, 04/01/25 - 06/01/27 | 1000 | 878 |
| 4.75%, 12/15/26 | 200 | 180 |
| Equinix, Inc. |  |  |
| 2.15%, 07/15/30 | 1700 | 1356 |
| ERP Operating Limited Partnership |  |  |
| 2.50%, 02/15/30 | 300 | 250 |
| GLP Financing, LLC |  |  |
| 3.35%, 09/01/24 | 400 | 383 |
| 5.25%, 06/01/25 | 400 | 393 |
| 5.75%, 06/01/28 | 300 | 294 |
| 5.30%, 01/15/29 | 700 | 662 |
| 4.00%, 01/15/31 | 2400 | 2060 |
| Goodman HK Finance |  |  |
| 4.38%, 06/19/24 (f) | 300 | 294 |
| Highwoods Realty Limited Partnership |  |  |
| 3.05%, 02/15/30 | 400 | 318 |
| Host Hotels & Resorts, L.P. |  |  |
| 3.88%, 04/01/24 | 200 | 195 |
| 4.00%, 06/15/25 | 300 | 288 |
| 4.50%, 02/01/26 | 100 | 96 |
| 3.50%, 09/15/30 (k) | 3400 | 2805 |
| Kaisa Group Holdings Ltd. |  |  |
| 0.00%, 07/23/23 - 04/09/49 (f) (h) (i) | 6500 | 900 |
| 0.00%, 06/30/49 (f) (h) (i) | 800 | 112 |
| KWG Group Holdings Limited |  |  |
| 5.88%, 11/10/24 (f) | 200 | 86 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

586

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Life Storage LP |  |  |
| 2.20%, 10/15/30 | 1000 | 776 |
| Mid-America Apartments, L.P. |  |  |
| 4.30%, 10/15/23 | 50 | 50 |
| 3.95%, 03/15/29 | 600 | 569 |
| Mitsui Fudosan Co., Ltd. |  |  |
| 3.65%, 07/20/27 (b) | 900 | 854 |
| Omega Healthcare Investors, Inc. |  |  |
| 4.38%, 08/01/23 | 165 | 164 |
| 3.25%, 04/15/33 | 2100 | 1515 |
| Physicians Realty L.P. |  |  |
| 4.30%, 03/15/27 | 995 | 939 |
| 3.95%, 01/15/28 | 200 | 183 |
| ProLogis, L.P. |  |  |
| 2.25%, 04/15/30 | 800 | 668 |
| 3.05%, 03/01/50 | 1600 | 1080 |
| Realty Income Corporation |  |  |
| 3.95%, 08/15/27 | 400 | 382 |
| Spirit Realty, L.P. |  |  |
| 4.45%, 09/15/26 | 200 | 191 |
| 4.00%, 07/15/29 | 500 | 434 |
| 3.20%, 02/15/31 | 600 | 478 |
| Store Capital Corporation |  |  |
| 2.75%, 11/18/30 | 900 | 687 |
| Sunac China Holdings Limited |  |  |
| 0.00%, 07/09/23 - 08/03/24 (f) (h) (i) | 1800 | 378 |
| UDR, Inc. |  |  |
| 3.00%, 08/15/31 | 200 | 167 |
| Ventas Realty, Limited Partnership |  |  |
| 4.40%, 01/15/29 | 900 | 840 |
| VICI Properties Inc. |  |  |
| 5.75%, 02/01/27 (b) | 400 | 390 |
| 3.88%, 02/15/29 (b) | 2500 | 2198 |
| W.P. Carey Inc. |  |  |
| 4.00%, 02/01/25 | 1000 | 974 |
| Weyerhaeuser Company |  |  |
| 4.00%, 11/15/29 - 04/15/30 | 6100 | 5569 |
| 7.38%, 03/15/32 | 452 | 500 |
| Yango Justice International Limited |  |  |
| 0.00%, 04/15/23 - 04/15/24 (f) (h) (i) | 600 | 17 |
| | | 52084 |
| **Consumer Discretionary 5.4%** | **Consumer Discretionary 5.4%** | **Consumer Discretionary 5.4%** |
| 7-Eleven, Inc. |  |  |
| 0.63%, 02/10/23 (b) | 4100 | 4077 |
| Alibaba Group Holding Limited |  |  |
| 2.13%, 02/09/31 | 975 | 775 |
| Amazon.com, Inc. |  |  |
| 5.20%, 12/03/25 | 100 | 102 |
| Aptiv PLC |  |  |
| 4.35%, 03/15/29 | 800 | 752 |
| Azul Investments LLP |  |  |
| 5.88%, 10/26/24 (b) | 100 | 80 |
| Daimler Trucks Finance North America LLC |  |  |
| 4.87%, (SOFR + 0.75%), 12/13/24 (a) (b) | 4700 | 4639 |
| Discovery Communications, LLC |  |  |
| 3.45%, 03/15/25 | 100 | 95 |
| Expedia Group, Inc. |  |  |
| 6.25%, 05/01/25 (b) | 1603 | 1615 |
| 2.95%, 03/15/31 (k) | 445 | 358 |
| Ferguson Finance PLC |  |  |
| 3.25%, 06/02/30 (b) | 400 | 339 |
| Hyatt Hotels Corporation |  |  |
| 5.63%, 04/23/25 (g) (k) | 2450 | 2432 |
| 6.00%, 04/23/30 (g) (k) | 500 | 490 |
| Hyundai Capital America |  |  |
| 2.00%, 06/15/28 (b) | 1600 | 1306 |
| Las Vegas Sands Corp. |  |  |
| 3.20%, 08/08/24 | 4125 | 3899 |
| 2.90%, 06/25/25 | 200 | 184 |
| 3.50%, 08/18/26 | 800 | 722 |
| Magallanes, Inc. |  |  |
| 4.28%, 03/15/32 (b) | 2650 | 2185 |
| 5.05%, 03/15/42 (b) | 1700 | 1307 |
| Marriott International, Inc. |  |  |
| 4.63%, 06/15/30 (k) | 200 | 187 |
| McDonald's Corporation |  |  |
| 3.63%, 09/01/49 | 400 | 304 |
| MCE Finance Limited |  |  |
| 5.25%, 04/26/26 (b) | 500 | 439 |
| 5.63%, 07/17/27 (b) | 200 | 172 |
| 5.75%, 07/21/28 (b) | 3200 | 2662 |
| Nissan Motor Acceptance Company LLC |  |  |
| 1.85%, 09/16/26 (b) | 2200 | 1840 |
| Nissan Motor Co., Ltd. |  |  |
| 3.04%, 09/15/23 (b) | 1100 | 1077 |
| 4.35%, 09/17/27 (b) | 2100 | 1905 |
| NVR, Inc. |  |  |
| 3.00%, 05/15/30 | 4400 | 3690 |
| Sands China Ltd. |  |  |
| 4.30%, 01/08/26 (g) (k) | 800 | 737 |
| 2.80%, 03/08/27 (g) (k) | 700 | 594 |
| 5.90%, 08/08/28 (g) (k) | 900 | 843 |
| 3.35%, 03/08/29 (g) (k) | 1000 | 816 |
| 3.75%, 08/08/31 (g) (k) | 1000 | 790 |
| Spectrum Management Holding Company, LLC |  |  |
| 6.75%, 06/15/39 | 1200 | 1129 |
| 4.50%, 09/15/42 | 300 | 219 |
| Stellantis Finance US Inc. |  |  |
| 2.69%, 09/15/31 (b) | 1300 | 991 |
| Studio City Finance Limited |  |  |
| 6.50%, 01/15/28 (b) | 1100 | 856 |
| 5.00%, 01/15/29 (b) | 1900 | 1406 |
| Travel + Leisure Co. |  |  |
| 4.63%, 03/01/30 (b) | 1000 | 833 |
| Wynn Macau, Limited |  |  |
| 4.88%, 10/01/24 (b) | 400 | 378 |
| 5.50%, 10/01/27 (b) (d) | 1400 | 1221 |
| 5.50%, 10/01/27 (f) | 600 | 519 |
| 5.63%, 08/26/28 (b) | 2000 | 1707 |
|  |  | 50672 |
| **Energy 4.4%** | **Energy 4.4%** | **Energy 4.4%** |
| Aker BP ASA |  |  |
| 3.75%, 01/15/30 (b) | 500 | 440 |
| 4.00%, 01/15/31 (b) | 3500 | 3076 |
| Cheniere Corpus Christi Holdings, LLC |  |  |
| 5.13%, 06/30/27 | 2200 | 2178 |
| 3.70%, 11/15/29 | 800 | 725 |
| Continental Resources, Inc. |  |  |
| 5.75%, 01/15/31 (b) | 1800 | 1677 |
| Enable Midstream Partners, LP |  |  |
| 4.40%, 03/15/27 | 800 | 763 |
| 4.95%, 05/15/28 | 500 | 481 |
| Enbridge Inc. |  |  |
| 4.38%, (SOFR + 0.40%), 02/17/23 (a) | 1900 | 1900 |
| Energy Transfer LP |  |  |
| 4.25%, 03/15/23 | 200 | 200 |
| 4.20%, 04/15/27 | 1200 | 1132 |
| 5.50%, 06/01/27 | 2472 | 2457 |
| 4.90%, 03/15/35 | 554 | 491 |
| 7.50%, 07/01/38 | 200 | 213 |
| 6.05%, 06/01/41 | 1300 | 1217 |
| 6.50%, 02/01/42 | 100 | 98 |
| Enterprise Products Operating LLC |  |  |
| 7.63%, (3 Month USD LIBOR + 2.99%), 08/16/77 (a) | 250 | 227 |
| Florida Gas Transmission Company, LLC |  |  |
| 2.55%, 07/01/30 (b) | 1000 | 809 |
| Gaz Capital S.A. |  |  |
| 0.00%, 11/17/23, EUR (b) (f) (h) (i) | 400 | 304 |
| 0.00%, 01/24/24 - 11/22/24, EUR (f) (h) (i) | 1800 | 1349 |
| 0.00%, 03/23/27 (f) (h) (i) | 400 | 280 |
| Gaz Finance PLC |  |  |
| 0.00%, 06/29/27 (f) (h) (i) | 1500 | 1050 |
| 0.00%, 01/27/29 (b) (f) (h) (i) | 1800 | 1260 |
| Kinder Morgan, Inc. |  |  |
| 5.36%, (3 Month USD LIBOR + 1.28%), 01/15/23 (a) | 1300 | 1300 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

587

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Midwest Connector Capital Company LLC |  |  |
| 3.90%, 04/01/24 (b) | 700 | 678 |
| 4.63%, 04/01/29 (b) | 500 | 451 |
| MPLX LP |  |  |
| 5.20%, 12/01/47 | 1638 | 1396 |
| 4.90%, 04/15/58 | 300 | 236 |
| Novatek Finance Designated Activity Company |  |  |
| 4.22%, 12/31/23 (h) | 500 | 511 |
| Ocyan S/A |  |  |
| 0.00%, (100, 02/10/23) (b) (e) (l) | 89 |  |
| Odebrecht Offshore Drilling Finance Ltd. |  |  |
| 7.35%, 12/01/26 (b) (m) | 155 | 84 |
| 7.72%, 12/01/26 (f) (m) | 179 | 48 |
| ONEOK Partners, L.P. |  |  |
| 4.90%, 03/15/25 | 500 | 493 |
| 6.85%, 10/15/37 | 200 | 201 |
| 6.20%, 09/15/43 | 500 | 464 |
| ONEOK, Inc. |  |  |
| 4.35%, 03/15/29 | 2500 | 2306 |
| 6.35%, 01/15/31 | 1100 | 1121 |
| Plains All American Pipeline, L.P. |  |  |
| 2.85%, 01/31/23 | 200 | 200 |
| Ras Laffan Liquefied Natural Gas Company Limited |  |  |
| 5.84%, 09/30/27 (b) | 204 | 204 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.88%, 06/30/26 | 1200 | 1214 |
| Saudi Arabian Oil Company |  |  |
| 2.25%, 11/24/30 (b) | 200 | 165 |
| Targa Resources Corp. |  |  |
| 4.20%, 02/01/33 | 1300 | 1125 |
| Tennessee Gas Pipeline Company, L.L.C. |  |  |
| 2.90%, 03/01/30 (b) | 5100 | 4264 |
| Woodside Finance Limited |  |  |
| 3.65%, 03/05/25 (b) | 600 | 576 |
| 4.50%, 03/04/29 (b) | 2000 | 1879 |
| | | 41243 |
| **Industrials 4.4%** | **Industrials 4.4%** | **Industrials 4.4%** |
| A.P. Moller - Maersk A/S |  |  |
| 3.88%, 09/28/25 (b) | 800 | 772 |
| Aircastle Limited |  |  |
| 2.85%, 01/26/28 (b) | 2200 | 1807 |
| Allegion Public Limited Company |  |  |
| 3.50%, 10/01/29 | 500 | 432 |
| BAE Systems PLC |  |  |
| 3.40%, 04/15/30 (b) | 300 | 265 |
| Berry Global, Inc. |  |  |
| 1.57%, 01/15/26 | 4700 | 4197 |
| Boise Cascade Company |  |  |
| 4.88%, 07/01/30 (b) (d) | 300 | 261 |
| CoStar Group, Inc. |  |  |
| 2.80%, 07/15/30 (b) | 1100 | 901 |
| Delta Air Lines, Inc. |  |  |
| 7.38%, 01/15/26 | 1601 | 1643 |
| GATX Corporation |  |  |
| 3.50%, 03/15/28 | 500 | 453 |
| General Electric Company |  |  |
| 8.10%, (3 Month USD LIBOR + 3.33%), (100, 03/15/23) (a) (e) | 2500 | 2475 |
| Kansas City Southern |  |  |
| 3.00%, 05/15/23 | 200 | 199 |
| 3.13%, 06/01/26 | 500 | 470 |
| 3.50%, 05/01/50 | 1200 | 857 |
| Norfolk Southern Corporation |  |  |
| 4.15%, 02/28/48 | 400 | 331 |
| Park Aerospace Holdings Limited |  |  |
| 4.50%, 03/15/23 (b) | 260 | 259 |
| Penske Truck Leasing Co., L.P. |  |  |
| 3.40%, 11/15/26 (b) | 1000 | 918 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/30 | 900 | 742 |
| 3.05%, 10/01/41 | 1500 | 983 |
| SMBC Aviation Capital Finance Designated Activity Company |  |  |
| 3.55%, 04/15/24 (b) | 800 | 774 |
| Textron Inc. |  |  |
| 3.38%, 03/01/28 | 3000 | 2716 |
| The Boeing Company |  |  |
| 3.25%, 02/01/28 | 2100 | 1915 |
| 3.60%, 05/01/34 | 1800 | 1436 |
| 5.93%, 05/01/60 (k) | 5700 | 5224 |
| Triumph Group, Inc. |  |  |
| 6.25%, 09/15/24 (b) (d) | 300 | 284 |
| Union Pacific Corporation |  |  |
| 3.95%, 08/15/59 | 300 | 236 |
| 3.75%, 02/05/70 | 300 | 220 |
| Verisk Analytics, Inc. |  |  |
| 4.13%, 03/15/29 | 400 | 373 |
| Weir Group PLC(The) |  |  |
| 2.20%, 05/13/26 (b) | 2400 | 2137 |
| Westinghouse Air Brake Technologies Corporation |  |  |
| 3.20%, 06/15/25 (k) | 8000 | 7539 |
|  |  | 40819 |
| **Information Technology 4.3%** | **Information Technology 4.3%** | **Information Technology 4.3%** |
| Apple Inc. |  |  |
| 2.80%, 02/08/61 | 2200 | 1406 |
| Broadcom Inc. |  |  |
| 2.45%, 02/15/31 (b) | 1900 | 1496 |
| 4.30%, 11/15/32 | 2900 | 2563 |
| 3.47%, 04/15/34 (b) | 1996 | 1585 |
| 3.14%, 11/15/35 (b) | 1622 | 1190 |
| 3.19%, 11/15/36 (b) | 1109 | 801 |
| 4.93%, 05/15/37 (b) | 3358 | 2935 |
| CDW Finance Corporation |  |  |
| 3.57%, 12/01/31 | 1400 | 1153 |
| Dell International L.L.C. |  |  |
| 5.45%, 06/15/23 (k) | 2087 | 2091 |
| Flex Ltd. |  |  |
| 4.88%, 05/12/30 | 400 | 374 |
| Global Payments Inc. |  |  |
| 2.90%, 05/15/30 | 500 | 411 |
| 5.40%, 08/15/32 | 500 | 477 |
| 4.15%, 08/15/49 | 500 | 357 |
| 5.95%, 08/15/52 | 600 | 545 |
| Infor, Inc. |  |  |
| 1.75%, 07/15/25 (b) | 800 | 722 |
| Lenovo Group Limited |  |  |
| 3.42%, 11/02/30 (b) | 2000 | 1590 |
| Marvell Technology, Inc. |  |  |
| 4.20%, 06/22/23 | 500 | 499 |
| Micron Technology, Inc. |  |  |
| 4.19%, 02/15/27 | 300 | 285 |
| Motorola Solutions, Inc. |  |  |
| 4.60%, 05/23/29 | 1300 | 1235 |
| NXP B.V. |  |  |
| 2.70%, 05/01/25 | 1300 | 1222 |
| 3.40%, 05/01/30 | 2400 | 2071 |
| Oracle Corporation |  |  |
| 2.30%, 03/25/28 | 6000 | 5200 |
| 4.00%, 07/15/46 | 900 | 660 |
| ServiceNow, Inc. |  |  |
| 1.40%, 09/01/30 | 1200 | 914 |
| Sunny Optical Technology (Group) Company Limited |  |  |
| 3.75%, 01/23/23 (f) | 1400 | 1398 |
| TD SYNNEX Corporation |  |  |
| 1.75%, 08/09/26 (k) | 2300 | 1955 |
| VeriSign, Inc. |  |  |
| 2.70%, 06/15/31 | 600 | 487 |
| VMware, Inc. |  |  |
| 3.90%, 08/21/27 | 1800 | 1681 |
| 4.70%, 05/15/30 (k) | 3100 | 2905 |
|  |  | 40208 |
| **Communication Services 3.8%** | **Communication Services 3.8%** | **Communication Services 3.8%** |
| Baidu, Inc. |  |  |
| 4.88%, 11/14/28 | 1100 | 1057 |
| Charter Communications Operating, LLC |  |  |
| 3.75%, 02/15/28 | 300 | 271 |
| 2.80%, 04/01/31 | 200 | 156 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

588

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 3.50%, 03/01/42 | 3600 | 2326 |
| 5.38%, 05/01/47 | 400 | 315 |
| 5.75%, 04/01/48 | 300 | 247 |
| 4.80%, 03/01/50 | 2000 | 1461 |
| 5.25%, 04/01/53 | 500 | 389 |
| 3.85%, 04/01/61 | 200 | 116 |
| Cox Communications, Inc. |  |  |
| 3.15%, 08/15/24 (b) | 276 | 266 |
| Diamond Sports Group, LLC |  |  |
| 5.38%, 08/15/26 (b) | 600 | 71 |
| NBN Co Limited |  |  |
| 2.63%, 05/05/31 (b) | 800 | 637 |
| Netflix, Inc. |  |  |
| 3.88%, 11/15/29, EUR (f) | 1400 | 1385 |
| OI S.A. - In Judicial Reorganization |  |  |
| 10.00%, 07/27/25 (m) | 400 | 68 |
| SES |  |  |
| 3.60%, 04/04/23 (b) | 2007 | 1996 |
| Take-Two Interactive Software, Inc. |  |  |
| 4.00%, 04/14/32 | 700 | 620 |
| Tencent Holdings Limited |  |  |
| 3.98%, 04/11/29 (b) | 3400 | 3137 |
| 3.98%, 04/11/29 (f) | 900 | 830 |
| 2.39%, 06/03/30 (f) | 900 | 733 |
| 3.24%, 06/03/50 (b) | 1100 | 698 |
| Tencent Music Entertainment Group |  |  |
| 2.00%, 09/03/30 | 500 | 377 |
| Time Warner Cable Enterprises LLC |  |  |
| 8.38%, 07/15/33 | 100 | 112 |
| T-Mobile USA, Inc. |  |  |
| 3.50%, 04/15/25 - 04/15/31 | 2800 | 2593 |
| 1.50%, 02/15/26 | 2800 | 2509 |
| 2.88%, 02/15/31 | 650 | 537 |
| 3.30%, 02/15/51 | 3500 | 2353 |
| Verizon Communications Inc. |  |  |
| 5.10%, (SOFR + 0.79%), 03/20/26 (a) | 9600 | 9351 |
| Xiaomi Best Time International Limited |  |  |
| 2.88%, 07/14/31 (b) | 600 | 432 |
| | | 35043 |
| **Consumer Staples 2.1%** | **Consumer Staples 2.1%** | **Consumer Staples 2.1%** |
| Ashtead Capital, Inc. |  |  |
| 4.00%, 05/01/28 (b) | 400 | 365 |
| B. A. T. Capital Corporation |  |  |
| 3.56%, 08/15/27 | 400 | 366 |
| B.A.T. International Finance P.L.C. |  |  |
| 1.67%, 03/25/26 | 4700 | 4161 |
| Bacardi Limited |  |  |
| 4.45%, 05/15/25 (b) | 2100 | 2039 |
| 2.75%, 07/15/26 (b) | 300 | 272 |
| Barry Callebaut Services |  |  |
| 5.50%, 06/15/23 (b) (k) | 900 | 894 |
| Campbell Soup Company |  |  |
| 3.65%, 03/15/23 | 286 | 285 |
| Constellation Brands, Inc. |  |  |
| 3.70%, 12/06/26 | 100 | 95 |
| CSL Finance PLC |  |  |
| 4.05%, 04/27/29 (b) | 500 | 472 |
| Diageo Capital PLC |  |  |
| 2.00%, 04/29/30 | 1800 | 1483 |
| General Mills, Inc. |  |  |
| 3.00%, 02/01/51 | 100 | 68 |
| Greene King Finance PLC |  |  |
| 5.32%, 09/15/31, GBP (f) (g) | 343 | 383 |
| GSK Consumer Healthcare Capital US LLC |  |  |
| 3.63%, 03/24/32 | 1500 | 1324 |
| Imperial Brands Finance PLC |  |  |
| 3.13%, 07/26/24 (b) (k) | 500 | 478 |
| 3.50%, 07/26/26 (b) (k) | 800 | 733 |
| 6.13%, 07/27/27 (b) | 1300 | 1291 |
| Kraft Heinz Foods Company |  |  |
| 6.88%, 01/26/39 | 3800 | 4141 |
| Massachusetts Institute of Technology |  |  |
| 4.68%, 07/01/14 | 200 | 173 |
| RELX Capital Inc. |  |  |
| 3.50%, 03/16/23 | 200 | 199 |
| Transurban Finance Company Pty Ltd |  |  |
| 2.45%, 03/16/31 (b) | 950 | 748 |
|  |  | 19970 |
| **Health Care 1.7%** | **Health Care 1.7%** | **Health Care 1.7%** |
| AbbVie Inc. |  |  |
| 4.40%, 11/06/42 | 2581 | 2242 |
| Adventist Health System/West |  |  |
| 2.95%, 03/01/29 | 1000 | 861 |
| Alcon Finance Corporation |  |  |
| 2.60%, 05/27/30 (b) | 700 | 594 |
| Baptist Healthcare System, Inc. |  |  |
| 3.54%, 08/15/50 | 400 | 284 |
| Bausch Health Companies Inc. |  |  |
| 11.00%, 09/30/28 (b) | 270 | 212 |
| 14.00%, 10/15/30 (b) | 53 | 31 |
| Becton, Dickinson and Company |  |  |
| 1.96%, 02/11/31 | 2900 | 2296 |
| Boston Scientific Corporation |  |  |
| 4.70%, 03/01/49 | 1483 | 1335 |
| Bristol-Myers Squibb Company |  |  |
| 4.55%, 02/20/48 | 78 | 71 |
| Centene Corporation |  |  |
| 2.45%, 07/15/28 | 1100 | 928 |
| CVS Health Corporation |  |  |
| 7.51%, 01/10/32 (b) | 42 | 44 |
| 4.70%, 01/10/36 (b) | 713 | 659 |
| 2.70%, 08/21/40 | 300 | 206 |
| Elevance Health, Inc. |  |  |
| 4.10%, 03/01/28 | 600 | 576 |
| HCA Inc. |  |  |
| 5.25%, 06/15/26 | 300 | 296 |
| 3.63%, 03/15/32 (b) | 1300 | 1100 |
| 5.50%, 06/15/47 | 900 | 804 |
| Humana Inc. |  |  |
| 3.95%, 08/15/49 | 400 | 315 |
| INTEGRIS Baptist Medical Center, Inc. |  |  |
| 3.88%, 08/15/50 | 700 | 508 |
| Renal Dialysis Center of Las Vegas, Ltd. |  |  |
| 4.75%, 10/15/24 (b) | 700 | 684 |
| Stryker Corporation |  |  |
| 2.90%, 06/15/50 (d) | 300 | 201 |
| UnitedHealth Group Incorporated |  |  |
| 3.50%, 08/15/39 | 800 | 655 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 2.60%, 11/24/31 | 570 | 461 |
| Zoetis Inc. |  |  |
| 3.00%, 09/12/27 | 300 | 278 |
|  |  | 15641 |
| **Materials 0.2%** | **Materials 0.2%** | **Materials 0.2%** |
| Joint Stock Company Alrosa (Public Joint Stock Company) |  |  |
| 0.00%, 04/09/24 (b) (f) (h) (i) (j) | 900 |  |
| Newcrest Finance Pty Limited |  |  |
| 5.75%, 11/15/41 (b) | 100 | 90 |
| Phosagro Bond Funding Designated Activity Company |  |  |
| 3.05%, 01/23/25 (b) (f) (h) | 600 | 324 |
| Syngenta Finance N.V. |  |  |
| 4.44%, 04/24/23 (b) (k) | 200 | 199 |
| 4.89%, 04/24/25 (b) (k) | 200 | 194 |
| Unigel Luxembourg SA |  |  |
| 8.75%, 10/01/26 (b) | 600 | 598 |
| Yara International ASA |  |  |
| 3.80%, 06/06/26 (b) | 300 | 277 |
|  |  | 1682 |
| Total Corporate Bonds And Notes (cost $750,710) | Total Corporate Bonds And Notes (cost $750,710) | 632431 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 27.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 27.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 27.5%** |
| **U.S. Treasury Bond 14.7%** | **U.S. Treasury Bond 14.7%** | **U.S. Treasury Bond 14.7%** |
| Treasury, United States Department of |  |  |
| 1.88%, 02/15/41 (n) | 32900 | 23256 |
| 2.25%, 05/15/41 | 42212 | 31732 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

589

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2.00%, 11/15/41 (n) | 6900 | 4932 |
| 3.25%, 05/15/42 | 9870 | 8656 |
| 3.38%, 08/15/42 | 34700 | 31024 |
| 1.38%, 08/15/50 | 8445 | 4703 |
| 2.38%, 05/15/51 (n) | 15023 | 10798 |
| 2.25%, 02/15/52 (n) | 17907 | 12493 |
| 2.88%, 05/15/52 | 11400 | 9156 |
| | | 136750 |
| **Mortgage-Backed Securities 6.6%** | **Mortgage-Backed Securities 6.6%** | **Mortgage-Backed Securities 6.6%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.50%, 10/01/39 - 06/01/48 | 496 | 463 |
| 4.50%, 09/01/48 - 04/01/49 | 363 | 354 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.00%, 07/01/43 - 08/01/43 | 199 | 181 |
| 4.50%, 08/01/48 - 01/01/49 | 224 | 217 |
| 4.00%, 03/01/49 - 05/01/50 | 1878 | 1785 |
| TBA, 2.00%, 01/15/53 (o) | 7400 | 6040 |
| TBA, 2.50%, 01/15/53 (o) | 500 | 424 |
| TBA, 4.00%, 01/15/53 - 03/15/53 (o) | 15000 | 14083 |
| TBA, 3.00%, 02/15/53 (o) | 500 | 440 |
| TBA, 3.50%, 02/15/53 (o) | 20640 | 18781 |
| TBA, 4.50%, 02/15/53 (o) | 15000 | 14459 |
| Government National Mortgage Association |  |  |
| TBA, 2.00%, 02/15/53 (o) | 1500 | 1260 |
| TBA, 2.50%, 02/15/53 (o) | 3600 | 3121 |
|  |  | 61608 |
| **Sovereign 3.7%** | **Sovereign 3.7%** | **Sovereign 3.7%** |
| Cabinet of Ministers of Ukraine |  |  |
| 0.00%, 09/01/24 (f) (h) (i) | 300 | 74 |
| Canada Housing Trust No. 1 |  |  |
| 1.95%, 12/15/25, CAD | 8000 | 5592 |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 8.20%, 08/12/26, PEN (b) | 13800 | 3808 |
| Commonwealth of Australia |  |  |
| 1.00%, 11/21/31, AUD (f) | 3950 | 2085 |
| Government of Saudi Arabia |  |  |
| 2.25%, 02/02/33 (b) | 5100 | 4150 |
| Ministry of Diwan Amiri Affairs |  |  |
| 3.75%, 04/16/30 (b) | 2900 | 2808 |
| Ministry of Finance of the Russian Federation |  |  |
| 0.00%, 06/24/28 - 04/04/42 (f) (h) (i) | 1400 | 914 |
| 0.00%, 04/04/42 (b) (f) (h) (i) | 200 | 126 |
| Presidencia De La Nacion |  |  |
| 1.00%, 07/09/29 | 30 | 8 |
| 0.50%, 07/09/30 (g) | 103 | 28 |
| 1.50%, 07/09/35 (g) | 188 | 49 |
| 3.50%, 07/09/41 (g) | 1100 | 316 |
| Romania, Government of |  |  |
| 2.13%, 03/07/28, EUR (b) | 200 | 178 |
| 3.75%, 02/07/34, EUR (b) | 800 | 634 |
| South Africa, Parliament of |  |  |
| 10.50%, 12/21/27, ZAR | 209900 | 13063 |
|  |  | 33833 |
| **U.S. Treasury Note 2.2%** | **U.S. Treasury Note 2.2%** | **U.S. Treasury Note 2.2%** |
| Treasury, United States Department of |  |  |
| 1.88%, 02/15/32 | 1265 | 1072 |
| 2.88%, 05/15/32 | 5500 | 5067 |
| 2.75%, 08/15/32 | 16000 | 14553 |
|  |  | 20692 |
| **Municipal 0.3%** | **Municipal 0.3%** | **Municipal 0.3%** |
| Florida Department of Management Services |  |  |
| 1.71%, 07/01/27 | 3300 | 2873 |
| Total Government And Agency Obligations (cost $273,213) | Total Government And Agency Obligations (cost $273,213) | 255756 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.3%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.3%** |
| Air Canada |  |  |
| Series 2013-A-1, 4.13%, 05/15/25 | 57 | 52 |
| Series 2015-A-1, 3.60%, 03/15/27 | 134 | 120 |
| Series 2017-A-1, 3.55%, 01/15/30 | 1352 | 1057 |
| Alaska Air Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 4.80%, 08/15/27 | 928 | 882 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-A6-25T1, REMIC, 5.75%, 07/25/35 | 1803 | 1192 |
| Series 2005-2A1-27, REMIC, 3.40%, (12 Month Treasury Average + 1.35%), 08/25/35 (a) | 63 | 49 |
| Series 2005-A14-46CB, REMIC, 5.50%, 10/25/35 | 1517 | 1114 |
| Alternative Loan Trust 2006-15CB |  |  |
| Series 2006-1A11-23CB, REMIC, 6.00%, 08/25/36 | 946 | 872 |
| Alternative Loan Trust 2006-43CB |  |  |
| Series 2006-1A10-43CB, REMIC, 6.00%, 02/25/37 | 526 | 311 |
| Alternative Loan Trust 2006-9T1 |  |  |
| Series 2005-A4-86CB, REMIC, 5.50%, 02/25/36 | 3319 | 2034 |
| American Airlines, Inc. |  |  |
| Series 2014-A-1, 3.70%, 10/01/26 | 576 | 492 |
| Series 2015-AA-2, 3.60%, 09/22/27 | 692 | 619 |
| Series 2016-AA-1, 3.58%, 01/15/28 | 214 | 190 |
| Series 2016-AA-2, 3.20%, 06/15/28 | 1367 | 1193 |
| Series 2017-AA-2, 3.35%, 10/15/29 | 2042 | 1735 |
| Series 2017-A-2, 3.60%, 10/15/29 | 454 | 352 |
| American Airlines, Inc. Class AA Pass Through Certificates, Series 2019-1 |  |  |
| Series 2019-AA-1, REMIC, 3.15%, 02/15/32 | 864 | 715 |
| American Home Mortgage Assets Trust 2006-3 |  |  |
| Series 2006-2A11-3, REMIC, 2.63%, (12 Month Treasury Average + 0.94%), 10/25/46 (a) (g) | 337 | 251 |
| Anchorage Capital CLO 11 Ltd |  |  |
| Series 2019-AR-11A, 3.90%, (3 Month USD LIBOR + 1.14%), 07/22/32 (a) | 1000 | 978 |
| Apidos CLO XXVI |  |  |
| Series 2017-A1AR-26A, 5.09%, (3 Month USD LIBOR + 0.90%), 07/18/29 (a) | 1000 | 988 |
| AREIT 2021-CRE5 Trust |  |  |
| Series 2021-A-CRE5, 5.42%, (1 Month USD LIBOR + 1.08%), 11/17/38 (a) (g) | 1127 | 1075 |
| Banc of America Alternative Loan Trust 2006-3 |  |  |
| Series 2005-4A1-10, REMIC, 5.75%, 11/25/35 | 9 | 7 |
| Banc of America Mortgage 2006-B Trust |  |  |
| Series 2006-4A2-B, REMIC, 3.62%, 11/20/36 (a) | 1775 | 1430 |
| Barings CLO Ltd 2018-I |  |  |
| Series 2018-A1-1A, 5.03%, (3 Month USD LIBOR + 0.95%), 04/15/31 (a) | 1100 | 1080 |
| Bear Stearns ALT-A Trust 2006-3 |  |  |
| Series 2005-2A3-2, REMIC, 3.00%, 04/25/35 (a) | 392 | 352 |
| Bear Stearns Arm Trust 2005-6 |  |  |
| Series 2005-2A2-3, REMIC, 3.94%, 06/25/35 (a) | 390 | 355 |
| Bear Stearns ARM Trust 2006-2 |  |  |
| Series 2006-4A1-2, REMIC, 3.28%, 07/25/36 (a) | 640 | 540 |
| Bear Stearns Asset Backed Securities I Trust 2006-HE9 |  |  |
| Series 2006-1A3-HE9, REMIC, 4.62%, (1 Month USD LIBOR + 0.23%), 11/25/36 (a) (g) | 1000 | 901 |
| Benefit Street Partners CLO XVII Ltd |  |  |
| Series 2019-AR-17A, REMIC, 5.16%, (3 Month USD LIBOR + 1.08%), 07/15/32 (a) | 800 | 782 |
| British Airways Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1A, 4.25%, 11/15/32 | 322 | 294 |
| British Airways PLC |  |  |
| Series 2013-A-1, 4.63%, 06/20/24 | 297 | 290 |
| Series 2021-A-1, 2.90%, 03/15/35 | 1476 | 1212 |
| BRSP 2021-FL1, Ltd. |  |  |
| Series 2021-A-FL1, 5.49%, (1 Month USD LIBOR + 1.15%), 08/19/38 (a) (g) | 700 | 675 |
| Carlyle Global Market Strategies CLO 2013-1, Ltd |  |  |
| Series 2013-A1RR-1A, 5.60%, (3 Month USD LIBOR + 0.95%), 08/14/30 (a) | 1186 | 1171 |
| Carlyle US CLO 2017-1, Ltd. |  |  |
| Series 2017-A1R-1A, 5.24%, (3 Month USD LIBOR + 1.00%), 04/21/31 (a) | 1300 | 1275 |
| Catamaran CLO 2014-1 Ltd |  |  |
| Series 2014-A1AR-1A, 5.50%, (3 Month USD LIBOR + 1.26%), 04/22/30 (a) (b) | 2189 | 2147 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

590

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| C-BASS 2007-CB1 Trust |  |  |
| Series 2007-AF4-CB1, REMIC, 3.20%, 01/25/37 (a) (g) | 591 | 192 |
| Centex LLC |  |  |
| Series 2004-MV1-D, REMIC, 5.32%, (1 Month USD LIBOR + 0.93%), 09/25/34 (a) (g) | 22 | 20 |
| CHL Mortgage Pass-Through Trust 2007-13 |  |  |
| Series 2007-A2-13, REMIC, 6.00%, 08/25/37 | 567 | 301 |
| Countrywide Home Loans, Inc. |  |  |
| Series 2004-1AF2-R2, REMIC, 4.81%, (1 Month USD LIBOR + 0.42%), 11/25/34 (a) | 514 | 449 |
| Crestline Denali CLO XV, Ltd. |  |  |
| Series 2017-AR-1A, 5.27%, (3 Month USD LIBOR + 1.03%), 04/22/30 (a) | 1264 | 1246 |
| Crown Communication Inc. |  |  |
| Series 2018-C-2, 4.24%, 07/15/28 | 100 | 91 |
| CSWF Trust 2021-SOP2 |  |  |
| Series 2021-A-SOP2, 5.28%, (1 Month USD LIBOR + 0.97%), 06/15/23 (a) | 674 | 644 |
| CWABS Asset-Backed Certificates Trust 2006-24 |  |  |
| Series 2006-1A-24, REMIC, 4.53%, (1 Month USD LIBOR + 0.14%), 07/25/35 (a) (g) | 58 | 50 |
| CWABS Asset-Backed Certificates Trust 2007-12 |  |  |
| Series 2007-1A1-12, REMIC, 5.13%, (1 Month USD LIBOR + 0.74%), 06/25/37 (a) (g) | 590 | 569 |
| CWABS, Inc. |  |  |
| Series 2004-M1-4, REMIC, 5.11%, (1 Month USD LIBOR + 0.72%), 07/25/34 (a) (g) | 17 | 17 |
| Series 2004-M1-5, REMIC, 5.24%, (1 Month USD LIBOR + 0.86%), 08/25/34 (a) (g) | 4 | 4 |
| Series 2005-1A-AB4, REMIC, 4.87%, (1 Month USD LIBOR + 0.48%), 03/25/36 (a) (g) | 20 | 18 |
| DBWF 2018-GLKS Mortgage Trust |  |  |
| Series 2018-A-GLKS, REMIC, 5.37%, (1 Month USD LIBOR + 1.03%), 12/19/25 (a) | 1900 | 1843 |
| DC Office Trust 2019-MTC |  |  |
| Series 2019-A-MTC, REMIC, 2.97%, 10/15/29 | 2250 | 1845 |
| Delta Air Lines, Inc. |  |  |
| Series 2020-1, 2.00%, 06/10/28 | 851 | 732 |
| DNA Alpha Limited |  |  |
| Series 2013-A-1, 5.25%, 05/30/23 | 32 | 31 |
| Extended Stay America Trust 2021-ESH |  |  |
| Series 2021-A-ESH, REMIC, 5.40%, (1 Month USD LIBOR + 1.08%), 07/17/23 (a) | 4295 | 4172 |
| First Franklin Mortgage Loan Trust 2004-FF10 Asset-Backed Certificates, Series 2004-FF10 |  |  |
| Series 2004-M3-FF8, REMIC, 5.81%, (1 Month USD LIBOR + 1.43%), 10/25/34 (a) (g) | 617 | 595 |
| GS Mortgage Securities Corp. |  |  |
| Series 2005-1A1-15, REMIC, 4.90%, (1 Month USD LIBOR + 0.51%), 01/25/36 (a) (g) | 375 | 308 |
| GSAMP Trust 2006-FM2 |  |  |
| Series 2006-A1-FM2, REMIC, 4.67%, (1 Month USD LIBOR + 0.14%), 09/25/36 (a) (g) | 2729 | 1014 |
| GTP Acquisition Partners I, LLC |  |  |
| Series 2015-A-2, 3.48%, 06/16/25 | 300 | 280 |
| HarborView Mortgage Loan Trust 2006-12 |  |  |
| Series 2006-1A1A-12, REMIC, 4.75%, (1 Month USD LIBOR + 0.21%), 12/19/36 (a) (g) | 404 | 338 |
| HSI Asset Securitization Corporation |  |  |
| Series 2006-M1-OPT1, REMIC, 4.93%, (1 Month USD LIBOR + 0.54%), 12/25/35 (a) (g) | 22 | 22 |
| IndyMac MBS, Inc. |  |  |
| Series 2005-2A1A-AR12, REMIC, 4.87%, (1 Month USD LIBOR + 0.48%), 07/25/35 (a) (g) | 283 | 254 |
| J.P. Morgan Mortgage Acquisition Trust 2006-CW2 |  |  |
| Series 2006-AF3-CW2, REMIC, 6.28%, 08/25/36 (g) | 1056 | 801 |
| J.P. Morgan Mortgage Acquisition Trust 2006-NC2 |  |  |
| Series 2006-M1-NC2, REMIC, 4.66%, (1 Month USD LIBOR + 0.27%), 07/25/36 (a) (g) | 241 | 230 |
| JetBlue Airways Corporation |  |  |
| Series 2019-AA-1, 2.75%, 05/15/32 | 260 | 212 |
| Series 2020-1A-1, 4.00%, 11/15/32 | 2520 | 2206 |
| LCCM 2021-FL2 Trust |  |  |
| Series 2021-A-FL2, 5.52%, (1 Month USD LIBOR + 1.20%), 12/15/38 (a) (g) | 1000 | 976 |
| Long Beach Mortgage Loan Trust 2006-8 |  |  |
| Series 2006-2A3-8, REMIC, 4.71%, (1 Month USD LIBOR + 0.32%), 09/25/36 (a) (g) | 952 | 225 |
| MASTR Asset Backed Securities Trust 2006-AM1 |  |  |
| Series 2005-M1-NC1, REMIC, 5.11%, (1 Month USD LIBOR + 0.72%), 12/25/34 (a) (g) | 746 | 673 |
| Merrill Lynch Mortgage Capital Inc. |  |  |
| Series 2005-M1-WMC1, REMIC, 5.14%, (1 Month USD LIBOR + 0.75%), 09/25/35 (a) (g) | 605 | 581 |
| MF1 2022-FL8 Ltd. |  |  |
| Series 2022-A-FL8, 5.16%, (SOFR 30-Day Average + 1.35%), 02/20/37 (a) | 1000 | 958 |
| Morgan Stanley Home Equity Loan Trust 2007-2 |  |  |
| Series 2007-A1-2, REMIC, 4.49%, (1 Month USD LIBOR + 0.10%), 04/25/37 (a) (g) | 9 | 5 |
| MortgageIT Mortgage Loan Trust 2006-1 |  |  |
| Series 2006-1A2-1, REMIC, 4.79%, (1 Month USD LIBOR + 0.40%), 04/25/36 (a) (g) | 341 | 257 |
| New Century Home Equity Loan T |  |  |
| Series 2005-M2-D, REMIC, 5.09%, (1 Month USD LIBOR + 0.71%), 02/25/36 (a) (g) | 300 | 240 |
| New Century Home Equity Loan Trust 2006-2 |  |  |
| Series 2006-A2B-2, REMIC, 4.55%, (1 Month USD LIBOR + 0.16%), 08/25/36 (a) (g) | 252 | 245 |
| New Residential Mortgage Loan Trust 2018-3 |  |  |
| Series 2018-A1-3A, REMIC, 4.50%, 05/25/58 (a) | 468 | 437 |
| Park Place Securities, Inc. |  |  |
| Series 2004-M2-WHQ1, REMIC, 5.38%, (1 Month USD LIBOR + 0.99%), 09/25/34 (a) (g) | 2 | 2 |
| RALI Series 2007-QS3 Trust |  |  |
| Series 2007-A2-QS3, REMIC, 6.00%, 02/25/37 | 37 | 28 |
| Renaissance Home Equity Loan Trust 2007-3 |  |  |
| Series 2007-AF3-3, REMIC, 7.24%, 09/25/37 (a) (g) | 144 | 60 |
| Residential Accredit Loans, Inc. |  |  |
| Series 2005-A10-QS17, REMIC, 6.00%, 12/25/35 | 32 | 27 |
| Residential Asset Mortgage Products, Inc. |  |  |
| Series 2005-A2-EFC7, REMIC, 4.85%, (1 Month USD LIBOR + 0.46%), 12/25/35 (a) (g) | 146 | 122 |
| S-JETS 2017-1 Limited |  |  |
| Series 2017-A-1, 3.97%, 08/15/25 (g) | 301 | 232 |
| Spirit Airlines |  |  |
| Series 2015-A-1, 4.10%, 04/01/28 | 612 | 520 |
| Structured Asset Securities Corporation |  |  |
| Series 2005-2A4-2, REMIC, 4.56%, 08/25/35 (a) | 2 | 2 |
| Tesco Property Finance 5 PLC |  |  |
| Series BN-5, 5.66%, 10/13/41, GBP (f) | 575 | 639 |
| United Airlines 2014-2 Pass-Through Trust |  |  |
| Series 2014-A-2, 3.75%, 09/03/26 | 61 | 55 |
| United Airlines Pass Through Certificates, Series 2016-2 |  |  |
| Series 2016-A-2, 3.10%, 10/07/28 | 368 | 290 |
| United Airlines Pass Through Trust 2019-2AA |  |  |
| Series 2019-AA-2, REMIC, 2.70%, 05/01/32 | 4069 | 3269 |
| United Airlines, Inc. |  |  |
| Series 2012-A-1, 4.15%, 04/11/24 | 896 | 857 |
| Series 2014-A-1, 4.00%, 04/11/26 | 530 | 487 |
| US Airways, Inc. |  |  |
| Series 2013-A-1, 3.95%, 11/15/25 | 399 | 362 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $64,385) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $64,385) | 58815 |
| **SENIOR FLOATING RATE INSTRUMENTS 2.1%** | **SENIOR FLOATING RATE INSTRUMENTS 2.1%** | **SENIOR FLOATING RATE INSTRUMENTS 2.1%** |
| **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** | **Consumer Discretionary 0.7%** |
| Advantage Sales & Marketing, Inc. |  |  |
| 2021 Term Loan, 8.28%, (3 Month USD LIBOR + 4.50%), 10/28/27 (a) | 1372 | 1130 |
| Carnival Corporation |  |  |
| EUR Term Loan B, 3.98%, (3 Month EURIBOR + 3.75%), 06/26/25, EUR (a) | 978 | 1003 |
| Scientific Games Holdings LP |  |  |
| 2022 USD Term Loan B, 7.10%, (3 Month Term SOFR + 3.50%), 02/03/29 (a) | 1600 | 1523 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

591

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Setanta Aircraft Leasing Designated Activity Co. |  |  |
| Term Loan B, 5.67%, (3 Month USD LIBOR + 2.00%), 11/05/28 (a) | 2000 | 1987 |
| SkyMiles IP Ltd. |  |  |
| 2020 Skymiles Term Loan B, 7.99%, (3 Month USD LIBOR + 3.75%), 09/16/27 (a) | 600 | 611 |
| | | 6254 |
| **Financials 0.4%** | **Financials 0.4%** | **Financials 0.4%** |
| Avolon TLB Borrower 1 (US) LLC |  |  |
| 2021 Term Loan B5, 6.60%, (3 Month USD LIBOR + 2.25%), 12/01/27 (a) | 979 | 975 |
| Citadel Securities LP |  |  |
| 2021 Term Loan B, 6.70%, (1 Month Term SOFR + 2.50%), 02/01/28 (a) | 887 | 868 |
| Delos Finance Sarl |  |  |
| 2018 Term Loan B, 5.42%, (3 Month USD LIBOR + 1.75%), 10/06/23 (a) | 210 | 210 |
| FinCo I LLC |  |  |
| 2020 Term Loan B, 6.57%, (1 Month USD LIBOR + 2.50%), 06/27/25 (a) | 98 | 98 |
| Qatar National Bank (Q.P.S.C.) |  |  |
| Term Loan, 5.56%, (3 Month USD LIBOR + 0.80%), 10/09/23 (a) (j) | 1300 | 1290 |
| Trans Union, LLC |  |  |
| 2021 Term Loan B6, 6.32%, (1 Month USD LIBOR + 1.75%), 11/16/28 (a) | 637 | 630 |
|  |  | 4071 |
| **Communication Services 0.3%** | **Communication Services 0.3%** | **Communication Services 0.3%** |
| Cablevision Lightpath LLC |  |  |
| Term Loan B, 7.57%, (1 Month USD LIBOR + 3.25%), 09/15/27 (a) | 1078 | 1029 |
| Charter Communications Operating, LLC |  |  |
| 2019 Term Loan B2, 5.51%, (1 Month USD LIBOR + 1.75%), 02/01/27 (a) | 1040 | 1014 |
| Diamond Sports Group, LLC |  |  |
| 2022 First Priority Term Loan, 12.32%, (SOFR + 8.10%), 05/19/26 (a) | 124 | 117 |
| E.W. Scripps Company (The) |  |  |
| 2019 Term Loan B2, 6.63%, (1 Month USD LIBOR + 2.56%), 05/01/26 (a) | 97 | 95 |
| 2020 Term Loan B3, 6.82%, (1 Month USD LIBOR + 2.75%), 12/15/27 (a) | 349 | 339 |
|  |  | 2594 |
| **Information Technology 0.3%** | **Information Technology 0.3%** | **Information Technology 0.3%** |
| Ivanti Software, Inc. |  |  |
| 2021 Term Loan B, 9.01%, (3 Month USD LIBOR + 4.25%), 11/20/27 (a) | 990 | 780 |
| MH Sub I, LLC |  |  |
| 2017 1st Lien Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 08/09/24 (a) | 950 | 922 |
| Tibco Software Inc. |  |  |
| Term Loan, 8.15%, (3 Month Term SOFR + 4.50%), 03/30/29 (a) | 700 | 624 |
|  |  | 2326 |
| **Health Care 0.2%** | **Health Care 0.2%** | **Health Care 0.2%** |
| Catalent Pharma Solutions Inc. |  |  |
| 2021 Term Loan B3, 6.37%, (1 Month USD LIBOR + 2.00%), 05/18/26 (a) | 296 | 291 |
| Parexel International Corporation |  |  |
| 2021 1st Lien Term Loan, 7.32%, (1 Month USD LIBOR + 3.25%), 08/10/28 (a) | 398 | 383 |
| RegionalCare Hospital Partners Holdings, Inc. |  |  |
| 2018 Term Loan B, 8.16%, (3 Month USD LIBOR + 3.75%), 11/09/25 (a) | 1644 | 1546 |
|  |  | 2220 |
| **Industrials 0.2%** | **Industrials 0.2%** | **Industrials 0.2%** |
| Foundation Building Materials Holding Company LLC |  |  |
| 2021 Term Loan, 7.32%, (3 Month USD LIBOR + 3.25%), 02/03/28 (a) | 3 | 2 |
| 2021 Term Loan, 7.66%, (3 Month USD LIBOR + 3.25%), 02/03/28 (a) | 980 | 925 |
| Standard Industries Inc. |  |  |
| 2021 Term Loan B, 6.42%, (3 Month USD LIBOR + 2.25%), 08/05/28 (a) | 1071 | 1057 |
|  |  | 1984 |
| Total Senior Floating Rate Instruments (cost $20,383) | Total Senior Floating Rate Instruments (cost $20,383) | 19449 |
| **PREFERRED STOCKS 0.2%** | **PREFERRED STOCKS 0.2%** | **PREFERRED STOCKS 0.2%** |
| **Financials 0.2%** | **Financials 0.2%** | **Financials 0.2%** |
| CoBank, ACB, 6.20%, (100, 1/1/2025) (e) | 3 | 287 |
| Morgan Stanley, 6.50%, (25, 10/15/2027) (d) (e) | 35 | 874 |
| Wells Fargo & Company, 4.25%, (25, 9/15/2026) (d) (e) | 65 | 1072 |
| Total Preferred Stocks (cost $2,793) | Total Preferred Stocks (cost $2,793) | 2233 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Stearns Holdings, LLC (h) (j) | 35 |  |
| Total Common Stocks (cost $166) | Total Common Stocks (cost $166) |  |
| **SHORT TERM INVESTMENTS 2.1%** | **SHORT TERM INVESTMENTS 2.1%** | **SHORT TERM INVESTMENTS 2.1%** |
| **Discount Notes 1.0%** | **Discount Notes 1.0%** | **Discount Notes 1.0%** |
| FHLBanks Office of Finance |  |  |
| 4.16%, 02/03/23 | 9800 | 9765 |
| **U.S. Treasury Bill 0.6%** | **U.S. Treasury Bill 0.6%** | **U.S. Treasury Bill 0.6%** |
| Treasury, United States Department of |  |  |
| 4.35%, 03/23/23 (n) | 1100 | 1090 |
| 4.40%, 03/30/23 | 4300 | 4256 |
|  |  | 5346 |
| **Treasury Securities 0.3%** | **Treasury Securities 0.3%** | **Treasury Securities 0.3%** |
| Magyar Nemzeti Bank |  |  |
| 18.11%, 01/03/23, HUF | 927000 | 2484 |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| J.P. Morgan U.S. Government Money Market Fund, 4.11% (p) | 1250 | 1250 |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (p) (q) | 611 | 611 |
| Total Short Term Investments (cost $19,388) | Total Short Term Investments (cost $19,388) | 19456 |
| **Total Investments 106.1% (cost $1,131,038)** | **Total Investments 106.1% (cost $1,131,038)** | **988140** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (437) |
| **Other Assets and Liabilities, Net (6.1)%** | **Other Assets and Liabilities, Net (6.1)%** | **(56319)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **931384** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(b) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $185,172 and 19.9% of the Fund.

(c) Convertible security.

(d) All or a portion of the security was on loan as of December 31, 2022.

(e) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(f) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(g) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(h) Non-income producing security.

(i) As of December 31, 2022, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

592

------

***JNL Series Trust***

December 31, 2022

or dividend date. The aggregate value of these securities represented 0.7% of the Fund's net assets.

(j) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(k) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(l) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(m) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(n) All or a portion of the security is pledged or segregated as collateral.

(o) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2022, the total payable for investments purchased on a delayed delivery basis was $71,235.

(p) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

(q) Investment in affiliate.

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 75.8% |
| **United Kingdom** | 4.2 |
| **Japan** | 2.8 |
| **Switzerland** | 1.5 |
| **Netherlands** | 1.5 |
| **Canada** | 1.4 |
| **South Africa** | 1.3 |
| **Hong Kong** | 1.1 |
| **Ireland** | 1.0 |
| **Germany** | 1.0 |
| **Spain** | 0.9 |
| **France** | 0.8 |
| **Australia** | 0.7 |
| **Russian Federation** | 0.6 |
| **Macau** | 0.5 |
| **Bermuda** | 0.5 |
| **China** | 0.5 |
| **Saudi Arabia** | 0.4 |
| **Peru** | 0.4 |
| **Norway** | 0.4 |
| **Denmark** | 0.4 |
| **India** | 0.3 |
| **Qatar** | 0.3 |
| **Luxembourg** | 0.3 |
| **Cayman Islands** | 0.3 |
| **Italy** | 0.2 |
| **Virgin Islands (British)** | 0.2 |
| **Austria** | 0.2 |
| **Singapore** | 0.2 |
| **Brazil** | 0.1 |
| **Belgium** | 0.1 |
| **Romania** | 0.1 |
| **Argentina** |  |
| **Ukraine** |  |
| **Guernsey** |  |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities** | **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities** | **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities** | **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities** | **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Bank of Ireland Group Public Limited Company, 6.00% (callable at 100, 09/01/25) | 12/08/20 | 890 | 695 | 0.1 |
| Cabinet of Ministers of Ukraine, 0.00%, 09/01/24 | 11/05/19 | 300 | 74 |  |
| Commonwealth of Australia, 1.00%, 11/21/31 | 03/10/21 | 2860 | 2085 | 0.2 |
| Credit Suisse Group AG, 6.50%, 08/08/23 | 03/19/15 | 304 | 290 |  |
| Erste Group Bank AG, 4.25% (callable at 100, 10/15/27) | 01/27/21 | 2491 | 1690 | 0.2 |
| Gaz Capital S.A., 0.00%, 11/17/23 | 03/25/19 | 458 | 304 |  |
| Gaz Capital S.A., 0.00%, 01/24/24 | 02/28/19 | 1828 | 1199 | 0.1 |
| Gaz Capital S.A., 0.00%, 11/22/24 | 03/13/19 | 226 | 150 |  |
| Gaz Capital S.A., 0.00%, 03/23/27 | 09/18/18 | 391 | 280 |  |
| Gaz Finance PLC, 0.00%, 06/29/27 | 11/23/20 | 1517 | 1050 | 0.1 |
| Gaz Finance PLC, 0.00%, 01/27/29 | 01/20/21 | 1800 | 1260 | 0.1 |
| Goodman HK Finance, 4.38%, 06/19/24 | 06/25/20 | 308 | 294 |  |
| Greene King Finance PLC, 5.32%, 09/15/31 | 04/02/19 | 502 | 383 | 0.1 |
| Joint Stock Company Alrosa (Public Joint Stock Company), 0.00%, 04/09/24 | 04/02/19 | 900 |  |  |
| Kaisa Group Holdings Ltd., 0.00%, 07/23/23 | 02/25/21 | 2047 | 270 |  |
| Kaisa Group Holdings Ltd., 0.00%, 09/28/23 | 02/04/21 | 2616 | 364 | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

593

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***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Kaisa Group Holdings Ltd., 0.00%, 11/12/23 | 11/09/20 | 823 | 112 |  |
| Kaisa Group Holdings Ltd., 0.00%, 06/30/24 | 12/03/20 | 785 | 112 |  |
| Kaisa Group Holdings Ltd., 0.00%, 04/09/49 | 11/25/20 | 303 | 42 |  |
| Kaisa Group Holdings Ltd., 0.00%, 06/30/49 | 02/12/20 | 802 | 112 |  |
| KWG Group Holdings Limited, 5.88%, 11/10/24 | 12/10/20 | 202 | 86 |  |
| Ministry of Finance of the Russian Federation, 0.00%, 06/24/28 | 04/04/22 | 87 | 158 |  |
| Ministry of Finance of the Russian Federation, 0.00%, 04/04/42 | 03/16/22 | 58 | 126 |  |
| Ministry of Finance of the Russian Federation, 0.00%, 04/04/42 | 03/23/22 | 393 | 756 | 0.1 |
| Netflix, Inc., 3.88%, 11/15/29 | 04/24/19 | 1877 | 1385 | 0.2 |
| Nykredit Realkredit A/S, 1.00%, 10/01/50 | 11/10/21 | 14 | 10 |  |
| Nykredit Realkredit A/S, 1.50%, 10/01/53 | 10/13/21 | 2044 | 1475 | 0.2 |
| Nykredit Realkredit A/S, 1.50%, 10/01/53 | 10/13/21 | 420 | 293 |  |
| Odebrecht Offshore Drilling Finance Ltd., 7.72%, 12/01/26 | 01/10/17 | 128 | 48 |  |
| Phosagro Bond Funding Designated Activity Company, 3.05%, 01/23/25 | 01/15/20 | 600 | 324 |  |
| Rio Oil Finance Trust, 9.25%, 07/06/24 | 07/26/16 | 150 | 155 |  |
| SB Capital S.A., 0.00%, 05/23/23 | 09/19/19 | 615 |  |  |
| SB Capital S.A., 0.00%, 10/29/49 | 11/23/20 | 5165 |  |  |
| Stichting AK Rabobank Certificaten II, 6.50% | 01/17/17 | 766 | 647 | 0.1 |
| Sunac China Holdings Limited, 0.00%, 07/09/23 | 10/19/20 | 1399 | 294 |  |
| Sunac China Holdings Limited, 0.00%, 08/03/24 | 12/03/20 | 407 | 84 |  |
| Sunny Optical Technology (Group) Company Limited, 3.75%, 01/23/23 | 12/09/19 | 1401 | 1398 | 0.2 |
| Tencent Holdings Limited, 3.98%, 04/11/29 | 10/14/20 | 997 | 830 | 0.1 |
| Tencent Holdings Limited, 2.39%, 06/03/30 | 09/29/20 | 915 | 733 | 0.1 |
| Tesco Property Finance 5 PLC, Series BN-5, 5.66%, 10/13/41 | 01/31/17 | 708 | 639 | 0.1 |
| Wynn Macau, Limited, 5.50%, 10/01/27 | 01/20/21 | 613 | 519 | 0.1 |
| Yango Justice International Limited, 0.00%, 04/15/23 | 11/05/21 | 119 | 12 |  |
| Yango Justice International Limited, 0.00%, 04/15/24 | 12/10/20 | 203 | 5 |  |
|  |  | 41432 | 20743 | 2.2 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| 3M SOFR Index | 96 | June 2023 |  | 22821 | (6) | (1) |
| 3M SOFR Index | 96 | March 2024 |  | 22868 | (11) | 45 |
| Euro Bund | 8 | March 2023 | EUR | 1132 | (5) | (73) |
|  |  |  |  |  | (22) | (29) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 2 Year Note | (39) | April 2023 |  | (7987) | 6 | (11) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| 28-Day MEXIBOR (M) | Paying | 5.35<br> (M) | 06/13/23 | MXN | 59200 | 1 | (72) |
| 28-Day MEXIBOR (M) | Paying | 5.40<br> (M) | 03/05/26 | MXN | 171900 | (18) | (842) |
| 6M BUBOR (S) | Paying | 1.00<br> (A) | 09/19/23 | HUF | 297000 | (1) | (86) |
| 6M BUBOR (S) | Paying | 1.25<br> (A) | 09/19/23 | HUF | 906900 | (3) | (278) |
| 6M EURIBOR (S) | Receiving | 1.75<br> (A) | 03/15/33 | EUR | 10500 | 51 | 87 |
| 6M EURIBOR (S) | Receiving | 1.50<br> (A) | 03/15/53 | EUR | 400 | 4 | 8 |
| Bank of Japan Overnight Call Rate TONAR (A) | Receiving | 0.00<br> (A) | 09/15/24 | JPY | 127500 |  | 4 |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | 0.30<br> (S) | 03/20/28 | JPY | 146700 | 2 | 51 |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | 0.45<br> (S) | 03/20/29 | JPY | 132800 | 3 | 61 |
| BRAZIBOR (A) | Paying | 12.98<br> (A) | 01/04/27 | BRL | 46700 | 12 | 99 |
| BRAZIBOR (A) | Paying | 11.22<br> (A) | 01/04/27 | BRL | 50400 | 12 | (371) |
| Sterling Overnight Index Average Rate (A) | Receiving | 2.00<br> (A) | 03/15/33 | GBP | 2700 | 1 | (116) |
| U.S. SOFR (A) | Receiving | 1.75<br> (A) | 06/15/27 |  | 900 | 1 | 16 |
|  |  |  |  |  |  | 65 | (1439) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

594

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — Centrally Cleared Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** | **Credit default swap agreements - purchase protection** |
| Newell Brands Inc. (Q) | N/A | 1.00 | 06/20/23 | 1300 | (3) |  | 6 |
| **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| American International Group, Inc. (Q) | 0.79 | 1.00 | 12/20/26 | (1000) | 8 |  | (14) |
| AT&T Inc. (Q) | 0.67 | 1.00 | 06/20/23 | (1200) | 2 |  | 1 |
| AT&T Inc. (Q) | 0.90 | 1.00 | 06/20/24 | (4000) | 6 |  | 5 |
| AT&T Inc. (Q) | 0.92 | 1.00 | 12/20/24 | (5500) | 9 | (1) | (60) |
| AT&T Inc. (Q) | 0.97 | 1.00 | 12/20/25 | (2600) | 2 |  | (30) |
| AT&T Inc. (Q) | 1.00 | 1.00 | 06/20/26 | (2600) |  | (1) | (39) |
| AT&T Inc. (Q) | 1.02 | 1.00 | 12/20/26 | (800) | (1) |  | (10) |
| Atlantia S.p.A. (Q) | 1.87 | 1.00 | 12/20/25 | (1400) | (36) |  | 26 |
| Barclays Bank PLC (Q) | 0.75 | 1.00 | 12/20/23 | (4100) | 11 |  | 6 |
| British Telecommunications Public Limited Company (Q) | 0.69 | 1.00 | 12/20/24 | (700) | 4 |  |  |
| British Telecommunications Public Limited Company (Q) | 0.95 | 1.00 | 12/20/25 | (500) | 1 |  | (3) |
| British Telecommunications Public Limited Company (Q) | 1.52 | 1.00 | 12/20/27 | (300) | (8) |  | (5) |
| EADS Finance (Q) | 0.79 | 1.00 | 12/20/25 | (300) | 2 |  | (3) |
| Ford Motor Company (Q) | 1.60 | 5.00 | 06/20/23 | (700) | 11 |  | (26) |
| Ford Motor Company (Q) | 2.65 | 5.00 | 12/20/24 | (1500) | 65 |  | (108) |
| General Electric Company (Q) | 0.52 | 1.00 | 06/20/24 | (300) | 2 |  | 7 |
| General Electric Company (Q) | 0.80 | 1.00 | 06/20/26 | (1000) | 6 | (1) | (2) |
| General Motors Company (Q) | 1.96 | 5.00 | 12/20/26 | (900) | 96 |  | (70) |
| Hess Corporation (Q) | 1.12 | 1.00 | 12/20/26 | (1800) | (8) | 1 | 16 |
| MetLife, Inc. (Q) | 0.37 | 1.00 | 12/20/24 | (500) | 6 |  | (7) |
| Prudential Financial, Inc. (Q) | 0.38 | 1.00 | 12/20/24 | (800) | 9 |  | (11) |
| Rolls-Royce Group PLC (Q) | 2.04 | 1.00 | 12/20/24 | (2500) | (52) | (1) | 350 |
| Rolls-Royce Group PLC (Q) | 2.04 | 1.00 | 12/20/24 | (2700) | (57) | (1) | 377 |
| Rolls-Royce Group PLC (Q) | 2.78 | 1.00 | 12/20/25 | (750) | (39) |  | 40 |
| Tesco PLC (Q) | 0.72 | 1.00 | 12/20/24 | (800) | 5 |  | (12) |
| Tesco PLC (Q) | 1.35 | 1.00 | 12/20/27 | (4600) | (77) |  | (78) |
| The Boeing Company (Q) | 0.85 | 1.00 | 12/20/23 | (2000) | 3 |  | 15 |
| The Boeing Company (Q) | 1.16 | 1.00 | 06/20/25 | (500) | (2) |  | 5 |
| The Boeing Company (Q) | 1.36 | 1.00 | 06/20/27 | (3000) | (42) |  | 63 |
| Verizon Communications Inc. (Q) | 1.01 | 1.00 | 12/20/26 | (1400) |  |  | (33) |
| Vodafone Group Public Limited Company (Q) | 0.26 | 1.00 | 06/20/23 | (400) | 1 |  | (6) |
| Vodafone Group Public Limited Company (Q) | 0.41 | 1.00 | 06/20/24 | (800) | 7 | (1) | (9) |
|  |  |  |  |  | (66) | (5) | 385 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Written Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** | **Credit Default Swaptions** |
| ITRAXX.EUR.37, 06/20/27 | GSC | Put | 3.00 | 03/15/23 | EUR | 2000000 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| BRL/USD | CIT | 01/04/23 | BRL | 5815 | 1101 | (7) |
| BRL/USD | GSC | 04/04/23 | BRL | 5815 | 1082 | 10 |
| CHF/USD | MSC | 02/16/23 | CHF | 2443 | 2655 | 24 |
| CLP/USD | GSC | 03/15/23 | CLP | 2067386 | 2414 | 144 |
| COP/USD | CIT | 03/15/23 | COP | 6522900 | 1327 | 23 |
| EUR/USD | GSC | 01/10/23 | EUR | 495 | 530 | 3 |
| HUF/USD | DUB | 01/13/23 | HUF | 1879 | 5 | 1 |
| IDR/USD | UBS | 02/14/23 | IDR | 6500982 | 417 | 8 |
| IDR/USD | BNP | 02/23/23 | IDR | 2410147 | 155 | 1 |
| IDR/USD | JPM | 02/23/23 | IDR | 4162858 | 267 | 3 |
| IDR/USD | SCB | 02/23/23 | IDR | 4380259 | 281 | 3 |
| IDR/USD | BOA | 03/14/23 | IDR | 1876503 | 120 |  |
| IDR/USD | MSC | 03/14/23 | IDR | 2632172 | 169 | 1 |
| MXN/USD | BNP | 03/21/23 | MXN | 126485 | 6399 | 124 |
| MXN/USD | CIT | 03/21/23 | MXN | 2042 | 103 | 1 |
| MXN/USD | GSC | 03/21/23 | MXN | 2130 | 108 | 1 |
| MXN/USD | CIT | 05/09/23 | MXN | 2737 | 137 | 2 |
| NOK/USD | BOA | 02/16/23 | NOK | 26385 | 2698 | 30 |
| USD/BRL | GSC | 01/04/23 | BRL | (5815) | (1101) | (10) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

595

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/CAD | BOA | 02/16/23 | CAD | (7201) | (5320) | 114 |
| USD/CHF | MSC | 02/16/23 | CHF | (222) | (241) | (4) |
| USD/DKK | BNP | 01/10/23 | DKK | (12000) | (1728) | (51) |
| USD/EUR | GSC | 01/10/23 | EUR | (11656) | (12483) | (279) |
| USD/GBP | BNP | 01/10/23 | GBP | (1862) | (2251) | 18 |
| USD/HUF | BNP | 01/03/23 | HUF | (923734) | (2476) | (64) |
| USD/HUF | DUB | 01/13/23 | HUF | (12480) | (33) | (6) |
| USD/MXN | JPM | 02/21/23 | MXN | (110274) | (5607) | (228) |
| USD/MXN | GSC | 03/21/23 | MXN | (26193) | (1325) | (51) |
| USD/NOK | MSC | 02/16/23 | NOK | (2955) | (302) |  |
| USD/PEN | CIT | 02/10/23 | PEN | (16000) | (4197) | (139) |
| USD/ZAR | MSC | 01/09/23 | ZAR | (901) | (53) | (4) |
| USD/ZAR | UBS | 01/18/23 | ZAR | (12595) | (740) | (37) |
| USD/ZAR | GSC | 01/20/23 | ZAR | (24611) | (1446) | (69) |
| USD/ZAR | BNP | 02/13/23 | ZAR | (12569) | (737) | (37) |
| USD/ZAR | DUB | 02/13/23 | ZAR | (24742) | (1451) | 31 |
| USD/ZAR | BOA | 02/17/23 | ZAR | (24092) | (1412) | (68) |
| USD/ZAR | BOA | 03/13/23 | ZAR | (29962) | (1753) | (56) |
| USD/ZAR | MSC | 03/27/23 | ZAR | (1156) | (68) | (5) |
| USD/ZAR | SCB | 04/13/23 | ZAR | (23734) | (1385) | (95) |
| USD/ZAR | GSC | 05/12/23 | ZAR | (43484) | (2532) | 70 |
| USD/ZAR | UBS | 09/12/23 | ZAR | (33011) | (1903) | (20) |
| ZAR/USD | BOA | 01/09/23 | ZAR | 901 | 53 | 2 |
| ZAR/USD | GSC | 01/18/23 | ZAR | 11482 | 675 | 15 |
| ZAR/USD | CIT | 01/25/23 | ZAR | 5507 | 323 | 9 |
| ZAR/USD | UBS | 03/27/23 | ZAR | 1156 | 68 | 3 |
|  |  |  |  |  | (29457) | (589) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup> ($)** | **Value ($)** | **Premiums**<br>**Paid**<br>(Received) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| Alibaba Group Holding Limited (Q)  | BNP | 0.77 | 1.00 | 12/20/24  | (300)  | 1  | 4  | (3)  |
| Alibaba Group Holding Limited (Q)  | BCL | 0.77 | 1.00 | 12/20/24  | (200)  | 1  | 3  | (2)  |
| Presidencia Da Republica Federativa Do Brasil (Q)  | CIT | 1.17 | 1.00 | 12/20/24  | (600)  | (1)  | (10)  | 9  |
| Presidencia Da Republica Federativa Do Brasil (Q)  | GSC | 1.17 | 1.00 | 12/20/24  | (500)  | (2)  | (8)  | 6  |
| CDX.NA.HY.31.V15 (Q)  | BNP | 0.63 | 5.00 | 12/20/23  | (100)  | 5  | 12  | (7)  |
| CDX.NA.HY.31.V15 (Q)  | CIT | 0.63 | 5.00 | 12/20/23  | (200)  | 9  | 21  | (12)  |
| CDX.NA.HY.31.V15 (Q)  | GSC | 0.63 | 5.00 | 12/20/23  | (500)  | 21  | 59  | (38)  |
| CDX.NA.HY.31.V15 (Q)  | JPM | 0.63 | 5.00 | 12/20/23  | (400)  | 17  | 45  | (28)  |
| CDX.NA.HY.31.V15 (Q)  | MSC | 0.63 | 5.00 | 12/20/23  | (100)  | 4  | 12  | (8)  |
| MCDX.NA.24 (Q)  | MSC | 0.00 | 1.00 | 06/20/25  | (150)  | 2  | (5)  | 7  |
| CMBX.NA.AAA.10 (M)  | GSC | 0.00 | 0.50 | 11/17/59  | (100)  | —  | (3)  | 3  |
| CMBX.NA.AAA.10 (M)  | MSC | 0.00 | 0.50 | 11/17/59  | (100)  | —  | (3)  | 3  |
| CMBX.NA.AAA.10 (M)  | UBS | 0.00 | 0.50 | 11/17/59  | (100)  | —  | (3)  | 3  |
| CMBX.NA.AAA.9 (M)  | GSC | 0.00 | 0.50 | 09/17/58  | (3974)  | (1)  | (160)  | 159  |
| CMBX.NA.AAA.9 (M)  | MSC | 0.00 | 0.50 | 09/17/58  | (497)  | (1)  | (19)  | 18  |
| The Republic of Indonesia, The Government of (Q)  | GSC | 0.25 | 1.00 | 06/20/23  | (300)  | 1  | (4)  | 5  |
| Segretariato Generale Della Presidenza Della Repubblica (Q)  | BOA | 0.59 | 1.00 | 06/20/24  | (400)  | 3  | (8)  | 11  |
| Segretariato Generale Della Presidenza Della Repubblica (Q)  | BCL | 0.67 | 1.00 | 12/20/24  | (800)  | 5  | 2  | 3  |
| Segretariato Generale Della Presidenza Della Repubblica (Q)  | BCL | 0.59 | 1.00 | 06/20/24  | (400)  | 2  | (9)  | 11  |
| Segretariato Generale Della Presidenza Della Repubblica (Q)  | BOA | 1.27 | 1.00 | 06/20/25  | (6000)  | 29  | (96)  | 125  |
| Gobierno Federal de los Estados Unidos Mexicanos (Q)  | BNP | 0.48 | 1.00 | 12/20/23  | (300)  | 2  | (6)  | 8  |
| Gobierno Federal de los Estados Unidos Mexicanos (Q)  | BNP | 0.59 | 1.00 | 06/20/24  | (200)  | 1  | (3)  | 4  |
| Gobierno Federal de los Estados Unidos Mexicanos (Q)  | BCL | 0.34 | 1.00 | 06/20/23  | (800)  | 3  | (8)  | 11  |
| Gobierno Federal de los Estados Unidos Mexicanos (Q)  | CIT | 0.59 | 1.00 | 06/20/24  | (100)  | —  | (2)  | 2  |
| Gobierno Federal de los Estados Unidos Mexicanos (Q)  | GSC | 0.34 | 1.00 | 06/20/23  | (1300)  | 5  | (12)  | 17  |
| Gobierno Federal de los Estados Unidos Mexicanos (Q)  | GSC | 0.64 | 1.00 | 12/20/24  | (100)  | 1  | (1)  | 2  |
| Gobierno Federal de los Estados Unidos Mexicanos (Q)  | JPM | 0.59 | 1.00 | 06/20/24  | (100)  | —  | (2)  | 2  |
| Gobierno Federal de los Estados Unidos Mexicanos (Q)  | MSC | 1.50 | 1.00 | 12/20/25  | (300)  | 2  | (4)  | 6  |
| Gobierno Federal de los Estados Unidos Mexicanos (Q)  | MSC | 0.64 | 1.00 | 12/20/24  | (500)  | 4  | (3)  | 7  |
| PT Pertamina (Persero) (Q)  | BCL | 0.46 | 1.00 | 12/20/24  | (400)  | 4  | (4)  | 8  |
| South Africa, Parliament of (Q)  | BCL | 1.30 | 1.00 | 12/20/24  | (800)  | (4)  | (30)  | 26  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

596

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements (continued)** | **JNL/PIMCO Investment Grade Credit Bond Fund — OTC Credit Default Swap Agreements (continued)** |
| **Reference Entity<sup>2</sup>** | **Counter-party** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup> ($)** | **Value ($)** | **Premiums**<br>**Paid**<br>(Received) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| South Africa, Parliament of (Q)  | GSC | 1.30 | 1.00 | 12/20/24  | (1000)  | (5)  | (40)  | 35  |
|  |  |  |  |  | (21621) | 108 | (285) | 393 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 632431 |  | 632431 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 255756 |  | 255756 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 58815 |  | 58815 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 18159 | 1290 | 19449 |
| &nbsp;&nbsp;Preferred Stocks | 2233 |  |  | 2233 |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 1861 | 17595 |  | 19456 |
|  | 4094 | 982756 | 1290 | 988140 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 45 |  |  | 45 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 326 |  | 326 |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | 917 |  | 917 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 641 |  | 641 |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | 491 |  | 491 |
|  | 45 | 2375 |  | 2420 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (85) |  |  | (85) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (1765) |  | (1765) |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | (526) |  | (526) |
| &nbsp;&nbsp;OTC Written Options |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (1230) |  | (1230) |
| &nbsp;&nbsp;OTC Credit Default Swap Agreements |  | (98) |  | (98) |
|  | (85) | (3619) |  | (3704) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

597

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 96.4%** | **GOVERNMENT AND AGENCY OBLIGATIONS 96.4%** | **GOVERNMENT AND AGENCY OBLIGATIONS 96.4%** |
| **U.S. Treasury Inflation Indexed Securities 81.6%** | **U.S. Treasury Inflation Indexed Securities 81.6%** | **U.S. Treasury Inflation Indexed Securities 81.6%** |
| Treasury, United States Department of |  |  |
| 0.63%, 04/15/23 - 02/15/43 (a) | 67202 | 63489 |
| 0.38%, 07/15/23 (a) | 25389 | 25079 |
| 0.63%, 01/15/24 (a) (b) | 1277 | 1250 |
| 0.50%, 04/15/24 (a) (b) | 3190 | 3104 |
| 0.13%, 07/15/24 - 02/15/52 (a) | 150768 | 128840 |
| 0.25%, 01/15/25 - 07/15/29 (a) (c) | 78657 | 73311 |
| 2.38%, 01/15/25 (a) (c) | 37707 | 37748 |
| 0.38%, 07/15/25 - 01/15/27 (a) (b) | 28169 | 26706 |
| 2.00%, 01/15/26 (a) | 22775 | 22743 |
| 0.13%, 07/15/26 - 01/15/32 (a) (c) | 372720 | 336708 |
| 2.38%, 01/15/27 (a) (b) | 384 | 391 |
| 0.38%, 07/15/27 (a) (c) | 59086 | 55679 |
| 1.63%, 10/15/27 (a) | 11871 | 11854 |
| 0.50%, 01/15/28 (a) (c) | 69472 | 65314 |
| 1.75%, 01/15/28 (a) | 15769 | 15756 |
| 3.63%, 04/15/28 (a) (c) | 37980 | 41375 |
| 0.75%, 07/15/28 (a) (c) | 65202 | 62064 |
| 0.88%, 01/15/29 (a) (c) | 36475 | 34708 |
| 2.50%, 01/15/29 (a) | 22898 | 23825 |
| 3.88%, 04/15/29 (a) | 13330 | 14939 |
| 0.63%, 07/15/32 (a) (c) | 22873 | 20925 |
| 2.13%, 02/15/40 - 02/15/41 (a) | 30959 | 32495 |
| 0.75%, 02/15/42 - 02/15/45 (a) | 66399 | 54121 |
| 1.38%, 02/15/44 (a) (c) | 42389 | 38925 |
| 1.00%, 02/15/46 (a) | 33393 | 28086 |
| 0.88%, 02/15/47 (a) | 18447 | 14965 |
| 1.00%, 02/15/48 - 02/15/49 (a) (b) | 11828 | 9825 |
| 0.25%, 02/15/50 (a) (b) | 14721 | 9838 |
|  |  | 1254063 |
| **Treasury Inflation Indexed Securities 9.6%** | **Treasury Inflation Indexed Securities 9.6%** | **Treasury Inflation Indexed Securities 9.6%** |
| Cabinet Office, Government of Japan |  |  |
| 0.10%, 03/10/28 - 03/10/29, JPY (a) | 3399730 | 26842 |
| 0.01%, 03/10/31, JPY (a) | 250536 | 1978 |
| Commonwealth of Australia |  |  |
| 3.00%, 09/20/25, AUD (d) (e) | 8920 | 8830 |
| Gouvernement De France |  |  |
| 0.25%, 07/25/24, EUR (a) (e) | 4409 | 4751 |
| 0.10%, 03/01/26, EUR (a) (e) | 12064 | 12759 |
| 0.10%, 07/25/31 - 07/25/38, EUR (a) | 7950 | 7739 |
| Government of Canada |  |  |
| 4.25%, 12/01/26, CAD (a) | 6658 | 5424 |
| HM Treasury |  |  |
| 0.13%, 03/22/24 - 08/10/41, GBP (a) (e) | 15392 | 18463 |
| 1.25%, 11/22/27, GBP (a) (e) | 3616 | 4618 |
| New Zealand Parliament |  |  |
| 2.00%, 09/20/25, NZD (d) | 10600 | 8305 |
| 3.00%, 09/20/30, NZD (d) | 2500 | 2046 |
| Segretariato Generale Della Presidenza Della Repubblica |  |  |
| 1.40%, 05/26/25, EUR (d) | 38300 | 41802 |
| 0.40%, 05/15/30, EUR (a) (e) | 3384 | 3160 |
|  |  | 146717 |
| **Mortgage-Backed Securities 4.6%** | **Mortgage-Backed Securities 4.6%** | **Mortgage-Backed Securities 4.6%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 4.13%, (6 Month USD LIBOR + 1.78%), 07/01/36 (f) | 69 | 70 |
| 3.76%, (1 Year USD LIBOR + 1.51%), 09/01/36 (f) | 25 | 25 |
| 3.93%, (1 Year USD LIBOR + 1.69%), 10/01/36 (f) | 31 | 31 |
| Federal National Mortgage Association, Inc. |  |  |
| 3.52%, (1 Year USD LIBOR + 1.27%), 11/01/35 (f) | 12 | 12 |
| 2.32%, (1 Year USD LIBOR + 1.82%), 03/01/36 (f) | 27 | 27 |
| TBA, 3.00%, 02/15/53 (c) | 5800 | 5099 |
| TBA, 4.00%, 02/15/53 (c) | 1100 | 1033 |
| TBA, 4.50%, 02/15/53 (c) | 50200 | 48388 |
| TBA, 5.00%, 02/15/53 (c) | 16400 | 16167 |
|  |  | 70852 |
| **Collateralized Mortgage Obligations 0.5%** | **Collateralized Mortgage Obligations 0.5%** | **Collateralized Mortgage Obligations 0.5%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series F1-278, 4.77%, (1 Month USD LIBOR + 0.45%), 09/15/42 (f) | 1197 | 1179 |
| Series WF-4779, REMIC, 4.47%, (1 Month USD LIBOR + 0.35%), 07/15/44 (f) | 932 | 919 |
| Series T-1A1-62, REMIC, 3.25%, (12 Month Treasury Average + 1.20%), 10/25/44 (f) | 110 | 109 |
| Series T-1A1-63, REMIC, 3.25%, (12 Month Treasury Average + 1.20%), 02/25/45 (f) | 83 | 81 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2007-A1-73, REMIC, 4.45%, (1 Month USD LIBOR + 0.06%), 07/25/37 (f) | 27 | 27 |
| Government National Mortgage Association |  |  |
| Series 2017-FB-H10, REMIC, 1.97%, (1 Year USD LIBOR + 0.75%), 04/20/67 (f) | 1405 | 1377 |
| Series 2018-FG-H15, REMIC, 3.86%, (1 Year USD LIBOR + 0.15%), 08/20/68 (f) | 1714 | 1646 |
| Series 2022-F-H22, REMIC, 4.73%, (SOFR 30-Day Average + 0.90%), 10/20/72 (f) | 2306 | 2292 |
|  |  | 7630 |
| **Sovereign 0.1%** | **Sovereign 0.1%** | **Sovereign 0.1%** |
| Comision De Promocion Del Peru Para La Exportacion Y El Turismo |  |  |
| 5.94%, 02/12/29, PEN (g) | 1300 | 314 |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 7.75%, 05/29/31, MXN | 3891 | 187 |
| Ministry of Diwan Amiri Affairs |  |  |
| 3.88%, 04/23/23 (g) | 1000 | 996 |
|  |  | 1497 |
| **Asset-Backed Securities 0.0%** | **Asset-Backed Securities 0.0%** | **Asset-Backed Securities 0.0%** |
| U.S. Small Business Administration |  |  |
| 5.29%, 12/01/27 | 86 | 85 |
| Total Government And Agency Obligations (cost $1,595,528) | Total Government And Agency Obligations (cost $1,595,528) | 1480844 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 11.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 11.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 11.9%** |
| 522 Funding CLO 2018-3(A), Ltd. |  |  |
| Series 2018-AR-3A, 5.28%, (3 Month USD LIBOR + 1.04%), 10/20/31 (f) | 700 | 685 |
| ACE Securities Corp. Home Equity Loan Trust, Series 2007-ASAP1 |  |  |
| Series 2007-A2B-ASP1, REMIC, 4.79%, (1 Month USD LIBOR + 0.20%), 03/25/37 (f) (h) | 349 | 169 |
| Adagio V CLO Designated Activity Company |  |  |
| Series V-ARR-A, 2.10%, (3 Month EURIBOR + 0.72%), 10/15/31, EUR (f) (g) | 1000 | 1040 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| Series ARRE-3A, 2.13%, (3 Month EURIBOR + 0.75%), 04/15/32, EUR (f) (g) | 598 | 622 |
| Allegro CLO IX Ltd |  |  |
| Series 2018-A-3A, 0.00%, 10/16/31 (i) | 600 | 589 |
| Alternative Loan Trust 2005-43 |  |  |
| Series 2005-A4-29CB, REMIC, 5.00%, 07/25/35 | 79 | 46 |
| Alternative Loan Trust 2006-HY11 |  |  |
| Series 2006-A1-HY11, REMIC, 4.63%, (1 Month USD LIBOR + 0.24%), 06/25/36 (f) (h) | 308 | 280 |
| Alternative Loan Trust 2007-1T1 |  |  |
| Series 2007-1A1-1T1, REMIC, 6.00%, 03/25/37 | 2187 | 846 |
| Alternative Loan Trust 2007-4CB |  |  |
| Series 2007-1A35-4CB, REMIC, 6.00%, 04/25/37 | 248 | 210 |
| AMMC CLO XII, Limited |  |  |
| Series 2013-AR2-12A, 5.54%, (3 Month USD LIBOR + 0.95%), 11/11/30 (f) | 800 | 789 |
| Anchorage Capital CLO 11 Ltd |  |  |
| Series 2019-AR-11A, 3.90%, (3 Month USD LIBOR + 1.14%), 07/22/32 (f) | 1200 | 1173 |
| Apidos CLO XXVI |  |  |
| Series 2017-A1AR-26A, 5.09%, (3 Month USD LIBOR + 0.90%), 07/18/29 (f) | 1400 | 1384 |
| Apidos CLO XXVII |  |  |
| Series 2017-A1R-27A, 5.01%, (3 Month USD LIBOR + 0.93%), 07/17/30 (f) | 1400 | 1381 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

598

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Arbor Realty Collateralized Loan Obligation Ltd |  |  |
| Series 2022-A-FL1, 5.26%, (SOFR 30-Day Average + 1.45%), 01/16/37 (f) | 1300 | 1258 |
| Ares European CLO VI Designated Activity Company |  |  |
| Series 2013-ARR-6A, 1.99%, (3 Month EURIBOR + 0.61%), 04/15/30, EUR (f) (g) | 593 | 616 |
| Ares XL CLO, Ltd. |  |  |
| Series 2016-A1RR-40A, 4.95%, (3 Month USD LIBOR + 0.87%), 01/16/29 (f) | 3636 | 3590 |
| Armada Euro Clo III Designated Activity Company |  |  |
| Series A1R-3A, 2.10%, (3 Month EURIBOR + 0.72%), 07/15/31, EUR (f) (g) | 2500 | 2590 |
| Atlas Senior Loan Fund Ltd |  |  |
| Series 2017-A-8A, 5.38%, (3 Month USD LIBOR + 1.15%), 01/16/30 (f) | 1238 | 1220 |
| Banc of America Mortgage Securities, Inc. |  |  |
| Series 2005-2A1-E, REMIC, 3.31%, 06/25/35 (f) | 15 | 13 |
| Barings CLO Ltd 2016-II |  |  |
| Series 2016-AR2-2A, 5.31%, (3 Month USD LIBOR + 1.07%), 01/20/32 (f) | 800 | 785 |
| Bastille Euro CLO 2020-3 Designated Activity Company |  |  |
| Series 2020-A-3A, 2.53%, (3 Month EURIBOR + 1.15%), 01/15/34, EUR (f) (g) | 500 | 516 |
| BCAP LLC Trust 2011-RR5 |  |  |
| Series 2011-12A1-RR5, REMIC, 4.61%, 03/26/37 (f) | 231 | 221 |
| BDS 2022-FL11 LLC |  |  |
| Series 2022-ATS-FL11, 6.12%, (1 Month Term SOFR + 1.80%), 03/21/39 (f) | 1600 | 1532 |
| Bear Stearns ALT-A Trust 2006-3 |  |  |
| Series 2005-24A1-10, REMIC, 3.60%, 01/25/36 (f) | 135 | 124 |
| Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates Series 2006-4 |  |  |
| Series 2006-21A1-4, REMIC, 3.38%, 08/25/36 (f) | 95 | 64 |
| Bear Stearns ARM Trust 2004-1 |  |  |
| Series 2003-3A2-3, REMIC, 3.33%, 05/25/33 (f) | 8 | 8 |
| Series 2003-2A1-9, REMIC, 4.09%, 02/25/34 (f) | 39 | 36 |
| Series 2004-22A1-9, REMIC, 4.11%, 11/25/34 (f) | 34 | 32 |
| Series 2004-22A1-10, REMIC, 4.96%, 01/25/35 (f) | 30 | 25 |
| Bear Stearns Arm Trust 2005-6 |  |  |
| Series 2005-2A1-1, REMIC, 3.37%, 03/25/35 (f) | 87 | 78 |
| Bear Stearns Asset Backed Securities I Trust 2007-HE7 |  |  |
| Series 2007-1A1-HE7, REMIC, 5.39%, (1 Month USD LIBOR + 1.00%), 08/25/37 (f) | 12 | 12 |
| Bear Stearns Structured Products Inc. Trust 2007-R6 |  |  |
| Series 2007-2A1-R6, REMIC, 5.22%, 12/26/46 (f) | 226 | 160 |
| Benefit Street Partners Clo XII Ltd |  |  |
| Series 2017-A1R-12A, 5.03%, (3 Month USD LIBOR + 0.95%), 10/15/30 (f) | 800 | 790 |
| Birch Grove CLO Ltd |  |  |
| Series AR-19A, 5.90%, (3 Month USD LIBOR + 1.13%), 06/16/31 (f) | 700 | 685 |
| Black Diamond CLO 2015-1 Designated Activity Company |  |  |
| Series 2015-A1R-1A, 1.81%, (3 Month EURIBOR + 0.65%), 10/03/29, EUR (f) (g) | 47 | 50 |
| Series 2015-A2R-1A, 4.79%, (3 Month USD LIBOR + 1.05%), 10/03/29 (f) (g) | 31 | 30 |
| Black Diamond CLO 2019-1 Designated Activity Company |  |  |
| Series 2019-A1R-1A, 2.78%, (3 Month EURIBOR + 0.98%), 05/15/32, EUR (f) (g) | 400 | 416 |
| Blackrock European CLO IV Designated Activity Company |  |  |
| Series A-4A, 2.23%, (3 Month EURIBOR + 0.85%), 07/15/30, EUR (f) (g) | 998 | 1045 |
| BlueMountain CLO XXII Ltd |  |  |
| Series 2018-A1-22A, 5.16%, (3 Month USD LIBOR + 1.08%), 07/15/31 (f) | 1100 | 1080 |
| BlueMountain EUR CLO 2016-1 DAC |  |  |
| Series 2016-AR-1A, 2.33%, (3 Month EURIBOR + 0.79%), 04/28/32, EUR (f) (g) | 899 | 937 |
| Capital Four US CLO II Ltd |  |  |
| Series 2022-A1-1A, 5.81%, (3 Month Term SOFR + 2.14%), 10/21/30 (f) | 500 | 499 |
| Carlyle Euro CLO 2017-2 Designated Activity Company |  |  |
| Series 2017-A1R-2A, 2.43%, (3 Month EURIBOR + 0.63%), 08/15/30, EUR (f) (g) | 2272 | 2367 |
| Carlyle Global Market Strategies CLO 2012-4, Ltd |  |  |
| Series 2012-A1R3-4A, REMIC, 5.40%, (3 Month USD LIBOR + 1.08%), 04/22/32 (f) | 400 | 392 |
| Carlyle Global Market Strategies CLO 2013-1, Ltd |  |  |
| Series 2013-A1RR-1A, 5.60%, (3 Month USD LIBOR + 0.95%), 08/14/30 (f) | 1483 | 1463 |
| Carlyle Global Market Strategies Euro CLO 2014-2 Designated Activity Company |  |  |
| Series 2014-AR1-2A, 2.55%, (3 Month EURIBOR + 0.75%), 11/15/31, EUR (f) (g) | 700 | 723 |
| Carlyle US CLO 2017-1, Ltd. |  |  |
| Series 2017-A1R-1A, 5.24%, (3 Month USD LIBOR + 1.00%), 04/21/31 (f) | 1400 | 1373 |
| CBAM 2018-5 Ltd |  |  |
| Series 2018-A-5A, 5.10%, (3 Month USD LIBOR + 1.02%), 04/17/31 (f) | 700 | 688 |
| CBAM 2019-10, Ltd. |  |  |
| Series 2019-A1R-10A, 5.36%, (3 Month USD LIBOR + 1.12%), 04/20/32 (f) | 800 | 784 |
| C-Bass Mortgage Loan Asset Backed Certificates Series 2002-CB2 |  |  |
| Series 2005-M4-CB3, REMIC, 5.44%, (1 Month USD LIBOR + 1.05%), 08/25/34 (f) (h) | 205 | 187 |
| Cedar Funding V CLO, Ltd. |  |  |
| Series 2016-A1R-5A, 5.18%, (3 Month USD LIBOR + 1.10%), 07/17/31 (f) | 700 | 689 |
| Chase Mortgage Finance Trust Series 2007-A1 |  |  |
| Series 2007-5A1-A1, REMIC, 3.76%, 02/25/37 (f) | 9 | 8 |
| CHL Mortgage Pass-Through Trust 2007-1 |  |  |
| Series 2007-A1-1, REMIC, 6.00%, 03/25/37 | 728 | 366 |
| CIFC European Funding CLO III Designated Activity Company |  |  |
| Series A-3A, 2.43%, (3 Month EURIBOR + 1.05%), 01/15/34, EUR (f) (g) | 1000 | 1034 |
| CIFC Funding 2017-I, Ltd. |  |  |
| Series 2017-AR-1A, 5.29%, (3 Month USD LIBOR + 1.01%), 04/23/29 (f) | 562 | 557 |
| CIFC Funding 2018-III Ltd |  |  |
| Series 2018-A-3A, 5.29%, (3 Month USD LIBOR + 1.10%), 07/18/31 (f) | 700 | 689 |
| CIFC Funding Ltd 2015-I |  |  |
| Series 2018-A-1A, 5.19%, (3 Month USD LIBOR + 1.00%), 04/18/31 (f) | 1800 | 1774 |
| CIT Mortgage Loan Trust 2007-1 |  |  |
| Series 2007-1M1-1, REMIC, 5.89%, (1 Month USD LIBOR + 1.50%), 02/25/23 (f) | 1900 | 1778 |
| Series 2007-1A-1, REMIC, 5.74%, (1 Month USD LIBOR + 1.35%), 08/25/24 (f) | 511 | 507 |
| Citigroup Mortgage Loan Trust 2006-AMC1 |  |  |
| Series 2006-A1-AMC1, REMIC, 4.68%, (1 Month USD LIBOR + 0.29%), 09/25/36 (f) (h) | 1958 | 1863 |
| Citigroup Mortgage Loan Trust 2007-10 |  |  |
| Series 2007-22AA-10, REMIC, 3.87%, 09/25/37 (f) | 272 | 235 |
| Citigroup Mortgage Loan Trust 2007-AMC2 |  |  |
| Series 2007-A3A-AMC2, REMIC, 4.47%, (1 Month USD LIBOR + 0.08%), 01/25/37 (f) (h) | 47 | 31 |
| Citigroup Mortgage Loan Trust 2007-AMC3 |  |  |
| Series 2007-A2B-AMC3, REMIC, 4.57%, (1 Month USD LIBOR + 0.18%), 03/25/37 (f) (h) | 1079 | 901 |
| Citigroup Mortgage Loan Trust 2007-AMC4 |  |  |
| Series 2007-M1-AMC4, REMIC, 4.66%, (1 Month USD LIBOR + 0.27%), 05/25/37 (f) (h) | 1200 | 1014 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

599

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Citigroup Mortgage Loan Trust 2007-AR4 |  |  |
| Series 2007-1A1A-AR4, REMIC, 3.46%, 03/25/37 (f) | 936 | 820 |
| Citigroup Mortgage Loan Trust Inc. |  |  |
| Series 2004-1CB1-NCM2, REMIC, 5.50%, 08/25/34 | 6 | 5 |
| Series 2005-2A2B-3, REMIC, 3.88%, 08/25/35 (f) | 30 | 26 |
| Series 2005-A2-6, REMIC, 2.22%, (1 Year Treasury + 2.15%), 09/25/35 (f) | 5 | 4 |
| Series 2005-A1-6, REMIC, 6.08%, (1 Year Treasury + 2.10%), 09/25/35 (f) | 6 | 6 |
| Series 2005-M3-HE4, REMIC, 5.08%, (1 Month USD LIBOR + 0.69%), 10/25/35 (f) (h) | 3422 | 2909 |
| Citigroup Mortgage Loan Trust Series 2007 AHL3 |  |  |
| Series 2007-A3A-AHL3, REMIC, 4.45%, (1 Month USD LIBOR + 0.06%), 07/25/45 (f) (h) | 98 | 70 |
| Contego CLO IV Designated Activity Company |  |  |
| Series AR-4A, 2.14%, (3 Month EURIBOR + 0.64%), 01/23/30, EUR (f) (g) | 499 | 518 |
| CQS US CLO 2022-2 Ltd |  |  |
| Series 2022-A1-2A, 5.86%, (3 Month Term SOFR + 2.65%), 07/21/31 (f) | 2200 | 2188 |
| Credit-Based Asset Servicing and Securitization LLC |  |  |
| Series 2007-A1-CB6, REMIC, 4.51%, (1 Month USD LIBOR + 0.12%), 07/25/37 (f) (h) | 76 | 50 |
| Series 2007-A3-CB6, REMIC, 4.61%, (1 Month USD LIBOR + 0.22%), 07/25/37 (f) (h) | 2230 | 1475 |
| Crestline Denali CLO XIV Ltd |  |  |
| Series 2016-AR2-1A, 5.46%, (3 Month USD LIBOR + 1.14%), 10/23/31 (f) | 800 | 784 |
| Crestline Denali CLO XV, Ltd. |  |  |
| Series 2017-AR-1A, 5.27%, (3 Month USD LIBOR + 1.03%), 04/22/30 (f) | 2890 | 2849 |
| CSMC Mortgage-Backed Trust 2007-1 |  |  |
| Series 2007-1A6A-1, REMIC, 5.86%, 02/25/37 (f) (h) | 600 | 150 |
| CSMC Series 2015-12R |  |  |
| Series 2015-2A2-12R, REMIC, 3.38%, 12/03/37 (f) | 2300 | 2069 |
| CSMC Series 2015-3R |  |  |
| Series 2015-5A2-3R, REMIC, 3.74%, 09/29/36 (f) | 848 | 825 |
| CVC Cordatus Loan Fund III Designated Activity Company |  |  |
| Series A1RR-3A, 2.58%, (3 Month EURIBOR + 0.78%), 08/15/32, EUR (f) (g) | 700 | 728 |
| CWABS Asset-Backed Certificates Trust 2007-12 |  |  |
| Series 2007-1A1-12, REMIC, 5.13%, (1 Month USD LIBOR + 0.74%), 06/25/37 (f) (h) | 81 | 78 |
| CWABS Asset-Backed Certificates Trust 2007-8 |  |  |
| Series 2007-1A1-8, REMIC, 4.58%, (1 Month USD LIBOR + 0.19%), 02/25/36 (f) (h) | 4021 | 3578 |
| CWMBS, Inc. |  |  |
| Series 2004-11A1-12, REMIC, 3.68%, 08/25/34 (f) | 7 | 7 |
| Dryden 44 Euro CLO 2015 BV |  |  |
| Series 2015-A1RR-44A, 0.88%, (3 Month EURIBOR + 0.88%), 04/17/34, EUR (f) (g) | 500 | 509 |
| Dryden 52 Euro CLO 2017 B.V. |  |  |
| Series 2017-AR-52A, 2.62%, (3 Month EURIBOR + 0.86%), 05/15/34, EUR (f) (g) | 400 | 415 |
| Dryden 64 CLO, Ltd. |  |  |
| Series 2018-A-64A, 5.16%, (3 Month USD LIBOR + 0.97%), 04/18/31 (f) | 600 | 590 |
| Eurosail-UK 2007-3BL PLC |  |  |
| Series 2007-A3A-3X, 4.31%, (SONIA + 1.07%), 06/13/45, GBP (e) (f) | 581 | 691 |
| Series 2007-A3C-3A, 4.31%, (SONIA + 1.07%), 06/13/45, GBP (f) (g) | 200 | 238 |
| Fidelity Grand Harbour CLO 2019-1 Designated Activity Company |  |  |
| Series 2019-A-1A, 3.25%, (3 Month EURIBOR + 1.20%), 03/15/32, EUR (f) (g) | 700 | 730 |
| First Franklin Mortgage Loan Trust 2006-FF10 |  |  |
| Series 2006-A5-FF10, REMIC, 4.70%, (1 Month USD LIBOR + 0.31%), 07/25/36 (f) (h) | 1542 | 1443 |
| First Franklin Mortgage Loan Trust 2006-FF17 |  |  |
| Series 2006-A2-FF17, REMIC, 4.51%, (1 Month USD LIBOR + 0.12%), 12/25/36 (f) (h) | 5484 | 4529 |
| First NLC Trust |  |  |
| Series 2007-A1-1, REMIC, 4.46%, (1 Month USD LIBOR + 0.07%), 08/25/37 (f) | 206 | 110 |
| Gallatin CLO VIII 2017-1 Ltd |  |  |
| Series 2017-A1R-1A, 5.17%, (3 Month USD LIBOR + 1.09%), 07/15/31 (f) | 900 | 882 |
| Great Hall Mortgages No.1 PLC |  |  |
| Series 2006-A2A-1, 3.62%, (SONIA + 0.27%), 06/18/38, GBP (e) (f) | 23 | 28 |
| Series 2007-A2A-1, 3.60%, (SONIA + 0.25%), 03/18/39, GBP (e) (f) | 36 | 43 |
| Greenpoint M F T S 2006-AR4 |  |  |
| Series 2006-A-A6, REMIC, 4.75%, (1 Month USD LIBOR + 0.36%), 09/25/46 (f) (h) | 250 | 214 |
| Grifonas Finance No.1 PLC |  |  |
| Series A-1, 1.26%, (6 Month EURIBOR + 0.28%), 08/28/39, EUR (e) (f) (h) | 455 | 448 |
| GS Mortgage Securities Corp. |  |  |
| Series 2006-AF4A-7, REMIC, 6.72%, 03/25/46 (h) | 248 | 133 |
| GSR Mortgage Loan Trust 2005-AR1 |  |  |
| Series 2005-1A1-AR1, REMIC, 4.37%, 01/25/35 (f) | 23 | 21 |
| HalseyPoint CLO II, Ltd. |  |  |
| Series 2020-A1-2A, 6.10%, (3 Month USD LIBOR + 1.86%), 07/21/31 (f) | 697 | 689 |
| Harborview Mortgage Loan Trust |  |  |
| Series 2004-2A-1, REMIC, 3.42%, 04/19/34 (f) | 70 | 64 |
| HarborView Mortgage Loan Trust 2007-5 |  |  |
| Series 2007-A1A-5, REMIC, 4.53%, (1 Month USD LIBOR + 0.19%), 09/19/37 (f) (h) | 17 | 14 |
| Harvest CLO XXI Designated Activity Company |  |  |
| Series A1R-21A, 2.14%, (3 Month EURIBOR + 0.76%), 07/15/31, EUR (f) (g) | 600 | 619 |
| Home Equity Asset Trust |  |  |
| Series 2005-M2-8, REMIC, 5.06%, (1 Month USD LIBOR + 0.45%), 02/25/36 (f) (h) | 1251 | 1215 |
| IndyMac MBS, Inc. |  |  |
| Series 2003-A2-A5, REMIC, 5.50%, 06/25/33 | 8 | 8 |
| Series 2005-4A1-AR1, REMIC, 3.21%, 03/25/35 (f) | 24 | 23 |
| Series 2005-2A1-AR1, REMIC, 3.70%, 11/25/35 (f) | 17 | 17 |
| Series 2005-A1-16IP, REMIC, 5.03%, (1 Month USD LIBOR + 0.64%), 07/25/45 (f) (h) | 75 | 63 |
| J.P. Morgan Mortgage Acquisition Trust 2006-Ch2 |  |  |
| Series 2006-AV5-CH2, REMIC, 4.60%, (1 Month USD LIBOR + 0.21%), 10/25/36 (f) (h) | 28 | 28 |
| J.P. Morgan Mortgage Trust 2005-A1 |  |  |
| Series 2005-7A1-A6, REMIC, 3.96%, 08/25/35 (f) | 49 | 43 |
| Series 2005-2A1-A6, REMIC, 4.24%, 08/25/35 (f) | 36 | 34 |
| Series 2005-4A1-A6, REMIC, 4.03%, 09/25/35 (f) | 6 | 6 |
| J.P. Morgan Mortgage Trust 2007-A1 |  |  |
| Series 2007-1A1-A1, REMIC, 4.19%, 07/25/35 (f) | 16 | 15 |
| J.P. Morgan Mortgage Trust, Series 2008-R2 |  |  |
| Series 2008-1A1-R2, REMIC, 2.88%, 07/27/37 (f) | 177 | 159 |
| Jubilee CLO 2015-XV B.V. |  |  |
| Series 2015-AR-15A, 0.29%, (3 Month EURIBOR + 0.84%), 07/12/28, EUR (e) (f) | 41 | 44 |
| Jubilee CLO 2015-XVI Designated Activity Company |  |  |
| Series 2015-A1R-16A, 2.85%, (3 Month EURIBOR + 0.80%), 12/15/29, EUR (f) (g) | 1146 | 1213 |
| Kayne CLO 5 Ltd |  |  |
| Series 2019-AR-5A, 5.44%, (3 Month USD LIBOR + 1.12%), 07/26/32 (f) | 500 | 490 |
| KKR CLO 11 Ltd |  |  |
| Series AR-11, 5.26%, (3 Month USD LIBOR + 1.18%), 01/15/31 (f) | 800 | 788 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

600

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| KKR CLO 9 Ltd. |  |  |
| Series AR2-9, 5.03%, (3 Month USD LIBOR + 0.95%), 07/15/30 (f) | 464 | 455 |
| Laurelin 2016-1 Designated Activity Company |  |  |
| Series 2016-ARR-1A, 0.72%, (3 Month EURIBOR + 0.72%), 10/20/35, EUR (f) (g) | 400 | 414 |
| LCM XV LP |  |  |
| Series AR2-15A, 5.24%, (3 Month USD LIBOR + 1.00%), 07/22/30 (f) | 2215 | 2182 |
| LCM XVI Limited Partnership |  |  |
| Series AR3-13A, REMIC, 5.10%, (3 Month USD LIBOR + 0.87%), 07/19/27 (f) | 3024 | 2991 |
| Lehman XS Trust, Series 2007-15N |  |  |
| Series 2007-2A1-15N, REMIC, 4.89%, (1 Month USD LIBOR + 0.25%), 08/25/47 (f) (h) | 445 | 395 |
| LoanCore 2021-CRE5 Issuer Ltd. |  |  |
| Series 2021-A-CRE5, REMIC, 5.62%, (1 Month USD LIBOR + 1.30%), 07/15/36 (f) | 2515 | 2417 |
| LoanCore 2021-CRE7 Issuer Ltd |  |  |
| Series 2022-A-CRE7, 5.36%, (SOFR 30-Day Average + 1.55%), 01/21/37 (f) | 1600 | 1542 |
| Long Beach Mortgage Loan Trust 2006-7 |  |  |
| Series 2006-2A2-7, REMIC, 4.63%, (1 Month USD LIBOR + 0.12%), 08/25/36 (f) (h) | 407 | 150 |
| M360 2021-CRE3 Ltd |  |  |
| Series 2021-A-CRE3, 5.86%, (1 Month USD LIBOR + 1.50%), 11/22/38 (f) | 500 | 481 |
| Madison Park Funding XLI, Ltd. |  |  |
| Series AR-12A, 5.15%, (3 Month USD LIBOR + 0.83%), 04/22/27 (f) | 2008 | 1986 |
| Madison Park Funding XXVI, Ltd. |  |  |
| Series 2017-AR-26A, 5.61%, (3 Month USD LIBOR + 1.20%), 07/29/30 (f) | 300 | 297 |
| Madison Park Funding XXX, Ltd. |  |  |
| Series 2018-A-30A, 4.83%, (3 Month USD LIBOR + 0.75%), 04/16/29 (f) | 670 | 661 |
| Magnetite VIII, Limited |  |  |
| Series 2014-AR2-8A, 5.06%, (3 Month USD LIBOR + 0.98%), 04/15/31 (f) | 297 | 293 |
| Magnetite XVIII Ltd |  |  |
| Series 2016-AR2-18A, 5.49%, (3 Month USD LIBOR + 0.88%), 11/15/28 (f) | 1158 | 1143 |
| Man GLG Euro CLO II Designated Activity Company |  |  |
| Series A1R-2A, 2.25%, (3 Month EURIBOR + 0.87%), 01/15/30, EUR (f) (g) | 457 | 480 |
| Marathon CLO V Ltd. |  |  |
| Series 2013-A1R-5A, 5.55%, (3 Month USD LIBOR + 0.87%), 11/22/27 (f) | 24 | 24 |
| Marathon Static CLO 2022-18 Ltd |  |  |
| Series 2022-A1-18A, 5.07%, (3 Month Term SOFR + 2.22%), 07/20/30 (f) | 800 | 797 |
| MASTR Adjustable Rate Mortgages Trust 2004-10 |  |  |
| Series 2003-2A1-6, REMIC, 2.93%, 12/25/33 (f) | 48 | 44 |
| MASTR Asset Backed Securities Trust 2006-AM1 |  |  |
| Series 2005-M1-FRE1, REMIC, 5.14%, (1 Month USD LIBOR + 0.75%), 10/25/35 (f) (h) | 50 | 45 |
| Merrill Lynch Mortgage Capital Inc. |  |  |
| Series 2004-2A2-A1, REMIC, 3.19%, 02/25/34 (f) | 54 | 50 |
| Merrill Lynch Mortgage Investors Trust, Series MLCC 2003-C |  |  |
| Series 2003-1A1-A2, REMIC, 3.42%, 02/25/33 (f) | 30 | 27 |
| MF1 2022-FL9 LLC |  |  |
| Series 2022-A-FL9, 5.57%, (SOFR 30-Day Average + 2.15%), 06/22/37 (f) | 1500 | 1470 |
| MidOcean Credit CLO II |  |  |
| Series 2013-ARR-2A, 5.44%, (3 Month USD LIBOR + 1.03%), 01/29/30 (f) | 641 | 633 |
| Midocean Credit CLO VIII |  |  |
| Series 2018-A1R-8A, 5.73%, (3 Month USD LIBOR + 1.05%), 02/20/31 (f) | 900 | 886 |
| Mill City Mortgage Loan Trust 2019-GS2 |  |  |
| Series 2019-A1-GS2, REMIC, 2.75%, 08/25/59 (f) | 304 | 281 |
| Morgan Stanley ABS Capital I Inc. Trust 2006-HE8 |  |  |
| Series 2006-A2D-HE8, REMIC, 4.61%, (1 Month USD LIBOR + 0.22%), 10/25/36 (f) (h) | 1262 | 557 |
| Morgan Stanley ABS Capital I Inc. Trust 2007-HE6 |  |  |
| Series 2007-A1-HE6, REMIC, 4.45%, (1 Month USD LIBOR + 0.06%), 05/25/37 (f) (h) | 39 | 33 |
| Morgan Stanley ABS Capital Trust I Inc. |  |  |
| Series 2004-M3-NC7, REMIC, 5.36%, (1 Month USD LIBOR + 0.98%), 07/25/34 (f) (h) | 303 | 282 |
| Series 2005-M2-HE2, REMIC, 5.05%, (1 Month USD LIBOR + 0.66%), 01/25/35 (f) (h) | 1251 | 1180 |
| Series 2005-M3-HE5, REMIC, 5.06%, (1 Month USD LIBOR + 0.68%), 09/25/35 (f) (h) | 1439 | 1327 |
| Mortgageit Trust 2004-2 |  |  |
| Series 2004-M2-2, REMIC, 5.39%, (1 Month USD LIBOR + 1.01%), 12/25/34 (f) (h) | 154 | 151 |
| Mountain View CLO 2017-2 Ltd. |  |  |
| Series 2017-AR-1A, 5.17%, (3 Month USD LIBOR + 1.09%), 10/16/29 (f) | 1822 | 1796 |
| MP CLO VII, Ltd. |  |  |
| Series 2015-AR3-1A, 5.08%, (3 Month USD LIBOR + 0.89%), 10/18/28 (f) | 1016 | 997 |
| New Century Home Equity Loan T |  |  |
| Series 2004-M1-4, REMIC, 5.15%, (1 Month USD LIBOR + 0.77%), 02/25/35 (f) | 233 | 219 |
| New Residential Mortgage Loan Trust 2019-RPL3 |  |  |
| Series 2019-A1-RPL3, REMIC, 2.75%, 07/25/59 (f) | 1674 | 1548 |
| Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2005-FM1 |  |  |
| Series 2005-M3-FM1, REMIC, 5.15%, (1 Month USD LIBOR + 0.77%), 05/25/35 (f) (h) | 2637 | 2521 |
| Oak Hill European Credit Partners VII Designated Activity Company |  |  |
| Series 2018-AR-7A, 2.20%, (3 Month EURIBOR + 0.74%), 10/20/31, EUR (f) (g) | 1700 | 1759 |
| OCP Euro CLO 2017-1 Designated Activity Company |  |  |
| Series 2017-A-2A, 2.20%, (3 Month EURIBOR + 0.82%), 01/15/32, EUR (f) (g) | 593 | 621 |
| Octagon Investment Partners 18-R Ltd. |  |  |
| Series 2018-A1A-18A, 5.04%, (3 Month USD LIBOR + 0.96%), 04/16/31 (f) | 1500 | 1479 |
| Octagon Investment Partners XXI, Ltd. |  |  |
| Series 2014-AAR3-1A, 5.65%, (3 Month USD LIBOR + 1.00%), 02/14/31 (f) | 700 | 688 |
| OSD CLO 2021-23 Ltd/LLC |  |  |
| Series 2021-A-23A, 4.95%, (3 Month USD LIBOR + 0.87%), 04/17/31 (f) | 1395 | 1367 |
| OZLM IX, Ltd. |  |  |
| Series 2014-A1A3-9A, 3.81%, (3 Month USD LIBOR + 1.10%), 10/20/31 (f) | 300 | 293 |
| OZLM VIII, Ltd. |  |  |
| Series 2014-A1R3-8A, 5.06%, (3 Month USD LIBOR + 0.98%), 10/17/29 (f) | 897 | 883 |
| OZLM XVI Ltd |  |  |
| Series 2017-A1R-16A, 5.67%, (3 Month USD LIBOR + 1.03%), 05/16/30 (f) | 2806 | 2760 |
| OZLM XXIV Ltd |  |  |
| Series 2019-A1AR-24A, 5.40%, (3 Month USD LIBOR + 1.16%), 07/20/32 (f) | 600 | 585 |
| Palmer Square European Loan Funding 2022-2 Designated Activity Company |  |  |
| Series 2022-A-2A, 2.88%, (3 Month EURIBOR + 1.05%), 10/15/31, EUR (f) (g) | 971 | 1014 |
| Series 2022-A-3A, 3.51%, (3 Month EURIBOR + 1.95%), 04/12/32, EUR (f) (g) | 4400 | 4673 |
| Palmer Square Loan Funding 2020-3, Ltd. |  |  |
| Series 2021-A1-3A, 5.04%, (3 Month USD LIBOR + 0.80%), 07/20/29 (f) | 2049 | 2021 |
| Palmer Square Loan Funding Ltd |  |  |
| Series 2021-A1-4A, 4.88%, (3 Month USD LIBOR + 0.80%), 10/15/29 (f) | 2276 | 2247 |
| RALI Series 2007-QH8 Trust |  |  |
| Series 2007-A-QH8, REMIC, 2.64%, 10/25/37 (f) | 488 | 414 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

601

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| RASC Series 2006-EMX1 Trust |  |  |
| Series 2006-A4-EMX4, REMIC, 4.85%, (1 Month USD LIBOR + 0.46%), 06/25/36 (f) (h) | 2584 | 2509 |
| Regatta VIII Funding Ltd |  |  |
| Series 2017-A-1A, 5.33%, (3 Month USD LIBOR + 1.25%), 10/17/30 (f) | 1800 | 1778 |
| Residential Asset Mortgage Products, Inc. |  |  |
| Series 2004-MII1-RS2, REMIC, 5.26%, (1 Month USD LIBOR + 0.87%), 02/25/34 (f) (h) | 576 | 562 |
| Residential Asset Securities Corporation |  |  |
| Series 2005-M2-KS11, REMIC, 5.02%, (1 Month USD LIBOR + 0.63%), 12/25/35 (f) (h) | 353 | 347 |
| Series 2006-M1-KS3, REMIC, 4.88%, (1 Month USD LIBOR + 0.50%), 04/25/36 (f) (h) | 420 | 403 |
| Residential Asset Securitization Trust 2006-A10 |  |  |
| Series 2006-A5-A10, REMIC, 6.50%, 09/25/36 | 185 | 72 |
| Residential Mortgage Securities 32 PLC |  |  |
| Series A-32A, 4.63%, (SONIA + 1.25%), 06/20/70, GBP (f) (g) (h) | 1381 | 1661 |
| Romark CLO Ltd |  |  |
| Series 2017-A1R-1A, REMIC, 5.35%, (3 Month USD LIBOR + 1.03%), 10/23/30 (f) | 800 | 784 |
| Saranac Clo II Limited |  |  |
| Series 2014-A1AR-2A, 5.91%, (3 Month USD LIBOR + 1.23%), 11/20/29 (f) | 507 | 502 |
| Saranac CLO VI Limited |  |  |
| Series 2018-A1R-6A, 5.87%, (3 Month USD LIBOR + 1.14%), 08/13/31 (f) | 1300 | 1272 |
| Saxon Asset Securities Trust 2004-3 |  |  |
| Series 2005-M3-4, REMIC, 4.87%, (1 Month USD LIBOR + 0.48%), 11/25/37 (f) (h) | 2000 | 1573 |
| Saxon Asset Securities Trust 2007-3 |  |  |
| Series 2007-1A-3, REMIC, 4.70%, (1 Month USD LIBOR + 0.31%), 08/25/24 (f) (h) | 393 | 370 |
| Securitized Asset Backed Receivables LLC Trust 2006-HE1 |  |  |
| Series 2006-A2C-HE1, REMIC, 4.71%, (1 Month USD LIBOR + 0.32%), 07/25/36 (f) (h) | 2668 | 860 |
| Securitized Asset Backed Receivables LLC Trust 2006-HE2 |  |  |
| Series 2006-A2C-HE2, REMIC, 4.69%, (1 Month USD LIBOR + 0.30%), 07/25/36 (f) (h) | 386 | 149 |
| SLM Student Loan Trust 2004-1 |  |  |
| Series 2004-A6B-3A, 4.91%, (3 Month USD LIBOR + 0.55%), 10/25/64 (f) | 1893 | 1792 |
| SLM Student Loan Trust 2008-9 |  |  |
| Series 2008-A-9, 5.86%, (3 Month USD LIBOR + 1.50%), 04/25/23 (f) | 763 | 751 |
| Sound Point CLO IV-R, Ltd. |  |  |
| Series 2013-A-3RA, 5.34%, (3 Month USD LIBOR + 1.15%), 04/18/31 (f) (g) | 300 | 294 |
| Sound Point CLO IX Ltd |  |  |
| Series 2015-ARRR-2A, 5.45%, (3 Month USD LIBOR + 1.21%), 07/20/32 (f) | 1200 | 1167 |
| Sound Point CLO XV, Ltd. |  |  |
| Series 2017-ARR-1A, 5.22%, (3 Month USD LIBOR + 0.90%), 01/23/29 (f) | 896 | 885 |
| Soundview Home Loan Trust 2007-OPT1 |  |  |
| Series 2007-1A1-OPT1, REMIC, 4.59%, (1 Month USD LIBOR + 0.20%), 06/25/37 (f) (h) | 1488 | 1029 |
| Stratus CLO 2021-2, Ltd. |  |  |
| Series 2021-A-2A, 5.14%, (3 Month USD LIBOR + 0.90%), 12/28/29 (f) | 534 | 527 |
| Stratus CLO 2021-3, Ltd. |  |  |
| Series 2021-A-3A, 5.19%, (3 Month USD LIBOR + 0.95%), 12/31/29 (f) | 1177 | 1161 |
| Structured Asset Mortgage Investments II Inc. |  |  |
| Series 2004-1A1-AR5, REMIC, 5.00%, (1 Month USD LIBOR + 0.66%), 10/19/34 (f) (h) | 6 | 5 |
| Structured Asset Securities Corporation |  |  |
| Series 2004-4A1-1, REMIC, 3.78%, 02/25/34 (f) | 81 | 76 |
| Symphony CLO XIV, Ltd. |  |  |
| Series 2014-AR-14A, 4.96%, (3 Month USD LIBOR + 0.95%), 07/14/26 (f) | 42 | 42 |
| Symphony Static CLO I Ltd |  |  |
| Series 2021-A-1A, REMIC, 5.19%, (3 Month USD LIBOR + 0.83%), 10/25/29 (f) | 444 | 438 |
| TBW Mortgage-Backed Trust Series 2006-4 |  |  |
| Series 2006-A6-4, REMIC, 6.47%, 09/25/36 (f) (h) | 473 | 17 |
| Thornburg Mortgage Securities Trust |  |  |
| Series 2006-A2B-4, REMIC, 3.65%, 07/25/36 (f) | 1871 | 1516 |
| Series 2005-A3-1, REMIC, 2.41%, 04/25/45 (f) | 57 | 54 |
| TICP CLO II Ltd |  |  |
| Series 2018-A1-IIA, 5.08%, (3 Month USD LIBOR + 0.84%), 04/20/28 (f) | 428 | 426 |
| Toro European CLO 5 Designated Activity Company |  |  |
| Series A-5A, 0.74%, (3 Month EURIBOR + 0.74%), 10/15/30, EUR (f) (g) | 1699 | 1772 |
| Series ANV-5A, 2.12%, (3 Month EURIBOR + 0.74%), 10/15/30, EUR (f) (g) | 800 | 834 |
| Toro European CLO 7 Designated Activity Company |  |  |
| Series ARE-7A, 2.57%, (3 Month EURIBOR + 0.81%), 02/15/34, EUR (f) (g) | 1800 | 1850 |
| Towd Point Mortgage Funding 2019 - Granite4 PLC |  |  |
| Series 2019-A1-GR4A, 3.98%, (SONIA + 1.14%), 10/20/51, GBP (f) (g) (h) | 3021 | 3637 |
| Towd Point Mortgage Trust 2019-HY3 |  |  |
| Series 2019-A1A-HY3, REMIC, 5.39%, (1 Month USD LIBOR + 1.00%), 07/25/27 (f) | 645 | 630 |
| Tralee CLO VII Ltd |  |  |
| Series 2021-A1-7A, 5.68%, (3 Month USD LIBOR + 1.32%), 04/25/34 (f) | 1400 | 1362 |
| TRTX 2022-FL5 Issuer, Ltd. |  |  |
| Series 2022-A-FL5, 5.46%, (SOFR 30-Day Average + 1.65%), 02/17/39 (f) (h) | 300 | 289 |
| Venture 38 CLO Limited |  |  |
| Series 2019-A1R-38A, 5.57%, (3 Month USD LIBOR + 1.16%), 07/30/32 (f) | 1500 | 1461 |
| Venture XIV CLO Ltd |  |  |
| Series 2013-ARR-14A, 5.77%, (3 Month USD LIBOR + 1.03%), 08/28/29 (f) | 1326 | 1309 |
| Venture XVII CLO, Limited |  |  |
| Series 2014-ARR-17A, 4.96%, (3 Month USD LIBOR + 0.88%), 04/15/27 (f) | 478 | 473 |
| Venture XXI CLO, Limited |  |  |
| Series 2015-AR-21A, 4.96%, (3 Month USD LIBOR + 0.88%), 07/15/27 (f) | 116 | 116 |
| Venture Xxv Clo Ltd |  |  |
| Series 2016-ARR-25A, 5.26%, (3 Month USD LIBOR + 1.02%), 04/20/29 (f) | 231 | 228 |
| Venture XXVIII CLO, Limited |  |  |
| Series 2017-A1R-28A, 5.23%, (3 Month USD LIBOR + 0.99%), 07/22/30 (f) | 1200 | 1177 |
| Vibrant CLO XI Ltd |  |  |
| Series 2019-A1R1-11A, 5.36%, (3 Month USD LIBOR + 1.12%), 07/20/32 (f) | 1500 | 1460 |
| VMC Finance 2022-FL5 LLC |  |  |
| Series 2022-A-FL5, 5.71%, (SOFR 30-Day Average + 1.90%), 02/18/39 (f) | 700 | 681 |
| Voya CLO 2012-4, Ltd. |  |  |
| Series 2012-A1R3-4A, 5.08%, (3 Month USD LIBOR + 1.00%), 10/15/30 (f) | 500 | 491 |
| Voya CLO 2013-1, Ltd. |  |  |
| Series 2013-A1AR-1A, 5.29%, (3 Month USD LIBOR + 1.21%), 10/15/30 (f) | 797 | 788 |
| Voya CLO 2015-1 Ltd |  |  |
| Series 2015-A1R-1A, 5.09%, (3 Month USD LIBOR + 0.90%), 01/18/29 (f) | 1321 | 1308 |
| Voya CLO 2019-1 Limited |  |  |
| Series 2019-AR-1A, 5.14%, (3 Month USD LIBOR + 1.06%), 04/15/31 (f) | 600 | 591 |
| Wamu Mortgage Pass-Through Certificates Series 2002-Ar17 Trust |  |  |
| Series 2003-A7-AR5, REMIC, 3.21%, 06/25/33 (f) | 42 | 38 |
| Wamu Mortgage Pass-Through Certificates Series 2003-S10trust |  |  |
| Series 2003-2A-AR9, REMIC, 4.18%, 09/25/33 (f) | 23 | 21 |
| Series 2005-3A1-AR10, REMIC, 2.81%, 08/25/35 (f) | 7 | 6 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

602

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Series 2005-2A1-AR14, REMIC, 3.77%, 12/25/35 (f) | 47 | 42 |
| WaMu Mortgage Pass-Through Certificates Series 2007-OA4 Trust |  |  |
| Series 2007-1A-OA4, REMIC, 2.82%, (12 Month Treasury Average + 0.77%), 05/25/47 (f) | 161 | 135 |
| WaMu Mortgage Pass-Through Certificates, Series 2006-AR9 |  |  |
| Series 2006-1A-AR9, REMIC, 3.05%, (12 Month Treasury Average + 1.00%), 08/25/46 (f) | 809 | 767 |
| Washington Mutual Mortgage Securities Corp. |  |  |
| Series 2003-A5-AR1, REMIC, 2.33%, 03/25/33 (f) | 19 | 17 |
| Wellfleet CLO 2015-1 Ltd |  |  |
| Series 2015-AR4-1A, 5.13%, (3 Month USD LIBOR + 0.89%), 07/20/29 (f) | 655 | 647 |
| Wellfleet CLO 2016-1 Ltd |  |  |
| Series 2016-AR-1A, 5.15%, (3 Month USD LIBOR + 0.91%), 04/20/28 (f) | 627 | 621 |
| Wellfleet CLO 2017-2A Ltd |  |  |
| Series 2017-A1R-2A, 5.30%, (3 Month USD LIBOR + 1.06%), 10/20/29 (f) | 585 | 578 |
| Wind River 2014-1 CLO Ltd. |  |  |
| Series 2014-ARR-1A, 5.24%, (3 Month USD LIBOR + 1.05%), 07/18/31 (f) | 498 | 487 |
| Wind River 2019-3 CLO Ltd. |  |  |
| Series 2019-AR-3A, 5.16%, (3 Month USD LIBOR + 1.08%), 07/15/31 (f) | 1600 | 1557 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $190,671) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $190,671) | 182698 |
| **CORPORATE BONDS AND NOTES 0.9%** | **CORPORATE BONDS AND NOTES 0.9%** | **CORPORATE BONDS AND NOTES 0.9%** |
| **Financials 0.8%** | **Financials 0.8%** | **Financials 0.8%** |
| Avolon Holdings Funding Limited |  |  |
| 2.53%, 11/18/27 (g) | 89 | 72 |
| Banco Bilbao Vizcaya Argentaria, S.A. |  |  |
| 5.88%, (100, 09/24/23), EUR (e) (j) (k) | 200 | 205 |
| Bank of America Corporation |  |  |
| 5.88%, (100, 03/15/28) (j) | 1160 | 1022 |
| Lloyds Banking Group PLC |  |  |
| 4.95%, (5 Year EURIBOR Swap Rate Constant Maturity + 5.29%), (100, 06/27/25), EUR (e) (f) (j) (k) | 600 | 610 |
| Mitsubishi HC Capital Inc. |  |  |
| 3.96%, 09/19/23 (g) | 400 | 395 |
| NatWest Group PLC |  |  |
| 4.52%, 06/25/24 (k) | 1300 | 1287 |
| 6.27%, (3 Month USD LIBOR + 1.55%), 06/25/24 (f) (k) | 2000 | 2000 |
| UniCredit S.p.A. |  |  |
| 7.83%, 12/04/23 (g) | 6750 | 6808 |
|  |  | 12399 |
| **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** |
| Nissan Motor Co., Ltd. |  |  |
| 4.35%, 09/17/27 (g) | 300 | 272 |
| **Industrials 0.0%** | **Industrials 0.0%** | **Industrials 0.0%** |
| Park Aerospace Holdings Limited |  |  |
| 4.50%, 03/15/23 (g) | 200 | 199 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| Crown Castle Inc. |  |  |
| 3.15%, 07/15/23 | 200 | 197 |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| VMware, Inc. |  |  |
| 3.90%, 08/21/27 | 200 | 187 |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| Community Health Systems, Inc. |  |  |
| 5.63%, 03/15/27 (g) | 200 | 172 |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| Eversource Energy |  |  |
| 2.90%, 10/01/24 | 100 | 96 |
| Total Corporate Bonds And Notes (cost $13,904) | Total Corporate Bonds And Notes (cost $13,904) | 13522 |
| **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Wells Fargo & Company, 7.50% (j) (k) | 1 | 592 |
| Total Preferred Stocks (cost $500) | Total Preferred Stocks (cost $500) | 592 |
| **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| J.P. Morgan U.S. Government Money Market Fund, 4.11% (l) | 1102 | 1102 |
| **U.S. Treasury Bill 0.0%** | **U.S. Treasury Bill 0.0%** | **U.S. Treasury Bill 0.0%** |
| Treasury, United States Department of |  |  |
| 4.26%, 03/02/23 | 323 | 321 |
| 4.35%, 03/23/23 | 367 | 364 |
|  |  | 685 |
| Total Short Term Investments (cost $1,787) | Total Short Term Investments (cost $1,787) | 1787 |
| **Total Investments 109.3% (cost $1,802,390)** | **Total Investments 109.3% (cost $1,802,390)** | **1679443** |
| **Total Purchased Options 0.2% (cost $2,829)** | **Total Purchased Options 0.2% (cost $2,829)** | **3216** |
| **Other Derivative Instruments (0.8)%** | **Other Derivative Instruments (0.8)%** | **(12657)** |
| **Other Assets and Liabilities, Net (8.7)%** | **Other Assets and Liabilities, Net (8.7)%** | **(133523)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1536479** |

---

(a) Treasury inflation indexed note, par amount is adjusted for inflation.

(b) All or a portion of the security is pledged or segregated as collateral.

(c) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2022, the total payable for investments purchased on a delayed delivery basis was $850,802.

(d) Treasury inflation indexed note, par amount is not adjusted for inflation.

(e) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(f) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(g) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $45,193 and 2.9% of the Fund.

(h) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(i) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(j) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(k) Convertible security.

(l) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Restricted Securities** | **JNL/PIMCO Real Return Fund — Restricted Securities** | **JNL/PIMCO Real Return Fund — Restricted Securities** | **JNL/PIMCO Real Return Fund — Restricted Securities** | **JNL/PIMCO Real Return Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Banco Bilbao Vizcaya Argentaria, S.A., 5.88% (callable at 100, 09/24/23) | 01/30/19 | 222 | 205 |  |
| Commonwealth of Australia, 3.00%, 09/20/25 | 08/22/17 | 11100 | 8830 | 0.6 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

603

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Restricted Securities (continued)** | **JNL/PIMCO Real Return Fund — Restricted Securities (continued)** | **JNL/PIMCO Real Return Fund — Restricted Securities (continued)** | **JNL/PIMCO Real Return Fund — Restricted Securities (continued)** | **JNL/PIMCO Real Return Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Eurosail-UK 2007-3BL PLC, Series 2007-A3A-3X, 4.31%, 06/13/45 | 06/29/16 | 712 | 691 | 0.1 |
| Gouvernement De France, 0.25%, 07/25/24 | 05/17/22 | 4900 | 4751 | 0.3 |
| Gouvernement De France, 0.10%, 03/01/26 | 05/17/22 | 13593 | 12759 | 0.8 |
| Great Hall Mortgages No.1 PLC, Series 2006-A2A-1, 3.62%, 06/18/38 | 09/18/21 | 32 | 28 |  |
| Great Hall Mortgages No.1 PLC, Series 2007-A2A-1, 3.60%, 03/18/39 | 09/18/21 | 49 | 43 |  |
| Grifonas Finance No.1 PLC, Series A-1, 1.26%, 08/28/39 | 02/10/15 | 395 | 448 |  |
| HM Treasury, 0.13%, 03/22/24 | 08/27/21 | 14815 | 12853 | 0.8 |
| HM Treasury, 1.25%, 11/22/27 | 09/23/19 | 5305 | 4618 | 0.3 |
| HM Treasury, 0.13%, 08/10/41 | 10/19/22 | 5247 | 5610 | 0.4 |
| Jubilee CLO 2015-XV B.V., Series 2015-AR-15A, 0.29%, 07/12/28 | 09/15/17 | 49 | 44 |  |
| Lloyds Banking Group PLC, 4.95% (callable at 100, 06/27/25) | 01/31/18 | 755 | 610 | 0.1 |
| Segretariato Generale Della Presidenza Della Repubblica, 0.40%, 05/15/30 | 09/24/21 | 4255 | 3160 | 0.2 |
|  |  | 61429 | 54650 | 3.6 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Futures Contracts** | **JNL/PIMCO Real Return Fund — Futures Contracts** | **JNL/PIMCO Real Return Fund — Futures Contracts** | **JNL/PIMCO Real Return Fund — Futures Contracts** | **JNL/PIMCO Real Return Fund — Futures Contracts** | **JNL/PIMCO Real Return Fund — Futures Contracts** | **JNL/PIMCO Real Return Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| 3M EURIBOR | 669 | March 2023 | EUR | 167706 | 18 | (5793) |
| Euro Bund | 143 | March 2023 | EUR | 20236 | (91) | (1303) |
| Long Gilt | 7 | March 2023 | GBP | 745 | (1) | (56) |
| United States 10 Year Ultra Bond | 29 | March 2023 |  | 3452 | (2) | (22) |
| United States 5 Year Note | 520 | April 2023 |  | 56851 | (45) | (728) |
|  |  |  |  |  | (121) | (7902) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| Australia 10 Year Bond | (44) | March 2023 | AUD | (5377) | 4 | 193 |
| Australia 3 Year Bond | (72) | March 2023 | AUD | (7786) | 1 | 65 |
| Euro BOBL | (162) | March 2023 | EUR | (19322) | 29 | 606 |
| Euro Buxl 30 Year Bond | (7) | March 2023 | EUR | (1026) | 22 | 85 |
| Euro OAT | (95) | March 2023 | EUR | (12938) | 52 | 898 |
| Euro Schatz | (2025) | March 2023 | EUR | (216105) | 163 | 2790 |
| Italy Government BTP Bond | (321) | March 2023 | EUR | (37559) | 79 | 2760 |
| Italy Short Term Government BTP Bond | (198) | March 2023 | EUR | (21106) | 2 | 314 |
| Japan 10 Year Bond | (68) | March 2023 | JPY | (10073594) | 104 | 1373 |
| United States 10 Year Note | (462) | March 2023 |  | (51947) | 32 | 66 |
| United States 2 Year Note | (43) | April 2023 |  | (8805) | 7 | (14) |
| United States Long Bond | (372) | March 2023 |  | (46874) | 58 | 247 |
| United States Ultra Bond | (85) | March 2023 |  | (12141) | 42 | 724 |
|  |  |  |  |  | 595 | 10107 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| 3M LIBOR (Q) | Receiving | 1.84<br> (S) | 11/21/28 |  | 19000 | 21 | 1556 |
| 3M LIBOR (Q) | Paying | 1.89<br> (S) | 11/21/53 |  | 3800 | (17) | (1036) |
| 6M EURIBOR (S) | Receiving | 0.19<br> (A) | 11/04/52 | EUR | 4600 | 35 | 2122 |
| 6M EURIBOR (S) | Receiving | 0.20<br> (A) | 11/08/52 | EUR | 13300 | 101 | 6297 |
| 6M EURIBOR (S) | Receiving | 0.83<br> (A) | 12/09/52 | EUR | 8100 | 12 | 240 |
| 6M EURIBOR (S) | Paying | 0.55<br> (A) | 08/10/24 | EUR | 200 |  | (9) |
| 6M EURIBOR (S) | Paying | 0.70<br> (A) | 04/11/27 | EUR | 2500 | (5) | (258) |
| 6M EURIBOR (S) | Paying | 0.65<br> (A) | 04/12/27 | EUR | 5800 | (12) | (612) |
| 6M EURIBOR (S) | Paying | 0.65<br> (A) | 05/11/27 | EUR | 2800 | (5) | (299) |
| 6M EURIBOR (S) | Paying | 1.00<br> (A) | 05/18/27 | EUR | 3200 | (6) | (294) |
| 6M EURIBOR (S) | Paying | 0.00<br> (A) | 11/04/32 | EUR | 13700 | (57) | (3604) |
| 6M EURIBOR (S) | Paying | 0.00<br> (A) | 11/08/32 | EUR | 39900 | (165) | (10813) |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | 0.30<br> (S) | 03/20/28 | JPY | 60000 | 1 | 9 |
| Bank of Japan Overnight Call Rate TONAR (S) | Receiving | 0.45<br> (S) | 03/20/29 | JPY | 792690 | 16 | 131 |
| Eurostat Eurozone HICP Ex Tobacco (A) | Paying | 2.59<br> (A) | 12/15/52 | EUR | 2000 | 2 | (22) |
| France CPI Excluding Tobacco (A) | Receiving | 1.03<br> (A) | 03/15/24 | EUR | 7600 |  | 799 |
| France CPI Excluding Tobacco (A) | Paying | 1.28<br> (A) | 11/15/34 | EUR | 500 | 1 | (138) |
| France CPI Excluding Tobacco (A) | Paying | 1.91<br> (A) | 01/15/38 | EUR | 410 | 2 | (93) |
| HICP (A) | Receiving | 3.00<br> (A) | 05/15/27 | EUR | 2700 | 7 | 89 |
| HICP (A) | Receiving | 3.13<br> (A) | 05/15/27 | EUR | 1100 | 3 | 28 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

604

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** | **JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)** |
| **Floating Rate Index<sup>2</sup>** | **Paying /**<br>**Receiving**<br>**Floating Rate** | **Fixed Rate<sup>2</sup> (%)** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| HICP (A) | Receiving | 2.36<br> (A) | 08/15/30 | EUR | 4000 | 13 | 114 |
| HICP (A) | Receiving | 2.60<br> (A) | 05/15/32 | EUR | 4900 | 16 | 172 |
| HICP (A) | Receiving | 2.57<br> (A) | 06/15/32 | EUR | 2200 | 7 | 60 |
| HICP (A) | Receiving | 2.72<br> (A) | 06/15/32 | EUR | 4400 | 14 | 81 |
| HICP (A) | Receiving | 2.47<br> (A) | 07/15/32 | EUR | 2500 | 7 | 91 |
| HICP (A) | Paying | 3.52<br> (A) | 09/15/24 | EUR | 2400 | (1) | (34) |
| HICP (A) | Paying | 1.38<br> (A) | 03/15/31 | EUR | 15200 | (31) | (3335) |
| HICP (A) | Paying | 2.49<br> (A) | 05/15/37 | EUR | 3910 | (8) | (225) |
| HICP (A) | Paying | 2.58<br> (A) | 03/15/52 | EUR | 800 | 2 | (65) |
| HICP (A) | Paying | 2.59<br> (A) | 03/15/52 | EUR | 1000 | 3 | (51) |
| HICP (A) | Paying | 2.55<br> (A) | 04/15/52 | EUR | 300 | 1 | (23) |
| HICP (A) | Paying | 2.42<br> (A) | 05/15/52 | EUR | 570 | 1 | (64) |
| Sterling Overnight Index Average Rate (A) | Receiving | 0.50<br> (A) | 03/16/42 | GBP | 8500 | 11 | (234) |
| U.K. Retail Price Index (A) | Receiving | 4.48<br> (A) | 09/15/23 | GBP | 2100 |  | 352 |
| U.K. Retail Price Index (A) | Receiving | 6.29<br> (A) | 03/15/24 | GBP | 8300 | 3 | 628 |
| U.K. Retail Price Index (A) | Receiving | 6.44<br> (A) | 05/15/24 | GBP | 2000 |  | 114 |
| U.K. Retail Price Index (A) | Receiving | 6.60<br> (A) | 05/15/24 | GBP | 8500 | 1 | 441 |
| U.K. Retail Price Index (A) | Receiving | 5.20<br> (A) | 06/15/24 | GBP | 2000 |  | 101 |
| U.K. Retail Price Index (A) | Receiving | 5.33<br> (A) | 06/15/24 | GBP | 6200 | 1 | 294 |
| U.K. Retail Price Index (A) | Receiving | 4.74<br> (A) | 12/15/26 | GBP | 1700 | 4 | 199 |
| U.K. Retail Price Index (A) | Receiving | 4.62<br> (A) | 02/15/27 | GBP | 4700 | 12 | 451 |
| U.K. Retail Price Index (A) | Receiving | 4.63<br> (A) | 02/15/27 | GBP | 5500 | 14 | 519 |
| U.K. Retail Price Index (A) | Receiving | 4.30<br> (A) | 01/15/32 | GBP | 6500 | 35 | 552 |
| U.K. Retail Price Index (A) | Receiving | 4.13<br> (A) | 09/15/32 | GBP | 1420 | 9 | 15 |
| U.K. Retail Price Index (A) | Receiving | 4.13<br> (A) | 09/15/32 | GBP | 6380 | 39 | 61 |
| U.K. Retail Price Index (A) | Receiving | 4.14<br> (A) | 10/15/32 | GBP | 4700 | 29 | 43 |
| U.K. Retail Price Index (A) | Paying | 3.85<br> (A) | 09/15/24 | GBP | 9300 | (8) | (1569) |
| U.K. Retail Price Index (A) | Paying | 3.33<br> (A) | 01/15/25 | GBP | 10300 | (7) | (2478) |
| U.K. Retail Price Index (A) | Paying | 3.47<br> (A) | 08/15/25 | GBP | 12100 | (15) | (2748) |
| U.K. Retail Price Index (A) | Paying | 3.40<br> (A) | 06/15/30 | GBP | 4580 | (26) | (1147) |
| U.K. Retail Price Index (A) | Paying | 3.48<br> (A) | 08/15/30 | GBP | 12200 | (71) | (3325) |
| U.K. Retail Price Index (A) | Paying | 3.75<br> (A) | 04/15/31 | GBP | 2000 | (12) | (458) |
| U.K. Retail Price Index (A) | Paying | 4.07<br> (A) | 09/15/31 | GBP | 2700 | (17) | (414) |
| U.K. Retail Price Index (A) | Paying | 3.57<br> (A) | 03/15/36 | GBP | 2200 | (19) | (532) |
| U.K. Retail Price Index (A) | Paying | 3.58<br> (A) | 03/15/36 | GBP | 4700 | (40) | (1100) |
| U.S. CPURNSA (A) | Receiving | 2.21<br> (A) | 02/05/23 |  | 19770 | (9) | 1788 |
| U.S. CPURNSA (A) | Receiving | 2.22<br> (A) | 04/13/23 |  | 1490 | 1 | 128 |
| U.S. CPURNSA (A) | Receiving | 2.26<br> (A) | 04/27/23 |  | 10364 | 12 | 863 |
| U.S. CPURNSA (A) | Receiving | 2.56<br> (A) | 05/08/23 |  | 11800 | 17 | 1947 |
| U.S. CPURNSA (A) | Receiving | 2.31<br> (A) | 02/26/26 |  | 1400 |  | 136 |
| U.S. CPURNSA (A) | Receiving | 2.42<br> (A) | 03/05/26 |  | 8700 | 3 | 799 |
| U.S. CPURNSA (A) | Receiving | 2.77<br> (A) | 05/13/26 |  | 6500 | 4 | 465 |
| U.S. CPURNSA (A) | Receiving | 2.81<br> (A) | 05/14/26 |  | 3000 | 2 | 208 |
| U.S. CPURNSA (A) | Receiving | 2.70<br> (A) | 05/25/26 |  | 4850 | 4 | 358 |
| U.S. CPURNSA (A) | Receiving | 2.69<br> (A) | 06/01/26 |  | 900 | 1 | 66 |
| U.S. CPURNSA (A) | Receiving | 1.80<br> (A) | 08/25/27 |  | 3700 |  | 530 |
| U.S. CPURNSA (A) | Receiving | 1.89<br> (A) | 08/27/27 |  | 4500 | (1) | 616 |
| U.S. CPURNSA (A) | Receiving | 2.57<br> (A) | 08/26/28 |  | 800 |  | 48 |
| U.S. CPURNSA (A) | Receiving | 2.65<br> (A) | 09/10/28 |  | 1900 |  | 100 |
| U.S. CPURNSA (A) | Receiving | 2.31<br> (A) | 02/24/31 |  | 16800 |  | 1750 |
| U.S. CPURNSA (A) | Paying | 5.00<br> (A) | 03/03/23 |  | 10000 | 16 | (144) |
| U.S. CPURNSA (A) | Paying | 4.95<br> (A) | 03/07/23 |  | 5300 | 7 | (77) |
| U.S. CPURNSA (A) | Paying | 5.03<br> (A) | 03/08/23 |  | 1000 | 1 | (13) |
| U.S. CPURNSA (A) | Paying | 5.47<br> (A) | 03/21/23 |  | 5300 | 2 | (40) |
| U.S. CPURNSA (A) | Paying | 5.50<br> (A) | 03/21/23 |  | 7700 | 3 | (56) |
| U.S. CPURNSA (A) | Paying | 2.34<br> (A) | 02/05/28 |  | 10040 | 3 | (914) |
| U.S. CPURNSA (A) | Paying | 2.37<br> (A) | 06/06/28 |  | 8700 | (2) | (741) |
| U.S. CPURNSA (A) | Paying | 2.38<br> (A) | 07/09/28 |  | 7900 | (1) | (654) |
| U.S. CPURNSA (A) | Paying | 2.00<br> (A) | 07/25/29 |  | 6100 | 1 | (759) |
| U.S. CPURNSA (A) | Paying | 1.76<br> (A) | 11/04/29 |  | 14500 | 4 | (2141) |
| U.S. CPURNSA (A) | Paying | 1.28<br> (A) | 05/19/30 |  | 2200 | (1) | (426) |
|  |  |  |  |  |  | (32) | (15584) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

605

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Credit Default Swap Agreements** | **JNL/PIMCO Real Return Fund — Centrally Cleared Credit Default Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Implied**<br>**Credit**<br>**Spread** <br>**(%)** | **Fixed**<br>**Receive/**<br>**Pay Rate** <br>**(%)** | **Expiration** | **Notional<sup>1</sup>** | **Value ($)** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** | **Credit default swap agreements - sell protection** |
| General Electric Company (Q) | 0.44 | 1.00 | 12/20/23 | (700) | 4 |  | 44 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Exchange Traded Futures Options** | **JNL/PIMCO Real Return Fund — Exchange Traded Futures Options** | **JNL/PIMCO Real Return Fund — Exchange Traded Futures Options** | **JNL/PIMCO Real Return Fund — Exchange Traded Futures Options** | **JNL/PIMCO Real Return Fund — Exchange Traded Futures Options** | **JNL/PIMCO Real Return Fund — Exchange Traded Futures Options** | **JNL/PIMCO Real Return Fund — Exchange Traded Futures Options** |
| **Reference Entity** | **Purchased**<br>(Written)<br>**Contracts<sup>1</sup>** | **Exercise**<br>**Price** | **Exercise**<br>**Price** | **Expiration** | **Variation**<br>**Margin Receivable (Payable) ($)** | **Unrealized**<br>**Appreciation (Depreciation) ($)** |
| **Interest Options** |  |  |  |  |  |  |
| Euro Bund Future, Feb. 2023 | (18) | EUR | 138.50 | 01/27/23 | (10) | (92) |
| Euro Bund Future, Feb. 2023 | (18) | EUR | 146.00 | 01/27/23 |  | 14 |
|  |  |  |  |  | (10) | (78) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — OTC Purchased Options** | **JNL/PIMCO Real Return Fund — OTC Purchased Options** | **JNL/PIMCO Real Return Fund — OTC Purchased Options** | **JNL/PIMCO Real Return Fund — OTC Purchased Options** | **JNL/PIMCO Real Return Fund — OTC Purchased Options** | **JNL/PIMCO Real Return Fund — OTC Purchased Options** | **JNL/PIMCO Real Return Fund — OTC Purchased Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/**<br>**Swaption Rate (%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** |
| 3M LIBOR, 02/06/25 | BCL | Call | 1.41 | 02/02/23 | 37100000 |  |
| 3M LIBOR, 02/27/25 | CIT | Call | 1.72 | 02/23/23 | 64100000 |  |
| 3M LIBOR, 04/28/28 | GSC | Call | 2.20 | 04/26/23 | 18100000 | 15 |
| 3M LIBOR, 01/27/25 | JPM | Call | 1.71 | 01/25/23 | 68300000 |  |
| 3M LIBOR, 06/02/28 | MSC | Call | 2.20 | 05/31/23 | 51400000 | 74 |
| 3M LIBOR, 02/02/25 | MSC | Call | 1.43 | 01/31/23 | 37000000 |  |
| 3M LIBOR, 11/21/53 | DUB | Put | 2.24 | 11/17/23 | 14100000 | 3127 |
|  |  |  |  |  |  | 3216 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — OTC Written Options** | **JNL/PIMCO Real Return Fund — OTC Written Options** | **JNL/PIMCO Real Return Fund — OTC Written Options** | **JNL/PIMCO Real Return Fund — OTC Written Options** | **JNL/PIMCO Real Return Fund — OTC Written Options** | **JNL/PIMCO Real Return Fund — OTC Written Options** | **JNL/PIMCO Real Return Fund — OTC Written Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Inflation - Capped/Floor Options** | **Inflation - Capped/Floor Options** | **Inflation - Capped/Floor Options** | **Inflation - Capped/Floor Options** | **Inflation - Capped/Floor Options** | **Inflation - Capped/Floor Options** | **Inflation - Capped/Floor Options** |
| US Urban Consumers Price Index | JPM | Call | 4.00 | 04/22/24 | 194 |  |
| US Urban Consumers Price Index | JPM | Call | 4.00 | 05/16/24 | 17 |  |
| **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** | **Interest Rate Swaptions** |
| 3M LIBOR, 02/06/33 | BCL | Call | 1.56 | 02/02/23 | 8100000 |  |
| 3M LIBOR, 02/27/33 | CIT | Call | 1.74 | 02/23/23 | 14200000 |  |
| 3M LIBOR, 04/28/33 | GSC | Call | 2.35 | 04/26/23 | 10000000 | (20) |
| 3M LIBOR, 01/27/33 | JPM | Call | 1.79 | 01/25/23 | 15200000 |  |
| 3M LIBOR, 02/02/33 | MSC | Call | 1.58 | 01/31/23 | 8100000 |  |
| 3M LIBOR, 06/02/33 | MSC | Call | 2.35 | 05/31/23 | 28300000 | (90) |
| 3M LIBOR, 11/21/28 | DUB | Put | 2.34 | 11/17/23 | 69600000 | (4579) |
|  |  |  |  |  |  | (4689) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| EUR/USD | SCB | 01/10/23 | EUR | 923 | 988 | 4 |
| EUR/USD | UBS | 01/10/23 | EUR | 3403 | 3645 | 21 |
| JPY/USD | CIT | 01/10/23 | JPY | 152000 | 1159 | 3 |
| MXN/USD | JPM | 02/21/23 | MXN | 15924 | 810 | 33 |
| PEN/USD | SCB | 01/05/23 | PEN | 556 | 146 | 2 |
| PEN/USD | SCB | 01/06/23 | PEN | 288 | 76 | 1 |
| PEN/USD | SCB | 01/09/23 | PEN | 286 | 75 | 1 |
| PEN/USD | CIT | 01/10/23 | PEN | 288 | 76 | 1 |
| PEN/USD | SCB | 01/12/23 | PEN | 570 | 150 | 2 |
| PEN/USD | SCB | 01/17/23 | PEN | 473 | 124 | 1 |
| PEN/USD | SCB | 01/19/23 | PEN | 283 | 74 | 1 |
| PEN/USD | SCB | 01/23/23 | PEN | 219 | 58 |  |
| PEN/USD | CIT | 01/25/23 | PEN | 911 | 239 | 13 |
| PEN/USD | SCB | 03/06/23 | PEN | 1275 | 334 | 2 |
| USD/AUD | CIT | 01/10/23 | AUD | (12976) | (8837) | 1 |
| USD/CAD | MSC | 01/10/23 | CAD | (7486) | (5529) | 51 |
| USD/EUR | UBS | 01/10/23 | EUR | (97649) | (104582) | (2197) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

606

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** | **JNL/PIMCO Real Return Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/GBP | JPM | 01/10/23 | GBP | (25289) | (30579) | 241 |
| USD/JPY | BNP | 01/05/23 | JPY | (212994) | (1623) | 4 |
| USD/JPY | CIT | 01/10/23 | JPY | (3896700) | (29720) | (988) |
| USD/MXN | BNP | 03/21/23 | MXN | (13287) | (672) | (13) |
| USD/MXN | CIT | 05/09/23 | MXN | (65) | (3) |  |
| USD/NZD | UBS | 01/10/23 | NZD | (16136) | (10246) | 13 |
| USD/PEN | CIT | 01/06/23 | PEN | (288) | (76) | (1) |
| USD/PEN | CIT | 02/10/23 | PEN | (18421) | (4832) | (160) |
|  |  |  |  |  | (188745) | (2964) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** | **JNL/PIMCO Real Return Fund — OTC Total Return Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Unrealized Appreciation (Depreciation) ($)** |
| **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** |
| **INFLATION INDEXED BONDS** | **INFLATION INDEXED BONDS** | **INFLATION INDEXED BONDS** | **INFLATION INDEXED BONDS** | **INFLATION INDEXED BONDS** | **INFLATION INDEXED BONDS** | **INFLATION INDEXED BONDS** |
| Treasury, United States Department of, 0.13%, 01/20/23 (S) | SOFR +0.13% (S) | MSC | 01/20/23 | 27388  |  | (149) |
| Treasury, United States Department of, 0.13%, 02/06/23 (S) | SOFR +0.13% (S) | MSC | 02/06/23 | 21942  |  | (163) |
| Treasury, United States Department of, 0.13%, 07/15/31 (S) | SOFR +0.13% (S) | MSC | 01/20/23 | 51407  |  | (3134) |
| Treasury, United States Department of, 0.13%, 10/15/24 (S) | SOFR +0.13% (S) | MSC | 01/20/23 | 22824  |  | (785) |
| Treasury, United States Department of, 0.25%, 01/20/23 (S) | SOFR +0.25% (S) | MSC | 01/20/23 | 30133  |  | (209) |
| Treasury, United States Department of, 0.38%, 01/20/23 (S) | SOFR +0.38% (S) | MSC | 01/20/23 | 57617  |  | 44 |
| Treasury, United States Department of, 0.38%, 01/20/23 (S) | SOFR +0.38% (S) | MSC | 01/20/23 | 18956  |  | (131) |
| Treasury, United States Department of, 0.38%, 02/06/23 (S) | SOFR +0.38% (S) | MSC | 02/06/23 | 31495  |  | (114) |
| Treasury, United States Department of, 0.50%, 01/20/23 (S) | SOFR +0.50% (S) | MSC | 01/20/23 | 57388  |  | (369) |
| Treasury, United States Department of, 0.63%, 01/20/23 (S) | SOFR +0.63% (S) | MSC | 01/20/23 | 31244  |  | (222) |
| Treasury, United States Department of, 0.63%, 02/06/23 (S) | SOFR +0.63% (S) | MSC | 02/06/23 | 24000  |  | (119) |
| Treasury, United States Department of, 0.63%, 02/06/23 (S) | SOFR +0.63% (S) | MSC | 02/06/23 | 12489  |  | (85) |
|  |  |  |  |  |  | (5436) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

607

------

***JNL Series Trust***

December 31, 2022

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 1480844 |  | 1480844 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 182698 |  | 182698 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 13522 |  | 13522 |
| &nbsp;&nbsp;Preferred Stocks | 592 |  |  | 592 |
| &nbsp;&nbsp;Short Term Investments | 1102 | 685 |  | 1787 |
|  | 1694 | 1677749 |  | 1679443 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 10121 |  |  | 10121 |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | 25361 |  | 25361 |
| &nbsp;&nbsp;Centrally Cleared Credit Default Swap Agreements |  | 44 |  | 44 |
| &nbsp;&nbsp;Exchange Traded Futures Options | 14 |  |  | 14 |
| &nbsp;&nbsp;OTC Purchased Options |  | 3216 |  | 3216 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 395 |  | 395 |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | 44 |  | 44 |
|  | 10135 | 29060 |  | 39195 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (7916) |  |  | (7916) |
| &nbsp;&nbsp;Centrally Cleared Interest Rate Swap Agreements |  | (40945) |  | (40945) |
| &nbsp;&nbsp;Exchange Traded Futures Options | (92) |  |  | (92) |
| &nbsp;&nbsp;OTC Written Options |  | (4689) |  | (4689) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (3359) |  | (3359) |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (5480) |  | (5480) |
|  | (8008) | (54473) |  | (62481) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

608

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PPM America Floating Rate Income Fund** | **JNL/PPM America Floating Rate Income Fund** | **JNL/PPM America Floating Rate Income Fund** |
| **SENIOR FLOATING RATE INSTRUMENTS 90.0%** | **SENIOR FLOATING RATE INSTRUMENTS 90.0%** | **SENIOR FLOATING RATE INSTRUMENTS 90.0%** |
| **Consumer Discretionary 19.2%** | **Consumer Discretionary 19.2%** | **Consumer Discretionary 19.2%** |
| 19th Holdings Golf, LLC |  |  |
| 2022 Term Loan B, 7.28%, (SOFR + 3.00%), 01/27/29 (a) | 2993 | 2738 |
| 888 Acquisitions Limited |  |  |
| USD Term Loan B, 8.28%, (3 Month Term SOFR + 5.25%), 07/18/28 (a) | 4200 | 3720 |
| Academy, Ltd. |  |  |
| 2021 Term Loan, 7.87%, (1 Month USD LIBOR + 3.75%), 11/05/27 (a) | 358 | 355 |
| ACProducts, Inc. |  |  |
| 2021 Term Loan B, 0.00%, (3 Month USD LIBOR + 4.25%), 06/30/28 (a) (b) | 85 | 63 |
| Adient US LLC |  |  |
| 2021 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 04/30/28 (a) | 7962 | 7865 |
| Adtalem Global Education Inc. |  |  |
| 2021 Term Loan B, 8.39%, (3 Month USD LIBOR + 4.00%), 02/11/28 (a) | 669 | 663 |
| AI Aqua Merger Sub, Inc. |  |  |
| 2021 1st Lien Term Loan B, 7.97%, (SOFR + 3.75%), 06/17/28 (a) | 5247 | 4933 |
| Apro, LLC |  |  |
| 2021 Term Loan, 0.00%, (3 Month USD LIBOR + 3.75%), 11/14/26 (a) (b) | 997 | 966 |
| Aramark Services, Inc. |  |  |
| 2018 Term Loan B3, 5.82%, (1 Month USD LIBOR + 1.75%), 03/01/25 (a) | 1000 | 992 |
| Associated Materials Inc. |  |  |
| 2022 Term Loan B, 10.09%, (SOFR + 6.00%), 03/09/29 (a) | 4179 | 3563 |
| BBB Industries LLC |  |  |
| 2022 Term Loan, 9.67%, (3 Month Term SOFR + 5.25%), 06/30/29 (a) | 4097 | 3694 |
| Bombardier Recreational Products Inc. |  |  |
| 2022 Incremental Term Loan B, 0.00%, (SOFR + 3.50%), 12/08/29 (a) (b) | 555 | 543 |
| BrightView Landscapes, LLC |  |  |
| 2022 Term Loan B, 7.34%, (1 Month Term SOFR + 3.25%), 04/14/29 (a) | 1995 | 1918 |
| Caesars Resort Collection, LLC |  |  |
| 2017 1st Lien Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 12/23/24 (a) | 3426 | 3415 |
| Callaway Golf Company |  |  |
| Term Loan B, 8.57%, (1 Month USD LIBOR + 4.50%), 12/31/25 (a) | 3718 | 3705 |
| Carnival Corporation |  |  |
| USD Term Loan B, 5.88%, (1 Month USD LIBOR + 3.00%), 06/29/25 (a) | 6876 | 6575 |
| 2021 Incremental Term Loan B, 6.13%, (1 Month USD LIBOR + 3.25%), 10/08/28 (a) | 2481 | 2316 |
| Cast and Crew Payroll, LLC |  |  |
| 2019 1st Lien Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 02/07/26 (a) | 995 | 979 |
| Chamberlain Group Inc |  |  |
| Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 10/22/28 (a) | 3960 | 3726 |
| City Football Group Limited |  |  |
| Term Loan, 7.86%, (1 Month USD LIBOR + 3.00%), 07/08/28 (a) | 995 | 928 |
| Clarios Global LP |  |  |
| 2021 USD Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 04/30/26 (a) | 5000 | 4890 |
| Crocs, Inc. |  |  |
| Term Loan B, 7.20%, (SOFR + 3.50%), 01/27/29 (a) | 1011 | 990 |
| Term Loan B, 7.73%, (SOFR + 3.50%), 01/27/29 (a) | 7783 | 7618 |
| CWGS Group, LLC |  |  |
| 2021 Term Loan B, 6.57%, (1 Month USD LIBOR + 2.50%), 05/25/28 (a) | 77 | 71 |
| 2021 Term Loan B, 6.82%, (1 Month USD LIBOR + 2.50%), 05/25/28 (a) | 921 | 849 |
| Dave & Buster's, Inc. |  |  |
| 2022 Term Loan B, 9.19%, (1 Month Term SOFR + 5.00%), 06/23/29 (a) | 2996 | 2979 |
| DexKo Global Inc. |  |  |
| 2021 USD Term Loan B, 7.42%, (3 Month USD LIBOR + 3.75%), 09/24/28 (a) (c) | 1163 | 1040 |
| 2021 USD Term Loan B, 7.82%, (3 Month USD LIBOR + 3.75%), 09/24/28 (a) | 2135 | 1909 |
| Empire Today, LLC |  |  |
| 2021 Term Loan B, 9.29%, (3 Month USD LIBOR + 5.00%), 04/01/28 (a) | 7579 | 5625 |
| Employbridge LLC |  |  |
| 2021 Term Loan B, 8.42%, (3 Month USD LIBOR + 4.75%), 07/16/28 (a) | 7078 | 5733 |
| Evergreen Acqco 1 LP |  |  |
| 2021 USD Term Loan, 9.17%, (3 Month USD LIBOR + 5.50%), 04/21/28 (a) | 3566 | 3435 |
| Fertitta Entertainment, LLC |  |  |
| 2022 Term Loan B, 8.09%, (SOFR + 4.00%), 01/13/29 (a) (c) | 2487 | 2360 |
| Four Seasons Hotels Limited |  |  |
| 2022 Term Loan B, 7.44%, (1 Month Term SOFR + 3.35%), 11/30/29 (a) | 90 | 90 |
| Franchise Group Intermediate Holdco, LLC |  |  |
| 2021 First Out Term Loan B, 8.69%, (3 Month USD LIBOR + 4.75%), 02/24/26 (a) | 3285 | 3153 |
| Galaxy US Opco Inc. |  |  |
| Term Loan, 8.84%, (1 Month Term SOFR + 4.75%), 04/19/29 (a) | 1000 | 903 |
| Gates Global LLC |  |  |
| 2022 Term Loan B4, 7.59%, (1 Month Term SOFR + 3.50%), 11/09/29 (a) | 3990 | 3955 |
| Golden Entertainment, Inc. |  |  |
| 2017 1st Lien Term Loan, 7.39%, (3 Month USD LIBOR + 3.00%), 06/10/24 (a) | 958 | 955 |
| Great Canadian Gaming Corporation |  |  |
| 2021 Term Loan, 8.75%, (3 Month USD LIBOR + 4.00%), 11/01/26 (a) | 5020 | 4917 |
| Great Outdoors Group, LLC |  |  |
| 2021 Term Loan B1, 7.82%, (1 Month USD LIBOR + 3.75%), 02/26/28 (a) | 14648 | 14044 |
| Groupe Solmax Inc. |  |  |
| Term Loan, 8.39%, (3 Month USD LIBOR + 4.75%), 12/30/24 (a) | 6984 | 5762 |
| GVC Holdings (Gibraltar) Limited |  |  |
| 2022 Term Loan B, 0.00%, (3 Month Term SOFR + 3.50%), 10/18/29 (a) (b) | 3321 | 3301 |
| 2022 Term Loan B, 7.51%, (3 Month Term SOFR + 3.50%), 10/18/29 (a) | 2111 | 2099 |
| Herschend Entertainment Company, LLC |  |  |
| 2021 Term Loan, 7.88%, (1 Month USD LIBOR + 3.75%), 08/18/28 (a) | 3458 | 3420 |
| Hilton Grand Vacations Borrower LLC |  |  |
| 2021 Term Loan B, 7.07%, (1 Month USD LIBOR + 3.00%), 05/20/28 (a) | 5315 | 5275 |
| Hoffmaster Group, Inc. |  |  |
| 2018 1st Lien Term Loan, 7.67%, (3 Month USD LIBOR + 4.00%), 11/11/23 (a) | 3940 | 3549 |
| International Textile Group, Inc |  |  |
| 1st Lien Term Loan, 8.74%, (6 Month USD LIBOR + 5.00%), 04/19/24 (a) | 3047 | 2098 |
| 1st Lien Term Loan, 9.21%, (6 Month USD LIBOR + 5.00%), 04/19/24 (a) | 1018 | 704 |
| J&J Ventures Gaming, LLC |  |  |
| Term Loan, 7.67%, (3 Month USD LIBOR + 4.00%), 04/07/28 (a) | 5421 | 5177 |
| Kestrel Bidco Inc. |  |  |
| Term Loan B, 7.35%, (1 Month USD LIBOR + 3.00%), 07/31/26 (a) | 5980 | 5425 |
| Marriott Ownership Resorts, Inc. |  |  |
| 2019 Term Loan B, 0.00%, (1 Month USD LIBOR + 1.75%), 08/29/25 (a) (b) | 500 | 494 |
| 2019 Term Loan B, 5.82%, (1 Month USD LIBOR + 1.75%), 08/29/25 (a) | 3000 | 2961 |
| Mileage Plus Holdings LLC |  |  |
| 2020 Term Loan B, 10.00%, (3 Month USD LIBOR + 5.25%), 12/31/23 (a) | 2064 | 2120 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

609

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Naked Juice LLC |  |  |
| Term Loan, 6.90%, (SOFR + 3.25%), 01/20/29 (a) (c) | 1986 | 1771 |
| 2nd Lien Term Loan, 9.65%, (SOFR + 6.00%), 01/25/30 (a) | 5023 | 3951 |
| PCI Gaming Authority |  |  |
| Term Loan, 6.57%, (1 Month USD LIBOR + 2.50%), 05/15/26 (a) | 1622 | 1609 |
| Petmate |  |  |
| Incremental Term Loan B, 9.17%, (3 Month USD LIBOR + 5.50%), 09/15/28 (a) | 5247 | 3918 |
| Playa Hotels & Resorts B.V. |  |  |
| 2022 Term Loan B, 8.58%, (3 Month Term SOFR + 4.25%), 11/22/28 (a) | 2359 | 2295 |
| Proampac PG Borrower LLC |  |  |
| 2020 Term Loan, 7.83%, (PRIME + 2.75%), 11/03/25 (a) | 1465 | 1398 |
| 2020 Term Loan, 7.96%, (PRIME + 2.75%), 11/03/25 (a) | 486 | 464 |
| 2020 Term Loan, 8.43%, (PRIME + 2.75%), 11/03/25 (a) | 34 | 33 |
| Red Planet Borrower, LLC |  |  |
| Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 09/23/28 (a) | 6064 | 3705 |
| Restoration Hardware, Inc. |  |  |
| Term Loan B, 6.57%, (1 Month USD LIBOR + 2.50%), 10/15/28 (a) | 497 | 457 |
| Samsonite International S.A. |  |  |
| 2020 Incremental Term Loan B2, 7.07%, (1 Month USD LIBOR + 3.00%), 04/25/25 (a) | 2436 | 2418 |
| Scientific Games Holdings LP |  |  |
| 2022 USD Term Loan B, 0.00%, (3 Month Term SOFR + 3.50%), 02/03/29 (a) (b) | 500 | 476 |
| 2022 USD Term Loan B, 7.10%, (3 Month Term SOFR + 3.50%), 02/03/29 (a) | 7490 | 7130 |
| Scientific Games International, Inc. |  |  |
| 2022 USD Term Loan, 0.00%, (1 Month Term SOFR + 3.00%), 04/07/29 (a) (b) | 5200 | 5116 |
| 2022 USD Term Loan, 7.42%, (1 Month Term SOFR + 3.00%), 04/07/29 (a) | 1496 | 1472 |
| Serta Simmons Bedding, LLC |  |  |
| 1st Lien Term Loan, 7.74%, (3 Month USD LIBOR + 3.50%), 10/21/23 (a) | 3480 | 191 |
| 1st Lien Term Loan, 7.83%, (3 Month USD LIBOR + 3.50%), 10/21/23 (a) | 1031 | 57 |
| Service Logic Acquisition, Inc |  |  |
| Term Loan, 8.37%, (3 Month USD LIBOR + 4.00%), 10/23/27 (a) | 29 | 28 |
| Spin Holdco Inc. |  |  |
| 2021 Term Loan, 8.76%, (3 Month USD LIBOR + 4.00%), 02/26/28 (a) | 6792 | 5704 |
| St. George Warehousing & Trucking Co. of CA, Inc. |  |  |
| 2022 Term Loan, 10.19%, (1 Month Term SOFR + 6.00%), 03/24/28 (a) | 5573 | 5350 |
| Staples, Inc. |  |  |
| 7 Year Term Loan, 9.44%, (3 Month USD LIBOR + 5.00%), 04/05/26 (a) | 4137 | 3818 |
| Stars Group Holdings B.V. (The) |  |  |
| 2022 USD Term Loan B, 0.00%, (3 Month Term SOFR + 3.25%), 07/04/28 (a) (b) | 300 | 298 |
| Station Casinos LLC |  |  |
| 2020 Term Loan B, 6.33%, (1 Month USD LIBOR + 2.25%), 01/30/27 (a) | 995 | 969 |
| TKC Holdings, Inc. |  |  |
| 2021 Term Loan, 9.18%, (1 Month USD LIBOR + 5.50%), 05/03/28 (a) | 6653 | 5530 |
| Trinseo Materials Operating S.C.A. |  |  |
| 2021 Term Loan B2, 0.00%, (3 Month USD LIBOR + 2.50%), 05/03/28 (a) (b) | 2100 | 1950 |
| UFC Holdings, LLC |  |  |
| 2021 Term Loan B, 7.11%, (3 Month USD LIBOR + 2.75%), 04/29/26 (a) | 1945 | 1917 |
| United PF Holdings, LLC |  |  |
| 2019 1st Lien Term Loan, 7.67%, (3 Month USD LIBOR + 4.00%), 12/30/26 (a) | 995 | 801 |
| Whatabrands LLC |  |  |
| 2021 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 07/21/28 (a) | 995 | 960 |
| Wilsonart LLC |  |  |
| 2021 Term Loan E, 6.93%, (3 Month USD LIBOR + 3.25%), 12/19/26 (a) | 6977 | 6624 |
| WOOF Holdings, Inc |  |  |
| 1st Lien Term Loan, 8.10%, (1 Month USD LIBOR + 3.75%), 12/16/27 (a) | 995 | 934 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| Term Loan B, 5.82%, (1 Month USD LIBOR + 1.75%), 03/29/25 (a) | 1000 | 998 |
| | | 233900 |
| **Industrials 15.5%** | **Industrials 15.5%** | **Industrials 15.5%** |
| ADS Tactical, Inc. |  |  |
| 2021 Term Loan B, 10.14%, (3 Month USD LIBOR + 5.75%), 03/04/28 (a) | 973 | 867 |
| Aegion Corporation |  |  |
| Term Loan, 8.82%, (1 Month USD LIBOR + 4.75%), 03/31/28 (a) | 1072 | 998 |
| Ali Group North America Corporation |  |  |
| 2021 Term Loan B, 0.00%, (1 Month USD LIBOR + 2.00%), 10/13/28 (a) (b) | 941 | 932 |
| Alliance Laundry Systems LLC |  |  |
| Term Loan B, 7.41%, (3 Month USD LIBOR + 3.50%), 09/30/27 (a) | 4238 | 4150 |
| Allied Universal Holdco LLC |  |  |
| 2021 USD Incremental Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 05/04/28 (a) | 9116 | 8644 |
| Amentum Government Services Holdings LLC |  |  |
| 2022 Term Loan, 8.53%, (3 Month Term SOFR + 4.00%), 02/07/29 (a) | 3101 | 3015 |
| 2022 Term Loan, 8.76%, (3 Month Term SOFR + 4.00%), 02/07/29 (a) | 2747 | 2670 |
| American Airlines, Inc. |  |  |
| 2021 Term Loan, 8.99%, (3 Month USD LIBOR + 4.75%), 03/10/28 (a) | 2000 | 1989 |
| American Trailer World Corp. |  |  |
| Term Loan B, 7.94%, (1 Month Term SOFR + 3.75%), 02/17/28 (a) | 4861 | 4176 |
| Amynta Agency Borrower Inc. |  |  |
| 2022 Incremental Term Loan B, 11.00%, (PRIME + 4.00%), 02/28/25 (a) (d) | 165 | 158 |
| APX Group, Inc. |  |  |
| 2021 Term Loan B, 6.73%, (3 Month USD LIBOR + 3.25%), 07/01/28 (a) | 1990 | 1961 |
| 2021 Term Loan B, 9.75%, (3 Month USD LIBOR + 2.25%), 07/01/28 (a) | 5 | 5 |
| AssuredPartners, Inc. |  |  |
| 2022 Term Loan B4, 8.58%, (1 Month Term SOFR + 4.25%), 02/13/27 (a) | 324 | 322 |
| Autokiniton US Holdings, Inc. |  |  |
| 2021 Term Loan B, 8.79%, (1 Month USD LIBOR + 4.50%), 03/26/28 (a) | 4701 | 4540 |
| Brand Energy & Infrastructure Services, Inc. |  |  |
| 2017 Term Loan, 7.92%, (3 Month USD LIBOR + 4.25%), 06/16/24 (a) | 12 | 10 |
| Term Loan, 8.03%, (3 Month USD LIBOR + 4.25%), 06/16/24 (a) | 908 | 811 |
| 2017 Term Loan, 8.61%, (3 Month USD LIBOR + 4.25%), 06/16/24 - 06/17/24 (a) | 3670 | 3276 |
| Brookfield WEC Holdings Inc. |  |  |
| 2022 Term Loan, 0.00%, (1 Month Term SOFR + 3.75%), 08/01/25 (a) (b) | 2000 | 1989 |
| Camelot U.S. Acquisition LLC |  |  |
| Term Loan B, 7.07%, (1 Month USD LIBOR + 3.00%), 10/31/26 (a) | 890 | 876 |
| Centuri Group, Inc. |  |  |
| Term Loan B, 0.00%, (3 Month USD LIBOR + 2.50%), 08/27/28 (a) (b) | 997 | 978 |
| Chart Industries, Inc. |  |  |
| 2022 Term Loan B, 0.00%, (SOFR + 3.75%), 12/08/29 (a) (b) | 7345 | 7257 |
| Clydesdale Acquisition Holdings Inc |  |  |
| Term Loan B, 8.36%, (1 Month Term SOFR + 4.18%), 03/30/29 (a) | 5721 | 5437 |
| CNT Holdings I Corp |  |  |
| 2020 Term Loan, 7.24%, (3 Month Term SOFR + 3.50%), 10/16/27 (a) | 4323 | 4177 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

610

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Covetrus, Inc. |  |  |
| Term Loan, 8.78%, (3 Month Term SOFR + 5.00%), 09/21/29 (a) | 4389 | 4101 |
| CP Atlas Buyer, Inc. |  |  |
| 2021 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 11/23/27 (a) | 7442 | 6499 |
| DG Investment Intermediate Holdings 2, Inc. |  |  |
| 2021 Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 12/31/24 (a) | 6362 | 6076 |
| 2022 Incremental Term Loan, 8.05%, (1 Month Term SOFR + 4.75%), 03/31/28 (a) | 106 | 102 |
| 2022 Incremental Term Loan, 8.84%, (1 Month Term SOFR + 4.75%), 03/31/28 (a) | 288 | 276 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2020 CAD Term Loan B2, 7.57%, (1 Month USD LIBOR + 3.50%), 04/06/26 (a) | 1454 | 1384 |
| 2020 Term Loan B1, 7.57%, (1 Month USD LIBOR + 3.50%), 04/06/26 (a) | 2705 | 2573 |
| Echo Global Logistics, Inc. |  |  |
| Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 11/09/28 (a) | 2377 | 2227 |
| Electrical Components International, Inc. |  |  |
| 2018 1st Lien Term Loan, 8.32%, (1 Month USD LIBOR + 4.25%), 06/22/25 (a) | 5023 | 4475 |
| EOS Finco Sarl |  |  |
| 2022 USD Term Loan, 9.61%, (3 Month Term SOFR + 6.00%), 08/03/29 (a) | 265 | 256 |
| First Student Bidco Inc |  |  |
| Term Loan C, 7.73%, (3 Month USD LIBOR + 3.00%), 07/12/28 (a) | 2165 | 1951 |
| Term Loan B, 7.73%, (3 Month USD LIBOR + 3.00%), 07/13/28 (a) | 5821 | 5245 |
| Focus Financial Partners, LLC |  |  |
| 2022 Term Loan B5, 7.33%, (1 Month Term SOFR + 3.25%), 06/30/28 (a) | 613 | 605 |
| Foley Products Company, LLC |  |  |
| 2021 Term Loan, 8.45%, (SOFR + 4.75%), 12/29/28 (a) | 995 | 959 |
| Gloves Buyer, Inc. |  |  |
| 2021 Term Loan, 8.07%, (1 Month USD LIBOR + 4.00%), 12/29/27 (a) | 7713 | 7020 |
| Griffon Corporation |  |  |
| Term Loan B, 7.01%, (PRIME + 1.50%), 01/24/29 (a) | 996 | 977 |
| Harbor Freight Tools USA, Inc. |  |  |
| 2021 Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 10/19/27 (a) | 5313 | 5052 |
| Kenan Advantage Group, Inc. |  |  |
| 2021 Term Loan B1, 7.82%, (1 Month USD LIBOR + 3.75%), 12/31/24 (a) | 4433 | 4311 |
| LTI Holdings, Inc. |  |  |
| 2019 Term Loan, 8.82%, (1 Month USD LIBOR + 4.75%), 07/24/26 (a) (c) | 989 | 942 |
| Magenta Buyer LLC |  |  |
| 2021 USD 1st Lien Term Loan, 9.17%, (3 Month USD LIBOR + 4.75%), 05/04/28 (a) | 6304 | 5364 |
| MEDICAL SOLUTIONS HOLDINGS INC |  |  |
| 2021 1st Lien Term Loan, 7.94%, (1 Month USD LIBOR + 3.50%), 10/08/28 (a) | 671 | 627 |
| Neptune Bidco US Inc |  |  |
| 2022 USD Term Loan B, 0.00%, (3 Month Term SOFR + 5.00%), 04/11/29 (a) (b) | 575 | 512 |
| 2022 USD Term Loan B, 8.82%, (3 Month Term SOFR + 5.00%), 04/11/29 (a) | 845 | 753 |
| Oscar AcquisitionCo, LLC |  |  |
| Term Loan B, 8.15%, (3 Month Term SOFR + 4.50%), 04/29/29 (a) | 539 | 509 |
| Osmose Utilities Services, Inc. |  |  |
| Term Loan, 0.00%, (3 Month USD LIBOR + 3.25%), 06/18/28 (a) (b) | 997 | 945 |
| Pelican Products, Inc. |  |  |
| 2021 Term Loan, 7.92%, (3 Month USD LIBOR + 4.25%), 11/16/28 (a) | 3066 | 2729 |
| 2021 Term Loan, 8.42%, (3 Month USD LIBOR + 4.25%), 11/16/28 (a) | 2842 | 2529 |
| Pike Corporation |  |  |
| 2021 Incremental Term Loan B, 0.00%, (1 Month USD LIBOR + 3.00%), 01/15/28 (a) (b) | 1000 | 985 |
| 2021 Incremental Term Loan B, 7.08%, (1 Month USD LIBOR + 3.00%), 01/15/28 (a) | 1000 | 985 |
| Polaris Newco LLC |  |  |
| USD Term Loan B, 7.67%, (3 Month USD LIBOR + 4.00%), 06/03/28 (a) | 8599 | 7828 |
| Reynolds Group Holdings Inc. |  |  |
| 2020 Term Loan B2, 7.32%, (1 Month USD LIBOR + 3.25%), 02/03/26 (a) | 2977 | 2937 |
| Service Logic Acquisition, Inc |  |  |
| Term Loan, 7.69%, (3 Month USD LIBOR + 4.00%), 10/23/27 (a) | 6 | 6 |
| Term Loan, 8.41%, (3 Month USD LIBOR + 4.00%), 10/23/27 (a) | 2513 | 2374 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| Term Loan B, 0.00%, (1 Month Term SOFR + 4.25%), 03/24/29 (a) (b) | 2400 | 2346 |
| Spectrum Holdings III Corp. |  |  |
| 1st Lien Term Loan, 7.32%, (1 Month USD LIBOR + 3.25%), 01/26/25 (a) | 4652 | 4249 |
| SRS Distribution Inc. |  |  |
| 2022 Incremental Term Loan, 7.69%, (1 Month Term SOFR + 3.50%), 06/02/28 (a) | 997 | 951 |
| Titan Acquisition Limited |  |  |
| 2018 Term Loan B, 5.88%, (6 Month USD LIBOR + 3.00%), 03/16/25 (a) | 3639 | 3392 |
| TransDigm, Inc. |  |  |
| 2020 Term Loan E, 0.00%, (3 Month USD LIBOR + 2.25%), 05/30/25 (a) (b) | 2494 | 2464 |
| 2020 Term Loan E, 5.92%, (3 Month USD LIBOR + 2.25%), 05/30/25 (a) | 2985 | 2949 |
| Uber Technologies, Inc. |  |  |
| 2021 Term Loan B, 8.23%, (3 Month USD LIBOR + 3.50%), 02/16/27 (a) | 1496 | 1492 |
| United Airlines, Inc. |  |  |
| 2021 Term Loan B, 8.11%, (3 Month USD LIBOR + 3.75%), 04/14/28 (a) | 3987 | 3930 |
| USIC Holdings, Inc. |  |  |
| 2021 Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 05/06/28 (a) | 2816 | 2683 |
| Vaco Holdings, LLC |  |  |
| 2022 Term Loan, 8.70%, (3 Month Term SOFR + 5.00%), 01/07/29 (a) | 5829 | 5601 |
| 2022 Term Loan, 9.19%, (3 Month Term SOFR + 5.00%), 01/07/29 (a) | 211 | 202 |
| Vertex Aerospace Services Corp. |  |  |
| 2022 Incremental Term Loan, 0.00%, (SOFR + 4.00%), 12/22/28 (a) (b) | 998 | 988 |
| Vertical US Newco Inc |  |  |
| Term Loan B, 6.87%, (6 Month USD LIBOR + 3.50%), 07/29/27 (a) | 2985 | 2868 |
| Vertiv Group Corporation |  |  |
| 2021 Term Loan B, 6.89%, (1 Month USD LIBOR + 2.75%), 03/02/27 (a) | 8158 | 7856 |
| Watlow Electric Manufacturing Company |  |  |
| Term Loan B, 8.15%, (3 Month Term SOFR + 3.75%), 03/18/28 (a) | 2770 | 2658 |
| | | 187981 |
| **Information Technology 11.8%** | **Information Technology 11.8%** | **Information Technology 11.8%** |
| Applied Systems, Inc. |  |  |
| 2017 1st Lien Term Loan, 0.00%, (3 Month USD LIBOR + 3.00%), 09/06/24 (a) (b) | 150 | 149 |
| 2022 Extended 1st Lien Term Loan, 8.66%, (3 Month Term SOFR + 4.50%), 09/19/26 (a) | 330 | 328 |
| AppLovin Corporation |  |  |
| 2018 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 08/18/25 (a) | 4880 | 4685 |
| Arches Buyer Inc. |  |  |
| 2021 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 12/06/27 (a) | 3988 | 3680 |
| Array Technologies, Inc. |  |  |
| Term Loan B, 7.94%, (3 Month USD LIBOR + 3.25%), 10/07/27 (a) | 1444 | 1376 |
| Ascend Learning, LLC |  |  |
| 2021 Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 11/18/28 (a) | 995 | 939 |
| Banff Merger Sub Inc |  |  |
| 2021 USD 2nd Lien Term Loan, 9.57%, (1 Month USD LIBOR + 5.50%), 03/23/26 (a) | 2000 | 1835 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

611

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| CDK Global, Inc. |  |  |
| 2022 USD Term Loan B, 8.11%, (3 Month Term SOFR + 4.50%), 06/09/29 (a) | 1145 | 1133 |
| CMG Media Corporation |  |  |
| 2021 Term Loan, 7.57%, (3 Month USD LIBOR + 3.50%), 12/17/26 (a) | 8714 | 8139 |
| CommScope, Inc. |  |  |
| 2019 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 02/07/26 (a) | 995 | 935 |
| Conduent Business Services, LLC |  |  |
| 2021 Term Loan B, 8.32%, (1 Month USD LIBOR + 4.25%), 10/15/28 (a) | 2932 | 2791 |
| ConnectWise, LLC |  |  |
| 2021 Term Loan B, 0.00%, (3 Month USD LIBOR + 3.50%), 09/23/28 (a) (b) | 997 | 945 |
| Constant Contact Inc |  |  |
| Term Loan, 7.91%, (3 Month USD LIBOR + 4.00%), 12/31/24 (a) | 996 | 873 |
| CoreLogic, Inc. |  |  |
| Term Loan, 7.63%, (1 Month USD LIBOR + 3.50%), 04/14/28 (a) | 1492 | 1241 |
| Cornerstone OnDemand, Inc. |  |  |
| 2021 Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 09/08/26 (a) | 6406 | 5702 |
| DCert Buyer, Inc. |  |  |
| 2019 Term Loan B, 8.70%, (6 Month Term SOFR + 4.00%), 07/31/26 (a) | 2337 | 2254 |
| Delta TopCo, Inc. |  |  |
| 2020 Term Loan B, 8.15%, (3 Month USD LIBOR + 3.75%), 10/07/27 (a) | 2709 | 2495 |
| Dotdash Meredith Inc |  |  |
| Term Loan B, 8.22%, (SOFR + 4.00%), 11/23/28 (a) | 4479 | 3853 |
| Endure Digital Inc. |  |  |
| Term Loan, 7.72%, (1 Month USD LIBOR + 3.50%), 01/27/28 (a) | 6776 | 6073 |
| Entegris, Inc. |  |  |
| 2022 Term Loan B, 5.46%, (SOFR + 3.00%), 03/02/29 (a) | 802 | 799 |
| 2022 Term Loan B, 7.09%, (SOFR + 3.00%), 03/02/29 (a) | 198 | 198 |
| Eta Australia Holdings III Pty Ltd |  |  |
| Term Loan, 8.09%, (1 Month USD LIBOR + 4.00%), 03/08/26 (a) | 2801 | 2607 |
| Finastra USA, Inc. |  |  |
| USD 1st Lien Term Loan, 6.87%, (3 Month USD LIBOR + 3.50%), 04/26/24 (a) | 5334 | 4705 |
| USD 2nd Lien Term Loan , 10.62%, (3 Month USD LIBOR + 7.25%), 04/27/25 (a) | 950 | 703 |
| Flexera Software LLC |  |  |
| 2021 Term Loan B, 7.83%, (1 Month USD LIBOR + 3.75%), 01/26/28 (a) | 499 | 477 |
| Global Tel\*Link Corporation |  |  |
| 2018 1st Lien Term Loan, 8.34%, (3 Month USD LIBOR + 4.25%), 11/20/25 (a) | 5039 | 4330 |
| 2018 2nd Lien Term Loan, 14.23%, (SOFR + 10.00%), 11/29/26 (a) | 1000 | 751 |
| Go Daddy Operating Company, LLC |  |  |
| 2021 Term Loan B4, 6.07%, (1 Month USD LIBOR + 2.00%), 08/10/27 (a) | 995 | 984 |
| Greeneden U.S. Holdings II, LLC |  |  |
| 2020 USD Term Loan B4, 8.07%, (1 Month USD LIBOR + 4.00%), 10/08/27 (a) | 510 | 489 |
| Hyland Software, Inc. |  |  |
| 2018 1st Lien Term Loan, 0.00%, (1 Month USD LIBOR + 3.50%), 07/01/24 (a) (b) | 645 | 636 |
| II-VI Incorporated |  |  |
| 2022 Term Loan B, 6.92%, (3 Month USD LIBOR + 2.75%), 12/08/28 (a) | 980 | 967 |
| Indy US Bidco, LLC |  |  |
| 2021 USD Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 03/06/28 (a) (c) | 1755 | 1512 |
| 2021 USD Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 03/06/28 (a) | 1015 | 875 |
| McAfee, LLC |  |  |
| 2022 USD Term Loan B, 7.97%, (1 Month Term SOFR + 3.75%), 02/03/29 (a) | 3169 | 2942 |
| MedAssets Software Intermediate Holdings, Inc. |  |  |
| 2021 Term Loan, 8.07%, (1 Month USD LIBOR + 4.00%), 11/18/28 (a) | 4997 | 4210 |
| MH Sub I, LLC |  |  |
| 2017 1st Lien Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 08/09/24 (a) | 7131 | 6918 |
| MKS Instruments, Inc. |  |  |
| 2022 USD Term Loan B, 7.17%, (1 Month Term SOFR + 2.75%), 04/08/29 (a) | 998 | 984 |
| NortonLifeLock Inc. |  |  |
| 2022 Term Loan B, 6.19%, (1 Month Term SOFR + 2.00%), 01/28/29 (a) | 1000 | 981 |
| OneDigital Borrower LLC |  |  |
| 2021 Term Loan, 8.49%, (SOFR + 4.25%), 11/16/27 (a) | 2098 | 1977 |
| Open Text Corporation |  |  |
| 2022 Term Loan B, 0.00%, (SOFR + 3.50%), 11/16/29 (a) (b) | 930 | 907 |
| Peraton Corp. |  |  |
| Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 02/22/28 (a) | 8691 | 8472 |
| PointClickCare Technologies, Inc. |  |  |
| Term Loan B, 0.00%, (6 Month USD LIBOR + 3.00%), 12/16/27 (a) (b) | 727 | 706 |
| Priority Payment Systems Holdings, LLC |  |  |
| 2021 Term Loan, 9.82%, (3 Month USD LIBOR + 5.75%), 04/21/27 (a) | 12 | 12 |
| 2021 Term Loan, 10.48%, (3 Month USD LIBOR + 5.75%), 04/21/27 (a) | 4751 | 4716 |
| Proofpoint, Inc. |  |  |
| 1st Lien Term Loan, 7.98%, (3 Month USD LIBOR + 3.25%), 06/09/28 (a) | 997 | 957 |
| Quest Software US Holdings Inc. |  |  |
| 2022 Term Loan, 8.49%, (SOFR + 4.25%), 01/19/29 (a) | 6372 | 4889 |
| Rackspace Technology Global, Inc. |  |  |
| 2021 Term Loan B, 7.38%, (3 Month USD LIBOR + 2.75%), 02/02/28 (a) | 997 | 620 |
| RealPage, Inc |  |  |
| 1st Lien Term Loan, 7.07%, (1 Month USD LIBOR + 3.00%), 02/18/28 (a) | 5718 | 5427 |
| Rocket Software, Inc. |  |  |
| 2018 Term Loan , 8.32%, (1 Month USD LIBOR + 4.25%), 11/20/25 (a) | 3730 | 3582 |
| 2021 USD Incremental Term Loan B, 8.32%, (1 Month USD LIBOR + 4.25%), 11/28/25 (a) | 985 | 947 |
| SITEL Worldwide Corporation |  |  |
| 2021 USD Term Loan, 7.83%, (1 Month USD LIBOR + 3.75%), 07/28/28 (a) | 6919 | 6820 |
| SkillSoft Corporation |  |  |
| 2021 Term Loan, 9.58%, (1 Month Term SOFR + 5.25%), 12/31/24 (a) | 2916 | 2420 |
| Sophia, L.P. |  |  |
| 2021 Term Loan B, 7.17%, (3 Month USD LIBOR + 3.50%), 10/07/27 (a) | 1492 | 1437 |
| SS&C Technologies Inc. |  |  |
| 2018 Term Loan B5, 0.00%, (1 Month USD LIBOR + 1.75%), 04/15/25 (a) (b) | 1247 | 1223 |
| Tempo Acquisition LLC |  |  |
| 2022 Term Loan B, 7.09%, (1 Month Term SOFR + 3.00%), 08/31/28 (a) (c) | 995 | 991 |
| TTM Technologies, Inc. |  |  |
| 2017 Term Loan, 6.62%, (1 Month USD LIBOR + 2.50%), 09/28/24 (a) | 1000 | 998 |
| Ultimate Software Group Inc (The) |  |  |
| Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 04/08/26 (a) | 2487 | 2394 |
| 2021 Term Loan, 7.00%, (3 Month USD LIBOR + 3.25%), 05/03/26 (a) | 1492 | 1418 |
| Verifone Systems, Inc. |  |  |
| 2018 1st Lien Term Loan, 8.36%, (3 Month USD LIBOR + 4.00%), 08/09/25 (a) | 3172 | 2903 |
| ViaSat, Inc. |  |  |
| Term Loan, 8.70%, (1 Month Term SOFR + 4.50%), 02/23/29 (a) | 3636 | 3531 |
|  |  | 142841 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

612

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Health Care 11.1%** | **Health Care 11.1%** | **Health Care 11.1%** |
| Accelerated Health Systems, LLC |  |  |
| 2022 Term Loan B, 7.95%, (3 Month Term SOFR + 4.25%), 02/01/29 (a) | 9051 | 7320 |
| ADMI Corp. |  |  |
| 2021 Incremental Term Loan B3, 7.82%, (1 Month USD LIBOR + 3.75%), 12/23/27 (a) | 2488 | 2260 |
| Advisor Group, Inc. |  |  |
| 2021 Term Loan, 8.57%, (1 Month USD LIBOR + 4.50%), 07/31/26 (a) | 2451 | 2393 |
| Amneal Pharmaceuticals LLC |  |  |
| 2018 Term Loan B, 7.19%, (3 Month USD LIBOR + 3.50%), 03/26/25 (a) | 1662 | 1485 |
| 2018 Term Loan B, 7.63%, (3 Month USD LIBOR + 3.50%), 03/26/25 (a) | 1691 | 1511 |
| ASP Navigate Acquisition Corp |  |  |
| Term Loan, 9.09%, (3 Month USD LIBOR + 4.50%), 09/30/27 (a) | 3761 | 3653 |
| Athenahealth, Inc. |  |  |
| 2022 Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 3.50%), 01/27/29 (a) (b) | 485 | 436 |
| 2022 Term Loan B, 7.82%, (1 Month Term SOFR + 3.50%), 01/27/29 (a) | 4184 | 3767 |
| Auris Luxembourg III S.a.r.l. |  |  |
| 2019 USD Term Loan B2, 7.82%, (6 Month USD LIBOR + 3.75%), 07/23/25 (a) | 8 | 7 |
| 2019 USD Term Loan B2, 8.50%, (6 Month USD LIBOR + 3.75%), 07/23/25 (a) | 8 | 7 |
| 2019 USD Term Loan B2, 8.68%, (6 Month USD LIBOR + 3.75%), 07/23/25 (a) | 3090 | 2745 |
| Azurity Pharmaceuticals, Inc. |  |  |
| 2021 Term Loan B, 10.13%, (3 Month USD LIBOR + 6.00%), 09/28/27 (a) | 3031 | 2811 |
| Catalent Pharma Solutions Inc. |  |  |
| 2021 Term Loan B3, 0.00%, (1 Month USD LIBOR + 2.00%), 05/18/26 (a) (b) | 700 | 688 |
| 2021 Term Loan B3, 6.37%, (1 Month USD LIBOR + 2.00%), 05/18/26 (a) | 2100 | 2063 |
| CCRR Parent, Inc |  |  |
| Term Loan B, 7.83%, (1 Month USD LIBOR + 3.75%), 03/06/28 (a) | 2458 | 2334 |
| Da Vinci Purchaser Corp. |  |  |
| 2019 Term Loan, 7.67%, (1 Month USD LIBOR + 4.00%), 12/10/26 (a) | 2583 | 2338 |
| 2019 Term Loan, 8.07%, (1 Month USD LIBOR + 4.00%), 12/10/26 (a) | 1559 | 1410 |
| DaVita, Inc. |  |  |
| 2020 Term Loan B, 5.82%, (1 Month USD LIBOR + 1.75%), 07/30/26 (a) | 2084 | 2027 |
| Ensemble RCM, LLC |  |  |
| Term Loan, 7.94%, (3 Month USD LIBOR + 3.75%), 07/24/26 (a) | 1496 | 1477 |
| Gainwell Acquisition Corp. |  |  |
| Term Loan B, 7.67%, (3 Month USD LIBOR + 4.00%), 08/17/27 (a) | 4652 | 4355 |
| Global Medical Response, Inc. |  |  |
| 2017 Incremental Term Loan, 8.32%, (1 Month USD LIBOR + 4.25%), 09/26/24 (a) | 3455 | 2431 |
| 2020 Term Loan B, 8.42%, (1 Month USD LIBOR + 4.25%), 09/24/25 (a) | 3978 | 2772 |
| Hunter Holdco 3 Limited |  |  |
| USD Term Loan B, 7.92%, (3 Month USD LIBOR + 4.25%), 08/05/28 (a) | 6892 | 6745 |
| ICON Luxembourg S.A.R.L. |  |  |
| LUX Term Loan, 0.00%, (3 Month USD LIBOR + 2.25%), 12/31/49 (a) (b) | 957 | 953 |
| Illuminate Merger Sub Corp. |  |  |
| 1st Lien Term Loan, 6.38%, (3 Month USD LIBOR + 3.50%), 06/30/28 (a) | 1482 | 1332 |
| 2nd Lien Term Loan, 9.63%, (1 Month USD LIBOR + 6.75%), 06/29/29 (a) | 1000 | 828 |
| Insulet Corporation |  |  |
| Term Loan B, 0.00%, (3 Month Term SOFR + 3.25%), 04/29/28 (a) (b) | 685 | 674 |
| Term Loan B, 7.32%, (3 Month Term SOFR + 3.25%), 04/29/28 (a) | 65 | 64 |
| Jazz Financing Lux S.a.r.l. |  |  |
| USD Term Loan , 7.57%, (1 Month USD LIBOR + 3.50%), 04/22/28 (a) | 897 | 888 |
| Knight Health Holdings LLC |  |  |
| Term Loan B, 9.32%, (1 Month USD LIBOR + 5.25%), 12/15/28 (a) | 7031 | 4096 |
| Lonza Group AG |  |  |
| USD Term Loan B, 7.67%, (3 Month USD LIBOR + 4.00%), 04/29/28 (a) | 9347 | 8541 |
| LSCS Holdings, Inc. |  |  |
| 2021 1st Lien Term Loan, 8.17%, (1 Month USD LIBOR + 4.50%), 11/23/28 (a) | 2448 | 2332 |
| MED ParentCo LP |  |  |
| 1st Lien Term Loan, 8.32%, (1 Month USD LIBOR + 4.25%), 08/01/26 (a) | 995 | 845 |
| Medical Solutions Holdings, Inc. |  |  |
| 2021 1st Lien Term Loan, 6.38%, (1 Month USD LIBOR + 3.50%), 10/08/28 (a) | 4445 | 4155 |
| Medline Borrower, LP |  |  |
| USD Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 09/30/28 (a) | 7987 | 7579 |
| NAPA Management Services Corporation |  |  |
| Term Loan B, 9.55%, (SOFR + 5.25%), 02/15/29 (a) | 4963 | 4012 |
| National Mentor Holdings, Inc. |  |  |
| 2021 Term Loan C, 7.42%, (3 Month USD LIBOR + 3.75%), 02/18/28 (a) | 168 | 117 |
| 2021 Term Loan, 7.43%, (3 Month USD LIBOR + 3.75%), 02/18/28 (a) | 2891 | 2012 |
| 2021 Term Loan, 7.83%, (3 Month USD LIBOR + 3.75%), 02/18/28 (a) | 2350 | 1636 |
| One Call Corporation |  |  |
| 2021 Term Loan, 9.88%, (3 Month USD LIBOR + 5.50%), 04/08/27 (a) | 2917 | 2382 |
| Owens & Minor, Inc. |  |  |
| 2022 Term Loan B, 7.83%, (1 Month Term SOFR + 3.75%), 03/23/29 (a) | 1273 | 1273 |
| 2022 Term Loan B, 7.94%, (1 Month Term SOFR + 3.75%), 03/23/29 (a) | 2585 | 2585 |
| Packaging Coordinators Midco, Inc. |  |  |
| 2020 1st Lien Term Loan, 0.00%, (3 Month USD LIBOR + 3.50%), 11/30/27 (a) (b) | 997 | 944 |
| Padagis LLC |  |  |
| Term Loan B, 8.49%, (3 Month USD LIBOR + 4.75%), 06/30/28 (a) | 2750 | 2425 |
| Parexel International Corporation |  |  |
| 2021 1st Lien Term Loan, 7.32%, (1 Month USD LIBOR + 3.25%), 08/10/28 (a) | 997 | 959 |
| Pluto Acquisition I, Inc. |  |  |
| 2021 1st Lien Term Loan, 8.73%, (3 Month USD LIBOR + 4.00%), 06/20/26 (a) | 1502 | 1006 |
| PRA Health Sciences, Inc. |  |  |
| US Term Loan, 0.00%, (3 Month USD LIBOR + 2.25%), 06/16/28 (a) (b) | 238 | 238 |
| Radiology Partners Inc |  |  |
| 2018 1st Lien Term Loan B, 8.64%, (3 Month USD LIBOR + 4.25%), 06/28/25 (a) | 6305 | 5271 |
| Surgery Center Holdings, Inc. |  |  |
| 2021 Term Loan, 8.05%, (3 Month USD LIBOR + 3.75%), 08/31/26 (a) | 6365 | 6277 |
| U.S. Anesthesia Partners, Inc. |  |  |
| 2021 Term Loan, 8.37%, (1 Month USD LIBOR + 4.25%), 09/22/28 (a) | 7488 | 7119 |
| Upstream Rehabilition, Inc. |  |  |
| 2021 Term Loan, 8.06%, (SOFR + 4.25%), 11/20/26 (a) | 4803 | 4126 |
| Wellpath Holdings, Inc. |  |  |
| 2018 1st Lien Term Loan, 9.57%, (3 Month USD LIBOR + 5.50%), 09/25/25 (a) | 11 | 9 |
| 2018 1st Lien Term Loan, 9.91%, (3 Month USD LIBOR + 5.50%), 09/25/25 (a) | 4328 | 3380 |
|  |  | 135093 |
| **Communication Services 10.7%** | **Communication Services 10.7%** | **Communication Services 10.7%** |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2021 Term Loan B1, 7.69%, (SOFR + 3.50%), 12/08/28 (a) | 7451 | 7199 |
| 2021 2nd Lien Term Loan, 10.19%, (SOFR + 6.00%), 12/10/29 (a) | 2500 | 2276 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

613

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Allen Media, LLC |  |  |
| 2021 Term Loan B, 9.20%, (3 Month USD LIBOR + 5.50%), 02/10/27 (a) (c) | 7022 | 5727 |
| Altice Financing SA |  |  |
| 2022 USD Term Loan B2, 9.57%, (3 Month Term SOFR + 5.00%), 10/31/27 (a) | 3811 | 3639 |
| Altice France S.A. |  |  |
| USD Term Loan B12, 7.77%, (3 Month USD LIBOR + 3.69%), 01/31/26 (a) | 3392 | 3135 |
| 2018 Term Loan B13, 8.65%, (3 Month USD LIBOR + 4.00%), 07/13/26 (a) | 4859 | 4508 |
| AMC Entertainment Holdings, Inc. |  |  |
| 2019 Term Loan B, 7.27%, (1 Month USD LIBOR + 3.00%), 03/20/26 (a) | 6875 | 3702 |
| Cablevision Lightpath LLC |  |  |
| Term Loan B, 7.57%, (1 Month USD LIBOR + 3.25%), 09/15/27 (a) | 2695 | 2572 |
| CenturyLink, Inc. |  |  |
| 2020 Term Loan B, 6.32%, (1 Month USD LIBOR + 2.25%), 03/15/27 (a) | 4959 | 4703 |
| Charter Communications Operating, LLC |  |  |
| 2019 Term Loan B2, 5.51%, (1 Month USD LIBOR + 1.75%), 02/01/27 (a) | 995 | 970 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| Term Loan B, 7.57%, (3 Month USD LIBOR + 3.50%), 08/08/26 (a) | 13 | 12 |
| Term Loan B, 7.91%, (3 Month USD LIBOR + 3.50%), 08/08/26 (a) | 4901 | 4455 |
| Consolidated Communications, Inc. |  |  |
| 2021 Term Loan B, 7.63%, (1 Month USD LIBOR + 3.50%), 09/15/27 (a) | 5020 | 4417 |
| Coral-US Co-Borrower, LLC |  |  |
| 2020 Term Loan B2, 0.00%, (1 Month USD LIBOR + 2.25%), 01/22/28 (a) (b) | 1000 | 966 |
| CSC Holdings, LLC |  |  |
| 2019 Term Loan B5, 6.82%, (1 Month USD LIBOR + 2.50%), 04/15/27 (a) | 1995 | 1775 |
| Diamond Sports Group, LLC |  |  |
| 2022 2nd Lien Term Loan, 7.57%, (1 Month Term SOFR + 3.25%), 08/24/26 (a) (c) | 2967 | 356 |
| DirecTV Financing, LLC |  |  |
| Term Loan, 9.07%, (1 Month USD LIBOR + 5.00%), 07/22/27 (a) | 7266 | 7058 |
| Formula One Holdings Limited. |  |  |
| Term Loan B, 7.34%, (3 Month Term SOFR + 3.25%), 01/15/30 (a) | 2681 | 2678 |
| Frontier Communications Corp. |  |  |
| 2021 1st Lien Term Loan, 7.44%, (3 Month USD LIBOR + 3.75%), 10/08/27 (a) | 995 | 947 |
| GOGO Intermediate Holdings LLC |  |  |
| Term Loan B, 8.16%, (3 Month USD LIBOR + 3.75%), 04/21/28 (a) | 5381 | 5327 |
| Gray Television, Inc. |  |  |
| 2021 Term Loan D, 0.00%, (1 Month USD LIBOR + 3.00%), 10/27/28 (a) (b) | 2100 | 2035 |
| Houghton Mifflin Harcourt Publishing Company |  |  |
| 2022 Term Loan, 9.44%, (1 Month Term SOFR + 5.25%), 04/04/29 (a) | 4190 | 3971 |
| Intelsat Jackson Holdings S.A. |  |  |
| 2021 Exit Term Loan B, 7.44%, (SOFR + 4.50%), 01/25/29 (a) | 5757 | 5544 |
| LCPR Loan Financing LLC |  |  |
| 2021 Term Loan B, 0.00%, (1 Month USD LIBOR + 3.75%), 09/25/28 (a) (b) | 1000 | 989 |
| Level 3 Financing Inc. |  |  |
| 2019 Term Loan B, 5.82%, (1 Month USD LIBOR + 1.75%), 03/01/27 (a) | 5125 | 4901 |
| Northwest Fiber, LLC |  |  |
| 2021 Term Loan, 7.98%, (3 Month USD LIBOR + 3.75%), 04/30/27 (a) | 995 | 964 |
| PUG LLC |  |  |
| USD Term Loan , 7.57%, (1 Month USD LIBOR + 3.50%), 01/31/27 (a) | 3511 | 2891 |
| Radiate Holdco, LLC |  |  |
| 2021 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 09/25/26 (a) | 5110 | 4133 |
| Securus Technologies Holdings, Inc. |  |  |
| 2017 1st Lien Term Loan, 0.00%, (3 Month USD LIBOR + 4.50%), 06/20/24 (a) (b) | 997 | 742 |
| 2017 1st Lien Term Loan, 8.17%, (3 Month USD LIBOR + 4.50%), 06/20/24 (a) | 5906 | 4396 |
| 2017 2nd Lien Term Loan, 12.66%, (3 Month USD LIBOR + 8.25%), 06/30/25 (a) | 400 | 260 |
| Solis IV BV |  |  |
| USD Term Loan B1, 7.86%, (3 Month Term SOFR + 3.50%), 02/09/29 (a) | 8397 | 7354 |
| SRAM, LLC |  |  |
| 2021 Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 05/12/28 (a) | 910 | 883 |
| Stars Group Holdings B.V. (The) |  |  |
| 2022 USD Term Loan B, 7.04%, (3 Month Term SOFR + 3.25%), 07/04/28 (a) | 4404 | 4379 |
| Telenet Financing USD LLC |  |  |
| 2020 USD Term Loan AR, 6.32%, (1 Month USD LIBOR + 2.00%), 04/21/29 (a) | 3000 | 2915 |
| Univision Communications Inc. |  |  |
| 2022 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 05/06/28 (a) | 995 | 963 |
| Virgin Media Bristol LLC |  |  |
| USD Term Loan N, 6.82%, (1 Month USD LIBOR + 2.50%), 10/03/27 (a) | 7800 | 7658 |
| Windstream Services, LLC |  |  |
| 2020 Exit Term Loan B, 0.00%, (1 Month USD LIBOR + 6.25%), 08/24/27 (a) (b) | 997 | 900 |
| Zacapa S.A.R.L |  |  |
| 2022 Term Loan, 7.80%, (SOFR + 4.25%), 02/10/29 (a) | 7269 | 6971 |
| Zayo Group Holdings, Inc. |  |  |
| USD Term Loan , 7.07%, (1 Month USD LIBOR + 3.00%), 02/18/27 (a) | 1500 | 1211 |
| | | 130482 |
| **Financials 6.9%** | **Financials 6.9%** | **Financials 6.9%** |
| Acrisure, LLC |  |  |
| 2020 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 01/30/27 (a) | 4014 | 3758 |
| 2021 Incremental Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 02/15/27 (a) | 494 | 468 |
| 2021 First Lien Term Loan B, 8.32%, (1 Month USD LIBOR + 4.25%), 02/15/27 (a) | 1631 | 1576 |
| 2022 Incremental Term Loan, 9.92%, (3 Month Term SOFR + 5.75%), 02/15/27 (a) | 475 | 470 |
| AI Mistral Holdco Limited |  |  |
| 2017 Term Loan B, 10.09%, (1 Month USD LIBOR + 6.00%), 01/26/24 (a) | 1656 | 1524 |
| AlixPartners, LLP |  |  |
| 2021 USD Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 02/04/28 (a) | 995 | 985 |
| Alliant Holdings Intermediate, LLC |  |  |
| 2021 Term Loan B4, 7.85%, (1 Month USD LIBOR + 3.50%), 11/06/27 (a) | 1244 | 1214 |
| Aretec Group, Inc. |  |  |
| 2018 Term Loan , 8.44%, (1 Month Term SOFR + 4.25%), 08/15/25 (a) | 2388 | 2329 |
| Asurion LLC |  |  |
| 2020 Term Loan B8, 7.32%, (1 Month USD LIBOR + 3.25%), 12/31/23 (a) | 4544 | 4042 |
| 2021 2nd Lien Term Loan B3, 9.32%, (1 Month USD LIBOR + 5.25%), 02/05/28 (a) | 3500 | 2715 |
| 2021 Second Lien Term Loan B4, 0.00%, (1 Month USD LIBOR + 5.25%), 01/15/29 (a) (b) | 1000 | 773 |
| 2021 Second Lien Term Loan B4, 9.32%, (1 Month USD LIBOR + 5.25%), 01/15/29 (a) | 3500 | 2705 |
| Atlas CC Acquisition Corp |  |  |
| Term Loan B, 8.98%, (3 Month USD LIBOR + 4.25%), 04/29/28 (a) | 5599 | 4691 |
| Term Loan C, 8.98%, (3 Month USD LIBOR + 4.25%), 04/29/28 (a) | 1139 | 954 |
| BCP Renaissance Parent LLC |  |  |
| 2022 Term Loan B3, 7.05%, (3 Month Term SOFR + 3.50%), 10/31/26 (a) (c) | 6427 | 6354 |
| Citadel Securities LP |  |  |
| 2021 Term Loan B, 6.70%, (1 Month Term SOFR + 2.50%), 02/01/28 (a) | 997 | 977 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

614

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Edelman Financial Center, LLC |  |  |
| 2021 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 03/15/28 (a) | 2076 | 1932 |
| Harbourvest Partners, LLC |  |  |
| 2018 Term Loan B, 6.59%, (1 Month USD LIBOR + 2.25%), 02/21/25 (a) | 951 | 944 |
| Hertz Corporation, (The) |  |  |
| 2021 Term Loan B, 0.00%, (1 Month USD LIBOR + 3.25%), 06/11/28 (a) (b) | 4703 | 4600 |
| 2021 Term Loan C, 0.00%, (1 Month USD LIBOR + 3.25%), 06/11/28 (a) (b) | 897 | 878 |
| Hub International Limited |  |  |
| 2021 Term Loan B, 7.23%, (3 Month USD LIBOR + 3.25%), 04/25/25 (a) | 6 | 6 |
| 2021 Term Loan B, 7.53%, (3 Month USD LIBOR + 3.25%), 04/25/25 (a) | 2481 | 2456 |
| 2022 Term Loan B, 8.22%, (3 Month Term SOFR + 4.00%), 10/31/29 (a) | 205 | 203 |
| Hudson River Trading LLC |  |  |
| 2021 Term Loan, 7.20%, (SOFR + 3.00%), 03/17/28 (a) | 3970 | 3747 |
| INEOS Enterprises Holdings US Finco LLC |  |  |
| 2020 USD Term Loan B, 8.23%, (3 Month USD LIBOR + 3.50%), 07/29/26 (a) | 3338 | 3194 |
| ION Trading Finance Limited |  |  |
| 2021 USD Term Loan, 8.42%, (3 Month USD LIBOR + 4.75%), 03/26/28 (a) | 5476 | 5179 |
| Jane Street Group, LLC |  |  |
| 2021 Term Loan, 6.82%, (1 Month USD LIBOR + 2.75%), 01/21/28 (a) | 1995 | 1933 |
| LSF11 A5 Holdco LLC |  |  |
| Term Loan, 7.70%, (SOFR + 3.50%), 09/30/28 (a) | 2336 | 2253 |
| LSF11 Skyscraper Holdco S.a r.l. |  |  |
| 2021 USD Term Loan B, 7.17%, (3 Month USD LIBOR + 3.50%), 09/30/27 (a) (d) | 2825 | 2740 |
| Park River Holdings Inc |  |  |
| Term Loan, 6.99%, (3 Month USD LIBOR + 3.25%), 01/20/28 (a) | 2881 | 2510 |
| RLG Holdings, LLC |  |  |
| 2021 Term Loan, 8.07%, (1 Month USD LIBOR + 4.00%), 07/02/28 (a) | 3192 | 2998 |
| 2021 2nd Lien Term Loan, 11.57%, (1 Month USD LIBOR + 7.50%), 07/02/29 (a) | 1000 | 933 |
| Superannuation and Investments US LLC |  |  |
| USD Term Loan , 0.00%, (1 Month USD LIBOR + 3.75%), 09/23/28 (a) (b) | 670 | 657 |
| Sweetwater Borrower, LLC |  |  |
| Term Loan B, 8.38%, (1 Month USD LIBOR + 4.25%), 12/31/24 (a) | 4416 | 4085 |
| Trans Union, LLC |  |  |
| 2019 Term Loan B5, 0.00%, (1 Month USD LIBOR + 1.75%), 11/13/26 (a) (b) | 997 | 982 |
| USI, Inc. |  |  |
| 2022 Incremental Term Loan, 7.68%, (1 Month Term SOFR + 3.75%), 11/16/29 (a) | 995 | 984 |
| Venga Finance Sarl |  |  |
| 2021 USD Term Loan B, 9.48%, (3 Month USD LIBOR + 4.75%), 11/03/28 (a) | 4573 | 4178 |
| VFH Parent LLC |  |  |
| 2022 Term Loan B, 7.42%, (SOFR + 3.00%), 01/07/29 (a) | 1000 | 972 |
| Walker & Dunlop, Inc. |  |  |
| 2022 Incremental Term Loan B, 0.00%, (SOFR + 3.00%), 12/14/28 (a) (b) | 260 | 256 |
| | | 84155 |
| **Materials 6.6%** | **Materials 6.6%** | **Materials 6.6%** |
| Aruba Investments, Inc. |  |  |
| 2022 USD Incremental Term Loan, 9.07%, (1 Month Term SOFR + 4.75%), 11/04/27 (a) (d) | 345 | 324 |
| Axalta Coating Systems Dutch Holding B B.V. |  |  |
| 2022 USD Term Loan B, 0.00%, (SOFR + 3.00%), 11/30/29 (a) (b) | 145 | 145 |
| BCPE Empire Holdings, Inc. |  |  |
| 2022 Incremental Term Loan, 8.81%, (1 Month Term SOFR + 4.63%), 06/11/26 (a) | 995 | 965 |
| Brook and Whittle Holding Corp. |  |  |
| 2021 First Lien Term Loan, 8.55%, (3 Month Term SOFR + 4.00%), 12/14/28 (a) (c) | 4960 | 4348 |
| Chemours Company (The) |  |  |
| 2018 USD Term Loan B, 0.00%, (1 Month USD LIBOR + 1.75%), 03/27/25 (a) (b) | 415 | 407 |
| 2018 USD Term Loan B, 5.83%, (1 Month USD LIBOR + 1.75%), 03/27/25 (a) | 1079 | 1057 |
| Diamond (BC) B.V. |  |  |
| 2021 Term Loan B, 0.00%, (3 Month USD LIBOR + 2.75%), 09/14/28 (a) (b) | 997 | 963 |
| Discovery Purchaser Corporation |  |  |
| Term Loan, 7.97%, (3 Month Term SOFR + 4.38%), 08/04/29 (a) | 5389 | 4900 |
| 2nd Lien Term Loan, 10.59%, (3 Month Term SOFR + 7.00%), 08/04/30 (a) | 1000 | 870 |
| Eastman Chemical Company |  |  |
| 2021 Term Loan B, 9.32%, (1 Month USD LIBOR + 5.25%), 08/12/28 (a) | 4081 | 3316 |
| Geon Performance Solutions, LLC |  |  |
| 2021 Term Loan, 0.00%, (3 Month USD LIBOR + 4.75%), 08/10/28 (a) (b) | 2037 | 1976 |
| Hexion Holdings Corporation |  |  |
| 2022 USD Term Loan, 8.93%, (SOFR + 4.50%), 03/02/29 (a) | 998 | 854 |
| Ineos US Finance LLC |  |  |
| 2022 USD Term Loan B, 0.00%, (SOFR + 3.75%), 11/02/27 (a) (b) | 6000 | 5897 |
| Klockner-Pentaplast of America, Inc. |  |  |
| 2021 Term Loan B, 8.26%, (3 Month USD LIBOR + 4.75%), 02/04/26 (a) | 7528 | 6656 |
| LTI Holdings, Inc. |  |  |
| 2018 Add On 1st Lien Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 08/15/25 (a) | 1628 | 1555 |
| New Arclin U.S. Holding Corp. |  |  |
| 2021 Delayed Draw Term Loan , 1.00%, (3 Month USD LIBOR + 1.00%), 09/22/28 (a) | 128 | 112 |
| 2021 Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 09/22/28 (a) | 868 | 760 |
| Olympus Water US Holding Corporation |  |  |
| 2022 Incremental Term Loan, 0.00%, (3 Month Term SOFR + 4.50%), 11/09/28 (a) (b) | 998 | 965 |
| Onex TSG Intermediate Corp. |  |  |
| 2021 Term Loan B, 9.16%, (3 Month USD LIBOR + 4.75%), 02/23/28 (a) | 4289 | 3807 |
| Pathway Vet Alliance LLC |  |  |
| 2021 Term Loan, 7.42%, (3 Month USD LIBOR + 3.75%), 03/31/27 (a) | 1492 | 1234 |
| Plaze, Inc. |  |  |
| 2019 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 07/17/26 (a) | 3843 | 3430 |
| 2020 Incremental Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 08/03/26 (a) | 985 | 879 |
| PMHC II, Inc. |  |  |
| 2022 Term Loan B, 8.49%, (3 Month Term SOFR + 4.25%), 02/03/29 (a) | 2758 | 2324 |
| Polar US Borrower, LLC |  |  |
| 2018 1st Lien Term Loan, 9.02%, (3 Month USD LIBOR + 4.75%), 08/21/25 (a) | 5704 | 4580 |
| Pretium PKG Holdings, Inc. |  |  |
| 2021 1st Lien Term Loan, 7.74%, (3 Month USD LIBOR + 4.00%), 09/22/28 (a) | 881 | 699 |
| 2021 1st Lien Term Loan, 7.74%, (3 Month USD LIBOR + 4.00%), 09/22/28 (a) | 1713 | 1361 |
| 2021 1st Lien Term Loan, 8.73%, (3 Month USD LIBOR + 4.00%), 09/22/28 (a) | 859 | 682 |
| 2021 2nd Lien Term Loan, 10.49%, (3 Month USD LIBOR + 6.75%), 09/22/29 (a) | 1000 | 603 |
| 2021 2nd Lien Term Loan, 11.48%, (3 Month USD LIBOR + 6.75%), 09/22/29 (a) | 1000 | 603 |
| Quikrete Holdings, Inc. |  |  |
| 2016 1st Lien Term Loan, 6.70%, (1 Month USD LIBOR + 2.63%), 11/03/23 (a) | 6444 | 6363 |
| RelaDyne Inc. |  |  |
| 2022 Term Loan B, 8.34%, (SOFR + 4.25%), 01/25/29 (a) | 3647 | 3529 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

615

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***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Runner Buyer, Inc. |  |  |
| 2021 Term Loan B, 10.23%, (3 Month USD LIBOR + 5.50%), 10/08/28 (a) (d) | 6118 | 4282 |
| Smyrna Ready Mix Concrete, LLC |  |  |
| Term Loan B, 8.44%, (1 Month Term SOFR + 4.25%), 03/24/29 (a) | 1493 | 1459 |
| Trident TPI Holdings, Inc. |  |  |
| 2017 USD Term Loan B1, 6.92%, (3 Month USD LIBOR + 3.25%), 10/05/24 (a) | 4419 | 4360 |
| 2021 Delayed Draw Term Loan , 7.67%, (3 Month USD LIBOR + 4.00%), 07/22/26 (a) | 168 | 161 |
| 2021 Incremental Term Loan, 7.67%, (3 Month USD LIBOR + 4.00%), 07/22/26 (a) | 1892 | 1813 |
| 2021 Delayed Draw Term Loan , 8.07%, (3 Month USD LIBOR + 4.00%), 07/22/26 (a) | 101 | 97 |
| Zep Inc. |  |  |
| 2017 1st Lien Term Loan, 7.67%, (3 Month USD LIBOR + 4.00%), 08/11/24 (a) | 2445 | 2105 |
| | | 80441 |
| **Consumer Staples 5.2%** | **Consumer Staples 5.2%** | **Consumer Staples 5.2%** |
| 8th Avenue Food & Provisions, Inc. |  |  |
| 2018 1st Lien Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 09/19/25 (a) | 1990 | 1649 |
| 2021 Incremental Term Loan, 8.82%, (1 Month USD LIBOR + 4.75%), 10/01/25 (a) | 1955 | 1618 |
| Anastasia Parent, LLC |  |  |
| 2018 Term Loan B, 0.00%, (3 Month USD LIBOR + 3.75%), 08/03/25 (a) (b) | 1000 | 738 |
| BCPE North Star US HoldCo 2, Inc. |  |  |
| Term Loan, 7.67%, (3 Month USD LIBOR + 4.00%), 06/09/28 (a) | 4104 | 3755 |
| Term Loan, 8.37%, (3 Month USD LIBOR + 4.00%), 06/09/28 (a) | 364 | 333 |
| BJ's Wholesale Club, Inc. |  |  |
| 2017 1st Lien Term Loan, 0.00%, (1 Month USD LIBOR + 2.00%), 02/03/24 (a) (b) | 255 | 255 |
| Charlotte Buyer, Inc. |  |  |
| 1st Lien Term Loan, 9.53%, (3 Month Term SOFR + 5.25%), 02/03/28 (a) | 5475 | 5176 |
| Chobani, LLC |  |  |
| 2020 Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 10/20/27 (a) | 995 | 973 |
| Del Monte Foods, Inc. |  |  |
| 2022 Term Loan, 8.57%, (SOFR + 4.25%), 02/15/29 (a) | 1000 | 969 |
| H Food Holdings LLC |  |  |
| 2018 Term Loan B, 7.76%, (1 Month USD LIBOR + 3.69%), 05/17/25 (a) | 5184 | 4585 |
| kdc/one Development Corporation, Inc. |  |  |
| 2020 Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 12/21/25 (a) | 997 | 961 |
| MPH Acquisition Holdings LLC |  |  |
| 2021 Term Loan B, 8.98%, (3 Month USD LIBOR + 4.25%), 08/17/28 (a) | 2809 | 2387 |
| Olaplex, Inc |  |  |
| 2022 Term Loan, 7.92%, (SOFR + 3.50%), 02/17/29 (a) (d) | 1949 | 1813 |
| PECF USS Intermediate Holding III Corporation |  |  |
| Term Loan B, 8.32%, (1 Month USD LIBOR + 4.25%), 11/04/28 (a) | 3236 | 2689 |
| Portillo's Holdings, LLC |  |  |
| 2019 1st Lien Term Loan B3, 9.57%, (1 Month USD LIBOR + 5.50%), 08/02/24 (a) | 1516 | 1502 |
| Primary Products Finance LLC |  |  |
| Term Loan, 0.00%, (3 Month USD LIBOR + 4.00%), 10/25/28 (a) (b) | 6000 | 5883 |
| Shearer's Foods, Inc. |  |  |
| 2021 Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 09/15/27 (a) | 6730 | 6401 |
| Sigma Bidco B.V. |  |  |
| 2018 USD Term Loan B2, 5.90%, (6 Month USD LIBOR + 3.00%), 03/07/25 (a) | 5091 | 4594 |
| Sunshine Investments B.V. |  |  |
| 2022 USD Term Loan, 8.52%, (3 Month Term SOFR + 4.25%), 05/05/29 (a) | 5646 | 5441 |
| Triton Water Holdings, Inc |  |  |
| Term Loan, 7.17%, (3 Month USD LIBOR + 3.50%), 03/16/28 (a) | 7201 | 6672 |
| Verscend Holding Corp. |  |  |
| 2021 Term Loan B, 8.07%, (1 Month USD LIBOR + 4.00%), 08/27/25 (a) | 5030 | 4988 |
|  |  | 63382 |
| **Energy 1.9%** | **Energy 1.9%** | **Energy 1.9%** |
| AL NGPL Holdings, LLC |  |  |
| Term Loan B, 7.53%, (3 Month USD LIBOR + 3.75%), 04/16/28 (a) | 2824 | 2784 |
| BCP Renaissance Parent LLC |  |  |
| 2022 Term Loan B3, 7.05%, (3 Month Term SOFR + 3.50%), 10/31/26 (a) | 1050 | 1038 |
| CQP Holdco LP |  |  |
| 2021 Term Loan B, 7.42%, (3 Month USD LIBOR + 3.75%), 05/26/28 (a) | 6669 | 6629 |
| Delek US Holdings, Inc. |  |  |
| 2022 Term Loan B, 0.00%, (1 Month Term SOFR + 3.50%), 11/10/29 (a) (b) | 625 | 600 |
| Esdec Solar Group B.V. |  |  |
| Term Loan B, 8.92%, (3 Month USD LIBOR + 4.75%), 08/23/28 (a) | 253 | 244 |
| Medallion Midland Acquisition, LLC |  |  |
| 2021 Term Loan, 7.42%, (3 Month USD LIBOR + 3.75%), 10/18/28 (a) | 2686 | 2657 |
| Natgasoline LLC |  |  |
| Term Loan B, 7.63%, (1 Month USD LIBOR + 3.50%), 10/31/25 (a) | 2841 | 2756 |
| Pilot Travel Centers LLC |  |  |
| 2021 Term Loan B, 6.19%, (1 Month Term SOFR + 2.00%), 07/29/28 (a) | 997 | 985 |
| Traverse Midstream Partners LLC |  |  |
| 2017 Term Loan, 8.80%, (3 Month Term SOFR + 4.25%), 09/22/24 (a) | 5383 | 5364 |
|  |  | 23057 |
| **Utilities 1.0%** | **Utilities 1.0%** | **Utilities 1.0%** |
| Helix Gen Funding, LLC |  |  |
| Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 03/02/24 (a) | 5328 | 5237 |
| Pacific Gas & Electric Company |  |  |
| 2020 Term Loan, 7.13%, (1 Month USD LIBOR + 3.00%), 06/18/25 (a) | 7529 | 7461 |
|  |  | 12698 |
| **Real Estate 0.1%** | **Real Estate 0.1%** | **Real Estate 0.1%** |
| Cushman & Wakefield U.S. Borrower, LLC |  |  |
| 2020 Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 08/15/25 (a) | 995 | 970 |
| Total Senior Floating Rate Instruments (cost $1,181,803) | Total Senior Floating Rate Instruments (cost $1,181,803) | 1095000 |
| **CORPORATE BONDS AND NOTES 3.6%** | **CORPORATE BONDS AND NOTES 3.6%** | **CORPORATE BONDS AND NOTES 3.6%** |
| **Communication Services 0.9%** | **Communication Services 0.9%** | **Communication Services 0.9%** |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.75%, 04/15/28 (e) | 1614 | 1185 |
| Dish Network Corporation |  |  |
| 11.75%, 11/15/27 (e) | 285 | 293 |
| Frontier Communications Parent, Inc. |  |  |
| 6.75%, 05/01/29 (e) | 1438 | 1189 |
| iHeartCommunications, Inc. |  |  |
| 8.38%, 05/01/27 | 710 | 605 |
| Iliad Holding |  |  |
| 7.00%, 10/15/28 (e) | 2936 | 2663 |
| LCPR Senior Secured Financing Designated Activity Company |  |  |
| 6.75%, 10/15/27 (e) | 1564 | 1469 |
| Liberty Media Corporation |  |  |
| 8.25%, 02/01/30 | 1745 | 784 |
| Stagwell Inc. |  |  |
| 5.63%, 08/15/29 (e) | 1805 | 1488 |
| Telesat Canada |  |  |
| 6.50%, 10/15/27 (e) | 2102 | 618 |
| Terrier Media Buyer, Inc. |  |  |
| 8.88%, 12/15/27 (e) | 1132 | 852 |
|  |  | 11146 |
| **Energy 0.9%** | **Energy 0.9%** | **Energy 0.9%** |
| Antero Midstream Partners LP |  |  |
| 5.75%, 03/01/27 (e) | 2680 | 2532 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

616

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Ascent Resources - Utica, LLC |  |  |
| 7.00%, 11/01/26 (e) | 3760 | 3661 |
| Citgo Petroleum Corporation |  |  |
| 7.00%, 06/15/25 (e) | 85 | 83 |
| 6.38%, 06/15/26 (e) | 15 | 14 |
| Hilcorp Energy I, L.P. |  |  |
| 5.75%, 02/01/29 (e) | 2885 | 2578 |
| New Fortress Energy Inc. |  |  |
| 6.75%, 09/15/25 (e) | 25 | 24 |
| 6.50%, 09/30/26 (e) | 10 | 9 |
| USA Compression Finance Corp. |  |  |
| 6.88%, 09/01/27 | 2060 | 1932 |
| | | 10833 |
| **Financials 0.7%** | **Financials 0.7%** | **Financials 0.7%** |
| Acrisure, LLC |  |  |
| 7.00%, 11/15/25 (e) | 2125 | 1954 |
| Navient Corporation |  |  |
| 6.75%, 06/15/26 | 2270 | 2168 |
| OneMain Finance Corporation |  |  |
| 3.50%, 01/15/27 | 2955 | 2448 |
| VistaJet Malta Finance P.L.C. |  |  |
| 6.38%, 02/01/30 (e) | 2348 | 1886 |
|  |  | 8456 |
| **Industrials 0.5%** | **Industrials 0.5%** | **Industrials 0.5%** |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 6.50%, 10/01/25 (e) | 2577 | 2425 |
| Rolls-Royce PLC |  |  |
| 5.75%, 10/15/27 (e) | 2730 | 2594 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.38%, 04/15/26 (e) | 621 | 578 |
| 4.63%, 04/15/29 (e) | 856 | 747 |
|  |  | 6344 |
| **Consumer Discretionary 0.3%** | **Consumer Discretionary 0.3%** | **Consumer Discretionary 0.3%** |
| NMG Holding Company, Inc. |  |  |
| 7.13%, 04/01/26 (e) | 2445 | 2300 |
| PM General Purchaser LLC |  |  |
| 9.50%, 10/01/28 (e) | 1489 | 1132 |
| Rivian Holdings LLC |  |  |
| 10.54%, (6 Month USD LIBOR + 6.00%), 10/15/26 (a) (e) | 5 | 5 |
|  |  | 3437 |
| **Information Technology 0.2%** | **Information Technology 0.2%** | **Information Technology 0.2%** |
| AMS-Osram AG |  |  |
| 7.00%, 07/31/25 (e) | 2612 | 2457 |
| **Consumer Staples 0.1%** | **Consumer Staples 0.1%** | **Consumer Staples 0.1%** |
| Sigma Holdco B.V. |  |  |
| 7.88%, 05/15/26 (e) | 1062 | 752 |
| Total Corporate Bonds And Notes (cost $49,918) | Total Corporate Bonds And Notes (cost $49,918) | 43425 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| Clear Channel Outdoor Holdings, Inc. (f) | 112 | 118 |
| iHeartMedia, Inc. - Class A (f) | 48 | 293 |
|  |  | 411 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| AFGlobal Corporation (d) (g) | 39 | 20 |
| Freedom Group Inc. (d) (f) | 57 |  |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| Inotiv, Inc. (f) | 3 | 15 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| Vantage Drilling International (f) | 1 | 7 |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| Constellis Holdings, Inc. (d) (f) | 21 | 5 |
| Total Common Stocks (cost $7,579) | Total Common Stocks (cost $7,579) | 458 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| Paragon Offshore Ltd. (d) (f) (h) | 8 |  |
| Total Other Equity Interests (cost $0) | Total Other Equity Interests (cost $0) |  |
| **SHORT TERM INVESTMENTS 8.2%** | **SHORT TERM INVESTMENTS 8.2%** | **SHORT TERM INVESTMENTS 8.2%** |
| **Investment Companies 8.2%** | **Investment Companies 8.2%** | **Investment Companies 8.2%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (i) (j) | 99489 | 99489 |
| Total Short Term Investments (cost $99,489) | Total Short Term Investments (cost $99,489) | 99489 |
| **Total Investments 101.8% (cost $1,338,789)** | **Total Investments 101.8% (cost $1,338,789)** | **1238372** |
| **Other Assets and Liabilities, Net (1.8)%** | **Other Assets and Liabilities, Net (1.8)%** | **(22268)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1216104** |

---

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(b) This senior floating rate interest will settle after December 31, 2022. If a reference rate and spread is presented, it will go into effect upon settlement.

(c) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $35,488 and 2.9% of the Fund.

(f) Non-income producing security.

(g) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(h) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(i) Investment in affiliate.

(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PPM America Floating Rate Income Fund — Restricted Securities** | **JNL/PPM America Floating Rate Income Fund — Restricted Securities** | **JNL/PPM America Floating Rate Income Fund — Restricted Securities** | **JNL/PPM America Floating Rate Income Fund — Restricted Securities** | **JNL/PPM America Floating Rate Income Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| AFGlobal Corporation | 07/13/17 | 2907 | 20 |  |

---

---

| | | |
|:---|:---|:---|
| **JNL/PPM America Floating Rate Income Fund – Unfunded Commitments** |  |  |
|  | **Unfunded Commitment ($)**  | **Unrealized Appreciation/(Depreciation) ($)**  |
| Athenahealth, Inc. - 2022 Delayed Draw Term Loan | 227  | (22) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

617

------

***JNL Series Trust***

December 31, 2022

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/PPM America Floating Rate Income Fund** | **JNL/PPM America Floating Rate Income Fund** | **JNL/PPM America Floating Rate Income Fund** | **JNL/PPM America Floating Rate Income Fund** | **JNL/PPM America Floating Rate Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 1085683 | 9317 | 1095000 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 43425 |  | 43425 |
| &nbsp;&nbsp;Common Stocks | 433 |  | 25 | 458 |
| &nbsp;&nbsp;Other Equity Interests |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 99489 |  |  | 99489 |
|  | 99922 | 1129108 | 9342 | 1238372 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Senior Floating Rate Instruments<sup>1</sup> |  | (22) |  | (22) |
|  |  | (22) |  | (22) |

---

<sup>1</sup> Unfunded commitments are not reflected in total investments in the Schedule of Investments. Net unrealized appreciation (depreciation) is reflected as an asset or liability, if applicable, in the table. See Unfunded Commitments table following Schedule of Investments.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

618

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** |
| **CORPORATE BONDS AND NOTES 89.0%** | **CORPORATE BONDS AND NOTES 89.0%** | **CORPORATE BONDS AND NOTES 89.0%** |
| **Consumer Discretionary 15.8%** | **Consumer Discretionary 15.8%** | **Consumer Discretionary 15.8%** |
| Bath & Body Works, Inc. |  |  |
| 7.50%, 06/15/29 (a) | 4053 | 3997 |
| 6.88%, 11/01/35 | 4284 | 3808 |
| Boyd Gaming Corporation |  |  |
| 4.75%, 06/15/31 (b) | 5886 | 5123 |
| Carnival Corporation |  |  |
| 7.63%, 03/01/26 (a) (b) | 6606 | 5276 |
| 5.75%, 03/01/27 (b) | 8361 | 5966 |
| 9.88%, 08/01/27 (b) | 10143 | 9608 |
| 4.00%, 08/01/28 (b) | 1298 | 1057 |
| CDI Escrow Issuer Inc |  |  |
| 5.75%, 04/01/30 (b) | 4653 | 4195 |
| Clarios Global LP |  |  |
| 8.50%, 05/15/27 (b) | 6927 | 6777 |
| Dana Incorporated |  |  |
| 5.38%, 11/15/27 | 1146 | 1063 |
| 5.63%, 06/15/28 | 2410 | 2192 |
| 4.25%, 09/01/30 | 362 | 292 |
| 4.50%, 02/15/32 | 4760 | 3843 |
| EG Global Finance PLC |  |  |
| 8.50%, 10/30/25 (b) | 4993 | 4677 |
| Eldorado Resorts, Inc. |  |  |
| 8.13%, 07/01/27 (b) | 4609 | 4533 |
| Ford Motor Company |  |  |
| 6.63%, 10/01/28 | 2051 | 2041 |
| 9.63%, 04/22/30 | 2174 | 2462 |
| 5.29%, 12/08/46 | 1388 | 1063 |
| General Motors Company |  |  |
| 5.60%, 10/15/32 | 3846 | 3587 |
| Hawaiian Brand Intellectual Property, Ltd. |  |  |
| 5.75%, 01/20/26 (b) | 9725 | 8799 |
| Hilton Grand Vacations Borrower LLC |  |  |
| 5.00%, 06/01/29 (b) | 1714 | 1488 |
| 4.88%, 07/01/31 (b) | 6513 | 5331 |
| IHOL Verwaltungs GmbH |  |  |
| 6.38%, 05/15/29 (b) (c) | 6567 | 5544 |
| International Game Technology PLC |  |  |
| 4.13%, 04/15/26 (b) | 2200 | 2059 |
| 5.25%, 01/15/29 (b) | 4054 | 3805 |
| Jacobs Entertainment, Inc. |  |  |
| 6.75%, 02/15/29 (b) | 8802 | 8005 |
| Jaguar Land Rover Automotive PLC |  |  |
| 5.63%, 02/01/23 (b) | 2867 | 2856 |
| 7.75%, 10/15/25 (b) | 3835 | 3566 |
| 5.88%, 01/15/28 (b) | 1870 | 1439 |
| 5.50%, 07/15/29 (b) | 6265 | 4461 |
| KB Home |  |  |
| 4.80%, 11/15/29 | 2550 | 2220 |
| 7.25%, 07/15/30 | 2745 | 2666 |
| Macys Retail Holdings |  |  |
| 5.88%, 03/15/30 (b) | 3918 | 3406 |
| 6.13%, 03/15/32 (b) | 5762 | 4843 |
| Magic Mergeco, Inc. |  |  |
| 5.25%, 05/01/28 (b) | 3685 | 2976 |
| Majordrive Holdings IV, LLC |  |  |
| 6.38%, 06/01/29 (b) | 7284 | 5440 |
| MCE Finance Limited |  |  |
| 5.38%, 12/04/29 (b) | 5671 | 4576 |
| Midwest Gaming Borrower, LLC |  |  |
| 4.88%, 05/01/29 (b) | 4766 | 4072 |
| Mileage Plus Holdings, LLC |  |  |
| 6.50%, 06/20/27 (b) | 2674 | 2664 |
| Nemak, S.A.B. de C.V. |  |  |
| 3.63%, 06/28/31 (b) | 3654 | 2826 |
| Newell Brands Inc. |  |  |
| 6.63%, 09/15/29 (a) | 2343 | 2313 |
| Nissan Motor Acceptance Corporation |  |  |
| 2.75%, 03/09/28 (b) | 2770 | 2249 |
| Nissan Motor Co., Ltd. |  |  |
| 4.81%, 09/17/30 (b) | 8035 | 6815 |
| NMG Holding Company, Inc. |  |  |
| 7.13%, 04/01/26 (b) | 8505 | 7999 |
| Nordstrom, Inc. |  |  |
| 4.00%, 03/15/27 (a) | 2110 | 1754 |
| Odeon Finco PLC |  |  |
| 12.75%, 11/01/27 (a) (b) | 2151 | 1884 |
| PetSmart, Inc. |  |  |
| 7.75%, 02/15/29 (b) | 6315 | 5891 |
| PM General Purchaser LLC |  |  |
| 9.50%, 10/01/28 (b) | 5671 | 4312 |
| QVC, Inc. |  |  |
| 5.45%, 08/15/34 | 4211 | 2228 |
| Scientific Games International, Inc. |  |  |
| 7.00%, 05/15/28 (b) | 1000 | 956 |
| Seaworld Entertainment, Inc. |  |  |
| 5.25%, 08/15/29 (a) (b) | 5796 | 5056 |
| Shea Homes Limited Partnership, A California Limited Partnership |  |  |
| 4.75%, 02/15/28 - 04/01/29 | 4575 | 3948 |
| SkyMiles IP Ltd. |  |  |
| 4.75%, 10/20/28 (b) | 1393 | 1312 |
| Staples, Inc. |  |  |
| 7.50%, 04/15/26 (b) | 6447 | 5550 |
| TKC Holdings, Inc. |  |  |
| 6.88%, 05/15/28 (b) | 2405 | 1882 |
| 10.50%, 05/15/29 (a) (b) | 4650 | 2629 |
| Travel + Leisure Co. |  |  |
| 6.00%, 04/01/27 (d) (e) | 158 | 150 |
| 4.50%, 12/01/29 (b) | 3236 | 2638 |
| 4.63%, 03/01/30 (b) | 2913 | 2427 |
| ZF North America Capital, Inc. |  |  |
| 4.75%, 04/29/25 (b) | 2289 | 2156 |
|  |  | 218751 |
| **Communication Services 15.6%** | **Communication Services 15.6%** | **Communication Services 15.6%** |
| Altice Financing S.A. |  |  |
| 5.75%, 08/15/29 (b) | 4205 | 3313 |
| Altice France |  |  |
| 6.00%, 02/15/28 (b) | 1901 | 1122 |
| Altice France Holding S.A. |  |  |
| 5.50%, 01/15/28 - 10/15/29 (b) | 9473 | 7331 |
| 5.13%, 07/15/29 (b) | 2977 | 2227 |
| AMC Entertainment Holdings, Inc. |  |  |
| 10.00%, 06/15/26 (b) (c) (d) | 2099 | 871 |
| 7.50%, 02/15/29 (b) | 5429 | 2953 |
| CCO Holdings, LLC |  |  |
| 5.38%, 06/01/29 (b) | 19166 | 17325 |
| 4.25%, 02/01/31 - 01/15/34 (b) | 8757 | 6783 |
| 4.75%, 02/01/32 (b) | 3273 | 2653 |
| 4.50%, 05/01/32 | 2702 | 2151 |
| Clear Channel International B.V. |  |  |
| 6.63%, 08/01/25 (b) | 1289 | 1230 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.75%, 04/15/28 (a) (b) | 3743 | 2747 |
| 7.50%, 06/01/29 (a) (b) | 7247 | 5271 |
| Connect Finco SARL |  |  |
| 6.75%, 10/01/26 (b) | 3945 | 3675 |
| CSC Holdings, LLC |  |  |
| 5.38%, 02/01/28 (b) | 9614 | 7750 |
| 7.50%, 04/01/28 (b) | 5926 | 4016 |
| 4.13%, 12/01/30 (b) | 1460 | 1031 |
| 4.50%, 11/15/31 (b) | 4410 | 3065 |
| Diamond Sports Group, LLC |  |  |
| 5.38%, 08/15/26 (b) | 2349 | 280 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (b) | 10059 | 9021 |
| DISH DBS Corporation |  |  |
| 7.75%, 07/01/26 | 4726 | 3814 |
| Frontier Communications Holdings, LLC |  |  |
| 8.75%, 05/15/30 (b) | 3315 | 3385 |
| Frontier Communications Parent, Inc. |  |  |
| 5.88%, 10/15/27 (b) | 433 | 403 |
| 5.00%, 05/01/28 (b) | 3082 | 2688 |
| 6.75%, 05/01/29 (b) | 3654 | 3021 |
| Gray Television, Inc. |  |  |
| 5.38%, 11/15/31 (b) | 9030 | 6536 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

619

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Hughes Satellite Systems Corporation |  |  |
| 6.63%, 08/01/26 | 2719 | 2538 |
| iHeartCommunications, Inc. |  |  |
| 6.38%, 05/01/26 | 1288 | 1185 |
| 8.38%, 05/01/27 (a) | 3936 | 3353 |
| 5.25%, 08/15/27 (b) | 2751 | 2329 |
| Iliad Holding |  |  |
| 7.00%, 10/15/28 (b) | 9227 | 8369 |
| LCPR Senior Secured Financing Designated Activity Company |  |  |
| 6.75%, 10/15/27 (b) | 8698 | 8171 |
| 5.13%, 07/15/29 (b) | 6701 | 5573 |
| Level 3 Financing, Inc. |  |  |
| 4.25%, 07/01/28 (b) | 3674 | 2894 |
| 3.63%, 01/15/29 (b) | 3743 | 2738 |
| Liberty Media Corporation |  |  |
| 8.25%, 02/01/30 | 6661 | 2993 |
| Lumen Technologies Inc. |  |  |
| 5.13%, 12/15/26 (a) (b) | 4255 | 3696 |
| 7.60%, 09/15/39 | 903 | 615 |
| News Corporation |  |  |
| 3.88%, 05/15/29 (b) | 3038 | 2632 |
| 5.13%, 02/15/32 (b) | 1032 | 938 |
| Radiate HoldCo, LLC |  |  |
| 6.50%, 09/15/28 (b) | 11072 | 4640 |
| Sirius XM Radio Inc. |  |  |
| 4.13%, 07/01/30 (b) | 4209 | 3477 |
| 3.88%, 09/01/31 (b) | 7126 | 5631 |
| Sprint Capital Corporation |  |  |
| 6.88%, 11/15/28 | 1622 | 1687 |
| Sprint Corporation |  |  |
| 7.13%, 06/15/24 | 14000 | 14284 |
| Stagwell Inc. |  |  |
| 5.63%, 08/15/29 (b) | 10981 | 9053 |
| Telecom Italia SPA |  |  |
| 5.30%, 05/30/24 (b) | 308 | 292 |
| Telenet Finance Luxembourg Notes S.A R.L. |  |  |
| 5.50%, 03/01/28 (b) | 4000 | 3520 |
| Telesat Canada |  |  |
| 5.63%, 12/06/26 (b) | 5387 | 2518 |
| 6.50%, 10/15/27 (b) | 6349 | 1865 |
| Terrier Media Buyer, Inc. |  |  |
| 8.88%, 12/15/27 (b) | 3880 | 2919 |
| T-Mobile USA, Inc. |  |  |
| 3.38%, 04/15/29 | 4669 | 4114 |
| Virgin Media Secured Finance PLC |  |  |
| 4.50%, 08/15/30 (b) | 6525 | 5453 |
| VMED O2 UK Financing I PLC |  |  |
| 4.75%, 07/15/31 (b) | 6013 | 4896 |
| | | 217035 |
| **Energy 15.0%** | **Energy 15.0%** | **Energy 15.0%** |
| Antero Midstream Partners LP |  |  |
| 5.75%, 03/01/27 (b) | 3459 | 3268 |
| 5.38%, 06/15/29 (b) | 6617 | 6053 |
| Ascent Resources - Utica, LLC |  |  |
| 7.00%, 11/01/26 (b) | 9712 | 9455 |
| Bip-V Chinook |  |  |
| 5.50%, 06/15/31 (b) | 9441 | 8272 |
| Blue Racer Midstream, LLC |  |  |
| 7.63%, 12/15/25 (b) | 2705 | 2691 |
| 6.63%, 07/15/26 (b) | 1772 | 1713 |
| Buckeye Partners, L.P. |  |  |
| 5.85%, 11/15/43 | 2681 | 1997 |
| 5.60%, 10/15/44 | 1477 | 1071 |
| Callon Petroleum Company |  |  |
| 6.38%, 07/01/26 (a) | 8134 | 7651 |
| 7.50%, 06/15/30 (b) | 739 | 678 |
| Citgo Petroleum Corporation |  |  |
| 7.00%, 06/15/25 (b) | 4570 | 4467 |
| Colgate Energy Partners III, LLC |  |  |
| 5.88%, 07/01/29 (b) | 5236 | 4508 |
| DT Midstream, Inc. |  |  |
| 4.38%, 06/15/31 (b) | 982 | 821 |
| Earthstone Energy Holdings, LLC |  |  |
| 8.00%, 04/15/27 (b) | 4539 | 4328 |
| Enerflex Ltd. |  |  |
| 9.00%, 10/15/27 (b) | 4955 | 4943 |
| Energean Israel Finance Ltd |  |  |
| 4.88%, 03/30/26 (f) | 11031 | 10217 |
| Energy Transfer LP |  |  |
| 6.50%, (100, 08/15/26) (g) | 1017 | 883 |
| 6.75%, (100, 05/15/25) (g) | 3033 | 2624 |
| 7.13%, (100, 05/15/30) (g) | 2228 | 1861 |
| 5.55%, 02/15/28 | 2535 | 2512 |
| EQM Midstream Partners, LP |  |  |
| 4.13%, 12/01/26 | 4823 | 4285 |
| 7.50%, 06/01/27 (b) | 2337 | 2290 |
| 4.50%, 01/15/29 (b) | 7249 | 6133 |
| 4.75%, 01/15/31 (b) | 2846 | 2345 |
| Hilcorp Energy I, L.P. |  |  |
| 6.25%, 11/01/28 - 04/15/32 (b) | 9208 | 8234 |
| 5.75%, 02/01/29 (b) | 1909 | 1706 |
| 6.00%, 04/15/30 (b) | 2179 | 1950 |
| Husky Energy Inc. |  |  |
| 13.00%, 02/15/25 (b) (c) | 10219 | 9050 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/29 (b) | 8823 | 7445 |
| Kinetik Holdings LP |  |  |
| 5.88%, 06/15/30 (b) | 3680 | 3449 |
| Murphy Oil Corporation |  |  |
| 5.88%, 12/01/27 | 3654 | 3516 |
| Nabors Industries Ltd |  |  |
| 7.50%, 01/15/28 (b) | 3011 | 2744 |
| Nabors Industries, Inc. |  |  |
| 7.38%, 05/15/27 (b) | 4629 | 4536 |
| NuStar Logistics, L.P. |  |  |
| 6.00%, 06/01/26 | 2296 | 2218 |
| 5.63%, 04/28/27 | 4458 | 4191 |
| 6.38%, 10/01/30 | 4749 | 4406 |
| Occidental Petroleum Corporation |  |  |
| 6.95%, 07/01/24 | 3166 | 3217 |
| 8.88%, 07/15/30 | 2690 | 3038 |
| 6.45%, 09/15/36 | 1648 | 1681 |
| 7.95%, 06/15/39 | 1858 | 2027 |
| 6.60%, 03/15/46 | 715 | 736 |
| ONEOK, Inc. |  |  |
| 6.10%, 11/15/32 | 1204 | 1208 |
| PDV America, Inc. |  |  |
| 9.25%, 08/01/24 (b) | 4705 | 4719 |
| Shelf Drilling Management Services DMCC |  |  |
| 8.88%, 11/15/24 (b) | 5117 | 5014 |
| Southwestern Energy Company |  |  |
| 7.75%, 10/01/27 (a) | 3076 | 3176 |
| 8.38%, 09/15/28 | 3143 | 3255 |
| 5.38%, 03/15/30 | 5580 | 5075 |
| 4.75%, 02/01/32 | 5964 | 5092 |
| Tap Rock Resources, LLC |  |  |
| 7.00%, 10/01/26 (b) | 3659 | 3405 |
| Targa Resources Partners LP |  |  |
| 5.50%, 03/01/30 | 1539 | 1450 |
| 4.88%, 02/01/31 | 2550 | 2304 |
| Transocean Inc |  |  |
| 8.00%, 02/01/27 (b) | 4055 | 3304 |
| Transocean Proteus Limited |  |  |
| 6.25%, 12/01/24 (b) | 3452 | 3418 |
| USA Compression Finance Corp. |  |  |
| 6.88%, 04/01/26 - 09/01/27 | 3713 | 3502 |
| Var Energi ASA |  |  |
| 8.00%, 11/15/32 (b) | 3460 | 3567 |
|  |  | 207699 |
| **Financials 11.3%** | **Financials 11.3%** | **Financials 11.3%** |
| Acrisure, LLC |  |  |
| 7.00%, 11/15/25 (b) | 5240 | 4819 |
| Advisor Group Holdings, Inc. |  |  |
| 10.75%, 08/01/27 (b) | 5718 | 5832 |
| AG TTMT Escrow Issuer LLC |  |  |
| 8.63%, 09/30/27 (b) | 1535 | 1549 |
| Barclays PLC |  |  |
| 8.00%, (100, 03/15/29) (g) (h) | 3740 | 3518 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

620

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Citigroup Inc. |  |  |
| 5.00%, (100, 09/12/24) (g) | 5806 | 5179 |
| Corebridge Financial, Inc. |  |  |
| 6.88%, 12/15/52 (b) | 3720 | 3463 |
| Credit Suisse Group AG |  |  |
| 6.25%, (100, 12/18/24) (b) (g) | 10490 | 8209 |
| 6.44%, 08/11/28 (b) (h) | 3750 | 3441 |
| Dana Financing Luxembourg S.a r.l. |  |  |
| 5.75%, 04/15/25 (b) | 315 | 311 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 4.88%, 12/01/32 | 14900 | 12441 |
| EG Global Finance PLC |  |  |
| 6.75%, 02/07/25 (b) | 6009 | 5198 |
| Ford Motor Credit Company LLC |  |  |
| 4.06%, 11/01/24 | 2333 | 2248 |
| 5.13%, 06/16/25 | 2122 | 2046 |
| 4.27%, 01/09/27 | 5000 | 4525 |
| 4.95%, 05/28/27 | 650 | 607 |
| 4.13%, 08/17/27 | 1930 | 1725 |
| 3.82%, 11/02/27 | 1023 | 898 |
| 7.35%, 11/04/27 | 1646 | 1687 |
| Freedom Mortgage Corporation |  |  |
| 7.63%, 05/01/26 (b) | 4406 | 3704 |
| HUB International Limited |  |  |
| 7.00%, 05/01/26 (b) | 4541 | 4458 |
| Icahn Enterprises L.P. |  |  |
| 6.25%, 05/15/26 | 11419 | 11048 |
| 5.25%, 05/15/27 | 4778 | 4381 |
| Intelligent Packaging Holdco Issuer Ltd Partnership |  |  |
| 9.00%, 01/15/26 (b) (c) | 1263 | 877 |
| Markel Corporation |  |  |
| 6.00%, (100, 06/01/25) (g) | 4653 | 4502 |
| Navient Corporation |  |  |
| 6.13%, 03/25/24 | 5433 | 5347 |
| 6.75%, 06/15/26 | 1745 | 1667 |
| 4.88%, 03/15/28 | 2850 | 2339 |
| 5.63%, 08/01/33 | 1868 | 1343 |
| NFP Corp. |  |  |
| 6.88%, 08/15/28 (b) | 3899 | 3228 |
| 7.50%, 10/01/30 (b) | 2488 | 2339 |
| OneMain Finance Corporation |  |  |
| 6.13%, 03/15/24 | 1580 | 1528 |
| 3.50%, 01/15/27 | 5761 | 4773 |
| 5.38%, 11/15/29 | 2550 | 2089 |
| PennyMac Financial Services, Inc. |  |  |
| 5.75%, 09/15/31 (b) | 9451 | 7656 |
| Rocket Mortgage, LLC |  |  |
| 4.00%, 10/15/33 (b) | 1500 | 1122 |
| Stena International S.A R.L. |  |  |
| 6.13%, 02/01/25 (b) | 7457 | 6940 |
| The Toronto-Dominion Bank |  |  |
| 8.13%, 10/31/82 (h) | 3217 | 3322 |
| Transocean Poseidon Limited |  |  |
| 6.88%, 02/01/27 (b) | 3601 | 3508 |
| UBS Group AG |  |  |
| 4.88%, (100, 02/12/27) (b) (g) | 5602 | 4744 |
| VistaJet Malta Finance P.L.C. |  |  |
| 7.88%, 05/01/27 (b) | 2385 | 2158 |
| 6.38%, 02/01/30 (b) | 5623 | 4517 |
| VMED O2 UK Financing I PLC |  |  |
| 4.25%, 01/31/31 (b) | 2475 | 2005 |
| Washington Mutual Bank, FA |  |  |
| 0.00%, 06/15/11 (i) (j) | 1500 |  |
| | | 157291 |
| **Industrials 9.9%** | **Industrials 9.9%** | **Industrials 9.9%** |
| Ardagh Packaging Finance Public Limited Company |  |  |
| 4.13%, 08/15/26 (b) | 9515 | 8248 |
| Bombardier Inc. |  |  |
| 7.50%, 03/15/25 (b) | 1669 | 1657 |
| 7.13%, 06/15/26 (b) | 5514 | 5405 |
| Builders FirstSource, Inc. |  |  |
| 4.25%, 02/01/32 (b) | 16964 | 13811 |
| Chart Industries, Inc. |  |  |
| 7.50%, 01/01/30 (b) | 1767 | 1774 |
| 9.50%, 01/01/31 (b) | 1472 | 1510 |
| Clydesdale Acquisition Holdings Inc |  |  |
| 6.63%, 04/15/29 (b) | 2813 | 2696 |
| 8.75%, 04/15/30 (b) | 6655 | 5838 |
| Delta Air Lines, Inc. |  |  |
| 7.00%, 05/01/25 (b) | 3296 | 3368 |
| Fortress Transportation And Infrastructure Investors LLC |  |  |
| 6.50%, 10/01/25 (b) | 10808 | 10169 |
| 9.75%, 08/01/27 (b) | 1000 | 1003 |
| 5.50%, 05/01/28 (b) | 3272 | 2789 |
| Graham Packaging Company Europe LLC |  |  |
| 7.13%, 08/15/28 (b) | 4798 | 4011 |
| Imola Merger Corporation |  |  |
| 4.75%, 05/15/29 (b) | 3174 | 2750 |
| Intelligent Packaging Limited Purchaser Inc. |  |  |
| 6.00%, 09/15/28 (b) | 5136 | 4147 |
| Masonite International Corporation |  |  |
| 5.38%, 02/01/28 (b) | 1599 | 1481 |
| NAC Aviation 29 Designated Activity Company |  |  |
| 4.75%, 06/30/26 | 3904 | 3133 |
| Pitney Bowes Inc. |  |  |
| 6.88%, 03/15/27 (b) | 7269 | 6221 |
| Rolls-Royce PLC |  |  |
| 5.75%, 10/15/27 (b) | 7560 | 7184 |
| Sensata Technologies B.V. |  |  |
| 4.00%, 04/15/29 (b) | 4145 | 3575 |
| Summit Materials, LLC |  |  |
| 5.25%, 01/15/29 (b) | 3952 | 3682 |
| Terex Corporation |  |  |
| 5.00%, 05/15/29 (b) | 4442 | 3991 |
| TransDigm Inc. |  |  |
| 8.00%, 12/15/25 (b) | 1157 | 1172 |
| 6.25%, 03/15/26 (b) | 9550 | 9438 |
| Transdigm UK Holdings PLC |  |  |
| 6.88%, 05/15/26 | 1888 | 1850 |
| Triumph Group, Inc. |  |  |
| 8.88%, 06/01/24 (b) | 1451 | 1478 |
| Uber Technologies, Inc. |  |  |
| 7.50%, 05/15/25 - 09/15/27 (b) | 7690 | 7696 |
| 4.50%, 08/15/29 (b) | 1620 | 1412 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.38%, 04/15/26 (b) | 1269 | 1182 |
| 4.63%, 04/15/29 (b) | 10937 | 9545 |
| Watco Companies, L.L.C. |  |  |
| 6.50%, 06/15/27 (b) | 5192 | 4925 |
|  |  | 137141 |
| **Consumer Staples 6.0%** | **Consumer Staples 6.0%** | **Consumer Staples 6.0%** |
| Albion Financing 2 S.a r.l. |  |  |
| 8.75%, 04/15/27 (b) | 6710 | 5692 |
| Ashtead Capital, Inc. |  |  |
| 5.50%, 08/11/32 (b) | 3750 | 3594 |
| Hertz Vehicle Financing II LP |  |  |
| 5.00%, 12/01/29 (b) | 2318 | 1758 |
| Kraft Heinz Foods Company |  |  |
| 4.63%, 10/01/39 | 6239 | 5477 |
| 4.88%, 10/01/49 | 4546 | 3967 |
| Marb Bondco PLC |  |  |
| 3.95%, 01/29/31 (b) | 8804 | 6798 |
| Matterhorn Merger Sub, LLC |  |  |
| 8.50%, 06/01/26 (b) | 7606 | 4364 |
| MPH Acquisition Holdings LLC |  |  |
| 5.50%, 09/01/28 (b) | 5659 | 4416 |
| Muzinich U.S. High Yield Corporate Bond Fund |  |  |
| 9.75%, 08/15/26 (b) | 2994 | 2933 |
| Neptune BidCo US Inc. |  |  |
| 9.29%, 04/15/29 (b) | 4944 | 4658 |
| Pilgrim's Pride Corporation |  |  |
| 5.88%, 09/30/27 (b) | 3734 | 3659 |
| 4.25%, 04/15/31 (b) | 12586 | 10713 |
| 3.50%, 03/01/32 (b) | 1554 | 1215 |
| Prime Security Services Borrower, LLC |  |  |
| 5.75%, 04/15/26 (b) | 3289 | 3169 |
| 6.25%, 01/15/28 (b) | 5179 | 4729 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

621

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Safeway Inc. |  |  |
| 5.88%, 02/15/28 (b) | 3519 | 3348 |
| 3.50%, 03/15/29 (b) | 4054 | 3399 |
| Sigma Holdco B.V. |  |  |
| 7.88%, 05/15/26 (a) (b) | 4961 | 3512 |
| United Natural Foods, Inc. |  |  |
| 6.75%, 10/15/28 (b) | 6099 | 5866 |
| | | 83267 |
| **Health Care 6.0%** | **Health Care 6.0%** | **Health Care 6.0%** |
| Bausch Health Companies Inc. |  |  |
| 6.13%, 02/01/27 (b) | 3621 | 2491 |
| Centene Corporation |  |  |
| 2.50%, 03/01/31 | 1963 | 1538 |
| Community Health Systems, Inc. |  |  |
| 4.75%, 02/15/31 (b) | 5271 | 3836 |
| DaVita Inc. |  |  |
| 3.75%, 02/15/31 (b) | 10820 | 8070 |
| HCA Inc. |  |  |
| 5.38%, 02/01/25 | 3341 | 3337 |
| IQVIA Inc. |  |  |
| 5.00%, 05/15/27 (b) | 3764 | 3592 |
| Legacy Lifepoint Health, LLC |  |  |
| 6.75%, 04/15/25 (b) | 4586 | 4314 |
| 4.38%, 02/15/27 (b) | 976 | 826 |
| 5.38%, 01/15/29 (b) | 3425 | 1939 |
| Molina Healthcare, Inc. |  |  |
| 3.88%, 05/15/32 (b) | 2525 | 2099 |
| Mozart Debt Merger Sub Inc. |  |  |
| 3.88%, 04/01/29 (b) | 3714 | 2993 |
| 5.25%, 10/01/29 (a) (b) | 5684 | 4518 |
| Organon & Co. |  |  |
| 5.13%, 04/30/31 (b) | 6530 | 5656 |
| Owens & Minor, Inc. |  |  |
| 6.63%, 04/01/30 (b) | 7769 | 6680 |
| Perrigo Finance Unlimited Company |  |  |
| 4.40%, 06/15/30 (d) (e) | 4024 | 3433 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/30 | 4575 | 3580 |
| Tenet Healthcare Corporation |  |  |
| 4.88%, 01/01/26 (b) | 6241 | 5946 |
| 5.13%, 11/01/27 (b) | 1110 | 1036 |
| 6.13%, 10/01/28 (b) | 6426 | 5766 |
| 4.25%, 06/01/29 (b) | 4202 | 3638 |
| 4.38%, 01/15/30 (b) | 2480 | 2149 |
| 6.13%, 06/15/30 (b) | 5407 | 5150 |
|  |  | 82587 |
| **Information Technology 4.1%** | **Information Technology 4.1%** | **Information Technology 4.1%** |
| AMS-Osram AG |  |  |
| 7.00%, 07/31/25 (a) (b) | 14592 | 13725 |
| Booz Allen Hamilton Inc. |  |  |
| 4.00%, 07/01/29 (b) | 1197 | 1061 |
| Boxer Parent Company Inc. |  |  |
| 7.13%, 10/02/25 (b) | 1580 | 1550 |
| Commscope Finance LLC |  |  |
| 6.00%, 03/01/26 (b) | 3511 | 3240 |
| Entegris Escrow Corporation |  |  |
| 4.75%, 04/15/29 (b) | 3088 | 2824 |
| 5.95%, 06/15/30 (b) | 6521 | 6016 |
| Entegris, Inc. |  |  |
| 4.38%, 04/15/28 (b) | 1965 | 1736 |
| Flex Ltd. |  |  |
| 6.00%, 01/15/28 | 1972 | 1971 |
| Logan Merger Sub, Inc. |  |  |
| 5.50%, 09/01/27 (b) | 6282 | 3391 |
| NCR Corporation |  |  |
| 5.75%, 09/01/27 (b) | 3590 | 3441 |
| Open Text Corporation |  |  |
| 3.88%, 02/15/28 (b) | 3265 | 2802 |
| 3.88%, 12/01/29 (b) | 4881 | 3929 |
| 4.13%, 02/15/30 (b) | 4683 | 3810 |
| Seagate HDD Cayman |  |  |
| 5.75%, 12/01/34 | 805 | 689 |
| ViaSat, Inc. |  |  |
| 5.63%, 09/15/25 (b) | 5106 | 4766 |
| 6.50%, 07/15/28 (b) | 1591 | 1219 |
|  |  | 56170 |
| **Materials 2.8%** | **Materials 2.8%** | **Materials 2.8%** |
| Braskem Idesa, S.A.P.I. |  |  |
| 6.99%, 02/20/32 (b) | 2654 | 1897 |
| First Quantum Minerals Ltd |  |  |
| 7.50%, 04/01/25 (b) | 1850 | 1809 |
| 6.88%, 10/15/27 (b) | 9059 | 8456 |
| FMG Resources (August 2006) Pty Ltd |  |  |
| 6.13%, 04/15/32 (b) | 5205 | 4855 |
| Freeport-McMoRan Inc. |  |  |
| 5.00%, 09/01/27 | 4600 | 4475 |
| LSF11 A5 Holdco LLC |  |  |
| 6.63%, 10/15/29 (b) | 5510 | 4468 |
| Olin Corporation |  |  |
| 5.63%, 08/01/29 | 5295 | 5021 |
| Pearl Merger Sub Inc. |  |  |
| 6.75%, 10/01/28 (b) | 4419 | 3834 |
| Trinseo Materials Operating S.C.A. |  |  |
| 5.13%, 04/01/29 (b) | 5105 | 3310 |
| Yara International ASA |  |  |
| 7.38%, 11/14/32 (b) | 1277 | 1334 |
|  |  | 39459 |
| **Utilities 1.9%** | **Utilities 1.9%** | **Utilities 1.9%** |
| Calpine Corporation |  |  |
| 4.50%, 02/15/28 (b) | 2667 | 2384 |
| 5.13%, 03/15/28 (b) | 4635 | 4149 |
| 3.75%, 03/01/31 (b) | 4318 | 3491 |
| Pacific Gas And Electric Company |  |  |
| 3.25%, 06/01/31 | 4480 | 3642 |
| 5.90%, 06/15/32 | 4405 | 4302 |
| TransAlta Corporation |  |  |
| 7.75%, 11/15/29 | 976 | 1000 |
| Vistra Operations Company LLC |  |  |
| 5.50%, 09/01/26 (b) | 1550 | 1495 |
| 5.00%, 07/31/27 (b) | 2859 | 2661 |
| 4.38%, 05/01/29 (b) | 3222 | 2780 |
| 4.30%, 07/15/29 (b) | 1033 | 930 |
|  |  | 26834 |
| **Real Estate 0.6%** | **Real Estate 0.6%** | **Real Estate 0.6%** |
| Cushman & Wakefield U.S. Borrower, LLC |  |  |
| 6.75%, 05/15/28 (b) | 3043 | 2911 |
| Service Properties Trust |  |  |
| 5.25%, 02/15/26 | 6385 | 5339 |
|  |  | 8250 |
| Total Corporate Bonds And Notes (cost $1,386,495) | Total Corporate Bonds And Notes (cost $1,386,495) | 1234484 |
| **SENIOR FLOATING RATE INSTRUMENTS 4.3%** | **SENIOR FLOATING RATE INSTRUMENTS 4.3%** | **SENIOR FLOATING RATE INSTRUMENTS 4.3%** |
| **Consumer Discretionary 1.5%** | **Consumer Discretionary 1.5%** | **Consumer Discretionary 1.5%** |
| 888 Acquisitions Limited |  |  |
| USD Term Loan B, 8.28%, (3 Month Term SOFR + 5.25%), 07/18/28 (k) | 4000 | 3543 |
| Great Canadian Gaming Corporation |  |  |
| 2021 Term Loan, 8.75%, (3 Month USD LIBOR + 4.00%), 11/01/26 (k) | 4774 | 4677 |
| Great Outdoors Group, LLC |  |  |
| 2021 Term Loan B1, 7.82%, (1 Month USD LIBOR + 3.75%), 02/26/28 (k) | 7333 | 7030 |
| Groupe Solmax Inc. |  |  |
| Term Loan, 8.39%, (3 Month USD LIBOR + 4.75%), 12/30/24 (k) | 3516 | 2900 |
| Michaels Companies, Inc. |  |  |
| 2021 Term Loan B, 7.92%, (3 Month USD LIBOR + 4.25%), 04/08/28 (k) | 3916 | 3370 |
|  |  | 21520 |
| **Communication Services 1.5%** | **Communication Services 1.5%** | **Communication Services 1.5%** |
| Allen Media, LLC |  |  |
| 2021 Term Loan B, 9.20%, (3 Month USD LIBOR + 5.50%), 02/10/27 (c) (k) | 5032 | 4104 |
| GOGO Intermediate Holdings LLC |  |  |
| Term Loan B, 8.16%, (3 Month USD LIBOR + 3.75%), 04/21/28 (k) | 4522 | 4477 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

622

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Intelsat Jackson Holdings S.A. |  |  |
| 2021 Exit Term Loan B, 7.44%, (SOFR + 4.50%), 01/25/29 (k) | 4278 | 4122 |
| Securus Technologies Holdings, Inc. |  |  |
| 2017 1st Lien Term Loan, 8.17%, (3 Month USD LIBOR + 4.50%), 06/20/24 (k) | 4972 | 3700 |
| Stars Group Holdings B.V. (The) |  |  |
| 2022 USD Term Loan B, 7.04%, (3 Month Term SOFR + 3.25%), 07/04/28 (k) | 3851 | 3829 |
| | | 20232 |
| **Information Technology 0.8%** | **Information Technology 0.8%** | **Information Technology 0.8%** |
| CoreLogic, Inc. |  |  |
| Term Loan, 7.63%, (1 Month USD LIBOR + 3.50%), 04/14/28 (k) | 2732 | 2271 |
| Cornerstone OnDemand, Inc. |  |  |
| 2021 Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 09/08/26 (k) | 2192 | 1951 |
| Peraton Corp. |  |  |
| Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 02/22/28 (k) | 4453 | 4341 |
| Verifone Systems, Inc. |  |  |
| 2018 1st Lien Term Loan, 8.36%, (3 Month USD LIBOR + 4.00%), 08/09/25 (k) | 2504 | 2291 |
|  |  | 10854 |
| **Health Care 0.4%** | **Health Care 0.4%** | **Health Care 0.4%** |
| Advisor Group, Inc. |  |  |
| 2021 Term Loan, 8.57%, (1 Month USD LIBOR + 4.50%), 07/31/26 (k) | 2827 | 2760 |
| Lonza Group AG |  |  |
| USD Term Loan B, 7.67%, (3 Month USD LIBOR + 4.00%), 04/29/28 (k) | 2507 | 2290 |
|  |  | 5050 |
| **Materials 0.1%** | **Materials 0.1%** | **Materials 0.1%** |
| PMHC II, Inc. |  |  |
| 2022 Term Loan B, 8.49%, (3 Month Term SOFR + 4.25%), 02/03/29 (k) | 2394 | 2017 |
| Total Senior Floating Rate Instruments (cost $64,321) | Total Senior Floating Rate Instruments (cost $64,321) | 59673 |
| **INVESTMENT COMPANIES 0.8%** | **INVESTMENT COMPANIES 0.8%** | **INVESTMENT COMPANIES 0.8%** |
| iShares Broad USD High Yield Corporate Bond ETF (a) | 325 | 11222 |
| Total Investment Companies (cost $13,361) | Total Investment Companies (cost $13,361) | 11222 |
| **COMMON STOCKS 0.4%** | **COMMON STOCKS 0.4%** | **COMMON STOCKS 0.4%** |
| **Energy 0.2%** | **Energy 0.2%** | **Energy 0.2%** |
| MPLX LP | 87 | 2864 |
| Prairie Provident Resources Inc. (i) | 224 | 19 |
| Vantage Drilling International (i) | 2 | 29 |
|  |  | 2912 |
| **Communication Services 0.1%** | **Communication Services 0.1%** | **Communication Services 0.1%** |
| Clear Channel Outdoor Holdings, Inc. (i) | 335 | 352 |
| Dish Network Corporation - Class A (i) | 11 | 157 |
| iHeartMedia, Inc. - Class A (i) | 141 | 863 |
|  |  | 1372 |
| **Financials 0.1%** | **Financials 0.1%** | **Financials 0.1%** |
| Nordic Aviation Capital Designated Activity Company (i) (l) | 69 | 1240 |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| WestRock Company |  | 3 |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| New Cotai LLC (i) (l) |  |  |
| Total Common Stocks (cost $9,999) | Total Common Stocks (cost $9,999) | 5527 |
| **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** | **OTHER EQUITY INTERESTS 0.0%** |
| Quicksilver Resources Inc. (i) (l) (m) | 56599 |  |
| White Star Petroleum, LLC (i) (l) (m) | 5000 |  |
| Total Other Equity Interests (cost $0) | Total Other Equity Interests (cost $0) |  |
| **SHORT TERM INVESTMENTS 5.3%** | **SHORT TERM INVESTMENTS 5.3%** | **SHORT TERM INVESTMENTS 5.3%** |
| **Investment Companies 2.0%** | **Investment Companies 2.0%** | **Investment Companies 2.0%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (n) (o) | 27807 | 27807 |
| **U.S. Treasury Bill 1.8%** | **U.S. Treasury Bill 1.8%** | **U.S. Treasury Bill 1.8%** |
| Treasury, United States Department of |  |  |
| 3.73%, 03/16/23 | 14770 | 14647 |
| 4.44%, 03/28/23 | 11000 | 10892 |
|  |  | 25539 |
| **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** | **Securities Lending Collateral 1.5%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (n) (o) | 20460 | 20460 |
| Total Short Term Investments (cost $73,810) | Total Short Term Investments (cost $73,810) | 73806 |
| **Total Investments 99.8% (cost $1,547,986)** | **Total Investments 99.8% (cost $1,547,986)** | **1384712** |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **2840** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1387552** |

---

(a) All or a portion of the security was on loan as of December 31, 2022.

(b) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $944,963 and 68.1% of the Fund.

(c) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(d) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(e) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(f) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(g) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(h) Convertible security.

(i) Non-income producing security.

(j) As of December 31, 2022, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(k) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(l) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(m) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(n) Investment in affiliate.

(o) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 74.5% |
| **United Kingdom** | 5.3 |
| **Canada** | 4.8 |
| **Switzerland** | 2.0 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

623

------

***JNL Series Trust***

December 31, 2022

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **Netherlands** | 1.8 |
| **Panama** | 1.7 |
| **Luxembourg** | 1.5 |
| **Germany** | 1.5 |
| **Ireland** | 1.4 |
| **France** | 1.4 |
| **Austria** | 1.0 |
| **Israel** | 0.8 |
| **Japan** | 0.5 |
| **Norway** | 0.4 |
| **Australia** | 0.4 |
| **Mexico** | 0.4 |
| **Belgium** | 0.3 |
| **Bermuda** | 0.2 |
| **Singapore** | 0.1 |
| **Italy** |  |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PPM America High Yield Bond Fund — Restricted Securities** | **JNL/PPM America High Yield Bond Fund — Restricted Securities** | **JNL/PPM America High Yield Bond Fund — Restricted Securities** | **JNL/PPM America High Yield Bond Fund — Restricted Securities** | **JNL/PPM America High Yield Bond Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Energean Israel Finance Ltd, 4.88%, 03/30/26 | 03/09/21 | 10824 | 10217 | 0.7 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 1234484 |  | 1234484 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 59673 |  | 59673 |
| &nbsp;&nbsp;Investment Companies | 11222 |  |  | 11222 |
| &nbsp;&nbsp;Common Stocks | 4287 |  | 1240 | 5527 |
| &nbsp;&nbsp;Other Equity Interests |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 48267 | 25539 |  | 73806 |
|  | 63776 | 1319696 | 1240 | 1384712 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

624

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***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** |
| **CORPORATE BONDS AND NOTES 42.0%** | **CORPORATE BONDS AND NOTES 42.0%** | **CORPORATE BONDS AND NOTES 42.0%** |
| **Financials 15.5%** | **Financials 15.5%** | **Financials 15.5%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 2.45%, 10/29/26 | 4281 | 3744 |
| 3.00%, 10/29/28 | 5315 | 4461 |
| 3.30%, 01/30/32 | 472 | 369 |
| Ares Finance Co. IV LLC |  |  |
| 3.65%, 02/01/52 (a) | 2098 | 1284 |
| Bank of America Corporation |  |  |
| 3.56%, 04/23/27 | 6853 | 6421 |
| 1.73%, 07/22/27 | 2317 | 2031 |
| 4.95%, 07/22/28 | 2230 | 2179 |
| 6.20%, 11/10/28 | 1224 | 1264 |
| 4.27%, 07/23/29 | 7815 | 7298 |
| 2.59%, 04/29/31 | 3240 | 2643 |
| 2.68%, 06/19/41 | 2180 | 1472 |
| Barclays PLC |  |  |
| 3.56%, 09/23/35 (b) | 4531 | 3451 |
| Berkshire Hathaway Finance Corporation |  |  |
| 2.85%, 10/15/50 | 2390 | 1608 |
| BlackRock, Inc. |  |  |
| 2.10%, 02/25/32 | 5175 | 4165 |
| Blackstone Holdings Finance Co. L.L.C. |  |  |
| 2.00%, 01/30/32 (a) | 2025 | 1490 |
| 6.20%, 04/22/33 (a) | 4924 | 4964 |
| Blackstone Private Credit Fund |  |  |
| 1.75%, 09/15/24 | 248 | 228 |
| 3.25%, 03/15/27 | 4412 | 3718 |
| Blackstone Secured Lending Fund |  |  |
| 2.85%, 09/30/28 | 3545 | 2767 |
| BNP Paribas |  |  |
| 2.59%, 08/12/35 (a) (b) | 2465 | 1807 |
| Citigroup Inc. |  |  |
| 5.00%, (100, 09/12/24) (c) | 2547 | 2272 |
| 3.52%, 10/27/28 | 2778 | 2533 |
| 2.67%, 01/29/31 | 4188 | 3435 |
| 2.57%, 06/03/31 | 1752 | 1407 |
| 6.27%, 11/17/33 | 2650 | 2735 |
| CNO Global Funding |  |  |
| 2.65%, 01/06/29 (a) | 2110 | 1788 |
| Credit Suisse AG |  |  |
| 4.75%, 08/09/24 | 2059 | 1967 |
| 5.00%, 07/09/27 | 4710 | 4293 |
| Credit Suisse Group AG |  |  |
| 5.25%, (100, 02/11/27) (a) (c) | 3626 | 2381 |
| 6.50%, 08/08/23 (a) (b) | 2150 | 2075 |
| 9.02%, 11/15/33 (a) (b) | 1979 | 2033 |
| Deutsche Bank Aktiengesellschaft |  |  |
| 3.73%, 01/14/32 (b) | 3344 | 2451 |
| F&G Global Funding |  |  |
| 2.00%, 09/20/28 (a) | 4025 | 3335 |
| Fifth Third Bancorp |  |  |
| 6.36%, 10/27/28 | 3749 | 3860 |
| Ford Motor Credit Company LLC |  |  |
| 5.13%, 06/16/25 | 1845 | 1779 |
| 4.39%, 01/08/26 | 350 | 326 |
| 4.13%, 08/17/27 | 382 | 341 |
| 3.82%, 11/02/27 | 4056 | 3559 |
| 7.35%, 11/04/27 | 4940 | 5062 |
| FS KKR Capital Corp. |  |  |
| 3.40%, 01/15/26 | 3597 | 3194 |
| 3.13%, 10/12/28 | 2420 | 1957 |
| Icahn Enterprises L.P. |  |  |
| 4.75%, 09/15/24 | 504 | 487 |
| Intercontinental Exchange, Inc. |  |  |
| 2.10%, 06/15/30 | 1160 | 947 |
| 4.95%, 06/15/52 | 683 | 637 |
| JPMorgan Chase & Co. |  |  |
| 5.55%, 12/15/25 | 3345 | 3344 |
| 2.01%, 03/13/26 | 2905 | 2692 |
| 2.07%, 06/01/29 | 3861 | 3231 |
| 2.74%, 10/15/30 | 2770 | 2328 |
| KKR Group Finance Co. XII LLC |  |  |
| 4.85%, 05/17/32 (a) | 2027 | 1896 |
| Lloyds Banking Group PLC |  |  |
| 7.50%, (100, 09/27/25) (b) (c) | 1902 | 1852 |
| LSEGA Financing PLC |  |  |
| 2.50%, 04/06/31 (a) | 604 | 501 |
| 3.20%, 04/06/41 (a) | 566 | 416 |
| Markel Corporation |  |  |
| 6.00%, (100, 06/01/25) (c) | 3420 | 3309 |
| Morgan Stanley |  |  |
| 0.99%, 12/10/26 | 1830 | 1606 |
| 3.59%, 07/22/28 | 2955 | 2716 |
| 3.62%, 04/01/31 | 1058 | 927 |
| 2.51%, 10/20/32 | 1273 | 995 |
| 6.34%, 10/18/33 | 3737 | 3910 |
| 2.48%, 09/16/36 | 3010 | 2188 |
| National Rural Utilities Cooperative Finance Corporation |  |  |
| 5.80%, 01/15/33 | 4069 | 4245 |
| 4.75%, 04/30/43 | 1071 | 996 |
| National Securities Clearing Corporation |  |  |
| 5.10%, 11/21/27 (a) | 3315 | 3333 |
| NatWest Markets PLC |  |  |
| 1.60%, 09/29/26 (a) | 6523 | 5663 |
| New York Life Global Funding |  |  |
| 1.20%, 08/07/30 (a) | 4243 | 3251 |
| Owl Rock Capital Corporation |  |  |
| 3.40%, 07/15/26 | 2496 | 2185 |
| State Street Corporation |  |  |
| 5.75%, 11/04/26 | 1016 | 1044 |
| 5.82%, 11/04/28 | 1311 | 1354 |
| The Bank of New York Mellon Corporation |  |  |
| 5.83%, 10/25/33 | 2863 | 2978 |
| The Bank of Nova Scotia |  |  |
| 5.25%, 12/06/24 (b) | 3950 | 3960 |
| The Goldman Sachs Group, Inc. |  |  |
| 2.64%, 02/24/28 | 3627 | 3227 |
| 4.22%, 05/01/29 | 1490 | 1388 |
| 3.80%, 03/15/30 | 5811 | 5222 |
| The Hartford Financial Services Group, Inc. |  |  |
| 2.90%, 09/15/51 | 2031 | 1280 |
| The Huntington National Bank |  |  |
| 5.65%, 01/10/30 | 2554 | 2565 |
| The Toronto-Dominion Bank |  |  |
| 8.13%, 10/31/82 (b) | 5036 | 5200 |
| Toyota Motor Credit Corporation |  |  |
| 4.55%, 09/20/27 | 4180 | 4123 |
| Transocean Poseidon Limited |  |  |
| 6.88%, 02/01/27 (a) | 898 | 875 |
| UBS Group AG |  |  |
| 4.99%, 08/05/33 (a) (b) | 1938 | 1794 |
| Wells Fargo & Company |  |  |
| 4.90%, 07/25/33 | 5290 | 5004 |
|  |  | 203816 |
| **Energy 5.1%** | **Energy 5.1%** | **Energy 5.1%** |
| Antero Midstream Partners LP |  |  |
| 5.38%, 06/15/29 (a) | 587 | 537 |
| BP Capital Markets America Inc. |  |  |
| 2.72%, 01/12/32 | 50 | 42 |
| Cheniere Energy Partners, L.P. |  |  |
| 4.50%, 10/01/29 | 4007 | 3606 |
| Continental Resources, Inc. |  |  |
| 5.75%, 01/15/31 (a) | 2780 | 2590 |
| Devon Energy Corporation |  |  |
| 5.88%, 06/15/28 | 554 | 560 |
| 4.50%, 01/15/30 | 969 | 904 |
| Energy Transfer LP |  |  |
| 6.50%, (100, 08/15/26) (c) | 790 | 686 |
| 6.75%, (100, 05/15/25) (c) | 3789 | 3277 |
| 7.13%, (100, 05/15/30) (c) | 2373 | 1982 |
| 5.55%, 02/15/28 | 4554 | 4512 |
| 5.75%, 02/15/33 | 1976 | 1939 |
| 5.80%, 06/15/38 | 2107 | 1934 |
| Energy Transfer Operating, L.P. |  |  |
| 6.25%, 04/15/49 | 1031 | 963 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

625

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| EQM Midstream Partners, LP |  |  |
| 4.13%, 12/01/26 | 2770 | 2461 |
| 4.50%, 01/15/29 (a) | 1046 | 885 |
| Helmerich & Payne, Inc. |  |  |
| 2.90%, 09/29/31 | 1385 | 1121 |
| Marathon Oil Corporation |  |  |
| 4.40%, 07/15/27 | 2852 | 2727 |
| ONEOK, Inc. |  |  |
| 6.10%, 11/15/32 | 1669 | 1674 |
| 4.50%, 03/15/50 | 1800 | 1348 |
| 7.15%, 01/15/51 | 1320 | 1345 |
| Petroleos Mexicanos |  |  |
| 2.29%, 02/15/24 | 489 | 476 |
| Pioneer Natural Resources Company |  |  |
| 1.90%, 08/15/30 | 2520 | 1978 |
| Sabine Pass Liquefaction, LLC |  |  |
| 4.20%, 03/15/28 | 7744 | 7279 |
| 4.50%, 05/15/30 | 2060 | 1913 |
| Santos Finance Ltd |  |  |
| 3.65%, 04/29/31 (a) | 4459 | 3557 |
| Southwestern Energy Company |  |  |
| 4.75%, 02/01/32 | 3173 | 2709 |
| Targa Resources Corp. |  |  |
| 4.20%, 02/01/33 | 1455 | 1259 |
| Targa Resources Partners LP |  |  |
| 5.50%, 03/01/30 | 1750 | 1649 |
| 4.88%, 02/01/31 | 1747 | 1579 |
| The Williams Companies, Inc. |  |  |
| 4.65%, 08/15/32 | 3075 | 2868 |
| Transocean Pontus Limited |  |  |
| 6.13%, 08/01/25 (a) | 377 | 371 |
| Transocean Proteus Limited |  |  |
| 6.25%, 12/01/24 (a) | 1483 | 1468 |
| Var Energi ASA |  |  |
| 8.00%, 11/15/32 (a) | 4705 | 4850 |
| Venture Global Calcasieu Pass, LLC |  |  |
| 3.88%, 08/15/29 (a) | 225 | 197 |
| | | 67246 |
| **Utilities 5.1%** | **Utilities 5.1%** | **Utilities 5.1%** |
| American Electric Power Company, Inc. |  |  |
| 5.75%, 11/01/27 | 3115 | 3206 |
| Baltimore Gas and Electric Company |  |  |
| 4.55%, 06/01/52 | 1354 | 1208 |
| Commonwealth Edison Company |  |  |
| 3.75%, 08/15/47 | 2827 | 2211 |
| Consolidated Edison Company of New York, Inc. |  |  |
| 4.20%, 03/15/42 | 2043 | 1710 |
| Duke Energy Corporation |  |  |
| 4.50%, 08/15/32 | 4645 | 4365 |
| Duke Energy Florida, LLC |  |  |
| 5.95%, 11/15/52 | 2900 | 3104 |
| Duquesne Light Holdings, Inc. |  |  |
| 2.53%, 10/01/30 (a) | 1984 | 1576 |
| Edison International |  |  |
| 6.95%, 11/15/29 | 1601 | 1677 |
| Enel Finance International N.V. |  |  |
| 2.25%, 07/12/31 (a) | 2483 | 1819 |
| 7.50%, 10/14/32 (a) | 1083 | 1151 |
| Eversource Energy |  |  |
| 3.38%, 03/01/32 | 1478 | 1284 |
| Nevada Power Company |  |  |
| 3.70%, 05/01/29 | 4106 | 3866 |
| Pacific Gas And Electric Company |  |  |
| 3.30%, 12/01/27 | 1055 | 931 |
| 3.25%, 06/01/31 | 1512 | 1229 |
| 5.90%, 06/15/32 | 3343 | 3264 |
| 4.50%, 07/01/40 | 5453 | 4271 |
| Public Service Electric And Gas Company |  |  |
| 4.90%, 12/15/32 (d) | 4160 | 4169 |
| Public Service Enterprise Group Incorporated |  |  |
| 5.85%, 11/15/27 | 4227 | 4354 |
| San Diego Gas & Electric Company |  |  |
| 1.70%, 10/01/30 | 1928 | 1528 |
| 2.95%, 08/15/51 | 1730 | 1175 |
| Southern California Edison Company |  |  |
| 5.85%, 11/01/27 | 2049 | 2116 |
| 5.95%, 11/01/32 | 2265 | 2398 |
| 4.13%, 03/01/48 | 1251 | 1002 |
| 3.65%, 02/01/50 | 2227 | 1635 |
| Southwest Gas Corporation |  |  |
| 4.05%, 03/15/32 | 1118 | 980 |
| Tampa Electric Company |  |  |
| 3.45%, 03/15/51 | 2589 | 1820 |
| The AES Corporation |  |  |
| 3.30%, 07/15/25 (a) | 3790 | 3581 |
| Vistra Operations Company LLC |  |  |
| 3.55%, 07/15/24 (a) | 1468 | 1409 |
| 3.70%, 01/30/27 (a) | 3615 | 3297 |
|  |  | 66336 |
| **Health Care 3.5%** | **Health Care 3.5%** | **Health Care 3.5%** |
| AbbVie Inc. |  |  |
| 3.20%, 11/21/29 | 1985 | 1793 |
| 4.50%, 05/14/35 | 1700 | 1581 |
| Alcon Finance Corporation |  |  |
| 5.75%, 12/06/52 (a) | 1637 | 1661 |
| Amgen Inc. |  |  |
| 3.15%, 02/21/40 | 1650 | 1222 |
| Ascension Health |  |  |
| 2.53%, 11/15/29 | 1248 | 1069 |
| Baylor Scott & White Holdings |  |  |
| 2.84%, 11/15/50 | 1647 | 1081 |
| Centene Corporation |  |  |
| 3.00%, 10/15/30 | 4573 | 3743 |
| 2.50%, 03/01/31 | 7691 | 6025 |
| Cigna Corporation |  |  |
| 4.38%, 10/15/28 | 1000 | 965 |
| CVS Health Corporation |  |  |
| 4.78%, 03/25/38 | 2769 | 2537 |
| HCA Inc. |  |  |
| 5.38%, 02/01/25 | 3005 | 3002 |
| 5.88%, 02/15/26 | 860 | 865 |
| 3.50%, 09/01/30 | 1135 | 977 |
| Indiana University Health, Inc. |  |  |
| 2.85%, 11/01/51 | 1765 | 1107 |
| Northwestern Memorial HealthCare |  |  |
| 2.63%, 07/15/51 | 1928 | 1226 |
| Piedmont Healthcare, Inc. |  |  |
| 2.04%, 01/01/32 | 1473 | 1132 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/30 | 550 | 430 |
| Trinity Healthcare Group Pte. Ltd. |  |  |
| 2.63%, 12/01/40 | 407 | 279 |
| UnitedHealth Group Incorporated |  |  |
| 5.30%, 02/15/30 | 5400 | 5581 |
| 4.75%, 05/15/52 | 4356 | 4050 |
| 5.88%, 02/15/53 | 2479 | 2692 |
| 6.05%, 02/15/63 | 1936 | 2132 |
|  |  | 45150 |
| **Consumer Discretionary 3.0%** | **Consumer Discretionary 3.0%** | **Consumer Discretionary 3.0%** |
| Amazon.com, Inc. |  |  |
| 2.10%, 05/12/31 | 2190 | 1792 |
| 3.88%, 08/22/37 | 2775 | 2466 |
| 3.10%, 05/12/51 | 1690 | 1211 |
| Booking Holdings Inc. |  |  |
| 4.63%, 04/13/30 | 3380 | 3271 |
| Carnival Corporation |  |  |
| 4.00%, 08/01/28 (a) | 1552 | 1264 |
| Ford Motor Company |  |  |
| 6.10%, 08/19/32 | 950 | 880 |
| General Motors Company |  |  |
| 5.60%, 10/15/32 | 1800 | 1679 |
| General Motors Financial Company, Inc. |  |  |
| 3.10%, 01/12/32 | 2464 | 1935 |
| Hyatt Hotels Corporation |  |  |
| 5.63%, 04/23/25 (e) (f) | 903 | 896 |
| Kohl's Corporation |  |  |
| 3.63%, 05/01/31 (e) (f) | 1176 | 823 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

626

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Lowe`s Companies, Inc. |  |  |
| 3.00%, 10/15/50 | 1059 | 679 |
| Macys Retail Holdings |  |  |
| 5.88%, 03/15/30 (a) | 2014 | 1751 |
| 6.13%, 03/15/32 (a) | 1015 | 853 |
| Magallanes, Inc. |  |  |
| 5.05%, 03/15/42 (a) | 5092 | 3916 |
| Mileage Plus Holdings, LLC |  |  |
| 6.50%, 06/20/27 (a) | 910 | 907 |
| Newell Brands Inc. |  |  |
| 6.38%, 09/15/27 | 1487 | 1476 |
| 6.63%, 09/15/29 (d) | 1419 | 1401 |
| Prosus N.V. |  |  |
| 4.19%, 01/19/32 (a) | 1978 | 1644 |
| Resorts World Las Vegas LLC |  |  |
| 4.63%, 04/06/31 (a) | 2100 | 1416 |
| SkyMiles IP Ltd. |  |  |
| 4.50%, 10/20/25 (a) | 311 | 303 |
| 4.75%, 10/20/28 (a) | 542 | 511 |
| Toll Brothers Finance Corp. |  |  |
| 3.80%, 11/01/29 | 3725 | 3176 |
| ZF North America Capital, Inc. |  |  |
| 4.75%, 04/29/25 (a) | 5482 | 5163 |
| | | 39413 |
| **Communication Services 2.9%** | **Communication Services 2.9%** | **Communication Services 2.9%** |
| AT&T Inc. |  |  |
| 2.55%, 12/01/33 | 4010 | 3084 |
| 4.90%, 08/15/37 | 598 | 552 |
| 4.85%, 03/01/39 | 3825 | 3426 |
| Charter Communications Operating, LLC |  |  |
| 5.38%, 04/01/38 | 1820 | 1521 |
| 4.80%, 03/01/50 | 1265 | 924 |
| 6.83%, 10/23/55 | 1230 | 1143 |
| Comcast Corporation |  |  |
| 3.75%, 04/01/40 | 971 | 804 |
| 3.40%, 07/15/46 | 1950 | 1439 |
| 2.89%, 11/01/51 | 1660 | 1073 |
| 4.05%, 11/01/52 | 406 | 326 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (a) | 924 | 829 |
| Meta Platforms, Inc. |  |  |
| 3.85%, 08/15/32 | 3405 | 2996 |
| 4.45%, 08/15/52 | 3580 | 2845 |
| Netflix, Inc. |  |  |
| 5.88%, 11/15/28 | 1400 | 1421 |
| The Walt Disney Company |  |  |
| 4.63%, 03/23/40 | 2300 | 2155 |
| T-Mobile USA, Inc. |  |  |
| 2.63%, 04/15/26 | 5947 | 5447 |
| Verizon Communications Inc. |  |  |
| 4.33%, 09/21/28 | 2852 | 2754 |
| 4.02%, 12/03/29 | 497 | 466 |
| 3.15%, 03/22/30 | 1970 | 1736 |
| 1.75%, 01/20/31 | 1066 | 828 |
| 2.55%, 03/21/31 | 1780 | 1465 |
| VTR Comunicaciones SpA |  |  |
| 5.13%, 01/15/28 (a) | 1556 | 970 |
| VTR Finance N.V. |  |  |
| 6.38%, 07/15/28 (a) | 774 | 302 |
|  |  | 38506 |
| **Consumer Staples 2.3%** | **Consumer Staples 2.3%** | **Consumer Staples 2.3%** |
| Anheuser-Busch Companies, LLC |  |  |
| 4.70%, 02/01/36 | 6045 | 5699 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 5.45%, 01/23/39 | 3626 | 3606 |
| B. A. T. Capital Corporation |  |  |
| 4.39%, 08/15/37 | 1000 | 776 |
| 3.73%, 09/25/40 | 1420 | 965 |
| JBS USA Food Company |  |  |
| 5.50%, 01/15/30 (a) | 1000 | 951 |
| 5.75%, 04/01/33 (a) | 1110 | 1060 |
| 6.50%, 12/01/52 (a) | 5135 | 4882 |
| Mars, Incorporated |  |  |
| 3.74%, 10/11/27 (g) (h) | 1200 | 1119 |
| Northwestern University |  |  |
| 2.64%, 12/01/50 | 1088 | 712 |
| Pilgrim's Pride Corporation |  |  |
| 3.50%, 03/01/32 (a) | 5000 | 3908 |
| Safeway Inc. |  |  |
| 3.50%, 02/15/23 (a) | 2935 | 2918 |
| The Trustees of Princeton University |  |  |
| 4.20%, 03/01/52 | 2373 | 2181 |
| University of Washington |  |  |
| 4.35%, 04/15/22 | 2109 | 1662 |
|  |  | 30439 |
| **Industrials 2.3%** | **Industrials 2.3%** | **Industrials 2.3%** |
| Air Canada |  |  |
| 3.88%, 08/15/26 (a) | 1198 | 1064 |
| Aircastle Limited |  |  |
| 5.25%, 08/11/25 (a) | 3345 | 3220 |
| Ardagh Packaging Finance Public Limited Company |  |  |
| 4.13%, 08/15/26 (a) | 4940 | 4282 |
| Delta Air Lines, Inc. |  |  |
| 7.00%, 05/01/25 (a) | 3575 | 3653 |
| General Electric Company |  |  |
| 8.10%, (3 Month USD LIBOR + 3.33%), (100, 03/15/23) (c) (i) | 11210 | 11098 |
| NAC Aviation 29 Designated Activity Company |  |  |
| 4.75%, 06/30/26 | 1580 | 1268 |
| The Boeing Company |  |  |
| 5.15%, 05/01/30 (f) | 4475 | 4363 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.63%, 04/15/29 (a) | 1230 | 1073 |
|  |  | 30021 |
| **Real Estate 1.1%** | **Real Estate 1.1%** | **Real Estate 1.1%** |
| EPR Properties |  |  |
| 4.95%, 04/15/28 | 1530 | 1310 |
| 3.60%, 11/15/31 | 2071 | 1495 |
| Essential Properties, L.P. |  |  |
| 2.95%, 07/15/31 | 2703 | 1966 |
| GLP Financing, LLC |  |  |
| 5.75%, 06/01/28 | 343 | 336 |
| 3.25%, 01/15/32 | 1276 | 1021 |
| Sun Communities Operating Limited Partnership |  |  |
| 2.30%, 11/01/28 | 1572 | 1308 |
| 2.70%, 07/15/31 | 2130 | 1679 |
| VICI Properties Inc. |  |  |
| 4.25%, 12/01/26 (a) | 1615 | 1507 |
| 3.75%, 02/15/27 (a) | 1529 | 1390 |
| 4.13%, 08/15/30 (a) | 2958 | 2585 |
|  |  | 14597 |
| **Materials 0.7%** | **Materials 0.7%** | **Materials 0.7%** |
| Celanese US Holdings LLC |  |  |
| 6.33%, 07/15/29 (f) | 3688 | 3590 |
| Ineos Quattro Finance 2 PLC |  |  |
| 3.38%, 01/15/26 (a) | 3348 | 3028 |
| Yara International ASA |  |  |
| 7.38%, 11/14/32 (a) | 2441 | 2549 |
|  |  | 9167 |
| **Information Technology 0.5%** | **Information Technology 0.5%** | **Information Technology 0.5%** |
| Apple Inc. |  |  |
| 2.70%, 08/05/51 | 884 | 588 |
| Broadcom Inc. |  |  |
| 3.47%, 04/15/34 (a) | 1518 | 1205 |
| Microsoft Corporation |  |  |
| 3.50%, 02/12/35 | 3322 | 3011 |
| VMware, Inc. |  |  |
| 2.20%, 08/15/31 | 2073 | 1574 |
|  |  | 6378 |
| Total Corporate Bonds And Notes (cost $615,110) | Total Corporate Bonds And Notes (cost $615,110) | 551069 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 40.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 40.7%** | **GOVERNMENT AND AGENCY OBLIGATIONS 40.7%** |
| **Mortgage-Backed Securities 19.9%** | **Mortgage-Backed Securities 19.9%** | **Mortgage-Backed Securities 19.9%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 2.50%, 08/01/31 - 11/01/51 | 15702 | 13477 |
| 3.00%, 05/01/34 - 12/01/49 | 11148 | 10048 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

627

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2.00%, 04/01/36 - 09/01/51 | 20533 | 17056 |
| 3.50%, 08/01/37 - 04/01/50 | 14905 | 13942 |
| 3.50%, 10/01/37 (j) | 1945 | 1864 |
| 5.00%, 02/01/38 - 01/01/53 | 3616 | 3585 |
| 4.50%, 03/01/42 - 09/01/52 | 8267 | 8003 |
| 4.00%, 10/01/45 - 06/01/48 | 6701 | 6427 |
| Federal National Mortgage Association, Inc. |  |  |
| 2.50%, 01/01/31 - 01/01/52 | 32127 | 28185 |
| 3.00%, 04/01/31 - 02/01/51 | 17593 | 15924 |
| 5.00%, 06/01/35 - 08/01/52 | 2806 | 2785 |
| 2.00%, 10/01/35 - 12/01/51 | 44826 | 36953 |
| 3.50%, 08/01/37 - 06/01/52 | 20977 | 19614 |
| 4.00%, 10/01/37 - 07/01/52 | 14764 | 14127 |
| 4.00%, 11/01/37 - 01/15/53 (j) | 3511 | 3368 |
| TBA, 3.50%, 01/15/38 (j) | 1040 | 996 |
| 4.50%, 08/01/40 - 07/01/49 | 5411 | 5323 |
| 5.00%, 10/01/52 (j) | 1322 | 1304 |
| Government National Mortgage Association |  |  |
| 5.00%, 08/20/41 | 235 | 238 |
| 3.50%, 06/20/43 - 05/20/52 | 14226 | 13245 |
| 4.00%, 05/20/44 - 10/20/52 | 6772 | 6476 |
| 3.00%, 07/20/45 - 06/20/52 | 12592 | 11324 |
| 4.50%, 12/20/48 - 11/20/52 | 9345 | 9090 |
| 2.50%, 08/20/50 - 04/20/52 | 13733 | 11976 |
| 2.00%, 10/20/51 - 01/20/52 | 7708 | 6479 |
| | | 261809 |
| **U.S. Treasury Note 15.8%** | **U.S. Treasury Note 15.8%** | **U.S. Treasury Note 15.8%** |
| Treasury, United States Department of |  |  |
| 1.38%, 01/31/25 - 11/15/31 | 22226 | 19377 |
| 2.25%, 11/15/25 | 24871 | 23534 |
| 4.00%, 12/15/25 | 7000 | 6956 |
| 0.38%, 12/31/25 - 01/31/26 | 34090 | 30380 |
| 0.75%, 04/30/26 | 6255 | 5590 |
| 1.50%, 08/15/26 | 7381 | 6727 |
| 0.88%, 09/30/26 | 6200 | 5504 |
| 1.25%, 11/30/26 - 06/30/28 | 33310 | 29087 |
| 2.63%, 05/31/27 | 28935 | 27271 |
| 2.88%, 04/30/29 - 05/15/32 | 45386 | 41897 |
| 1.88%, 02/15/32 | 2820 | 2390 |
| 2.75%, 08/15/32 | 10070 | 9159 |
|  |  | 207872 |
| **U.S. Treasury Bond 4.3%** | **U.S. Treasury Bond 4.3%** | **U.S. Treasury Bond 4.3%** |
| Treasury, United States Department of |  |  |
| 3.75%, 08/15/41 | 4798 | 4557 |
| 2.00%, 11/15/41 | 2400 | 1716 |
| 3.13%, 11/15/41 | 10975 | 9476 |
| 2.50%, 02/15/45 - 02/15/46 | 23568 | 17682 |
| 3.00%, 02/15/48 | 21463 | 17603 |
| 1.63%, 11/15/50 | 2747 | 1639 |
| 2.88%, 05/15/52 | 4590 | 3686 |
|  |  | 56359 |
| **U.S. Government Agency Obligations 0.4%** | **U.S. Government Agency Obligations 0.4%** | **U.S. Government Agency Obligations 0.4%** |
| Federal National Mortgage Association, Inc. |  |  |
| 0.88%, 08/05/30 (k) | 7104 | 5651 |
| **Municipal 0.3%** | **Municipal 0.3%** | **Municipal 0.3%** |
| Dallas/Fort Worth International Airport |  |  |
| 2.84%, 11/01/46 | 1855 | 1331 |
| The Dormitory Authority of the State of New York |  |  |
| 3.19%, 02/15/43 | 2915 | 2147 |
|  |  | 3478 |
| Total Government And Agency Obligations (cost $606,710) | Total Government And Agency Obligations (cost $606,710) | 535169 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.7%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.7%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.7%** |
| Air Canada |  |  |
| Series 2020-A-2, 5.25%, 04/01/29 | 642 | 606 |
| Alaska Air Pass Through Trust 2020-1A |  |  |
| Series 2020-A-1, 4.80%, 08/15/27 | 2108 | 2004 |
| American Airlines, Inc. |  |  |
| Series 2016-AA-2, 3.20%, 06/15/28 | 3875 | 3381 |
| American Express Credit Account Master Trust |  |  |
| Series 2022-A-4, 4.95%, 10/15/25 | 10005 | 10082 |
| American Tower Trust #1 |  |  |
| Series 2013-A-2, 3.07%, 03/15/23 | 6596 | 6557 |
| Avid Automobile Receivables Trust 2021-1 |  |  |
| Series 2021-A-1, 0.61%, 01/15/25 | 204 | 204 |
| Bank 2017-Bnk5 |  |  |
| Series 2017-AS-BNK5, REMIC, 3.62%, 06/17/27 | 2286 | 2089 |
| BX Trust 2022-PSB |  |  |
| Series 2022-A-PSB, REMIC, 6.79%, (1 Month Term SOFR + 2.45%), 08/15/39 (i) | 4491 | 4452 |
| Capital One Prime Auto Receivables Trust 2022-2 |  |  |
| Series 2022-A2A-2, 3.74%, 09/15/25 | 7116 | 7033 |
| CCG Receivables Trust 2019-2 |  |  |
| Series 2019-A2-2, 2.11%, 03/14/23 | 107 | 107 |
| CCG Receivables Trust 2021-2 |  |  |
| Series 2021-A2-2, 0.54%, 03/14/29 | 5429 | 5175 |
| Chase Issuance Trust |  |  |
| Series 2022-A-A1, 3.97%, 09/15/25 | 4553 | 4434 |
| CIM Trust 2021-J2 |  |  |
| Series 2021-A1-J2, REMIC, 2.50%, 11/25/42 (i) | 5297 | 4256 |
| CNH Equipment Trust 2022-A |  |  |
| Series 2022-A2-A, 2.39%, 01/16/24 | 3007 | 2960 |
| CNH Equipment Trust 2022-B |  |  |
| Series 2022-A2-B, 3.94%, 12/15/25 | 5210 | 5164 |
| COMM 2014-UBS3 Mortgage Trust |  |  |
| Series 2014-A4-UBS3, REMIC, 3.82%, 05/10/24 | 1584 | 1524 |
| COMM 2015-CCRE27 Mortgage Trust |  |  |
| Series 2015-A4-CR27, REMIC, 3.61%, 09/12/25 | 1825 | 1720 |
| CSMC 2017-HL1 Trust |  |  |
| Series 2017-A1-HL1, REMIC, 3.50%, 05/25/39 (i) | 446 | 391 |
| Dell Equipment Finance Trust 2022-1 |  |  |
| Series 2022-A2-1, 2.11%, 11/22/23 | 2459 | 2433 |
| DLLAA 2021-1 LLC |  |  |
| Series 2021-A3-1A, 0.67%, 04/17/26 | 2490 | 2358 |
| DLLMT 2021-1 LLC |  |  |
| Series 2021-A3-1A, 1.00%, 07/20/25 | 7622 | 7227 |
| DLLST 2022-1 LLC |  |  |
| Series 2022-A3-1A, 3.40%, 01/21/25 | 3223 | 3133 |
| First Investors Auto Owner Trust 2021-1 |  |  |
| Series 2021-A-1A, 0.45%, 12/15/23 | 775 | 766 |
| First Investors Auto Owner Trust 2021-2 |  |  |
| Series 2021-A-2A, 0.48%, 10/15/24 | 1924 | 1861 |
| GM Financial Automobile Leasing Trust 2022-3 |  |  |
| Series 2022-A2A-3, 4.01%, 01/22/24 | 4129 | 4093 |
| GM Financial Consumer Automobile Receivables Trust 2021-4 |  |  |
| Series 2021-B-4, 1.25%, 10/18/27 | 2900 | 2591 |
| GM Financial Consumer Automobile Receivables Trust 2022-2 |  |  |
| Series 2022-B-2, 3.77%, 04/17/28 | 3441 | 3290 |
| Grace Trust |  |  |
| Series 2020-A-GRCE, REMIC, 2.35%, 12/12/30 | 6150 | 4736 |
| Hilton Grand Vacations Inc. |  |  |
| Series 2017-A-AA, 2.66%, 08/25/23 | 347 | 338 |
| Hilton Grand Vacations Trust 2019-A |  |  |
| Series 2019-A-AA, 2.34%, 07/25/33 | 1674 | 1562 |
| Hilton Grand Vacations Trust 2020-A |  |  |
| Series 2020-A-AA, 2.74%, 02/25/39 | 1706 | 1604 |
| Honda Auto Receivables 2022-2 Owner Trust |  |  |
| Series 2022-A2-2, 3.81%, 03/18/24 | 1626 | 1611 |
| Hudson Yards 2019-30HY Mortgage Trust |  |  |
| Series 2019-A-30HY, REMIC, 3.23%, 07/12/29 | 4130 | 3541 |
| Hyundai Auto Lease Securitization Trust 2021-B |  |  |
| Series 2021-A3-B, 0.33%, 06/17/24 | 7283 | 7173 |
| Hyundai Auto Lease Securitization Trust 2022-C |  |  |
| Series 2022-A3-C, 4.38%, 12/16/24 | 2320 | 2288 |
| Hyundai Auto Receivables Trust 2021-C |  |  |
| Series 2021-B-C, 1.49%, 11/15/25 | 1815 | 1615 |
| J.P. Morgan Mortgage Acquisition Corp. |  |  |
| Series 2016-2A1-3, REMIC, 2.98%, 01/25/29 (i) | 534 | 481 |
| J.P. Morgan Mortgage Trust 2022-4 |  |  |
| Series 2022-A3-4, REMIC, 3.00%, 09/25/43 (i) | 5704 | 4771 |
| JPMorgan Chase & Co. |  |  |
| Series 2014-A1-5, REMIC, 2.79%, 10/25/26 (i) | 324 | 303 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

628

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Kubota Credit Owner Trust 2020-1 |  |  |
| Series 2021-A3-1A, 0.62%, 08/15/25 | 2797 | 2673 |
| Manhattan West 2020-1MW Mortgage Trust |  |  |
| Series 2020-A-OMW, REMIC, 2.13%, 09/10/27 | 3833 | 3273 |
| MVW 2019-1 LLC |  |  |
| Series 2019-A-1A, 2.89%, 03/20/27 | 1093 | 1023 |
| MVW Owner Trust 2017-1 |  |  |
| Series 2017-A-1A, 2.42%, 12/20/34 | 330 | 320 |
| OPG Trust 2021-PORT |  |  |
| Series 2021-A-PORT, REMIC, 4.80%, (1 Month USD LIBOR + 0.48%), 10/16/23 (i) | 3872 | 3701 |
| Prestige Auto Receivables Trust 2021-1 |  |  |
| Series 2021-A3-1A, 0.83%, 07/15/25 | 8205 | 8090 |
| Santander Retail Auto Lease Trust 2021-B |  |  |
| Series 2021-A3-B, 0.51%, 08/20/24 | 3469 | 3352 |
| Sequoia Mortgage Trust 2020-4 |  |  |
| Series 2020-A2-4, REMIC, 2.50%, 10/25/43 (i) | 2735 | 2149 |
| United Airlines, Inc. |  |  |
| Series 2012-A-1, 4.15%, 04/11/24 | 1099 | 1051 |
| Series 2012-A-2, 4.00%, 10/29/24 | 981 | 932 |
| Verizon Master Trust |  |  |
| Series 2022-A1A-5, 3.72%, 01/22/24 (e) | 3295 | 3238 |
| Series 2022-A1A-7, 5.23%, 11/20/24 | 8298 | 8347 |
| Wells Fargo Commercial Mortgage Trust 2017-C38 |  |  |
| Series 2017-B-C38, REMIC, 3.92%, 06/17/27 (i) | 1371 | 1204 |
| Wells Fargo Mortgage Backed Securities Trust |  |  |
| Series 2020-A1-3, REMIC, 3.00%, 12/25/42 (i) | 1243 | 1030 |
| Westlake Automobile Receivables Trust 2021-3 |  |  |
| Series 2021-A3-3A, REMIC, 0.95%, 06/16/25 | 6566 | 6373 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $176,545) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $176,545) | 166670 |
| **SENIOR FLOATING RATE INSTRUMENTS 2.0%** | **SENIOR FLOATING RATE INSTRUMENTS 2.0%** | **SENIOR FLOATING RATE INSTRUMENTS 2.0%** |
| **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** | **Consumer Discretionary 0.8%** |
| Adient US LLC |  |  |
| 2021 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 04/30/28 (i) | 2674 | 2642 |
| Caesars Resort Collection, LLC |  |  |
| 2020 Term Loan B1, 7.57%, (1 Month USD LIBOR + 3.50%), 06/19/25 (i) | 1344 | 1339 |
| Marriott Ownership Resorts, Inc. |  |  |
| 2019 Term Loan B, 5.82%, (1 Month USD LIBOR + 1.75%), 08/29/25 (i) | 2797 | 2761 |
| PCI Gaming Authority |  |  |
| Term Loan, 6.57%, (1 Month USD LIBOR + 2.50%), 05/15/26 (i) | 2743 | 2722 |
| UFC Holdings, LLC |  |  |
| 2021 Term Loan B, 7.11%, (3 Month USD LIBOR + 2.75%), 04/29/26 (i) | 1282 | 1264 |
|  |  | 10728 |
| **Industrials 0.6%** | **Industrials 0.6%** | **Industrials 0.6%** |
| Air Canada |  |  |
| 2021 Term Loan B, 8.13%, (3 Month USD LIBOR + 3.50%), 07/27/28 (i) | 784 | 773 |
| Berry Global, Inc. |  |  |
| 2021 Term Loan Z, 6.02%, (1 Month USD LIBOR + 1.75%), 07/01/26 (i) | 4064 | 4027 |
| Cimpress Public Limited Company |  |  |
| USD Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 04/29/28 (i) | 1192 | 1066 |
| Genesee & Wyoming Inc. (New) |  |  |
| Term Loan, 5.67%, (3 Month USD LIBOR + 2.00%), 10/29/26 (i) | 1148 | 1140 |
| Hertz Corporation, (The) |  |  |
| 2021 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 06/11/28 (i) | 344 | 337 |
| 2021 Term Loan C, 7.32%, (1 Month USD LIBOR + 3.25%), 06/11/28 (i) | 66 | 64 |
| INEOS Styrolution US Holding LLC |  |  |
| 2021 USD Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 01/21/26 (i) | 967 | 948 |
|  |  | 8355 |
| **Communication Services 0.4%** | **Communication Services 0.4%** | **Communication Services 0.4%** |
| CenturyLink, Inc. |  |  |
| 2020 Term Loan B, 6.32%, (1 Month USD LIBOR + 2.25%), 03/15/27 (i) | 2133 | 2023 |
| CSC Holdings, LLC |  |  |
| 2017 Term Loan B1, 6.57%, (1 Month USD LIBOR + 2.25%), 07/15/25 (i) | 707 | 667 |
| DirecTV Financing, LLC |  |  |
| Term Loan, 9.07%, (1 Month USD LIBOR + 5.00%), 07/22/27 (i) | 1075 | 1044 |
| Nexstar Broadcasting, Inc. |  |  |
| 2019 Term Loan B4, 6.57%, (1 Month USD LIBOR + 2.50%), 06/13/26 (i) | 923 | 914 |
| Stars Group Holdings B.V. (The) |  |  |
| 2022 USD Term Loan B, 7.04%, (3 Month Term SOFR + 3.25%), 07/04/28 (i) | 233 | 232 |
|  |  | 4880 |
| **Information Technology 0.1%** | **Information Technology 0.1%** | **Information Technology 0.1%** |
| Peraton Corp. |  |  |
| Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 02/22/28 (i) | 1493 | 1455 |
| **Energy 0.1%** | **Energy 0.1%** | **Energy 0.1%** |
| Traverse Midstream Partners LLC |  |  |
| 2017 Term Loan, 8.80%, (3 Month Term SOFR + 4.25%), 09/22/24 (i) | 673 | 671 |
| Total Senior Floating Rate Instruments (cost $26,563) | Total Senior Floating Rate Instruments (cost $26,563) | 26089 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Nordic Aviation Capital Designated Activity Company (g) (l) | 28 | 502 |
| Total Common Stocks (cost $704) | Total Common Stocks (cost $704) | 502 |
| **SHORT TERM INVESTMENTS 2.0%** | **SHORT TERM INVESTMENTS 2.0%** | **SHORT TERM INVESTMENTS 2.0%** |
| **U.S. Treasury Bill 1.5%** | **U.S. Treasury Bill 1.5%** | **U.S. Treasury Bill 1.5%** |
| Treasury, United States Department of |  |  |
| 4.49%, 06/15/23 (d) | 6625 | 6492 |
| 4.55%, 11/30/23 (d) | 13835 | 13265 |
|  |  | 19757 |
| **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (m) (n) | 5700 | 5700 |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (m) (n) | 500 | 500 |
| Total Short Term Investments (cost $25,950) | Total Short Term Investments (cost $25,950) | 25957 |
| **Total Investments 99.4% (cost $1,451,582)** | **Total Investments 99.4% (cost $1,451,582)** | **1305456** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (230) |
| **Other Assets and Liabilities, Net 0.6%** | **Other Assets and Liabilities, Net 0.6%** | **8002** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1313228** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $126,939 and 9.7% of the Fund.

(b) Convertible security.

(c) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(d) All or a portion of the security was on loan as of December 31, 2022.

(e) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(f) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(g) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(h) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(i) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

629

------

***JNL Series Trust***

December 31, 2022

rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(j) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2022, the total payable for investments purchased on a delayed delivery basis was $7,601.

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

(l) Non-income producing security.

(m) Investment in affiliate.

(n) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/PPM America Total Return Fund — Restricted Securities** | **JNL/PPM America Total Return Fund — Restricted Securities** | **JNL/PPM America Total Return Fund — Restricted Securities** | **JNL/PPM America Total Return Fund — Restricted Securities** | **JNL/PPM America Total Return Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Mars, Incorporated, 3.74%, 10/11/27 | 09/19/12 | 1200 | 1119 | 0.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/PPM America Total Return Fund — Futures Contracts** | **JNL/PPM America Total Return Fund — Futures Contracts** | **JNL/PPM America Total Return Fund — Futures Contracts** | **JNL/PPM America Total Return Fund — Futures Contracts** | **JNL/PPM America Total Return Fund — Futures Contracts** | **JNL/PPM America Total Return Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 10 Year Note | 24 | March 2023 | 2717 | (3) | (22) |
| United States 2 Year Note | 348 | April 2023 | 71377 | (54) | (9) |
| United States Long Bond | 457 | March 2023 | 57614 | (105) | (332) |
| United States Ultra Bond | 295 | March 2023 | 39691 | (147) | (69) |
|  |  |  |  | (309) | (432) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Ultra Bond | (668) | March 2023 | (79688) | 69 | 677 |
| United States 5 Year Note | (98) | April 2023 | (10613) | 10 | 35 |
|  |  |  |  | 79 | 712 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 549950 | 1119 | 551069 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 535169 |  | 535169 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 166670 |  | 166670 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 26089 |  | 26089 |
| &nbsp;&nbsp;Common Stocks |  |  | 502 | 502 |
| &nbsp;&nbsp;Short Term Investments | 6200 | 19757 |  | 25957 |
|  | 6200 | 1297635 | 1621 | 1305456 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 712 |  |  | 712 |
|  | 712 |  |  | 712 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (432) |  |  | (432) |
|  | (432) |  |  | (432) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

630

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** |
| **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** |
| **Industrials 18.8%** | **Industrials 18.8%** | **Industrials 18.8%** |
| A. O. Smith Corporation | 15 | 852 |
| AAR Corp. (a) | 7 | 325 |
| ABM Industries Incorporated | 13 | 575 |
| Acuity Brands, Inc. | 6 | 976 |
| Aerojet Rocketdyne Holdings, Inc. (a) | 11 | 594 |
| Air Lease Corporation - Class A | 20 | 768 |
| Allegiant Travel Company (a) | 3 | 187 |
| Allison Systems, Inc. | 26 | 1076 |
| Altra Industrial Motion Corp. | 8 | 451 |
| American Woodmark Corporation (a) | 3 | 141 |
| APi Group Corp (a) | 14 | 258 |
| Apogee Enterprises, Inc. | 5 | 212 |
| Applied Industrial Technologies, Inc. | 4 | 496 |
| Arcbest Corporation | 5 | 344 |
| Arcosa, Inc. | 6 | 340 |
| Armstrong World Industries, Inc. | 4 | 299 |
| ASGN Incorporated (a) | 6 | 462 |
| Astec Industries, Inc. | 4 | 154 |
| Atlas Air Worldwide Holdings, Inc. (a) | 6 | 595 |
| Avis Budget Group, Inc. (a) | 4 | 595 |
| Barnes Group Inc. | 6 | 260 |
| Beacon Roofing Supply, Inc. (a) | 9 | 470 |
| Boise Cascade Company | 8 | 557 |
| Booz Allen Hamilton Holding Corporation - Class A | 12 | 1212 |
| Brady Corporation - Class A | 7 | 316 |
| BrightView Holdings, Inc. (a) | 7 | 48 |
| Builders FirstSource, Inc. (a) | 9 | 596 |
| BWXT Government Group, Inc. | 9 | 536 |
| Caci International Inc. - Class A (a) | 3 | 891 |
| Clarivate PLC (a) | 43 | 355 |
| Clean Harbors, Inc. (a) | 5 | 550 |
| Comfort Systems USA, Inc. | 4 | 416 |
| Copart, Inc. (a) | 12 | 747 |
| Core & Main, Inc. - Class A (a) | 4 | 76 |
| CoreCivic, Inc. (a) | 28 | 319 |
| CoStar Group, Inc. (a) | 12 | 890 |
| Crane Holdings, Co. | 3 | 289 |
| Curtiss-Wright Corporation | 5 | 798 |
| Deluxe Corporation | 7 | 116 |
| Donaldson Company, Inc. | 12 | 728 |
| Dun & Bradstreet Holdings, Inc. | 17 | 211 |
| Dycom Industries, Inc. (a) | 5 | 483 |
| EMCOR Group, Inc. | 9 | 1311 |
| Encore Wire Corporation | 2 | 340 |
| EnerSys | 7 | 538 |
| Equifax Inc. | 5 | 993 |
| ESAB Corporation | 1 | 60 |
| Flowserve Corporation | 22 | 682 |
| Forward Air Corporation | 3 | 350 |
| Franklin Electric Co., Inc. | 3 | 275 |
| FTI Consulting, Inc. (a) | 4 | 616 |
| Gates Industrial Corporation PLC (a) | 14 | 165 |
| GATX Corporation | 5 | 547 |
| Generac Holdings Inc. (a) | 2 | 238 |
| GMS Inc. (a) | 6 | 316 |
| Graco Inc. | 10 | 672 |
| GrafTech International Ltd. | 45 | 215 |
| Granite Construction Incorporated | 10 | 360 |
| GXO Logistics Inc. (a) | 16 | 697 |
| Hawaiian Holdings, Inc. (a) | 23 | 240 |
| Healthcare Services Group, Inc. | 23 | 272 |
| HEICO Corporation | 3 | 480 |
| Herc Holdings Inc. | 2 | 272 |
| Hertz Global Holdings, Inc. (a) | 34 | 519 |
| Hexcel Corporation | 14 | 810 |
| Hillenbrand, Inc. | 8 | 327 |
| HNI Corporation | 6 | 179 |
| Hub Group, Inc. - Class A (a) | 6 | 461 |
| Hubbell Incorporated | 5 | 1263 |
| IDEX Corporation | 5 | 1089 |
| Ingersoll Rand Inc. | 21 | 1121 |
| Insperity, Inc. | 3 | 295 |
| ITT Inc. | 10 | 773 |
| JELD-WEN Holding, Inc. (a) | 25 | 245 |
| Kaman Corporation | 6 | 129 |
| KAR Auction Services, Inc. (a) | 30 | 396 |
| KBR, Inc. | 13 | 689 |
| Kennametal Inc. | 17 | 416 |
| Kirby Corporation (a) | 9 | 599 |
| Knight-Swift Transportation Holdings Inc. - Class A | 24 | 1277 |
| Korn Ferry | 8 | 389 |
| Landstar System, Inc. | 5 | 805 |
| Lennox International Inc. | 3 | 728 |
| Lincoln Electric Holdings, Inc. | 6 | 868 |
| Lyft, Inc. - Class A (a) | 27 | 303 |
| Masonite International Corporation (a) | 5 | 399 |
| MasTec, Inc. (a) | 9 | 753 |
| Matson Intermodal - Paragon, Inc. | 4 | 271 |
| Matthews International Corporation - Class A | 3 | 106 |
| Maxar Technologies Inc. | 10 | 531 |
| MDU Resources Group, Inc. | 33 | 1006 |
| Millerknoll, Inc. | 15 | 310 |
| Mine Safety Appliances Company, LLC | 2 | 339 |
| Moog Inc. - Class A | 4 | 310 |
| MSC Industrial Direct Co., Inc. - Class A | 9 | 743 |
| Mueller Industries, Inc. | 8 | 495 |
| Nordson Corporation | 3 | 630 |
| Now, Inc. (a) | 25 | 311 |
| Nvent Electric Public Limited Company | 23 | 884 |
| Oshkosh Corporation | 14 | 1211 |
| Parsons Corporation (a) | 5 | 230 |
| Pentair Public Limited Company | 23 | 1032 |
| Pitney Bowes Inc. | 56 | 212 |
| Primoris Services Corporation | 11 | 245 |
| Regal Beloit Corporation | 7 | 832 |
| Resideo Technologies, Inc. (a) | 20 | 331 |
| Rollins, Inc. | 9 | 333 |
| Rush Enterprises, Inc. - Class A | 7 | 390 |
| RXO Inc. (a) | 10 | 165 |
| Ryder System, Inc. | 16 | 1304 |
| Saia, Inc. (a) | 1 | 295 |
| Schneider National, Inc. - Class B | 13 | 303 |
| Science Applications International Corporation | 9 | 959 |
| Sensata Technologies Holding PLC | 20 | 787 |
| Simpson Manufacturing Co., Inc. | 4 | 382 |
| SkyWest, Inc. (a) | 14 | 238 |
| Spirit Airlines | 24 | 466 |
| Steelcase Inc. - Class A | 25 | 173 |
| Stericycle, Inc. (a) | 10 | 488 |
| Sunrun Inc. (a) | 19 | 446 |
| Terex Corporation | 12 | 532 |
| Tetra Tech, Inc. | 4 | 522 |
| Textainer Group Holdings Limited | 6 | 176 |
| The Greenbrier Companies, Inc. | 12 | 407 |
| The Middleby Corporation (a) | 4 | 555 |
| The Timken Company | 10 | 736 |
| The Toro Company | 8 | 898 |
| TransUnion | 8 | 465 |
| Trinet Group, Inc. (a) | 3 | 209 |
| Trinity Industries, Inc. | 19 | 550 |
| TrueBlue, Inc. (a) | 6 | 126 |
| UFP Industries, Inc. | 9 | 704 |
| U-Haul Holding Company | 10 | 579 |
| Unifirst Corporation | 2 | 403 |
| Univar Solutions Inc. (a) | 25 | 782 |
| Valmont Industries, Inc. | 2 | 666 |
| Verisk Analytics, Inc. | 7 | 1198 |
| Veritiv Corporation | 3 | 358 |
| Watsco, Inc. | 3 | 836 |
| Watts Water Technologies, Inc. - Class A | 2 | 351 |
| Werner Enterprises, Inc. | 14 | 557 |
| WESCO International, Inc. (a) | 9 | 1145 |
| Woodward, Inc. | 6 | 602 |
| XPO, Inc. (a) | 16 | 545 |
| Xylem Inc. | 13 | 1382 |
|  |  | 77078 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

631

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Financials 14.7%** | **Financials 14.7%** | **Financials 14.7%** |
| Affiliated Managers Group, Inc. | 7 | 1110 |
| American Equity Investment Life Holding Company | 16 | 715 |
| Ameris Bancorp | 6 | 295 |
| Apollo Commercial Real Estate Finance, Inc. (b) | 32 | 345 |
| Ares Management Corporation - Class A | 2 | 170 |
| Artisan Partners Asset Management Inc. - Class A | 9 | 258 |
| Associated Banc-Corp | 28 | 655 |
| Assurant, Inc. | 7 | 870 |
| Atlantic Union Bank | 9 | 299 |
| Bank of Hawaii Corporation | 5 | 413 |
| Bank OZK | 15 | 597 |
| BankUnited, Inc. | 17 | 570 |
| Banner Corporation | 5 | 333 |
| BGC Partners, Inc. - Class A | 56 | 210 |
| Blackstone Mortgage Trust, Inc. - Class A | 23 | 488 |
| BOK Financial Corporation | 3 | 352 |
| Brighthouse Financial, Inc. (a) | 19 | 985 |
| Brightsphere Investment Group Inc. | 11 | 233 |
| BrightSpire Capital, Inc - Class A | 17 | 109 |
| Brown & Brown, Inc. | 12 | 695 |
| Cadence Bank | 21 | 509 |
| Cannae Holdings, Inc. (a) | 4 | 76 |
| Capitol Federal Financial | 19 | 166 |
| Cathay General Bancorp | 9 | 365 |
| Chimera Investment Corporation (c) | 75 | 413 |
| CNO Financial Group, Inc. | 28 | 633 |
| Cohen & Steers, Inc. | 2 | 123 |
| Coinbase Global, Inc. - Class A (a) | 2 | 71 |
| Columbia Banking System, Inc. | 12 | 375 |
| Commerce Bancshares, Inc. | 8 | 575 |
| Community Bank System, Inc. | 5 | 331 |
| Credit Acceptance Corporation (a) (c) | 1 | 329 |
| Cullen/Frost Bankers, Inc. | 5 | 686 |
| CVB Financial Corp. | 14 | 359 |
| East West Bancorp, Inc. | 13 | 824 |
| Eastern Bankshares, Inc. | 15 | 258 |
| Erie Indemnity Company - Class A | 2 | 423 |
| Essent Group Ltd. | 13 | 495 |
| Evercore Inc. - Class A | 7 | 719 |
| F.N.B. Corporation | 61 | 792 |
| FactSet Research Systems Inc. | 1 | 455 |
| Federated Hermes, Inc. - Class B | 17 | 621 |
| First American Financial Corporation | 21 | 1119 |
| First Citizens BancShares, Inc. - Class A | 1 | 582 |
| First Financial Bancorp. | 10 | 236 |
| First Hawaiian, Inc. | 20 | 524 |
| First Horizon Corporation | 54 | 1327 |
| First Interstate BancSystem, Inc. - Class A | 12 | 452 |
| First Republic Bank | 9 | 1146 |
| FirstCash Holdings, Inc. | 12 | 1006 |
| Fulton Financial Corporation | 25 | 426 |
| Glacier Bancorp, Inc. | 8 | 409 |
| Hancock Whitney Corporation | 11 | 526 |
| Hilltop Holdings Inc. | 11 | 340 |
| Home BancShares, Inc. | 19 | 428 |
| Hope Bancorp, Inc. | 24 | 306 |
| Horace Mann Educators Corporation | 7 | 257 |
| Houlihan Lokey, Inc. - Class A | 3 | 291 |
| Independence Holdings, LLC | 28 | 924 |
| Independent Bank Group, Inc. | 4 | 224 |
| Interactive Brokers Group, Inc. - Class A | 2 | 145 |
| International Bancshares Corporation | 7 | 307 |
| Jackson Financial Inc. - Class A (b) | 18 | 623 |
| Janus Henderson Group PLC | 37 | 870 |
| Ladder Capital Corp - Class A | 19 | 191 |
| LPL Financial Holdings Inc. | 5 | 999 |
| MarketAxess Holdings Inc. | 1 | 327 |
| Mercury General Corporation | 8 | 285 |
| MFA Financial, Inc. | 35 | 350 |
| MGIC Investment Corporation | 61 | 788 |
| Moelis & Company - Class A | 7 | 281 |
| Morningstar, Inc. | 1 | 198 |
| Mr. Cooper Group Inc. (a) | 6 | 238 |
| MSCI Inc. - Class A | 2 | 874 |
| Nelnet, Inc. - Class A | 2 | 178 |
| New York Community Bancorp, Inc. - Series A | 157 | 1351 |
| New York Mortgage Trust, Inc. | 98 | 252 |
| Old National Bancorp | 37 | 668 |
| Pacific Premier Bancorp, Inc. | 9 | 298 |
| PacWest Bancorp | 24 | 560 |
| PennyMac Financial Services, Inc. | 6 | 337 |
| PennyMac Mortgage Investment Trust (c) | 27 | 335 |
| Pinnacle Financial Partners, Inc. | 7 | 477 |
| PRA Group, Inc. (a) | 6 | 200 |
| Primerica, Inc. | 5 | 675 |
| ProAssurance Corporation | 6 | 104 |
| PROG Holdings, Inc. (a) | 24 | 398 |
| Prosperity Bancshares, Inc. | 12 | 866 |
| Radian Group Inc. | 33 | 628 |
| Redwood Trust, Inc. | 25 | 172 |
| Renasant Corporation | 7 | 261 |
| RLI Corp. | 3 | 354 |
| Rocket Companies, Inc. - Class A | 11 | 75 |
| SEI Investments Company | 18 | 1024 |
| Selective Insurance Group, Inc. | 6 | 550 |
| Signature Bank | 4 | 479 |
| Simmons First National Corporation - Class A | 17 | 372 |
| SLM Corporation | 42 | 700 |
| Southstate Corporation | 7 | 557 |
| Starwood Property Trust, Inc. | 46 | 852 |
| Stewart Information Services Corporation | 5 | 208 |
| Stifel Financial Corp. | 8 | 480 |
| SVB Financial Group (a) | 3 | 669 |
| Synovus Financial Corp. | 19 | 704 |
| Texas Capital Bancshares, Inc. (a) | 6 | 356 |
| TFS Financial Corporation | 4 | 58 |
| The Carlyle Group, Inc. | 13 | 386 |
| The Hanover Insurance Group, Inc. | 5 | 733 |
| Tradeweb Markets Inc. - Class A | 4 | 257 |
| Trustmark Corporation | 8 | 290 |
| Two Harbors Investment Corp. | 19 | 292 |
| UMB Financial Corporation | 4 | 357 |
| United Bankshares, Inc. | 17 | 677 |
| United Community Banks, Inc. | 9 | 307 |
| Valley National Bancorp | 55 | 616 |
| Virtu Financial, Inc. - Class A | 10 | 211 |
| Voya Financial, Inc. | 18 | 1078 |
| Walker & Dunlop, Inc. | 3 | 238 |
| Washington Federal, Inc. | 12 | 413 |
| Webster Financial Corporation | 16 | 737 |
| WesBanco, Inc. | 7 | 261 |
| Western Alliance Bancorporation | 6 | 342 |
| White Mountains Insurance Group Ltd |  | 601 |
| Wintrust Financial Corporation | 6 | 514 |
| Zurich American Corporation | 10 | 494 |
|  |  | 60301 |
| **Consumer Discretionary 13.0%** | **Consumer Discretionary 13.0%** | **Consumer Discretionary 13.0%** |
| Abercrombie & Fitch Co. - Class A (a) | 21 | 479 |
| Academy Sports & Outdoors, Inc. | 12 | 604 |
| Acushnet Holdings Corp. | 4 | 171 |
| Adtalem Global Education Inc. (a) | 12 | 437 |
| Airbnb, Inc. - Class A (a) | 4 | 330 |
| American Axle & Manufacturing Holdings, Inc. (a) | 46 | 357 |
| American Eagle Outfitters, Inc. | 52 | 721 |
| Asbury Automotive Group, Inc. (a) | 3 | 569 |
| AutoZone, Inc. (a) |  | 994 |
| Big Lots, Inc. | 30 | 435 |
| Bloomin' Brands, Inc. | 16 | 328 |
| Boyd Gaming Corporation | 5 | 286 |
| Bright Horizons Family Solutions, Inc. (a) | 4 | 236 |
| Brunswick Corporation | 13 | 907 |
| Burlington Stores, Inc. (a) | 3 | 700 |
| Caesars Entertainment, Inc. (a) | 9 | 389 |
| Caleres, Inc. | 10 | 226 |
| Carter's, Inc. | 10 | 740 |
| Century Communities, Inc. | 6 | 277 |
| Churchill Downs Incorporated | 2 | 423 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

632

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Columbia Sportswear Company | 6 | 482 |
| Cracker Barrel Old Country Store, Inc. | 5 | 512 |
| Dana Incorporated | 39 | 586 |
| Dave & Buster's Entertainment, Inc. (a) | 5 | 186 |
| Deckers Outdoor Corporation (a) | 2 | 956 |
| Designer Brands Inc. - Class A | 26 | 257 |
| Dillard's, Inc. - Class A (c) | 1 | 270 |
| Domino's Pizza, Inc. | 3 | 1058 |
| Doordash, Inc. - Class A (a) | 6 | 275 |
| Dorman Products, Inc. (a) | 3 | 226 |
| Draftkings Inc. - Class A (a) (c) | 1 | 16 |
| ETSY, Inc. (a) | 4 | 443 |
| Five Below, Inc. (a) | 2 | 366 |
| GameStop Corp. - Class A (a) (c) | 23 | 420 |
| Genesco Inc. (a) | 5 | 217 |
| Gentex Corporation | 35 | 942 |
| Gentherm Incorporated (a) | 4 | 288 |
| G-III Apparel Group, Ltd. (a) | 14 | 199 |
| Gopro Inc. - Class A (a) | 26 | 127 |
| Graham Holdings Co., Ltd. - Class B | 1 | 342 |
| Grand Canyon Education, Inc. (a) | 5 | 513 |
| Group 1 Automotive, Inc. | 5 | 844 |
| Guess ?, Inc. | 13 | 276 |
| H & R Block, Inc. | 19 | 684 |
| Hanesbrands Inc. | 103 | 656 |
| Harley-Davidson, Inc. | 24 | 1002 |
| Helen of Troy Limited (a) | 4 | 403 |
| Hilton Grand Vacations Inc. (a) | 5 | 196 |
| International Game Technology PLC | 18 | 417 |
| iRobot Corporation (a) | 7 | 328 |
| Jack in the Box Inc. | 6 | 382 |
| KB Home | 20 | 639 |
| Kontoor Brands, Inc. | 7 | 265 |
| Laureate Education, Inc. - Class A | 24 | 232 |
| La-Z-Boy Incorporated | 12 | 276 |
| LCI Industries | 4 | 397 |
| Leggett & Platt, Incorporated | 25 | 794 |
| Levi Strauss & Co. - Class A | 7 | 113 |
| LGI Homes, Inc. (a) | 3 | 258 |
| Life Time Group Holdings, Inc. (a) | 4 | 42 |
| Light & Wonder, Inc. (a) | 7 | 437 |
| Lithia Motors, Inc. - Class A | 4 | 752 |
| M.D.C. Holdings, Inc. | 15 | 474 |
| M/I Homes, Inc. (a) | 8 | 356 |
| Marriott Vacations Worldwide Corporation | 5 | 670 |
| Mattel, Inc. (a) | 33 | 585 |
| Meritage Homes Corporation (a) | 9 | 796 |
| Murphy USA Inc. | 5 | 1364 |
| Norwegian Cruise Line Holdings Ltd. (a) | 57 | 700 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 6 | 287 |
| PENN Entertainment, Inc. (a) | 13 | 390 |
| Petco Health And Wellness Company, Inc. - Class A (a) | 8 | 76 |
| Polaris Inc. | 9 | 929 |
| Pool Corporation | 1 | 445 |
| Red Rock Resorts, Inc. - Class A | 3 | 129 |
| Sally Beauty Holdings, Inc. (a) | 27 | 333 |
| Service Corporation International | 10 | 707 |
| Signet Jewelers Limited | 9 | 629 |
| Six Flags Operations Inc. (a) | 18 | 428 |
| Skechers U.S.A., Inc. - Class A (a) | 19 | 782 |
| Sleep Number Corporation (a) | 8 | 209 |
| Sonic Automotive, Inc. - Class A | 7 | 336 |
| Steven Madden, Ltd. | 13 | 410 |
| Strategic Education, Inc. | 4 | 312 |
| Taylor Morrison Home II Corporation - Class A (a) | 31 | 942 |
| Tempur Sealy International, Inc. | 16 | 562 |
| Texas Roadhouse, Inc. - Class A | 6 | 549 |
| The Buckle, Inc. | 6 | 290 |
| The Cheesecake Factory Incorporated | 10 | 302 |
| The ODP Corporation (a) | 14 | 627 |
| The Wendy's Company | 23 | 509 |
| Thor Industries, Inc. | 14 | 1033 |
| TopBuild Corp. (a) | 3 | 428 |
| Topgolf Callaway Brands Corp. (a) | 9 | 177 |
| Travel + Leisure Co. | 16 | 577 |
| TRI Pointe Homes Holdings, Inc. (a) | 38 | 701 |
| Tupperware Brands Corporation (a) | 19 | 79 |
| Ulta Beauty, Inc. (a) | 3 | 1353 |
| Under Armour, Inc. - Class A (a) | 50 | 511 |
| Urban Outfitters, Inc. (a) | 21 | 510 |
| Vail Resorts, Inc. | 3 | 728 |
| Victoria's Secret & Co. (a) | 9 | 336 |
| Vista Outdoor Inc. (a) | 8 | 198 |
| Visteon Corporation (a) | 9 | 1139 |
| Williams-Sonoma, Inc. | 7 | 856 |
| Winnebago Industries, Inc. | 5 | 275 |
| Wolverine World Wide, Inc. | 21 | 224 |
| Wyndham Hotels & Resorts, Inc. | 6 | 436 |
| Wynn Resorts, Limited (a) | 10 | 792 |
| | | 53164 |
| **Information Technology 11.9%** | **Information Technology 11.9%** | **Information Technology 11.9%** |
| ACI Worldwide, Inc. (a) | 16 | 360 |
| Adeia Inc. | 11 | 108 |
| Advanced Energy Industries, Inc. | 4 | 311 |
| Amkor Technology, Inc. | 16 | 395 |
| ANSYS, Inc. (a) | 4 | 922 |
| Arista Networks, Inc. (a) | 7 | 825 |
| Autodesk, Inc. (a) | 6 | 1097 |
| Avaya Holdings Corp. (a) (c) | 117 | 23 |
| Belden Inc. | 7 | 470 |
| Benchmark Electronics, Inc. | 5 | 140 |
| Bentley Systems, Incorporated - Class B | 9 | 333 |
| Black Knight, Inc. (a) | 7 | 425 |
| Block, Inc. - Class A (a) | 9 | 537 |
| Broadridge Financial Solutions, Inc. | 8 | 1061 |
| Cerence Inc. (a) | 10 | 182 |
| Ciena Corporation (a) | 20 | 1004 |
| Cirrus Logic, Inc. (a) | 11 | 782 |
| Cognex Corporation | 10 | 489 |
| Coherent Corp. (a) | 10 | 351 |
| CommScope Holding Company, Inc. (a) | 76 | 559 |
| Concentrix Corporation | 4 | 466 |
| Conduent Incorporated (a) | 45 | 182 |
| CSG Systems International, Inc. | 5 | 283 |
| Diodes Incorporated (a) | 5 | 380 |
| Dolby Laboratories, Inc. - Class A | 7 | 511 |
| Dropbox, Inc. - Class A (a) | 24 | 533 |
| Emersub CX, Inc. (a) | 2 | 325 |
| Entegris, Inc. | 6 | 374 |
| EPAM Systems, Inc. (a) | 1 | 458 |
| Euronet Worldwide, Inc. (a) | 5 | 465 |
| Fair Isaac Corporation (a) | 1 | 658 |
| First Solar, Inc. (a) | 9 | 1411 |
| Fortinet, Inc. (a) | 14 | 700 |
| Gartner, Inc. (a) | 2 | 593 |
| Genpact Limited | 19 | 887 |
| GoDaddy Inc. - Class A (a) | 9 | 664 |
| Guidewire Software, Inc. (a) | 4 | 272 |
| Infinera Corporation (a) (c) | 38 | 255 |
| Informatica Inc. - Class A (a) | 2 | 25 |
| Insight Enterprises, Inc. (a) | 7 | 664 |
| InterDigital, Inc. | 6 | 281 |
| IPG Photonics Corporation (a) | 4 | 408 |
| Itron, Inc. (a) | 7 | 359 |
| Jack Henry & Associates, Inc. | 5 | 809 |
| Keysight Technologies, Inc. (a) | 7 | 1267 |
| Knowles Corporation (a) | 18 | 293 |
| Littelfuse, Inc. | 2 | 448 |
| LiveRamp Holdings, Inc. (a) | 15 | 342 |
| Lumentum Holdings Inc. (a) | 6 | 290 |
| Manhattan Associates, Inc. (a) | 3 | 320 |
| MAXIMUS, Inc. | 11 | 796 |
| Methode Electronics, Inc. | 5 | 216 |
| MKS Instruments, Inc. | 7 | 584 |
| Monolithic Power Systems, Inc. | 1 | 273 |
| National Instruments Corporation | 17 | 642 |
| NCR Corporation (a) | 31 | 719 |
| NetScout Systems, Inc. (a) | 14 | 467 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

633

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Osi Systems, Inc. (a) | 3 | 225 |
| Palantir Technologies Inc. - Class A (a) | 32 | 207 |
| Palo Alto Networks, Inc. (a) | 6 | 767 |
| Paysafe Limited (a) | 6 | 77 |
| PC Connection, Inc. | 2 | 75 |
| Pegasystems Inc. | 4 | 129 |
| Plexus Corp. (a) | 4 | 429 |
| Power Integrations, Inc. | 3 | 239 |
| Progress Software Corporation | 6 | 308 |
| PTC Inc. (a) | 3 | 388 |
| Pure Storage, Inc. - Class A (a) | 13 | 342 |
| Rackspace Technology, Inc. (a) | 9 | 28 |
| RingCentral, Inc. - Class A (a) | 6 | 220 |
| Sabre Corporation (a) | 113 | 697 |
| Sanmina Corporation (a) | 12 | 706 |
| Semtech Corporation (a) | 6 | 172 |
| ServiceNow, Inc. (a) | 2 | 669 |
| Silicon Laboratories Inc. (a) | 3 | 371 |
| Snowflake Inc. - Class A (a) | 2 | 335 |
| SolarWinds Corporation (a) | 5 | 42 |
| Splunk Inc. (a) | 7 | 570 |
| SS&C Technologies Holdings, Inc. | 19 | 988 |
| Stratasys, Inc. (a) | 11 | 128 |
| Super Micro Computer, Inc. (a) | 7 | 607 |
| Synaptics Incorporated (a) | 4 | 398 |
| TD SYNNEX Corporation | 5 | 430 |
| Teledyne Technologies Incorporated (a) | 2 | 982 |
| Teradata Corporation (a) | 19 | 642 |
| Teradyne, Inc. | 12 | 1072 |
| Trimble Inc. (a) | 18 | 917 |
| TTM Technologies, Inc. (a) | 23 | 348 |
| Twilio Inc. - Class A (a) | 10 | 472 |
| Tyler Technologies, Inc. (a) | 1 | 345 |
| Ubiquiti Inc. (c) |  | 65 |
| Unity Software Inc. (a) | 5 | 153 |
| VeriSign, Inc. (a) | 4 | 722 |
| ViaSat, Inc. (a) | 13 | 424 |
| Viavi Solutions Inc. (a) | 24 | 249 |
| Vishay Intertechnology, Inc. | 27 | 577 |
| Vontier Corporation | 20 | 395 |
| Wex, Inc. (a) | 2 | 353 |
| Wolfspeed, Inc. (a) (c) | 5 | 365 |
| Workday, Inc. - Class A (a) | 5 | 882 |
| Xperi Inc. (a) | 3 | 26 |
| Zebra Technologies Corporation - Class A (a) | 3 | 760 |
| Zoom Video Communications, Inc. - Class A (a) | 3 | 226 |
| | | 48516 |
| **Real Estate 9.8%** | **Real Estate 9.8%** | **Real Estate 9.8%** |
| Acadia Realty Trust | 15 | 209 |
| Agree Realty Corporation | 4 | 299 |
| Alexander & Baldwin, Inc. | 10 | 194 |
| American Homes 4 Rent - Class A | 16 | 493 |
| Americold Realty Trust | 21 | 586 |
| Apartment Income REIT Corp. | 14 | 495 |
| Apple Hospitality REIT, Inc. | 46 | 731 |
| Brandywine Realty Trust | 51 | 311 |
| Brixmor Property Group Inc. | 40 | 909 |
| Camden Property Trust | 7 | 757 |
| CBL & Associates Properties, Inc. | 4 | 88 |
| Corporate Office Properties Trust | 16 | 424 |
| Cousins Properties Incorporated | 21 | 533 |
| Cubesmart, L.P. | 12 | 479 |
| Cushman & Wakefield PLC (a) | 17 | 207 |
| DiamondRock Alpharetta Tenant, LLC | 44 | 359 |
| DigitalBridge Group, Inc. - Class A | 36 | 396 |
| Douglas Emmett, Inc. | 25 | 395 |
| EastGroup Properties, Inc. | 2 | 264 |
| ELME Communities | 14 | 253 |
| Empire State Realty Trust, Inc. - Class A | 39 | 266 |
| EPR Properties | 12 | 468 |
| Equity Commonwealth | 15 | 367 |
| Equity Lifestyle Properties, Inc. | 7 | 481 |
| Extra Space Storage Inc. | 5 | 785 |
| Federal Realty Investment Trust | 7 | 667 |
| First Industrial Realty Trust, Inc. | 7 | 360 |
| Gaming and Leisure Properties, Inc. | 18 | 939 |
| Global Net Lease, Inc. | 19 | 243 |
| Healthcare Realty Trust Incorporated - Class A | 36 | 692 |
| Highwoods Properties, Inc. | 18 | 506 |
| Hudson Pacific Properties, Inc. | 37 | 361 |
| InvenTrust Properties Corp. | 10 | 230 |
| Invitation Homes Inc. | 37 | 1082 |
| JBG Smith Properties | 22 | 424 |
| Kennedy-Wilson Holdings, Inc. | 13 | 207 |
| Kilroy Realty Corporation | 15 | 593 |
| Kimco Realty Corporation | 54 | 1136 |
| Kite Realty Naperville, LLC | 21 | 442 |
| Lamar Advertising Company - Class A | 7 | 683 |
| Life Storage Inc. | 5 | 454 |
| LXP Industrial Trust | 34 | 340 |
| Medical Properties Trust, Inc. (c) | 67 | 749 |
| National Health Investors, Inc. | 5 | 274 |
| National Retail Properties, Inc. | 16 | 747 |
| Office Properties Income Trust | 11 | 147 |
| Omega Healthcare Investors, Inc. | 30 | 842 |
| OUTFRONT Media Inc. | 26 | 423 |
| Paramount Group, Inc. | 57 | 336 |
| Pebblebrook Hotel Trust | 27 | 365 |
| Phillips Edison & Company, Inc. | 11 | 365 |
| Physicians Realty Trust | 27 | 391 |
| Piedmont Office Realty Trust, Inc. - Class A | 28 | 261 |
| PotlatchDeltic Corporation | 7 | 327 |
| Rayonier Inc. | 13 | 438 |
| Realogy Holdings Corp. (a) | 43 | 274 |
| Regency Centers Corporation | 17 | 1071 |
| Retail Opportunity Investments Corp. | 15 | 226 |
| Rexford Industrial Realty, Inc. | 6 | 309 |
| RLJ III-EM Columbus Lessee, LLC | 48 | 505 |
| Ryman Hospitality Properties, Inc. | 4 | 305 |
| Sabra Health Care REIT, Inc. | 44 | 549 |
| SBA Communications Corporation | 1 | 367 |
| Service Properties Trust | 50 | 364 |
| SITE Centers Corp. | 31 | 424 |
| SL Green Realty Corp. (c) | 21 | 696 |
| Spirit Realty Capital, Inc. | 14 | 562 |
| STAG Industrial, Inc. | 12 | 397 |
| Store Capital Corporation | 23 | 746 |
| Sun Communities, Inc. | 6 | 900 |
| Sunstone Hotel Investors, Inc. | 47 | 451 |
| Tanger Factory Outlet Centers, Inc. | 17 | 310 |
| The Howard Hughes Corporation (a) | 4 | 311 |
| The Macerich Company | 60 | 673 |
| UDR, Inc. | 20 | 791 |
| Uniti Group Inc. | 52 | 290 |
| Urban Edge Properties | 17 | 246 |
| Veris Residential, Inc (a) | 16 | 253 |
| VICI Properties Inc. | 46 | 1487 |
| W.P. Carey Inc. | 15 | 1187 |
| Xenia Hotels & Resorts, Inc. | 17 | 222 |
| Zillow Group, Inc. - Class C (a) | 17 | 554 |
|  |  | 40243 |
| **Health Care 8.8%** | **Health Care 8.8%** | **Health Care 8.8%** |
| Acadia Healthcare Company, Inc. (a) | 7 | 588 |
| Align Technology, Inc. (a) | 3 | 650 |
| Allscripts Healthcare Solutions, Inc. (a) | 26 | 460 |
| Alnylam Pharmaceuticals, Inc. (a) | 3 | 605 |
| Amedisys, Inc. (a) | 3 | 233 |
| AMN Healthcare Services, Inc. (a) | 3 | 348 |
| Avantor, Inc. (a) | 13 | 278 |
| Azenta, Inc. (a) | 4 | 238 |
| BioMarin Pharmaceutical Inc. (a) | 11 | 1142 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 2 | 771 |
| Bio-Techne Corporation | 4 | 330 |
| Brookdale Senior Living Inc. (a) | 57 | 157 |
| Bruker Corporation | 7 | 451 |
| Catalent, Inc. (a) | 7 | 307 |
| Charles River Laboratories International, Inc. (a) | 2 | 423 |
| Chemed Corporation | 1 | 617 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

634

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Community Health Systems, Inc. (a) | 51 | 220 |
| Coronado Topco, Inc. (a) | 1 | 60 |
| DexCom, Inc. (a) | 4 | 501 |
| Elanco Animal Health Incorporated (a) | 60 | 729 |
| Emergent BioSolutions Inc. (a) | 13 | 152 |
| Encompass Health Corporation | 11 | 666 |
| Enhabit Inc. (a) | 3 | 37 |
| Enovis Corporation (a) | 5 | 293 |
| Envista Holdings Corporation (a) | 22 | 726 |
| Exact Sciences Corporation (a) | 8 | 387 |
| Exelixis, Inc. (a) | 26 | 424 |
| Globus Medical, Inc. - Class A (a) | 4 | 294 |
| Haemonetics Corporation (a) | 5 | 394 |
| Hologic, Inc. (a) | 18 | 1318 |
| Horizon Therapeutics Public Limited Company (a) | 8 | 862 |
| ICU Medical, Inc. (a) | 2 | 311 |
| IDEXX Laboratories, Inc. (a) | 2 | 703 |
| Incyte Corporation (a) | 15 | 1227 |
| Integer Holdings Corporation (a) | 4 | 286 |
| Integra LifeSciences Holdings Corporation (a) | 5 | 299 |
| Ionis Pharmaceuticals, Inc. (a) | 10 | 361 |
| LHC Group, Inc. (a) | 2 | 383 |
| LivaNova PLC (a) | 5 | 255 |
| Masimo Corporation (a) | 3 | 379 |
| Mettler-Toledo International Inc. (a) | 1 | 1307 |
| Moderna, Inc. (a) | 3 | 594 |
| Molina Healthcare, Inc. (a) | 5 | 1549 |
| Multiplan Corporation - Class A (a) | 63 | 72 |
| Myriad Genetics, Inc. (a) | 12 | 169 |
| Nektar Therapeutics (a) | 57 | 129 |
| NuVasive, Inc. (a) | 6 | 240 |
| OPKO Health, Inc. (a) | 69 | 86 |
| Owens & Minor, Inc. (a) | 18 | 354 |
| Patterson Companies, Inc. | 21 | 580 |
| Pediatrix Medical Group, Inc. (a) | 18 | 264 |
| PerkinElmer, Inc. | 6 | 850 |
| Premier Healthcare Solutions, Inc. - Class A | 15 | 518 |
| ResMed Inc. | 5 | 1008 |
| Roivant Sciences Ltd. (a) | 23 | 185 |
| Royalty Pharma PLC - Class A | 12 | 458 |
| Sage Therapeutics Inc. (a) | 9 | 330 |
| Sarepta Therapeutics, Inc. (a) | 4 | 509 |
| Seagen Inc. (a) | 4 | 559 |
| Select Medical Holdings Corporation | 14 | 355 |
| Steris Limited | 6 | 1025 |
| Syneos Health, Inc. - Class A (a) | 12 | 449 |
| Teladoc Health, Inc. (a) | 29 | 685 |
| Teleflex Incorporated | 3 | 773 |
| Tenet Healthcare Corporation (a) | 12 | 600 |
| The Cooper Companies, Inc. | 3 | 887 |
| United Therapeutics Corporation (a) | 6 | 1564 |
| Veeva Systems Inc. - Class A (a) | 2 | 376 |
| West Pharmaceutical Services, Inc. | 2 | 479 |
| | | 35819 |
| **Materials 7.0%** | **Materials 7.0%** | **Materials 7.0%** |
| Albemarle Corporation | 5 | 1128 |
| AptarGroup, Inc. | 7 | 736 |
| Arconic Corporation (a) | 26 | 559 |
| Ardagh Group S.A. - Class A (d) |  |  |
| Ashland Global Holdings Inc. | 7 | 769 |
| ATI Inc. (a) | 10 | 307 |
| Avery Dennison Corporation | 7 | 1270 |
| Avient Corporation | 12 | 400 |
| Axalta Coating Systems Ltd. (a) | 25 | 638 |
| Ball Corporation | 21 | 1091 |
| Berry Global Group, Inc. | 15 | 925 |
| Cabot Corporation | 8 | 508 |
| Carpenter Technology Corporation | 11 | 412 |
| Cleveland-Cliffs Inc. (a) | 19 | 305 |
| Commercial Metals Company | 20 | 965 |
| Compass Minerals International, Inc. | 7 | 307 |
| Crown Holdings, Inc. | 9 | 750 |
| Eagle Materials Inc. | 4 | 567 |
| Ecovyst Inc. (a) | 11 | 96 |
| Element Solutions Inc. | 19 | 353 |
| FMC Corporation | 9 | 1148 |
| Graphic Packaging Holding Company | 49 | 1086 |
| Greif, Inc. - Class A | 6 | 412 |
| H.B. Fuller Company | 6 | 458 |
| Hecla Mining Company | 58 | 322 |
| Huntsman Corporation | 36 | 1001 |
| Innospec Inc. | 3 | 294 |
| Kaiser Aluminum Corporation | 4 | 297 |
| Louisiana-Pacific Corporation | 10 | 614 |
| MATIV Holdings, Inc. | 9 | 188 |
| Minerals Technologies Inc. | 4 | 261 |
| NewMarket Corporation | 1 | 337 |
| O-I Glass, Inc. (a) | 35 | 581 |
| Olin Corporation | 15 | 797 |
| Quaker Chemical Corporation | 1 | 206 |
| Royal Gold, Inc. | 4 | 423 |
| RPM International Inc. | 12 | 1190 |
| Schnitzer Steel Industries, Inc. - Class A | 8 | 249 |
| Sealed Air Corporation | 19 | 956 |
| Sensient Technologies Corporation | 5 | 390 |
| Silgan Holdings Inc. | 10 | 531 |
| Sonoco Products Company | 16 | 981 |
| Stepan Company | 2 | 235 |
| Summit Materials, Inc. - Class A (a) | 13 | 369 |
| Sylvamo Corporation | 13 | 655 |
| The Chemours Company | 27 | 827 |
| The Scotts Miracle-Gro Company | 6 | 310 |
| Trinseo Public Limited Company | 17 | 391 |
| Tronox Holdings PLC | 11 | 146 |
| Warrior Met Coal, Inc. | 21 | 711 |
| Worthington Industries, Inc. | 7 | 335 |
|  |  | 28787 |
| **Energy 5.5%** | **Energy 5.5%** | **Energy 5.5%** |
| Antero Midstream Corporation | 23 | 252 |
| Antero Resources Corporation (a) | 28 | 853 |
| Apa Corp. | 32 | 1513 |
| Arch Resources, Inc. - Class A | 3 | 495 |
| Archrock, Inc. | 28 | 248 |
| ChampionX Corporation | 13 | 366 |
| Cheniere Energy, Inc. | 5 | 820 |
| CNX Resources Corporation (a) | 39 | 653 |
| Coterra Energy Inc. | 42 | 1025 |
| CVR Energy, Inc. | 7 | 233 |
| Delek US Holdings, Inc. | 28 | 753 |
| Devon Energy Corporation | 22 | 1381 |
| Diamondback Energy, Inc. | 8 | 1081 |
| Dril-Quip, Inc. (a) | 8 | 211 |
| DT Midstream, Inc. | 8 | 461 |
| EQT Corporation | 29 | 968 |
| Equitrans Midstream Corporation | 88 | 588 |
| Green Plains Inc. (a) | 9 | 288 |
| Helmerich & Payne, Inc. | 23 | 1142 |
| Kosmos Energy Ltd. (a) | 41 | 259 |
| Matador Resources Company | 5 | 258 |
| Murphy Oil Corporation | 27 | 1172 |
| Nabors Industries Ltd (a) | 3 | 484 |
| Oceaneering International, Inc. (a) | 26 | 452 |
| Ovintiv Canada ULC | 23 | 1186 |
| Patterson-UTI Energy, Inc. | 37 | 620 |
| PDC Energy, Inc. | 7 | 416 |
| Peabody Energy Corporation (a) | 33 | 875 |
| Permian Resources Corporation - Class A | 28 | 260 |
| Range Resources Corporation | 13 | 312 |
| RPC, Inc. | 15 | 130 |
| SM Energy Company | 11 | 371 |
| TechnipFMC PLC | 127 | 1548 |
| Valaris Limited (a) | 8 | 519 |
| Weatherford International Public Limited Company (a) | 9 | 458 |
|  |  | 22651 |
| **Consumer Staples 4.1%** | **Consumer Staples 4.1%** | **Consumer Staples 4.1%** |
| B&G Foods, Inc. | 20 | 218 |
| Bellring Intermediate Holdings, Inc. (a) | 3 | 66 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

635

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Brown-Forman Corporation - Class B | 15 | 974 |
| Cal-Maine Foods, Inc. | 5 | 290 |
| Casey's General Stores, Inc. | 6 | 1299 |
| Central Garden & Pet Company - Class A (a) | 6 | 228 |
| Coty Inc. - Class A (a) | 61 | 521 |
| Darling Ingredients Inc. (a) | 11 | 659 |
| Del Monte Fresh Produce Company | 5 | 124 |
| Edgewell Personal Care Colombia S A S | 13 | 499 |
| Flowers Foods, Inc. | 27 | 773 |
| Herbalife Nutrition Ltd. (a) | 12 | 183 |
| Ingles Markets, Incorporated - Class A | 3 | 325 |
| J & J Snack Foods Corp. | 1 | 205 |
| Lamb Weston Holdings, Inc. | 7 | 625 |
| Lancaster Colony Corporation | 2 | 425 |
| McCormick & Company, Incorporated | 15 | 1224 |
| National Beverage Corp. (a) | 2 | 101 |
| Nomad Foods Limited (a) | 25 | 425 |
| Nu Skin Enterprises, Inc. - Class A | 14 | 600 |
| Performance Food Group Company (a) | 26 | 1521 |
| Post Holdings, Inc. (a) | 8 | 690 |
| PriceSmart, Inc. | 4 | 229 |
| Reynolds Consumer Products Inc. | 4 | 107 |
| Seaboard Corporation |  | 79 |
| Spartannash Company | 9 | 278 |
| Spectrum Brands Holdings, Inc. | 10 | 582 |
| Sprouts Farmers Market, Inc. (a) | 29 | 923 |
| The Andersons, Inc. | 8 | 286 |
| The Boston Beer Company, Inc. - Class A (a) | 1 | 244 |
| The Hain Celestial Group, Inc. (a) | 17 | 274 |
| Treehouse Foods, Inc. (a) | 13 | 618 |
| United Natural Foods, Inc. (a) | 14 | 552 |
| Universal Corporation | 4 | 213 |
| USANA Health Sciences, Inc. (a) | 2 | 122 |
| Vector Group Ltd. | 19 | 223 |
| Weis Markets, Inc. | 2 | 183 |
| | | 16888 |
| **Communication Services 3.0%** | **Communication Services 3.0%** | **Communication Services 3.0%** |
| Advantage Solutions, Inc. - Class A (a) | 9 | 18 |
| AMC Entertainment Holdings, Inc. - Class A (a) (c) | 26 | 106 |
| AMC Networks, Inc. - Class A (a) | 12 | 192 |
| Angi Inc. - Class A (a) | 13 | 31 |
| Bumble Inc. - Class A (a) | 7 | 147 |
| Cable One, Inc. |  | 263 |
| Cinemark Holdings, Inc. (a) | 31 | 266 |
| Clear Channel Outdoor Holdings, Inc. (a) | 75 | 79 |
| EchoStar Corporation - Class A (a) | 8 | 140 |
| Frontier Communications Parent, Inc. (a) | 12 | 318 |
| Gray Television, Inc. | 19 | 212 |
| IAC Inc. (a) | 8 | 357 |
| iHeartMedia, Inc. - Class A (a) | 21 | 131 |
| John Wiley & Sons, Inc. - Class A | 6 | 243 |
| Liberty Broadband Corporation - Series C (a) | 8 | 643 |
| Liberty Latin America Ltd. - Class C (a) | 42 | 323 |
| Liberty Media Corporation - Series C (a) | 11 | 684 |
| Lions Gate Entertainment Corp. - Class A (a) | 41 | 233 |
| Live Nation Entertainment, Inc. (a) | 2 | 163 |
| Madison Square Garden Entertainment Corp. - Class A (a) | 5 | 231 |
| Match Group, Inc. (a) | 6 | 244 |
| Nexstar Media Group, Inc. - Class A | 4 | 768 |
| Pinterest, Inc. - Class A (a) | 23 | 550 |
| Roku Inc. - Class A (a) | 3 | 128 |
| Scholastic Corporation | 4 | 144 |
| Sinclair Broadcast Group, Inc. - Class A | 12 | 180 |
| Snap Inc. - Class A (a) | 42 | 378 |
| Take-Two Interactive Software, Inc. (a) | 9 | 945 |
| TEGNA Inc. | 30 | 634 |
| Telephone and Data Systems, Inc. | 29 | 307 |
| The Interpublic Group of Companies, Inc. | 43 | 1442 |
| The New York Times Company - Class A | 12 | 384 |
| TripAdvisor, Inc. (a) | 19 | 348 |
| United States Cellular Corporation (a) | 4 | 77 |
| Yelp Inc. (a) | 15 | 413 |
| Ziff Davis, Inc. (a) | 5 | 417 |
|  |  | 12139 |
| **Utilities 3.0%** | **Utilities 3.0%** | **Utilities 3.0%** |
| ALLETE, Inc. | 9 | 574 |
| Atmos Energy Corporation | 13 | 1449 |
| Avista Corporation | 12 | 532 |
| Black Hills Corporation | 9 | 611 |
| Clearway Energy, Inc. - Class C | 9 | 284 |
| Essential Utilities, Inc. | 16 | 746 |
| Hawaiian Electric Industries, Inc. | 12 | 483 |
| IDACORP, Inc. | 6 | 614 |
| National Fuel Gas Company | 9 | 599 |
| New Jersey Resources Corporation | 12 | 593 |
| NorthWestern Corporation | 10 | 577 |
| OGE Energy Corp. | 29 | 1146 |
| One Gas, Inc. | 7 | 546 |
| Ormat Technologies, Inc. (c) | 4 | 305 |
| PNM Resources, Inc. | 11 | 554 |
| Portland General Electric Company | 15 | 735 |
| South Jersey Industries, Inc. | 14 | 514 |
| Southwest Gas Holdings, Inc. | 10 | 605 |
| Spire Inc. | 8 | 545 |
|  |  | 12012 |
| Total Common Stocks (cost $403,827) | Total Common Stocks (cost $403,827) | 407598 |
| **SHORT TERM INVESTMENTS 0.2%** | **SHORT TERM INVESTMENTS 0.2%** | **SHORT TERM INVESTMENTS 0.2%** |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (b) (e) | 914 | 914 |
| **Investment Companies 0.0%** | **Investment Companies 0.0%** | **Investment Companies 0.0%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (b) (e) | 3 | 3 |
| Total Short Term Investments (cost $917) | Total Short Term Investments (cost $917) | 917 |
| **Total Investments 99.8% (cost $404,744)** | **Total Investments 99.8% (cost $404,744)** | **408515** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (6) |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **888** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **409397** |

---

(a) Non-income producing security.

(b) Investment in affiliate.

(c) All or a portion of the security was on loan as of December 31, 2022.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/RAFI Fundamental U.S. Small Cap Fund — Long Term Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Long Term Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Long Term Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Long Term Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Long Term Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Long Term Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Long Term Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Long Term Investments in Affiliates** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Apollo Commercial Real Estate Finance, Inc. | 420 | 36 | 37 | 45 | (12) | (62) | 345 | 0.1 |
| Jackson Financial Inc. - Class A |  | 637 | 21 | 15 | (5) | 12 | 623 | 0.1 |
|  | 420 | 673 | 58 | 60 | (17) | (50) | 968 | 0.2 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

636

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/RAFI Fundamental U.S. Small Cap Fund — Futures Contracts** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Futures Contracts** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Futures Contracts** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Futures Contracts** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Futures Contracts** | **JNL/RAFI Fundamental U.S. Small Cap Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Russell 2000 Index | 3 | March 2023 | 266 | (1) | (1) |
| S&P Midcap 400 Index | 6 | March 2023 | 1458 | (5) | 8 |
|  |  |  |  | (6) | 7 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** | **JNL/RAFI Fundamental U.S. Small Cap Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 407598 |  |  | 407598 |
| &nbsp;&nbsp;Short Term Investments | 917 |  |  | 917 |
|  | 408515 |  |  | 408515 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 8 |  |  | 8 |
|  | 8 |  |  | 8 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (1) |  |  | (1) |
|  | (1) |  |  | (1) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

637

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** |
| **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** |
| **Health Care 18.4%** | **Health Care 18.4%** | **Health Care 18.4%** |
| AbbVie Inc. | 103 | 16622 |
| Acadia Healthcare Company, Inc. (a) | 4 | 371 |
| Agilent Technologies, Inc. | 8 | 1230 |
| Alnylam Pharmaceuticals, Inc. (a) | 6 | 1507 |
| AmerisourceBergen Corporation | 10 | 1638 |
| Amgen Inc. | 97 | 25526 |
| AMN Healthcare Services, Inc. (a) | 6 | 628 |
| Baxter International Inc. | 54 | 2744 |
| Becton, Dickinson and Company | 20 | 5194 |
| Biogen Inc. (a) | 15 | 4273 |
| BioMarin Pharmaceutical Inc. (a) | 10 | 1044 |
| Bio-Rad Laboratories, Inc. - Class A (a) | 2 | 719 |
| Boston Scientific Corporation (a) | 44 | 2028 |
| Bristol-Myers Squibb Company | 206 | 14822 |
| Brookdale Senior Living Inc. (a) | 57 | 155 |
| Bruker Corporation | 7 | 482 |
| Cardinal Health, Inc. | 110 | 8495 |
| Centene Corporation (a) | 16 | 1322 |
| Chemed Corporation | 3 | 1722 |
| Cigna Corporation | 9 | 2946 |
| CVS Health Corporation | 304 | 28329 |
| Danaher Corporation | 13 | 3419 |
| DaVita Inc. (a) | 28 | 2114 |
| Dentsply Sirona Inc. | 16 | 496 |
| Elevance Health, Inc. | 16 | 8205 |
| Eli Lilly and Company | 68 | 25028 |
| Encompass Health Corporation | 26 | 1572 |
| Envista Holdings Corporation (a) | 8 | 277 |
| Exelixis, Inc. (a) | 16 | 262 |
| Gilead Sciences, Inc. | 416 | 35701 |
| Globus Medical, Inc. - Class A (a) | 7 | 512 |
| Haemonetics Corporation (a) | 7 | 532 |
| HCA Healthcare, Inc. | 13 | 3212 |
| Henry Schein, Inc. (a) | 15 | 1232 |
| Hologic, Inc. (a) | 46 | 3447 |
| Humana Inc. | 7 | 3564 |
| ICU Medical, Inc. (a) | 1 | 214 |
| IDEXX Laboratories, Inc. (a) | 1 | 363 |
| Incyte Corporation (a) | 18 | 1424 |
| Ionis Pharmaceuticals, Inc. (a) | 6 | 234 |
| Johnson & Johnson | 248 | 43800 |
| Laboratory Corporation of America Holdings | 2 | 429 |
| LHC Group, Inc. (a) | 3 | 562 |
| Masimo Corporation (a) | 4 | 592 |
| McKesson Corporation | 40 | 14919 |
| Merck & Co., Inc. | 425 | 47145 |
| Mettler-Toledo International Inc. (a) | 1 | 1411 |
| Moderna, Inc. (a) | 2 | 287 |
| Molina Healthcare, Inc. (a) | 8 | 2774 |
| Myriad Genetics, Inc. (a) | 21 | 310 |
| Organon & Co. | 113 | 3143 |
| Owens & Minor, Inc. (a) | 30 | 591 |
| Patterson Companies, Inc. | 34 | 954 |
| Pediatrix Medical Group, Inc. (a) | 28 | 410 |
| Pfizer Inc. | 461 | 23630 |
| Premier Healthcare Solutions, Inc. - Class A | 23 | 819 |
| Quest Diagnostics Incorporated | 14 | 2199 |
| Regeneron Pharmaceuticals, Inc. (a) | 9 | 6224 |
| ResMed Inc. | 10 | 2018 |
| Royalty Pharma PLC - Class A | 32 | 1267 |
| Sarepta Therapeutics, Inc. (a) | 4 | 565 |
| Seagen Inc. (a) | 7 | 941 |
| Select Medical Holdings Corporation | 14 | 358 |
| Steris Limited | 5 | 930 |
| Stryker Corporation | 9 | 2295 |
| Teleflex Incorporated | 3 | 627 |
| Tenet Healthcare Corporation (a) | 46 | 2263 |
| The Cooper Companies, Inc. | 3 | 1040 |
| United Therapeutics Corporation (a) | 17 | 4723 |
| UnitedHealth Group Incorporated | 27 | 14236 |
| Universal Health Services, Inc. - Class B | 5 | 717 |
| Vertex Pharmaceuticals Incorporated (a) | 7 | 2156 |
| Viatris Inc. | 171 | 1900 |
| Waters Corporation (a) | 5 | 1597 |
| West Pharmaceutical Services, Inc. | 2 | 545 |
| Zimmer Biomet Holdings, Inc. | 6 | 727 |
| Zoetis Inc. - Class A | 8 | 1169 |
|  |  | 403878 |
| **Consumer Staples 15.4%** | **Consumer Staples 15.4%** | **Consumer Staples 15.4%** |
| Altria Group, Inc. | 396 | 18098 |
| Archer-Daniels-Midland Company | 130 | 12067 |
| B&G Foods, Inc. | 29 | 323 |
| Brown-Forman Corporation - Class B | 45 | 2957 |
| Bunge Limited | 63 | 6244 |
| Cal-Maine Foods, Inc. | 20 | 1063 |
| Campbell Soup Company | 24 | 1342 |
| Casey's General Stores, Inc. | 12 | 2757 |
| Central Garden & Pet Company - Class A (a) | 9 | 328 |
| Church & Dwight Co., Inc. | 23 | 1838 |
| Colgate-Palmolive Company | 103 | 8128 |
| Conagra Brands, Inc. | 52 | 2032 |
| Constellation Brands, Inc. - Class A | 12 | 2741 |
| Costco Wholesale Corporation | 20 | 9016 |
| Darling Ingredients Inc. (a) | 8 | 496 |
| Edgewell Personal Care Colombia S A S | 21 | 796 |
| Flowers Foods, Inc. | 52 | 1485 |
| General Mills, Inc. | 73 | 6103 |
| Herbalife Nutrition Ltd. (a) | 18 | 261 |
| Hormel Foods Corporation | 26 | 1204 |
| Ingles Markets, Incorporated - Class A | 4 | 351 |
| Ingredion Incorporated | 13 | 1284 |
| J & J Snack Foods Corp. | 2 | 260 |
| Kellogg Company | 43 | 3071 |
| Keurig Dr Pepper Inc. | 71 | 2532 |
| Kimberly-Clark Corporation | 47 | 6352 |
| Kraft Foods Group, Inc. | 139 | 5646 |
| Lamb Weston Holdings, Inc. | 21 | 1897 |
| Lancaster Colony Corporation | 5 | 1058 |
| McCormick & Company, Incorporated | 31 | 2591 |
| Molson Coors Beverage Company - Class B | 52 | 2700 |
| Mondelez International, Inc. - Class A | 131 | 8724 |
| Monster Beverage 1990 Corporation (a) | 24 | 2460 |
| National Beverage Corp. (a) | 5 | 251 |
| Nomad Foods Limited (a) | 25 | 425 |
| Nu Skin Enterprises, Inc. - Class A | 24 | 1015 |
| PepsiCo, Inc. | 183 | 33106 |
| Performance Food Group Company (a) | 26 | 1528 |
| Philip Morris International Inc. | 229 | 23138 |
| Post Holdings, Inc. (a) | 16 | 1404 |
| PriceSmart, Inc. | 5 | 329 |
| Spartannash Company | 15 | 441 |
| Sprouts Farmers Market, Inc. (a) | 75 | 2416 |
| Sysco Corporation | 57 | 4332 |
| The Andersons, Inc. | 10 | 343 |
| The Boston Beer Company, Inc. - Class A (a) | 2 | 547 |
| The Clorox Company | 15 | 2098 |
| The Coca-Cola Company | 480 | 30531 |
| The Estee Lauder Companies Inc. - Class A | 1 | 297 |
| The Hain Celestial Group, Inc. (a) | 15 | 244 |
| The Hershey Company | 13 | 3053 |
| The J. M. Smucker Company | 14 | 2262 |
| The Kroger Co. | 273 | 12158 |
| The Procter & Gamble Company | 226 | 34300 |
| Treehouse Foods, Inc. (a) | 18 | 909 |
| Tyson Foods, Inc. - Class A | 62 | 3872 |
| United Natural Foods, Inc. (a) | 21 | 806 |
| Universal Corporation | 6 | 316 |
| US Foods Holding Corp. (a) | 29 | 994 |
| Vector Group Ltd. | 33 | 387 |
| Walgreens Boots Alliance, Inc. | 392 | 14659 |
| Walmart Inc. | 312 | 44194 |
| Weis Markets, Inc. | 4 | 306 |
|  |  | 338866 |
| **Information Technology 12.5%** | **Information Technology 12.5%** | **Information Technology 12.5%** |
| Accenture Public Limited Company - Class A | 22 | 5836 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

638

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Akamai Technologies, Inc. (a) | 7 | 557 |
| Amdocs Limited | 17 | 1505 |
| Amkor Technology, Inc. | 21 | 512 |
| Amphenol Corporation - Class A | 17 | 1314 |
| Analog Devices, Inc. | 14 | 2373 |
| ANSYS, Inc. (a) | 4 | 886 |
| Apple Inc. | 145 | 18880 |
| Applied Materials, Inc. | 50 | 4882 |
| Arista Networks, Inc. (a) | 12 | 1450 |
| Arrow Electronics, Inc. (a) | 14 | 1421 |
| Autodesk, Inc. (a) | 14 | 2620 |
| Automatic Data Processing, Inc. | 29 | 7005 |
| Avnet, Inc. | 36 | 1481 |
| Belden Inc. | 10 | 699 |
| Black Knight, Inc. (a) | 8 | 495 |
| Broadcom Inc. | 10 | 5323 |
| Broadridge Financial Solutions, Inc. | 18 | 2436 |
| Cadence Design Systems, Inc. (a) | 8 | 1311 |
| CDW Corp. | 10 | 1861 |
| Cirrus Logic, Inc. (a) | 6 | 483 |
| Cisco Systems, Inc. | 441 | 21004 |
| CommScope Holding Company, Inc. (a) | 31 | 228 |
| Corning Incorporated | 194 | 6188 |
| CSG Systems International, Inc. | 7 | 424 |
| Dell Technologies Inc. - Class C | 6 | 258 |
| Dolby Laboratories, Inc. - Class A | 8 | 544 |
| Dropbox, Inc. - Class A (a) | 10 | 234 |
| DXC Technology Company (a) | 28 | 738 |
| Fair Isaac Corporation (a) | 3 | 1644 |
| First Solar, Inc. (a) | 5 | 708 |
| Fiserv, Inc. (a) | 18 | 1788 |
| FleetCor Technologies, Inc. (a) | 3 | 537 |
| Flex Ltd. (a) | 39 | 830 |
| Fortinet, Inc. (a) | 15 | 745 |
| Gartner, Inc. (a) | 6 | 1854 |
| Gen Digital Inc. | 106 | 2276 |
| Genpact Limited | 45 | 2081 |
| Global Payments Inc. | 7 | 736 |
| GoDaddy Inc. - Class A (a) | 9 | 652 |
| Hewlett Packard Enterprise Company | 368 | 5866 |
| HP, Inc. | 153 | 4101 |
| Insight Enterprises, Inc. (a) | 8 | 822 |
| International Business Machines Corporation | 254 | 35782 |
| Intuit Inc. | 2 | 659 |
| Jabil Inc. | 20 | 1353 |
| Jack Henry & Associates, Inc. | 15 | 2692 |
| Juniper Networks, Inc. | 111 | 3549 |
| KLA Corporation | 9 | 3336 |
| Kyndryl Holdings, Inc. (a) | 70 | 783 |
| Lam Research Corporation | 6 | 2336 |
| Manhattan Associates, Inc. (a) | 3 | 386 |
| MasterCard Incorporated - Class A | 41 | 14161 |
| MAXIMUS, Inc. | 16 | 1205 |
| Microchip Technology Incorporated | 15 | 1039 |
| Motorola Solutions, Inc. | 12 | 3066 |
| National Instruments Corporation | 16 | 582 |
| NCR Corporation (a) | 22 | 525 |
| NetApp, Inc. | 8 | 511 |
| NetScout Systems, Inc. (a) | 25 | 802 |
| On Semiconductor Corporation (a) | 12 | 773 |
| Oracle Corporation | 262 | 21397 |
| Osi Systems, Inc. (a) | 3 | 220 |
| Palo Alto Networks, Inc. (a) | 15 | 2106 |
| Paychex, Inc. | 29 | 3384 |
| Plexus Corp. (a) | 7 | 720 |
| PTC Inc. (a) | 6 | 722 |
| Pure Storage, Inc. - Class A (a) | 14 | 388 |
| Qualcomm Incorporated | 76 | 8362 |
| Roper Technologies, Inc. | 4 | 1571 |
| Sanmina Corporation (a) | 16 | 944 |
| Seagate Technology Holdings Public Limited Company | 13 | 708 |
| Skyworks Solutions, Inc. | 11 | 969 |
| Splunk Inc. (a) | 8 | 716 |
| Super Micro Computer, Inc. (a) | 9 | 745 |
| Synaptics Incorporated (a) | 4 | 415 |
| Synopsys, Inc. (a) | 5 | 1451 |
| Teledyne Technologies Incorporated (a) | 4 | 1633 |
| Teradata Corporation (a) | 16 | 543 |
| Teradyne, Inc. | 12 | 1080 |
| Texas Instruments Incorporated | 70 | 11536 |
| The Western Union Company | 61 | 846 |
| TTM Technologies, Inc. (a) | 17 | 263 |
| Tyler Technologies, Inc. (a) | 1 | 339 |
| VeriSign, Inc. (a) | 3 | 642 |
| Visa Inc. - Class A | 84 | 17495 |
| Vishay Intertechnology, Inc. | 51 | 1094 |
| VMware, Inc. - Class A (a) | 6 | 734 |
| Western Digital Corporation (a) | 28 | 880 |
| Wex, Inc. (a) | 2 | 356 |
| Wolfspeed, Inc. (a) (b) | 6 | 426 |
| Xerox Holdings Corporation | 29 | 429 |
| | | 274242 |
| **Industrials 11.6%** | **Industrials 11.6%** | **Industrials 11.6%** |
| 3M Company | 59 | 7120 |
| A. O. Smith Corporation | 18 | 1020 |
| AAR Corp. (a) | 10 | 442 |
| ABM Industries Incorporated | 12 | 543 |
| Acuity Brands, Inc. | 7 | 1133 |
| AECOM | 22 | 1855 |
| Aerojet Rocketdyne Holdings, Inc. (a) | 17 | 954 |
| AGCO Corporation | 6 | 854 |
| Allison Systems, Inc. | 38 | 1580 |
| American Airlines Group Inc. (a) | 93 | 1179 |
| AMETEK, Inc. | 6 | 803 |
| Apogee Enterprises, Inc. | 6 | 277 |
| Applied Industrial Technologies, Inc. | 3 | 410 |
| Arcosa, Inc. | 10 | 566 |
| Armstrong World Industries, Inc. | 4 | 304 |
| Atlas Air Worldwide Holdings, Inc. (a) | 10 | 993 |
| Avis Budget Group, Inc. (a) | 45 | 7298 |
| Boise Cascade Company | 12 | 815 |
| Booz Allen Hamilton Holding Corporation - Class A | 35 | 3627 |
| BWXT Government Group, Inc. | 23 | 1349 |
| C.H. Robinson Worldwide, Inc. | 31 | 2885 |
| Caci International Inc. - Class A (a) | 6 | 1799 |
| Carlisle Companies Incorporated | 1 | 315 |
| Carrier Global Corporation | 29 | 1189 |
| Caterpillar Inc. | 34 | 8231 |
| Cintas Corporation | 5 | 2223 |
| Clean Harbors, Inc. (a) | 3 | 288 |
| Comfort Systems USA, Inc. | 3 | 363 |
| Copart, Inc. (a) | 23 | 1394 |
| CoreCivic, Inc. (a) | 44 | 508 |
| CoStar Group, Inc. (a) | 21 | 1596 |
| CSX Corporation | 184 | 5688 |
| Cummins Inc. | 18 | 4380 |
| Curtiss-Wright Corporation | 7 | 1215 |
| Deere & Company | 8 | 3358 |
| Deluxe Corporation | 11 | 190 |
| Donaldson Company, Inc. | 18 | 1043 |
| Dun & Bradstreet Holdings, Inc. | 17 | 206 |
| Dycom Industries, Inc. (a) | 3 | 292 |
| Eaton Corporation Public Limited Company | 11 | 1692 |
| EMCOR Group, Inc. | 2 | 300 |
| Emerson Electric Co. | 50 | 4785 |
| Encore Wire Corporation | 5 | 726 |
| Equifax Inc. | 6 | 1225 |
| Expeditors International of Washington, Inc. | 14 | 1415 |
| Fastenal Company | 25 | 1204 |
| Fluor Corporation (a) | 51 | 1774 |
| Fortive Corporation | 9 | 567 |
| Franklin Electric Co., Inc. | 5 | 388 |
| FTI Consulting, Inc. (a) | 12 | 1966 |
| GATX Corporation | 8 | 817 |
| Generac Holdings Inc. (a) | 3 | 277 |
| General Dynamics Corporation | 7 | 1828 |
| General Electric Company | 99 | 8287 |
| GMS Inc. (a) | 5 | 268 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

639

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Graco Inc. | 11 | 736 |
| Granite Construction Incorporated | 16 | 560 |
| Hawaiian Holdings, Inc. (a) | 25 | 257 |
| Healthcare Services Group, Inc. | 28 | 337 |
| HEICO Corporation | 5 | 719 |
| Hexcel Corporation | 21 | 1242 |
| Hillenbrand, Inc. | 8 | 323 |
| HNI Corporation | 10 | 281 |
| Honeywell International Inc. | 19 | 4059 |
| Howmet Aerospace Inc. | 37 | 1466 |
| Hub Group, Inc. - Class A (a) | 9 | 722 |
| Hubbell Incorporated | 4 | 1010 |
| Huntington Ingalls Industries, Inc. | 3 | 620 |
| IDEX Corporation | 7 | 1671 |
| Illinois Tool Works Inc. | 24 | 5369 |
| Insperity, Inc. | 5 | 572 |
| ITT Inc. | 8 | 623 |
| J. B. Hunt Transport Services, Inc. | 6 | 1038 |
| JetBlue Airways Corporation (a) | 62 | 402 |
| KAR Auction Services, Inc. (a) | 48 | 632 |
| KBR, Inc. | 25 | 1335 |
| Knight-Swift Transportation Holdings Inc. - Class A | 34 | 1779 |
| L3Harris Technologies, Inc. | 19 | 3918 |
| Landstar System, Inc. | 10 | 1680 |
| Leidos Holdings, Inc. | 14 | 1424 |
| Lennox International Inc. | 6 | 1484 |
| Lincoln Electric Holdings, Inc. | 11 | 1570 |
| Lockheed Martin Corporation | 37 | 18090 |
| ManpowerGroup Inc. | 14 | 1146 |
| Masco Corporation | 17 | 797 |
| MasTec, Inc. (a) | 3 | 255 |
| MDU Resources Group, Inc. | 46 | 1385 |
| Millerknoll, Inc. | 16 | 342 |
| Mine Safety Appliances Company, LLC | 2 | 234 |
| Moog Inc. - Class A | 5 | 439 |
| MSC Industrial Direct Co., Inc. - Class A | 16 | 1298 |
| Mueller Industries, Inc. | 14 | 807 |
| Nordson Corporation | 3 | 665 |
| Norfolk Southern Corporation | 7 | 1725 |
| Northrop Grumman Corporation | 17 | 9485 |
| Now, Inc. (a) | 28 | 362 |
| Nvent Electric Public Limited Company | 8 | 314 |
| Oshkosh Corporation | 13 | 1139 |
| Otis Worldwide Corporation | 17 | 1370 |
| Owens Corning | 7 | 604 |
| PACCAR Inc | 10 | 1015 |
| Parker-Hannifin Corporation | 4 | 1083 |
| Parsons Corporation (a) | 5 | 228 |
| Pentair Public Limited Company | 22 | 1008 |
| Pitney Bowes Inc. | 62 | 234 |
| Primoris Services Corporation | 14 | 308 |
| Quanta Services, Inc. | 12 | 1704 |
| Raytheon Technologies Corporation | 43 | 4314 |
| Republic Services, Inc. | 16 | 2068 |
| Resideo Technologies, Inc. (a) | 26 | 421 |
| Robert Half International Inc. | 12 | 872 |
| Rollins, Inc. | 34 | 1246 |
| Rush Enterprises, Inc. - Class A | 10 | 520 |
| Ryder System, Inc. | 20 | 1687 |
| Schneider National, Inc. - Class B | 17 | 387 |
| Science Applications International Corporation | 3 | 307 |
| SkyWest, Inc. (a) | 17 | 280 |
| Snap-on Incorporated | 2 | 387 |
| Spirit AeroSystems Holdings, Inc. - Class A | 21 | 615 |
| Steelcase Inc. - Class A | 40 | 282 |
| Stericycle, Inc. (a) | 14 | 689 |
| Terex Corporation | 29 | 1237 |
| Tetra Tech, Inc. | 3 | 419 |
| Textron Inc. | 4 | 315 |
| The Boeing Company (a) | 17 | 3287 |
| The Greenbrier Companies, Inc. | 18 | 590 |
| The Timken Company | 13 | 923 |
| The Toro Company | 24 | 2699 |
| TransDigm Group Incorporated | 2 | 1410 |
| Trinity Industries, Inc. | 23 | 683 |
| Uber Technologies, Inc. (a) | 44 | 1100 |
| UFP Industries, Inc. | 11 | 908 |
| U-Haul Holding Company (b) | 10 | 618 |
| Unifirst Corporation | 1 | 149 |
| Union Pacific Corporation | 65 | 13511 |
| United Airlines Holdings, Inc. (a) | 7 | 253 |
| United Parcel Service, Inc. - Class B | 69 | 12067 |
| United Rentals, Inc. (a) | 2 | 669 |
| Univar Solutions Inc. (a) | 8 | 243 |
| Valmont Industries, Inc. | 2 | 593 |
| Verisk Analytics, Inc. | 16 | 2738 |
| W. W. Grainger, Inc. | 4 | 2444 |
| Waste Connections, Inc. | 16 | 2059 |
| Waste Management, Inc. | 30 | 4652 |
| Watsco, Inc. | 10 | 2391 |
| Werner Enterprises, Inc. | 28 | 1133 |
| WESCO International, Inc. (a) | 21 | 2593 |
| Westinghouse Air Brake Technologies Corporation | 6 | 555 |
| Woodward, Inc. | 2 | 203 |
| Xylem Inc. | 9 | 945 |
| | | 255132 |
| **Consumer Discretionary 10.2%** | **Consumer Discretionary 10.2%** | **Consumer Discretionary 10.2%** |
| Abercrombie & Fitch Co. - Class A (a) | 22 | 514 |
| Academy Sports & Outdoors, Inc. | 12 | 651 |
| Adient Public Limited Company (a) | 20 | 687 |
| Adtalem Global Education Inc. (a) | 19 | 671 |
| Advance Auto Parts, Inc. | 1 | 176 |
| American Axle & Manufacturing Holdings, Inc. (a) | 55 | 427 |
| American Eagle Outfitters, Inc. | 81 | 1129 |
| Aramark | 8 | 338 |
| Asbury Automotive Group, Inc. (a) | 9 | 1701 |
| AutoNation, Inc. (a) | 10 | 1089 |
| AutoZone, Inc. (a) | 3 | 6772 |
| Bath & Body Works, Inc. | 18 | 744 |
| Bed Bath & Beyond Inc. (a) (b) | 51 | 129 |
| Best Buy Co., Inc. | 56 | 4473 |
| Bloomin' Brands, Inc. | 18 | 369 |
| Booking Holdings Inc. (a) | 4 | 7088 |
| BorgWarner Inc. | 21 | 848 |
| Bright Horizons Family Solutions, Inc. (a) | 5 | 301 |
| Brunswick Corporation | 13 | 950 |
| Carnival Corporation (a) (b) | 69 | 553 |
| Carter's, Inc. | 23 | 1744 |
| Chipotle Mexican Grill, Inc. (a) | 1 | 1435 |
| Churchill Downs Incorporated | 4 | 817 |
| Cracker Barrel Old Country Store, Inc. | 11 | 1057 |
| Dana Incorporated | 73 | 1102 |
| Darden Restaurants, Inc. | 9 | 1181 |
| Dave & Buster's Entertainment, Inc. (a) | 8 | 275 |
| Deckers Outdoor Corporation (a) | 2 | 697 |
| Designer Brands Inc. - Class A | 50 | 487 |
| Dick's Sporting Goods, Inc. | 11 | 1376 |
| Dillard's, Inc. - Class A (b) | 2 | 792 |
| Dollar General Corporation | 26 | 6489 |
| Dollar Tree, Inc. (a) | 19 | 2729 |
| Domino's Pizza, Inc. | 7 | 2489 |
| Dorman Products, Inc. (a) | 5 | 411 |
| eBay Inc. | 139 | 5762 |
| Foot Locker, Inc. | 51 | 1921 |
| Ford Motor Company | 836 | 9718 |
| General Motors Company | 257 | 8642 |
| Genesco Inc. (a) | 5 | 230 |
| Gentex Corporation | 44 | 1187 |
| Genuine Parts Company | 7 | 1271 |
| G-III Apparel Group, Ltd. (a) | 15 | 208 |
| Graham Holdings Co., Ltd. - Class B | 1 | 450 |
| Grand Canyon Education, Inc. (a) | 7 | 716 |
| Group 1 Automotive, Inc. | 7 | 1255 |
| Guess ?, Inc. | 15 | 303 |
| H & R Block, Inc. | 73 | 2676 |
| Hanesbrands Inc. | 85 | 541 |
| Harley-Davidson, Inc. | 20 | 851 |
| Hasbro, Inc. | 2 | 125 |
| Hilton Grand Vacations Inc. (a) | 7 | 279 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

640

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Hilton Worldwide Holdings Inc. | 8 | 1045 |
| International Game Technology PLC | 31 | 714 |
| Jack in the Box Inc. | 14 | 980 |
| Kohl's Corporation | 52 | 1308 |
| Kontoor Brands, Inc. | 12 | 495 |
| Las Vegas Sands Corp. (a) | 53 | 2556 |
| La-Z-Boy Incorporated | 18 | 409 |
| Lear Corporation | 14 | 1734 |
| Leggett & Platt, Incorporated | 30 | 960 |
| Light & Wonder, Inc. (a) | 4 | 246 |
| Lithia Motors, Inc. - Class A | 3 | 575 |
| LKQ Corporation | 7 | 384 |
| Lowe`s Companies, Inc. | 49 | 9728 |
| M.D.C. Holdings, Inc. | 12 | 384 |
| Macy's, Inc. | 65 | 1350 |
| Marriott International, Inc. - Class A | 20 | 2916 |
| Marriott Vacations Worldwide Corporation | 1 | 111 |
| McDonald's Corporation | 84 | 22041 |
| Meritage Homes Corporation (a) | 5 | 475 |
| MGM Resorts International | 8 | 260 |
| Murphy USA Inc. | 17 | 4640 |
| Newell Brands Inc. | 10 | 125 |
| NIKE, Inc. - Class B | 19 | 2222 |
| Nordstrom, Inc. (b) | 32 | 512 |
| Norwegian Cruise Line Holdings Ltd. (a) | 20 | 244 |
| O'Reilly Automotive, Inc. (a) | 9 | 7838 |
| PENN Entertainment, Inc. (a) | 6 | 192 |
| Penske Automotive Group, Inc. | 8 | 874 |
| Polaris Inc. | 3 | 282 |
| Pool Corporation | 4 | 1166 |
| PulteGroup, Inc. | 21 | 974 |
| PVH Corp. | 2 | 177 |
| Qurate Retail, Inc. - Series A (a) | 239 | 389 |
| Ralph Lauren Corporation - Class A | 6 | 604 |
| Ross Stores, Inc. | 10 | 1105 |
| Royal Caribbean Cruises Ltd. | 6 | 290 |
| Sally Beauty Holdings, Inc. (a) | 60 | 751 |
| Service Corporation International | 28 | 1908 |
| Signet Jewelers Limited | 16 | 1108 |
| Sonic Automotive, Inc. - Class A | 8 | 372 |
| Steven Madden, Ltd. | 14 | 436 |
| Strategic Education, Inc. | 4 | 294 |
| Target Corporation | 94 | 13948 |
| Taylor Morrison Home II Corporation - Class A (a) | 35 | 1048 |
| Tempur Sealy International, Inc. | 16 | 545 |
| Texas Roadhouse, Inc. - Class A | 7 | 627 |
| The Buckle, Inc. | 14 | 654 |
| The Cheesecake Factory Incorporated (b) | 17 | 540 |
| The Gap, Inc. | 109 | 1234 |
| The Goodyear Tire & Rubber Company (a) | 94 | 956 |
| The Home Depot, Inc. | 48 | 15311 |
| The ODP Corporation (a) | 20 | 924 |
| The TJX Companies, Inc. | 30 | 2413 |
| The Wendy's Company | 85 | 1925 |
| Thor Industries, Inc. | 13 | 994 |
| Toll Brothers, Inc. | 12 | 602 |
| Tractor Supply Company | 6 | 1263 |
| TRI Pointe Homes Holdings, Inc. (a) | 37 | 689 |
| Ulta Beauty, Inc. (a) | 6 | 2895 |
| Urban Outfitters, Inc. (a) | 23 | 558 |
| V.F. Corporation | 20 | 546 |
| Vail Resorts, Inc. | 6 | 1318 |
| Vista Outdoor Inc. (a) | 9 | 222 |
| Visteon Corporation (a) | 12 | 1512 |
| Whirlpool Corporation | 9 | 1282 |
| Williams-Sonoma, Inc. | 18 | 2068 |
| Wyndham Hotels & Resorts, Inc. | 12 | 866 |
| Wynn Resorts, Limited (a) | 5 | 428 |
| Yum! Brands, Inc. | 41 | 5308 |
| | | 224676 |
| **Financials 10.2%** | **Financials 10.2%** | **Financials 10.2%** |
| ADS Alliance Data Systems, Inc. | 30 | 1145 |
| Affiliated Managers Group, Inc. | 8 | 1209 |
| AFLAC Incorporated | 34 | 2441 |
| AGNC Investment Corp. | 56 | 575 |
| Ally Financial Inc. | 63 | 1530 |
| American Equity Investment Life Holding Company | 20 | 892 |
| American Express Company | 16 | 2425 |
| American Financial Group, Inc. | 2 | 323 |
| American International Group, Inc. | 165 | 10426 |
| Ameriprise Financial, Inc. | 3 | 971 |
| Annaly Capital Management, Inc. | 33 | 686 |
| AON Public Limited Company - Class A | 12 | 3686 |
| Apollo Commercial Real Estate Finance, Inc. (c) | 27 | 293 |
| Ares Management Corporation - Class A | 10 | 676 |
| Arthur J. Gallagher & Co. | 13 | 2475 |
| Artisan Partners Asset Management Inc. - Class A | 7 | 219 |
| Assurant, Inc. | 4 | 562 |
| Bank OZK | 5 | 194 |
| Berkshire Hathaway Inc. - Class B (a) | 51 | 15649 |
| Blackstone Inc. - Class A | 19 | 1445 |
| Blackstone Mortgage Trust, Inc. - Class A | 33 | 707 |
| Brighthouse Financial, Inc. (a) | 28 | 1459 |
| Brightsphere Investment Group Inc. | 17 | 345 |
| Brown & Brown, Inc. | 20 | 1129 |
| Cadence Bank | 8 | 186 |
| Capital One Financial Corporation | 57 | 5265 |
| Capitol Federal Financial | 26 | 223 |
| Chimera Investment Corporation (b) | 138 | 757 |
| Chubb Limited | 11 | 2371 |
| Cincinnati Financial Corporation | 4 | 378 |
| Citigroup Inc. | 393 | 17779 |
| Citizens Financial Group, Inc. | 12 | 467 |
| CME Group Inc. - Class A | 13 | 2184 |
| CNO Financial Group, Inc. | 39 | 883 |
| Commerce Bancshares, Inc. | 6 | 410 |
| Cullen/Frost Bankers, Inc. | 4 | 474 |
| Discover Financial Services | 22 | 2162 |
| East West Bancorp, Inc. | 8 | 506 |
| Equitable Holdings, Inc. | 8 | 231 |
| Erie Indemnity Company - Class A | 3 | 827 |
| Evercore Inc. - Class A | 7 | 764 |
| F.N.B. Corporation | 15 | 200 |
| FactSet Research Systems Inc. | 4 | 1684 |
| Federated Hermes, Inc. - Class B | 23 | 824 |
| First American Financial Corporation | 26 | 1356 |
| First Citizens BancShares, Inc. - Class A |  | 387 |
| First Horizon Corporation | 29 | 719 |
| Franklin Resources, Inc. | 49 | 1282 |
| Genworth Financial, Inc. - Class A (a) | 164 | 869 |
| Glacier Bancorp, Inc. | 6 | 274 |
| Globe Life Inc. | 3 | 346 |
| Home BancShares, Inc. | 8 | 179 |
| Houlihan Lokey, Inc. - Class A | 10 | 867 |
| Huntington Bancshares Incorporated | 37 | 521 |
| Independence Holdings, LLC | 20 | 677 |
| Interactive Brokers Group, Inc. - Class A | 7 | 478 |
| Intercontinental Exchange, Inc. | 19 | 1903 |
| Invesco Ltd. | 80 | 1434 |
| Jackson Financial Inc. - Class A (c) | 9 | 299 |
| Jefferies Financial Group Inc. | 13 | 445 |
| Ladder Capital Corp - Class A | 33 | 328 |
| Lincoln National Corporation | 33 | 1012 |
| Loews Corporation | 28 | 1626 |
| LPL Financial Holdings Inc. | 17 | 3618 |
| M&T Bank Corporation | 5 | 720 |
| Markel Corporation (a) |  | 518 |
| MarketAxess Holdings Inc. | 2 | 425 |
| Marsh & Mclennan Companies, Inc. | 43 | 7073 |
| Mercury General Corporation | 15 | 499 |
| MetLife, Inc. | 59 | 4274 |
| MFA Financial, Inc. | 63 | 617 |
| MGIC Investment Corporation | 31 | 405 |
| Moelis & Company - Class A | 7 | 286 |
| Moody's Corporation | 1 | 299 |
| Morgan Stanley | 37 | 3123 |
| Morningstar, Inc. | 1 | 300 |
| MSCI Inc. - Class A | 2 | 1054 |
| Nasdaq, Inc. | 19 | 1166 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

641

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Navient Corporation | 63 | 1030 |
| Nelnet, Inc. - Class A | 3 | 306 |
| New York Community Bancorp, Inc. - Series A | 96 | 823 |
| New York Mortgage Trust, Inc. (b) | 113 | 290 |
| Old National Bancorp | 20 | 352 |
| PacWest Bancorp | 18 | 411 |
| PennyMac Mortgage Investment Trust (b) | 58 | 719 |
| Primerica, Inc. | 1 | 172 |
| Principal Financial Group, Inc. | 8 | 671 |
| ProAssurance Corporation | 11 | 192 |
| Prosperity Bancshares, Inc. | 5 | 328 |
| Prudential Financial, Inc. | 75 | 7474 |
| Raymond James Financial, Inc. | 6 | 606 |
| Redwood Trust, Inc. | 51 | 345 |
| Regions Financial Corporation | 30 | 647 |
| Reinsurance Group of America, Incorporated | 2 | 303 |
| Rithm Capital Corp. | 156 | 1272 |
| RLI Corp. | 6 | 819 |
| S&P Global Inc. | 6 | 1944 |
| SEI Investments Company | 27 | 1549 |
| Selective Insurance Group, Inc. | 2 | 198 |
| SLM Corporation | 56 | 925 |
| Southstate Corporation | 4 | 286 |
| Starwood Property Trust, Inc. | 67 | 1231 |
| State Street Corporation | 10 | 738 |
| Stewart Information Services Corporation | 7 | 298 |
| Stifel Financial Corp. | 5 | 302 |
| Synchrony Financial | 102 | 3368 |
| Synovus Financial Corp. | 7 | 261 |
| T. Rowe Price Group, Inc. | 20 | 2171 |
| The Allstate Corporation | 64 | 8707 |
| The Bank of New York Mellon Corporation (c) | 58 | 2643 |
| The Charles Schwab Corporation | 43 | 3584 |
| The Goldman Sachs Group, Inc. | 19 | 6407 |
| The Hanover Insurance Group, Inc. | 8 | 1116 |
| The Hartford Financial Services Group, Inc. | 7 | 497 |
| The Progressive Corporation | 48 | 6247 |
| The Travelers Companies, Inc. | 38 | 7037 |
| Two Harbors Investment Corp. | 32 | 498 |
| United Bankshares, Inc. | 7 | 269 |
| Unum Group | 47 | 1915 |
| Valley National Bancorp | 25 | 282 |
| Virtu Financial, Inc. - Class A | 27 | 547 |
| Voya Financial, Inc. | 5 | 334 |
| W. R. Berkley Corporation | 7 | 527 |
| Washington Federal, Inc. | 11 | 373 |
| Webster Financial Corporation | 8 | 375 |
| Wells Fargo & Company | 471 | 19441 |
| White Mountains Insurance Group Ltd | 1 | 820 |
| Willis Towers Watson Public Limited Company | 8 | 2038 |
| Wintrust Financial Corporation | 3 | 254 |
| Zurich American Corporation | 6 | 292 |
| | | 223650 |
| **Energy 9.3%** | **Energy 9.3%** | **Energy 9.3%** |
| Antero Resources Corporation (a) | 96 | 2969 |
| Apa Corp. | 16 | 758 |
| Arch Resources, Inc. - Class A | 2 | 292 |
| Archrock, Inc. | 39 | 352 |
| Baker Hughes Company - Class A | 146 | 4306 |
| ChampionX Corporation | 9 | 270 |
| Cheniere Energy, Inc. | 11 | 1628 |
| Chevron Corporation | 188 | 33733 |
| CNX Resources Corporation (a) | 53 | 896 |
| ConocoPhillips | 100 | 11853 |
| Coterra Energy Inc. | 69 | 1699 |
| CVR Energy, Inc. | 19 | 593 |
| Delek US Holdings, Inc. | 50 | 1349 |
| Devon Energy Corporation | 93 | 5731 |
| Diamondback Energy, Inc. | 9 | 1175 |
| Dril-Quip, Inc. (a) | 14 | 394 |
| DT Midstream, Inc. | 5 | 279 |
| EOG Resources, Inc. | 17 | 2246 |
| EQT Corporation | 17 | 576 |
| Equitrans Midstream Corporation | 46 | 308 |
| Exxon Mobil Corporation | 356 | 39274 |
| Halliburton Company | 24 | 959 |
| Helmerich & Payne, Inc. | 35 | 1748 |
| Hess Corporation | 18 | 2514 |
| Kinder Morgan, Inc. | 108 | 1958 |
| Kosmos Energy Ltd. (a) | 65 | 415 |
| Marathon Oil Corporation | 178 | 4831 |
| Marathon Petroleum Corporation | 159 | 18530 |
| Matador Resources Company | 6 | 329 |
| Murphy Oil Corporation | 57 | 2440 |
| Nabors Industries Ltd (a) | 4 | 563 |
| Nov Inc. | 89 | 1850 |
| Occidental Petroleum Corporation | 106 | 6666 |
| Oceaneering International, Inc. (a) | 33 | 583 |
| ONEOK, Inc. | 12 | 814 |
| Ovintiv Canada ULC | 13 | 670 |
| Patterson-UTI Energy, Inc. | 119 | 2004 |
| PBF Energy Inc. - Class A | 45 | 1816 |
| PDC Energy, Inc. | 5 | 309 |
| Peabody Energy Corporation (a) | 35 | 922 |
| Permian Resources Corporation - Class A | 71 | 670 |
| Phillips 66 | 119 | 12362 |
| Pioneer Natural Resources Company | 6 | 1483 |
| Range Resources Corporation | 52 | 1297 |
| Schlumberger Limited | 90 | 4813 |
| SM Energy Company | 54 | 1895 |
| Targa Resources Corp. | 19 | 1415 |
| TechnipFMC PLC | 89 | 1089 |
| The Williams Companies, Inc. | 37 | 1202 |
| Transocean Ltd. (a) (d) | 210 | 956 |
| Valero Energy Corporation | 122 | 15473 |
| World Fuel Services Corporation | 17 | 477 |
|  |  | 203734 |
| **Communication Services 3.9%** | **Communication Services 3.9%** | **Communication Services 3.9%** |
| Activision Blizzard, Inc. | 42 | 3250 |
| AMC Entertainment Holdings, Inc. - Class A (a) (b) | 35 | 142 |
| AMC Networks, Inc. - Class A (a) | 20 | 313 |
| AT&T Inc. | 1543 | 28405 |
| Cable One, Inc. |  | 321 |
| Charter Communications, Inc. - Class A (a) | 6 | 2123 |
| Cinemark Holdings, Inc. (a) | 36 | 311 |
| Comcast Corporation - Class A | 235 | 8219 |
| Electronic Arts Inc. | 23 | 2806 |
| Fox Corporation - Class A | 27 | 812 |
| John Wiley & Sons, Inc. - Class A | 10 | 419 |
| Liberty Broadband Corporation - Series C (a) | 7 | 506 |
| Liberty Global PLC - Class C (a) | 90 | 1748 |
| Liberty Media Corporation - Series C (a) | 11 | 681 |
| Liberty Media Corporation - Series C (a) | 40 | 1562 |
| Lumen Technologies Inc. | 278 | 1454 |
| News Corporation - Class A | 39 | 718 |
| Nexstar Media Group, Inc. - Class A | 6 | 1136 |
| Omnicom Group Inc. | 36 | 2921 |
| Paramount Global - Class B | 108 | 1818 |
| Pinterest, Inc. - Class A (a) | 30 | 722 |
| Scholastic Corporation | 11 | 421 |
| Sirius XM Holdings Inc. | 8 | 47 |
| Take-Two Interactive Software, Inc. (a) | 4 | 435 |
| TEGNA Inc. | 66 | 1398 |
| Telephone and Data Systems, Inc. | 47 | 493 |
| The Interpublic Group of Companies, Inc. | 52 | 1723 |
| The New York Times Company - Class A | 10 | 330 |
| The Walt Disney Company (a) | 20 | 1729 |
| T-Mobile USA, Inc. (a) | 32 | 4531 |
| TripAdvisor, Inc. (a) | 11 | 200 |
| Verizon Communications Inc. | 341 | 13435 |
| Yelp Inc. (a) | 19 | 530 |
|  |  | 85659 |
| **Materials 3.8%** | **Materials 3.8%** | **Materials 3.8%** |
| Air Products and Chemicals, Inc. | 7 | 2043 |
| Albemarle Corporation | 6 | 1337 |
| Alcoa Corporation | 35 | 1588 |
| Amcor Pty Ltd | 145 | 1728 |
| AptarGroup, Inc. | 13 | 1435 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

642

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***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Arconic Corporation (a) | 35 | 751 |
| Ashland Global Holdings Inc. | 3 | 283 |
| ATI Inc. (a) | 18 | 531 |
| Avery Dennison Corporation | 8 | 1392 |
| Axalta Coating Systems Ltd. (a) | 22 | 573 |
| Ball Corporation | 21 | 1080 |
| Berry Global Group, Inc. | 17 | 1042 |
| Cabot Corporation | 14 | 960 |
| Carpenter Technology Corporation | 13 | 464 |
| Celanese Corporation - Class A | 12 | 1213 |
| CF Industries Holdings, Inc. | 6 | 534 |
| Commercial Metals Company | 34 | 1643 |
| Compass Minerals International, Inc. | 7 | 268 |
| Corteva, Inc. | 41 | 2438 |
| Crown Holdings, Inc. | 15 | 1260 |
| Dow Inc. | 18 | 914 |
| DuPont de Nemours, Inc. | 67 | 4593 |
| Eastman Chemical Company | 4 | 322 |
| Ecolab Inc. | 2 | 360 |
| FMC Corporation | 6 | 742 |
| Freeport-McMoRan Inc. | 40 | 1532 |
| Graphic Packaging Holding Company | 115 | 2562 |
| Greif, Inc. - Class A | 9 | 589 |
| Huntsman Corporation | 10 | 274 |
| Innospec Inc. | 4 | 410 |
| International Flavors & Fragrances Inc. | 7 | 683 |
| International Paper Company | 12 | 410 |
| Kaiser Aluminum Corporation | 5 | 378 |
| Linde Public Limited Company | 14 | 4527 |
| Louisiana-Pacific Corporation | 17 | 1034 |
| LyondellBasell Industries N.V. - Class A | 73 | 6069 |
| MOS Holdings Inc. | 110 | 4835 |
| NewMarket Corporation | 2 | 600 |
| Newmont Corporation | 31 | 1476 |
| Nucor Corporation | 19 | 2464 |
| O-I Glass, Inc. (a) | 65 | 1070 |
| Olin Corporation | 40 | 2105 |
| Packaging Corporation of America | 4 | 496 |
| PPG Industries, Inc. | 15 | 1909 |
| Reliance Steel & Aluminum Co. | 10 | 2068 |
| Royal Gold, Inc. | 8 | 870 |
| RPM International Inc. | 29 | 2852 |
| Sealed Air Corporation | 40 | 2008 |
| Sensient Technologies Corporation | 9 | 627 |
| Silgan Holdings Inc. | 20 | 1031 |
| Sonoco Products Company | 27 | 1610 |
| Steel Dynamics, Inc. | 11 | 1057 |
| Stepan Company | 3 | 306 |
| Sylvamo Corporation | 21 | 1007 |
| The Chemours Company | 25 | 780 |
| The Scotts Miracle-Gro Company (b) | 11 | 520 |
| The Sherwin-Williams Company | 7 | 1552 |
| United States Steel Corporation | 21 | 532 |
| Warrior Met Coal, Inc. | 33 | 1152 |
| WestRock Company | 52 | 1833 |
| Worthington Industries, Inc. | 9 | 428 |
| | | 83150 |
| **Real Estate 2.3%** | **Real Estate 2.3%** | **Real Estate 2.3%** |
| Agree Realty Corporation | 4 | 273 |
| Alexander & Baldwin, Inc. | 13 | 247 |
| American Homes 4 Rent - Class A | 23 | 690 |
| American Tower Corporation | 5 | 981 |
| Americold Realty Trust | 26 | 745 |
| Apple Hospitality REIT, Inc. | 66 | 1042 |
| Brixmor Property Group Inc. | 15 | 346 |
| Camden Property Trust | 10 | 1088 |
| Corporate Office Properties Trust | 25 | 656 |
| Crown Castle Inc. | 10 | 1393 |
| Cubesmart, L.P. | 17 | 671 |
| DiamondRock Alpharetta Tenant, LLC | 51 | 419 |
| Digital Realty Trust, Inc. | 4 | 420 |
| DigitalBridge Group, Inc. - Class A | 40 | 440 |
| Douglas Emmett, Inc. | 17 | 267 |
| EastGroup Properties, Inc. | 2 | 237 |
| ELME Communities | 13 | 237 |
| Equinix, Inc. | 2 | 1087 |
| Equity Commonwealth | 28 | 702 |
| Equity Lifestyle Properties, Inc. | 11 | 726 |
| Extra Space Storage Inc. | 9 | 1289 |
| First Industrial Realty Trust, Inc. | 9 | 444 |
| Gaming and Leisure Properties, Inc. | 44 | 2306 |
| Healthcare Realty Trust Incorporated - Class A | 32 | 618 |
| Host Hotels & Resorts, Inc. | 35 | 567 |
| Invitation Homes Inc. | 46 | 1358 |
| Iron Mountain Incorporated | 37 | 1827 |
| Kilroy Realty Corporation | 16 | 615 |
| Kimco Realty Corporation | 53 | 1124 |
| Kite Realty Naperville, LLC | 12 | 246 |
| Lamar Advertising Company - Class A | 9 | 835 |
| Life Storage Inc. | 8 | 787 |
| LXP Industrial Trust | 41 | 411 |
| National Retail Properties, Inc. | 9 | 405 |
| Office Properties Income Trust | 17 | 229 |
| Omega Healthcare Investors, Inc. | 20 | 548 |
| OUTFRONT Media Inc. | 10 | 160 |
| Paramount Group, Inc. | 83 | 496 |
| Park Hotels & Resorts Inc. | 40 | 468 |
| Physicians Realty Trust | 32 | 461 |
| Piedmont Office Realty Trust, Inc. - Class A | 32 | 294 |
| ProLogis Inc. | 5 | 609 |
| Public Storage | 9 | 2560 |
| Rayonier Inc. | 25 | 820 |
| Realogy Holdings Corp. (a) | 62 | 397 |
| Realty Income Corporation | 18 | 1156 |
| Regency Centers Corporation | 16 | 998 |
| RLJ III-EM Columbus Lessee, LLC | 61 | 643 |
| Ryman Hospitality Properties, Inc. | 8 | 629 |
| SBA Communications Corporation | 2 | 473 |
| Service Properties Trust | 78 | 572 |
| Simon Property Group, Inc. | 19 | 2241 |
| SITE Centers Corp. | 36 | 497 |
| SL Green Realty Corp. (b) | 8 | 271 |
| Spirit Realty Capital, Inc. | 7 | 261 |
| Store Capital Corporation | 13 | 401 |
| Sun Communities, Inc. | 7 | 965 |
| Sunstone Hotel Investors, Inc. | 49 | 476 |
| Tanger Factory Outlet Centers, Inc. | 12 | 218 |
| The Macerich Company | 75 | 849 |
| UDR, Inc. | 25 | 973 |
| Ventas, Inc. | 10 | 460 |
| Veris Residential, Inc (a) | 28 | 445 |
| VICI Properties Inc. | 77 | 2488 |
| W.P. Carey Inc. | 30 | 2339 |
| Xenia Hotels & Resorts, Inc. | 27 | 360 |
| Zillow Group, Inc. - Class C (a) | 10 | 307 |
|  |  | 50563 |
| **Utilities 2.2%** | **Utilities 2.2%** | **Utilities 2.2%** |
| Alliant Energy Corporation | 8 | 447 |
| Ameren Corporation | 8 | 734 |
| American Electric Power Company, Inc. | 24 | 2296 |
| Atmos Energy Corporation | 7 | 765 |
| Avista Corporation | 18 | 786 |
| CenterPoint Energy, Inc. | 20 | 605 |
| Clearway Energy, Inc. - Class C | 15 | 466 |
| CMS Energy Corporation | 9 | 570 |
| Consolidated Edison, Inc. | 10 | 946 |
| Dominion Energy, Inc. | 66 | 4059 |
| DTE Energy Company | 5 | 557 |
| Duke Energy Corporation | 23 | 2344 |
| Edison International | 11 | 695 |
| Entergy Corporation | 10 | 1118 |
| Essential Utilities, Inc. | 12 | 550 |
| Evergy, Inc. | 8 | 477 |
| Eversource Energy | 10 | 838 |
| Exelon Corporation | 145 | 6283 |
| FirstEnergy Corp. | 16 | 693 |
| Hawaiian Electric Industries, Inc. | 15 | 609 |
| IDACORP, Inc. | 3 | 283 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

643

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***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| National Fuel Gas Company | 19 | 1228 |
| NextEra Energy, Inc. | 58 | 4875 |
| NiSource Inc. | 12 | 324 |
| NRG Energy, Inc. | 25 | 783 |
| OGE Energy Corp. | 10 | 400 |
| Ormat Technologies, Inc. (b) | 6 | 560 |
| PG&E Corporation (a) | 45 | 727 |
| Pinnacle West Capital Corporation | 4 | 277 |
| PNM Resources, Inc. | 9 | 455 |
| PPL Corporation | 23 | 684 |
| Public Service Enterprise Group Incorporated | 33 | 2044 |
| Sempra Energy | 9 | 1453 |
| Southwest Gas Holdings, Inc. | 6 | 388 |
| The AES Corporation | 62 | 1785 |
| The Southern Company | 32 | 2253 |
| Vistra Corp. | 76 | 1758 |
| WEC Energy Group Inc. | 9 | 866 |
| Xcel Energy Inc. | 16 | 1135 |
| | | 48116 |
| Total Common Stocks (cost $1,956,587) | Total Common Stocks (cost $1,956,587) | 2191666 |
| **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** | **SHORT TERM INVESTMENTS 0.1%** |
| **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** | **Securities Lending Collateral 0.1%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (c) (e) | 1416 | 1416 |
| **Investment Companies 0.0%** | **Investment Companies 0.0%** | **Investment Companies 0.0%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (e) | 1310 | 1310 |
| Total Short Term Investments (cost $2,726) | Total Short Term Investments (cost $2,726) | 2726 |
| **Total Investments 99.9% (cost $1,959,313)** | **Total Investments 99.9% (cost $1,959,313)** | **2194392** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (23) |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **1926** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **2196295** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Investment in affiliate.

(d) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/RAFI Multi-Factor U.S. Equity Fund — Long Term Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Long Term Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Long Term Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Long Term Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Long Term Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Long Term Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Long Term Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Long Term Investments in Affiliates** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Apollo Commercial Real Estate Finance, Inc. | 477 | 270 | 304 | 55 | 48 | (198) | 293 |  |
| Jackson Financial Inc. - Class A |  | 276 |  | 5 |  | 23 | 299 |  |
| The Bank of New York Mellon Corporation | 1607 | 1525 | 210 | 55 | (33) | (246) | 2643 | 0.1 |
|  | 2084 | 2071 | 514 | 115 | 15 | (421) | 3235 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/RAFI Multi-Factor U.S. Equity Fund — Restricted Securities** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Restricted Securities** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Restricted Securities** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Restricted Securities** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Transocean Ltd. | 06/25/19 | 979 | 956 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/RAFI Multi-Factor U.S. Equity Fund — Futures Contracts** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Futures Contracts** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Futures Contracts** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Futures Contracts** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Futures Contracts** | **JNL/RAFI Multi-Factor U.S. Equity Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| S&P 500 Index | 26 | March 2023 | 5160 | (14) | (140) |
| S&P Midcap 400 Index | 7 | March 2023 | 1740 | (9) | (31) |
|  |  |  |  | (23) | (171) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** | **JNL/RAFI Multi-Factor U.S. Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 2191666 |  |  | 2191666 |
| &nbsp;&nbsp;Short Term Investments | 2726 |  |  | 2726 |
|  | 2194392 |  |  | 2194392 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (171) |  |  | (171) |
|  | (171) |  |  | (171) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

644

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***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** |
| **COMMON STOCKS 63.3%** | **COMMON STOCKS 63.3%** | **COMMON STOCKS 63.3%** |
| **Information Technology 13.4%** | **Information Technology 13.4%** | **Information Technology 13.4%** |
| Accenture Public Limited Company - Class A | 3 | 836 |
| Adobe Inc. (a) | 1 | 286 |
| Advanced Micro Devices, Inc. (a) | 12 | 800 |
| Adyen B.V. (a) (b) |  | 348 |
| Affirm Holdings, Inc. - Class A (a) | 3 | 27 |
| Amadeus IT Group, S.A. (a) (b) | 7 | 370 |
| Amphenol Corporation - Class A |  | 8 |
| Analog Devices, Inc. | 1 | 82 |
| Apple Inc. | 73 | 9513 |
| Applied Materials, Inc. | 4 | 432 |
| Arista Networks, Inc. (a) | 1 | 150 |
| ASML Holding N.V. - ADR | 2 | 929 |
| ASML Holding N.V. | 2 | 1196 |
| Atlassian Corporation - Class A (a) | 2 | 223 |
| Bill.Com Holdings Inc. (a) | 2 | 217 |
| Black Knight, Inc. (a) |  | 24 |
| Block, Inc. - Class A (a) | 3 | 207 |
| Broadcom Inc. | 5 | 2710 |
| Cadence Design Systems, Inc. (a) | 1 | 178 |
| Cisco Systems, Inc. | 3 | 124 |
| Cognizant Technology Solutions Corporation - Class A | 1 | 41 |
| Confluent, Inc. - Class A (a) | 3 | 77 |
| CrowdStrike Holdings, Inc. - Class A (a) | 1 | 74 |
| Datadog, Inc. - Class A (a) | 1 | 97 |
| Enphase Energy, Inc. (a) |  | 79 |
| Fidelity National Information Services, Inc. | 3 | 190 |
| First Solar, Inc. (a) |  | 15 |
| Fiserv, Inc. (a) | 14 | 1432 |
| FleetCor Technologies, Inc. (a) | 2 | 314 |
| Fortinet, Inc. (a) | 4 | 190 |
| Gen Digital Inc. | 3 | 62 |
| Global Payments Inc. | 3 | 254 |
| Hamamatsu Photonics K.K. | 8 | 392 |
| Intuit Inc. | 3 | 1239 |
| KLA Corporation | 3 | 1254 |
| Lam Research Corporation | 1 | 564 |
| Largan Precision Co., Ltd. | 2 | 133 |
| Marvell Technology, Inc. | 8 | 294 |
| MasterCard Incorporated - Class A | 7 | 2416 |
| Micron Technology, Inc. | 10 | 480 |
| Microsoft Corporation | 48 | 11578 |
| Mobileye Global Inc - Class A (a) | 1 | 41 |
| MongoDB, Inc. - Class A (a) | 2 | 303 |
| Monolithic Power Systems, Inc. | 1 | 409 |
| Murata Manufacturing Co., Ltd. | 9 | 462 |
| NTT DATA Corporation | 51 | 748 |
| NVIDIA Corporation | 17 | 2477 |
| NXP Semiconductors N.V. | 4 | 705 |
| OMRON Corporation | 4 | 194 |
| Paycom Software, Inc. (a) |  | 67 |
| PayPal Holdings, Inc. (a) | 2 | 110 |
| Pure Storage, Inc. - Class A (a) | 2 | 45 |
| Qualcomm Incorporated | 2 | 218 |
| Renesas Electronics Corporation (a) | 23 | 208 |
| Roper Technologies, Inc. | 2 | 805 |
| Salesforce, Inc. (a) | 6 | 755 |
| Samsung Electronics Co Ltd | 21 | 901 |
| SAP SE | 8 | 801 |
| ServiceNow, Inc. (a) | 4 | 1511 |
| Shopify Inc. - Class A (a) | 7 | 239 |
| Snowflake Inc. - Class A (a) | 1 | 120 |
| Synopsys, Inc. (a) | 3 | 906 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 3 | 190 |
| Taiwan Semiconductor Manufacturing Company Limited | 100 | 1454 |
| TE Connectivity Ltd. (b) | 3 | 288 |
| Teledyne Technologies Incorporated (a) | 1 | 238 |
| Telefonaktiebolaget LM Ericsson - Class B | 105 | 614 |
| Texas Instruments Incorporated | 7 | 1144 |
| The Descartes Systems Group Inc. (a) | 1 | 63 |
| Tokyo Electron Limited | 2 | 442 |
| Trimble Inc. (a) | 2 | 86 |
| Visa Inc. - Class A | 14 | 3009 |
| Western Digital Corporation (a) | 2 | 63 |
| Workday, Inc. - Class A (a) |  | 46 |
| Zoom Video Communications, Inc. - Class A (a) | 1 | 36 |
|  |  | 59533 |
| **Financials 9.7%** | **Financials 9.7%** | **Financials 9.7%** |
| AIA Group Limited | 25 | 278 |
| American Express Company | 2 | 222 |
| American International Group, Inc. | 12 | 734 |
| Ameriprise Financial, Inc. |  | 106 |
| ANZ Group Holdings Limited (a) | 26 | 413 |
| Ares Management Corporation - Class A | 1 | 38 |
| Assurant, Inc. | 1 | 109 |
| AXA | 46 | 1284 |
| Bank of America Corporation | 71 | 2357 |
| Berkshire Hathaway Inc. - Class B (a) | 7 | 2205 |
| BlackRock, Inc. |  | 139 |
| Blue Owl Capital Inc. - Class A (c) | 3 | 30 |
| BNP Paribas | 10 | 556 |
| Bridgepoint Group PLC (b) | 69 | 158 |
| Capital One Financial Corporation |  | 37 |
| Challenger Limited | 44 | 226 |
| Chubb Limited | 10 | 2307 |
| Citigroup Inc. | 10 | 434 |
| Citizens Financial Group, Inc. | 1 | 37 |
| Close Brothers Group PLC | 9 | 113 |
| CME Group Inc. - Class A | 1 | 135 |
| Corebridge Financial, Inc. | 16 | 314 |
| DBS Group Holdings Ltd | 16 | 392 |
| Definity Financial Corporation | 6 | 158 |
| Direct Line Insurance Group PLC | 87 | 233 |
| DNB Bank ASA | 47 | 940 |
| Element Fleet Management Corp. | 55 | 747 |
| Equitable Holdings, Inc. | 6 | 168 |
| Erste Group Bank AG | 7 | 221 |
| Fifth Third Bancorp | 6 | 191 |
| Housing Development Finance Corporation Limited | 14 | 458 |
| Huntington Bancshares Incorporated | 19 | 273 |
| ING Groep N.V. | 83 | 1018 |
| Intercontinental Exchange, Inc. | 2 | 204 |
| Intesa Sanpaolo SPA | 118 | 263 |
| Invesco Ltd. | 2 | 36 |
| JPMorgan Chase & Co. | 18 | 2373 |
| Julius Bar Gruppe AG - Class N | 10 | 571 |
| Lloyds Banking Group PLC | 777 | 428 |
| Macquarie Group Limited | 4 | 433 |
| Manulife Financial Corporation | 24 | 431 |
| Marsh & Mclennan Companies, Inc. | 4 | 607 |
| MetLife, Inc. | 17 | 1248 |
| Mitsubishi HC Capital Inc. | 45 | 222 |
| Mitsubishi UFJ Financial Group Inc | 72 | 483 |
| Morgan Stanley | 2 | 141 |
| MSCI Inc. - Class A | 1 | 240 |
| Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft in Munchen - Class N | 4 | 1239 |
| National Bank of Canada | 12 | 800 |
| PICC Property and Casualty Company Limited - Class H | 402 | 380 |
| Ping An Insurance (Group) Co of China Ltd - Class H | 33 | 213 |
| RenaissanceRe Holdings Ltd | 1 | 188 |
| S&P Global Inc. | 2 | 738 |
| Sampo Oyj - Class A | 16 | 847 |
| Signature Bank | 1 | 76 |
| Standard Chartered PLC | 35 | 266 |
| Storebrand ASA | 63 | 556 |
| Sumitomo Mitsui Trust Bank, Limited | 9 | 300 |
| Sun Life Financial Inc. | 18 | 833 |
| SVB Financial Group (a) |  | 69 |
| Svenska Handelsbanken AB - Class A | 62 | 622 |
| The Allstate Corporation | 4 | 513 |
| The Bank of New York Mellon Corporation | 1 | 46 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

645

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| The Charles Schwab Corporation | 11 | 915 |
| The Goldman Sachs Group, Inc. | 4 | 1480 |
| The Hartford Financial Services Group, Inc. | 10 | 722 |
| The Progressive Corporation | 9 | 1101 |
| The Travelers Companies, Inc. | 7 | 1343 |
| Tokio Marine Holdings, Inc. | 40 | 855 |
| U.S. Bancorp | 19 | 845 |
| United Overseas Bank Limited | 33 | 752 |
| Voya Financial, Inc. |  | 27 |
| Wells Fargo & Company | 39 | 1610 |
| XP Inc. - Class A (a) | 11 | 170 |
| Zurich Insurance Group AG - Class N | 2 | 884 |
| | | 43101 |
| **Health Care 9.6%** | **Health Care 9.6%** | **Health Care 9.6%** |
| Abbott Laboratories | 2 | 255 |
| AbbVie Inc. | 9 | 1431 |
| Agilent Technologies, Inc. | 1 | 200 |
| Alcon AG | 4 | 261 |
| Align Technology, Inc. (a) |  | 61 |
| AmerisourceBergen Corporation | 3 | 451 |
| Amgen Inc. | 2 | 604 |
| Astellas Pharma Inc. | 63 | 957 |
| AstraZeneca PLC - ADR | 37 | 2523 |
| Bayer Aktiengesellschaft - Class N | 14 | 705 |
| Becton, Dickinson and Company | 8 | 2140 |
| Biogen Inc. (a) |  | 131 |
| Boston Scientific Corporation (a) | 1 | 28 |
| Bristol-Myers Squibb Company | 3 | 187 |
| Centene Corporation (a) | 10 | 839 |
| Charles River Laboratories International, Inc. (a) |  | 42 |
| Cigna Corporation | 1 | 432 |
| CVS Health Corporation | 1 | 133 |
| Danaher Corporation | 7 | 1809 |
| DexCom, Inc. (a) | 2 | 204 |
| Elekta AB (publ) - Class B | 47 | 282 |
| Elevance Health, Inc. | 6 | 3051 |
| Eli Lilly and Company | 6 | 2161 |
| EssilorLuxottica | 4 | 658 |
| Evotec SE (a) | 10 | 166 |
| Fresenius SE & Co. KGaA | 15 | 434 |
| GE Healthcare Technologies Inc. (a) | 1 | 65 |
| Genmab A/S (a) | 1 | 297 |
| Gilead Sciences, Inc. | 1 | 81 |
| GSK PLC - ADR | 11 | 401 |
| HCA Healthcare, Inc. | 3 | 770 |
| Humana Inc. | 2 | 1226 |
| Illumina, Inc. (a) |  | 34 |
| Intuitive Surgical, Inc. (a) | 5 | 1378 |
| IPSEN | 2 | 179 |
| Johnson & Johnson | 17 | 2969 |
| Koninklijke Philips N.V. | 23 | 352 |
| McKesson Corporation |  | 144 |
| Medtronic, Inc. | 1 | 65 |
| Merck & Co., Inc. | 10 | 1141 |
| Mettler-Toledo International Inc. (a) |  | 106 |
| Moderna, Inc. (a) | 1 | 228 |
| Molina Healthcare, Inc. (a) |  | 152 |
| Novartis AG - Class N | 15 | 1323 |
| Novo Nordisk A/S - ADR |  | 41 |
| Otsuka Holdings Co., Ltd. (c) | 12 | 393 |
| PerkinElmer, Inc. | 2 | 273 |
| Pfizer Inc. | 8 | 427 |
| Regeneron Pharmaceuticals, Inc. (a) |  | 211 |
| Sanofi | 16 | 1509 |
| Siemens Healthineers AG (b) | 13 | 660 |
| Steris Limited |  | 72 |
| Stryker Corporation | 3 | 670 |
| Teleflex Incorporated |  | 99 |
| Thermo Fisher Scientific Inc. | 3 | 1900 |
| UnitedHealth Group Incorporated | 8 | 4199 |
| Veeva Systems Inc. - Class A (a) | 1 | 179 |
| Vertex Pharmaceuticals Incorporated (a) | 1 | 159 |
| Viatris Inc. | 15 | 169 |
| West Pharmaceutical Services, Inc. |  | 34 |
| Zimmer Biomet Holdings, Inc. | 2 | 252 |
| Zoetis Inc. - Class A | 4 | 566 |
|  |  | 42869 |
| **Consumer Discretionary 6.0%** | **Consumer Discretionary 6.0%** | **Consumer Discretionary 6.0%** |
| Alibaba Group Holding Limited - ADR (a) | 1 | 95 |
| Amazon.com, Inc. (a) | 64 | 5385 |
| Aptiv PLC (a) |  | 23 |
| ASOS PLC (a) (c) | 13 | 81 |
| Autoliv, Inc. - SDR | 4 | 342 |
| AutoZone, Inc. (a) |  | 190 |
| Booking Holdings Inc. (a) |  | 649 |
| Bright Horizons Family Solutions, Inc. (a) | 1 | 75 |
| Burlington Stores, Inc. (a) | 1 | 150 |
| Chipotle Mexican Grill, Inc. (a) | 1 | 752 |
| Compass Group PLC | 35 | 808 |
| DENSO Corporation | 9 | 432 |
| Dollar General Corporation | 5 | 1342 |
| Dollar Tree, Inc. (a) | 1 | 104 |
| Doordash, Inc. - Class A (a) | 2 | 110 |
| Dr. Martens PLC | 58 | 136 |
| H World Group Limited | 5 | 22 |
| Hilton Worldwide Holdings Inc. | 2 | 245 |
| Honda Motor Co., Ltd. | 8 | 175 |
| InterContinental Hotels Group PLC | 1 | 37 |
| Kering | 1 | 473 |
| Kingfisher PLC | 192 | 550 |
| Kyoritsu Maintenance Co., Ltd. | 1 | 22 |
| Las Vegas Sands Corp. (a) | 2 | 119 |
| Lowe`s Companies, Inc. | 1 | 170 |
| Lululemon Athletica Canada Inc. (a) | 1 | 393 |
| Magna International Inc. | 12 | 682 |
| Marriott International, Inc. - Class A | 1 | 206 |
| McDonald's Corporation | 6 | 1528 |
| MGM Resorts International | 3 | 90 |
| Moncler S.p.A. | 9 | 503 |
| Next PLC | 6 | 410 |
| NIKE, Inc. - Class B | 8 | 991 |
| NVR, Inc. (a) |  | 111 |
| O'Reilly Automotive, Inc. (a) |  | 248 |
| Panasonic Holdings Corporation (c) | 50 | 421 |
| Persimmon Public Limited Company | 21 | 307 |
| Ross Stores, Inc. | 10 | 1207 |
| Samsonite International S.A. (a) (b) | 98 | 256 |
| Sony Group Corporation | 9 | 688 |
| Stanley Electric Co., Ltd. | 11 | 210 |
| Starbucks Corporation | 3 | 298 |
| Sumitomo Rubber Industries, Ltd. (c) | 14 | 117 |
| Suzuki Motor Corporation | 10 | 311 |
| Tesla Inc. (a) | 9 | 1125 |
| The Home Depot, Inc. | 4 | 1373 |
| The TJX Companies, Inc. | 8 | 636 |
| Toyota Motor Corporation | 67 | 905 |
| Ulta Beauty, Inc. (a) | 1 | 470 |
| Wynn Resorts, Limited (a) | 1 | 112 |
| Yum! Brands, Inc. | 2 | 287 |
| Zalando SE (a) (b) | 9 | 317 |
|  |  | 26689 |
| **Industrials 5.3%** | **Industrials 5.3%** | **Industrials 5.3%** |
| ABB Ltd - Class N | 27 | 815 |
| AGCO Corporation |  | 27 |
| Alfa Laval AB | 1 | 29 |
| ALS Limited | 12 | 102 |
| AMETEK, Inc. | 2 | 309 |
| Ashtead Group Public Limited Company | 9 | 540 |
| Booz Allen Hamilton Holding Corporation - Class A |  | 31 |
| Bunzl Public Limited Company | 10 | 317 |
| Canadian Pacific Railway Limited | 2 | 162 |
| Carrier Global Corporation | 1 | 50 |
| Caterpillar Inc. |  | 46 |
| Central Japan Railway Company | 3 | 319 |
| Cintas Corporation |  | 126 |
| CoStar Group, Inc. (a) | 1 | 76 |
| CSX Corporation | 31 | 950 |
| Cummins Inc. | 2 | 430 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

646

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| DCC Public Limited Company | 7 | 332 |
| Deere & Company |  | 92 |
| Dover Corporation | 1 | 122 |
| Eaton Corporation Public Limited Company | 6 | 967 |
| Epiroc Aktiebolag - Class A | 4 | 76 |
| Epiroc Aktiebolag - Class B | 2 | 38 |
| FedEx Corporation | 1 | 123 |
| General Electric Company | 23 | 1915 |
| Honeywell International Inc. | 5 | 1054 |
| Hubbell Incorporated | 1 | 333 |
| Ingersoll Rand Inc. | 4 | 213 |
| J. B. Hunt Transport Services, Inc. | 1 | 135 |
| Kion Group AG | 8 | 241 |
| L3Harris Technologies, Inc. | 6 | 1193 |
| Legrand | 8 | 630 |
| Melrose Holdings Limited | 290 | 477 |
| Metso Outotec Oyj | 13 | 135 |
| Mitsubishi Corporation | 14 | 456 |
| Mitsubishi Electric Corporation | 61 | 604 |
| Norfolk Southern Corporation | 2 | 524 |
| Northrop Grumman Corporation | 1 | 273 |
| Old Dominion Freight Line, Inc. | 2 | 432 |
| Otis Worldwide Corporation | 2 | 117 |
| PACCAR Inc | 1 | 136 |
| Prysmian S.p.A. | 17 | 626 |
| Quanta Services, Inc. |  | 36 |
| Raytheon Technologies Corporation |  | 41 |
| Recruit Holdings Co., Ltd. | 16 | 498 |
| Republic Services, Inc. | 2 | 238 |
| Rockwell Automation, Inc. | 1 | 135 |
| Rockwool A/S - Class B (c) |  | 19 |
| Safran | 4 | 483 |
| Saia, Inc. (a) |  | 90 |
| Sandvik Aktiebolag | 9 | 159 |
| Schneider Electric SE |  | 40 |
| Shoals Technologies Group, Inc. - Class A (a) | 1 | 28 |
| Siemens Aktiengesellschaft - Class N | 16 | 2267 |
| SMC Corporation | 1 | 210 |
| Southwest Airlines Co. | 3 | 95 |
| Stanley Black & Decker, Inc. | 2 | 143 |
| Sumitomo Corporation | 30 | 497 |
| TechnoPro Holdings, Inc. (c) | 19 | 493 |
| Teleperformance SE | 2 | 452 |
| Textron Inc. | 2 | 109 |
| The Boeing Company (a) | 1 | 192 |
| THK Co.Ltd. (c) | 10 | 188 |
| Toromont Industries Ltd. | 1 | 92 |
| Trane Technologies Public Limited Company | 1 | 221 |
| TransDigm Group Incorporated |  | 156 |
| TransUnion | 2 | 122 |
| Union Pacific Corporation | 2 | 362 |
| United Airlines Holdings, Inc. (a) | 1 | 55 |
| United Parcel Service, Inc. - Class B |  | 71 |
| United Rentals, Inc. (a) |  | 129 |
| Waste Connections, Inc. | 1 | 195 |
| Weir Group PLC(The) | 7 | 150 |
| WillScot Mobile Mini Holdings Corp. - Class A (a) | 3 | 117 |
| | | 23656 |
| **Consumer Staples 4.5%** | **Consumer Staples 4.5%** | **Consumer Staples 4.5%** |
| Altria Group, Inc. | 4 | 184 |
| Barry Callebaut AG - Class N |  | 382 |
| Colgate-Palmolive Company | 1 | 46 |
| Conagra Brands, Inc. | 4 | 142 |
| Constellation Brands, Inc. - Class A | 2 | 346 |
| Costco Wholesale Corporation | 1 | 463 |
| Darling Ingredients Inc. (a) | 2 | 111 |
| Diageo PLC | 18 | 801 |
| Heineken N.V. | 3 | 294 |
| Keurig Dr Pepper Inc. | 15 | 533 |
| Kimberly-Clark Corporation | 3 | 341 |
| Kirin Holdings Company, Ltd (c) | 19 | 285 |
| Kraft Foods Group, Inc. | 18 | 744 |
| L'Oreal | 2 | 781 |
| Mondelez International, Inc. - Class A | 21 | 1387 |
| Monster Beverage 1990 Corporation (a) | 3 | 258 |
| Nestle S.A. - Class N | 23 | 2678 |
| P/F Bakkafrost Sales | 1 | 49 |
| PepsiCo, Inc. | 3 | 491 |
| Philip Morris International Inc. | 20 | 2003 |
| Seven & I Holdings Co., Ltd. | 19 | 794 |
| The Coca-Cola Company | 14 | 869 |
| The Estee Lauder Companies Inc. - Class A | 1 | 195 |
| The Procter & Gamble Company | 12 | 1849 |
| Unilever PLC | 29 | 1461 |
| Walmart Inc. | 11 | 1589 |
| Welcia Holdings Co., Ltd. | 8 | 191 |
| Wilmar International Limited | 212 | 660 |
|  |  | 19927 |
| **Communication Services 4.2%** | **Communication Services 4.2%** | **Communication Services 4.2%** |
| Activision Blizzard, Inc. | 5 | 389 |
| Alphabet Inc. - Class A (a) | 17 | 1468 |
| Alphabet Inc. - Class C (a) | 72 | 6399 |
| Cellnex Telecom, S.A. (b) | 1 | 24 |
| Comcast Corporation - Class A | 3 | 101 |
| CyberAgent, Inc. | 39 | 341 |
| KT Corp | 12 | 318 |
| Meta Platforms, Inc. - Class A (a) | 13 | 1529 |
| NAVER Corporation | 2 | 236 |
| Netflix, Inc. (a) | 3 | 913 |
| Nippon Telegraph and Telephone Corporation | 56 | 1610 |
| Sea Limited - Class A - ADR (a) | 5 | 247 |
| SoftBank Group Corp | 6 | 241 |
| Stroer SE & Co. KGaA | 4 | 182 |
| Tencent Holdings Limited | 10 | 408 |
| The Walt Disney Company (a) | 12 | 1050 |
| T-Mobile USA, Inc. (a) | 9 | 1217 |
| Verizon Communications Inc. | 26 | 1031 |
| Vodafone Group Public Limited Company - ADR | 38 | 386 |
| WPP 2012 Limited | 60 | 597 |
| Z Holdings Corporation (c) | 96 | 242 |
|  |  | 18929 |
| **Materials 3.7%** | **Materials 3.7%** | **Materials 3.7%** |
| Adriatic Metals PLC - CDI (a) | 8 | 18 |
| Air Products and Chemicals, Inc. | 1 | 277 |
| Akzo Nobel N.V. | 7 | 498 |
| Albemarle Corporation |  | 21 |
| Amcor Pty Ltd - CDI | 26 | 308 |
| Anglo American PLC | 1 | 28 |
| Antofagasta PLC | 29 | 553 |
| Ardagh Metal Packaging S.A. | 3 | 15 |
| Asahi Kasei Corporation | 49 | 351 |
| Avery Dennison Corporation | 1 | 167 |
| Ball Corporation | 3 | 162 |
| BASF SE - Class N | 9 | 431 |
| BHP Group Limited | 30 | 926 |
| BHP Group Limited | 22 | 688 |
| BlueScope Steel Limited | 6 | 74 |
| Boliden AB | 5 | 198 |
| Capricorn Metals Limited (a) | 1 | 5 |
| Central Asia Metals PLC | 18 | 53 |
| CF Industries Holdings, Inc. | 2 | 146 |
| Corteva, Inc. | 1 | 41 |
| Covestro AG (b) | 9 | 343 |
| Crown Holdings, Inc. |  | 31 |
| Element Solutions Inc. | 1 | 23 |
| ERO Copper Corp. (a) | 1 | 20 |
| FMC Corporation | 1 | 153 |
| Franco-Nevada Corporation | 1 | 134 |
| Glencore PLC | 36 | 244 |
| Grupo Mexico, S.A.B. de C.V. - Class B | 9 | 32 |
| IGO Limited | 122 | 1124 |
| Impala Platinum Holdings | 1 | 13 |
| International Flavors & Fragrances Inc. | 3 | 304 |
| International Paper Company | 2 | 84 |
| Johnson Matthey PLC | 17 | 430 |
| Joint Stock Company Alrosa (Public Joint Stock Company) (a) (b) (d) | 40 |  |
| K92 Mining Inc. (a) | 20 | 110 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

647

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Karora Resources Inc. (a) | 20 | 68 |
| Korea Zinc Co., Ltd. |  | 15 |
| L'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 5 | 661 |
| Legacy Vulcan Corp. | 1 | 193 |
| Linde Public Limited Company | 3 | 1098 |
| Martin Marietta Materials, Inc. |  | 64 |
| Mondi plc | 1 | 8 |
| Newmont Corporation | 2 | 82 |
| Nippon Steel Corporation | 6 | 101 |
| Norsk Hydro ASA | 14 | 107 |
| Northern Star Resources Ltd | 24 | 181 |
| Nucor Corporation | 1 | 169 |
| Nutrien Ltd. | 12 | 893 |
| Orla Mining Ltd. (a) | 8 | 33 |
| Osisko Mining Inc. (a) | 9 | 22 |
| OZ Minerals Limited | 5 | 88 |
| Packaging Corporation of America | 1 | 153 |
| Perseus Mining Limited | 89 | 128 |
| POSCO Holdings Inc. | 1 | 109 |
| PPG Industries, Inc. |  | 34 |
| Public Joint Stock Company Polyus (a) (b) (d) |  |  |
| Public Joint Stock Society Mining And Metallurgical Company Norilsk Nickel (a) (b) (d) |  |  |
| Reliance Steel & Aluminum Co. | 1 | 251 |
| Rio Tinto Limited | 4 | 357 |
| Rio Tinto PLC | 4 | 270 |
| Royal Gold, Inc. |  | 16 |
| RPM International Inc. | 2 | 168 |
| Sealed Air Corporation | 2 | 119 |
| Shin-Etsu Chemical Co., Ltd. |  | 12 |
| Sibanye Stillwater | 3 | 9 |
| South32 Limited | 149 | 414 |
| Southern Copper Corporation | 1 | 67 |
| Steel Dynamics, Inc. | 2 | 225 |
| Stora Enso Oyj - Class R | 33 | 468 |
| Svenska Cellulosa Aktiebolaget SCA - Class B | 2 | 25 |
| The Sherwin-Williams Company | 4 | 1018 |
| Tietto Minerals Limited (a) | 113 | 54 |
| Tosoh Corporation | 4 | 51 |
| Umicore | 12 | 437 |
| UPM-Kymmene Oyj | 1 | 53 |
| Vale S.A. | 2 | 30 |
| Verallia | 1 | 34 |
| Victoria Gold Corp. (a) | 6 | 32 |
| Wesdome Gold Mines Ltd (a) | 19 | 104 |
| West Fraser Timber Co. Ltd. |  | 26 |
| West Fraser Timber Co. Ltd. |  | 12 |
| WestRock Company | 1 | 48 |
| Wheaton Precious Metals Corp. | 1 | 41 |
| | | 16553 |
| **Energy 2.9%** | **Energy 2.9%** | **Energy 2.9%** |
| Baker Hughes Company - Class A | 1 | 30 |
| Cactus, Inc. - Class A | 1 | 38 |
| Canadian Natural Resources Limited | 1 | 63 |
| ChampionX Corporation | 1 | 33 |
| Chesapeake Energy Corporation |  | 46 |
| Chevron Corporation | 11 | 1883 |
| ConocoPhillips | 8 | 985 |
| Devon Energy Corporation | 2 | 116 |
| EOG Resources, Inc. | 3 | 441 |
| Equinor ASA | 40 | 1460 |
| Exxon Mobil Corporation | 25 | 2735 |
| Galp Energia, SGPS, S.A. | 5 | 67 |
| Halliburton Company | 9 | 345 |
| Hess Corporation | 2 | 349 |
| Kinder Morgan, Inc. | 34 | 607 |
| Liberty Energy Inc. - Class A | 1 | 13 |
| Magnolia Oil & Gas Corporation - Class A | 2 | 49 |
| Marathon Petroleum Corporation | 2 | 215 |
| NAC Kazatomprom JSC - GDR (b) | 3 | 89 |
| Pioneer Natural Resources Company | 1 | 239 |
| Schlumberger Limited | 1 | 26 |
| Shell PLC - Class A | 3 | 96 |
| Shell PLC - Class A - ADR | 11 | 603 |
| TC Energy Corporation | 1 | 37 |
| TechnipFMC PLC | 4 | 48 |
| Tenaris S.A. - ADR | 1 | 29 |
| TGS-NOPEC Geophysical Company | 2 | 24 |
| TotalEnergies SE | 26 | 1633 |
| TotalEnergies SE - ADR | 3 | 191 |
| Woodside Energy Group Ltd | 4 | 87 |
| Worley Limited | 52 | 530 |
|  |  | 13107 |
| **Real Estate 2.1%** | **Real Estate 2.1%** | **Real Estate 2.1%** |
| Acadia Realty Trust | 5 | 70 |
| Alexandria Real Estate Equities, Inc. | 1 | 213 |
| American Homes 4 Rent - Class A | 5 | 152 |
| American Tower Corporation | 1 | 303 |
| Apartment Income REIT Corp. | 1 | 28 |
| Apple Hospitality REIT, Inc. | 6 | 90 |
| AvalonBay Communities, Inc. | 1 | 214 |
| Big Yellow Group PLC | 2 | 23 |
| Boston Properties, Inc. | 1 | 61 |
| Camden Property Trust | 1 | 124 |
| Canadian Apartment Properties Real Estate Investment Trust | 1 | 31 |
| Capitaland Group Pte. Ltd. | 36 | 55 |
| Crown Castle Inc. | 1 | 95 |
| Cubesmart, L.P. | 3 | 138 |
| Derwent London PLC | 1 | 28 |
| Digital Core REIT Management Pte. Ltd. (b) (c) | 33 | 18 |
| Douglas Emmett, Inc. | 3 | 50 |
| EastGroup Properties, Inc. | 1 | 79 |
| Equinix, Inc. | 1 | 583 |
| Equity Lifestyle Properties, Inc. | 6 | 397 |
| Equity Residential | 3 | 154 |
| Essex Property Trust, Inc. | 1 | 202 |
| Extra Space Storage Inc. | 1 | 104 |
| Federal Realty Investment Trust |  | 9 |
| Gecina |  | 15 |
| Goodman Funding Pty Ltd | 5 | 59 |
| Granite Real Estate Investment Trust | 1 | 29 |
| Great Portland Estates P L C | 45 | 268 |
| Hongkong Land Holdings Limited | 12 | 54 |
| Hoshino Resorts REIT, Inc. |  | 27 |
| Host Hotels & Resorts, Inc. | 2 | 28 |
| Industrial & Infrastructure Fund Investment Corporation. |  | 39 |
| Invincible Investment Corporation |  | 19 |
| KATITAS Co., Ltd. | 1 | 30 |
| Kilroy Realty Corporation | 1 | 46 |
| Kimco Realty Corporation | 2 | 32 |
| Kojamo Oyj (b) | 2 | 36 |
| Lendlease Global Commercial REIT (b) | 31 | 16 |
| Mitsui Fudosan Co., Ltd. | 40 | 725 |
| Mitsui Fudosan Logistics Park Investment Corporation |  | 33 |
| Pebblebrook Hotel Trust | 4 | 54 |
| ProLogis Inc. | 11 | 1246 |
| Public Storage | 1 | 394 |
| Rayonier Inc. | 2 | 65 |
| Regency Centers Corporation | 3 | 161 |
| Rexford Industrial Realty, Inc. | 4 | 234 |
| SBA Communications Corporation | 2 | 544 |
| Scentre Group Limited | 211 | 413 |
| Shurgard Self Storage SA | 1 | 39 |
| Simon Property Group, Inc. | 3 | 312 |
| SL Green Realty Corp. (c) |  | 14 |
| StorageVault Canada Inc. | 5 | 23 |
| Sun Communities, Inc. |  | 14 |
| Sun Hung Kai Properties Limited | 4 | 55 |
| Terreno Realty Corporation | 2 | 124 |
| The Howard Hughes Corporation (a) |  | 16 |
| The Unite Group PLC | 3 | 38 |
| Tokyo Tatemono Co., Ltd. | 3 | 30 |
| TOKYU REIT, Inc. |  | 17 |
| Ventas, Inc. | 2 | 105 |
| Warehouses De Pauw | 2 | 45 |
| Welltower OP LLC | 4 | 276 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

648

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Weyerhaeuser Company | 12 | 364 |
| Wharf Real Estate Investment Company Limited | 8 | 46 |
| | | 9306 |
| **Utilities 1.9%** | **Utilities 1.9%** | **Utilities 1.9%** |
| Ameren Corporation | 5 | 482 |
| American Electric Power Company, Inc. | 5 | 459 |
| Beijing Enterprises Holdings Limited | 51 | 161 |
| CMS Energy Corporation | 2 | 96 |
| Dominion Energy, Inc. | 8 | 502 |
| DTE Energy Company | 3 | 349 |
| Electric Power Development Co., Ltd. - Class D | 19 | 310 |
| Engie | 65 | 931 |
| Exelon Corporation | 5 | 208 |
| FirstEnergy Corp. | 8 | 338 |
| Iberdrola, Sociedad Anonima | 1 | 16 |
| National Grid PLC | 47 | 566 |
| NextEra Energy, Inc. | 5 | 432 |
| PG&E Corporation (a) | 17 | 272 |
| Sempra Energy | 5 | 789 |
| The Southern Company | 32 | 2289 |
| WEC Energy Group Inc. | 2 | 217 |
| Xcel Energy Inc. | 3 | 226 |
|  |  | 8643 |
| Total Common Stocks (cost $280,387) | Total Common Stocks (cost $280,387) | 282313 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 17.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 17.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 17.9%** |
| **Mortgage-Backed Securities 8.5%** | **Mortgage-Backed Securities 8.5%** | **Mortgage-Backed Securities 8.5%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 3.50%, 06/01/33 - 12/01/47 | 80 | 76 |
| 3.00%, 11/01/34 - 01/01/50 | 459 | 414 |
| 1.50%, 04/01/37 | 29 | 25 |
| 2.50%, 04/01/37 - 05/01/52 | 2693 | 2300 |
| 4.00%, 06/01/37 - 02/01/50 | 382 | 363 |
| 5.00%, 12/01/41 - 10/01/51 | 340 | 340 |
| 2.00%, 03/01/42 - 05/01/52 | 3816 | 3126 |
| 5.50%, 05/01/44 | 32 | 33 |
| 4.50%, 05/01/50 | 28 | 27 |
| Federal National Mortgage Association, Inc. |  |  |
| 2.50%, 01/01/32 - 04/01/52 | 4944 | 4264 |
| 3.00%, 11/01/33 - 03/01/52 | 4610 | 4169 |
| 3.50%, 12/01/33 - 01/01/52 | 2849 | 2653 |
| 1.50%, 04/01/37 - 01/01/42 | 835 | 710 |
| 4.00%, 06/01/37 - 09/01/52 | 1874 | 1786 |
| TBA, 1.50%, 01/15/38 (e) | 420 | 365 |
| 5.00%, 06/01/40 - 08/01/52 | 315 | 317 |
| 4.50%, 04/01/41 - 08/01/52 | 1410 | 1380 |
| 6.00%, 07/01/41 - 01/01/53 | 1035 | 1056 |
| 2.00%, 04/01/42 - 03/01/52 | 5107 | 4188 |
| 5.50%, 05/01/44 | 192 | 197 |
| TBA, 2.00%, 01/15/53 (e) | 260 | 212 |
| Government National Mortgage Association |  |  |
| 3.50%, 08/20/42 - 01/20/49 | 1423 | 1328 |
| 3.00%, 05/15/43 - 06/20/52 | 1889 | 1693 |
| 4.50%, 07/20/45 - 10/20/52 | 835 | 818 |
| 4.00%, 09/20/45 - 10/20/52 | 668 | 640 |
| 5.50%, 03/20/48 - 11/20/52 | 489 | 494 |
| 5.00%, 05/20/48 - 06/20/49 | 234 | 235 |
| 2.50%, 08/20/50 - 01/20/52 | 2362 | 2050 |
| 2.00%, 03/20/51 - 05/20/52 | 2130 | 1794 |
| TBA, 5.50%, 01/15/53 (e) | 430 | 432 |
| TBA, 6.00%, 01/15/53 (e) | 215 | 218 |
| TBA, 7.00%, 01/15/53 (e) | 125 | 128 |
|  |  | 37831 |
| **U.S. Treasury Note 5.7%** | **U.S. Treasury Note 5.7%** | **U.S. Treasury Note 5.7%** |
| Treasury, United States Department of |  |  |
| 0.25%, 08/31/25 | 100 | 90 |
| 0.38%, 11/30/25 | 3625 | 3242 |
| 0.88%, 06/30/26 | 7395 | 6609 |
| 0.75%, 08/31/26 | 1750 | 1549 |
| 1.88%, 02/28/27 - 02/15/32 | 6245 | 5594 |
| 2.75%, 07/31/27 | 1375 | 1301 |
| 4.13%, 09/30/27 - 10/31/27 | 4065 | 4079 |
| 0.63%, 05/15/30 | 700 | 554 |
| 1.25%, 08/15/31 | 2820 | 2288 |
|  |  | 25306 |
| **U.S. Treasury Bond 2.6%** | **U.S. Treasury Bond 2.6%** | **U.S. Treasury Bond 2.6%** |
| Treasury, United States Department of |  |  |
| 4.50%, 05/15/38 | 2320 | 2465 |
| 1.13%, 05/15/40 | 790 | 495 |
| 1.88%, 02/15/41 - 02/15/51 | 2195 | 1465 |
| 1.75%, 08/15/41 | 615 | 421 |
| 3.13%, 11/15/41 | 485 | 419 |
| 3.00%, 08/15/48 (f) | 4675 | 3839 |
| 2.00%, 02/15/50 - 08/15/51 | 2360 | 1553 |
| 1.25%, 05/15/50 | 300 | 162 |
| 1.38%, 08/15/50 | 380 | 212 |
| 2.38%, 05/15/51 | 125 | 90 |
| 4.00%, 11/15/52 | 585 | 588 |
|  |  | 11709 |
| **Municipal 0.7%** | **Municipal 0.7%** | **Municipal 0.7%** |
| American Municipal Power, Inc. |  |  |
| 6.45%, 02/15/44 | 250 | 269 |
| Bay Area Toll Authority |  |  |
| 6.91%, 10/01/50 | 235 | 287 |
| Bayhealth Medical Center, Inc. |  |  |
| 3.41%, 07/01/51 | 320 | 213 |
| California, State of |  |  |
| 7.55%, 04/01/39 | 240 | 300 |
| Central Texas Regional Mobility Authority |  |  |
| 3.17%, 01/01/41 | 300 | 223 |
| Chicago Transit Authority |  |  |
| 6.90%, 12/01/40 | 290 | 321 |
| Dallas/Fort Worth International Airport |  |  |
| 2.99%, 11/01/38 | 160 | 130 |
| 3.09%, 11/01/40 | 260 | 202 |
| Great Lakes Water Authority |  |  |
| 3.06%, 07/01/39 | 60 | 46 |
| Houston, City of |  |  |
| 2.39%, 07/01/31 | 70 | 57 |
| Municipal Electric Authority of Georgia |  |  |
| 6.66%, 04/01/57 | 336 | 363 |
| Oregon Department of Transportation |  |  |
| 1.76%, 11/15/32 | 190 | 144 |
| Texas A&M University |  |  |
| 3.33%, 05/15/39 | 250 | 200 |
| Trustees of the California State University |  |  |
| 2.80%, 11/01/41 | 350 | 249 |
|  |  | 3004 |
| **Sovereign 0.2%** | **Sovereign 0.2%** | **Sovereign 0.2%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 2.66%, 05/24/31 | 200 | 161 |
| 3.50%, 02/12/34 | 360 | 289 |
| Government of the Republic of Panama |  |  |
| 3.30%, 01/19/33 | 350 | 284 |
| Manitoba, Province of |  |  |
| 2.60%, 04/16/24 | 176 | 171 |
|  |  | 905 |
| **Collateralized Mortgage Obligations 0.2%** | **Collateralized Mortgage Obligations 0.2%** | **Collateralized Mortgage Obligations 0.2%** |
| Connecticut Avenue Securities Trust 2021-R01 |  |  |
| Series 2022-1M1-R01, REMIC, 4.93%, (SOFR 30-Day Average + 1.00%), 12/26/41 (g) | 52 | 51 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2021-M1-HQA1, REMIC, 4.63%, (SOFR 30-Day Average + 0.70%), 08/25/33 (g) | 15 | 15 |
| Series 2021-M1-DNA2, REMIC, 4.73%, (SOFR 30-Day Average + 0.80%), 08/25/33 (g) | 14 | 14 |
| Series 2021-M2-DNA3, REMIC, 6.03%, (SOFR 30-Day Average + 2.10%), 10/25/33 (g) | 85 | 83 |
| Series 2021-M1-DNA7, REMIC, 4.78%, (SOFR 30-Day Average + 0.85%), 11/25/41 (g) | 185 | 182 |
| Series 2022-M1A-HQA1, REMIC, 6.03%, (SOFR 30-Day Average + 2.10%), 03/25/42 (g) | 187 | 186 |
| Series 2022-M1A-DNA3, REMIC, 5.93%, (SOFR 30-Day Average + 2.00%), 04/25/42 (g) | 230 | 229 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

649

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Interest Only, Series IO-4977, REMIC, 4.50%, 05/25/50 | 67 | 13 |
| Government National Mortgage Association Guaranteed REMIC Pass-Through Securities |  |  |
| Series 2022-LM-63, REMIC, 3.50%, 10/20/50 | 110 | 96 |
| | | 869 |
| **U.S. Treasury Inflation Indexed Securities 0.0%** | **U.S. Treasury Inflation Indexed Securities 0.0%** | **U.S. Treasury Inflation Indexed Securities 0.0%** |
| Treasury, United States Department of |  |  |
| 0.50%, 04/15/24 (h) | 4 | 4 |
| 0.13%, 07/15/24 - 02/15/52 (h) | 148 | 136 |
| 0.25%, 01/15/25 (h) | 39 | 37 |
| 0.38%, 07/15/25 (h) | 14 | 14 |
| 0.63%, 01/15/26 - 07/15/32 (h) | 10 | 10 |
| 1.63%, 10/15/27 (h) | 4 | 4 |
| 0.75%, 02/15/42 (h) | 4 | 3 |
|  |  | 208 |
| Total Government And Agency Obligations (cost $90,267) | Total Government And Agency Obligations (cost $90,267) | 79832 |
| **CORPORATE BONDS AND NOTES 12.6%** | **CORPORATE BONDS AND NOTES 12.6%** | **CORPORATE BONDS AND NOTES 12.6%** |
| **Financials 3.6%** | **Financials 3.6%** | **Financials 3.6%** |
| ABN AMRO Bank N.V. |  |  |
| 4.75%, 07/28/25 (i) | 325 | 314 |
| Advisor Group Holdings, Inc. |  |  |
| 10.75%, 08/01/27 (i) | 180 | 184 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 4.13%, 07/03/23 | 375 | 372 |
| AG TTMT Escrow Issuer LLC |  |  |
| 8.63%, 09/30/27 (i) | 48 | 48 |
| AIA Group Limited |  |  |
| 3.13%, 03/13/23 (b) | 400 | 399 |
| Alliant Holdings Intermediate, LLC |  |  |
| 5.88%, 11/01/29 (i) | 150 | 124 |
| Banco Santander Mexico S.A., Institucion De Banca Multiple, Grupo Financiero Santander Mexico |  |  |
| 5.38%, 04/17/25 (i) | 155 | 153 |
| Banco Santander, S.A. |  |  |
| 3.49%, 05/28/30 (j) | 200 | 169 |
| Bank of America Corporation |  |  |
| 2.65%, 03/11/32 | 250 | 200 |
| 2.68%, 06/19/41 | 340 | 230 |
| 4.33%, 03/15/50 | 175 | 144 |
| Barclays PLC |  |  |
| 2.85%, 05/07/26 (j) | 250 | 232 |
| 2.28%, 11/24/27 (j) | 200 | 173 |
| BBVA Bancomer S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer |  |  |
| 4.38%, 04/10/24 (i) | 275 | 271 |
| BNP Paribas |  |  |
| 2.22%, 06/09/26 (i) (j) | 245 | 225 |
| BPCE |  |  |
| 4.00%, 09/12/23 (i) | 510 | 505 |
| BroadStreet Partners, Inc. |  |  |
| 5.88%, 04/15/29 (i) | 280 | 241 |
| Capital One Financial Corporation |  |  |
| 3.65%, 05/11/27 | 240 | 226 |
| Chubb INA Holdings Inc. |  |  |
| 4.35%, 11/03/45 | 100 | 87 |
| CNO Global Funding |  |  |
| 2.65%, 01/06/29 (c) (i) | 445 | 377 |
| Corebridge Financial, Inc. |  |  |
| 4.40%, 04/05/52 (i) | 415 | 331 |
| Danske Bank A/S |  |  |
| 1.23%, 06/22/24 (i) | 435 | 405 |
| Discover Bank |  |  |
| 2.70%, 02/06/30 | 250 | 200 |
| EG Global Finance PLC |  |  |
| 6.75%, 02/07/25 (i) | 400 | 346 |
| Fifth Third Bancorp |  |  |
| 1.63%, 05/05/23 | 80 | 79 |
| FirstCash Holdings, Inc. |  |  |
| 5.63%, 01/01/30 (i) | 280 | 250 |
| Ford Motor Credit Company LLC |  |  |
| 4.00%, 11/13/30 | 200 | 164 |
| HSBC Holdings PLC |  |  |
| 2.21%, 08/17/29 (j) | 200 | 162 |
| HUB International Limited |  |  |
| 5.63%, 12/01/29 (i) | 325 | 285 |
| JPMorgan Chase & Co. |  |  |
| 3.38%, 05/01/23 | 475 | 473 |
| 3.63%, 12/01/27 | 300 | 278 |
| 2.96%, 05/13/31 | 110 | 91 |
| KeyCorp |  |  |
| 2.25%, 04/06/27 | 280 | 248 |
| Liberty Mutual Group Inc. |  |  |
| 4.25%, 06/15/23 (i) | 100 | 99 |
| Lincoln National Corporation |  |  |
| 3.80%, 03/01/28 | 325 | 299 |
| Mitsubishi UFJ Financial Group Inc |  |  |
| 2.19%, 02/25/25 | 400 | 375 |
| Moody's Corporation |  |  |
| 2.00%, 08/19/31 | 310 | 246 |
| Morgan Stanley |  |  |
| 3.13%, 07/27/26 | 275 | 257 |
| 3.97%, 07/22/38 | 300 | 252 |
| National Securities Clearing Corporation |  |  |
| 1.50%, 04/23/25 (i) | 355 | 329 |
| Nationwide Building Society |  |  |
| 1.50%, 10/13/26 (i) | 380 | 329 |
| NatWest Group PLC |  |  |
| 4.52%, 06/25/24 (j) | 375 | 371 |
| New York Life Global Funding |  |  |
| 1.10%, 05/05/23 (i) | 60 | 59 |
| Nordea Bank AB |  |  |
| 1.00%, 06/09/23 (i) | 235 | 231 |
| PennyMac Financial Services, Inc. |  |  |
| 4.25%, 02/15/29 (i) | 230 | 180 |
| PNC Bank, National Association |  |  |
| 3.50%, 06/08/23 | 275 | 274 |
| Pricoa Global Funding I |  |  |
| 3.45%, 09/01/23 (i) | 600 | 596 |
| Protective Life Global Funding |  |  |
| 1.08%, 06/09/23 (i) | 235 | 231 |
| Rocket Mortgage, LLC |  |  |
| 4.00%, 10/15/33 (i) | 227 | 170 |
| Royal Bank of Canada |  |  |
| 1.60%, 04/17/23 (j) | 205 | 203 |
| Ryan Specialty Group, LLC |  |  |
| 4.38%, 02/01/30 (i) | 210 | 184 |
| Santander Holdings USA, Inc. |  |  |
| 2.49%, 01/06/28 | 190 | 163 |
| Santander UK Group Holdings PLC |  |  |
| 2.47%, 01/11/28 (j) | 200 | 171 |
| Standard Chartered PLC |  |  |
| 1.82%, 11/23/25 (i) | 200 | 183 |
| 2.61%, 01/12/28 (i) | 200 | 174 |
| Teachers Insurance & Annuity Association of America |  |  |
| 4.27%, 05/15/47 (i) | 400 | 329 |
| The Goldman Sachs Group, Inc. |  |  |
| 3.85%, 01/26/27 | 550 | 524 |
| The Toronto-Dominion Bank |  |  |
| 3.50%, 07/19/23 | 525 | 521 |
| UBS Group AG |  |  |
| 4.13%, 09/24/25 (i) (j) | 375 | 365 |
| VistaJet Malta Finance P.L.C. |  |  |
| 6.38%, 02/01/30 (i) | 355 | 285 |
| Wells Fargo & Company |  |  |
| 2.39%, 06/02/28 | 155 | 137 |
| 3.07%, 04/30/41 | 535 | 382 |
| Willis North America Inc. |  |  |
| 4.50%, 09/15/28 | 195 | 184 |
|  |  | 16089 |
| **Consumer Discretionary 1.6%** | **Consumer Discretionary 1.6%** | **Consumer Discretionary 1.6%** |
| Adient Global Holdings Ltd |  |  |
| 4.88%, 08/15/26 (i) | 270 | 251 |
| Allison Transmission, Inc. |  |  |
| 3.75%, 01/30/31 (i) | 155 | 128 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

650

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Amazon.com, Inc. |  |  |
| 3.88%, 08/22/37 | 225 | 200 |
| AutoZone, Inc. |  |  |
| 3.13%, 07/15/23 - 04/18/24 | 370 | 364 |
| Bath & Body Works, Inc. |  |  |
| 5.25%, 02/01/28 | 180 | 168 |
| 6.63%, 10/01/30 (i) | 58 | 54 |
| Carnival Corporation |  |  |
| 5.75%, 03/01/27 (i) | 455 | 325 |
| Carnival Holdings Bermuda Ltd. |  |  |
| 10.38%, 05/01/28 (i) | 60 | 62 |
| Carvana Co. |  |  |
| 10.25%, 05/01/30 (i) | 135 | 63 |
| Daimler Trucks Finance North America LLC |  |  |
| 3.65%, 04/07/27 (i) | 230 | 215 |
| Dornoch Debt Merger Subordinated Incorporated |  |  |
| 6.63%, 10/15/29 (i) | 286 | 202 |
| Expedia Group, Inc. |  |  |
| 5.00%, 02/15/26 | 73 | 72 |
| General Motors Financial Company, Inc. |  |  |
| 2.40%, 04/10/28 | 325 | 274 |
| Hasbro, Inc. |  |  |
| 3.00%, 11/19/24 (k) | 155 | 149 |
| 3.55%, 11/19/26 | 235 | 220 |
| Hilton Domestic Operating Company Inc. |  |  |
| 3.63%, 02/15/32 (i) | 250 | 200 |
| Hyundai Capital America |  |  |
| 2.38%, 02/10/23 (i) | 105 | 105 |
| 1.65%, 09/17/26 (i) | 245 | 211 |
| Jaguar Land Rover Automotive PLC |  |  |
| 5.50%, 07/15/29 (i) | 265 | 189 |
| Life Time, Inc. |  |  |
| 5.75%, 01/15/26 (i) | 234 | 218 |
| LSF9 Atlantis |  |  |
| 7.75%, 02/15/26 (i) | 480 | 425 |
| Magallanes, Inc. |  |  |
| 5.05%, 03/15/42 (i) | 335 | 258 |
| Magic Mergeco, Inc. |  |  |
| 7.88%, 05/01/29 (i) | 275 | 186 |
| Majordrive Holdings IV, LLC |  |  |
| 6.38%, 06/01/29 (i) | 310 | 232 |
| Marriott International, Inc. |  |  |
| 4.65%, 12/01/28 | 305 | 293 |
| NMG Holding Company, Inc. |  |  |
| 7.13%, 04/01/26 (i) | 215 | 202 |
| O'Reilly Automotive, Inc. |  |  |
| 3.60%, 09/01/27 | 150 | 141 |
| QVC, Inc. |  |  |
| 4.45%, 02/15/25 | 275 | 225 |
| Spectrum Management Holding Company, LLC |  |  |
| 6.55%, 05/01/37 | 425 | 404 |
| Staples, Inc. |  |  |
| 7.50%, 04/15/26 (i) | 180 | 155 |
| Studio City Finance Limited |  |  |
| 5.00%, 01/15/29 (i) | 235 | 174 |
| Tempur Sealy International, Inc. |  |  |
| 3.88%, 10/15/31 (i) | 148 | 116 |
| The TJX Companies, Inc. |  |  |
| 1.60%, 05/15/31 | 155 | 120 |
| Victoria's Secret & Co. |  |  |
| 4.63%, 07/15/29 (i) | 228 | 179 |
| Wheel Pros, Inc. |  |  |
| 6.50%, 05/15/29 (i) | 300 | 113 |
| White Cap Parent, LLC |  |  |
| 8.25%, 03/15/26 (i) (l) | 335 | 289 |
| Yum! Brands, Inc. |  |  |
| 3.63%, 03/15/31 | 255 | 214 |
| | | 7396 |
| **Communication Services 1.5%** | **Communication Services 1.5%** | **Communication Services 1.5%** |
| America Movil, S.A.B. De C.V. |  |  |
| 2.88%, 05/07/30 | 250 | 214 |
| AT&T Inc. |  |  |
| 4.35%, 03/01/29 | 35 | 33 |
| 2.25%, 02/01/32 | 290 | 228 |
| 3.50%, 06/01/41 | 230 | 172 |
| Baidu, Inc. |  |  |
| 3.88%, 09/29/23 | 275 | 270 |
| CCO Holdings, LLC |  |  |
| 4.50%, 05/01/32 | 275 | 219 |
| Charter Communications Operating, LLC |  |  |
| 4.50%, 02/01/24 | 550 | 544 |
| Comcast Corporation |  |  |
| 2.65%, 02/01/30 | 70 | 61 |
| 3.90%, 03/01/38 | 200 | 173 |
| Consolidated Communications, Inc. |  |  |
| 6.50%, 10/01/28 (i) | 285 | 222 |
| Cox Communications, Inc. |  |  |
| 2.95%, 10/01/50 (i) | 295 | 177 |
| DISH DBS Corporation |  |  |
| 7.38%, 07/01/28 | 360 | 254 |
| DKT Finance ApS |  |  |
| 9.38%, 06/17/23 (i) | 200 | 198 |
| Frontier Communications Holdings, LLC |  |  |
| 5.88%, 11/01/29 | 135 | 105 |
| 6.00%, 01/15/30 (i) | 110 | 87 |
| Frontier Communications Parent, Inc. |  |  |
| 6.75%, 05/01/29 (i) | 25 | 21 |
| Ion Trading Technologies S.a r.l. |  |  |
| 5.75%, 05/15/28 (i) | 205 | 171 |
| LCPR Senior Secured Financing Designated Activity Company |  |  |
| 6.75%, 10/15/27 (i) | 175 | 164 |
| Level 3 Financing, Inc. |  |  |
| 3.63%, 01/15/29 (i) | 315 | 230 |
| Millennium Escrow Corporation |  |  |
| 6.63%, 08/01/26 (i) | 145 | 92 |
| Northwest Fiber, LLC |  |  |
| 4.75%, 04/30/27 (i) | 270 | 236 |
| Omnicom Group Inc. |  |  |
| 3.65%, 11/01/24 | 100 | 98 |
| Outfront Media Capital Corporation |  |  |
| 4.25%, 01/15/29 (i) | 265 | 220 |
| Radiate HoldCo, LLC |  |  |
| 6.50%, 09/15/28 (i) | 290 | 122 |
| Rogers Communications Inc. |  |  |
| 4.50%, 03/15/42 (i) | 315 | 256 |
| Sinclair Television Group, Inc. |  |  |
| 4.13%, 12/01/30 (i) | 300 | 224 |
| Telesat Canada |  |  |
| 6.50%, 10/15/27 (i) | 184 | 54 |
| Tencent Holdings Limited |  |  |
| 2.99%, 01/19/23 (i) | 375 | 375 |
| Terrier Media Buyer, Inc. |  |  |
| 8.88%, 12/15/27 (i) | 240 | 181 |
| Urban One, Inc. |  |  |
| 7.38%, 02/01/28 (i) | 330 | 279 |
| Verizon Communications Inc. |  |  |
| 4.27%, 01/15/36 | 175 | 157 |
| 2.65%, 11/20/40 | 135 | 91 |
| 4.00%, 03/22/50 | 150 | 118 |
| Vodafone Group Public Limited Company |  |  |
| 4.88%, 06/19/49 | 215 | 181 |
| Weibo Corporation |  |  |
| 3.50%, 07/05/24 | 355 | 344 |
|  |  | 6571 |
| **Energy 1.3%** | **Energy 1.3%** | **Energy 1.3%** |
| APT Pipelines Limited |  |  |
| 4.25%, 07/15/27 (i) | 225 | 210 |
| Ascent Resources - Utica, LLC |  |  |
| 8.25%, 12/31/28 (i) | 120 | 118 |
| 5.88%, 06/30/29 (i) | 120 | 107 |
| Boardwalk Pipelines, LP |  |  |
| 4.45%, 07/15/27 | 100 | 95 |
| Canadian Natural Resources Limited |  |  |
| 2.95%, 07/15/30 | 170 | 143 |
| Colgate Energy Partners III, LLC |  |  |
| 5.88%, 07/01/29 (i) | 200 | 172 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 03/01/29 (i) | 70 | 63 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

651

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Enbridge Inc. |  |  |
| 4.25%, 12/01/26 | 275 | 264 |
| Encino Acquisition Partners Holdings, LLC |  |  |
| 8.50%, 05/01/28 (i) | 230 | 210 |
| Energy Transfer LP |  |  |
| 5.25%, 04/15/29 | 120 | 116 |
| 3.75%, 05/15/30 | 75 | 66 |
| Eni S.p.A. |  |  |
| 4.00%, 09/12/23 (i) | 200 | 197 |
| EQM Midstream Partners, LP |  |  |
| 4.50%, 01/15/29 (i) | 145 | 123 |
| 4.75%, 01/15/31 (i) | 85 | 70 |
| Gulfport Energy Operating Corporation |  |  |
| 8.00%, 05/17/26 (i) | 220 | 218 |
| Harvest Midstream I, L.P. |  |  |
| 7.50%, 09/01/28 (i) | 245 | 235 |
| Hess Corporation |  |  |
| 4.30%, 04/01/27 | 150 | 143 |
| Hess Infrastructure Partners LP |  |  |
| 4.25%, 02/15/30 (i) | 210 | 180 |
| 5.50%, 10/15/30 (i) | 55 | 51 |
| NGL Energy Operating LLC |  |  |
| 7.50%, 02/01/26 (i) | 325 | 289 |
| PDV America, Inc. |  |  |
| 9.25%, 08/01/24 (i) | 360 | 361 |
| Pioneer Natural Resources Company |  |  |
| 1.13%, 01/15/26 | 115 | 102 |
| Sabine Pass Liquefaction, LLC |  |  |
| 4.50%, 05/15/30 | 55 | 51 |
| Saudi Arabian Oil Company |  |  |
| 2.88%, 04/16/24 (i) | 455 | 442 |
| Sunoco LP |  |  |
| 4.50%, 05/15/29 - 04/30/30 | 255 | 222 |
| Tallgrass Energy Partners, LP |  |  |
| 6.00%, 12/31/30 (i) | 290 | 252 |
| Total Capital International |  |  |
| 2.99%, 06/29/41 | 265 | 198 |
| USA Compression Finance Corp. |  |  |
| 6.88%, 09/01/27 | 140 | 131 |
| Weatherford International Ltd. |  |  |
| 8.63%, 04/30/30 (i) | 236 | 228 |
| Williams Partners L.P. |  |  |
| 5.10%, 09/15/45 | 175 | 153 |
| Woodside Finance Limited |  |  |
| 3.70%, 09/15/26 (i) | 475 | 444 |
| | | 5654 |
| **Health Care 1.1%** | **Health Care 1.1%** | **Health Care 1.1%** |
| AbbVie Inc. |  |  |
| 3.20%, 05/14/26 | 300 | 284 |
| 4.70%, 05/14/45 | 100 | 90 |
| 4.25%, 11/21/49 | 195 | 164 |
| Alcon Finance Corporation |  |  |
| 2.60%, 05/27/30 (i) | 265 | 225 |
| Banner Health |  |  |
| 1.90%, 01/01/31 | 70 | 55 |
| BCPE Cycle Merger Sub II Inc |  |  |
| 10.63%, 07/15/27 (i) | 250 | 53 |
| Becton, Dickinson and Company |  |  |
| 3.70%, 06/06/27 | 180 | 170 |
| 2.82%, 05/20/30 | 140 | 120 |
| Biogen Inc. |  |  |
| 2.25%, 05/01/30 | 320 | 260 |
| Cigna Corporation |  |  |
| 3.00%, 07/15/23 | 500 | 494 |
| CommonSpirit Health |  |  |
| 2.76%, 10/01/24 | 105 | 101 |
| 2.78%, 10/01/30 | 75 | 62 |
| Community Health Systems, Inc. |  |  |
| 6.88%, 04/01/28 (i) | 285 | 139 |
| 5.25%, 05/15/30 (i) | 105 | 79 |
| CVS Health Corporation |  |  |
| 5.05%, 03/25/48 | 475 | 429 |
| Herbalife International, Inc. |  |  |
| 4.88%, 06/01/29 (i) | 290 | 199 |
| Humana Inc. |  |  |
| 2.15%, 02/03/32 | 120 | 94 |
| Northwell Health, Inc. |  |  |
| 3.98%, 11/01/46 | 175 | 135 |
| Pediatrix Medical Group, Inc. |  |  |
| 5.38%, 02/15/30 (c) (i) | 210 | 180 |
| PerkinElmer, Inc. |  |  |
| 1.90%, 09/15/28 | 210 | 174 |
| Perrigo Finance Unlimited Company |  |  |
| 4.40%, 06/15/30 (k) (m) | 315 | 269 |
| Providence St. Joseph Health |  |  |
| 3.93%, 10/01/48 | 550 | 430 |
| Shire Acquisitions Investments Ireland Designated Activity Company |  |  |
| 2.88%, 09/23/23 | 138 | 136 |
| Stanford Health Care |  |  |
| 3.80%, 11/15/48 | 150 | 120 |
| Thermo Fisher Scientific Inc. |  |  |
| 2.80%, 10/15/41 | 155 | 114 |
| UnitedHealth Group Incorporated |  |  |
| 2.90%, 05/15/50 | 270 | 184 |
| West Virginia Hospital Finance Authority |  |  |
| 4.92%, 06/01/48 | 300 | 262 |
|  |  | 5022 |
| **Industrials 0.8%** | **Industrials 0.8%** | **Industrials 0.8%** |
| American Airlines, Inc. |  |  |
| 5.75%, 04/20/29 (i) | 270 | 247 |
| ARD Finance S.A. |  |  |
| 6.50%, 06/30/27 (i) (l) | 400 | 280 |
| Bombardier Inc. |  |  |
| 7.88%, 04/15/27 (i) | 245 | 239 |
| Canadian Pacific Railway Limited |  |  |
| 1.75%, 12/02/26 | 105 | 94 |
| Deluxe Corporation |  |  |
| 8.00%, 06/01/29 (i) | 310 | 254 |
| Granite US Holdings Corporation |  |  |
| 11.00%, 10/01/27 (c) (i) | 222 | 234 |
| Howard Midstream Energy Partners, LLC |  |  |
| 6.75%, 01/15/27 (i) | 265 | 256 |
| Kansas City Southern |  |  |
| 2.88%, 11/15/29 | 210 | 182 |
| 3.50%, 05/01/50 | 180 | 128 |
| Lockheed Martin Corporation |  |  |
| 3.55%, 01/15/26 | 125 | 121 |
| Pike Corporation |  |  |
| 5.50%, 09/01/28 (i) | 255 | 223 |
| Raytheon Technologies Corporation |  |  |
| 3.20%, 03/15/24 | 350 | 342 |
| Republic Services, Inc. |  |  |
| 3.38%, 11/15/27 | 100 | 93 |
| SMBC Aviation Capital Finance Designated Activity Company |  |  |
| 3.55%, 04/15/24 (i) | 360 | 348 |
| Spirit AeroSystems, Inc. |  |  |
| 4.60%, 06/15/28 | 335 | 271 |
| Tutor Perini Corporation |  |  |
| 6.88%, 05/01/25 (c) (i) | 165 | 145 |
| Waste Connections, Inc. |  |  |
| 2.20%, 01/15/32 | 145 | 116 |
|  |  | 3573 |
| **Real Estate 0.7%** | **Real Estate 0.7%** | **Real Estate 0.7%** |
| Brixmor Operating Partnership LP |  |  |
| 3.90%, 03/15/27 | 275 | 253 |
| Brookfield Property REIT Inc. |  |  |
| 4.50%, 04/01/27 (i) | 260 | 220 |
| Crown Castle Inc. |  |  |
| 2.25%, 01/15/31 | 185 | 148 |
| 2.10%, 04/01/31 | 255 | 201 |
| Essex Portfolio, L.P. |  |  |
| 3.38%, 04/15/26 | 525 | 493 |
| Healthpeak Properties, Inc. |  |  |
| 2.13%, 12/01/28 | 85 | 71 |
| Kimco Realty Corporation |  |  |
| 3.30%, 02/01/25 | 150 | 144 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

652

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| ProLogis, L.P. |  |  |
| 4.00%, 09/15/28 | 410 | 391 |
| Public Storage |  |  |
| 1.95%, 11/09/28 | 125 | 107 |
| Realty Income Corporation |  |  |
| 2.20%, 06/15/28 | 75 | 64 |
| Regency Centers, L.P. |  |  |
| 3.60%, 02/01/27 | 100 | 93 |
| Simon Property Group, L.P. |  |  |
| 2.65%, 02/01/32 | 350 | 281 |
| Ventas Realty, Limited Partnership |  |  |
| 3.25%, 10/15/26 | 170 | 157 |
| VICI Properties Inc. |  |  |
| 4.13%, 08/15/30 (i) | 250 | 219 |
| W.P. Carey Inc. |  |  |
| 3.85%, 07/15/29 | 150 | 135 |
| | | 2977 |
| **Utilities 0.6%** | **Utilities 0.6%** | **Utilities 0.6%** |
| Ausgrid Finance Pty Ltd |  |  |
| 3.85%, 05/01/23 (i) | 209 | 208 |
| Cameron LNG, LLC |  |  |
| 2.90%, 07/15/31 (i) | 55 | 46 |
| 3.70%, 01/15/39 (i) | 50 | 40 |
| Clearway Energy Operating LLC |  |  |
| 3.75%, 02/15/31 (i) | 273 | 228 |
| CMS Energy Corporation |  |  |
| 3.00%, 05/15/26 | 100 | 93 |
| Duke Energy Progress, LLC |  |  |
| 3.70%, 10/15/46 | 100 | 76 |
| Enel Finance International N.V. |  |  |
| 1.88%, 07/12/28 (i) | 200 | 159 |
| Eversource Energy |  |  |
| 3.30%, 01/15/28 | 100 | 92 |
| FirstEnergy Corp. |  |  |
| 7.38%, 11/15/31 | 225 | 254 |
| FirstEnergy Transmission, LLC |  |  |
| 4.35%, 01/15/25 (i) | 250 | 244 |
| NiSource Finance Corp. |  |  |
| 3.95%, 03/30/48 | 150 | 117 |
| Pacific Gas And Electric Company |  |  |
| 2.10%, 08/01/27 | 135 | 116 |
| State Grid Overseas Investment Limited |  |  |
| 3.75%, 05/02/23 (i) | 400 | 398 |
| Virginia Electric and Power Company |  |  |
| 4.00%, 01/15/43 | 275 | 224 |
| Vistra Operations Company LLC |  |  |
| 3.55%, 07/15/24 (i) | 140 | 134 |
| 5.63%, 02/15/27 (i) | 120 | 115 |
|  |  | 2544 |
| **Materials 0.5%** | **Materials 0.5%** | **Materials 0.5%** |
| Air Products and Chemicals, Inc. |  |  |
| 1.50%, 10/15/25 | 15 | 14 |
| Celulosa Arauco y Constitucion S.A. |  |  |
| 4.20%, 01/29/30 (i) | 200 | 187 |
| Corporacion Nacional del Cobre de Chile |  |  |
| 3.00%, 09/30/29 (i) | 305 | 267 |
| Element Solutions Inc. |  |  |
| 3.88%, 09/01/28 (i) | 270 | 230 |
| ERO Copper Corp. |  |  |
| 6.50%, 02/15/30 (i) | 345 | 276 |
| GrafTech Finance Inc. |  |  |
| 4.63%, 12/15/28 (i) | 285 | 235 |
| Legacy Vulcan Corp. |  |  |
| 4.50%, 06/15/47 | 100 | 84 |
| LYB International Finance II B.V. |  |  |
| 3.50%, 03/02/27 | 325 | 301 |
| Novelis Corporation |  |  |
| 3.88%, 08/15/31 (i) | 225 | 184 |
| Nucor Corporation |  |  |
| 3.95%, 05/01/28 | 250 | 236 |
| Polar US Borrower, LLC |  |  |
| 6.75%, 05/15/26 (i) | 285 | 108 |
| Scih Salt Holdings Inc. |  |  |
| 6.63%, 05/01/29 (c) (i) | 290 | 234 |
|  |  | 2356 |
| **Information Technology 0.5%** | **Information Technology 0.5%** | **Information Technology 0.5%** |
| Amphenol Corporation |  |  |
| 2.20%, 09/15/31 | 90 | 71 |
| Apple Inc. |  |  |
| 2.95%, 09/11/49 | 200 | 143 |
| Commscope Finance LLC |  |  |
| 8.25%, 03/01/27 (i) | 284 | 222 |
| Entegris, Inc. |  |  |
| 3.63%, 05/01/29 (c) (i) | 239 | 192 |
| Fiserv, Inc. |  |  |
| 3.20%, 07/01/26 | 110 | 103 |
| Microsoft Corporation |  |  |
| 2.92%, 03/17/52 | 100 | 71 |
| NXP B.V. |  |  |
| 3.15%, 05/01/27 | 35 | 32 |
| Roper Technologies, Inc. |  |  |
| 3.80%, 12/15/26 | 375 | 358 |
| Salesforce, Inc. |  |  |
| 2.70%, 07/15/41 | 350 | 250 |
| Veritas USA Inc. |  |  |
| 7.50%, 09/01/25 (i) | 350 | 240 |
| ViaSat, Inc. |  |  |
| 6.50%, 07/15/28 (i) | 265 | 203 |
| VMware, Inc. |  |  |
| 1.40%, 08/15/26 | 320 | 279 |
|  |  | 2164 |
| **Consumer Staples 0.4%** | **Consumer Staples 0.4%** | **Consumer Staples 0.4%** |
| Altria Group, Inc. |  |  |
| 2.35%, 05/06/25 | 20 | 19 |
| 5.80%, 02/14/39 | 200 | 183 |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 5.45%, 01/23/39 | 275 | 274 |
| B. A. T. Capital Corporation |  |  |
| 4.39%, 08/15/37 | 295 | 229 |
| Coty Inc. |  |  |
| 4.75%, 01/15/29 (i) | 295 | 267 |
| PECF USS Intermediate Holding III Corporation |  |  |
| 8.00%, 11/15/29 (i) | 265 | 172 |
| RELX Capital Inc. |  |  |
| 3.00%, 05/22/30 | 95 | 81 |
| Sigma Holdco B.V. |  |  |
| 7.88%, 05/15/26 (i) | 450 | 319 |
| Transurban Finance Company Pty Ltd |  |  |
| 2.45%, 03/16/31 (i) | 145 | 114 |
| Triton Water Holdings Incorporated |  |  |
| 6.25%, 04/01/29 (i) | 310 | 251 |
|  |  | 1909 |
| Total Corporate Bonds And Notes (cost $65,119) | Total Corporate Bonds And Notes (cost $65,119) | 56255 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.9%** |
| American Airlines, Inc. Class AA Pass Through Certificates, Series 2019-1 |  |  |
| Series 2019-AA-1, REMIC, 3.15%, 02/15/32 | 337 | 279 |
| Angel Oak Mortgage Trust 2020-2 |  |  |
| Series 2021-A1-2, REMIC, 0.98%, 04/25/25 (g) | 103 | 84 |
| Angel Oak Mortgage Trust 2020-3 |  |  |
| Series 2020-A1-3, REMIC, 1.69%, 06/25/24 | 33 | 30 |
| Angel Oak Mortgage Trust 2021-1 |  |  |
| Series 2021-A1-1, REMIC, 0.91%, 02/25/25 (g) | 121 | 98 |
| Series 2021-A2-1, REMIC, 1.11%, 02/25/25 (g) | 36 | 29 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2018-A-2A, 4.00%, 03/20/24 | 395 | 388 |
| Series 2019-B-2A, 3.55%, 09/20/24 | 165 | 158 |
| Barclays Mortgage Loan Trust 2021-NQM1 |  |  |
| Series 2021-A3-NQM1, REMIC, 2.19%, 09/25/51 | 114 | 94 |
| BBCMS 2020-BID Mortgage Trust |  |  |
| Series 2020-A-BID, REMIC, 6.46%, (1 Month USD LIBOR + 2.14%), 10/15/25 (g) | 265 | 261 |
| BFLD Trust 2019-DPLO |  |  |
| Series 2019-C-DPLO, REMIC, 5.86%, (1 Month USD LIBOR + 1.54%), 10/16/34 (g) | 215 | 208 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

653

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BIG Commercial Mortgage Trust 2022-BIG |  |  |
| Series 2022-A-BIG, REMIC, 5.68%, (1 Month Term SOFR + 1.34%), 02/15/24 (g) | 370 | 355 |
| BRE Grand Islander Timeshare Issuer 2019-A LLC |  |  |
| Series 2019-A-A, 3.28%, 09/26/33 | 39 | 36 |
| BWAY Commercial Mortgage Trust 2022-26BW |  |  |
| Series 2022-A-26BW, REMIC, 3.40%, 02/12/32 | 215 | 166 |
| BX Commercial Mortgage Trust 2022-LP2 |  |  |
| Series 2022-C-LP2, REMIC, 5.90%, (SOFR 30-Day Average + 1.56%), 02/16/27 (g) | 144 | 136 |
| BX Trust 2021-LGCY |  |  |
| Series 2021-C-LGCY, 4.88%, 10/15/36 (g) | 295 | 276 |
| BX Trust 2022-IND |  |  |
| Series 2022-C-IND, REMIC, 6.63%, (1 Month Term SOFR + 2.29%), 04/15/24 (g) | 359 | 343 |
| CarMax Auto Owner Trust 2021-1 |  |  |
| Series 2021-D-1, 1.28%, 02/17/25 | 130 | 116 |
| Carvana Auto Receivables Trust 2021-P4 |  |  |
| Series 2021-C-P4, 2.33%, 04/10/27 | 200 | 164 |
| CF 2019-CF1 Mortgage Trust |  |  |
| Series 2019-65A-CF1, REMIC, 4.41%, 04/17/24 | 155 | 145 |
| CIFC Funding 2021-III Ltd |  |  |
| Series 2021-A-3A, 5.22%, (3 Month USD LIBOR + 1.14%), 07/15/36 (g) | 250 | 244 |
| Citigroup Commercial Mortgage Trust |  |  |
| Series 2013-C-375P, REMIC, 3.52%, 05/12/23 (g) | 100 | 92 |
| CNH Equipment Trust 2019-C |  |  |
| Series 2019-B-C, 2.35%, 10/15/23 | 260 | 254 |
| COLT 2020-3 Mortgage Loan Trust |  |  |
| Series 2020-A1-3, REMIC, 1.51%, 04/27/65 | 14 | 13 |
| COLT Funding LLC |  |  |
| Series 2021-A1-6, REMIC, 1.91%, 11/25/61 (g) | 171 | 145 |
| COMM 2014-UBS2 Mortgage Trust |  |  |
| Series 2014-B-UBS2, REMIC, 4.70%, 02/12/24 | 400 | 384 |
| COMM 2014-UBS5 Mortgage Trust |  |  |
| Series 2014-A4-UBS5, REMIC, 3.84%, 09/12/24 | 110 | 106 |
| COMM 2015-CCRE23 Mortgage Trust |  |  |
| Series 2015-AM-CR23, REMIC, 3.80%, 04/11/25 | 330 | 311 |
| Deephaven Residential Mortgage Trust 2021-2 |  |  |
| Series 2021-A1-2, REMIC, 0.90%, 06/25/25 (g) | 57 | 47 |
| Driven Brands Funding, LLC |  |  |
| Series 2019-A2-1A, 4.64%, 04/22/26 | 125 | 115 |
| Series 2020-A2-1A, 3.79%, 07/20/50 | 83 | 71 |
| Dryden 77 CLO, Ltd. |  |  |
| Series 2020-AR-77A, 5.80%, (3 Month USD LIBOR + 1.12%), 05/22/34 (g) | 250 | 243 |
| Ellington Financial Mortgage Trust 2019-2 |  |  |
| Series 2019-A3-2, REMIC, 3.05%, 11/25/59 (g) | 21 | 19 |
| Ellington Financial Mortgage Trust 2021-2 |  |  |
| Series 2021-A1-2, REMIC, 0.93%, 06/25/66 (g) | 64 | 52 |
| Exeter Automobile Receivables Trust 2021-2 |  |  |
| Series 2021-C-2A, 0.98%, 06/15/26 | 95 | 91 |
| Exeter Automobile Receivables Trust 2022-2 |  |  |
| Series 2022-C-2A, 3.85%, 07/17/28 | 110 | 106 |
| Extended Stay America Trust 2021-ESH |  |  |
| Series 2021-B-ESH, REMIC, 5.70%, (1 Month USD LIBOR + 1.38%), 07/17/23 (g) | 127 | 122 |
| Ford Credit Auto Owner Trust 2020-REV2 |  |  |
| Series 2020-C-2, 1.74%, 10/15/25 | 170 | 146 |
| Grace Trust |  |  |
| Series 2020-C-GRCE, REMIC, 2.68%, 12/12/30 (g) | 150 | 111 |
| Great Wolf Trust 2019-WOLF |  |  |
| Series 2019-D-WOLF, REMIC, 6.25%, (1 Month USD LIBOR + 1.93%), 12/15/36 (g) (m) | 95 | 91 |
| GS Mortgage-Backed Securities Trust 2020-INV1 |  |  |
| Series 2020-A14-INV1, REMIC, 2.94%, 11/25/41 (g) | 80 | 67 |
| GS Mortgage-Backed Securities Trust 2021-PJ5 |  |  |
| Series 2021-A8-PJ5, REMIC, 2.50%, 03/25/28 (g) | 248 | 214 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2020-609M |  |  |
| Series 2020-A-609M, REMIC, 5.69%, (1 Month USD LIBOR + 1.37%), 10/17/33 (g) | 250 | 232 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-OPO |  |  |
| Series 2022-B-OPO, REMIC, 3.38%, 01/08/27 (g) | 100 | 84 |
| JPMBB Commercial Mortgage Securities Trust 2014-C23 |  |  |
| Series 2014-A5-C23, REMIC, 3.93%, 09/17/24 | 110 | 106 |
| JPMCC Commercial Mortgage Securities Trust 2016-JP2 |  |  |
| Series 2016-AS-JP2, REMIC, 3.06%, 07/17/26 | 435 | 388 |
| Metlife Securitization Trust 2018-1 |  |  |
| Series 2018-A-1A, REMIC, 3.75%, 09/25/29 (g) | 124 | 115 |
| MHC Commercial Mortgage Trust 2021-MHC |  |  |
| Series 2021-B-MHC, REMIC, 5.42%, (1 Month USD LIBOR + 1.10%), 04/15/26 (g) | 360 | 346 |
| Mill City Mortgage Loan Trust 2018-1 |  |  |
| Series 2018-A1-1, REMIC, 3.25%, 07/25/24 (g) | 85 | 81 |
| Morgan Stanley Capital I Trust 2014-150E |  |  |
| Series 2014-A-150E, REMIC, 3.91%, 09/11/24 | 220 | 202 |
| Morgan Stanley Residential Mortgage Loan Trust 2021-2 |  |  |
| Series 2021-A9-2, REMIC, 2.50%, 01/25/43 | 80 | 62 |
| MVW 2019-2 LLC |  |  |
| Series 2019-A-2A, REMIC, 2.22%, 10/20/38 | 33 | 31 |
| Navient Private Education Refi Loan Trust 2019-C |  |  |
| Series 2019-A2-CA, 3.13%, 07/15/28 | 88 | 83 |
| Navient Private Education Refi Loan Trust 2019-F |  |  |
| Series 2019-A2-FA, 2.60%, 04/15/28 | 84 | 78 |
| Navient Private Education Refi Loan Trust 2019-G |  |  |
| Series 2019-A-GA, 2.40%, 05/15/28 | 30 | 27 |
| Navient Private Education Refi Loan Trust 2021-A |  |  |
| Series 2021-A-A, 0.84%, 03/15/28 | 46 | 40 |
| Nelnet Student Loan Trust 2020-1 |  |  |
| Series 2020-A-1A, 5.13%, (1 Month USD LIBOR + 0.74%), 03/26/68 (g) | 63 | 62 |
| Nelnet Student Loan Trust 2021-C |  |  |
| Series 2021-AFX-CA, 1.32%, 04/20/62 | 267 | 236 |
| New Residential Mortgage Loan Trust 2019-NQM5 |  |  |
| Series 2019-A1-NQM5, REMIC, 2.71%, 11/25/59 (g) | 61 | 55 |
| New Residential Mortgage Loan Trust 2020-NQM2 |  |  |
| Series 2020-A1-NQM2, REMIC, 1.65%, 07/25/25 | 21 | 19 |
| New Residential Mortgage Loan Trust 2022-INV1 |  |  |
| Series 2022-A4-INV1, REMIC, 3.00%, 07/25/43 (g) | 203 | 164 |
| NYO Commercial Mortgage Trust 2021-1290 |  |  |
| Series 2021-C-1290, REMIC, 6.31%, (1 Month USD LIBOR + 2.00%), 11/15/23 (g) | 380 | 339 |
| OBX 2019-EXP3 Trust |  |  |
| Series 2019-1A9-EXP3, REMIC, 3.50%, 09/25/59 (g) | 18 | 16 |
| Series 2019-2A2-EXP3, REMIC, 5.49%, (1 Month USD LIBOR + 1.10%), 09/25/59 (g) | 13 | 12 |
| OBX 2020-EXP1 Trust |  |  |
| Series 2020-1A8-EXP1, REMIC, 3.50%, 01/25/60 (g) | 62 | 54 |
| Series 2020-2A2-EXP1, REMIC, 5.34%, (1 Month USD LIBOR + 0.95%), 01/26/60 (g) | 18 | 17 |
| Palmer Square CLO Ltd |  |  |
| Series 2021-A-2A, 5.23%, (3 Month USD LIBOR + 1.15%), 07/17/34 (g) | 255 | 248 |
| Provident Funding Mortgage Loan Trust |  |  |
| Series 2019-B1-1, REMIC, 3.20%, 11/25/36 (g) | 238 | 187 |
| PSMC 2021-2 Trust |  |  |
| Series 2021-A3-2, REMIC, 2.50%, 04/25/27 (g) | 206 | 177 |
| Santander Bank, N.A. |  |  |
| Series 2022-B-C, 6.45%, 12/15/32 | 330 | 330 |
| SBA Towers, LLC |  |  |
| Series 2019-1C-1, 2.84%, 01/15/25 | 265 | 247 |
| ServiceMaster Funding LLC |  |  |
| Series 2021-A2I-1, 2.87%, 07/30/28 | 173 | 133 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

654

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| SFO Commercial Mortgage Trust 2021-555 |  |  |
| Series 2021-B-555, REMIC, 5.82%, (1 Month USD LIBOR + 1.50%), 05/15/28 (g) | 155 | 138 |
| Slide 2018-Fun |  |  |
| Series 2018-B-FUN, REMIC, 5.82%, (1 Month USD LIBOR + 1.50%), 06/16/31 (g) (m) | 373 | 369 |
| SMB Private Education Loan Trust 2015-B |  |  |
| Series 2015-A3-B, 6.07%, (1 Month USD LIBOR + 1.75%), 05/17/32 (g) | 83 | 83 |
| SMB Private Education Loan Trust 2016-B |  |  |
| Series 2016-A2B-B, 5.77%, (1 Month USD LIBOR + 1.45%), 08/15/25 (g) | 98 | 97 |
| SMB Private Education Loan Trust 2020-A |  |  |
| Series 2020-A2A-A, 2.23%, 09/15/37 | 69 | 63 |
| SMB Private Education Loan Trust 2021-A |  |  |
| Series 2021-APT1-A, 1.07%, 01/15/53 | 221 | 189 |
| Starwood Mortgage Residential Trust 2019-INV1 |  |  |
| Series 2019-A3-INV1, REMIC, 2.92%, 09/25/49 (g) | 136 | 128 |
| Starwood Mortgage Residential Trust 2020-INV1 |  |  |
| Series 2020-A1-INV1, REMIC, 1.03%, 11/25/55 (g) | 42 | 37 |
| Starwood Mortgage Residential Trust 2021-2 |  |  |
| Series 2021-A2-2, REMIC, 1.17%, 05/25/23 | 38 | 33 |
| Towd Point Mortgage Trust 2017-4 |  |  |
| Series 2017-A1-4, REMIC, 2.75%, 02/25/25 (g) | 104 | 96 |
| Towd Point Mortgage Trust 2018-5 |  |  |
| Series 2018-A1A-5, REMIC, 3.25%, 02/25/25 (g) | 90 | 84 |
| Verus Securitization Trust 2020-1 |  |  |
| Series 2020-A3-1, REMIC, 2.72%, 01/25/60 (g) (m) | 70 | 64 |
| Series 2020-M1-1, REMIC, 3.02%, 01/25/60 (g) | 200 | 148 |
| Verus Securitization Trust 2021-1 |  |  |
| Series 2021-A1-1, REMIC, 0.82%, 01/25/66 (g) | 57 | 47 |
| Verus Securitization Trust 2021-7 |  |  |
| Series 2021-A1-7, REMIC, 1.83%, 10/25/66 (g) | 311 | 266 |
| WFRBS Commercial Mortgage Trust 2014-C23 |  |  |
| Series 2014-A5-C23, REMIC, 3.92%, 09/17/24 | 110 | 106 |
| WFRBS Commercial Mortgage Trust 2014-LC14 |  |  |
| Series 2014-A5-LC14, REMIC, 4.05%, 01/18/24 | 115 | 112 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| FREMF Mortgage Trust |  |  |
| Series 2021-M2-DNA6, REMIC, 5.02%, (SOFR 30-Day Average + 1.50%), 10/25/41 (g) | 115 | 108 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $14,032) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $14,032) | 12749 |
| **PREFERRED STOCKS 0.5%** | **PREFERRED STOCKS 0.5%** | **PREFERRED STOCKS 0.5%** |
| **Health Care 0.4%** | **Health Care 0.4%** | **Health Care 0.4%** |
| Roche Holding AG | 5 | 1558 |
| **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** |
| Dr. Ing. h.c. F. Porsche Aktiengesellschaft | 5 | 480 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| Ladenburg Thalmann Financial Services Inc., 6.50%, 11/30/27 (a) | 7 | 114 |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| Crestwood Equity Partners LP, 9.25% (n) | 12 | 104 |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| NextEra Energy, Inc., 5.28%, 03/01/23 (j) | 1 | 62 |
| Total Preferred Stocks (cost $2,194) | Total Preferred Stocks (cost $2,194) | 2318 |
| **SENIOR FLOATING RATE INSTRUMENTS 0.3%** | **SENIOR FLOATING RATE INSTRUMENTS 0.3%** | **SENIOR FLOATING RATE INSTRUMENTS 0.3%** |
| **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** |
| KNS Acquisition Corp. |  |  |
| Term Loan, 10.42%, (3 Month USD LIBOR + 6.25%), 04/16/27 (g) | 248 | 224 |
| Naked Juice LLC |  |  |
| 2nd Lien Term Loan, 9.65%, (SOFR + 6.00%), 01/25/30 (g) | 145 | 114 |
| Staples, Inc. |  |  |
| 7 Year Term Loan, 9.44%, (3 Month USD LIBOR + 5.00%), 04/05/26 (g) | 175 | 162 |
|  |  | 500 |
| **Industrials 0.1%** | **Industrials 0.1%** | **Industrials 0.1%** |
| Tutor Perini Corporation |  |  |
| Term Loan B, 8.82%, (3 Month USD LIBOR + 4.75%), 08/13/27 (g) | 269 | 252 |
| **Health Care 0.1%** | **Health Care 0.1%** | **Health Care 0.1%** |
| Bausch Health Companies Inc. |  |  |
| 2022 Term Loan B, 9.57%, (1 Month Term SOFR + 5.25%), 01/27/27 (g) | 268 | 203 |
| **Consumer Staples 0.0%** | **Consumer Staples 0.0%** | **Consumer Staples 0.0%** |
| Journey Personal Care Corp. |  |  |
| 2021 Term Loan B, 7.92%, (3 Month USD LIBOR + 4.25%), 12/31/24 (g) | 276 | 200 |
| Total Senior Floating Rate Instruments (cost $1,375) | Total Senior Floating Rate Instruments (cost $1,375) | 1155 |
| **SHORT TERM INVESTMENTS 2.4%** | **SHORT TERM INVESTMENTS 2.4%** | **SHORT TERM INVESTMENTS 2.4%** |
| **Investment Companies 2.2%** | **Investment Companies 2.2%** | **Investment Companies 2.2%** |
| T. Rowe Price Government Reserve Fund, 4.25% (o) (p) | 9951 | 9951 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (o) (p) | 869 | 869 |
| Total Short Term Investments (cost $10,820) | Total Short Term Investments (cost $10,820) | 10820 |
| **Total Investments 99.9% (cost $464,194)** | **Total Investments 99.9% (cost $464,194)** | **445442** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (7) |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **256** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **445691** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

655

------

***JNL Series Trust***

December 31, 2022

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) All or a portion of the security was on loan as of December 31, 2022.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(e) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2022, the total payable for investments purchased on a delayed delivery basis was $1,370.

(f) All or a portion of the security is pledged or segregated as collateral.

(g) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(h) Treasury inflation indexed note, par amount is adjusted for inflation.

(i) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $28,447 and 6.4% of the Fund.

(j) Convertible security.

(k) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(l) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(m) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(n) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(o) Investment in affiliate.

(p) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

656

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Long Term Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Long Term Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Long Term Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Long Term Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Long Term Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Long Term Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Long Term Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Long Term Investments in Affiliates** | **JNL/T. Rowe Price Balanced Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Apollo Asset Management, Inc. |  | 55 | 55 |  |  |  |  |  |

---

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 73.4% |
| **Japan** | 4.2 |
| **United Kingdom** | 3.9 |
| **France** | 2.6 |
| **Switzerland** | 2.2 |
| **Canada** | 1.9 |
| **Germany** | 1.9 |
| **Australia** | 1.8 |
| **Netherlands** | 1.7 |
| **Norway** | 0.7 |
| **Sweden** | 0.6 |
| **Singapore** | 0.5 |
| **Ireland** | 0.5 |
| **China** | 0.4 |
| **Taiwan** | 0.4 |
| **Finland** | 0.4 |
| **Italy** | 0.4 |
| **South Korea** | 0.4 |
| **Hong Kong** | 0.3 |
| **Chile** | 0.2 |
| **Denmark** | 0.2 |
| **Mexico** | 0.2 |
| **Belgium** | 0.2 |
| **Panama** | 0.1 |
| **Spain** | 0.1 |
| **Luxembourg** | 0.1 |
| **Cayman Islands** | 0.1 |
| **India** | 0.1 |
| **Saudi Arabia** | 0.1 |
| **Bermuda** | 0.1 |
| **Jersey** | 0.1 |
| **Austria** | 0.1 |
| **Brazil** | 0.1 |
| **Virgin Islands (British)** |  |
| **Kazakhstan** |  |
| **Portugal** |  |
| **Faroe Islands** |  |
| **Israel** |  |
| **South Africa** |  |
| **Russian Federation** |  |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Restricted Securities** | **JNL/T. Rowe Price Balanced Fund — Restricted Securities** | **JNL/T. Rowe Price Balanced Fund — Restricted Securities** | **JNL/T. Rowe Price Balanced Fund — Restricted Securities** | **JNL/T. Rowe Price Balanced Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adyen B.V. | 03/08/22 | 400 | 348 | 0.1 |
| AIA Group Limited, 3.13%, 03/13/23 | 08/22/18 | 400 | 399 | 0.1 |
| Amadeus IT Group, S.A. | 03/20/20 | 363 | 370 | 0.1 |
| Bridgepoint Group PLC | 07/21/21 | 280 | 158 |  |
| Cellnex Telecom, S.A. | 04/27/22 | 31 | 24 |  |
| Covestro AG | 10/29/20 | 470 | 343 | 0.1 |
| Digital Core REIT Management Pte. Ltd. | 12/23/21 | 33 | 18 |  |
| Joint Stock Company Alrosa (Public Joint Stock Company) | 10/08/19 | 65 |  |  |
| Kojamo Oyj | 03/10/21 | 44 | 36 |  |
| Lendlease Global Commercial REIT | 06/20/22 | 18 | 16 |  |
| NAC Kazatomprom JSC | 06/14/21 | 93 | 89 |  |
| Public Joint Stock Company Polyus | 03/10/20 | 27 |  |  |
| Public Joint Stock Society Mining And Metallurgical Company Norilsk Nickel | 04/18/19 | 41 |  |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

657

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Restricted Securities (continued)** | **JNL/T. Rowe Price Balanced Fund — Restricted Securities (continued)** | **JNL/T. Rowe Price Balanced Fund — Restricted Securities (continued)** | **JNL/T. Rowe Price Balanced Fund — Restricted Securities (continued)** | **JNL/T. Rowe Price Balanced Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Samsonite International S.A. | 07/25/19 | 166 | 256 |  |
| Siemens Healthineers AG | 08/14/18 | 587 | 660 | 0.1 |
| TE Connectivity Ltd. | 05/27/22 | 302 | 288 | 0.1 |
| Zalando SE | 08/14/18 | 406 | 317 | 0.1 |
|  |  | 3726 | 3322 | 0.7 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Futures Contracts** | **JNL/T. Rowe Price Balanced Fund — Futures Contracts** | **JNL/T. Rowe Price Balanced Fund — Futures Contracts** | **JNL/T. Rowe Price Balanced Fund — Futures Contracts** | **JNL/T. Rowe Price Balanced Fund — Futures Contracts** | **JNL/T. Rowe Price Balanced Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 19 | April 2023 | 3891 | (3) | 5 |
| United States 5 Year Note | 43 | April 2023 | 4641 | (4) |  |
|  |  |  |  | (7) | 5 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund — Forward Foreign Currency Contracts** | **JNL/T. Rowe Price Balanced Fund — Forward Foreign Currency Contracts** | **JNL/T. Rowe Price Balanced Fund — Forward Foreign Currency Contracts** | **JNL/T. Rowe Price Balanced Fund — Forward Foreign Currency Contracts** | **JNL/T. Rowe Price Balanced Fund — Forward Foreign Currency Contracts** | **JNL/T. Rowe Price Balanced Fund — Forward Foreign Currency Contracts** | **JNL/T. Rowe Price Balanced Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| AUD/USD | SSB | 01/03/23 | AUD | 19 | 13 |  |
| USD/GBP | SSB | 01/03/23 | GBP | (16) | (19) |  |
|  |  |  |  |  | (6) |  |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** | **JNL/T. Rowe Price Balanced Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 202312 | 80001 |  | 282313 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 79832 |  | 79832 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 56255 |  | 56255 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 12749 |  | 12749 |
| &nbsp;&nbsp;Preferred Stocks | 2318 |  |  | 2318 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 1155 |  | 1155 |
| &nbsp;&nbsp;Short Term Investments | 10820 |  |  | 10820 |
|  | 215450 | 229992 |  | 445442 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 5 |  |  | 5 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  |  |  |  |
|  | 5 |  |  | 5 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  |  |  |  |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

658

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** |
| **COMMON STOCKS 61.7%** | **COMMON STOCKS 61.7%** | **COMMON STOCKS 61.7%** |
| **Information Technology 18.1%** | **Information Technology 18.1%** | **Information Technology 18.1%** |
| Apple Inc. | 2040 | 265065 |
| Black Knight, Inc. (a) | 910 | 56184 |
| MasterCard Incorporated - Class A | 230 | 80082 |
| Microsoft Corporation (b) | 2378 | 570378 |
| Mobileye Global Inc - Class A (a) | 180 | 6295 |
| NVIDIA Corporation | 460 | 67283 |
| NXP Semiconductors N.V. | 1240 | 195905 |
| Roper Technologies, Inc. | 308 | 133125 |
| Salesforce, Inc. (a) | 715 | 94749 |
| TE Connectivity Ltd. (c) | 1359 | 156040 |
| Teledyne Technologies Incorporated (a) | 316 | 126344 |
| Texas Instruments Incorporated | 938 | 154970 |
| Visa Inc. - Class A | 331 | 68865 |
|  |  | 1975285 |
| **Health Care 14.6%** | **Health Care 14.6%** | **Health Care 14.6%** |
| AbbVie Inc. | 497 | 80321 |
| Alcon AG | 1620 | 110978 |
| Avantor, Inc. (a) | 6121 | 129101 |
| Baxter International Inc. | 1083 | 55185 |
| Becton, Dickinson and Company | 542 | 137762 |
| Catalent, Inc. (a) | 685 | 30831 |
| Danaher Corporation | 652 | 173081 |
| Eli Lilly and Company | 185 | 67534 |
| GE Healthcare Technologies Inc. (a) | 244 | 14268 |
| PerkinElmer, Inc. | 1400 | 196344 |
| Stryker Corporation | 197 | 48070 |
| Teleflex Incorporated | 492 | 122713 |
| Thermo Fisher Scientific Inc. (b) | 369 | 203432 |
| UnitedHealth Group Incorporated | 407 | 215680 |
|  |  | 1585300 |
| **Industrials 9.2%** | **Industrials 9.2%** | **Industrials 9.2%** |
| Aurora Innovations Inc. - Class A (a) | 7673 | 9285 |
| Equifax Inc. | 745 | 144829 |
| Fortive Corporation | 3265 | 209786 |
| General Electric Company (b) | 2195 | 183931 |
| Ingersoll Rand Inc. | 3270 | 170872 |
| TransUnion | 2435 | 138188 |
| Waste Connections, Inc. | 1059 | 140431 |
|  |  | 997322 |
| **Financials 6.8%** | **Financials 6.8%** | **Financials 6.8%** |
| Intercontinental Exchange, Inc. | 1982 | 203302 |
| K.K.R. Co., Inc. - Class A | 1949 | 90468 |
| Marsh & Mclennan Companies, Inc. | 489 | 80867 |
| MSCI Inc. - Class A | 33 | 15518 |
| S&P Global Inc. | 106 | 35347 |
| The PNC Financial Services Group, Inc. (b) | 1981 | 312894 |
|  |  | 738396 |
| **Consumer Discretionary 5.0%** | **Consumer Discretionary 5.0%** | **Consumer Discretionary 5.0%** |
| Amazon.com, Inc. (a) (d) | 2702 | 227011 |
| Hilton Worldwide Holdings Inc. | 378 | 47802 |
| Starbucks Corporation (b) (d) | 537 | 53300 |
| Yum! Brands, Inc. (b) | 1655 | 211914 |
|  |  | 540027 |
| **Utilities 3.2%** | **Utilities 3.2%** | **Utilities 3.2%** |
| Ameren Corporation | 1793 | 159392 |
| Exelon Corporation | 1448 | 62618 |
| Public Service Enterprise Group Incorporated | 686 | 42043 |
| Xcel Energy Inc. | 1247 | 87455 |
|  |  | 351508 |
| **Communication Services 1.9%** | **Communication Services 1.9%** | **Communication Services 1.9%** |
| Alphabet Inc. - Class A (a) (d) | 1762 | 155460 |
| Madison Square Garden Entertainment Corp. - Class A | 49 | 9068 |
| Meta Platforms, Inc. - Class A (a) | 347 | 41784 |
|  |  | 206312 |
| **Energy 1.6%** | **Energy 1.6%** | **Energy 1.6%** |
| ConocoPhillips | 246 | 28977 |
| EOG Resources, Inc. | 775 | 100369 |
| Pioneer Natural Resources Company | 212 | 48327 |
|  |  | 177673 |
| **Materials 1.0%** | **Materials 1.0%** | **Materials 1.0%** |
| Linde Public Limited Company | 325 | 105899 |
| **Consumer Staples 0.3%** | **Consumer Staples 0.3%** | **Consumer Staples 0.3%** |
| Keurig Dr Pepper Inc. | 1035 | 36920 |
| Total Common Stocks (cost $7,043,712) | Total Common Stocks (cost $7,043,712) | 6714642 |
| **SENIOR FLOATING RATE INSTRUMENTS 13.2%** | **SENIOR FLOATING RATE INSTRUMENTS 13.2%** | **SENIOR FLOATING RATE INSTRUMENTS 13.2%** |
| **Financials 4.6%** | **Financials 4.6%** | **Financials 4.6%** |
| Acrisure, LLC |  |  |
| 2021 Incremental Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 02/15/27 (e) | 5372 | 5092 |
| Alliant Holdings Intermediate, LLC |  |  |
| 2018 Term Loan B, 0.00%, (1 Month USD LIBOR + 3.25%), 05/07/25 (e) (f) | 441 | 435 |
| 2018 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 05/07/25 (e) | 41229 | 40641 |
| Term Loan B, 0.00%, (1 Month USD LIBOR + 3.25%), 05/10/25 (e) (f) | 605 | 597 |
| Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 05/10/25 (e) | 15411 | 15194 |
| 2021 Term Loan B4, 0.00%, (1 Month USD LIBOR + 3.50%), 11/06/27 (e) (f) | 3146 | 3070 |
| 2021 Term Loan B4, 7.85%, (1 Month USD LIBOR + 3.50%), 11/06/27 (e) | 47073 | 45946 |
| Hub International Limited |  |  |
| 2018 Term Loan B, 6.98%, (3 Month USD LIBOR + 3.00%), 04/25/25 (e) | 450 | 444 |
| 2021 Term Loan B, 7.23%, (3 Month USD LIBOR + 3.25%), 04/25/25 (e) | 304 | 301 |
| 2018 Term Loan B, 7.33%, (3 Month USD LIBOR + 3.00%), 04/25/25 (e) | 171295 | 169226 |
| 2021 Term Loan B, 7.53%, (3 Month USD LIBOR + 3.25%), 04/25/25 (e) | 118715 | 117501 |
| 2022 Term Loan B, 8.22%, (3 Month Term SOFR + 4.00%), 10/31/29 (e) | 10438 | 10314 |
| Hyperion Insurance Group Ltd. |  |  |
| 2021 Term Loan B, 7.37%, (1 Month USD LIBOR + 3.25%), 11/12/27 (e) | 43623 | 42415 |
| Ryan Specialty Group, LLC |  |  |
| Term Loan, 7.19%, (1 Month Term SOFR + 3.00%), 07/23/27 (e) | 7341 | 7280 |
| SBA Senior Finance II LLC |  |  |
| 2018 Term Loan B, 0.00%, (1 Month USD LIBOR + 1.75%), 03/26/25 (e) (f) | 2285 | 2275 |
| 2018 Term Loan B, 5.83%, (1 Month USD LIBOR + 1.75%), 03/26/25 (e) | 300 | 298 |
| USI, Inc. |  |  |
| 2022 Incremental Term Loan, 7.68%, (1 Month Term SOFR + 3.75%), 11/16/29 (e) | 38782 | 38367 |
|  |  | 499396 |
| **Information Technology 3.4%** | **Information Technology 3.4%** | **Information Technology 3.4%** |
| Applied Systems, Inc. |  |  |
| 2017 1st Lien Term Loan, 0.00%, (3 Month USD LIBOR + 3.00%), 09/06/24 (e) (f) | 12112 | 12059 |
| 2017 1st Lien Term Loan, 6.67%, (3 Month USD LIBOR + 3.00%), 09/06/24 (e) | 34458 | 34307 |
| 2021 2nd Lien Term Loan, 0.00%, (3 Month USD LIBOR + 5.50%), 09/19/25 (e) (f) | 3883 | 3839 |
| 2021 2nd Lien Term Loan, 9.17%, (3 Month USD LIBOR + 5.50%), 09/19/25 (e) | 5653 | 5589 |
| 2022 Extended 1st Lien Term Loan, 0.00%, (3 Month Term SOFR + 4.50%), 09/19/26 (e) (f) | 1505 | 1496 |
| 2022 Extended 1st Lien Term Loan, 8.66%, (3 Month Term SOFR + 4.50%), 09/19/26 (e) | 7106 | 7066 |
| Ascend Learning, LLC |  |  |
| 2021 Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 11/18/28 (e) | 41854 | 39500 |
| CoreLogic, Inc. |  |  |
| 2nd Lien Term Loan, 10.62%, (1 Month USD LIBOR + 6.50%), 04/13/29 (e) | 1245 | 872 |
| Emerald TopCo Inc |  |  |
| Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 07/16/26 (e) | 38239 | 34941 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

659

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Press Ganey Holdings, Inc. |  |  |
| 2022 Incremental Term Loan, 7.94%, (1 Month Term SOFR + 3.75%), 07/24/26 (e) | 6176 | 5651 |
| 2021 Term Loan B, 0.00%, (1 Month USD LIBOR + 3.75%), 07/25/26 (e) (f) | 1211 | 1110 |
| 2021 Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 07/25/26 (e) | 7637 | 7001 |
| RealPage, Inc |  |  |
| 1st Lien Term Loan, 7.07%, (1 Month USD LIBOR + 3.00%), 02/18/28 (e) | 44054 | 41808 |
| 2nd Lien Term Loan, 10.57%, (1 Month USD LIBOR + 6.50%), 02/17/29 (e) | 1300 | 1245 |
| Sophia, L.P. |  |  |
| 2021 Term Loan B, 0.00%, (3 Month USD LIBOR + 3.50%), 10/07/27 (e) (f) | 962 | 926 |
| 2022 Incremental Term Loan B, 0.00%, (SOFR + 4.25%), 10/07/27 (e) (f) | 125 | 121 |
| 2021 Term Loan B, 7.17%, (3 Month USD LIBOR + 3.50%), 10/07/27 (e) | 13106 | 12622 |
| 2022 Incremental Term Loan B, 8.34%, (SOFR + 4.25%), 10/07/27 (e) | 3739 | 3627 |
| Storable, Inc |  |  |
| Term Loan B, 6.08%, (1 Month Term SOFR + 3.50%), 04/17/28 (e) | 731 | 694 |
| Term Loan B, 7.59%, (1 Month Term SOFR + 3.50%), 04/17/28 (e) | 1447 | 1375 |
| Ultimate Software Group Inc (The) |  |  |
| 2021 Term Loan, 7.00%, (3 Month USD LIBOR + 3.25%), 05/03/26 (e) | 153089 | 145435 |
| 2021 2nd Lien Term Loan, 9.00%, (1 Month USD LIBOR + 5.25%), 05/03/27 (e) | 7320 | 6701 |
| | | 367985 |
| **Health Care 2.6%** | **Health Care 2.6%** | **Health Care 2.6%** |
| ADMI Corp. |  |  |
| 2018 Term Loan B, 0.00%, (3 Month USD LIBOR + 3.00%), 04/03/25 (e) (f) | 4053 | 3807 |
| 2021 Incremental Term Loan B3, 0.00%, (1 Month USD LIBOR + 3.75%), 12/23/27 (e) (f) | 745 | 676 |
| 2021 Incremental Term Loan B3, 7.82%, (1 Month USD LIBOR + 3.75%), 12/23/27 (e) | 35798 | 32509 |
| 2021 Term Loan B2, 7.45%, (1 Month USD LIBOR + 3.38%), 12/31/27 (e) | 18433 | 16672 |
| Athenahealth, Inc. |  |  |
| 2022 Delayed Draw Term Loan, 0.00%, (1 Month Term SOFR + 3.50%), 01/27/29 (e) (f) | 6261 | 5637 |
| 2022 Term Loan B, 7.82%, (1 Month Term SOFR + 3.50%), 01/27/29 (e) | 36754 | 33092 |
| Avantor Funding, Inc. |  |  |
| 2021 Term Loan B5, 6.32%, (1 Month USD LIBOR + 2.25%), 11/08/27 (e) | 9339 | 9282 |
| EyeCare Partners, LLC |  |  |
| 2020 Term Loan, 7.42%, (3 Month USD LIBOR + 3.75%), 02/05/27 (e) | 8176 | 6513 |
| 2021 Incremental Term Loan, 7.42%, (3 Month USD LIBOR + 3.75%), 10/14/28 (e) (g) | 1089 | 913 |
| Heartland Dental, LLC |  |  |
| 2018 1st Lien Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 04/17/25 (e) | 46321 | 42708 |
| 2021 Incremental Term Loan, 8.39%, (3 Month USD LIBOR + 4.00%), 04/30/25 (e) | 10348 | 9597 |
| Loire Finco Luxembourg S.a.r.l. |  |  |
| Term Loan, 0.00%, (1 Month USD LIBOR + 3.00%), 01/24/27 (e) (f) | 1200 | 1117 |
| 2021 USD Term Loan B2, 7.57%, (1 Month USD LIBOR + 3.50%), 04/20/27 (e) | 1542 | 1436 |
| Medline Borrower, LP |  |  |
| USD Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 09/30/28 (e) | 85328 | 80975 |
| Pearl Intermediate Parent LLC |  |  |
| 2018 1st Lien Term Loan, 6.82%, (1 Month USD LIBOR + 2.75%), 02/01/25 (e) | 7220 | 6719 |
| 2018 Incremental Term Loan, 7.32%, (1 Month USD LIBOR + 3.25%), 02/14/25 (e) | 16286 | 15192 |
| 2018 2nd Lien Term Loan, 10.32%, (1 Month USD LIBOR + 6.25%), 01/30/26 (e) | 990 | 910 |
| PetVet Care Centers, LLC |  |  |
| 2021 Term Loan B3, 7.57%, (1 Month USD LIBOR + 3.50%), 02/14/25 (e) | 16610 | 15564 |
|  |  | 283319 |
| **Consumer Discretionary 1.3%** | **Consumer Discretionary 1.3%** | **Consumer Discretionary 1.3%** |
| Hilton Domestic Operating Company, Inc. |  |  |
| 2019 Term Loan B2, 0.00%, (3 Month USD LIBOR + 1.75%), 10/25/23 (e) (f) | 1924 | 1916 |
| 2019 Term Loan B2, 6.17%, (3 Month USD LIBOR + 1.75%), 10/25/23 (e) | 2979 | 2967 |
| IRB Holding Corp |  |  |
| 2020 Term Loan B, 0.00%, (1 Month USD LIBOR + 2.75%), 02/05/25 (e) (f) | 809 | 801 |
| 2020 Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 02/05/25 (e) | 19713 | 19513 |
| 2022 Term Loan B, 7.32%, (SOFR + 3.00%), 12/15/27 (e) (g) | 14114 | 13680 |
| Life Time Fitness Inc |  |  |
| 2021 Term Loan B, 9.48%, (3 Month USD LIBOR + 4.75%), 12/31/24 (e) | 4192 | 4165 |
| Loire Finco Luxembourg S.a.r.l. |  |  |
| Term Loan, 7.07%, (1 Month USD LIBOR + 3.00%), 01/24/27 (e) | 25839 | 24062 |
| Mileage Plus Holdings LLC |  |  |
| 2020 Term Loan B, 10.00%, (3 Month USD LIBOR + 5.25%), 12/31/23 (e) | 49735 | 51091 |
| SeaWorld Parks & Entertainment, Inc. |  |  |
| 2021 Term Loan B, 7.13%, (1 Month USD LIBOR + 3.00%), 08/12/28 (e) | 1322 | 1297 |
| SkyMiles IP Ltd. |  |  |
| 2020 Skymiles Term Loan B, 7.99%, (3 Month USD LIBOR + 3.75%), 09/16/27 (e) | 13495 | 13738 |
| WOOF Holdings, Inc |  |  |
| 1st Lien Term Loan, 8.10%, (1 Month USD LIBOR + 3.75%), 12/16/27 (e) | 3743 | 3512 |
|  |  | 136742 |
| **Industrials 1.0%** | **Industrials 1.0%** | **Industrials 1.0%** |
| Camelot U.S. Acquisition LLC |  |  |
| 2020 Incremental Term Loan B, 7.07%, (1 Month USD LIBOR + 3.00%), 10/30/26 (e) | 6560 | 6453 |
| Filtration Group Corporation |  |  |
| 2018 1st Lien Term Loan, 0.00%, (1 Month USD LIBOR + 3.00%), 03/27/25 (e) (f) | 693 | 685 |
| 2018 1st Lien Term Loan, 7.07%, (1 Month USD LIBOR + 3.00%), 03/27/25 (e) | 15868 | 15677 |
| 2018 EUR Term Loan, 4.99%, (1 Month EURIBOR + 3.50%), 03/31/25, EUR (e) | 10085 | 10408 |
| 2021 Incremental Term Loan, 0.00%, (1 Month USD LIBOR + 3.50%), 10/19/28 (e) (f) | 1327 | 1300 |
| 2021 Incremental Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 10/19/28 (e) | 11910 | 11672 |
| Mileage Plus Holdings LLC |  |  |
| 2020 Term Loan B, 0.00%, (3 Month USD LIBOR + 5.25%), 12/31/23 (e) (f) | 5886 | 6047 |
| SkyMiles IP Ltd. |  |  |
| 2020 Skymiles Term Loan B, 0.00%, (3 Month USD LIBOR + 3.75%), 10/20/27 (e) (f) | 1940 | 1975 |
| USI, Inc. |  |  |
| 2019 Incremental Term Loan B, 0.00%, (3 Month USD LIBOR + 3.25%), 12/02/26 (e) (f) | 1775 | 1759 |
| 2019 Incremental Term Loan B, 6.92%, (3 Month USD LIBOR + 3.25%), 12/02/26 (e) | 40918 | 40560 |
| Vertical US Newco Inc |  |  |
| Term Loan B, 6.87%, (6 Month USD LIBOR + 3.50%), 07/29/27 (e) | 18641 | 17907 |
|  |  | 114443 |
| **Consumer Staples 0.3%** | **Consumer Staples 0.3%** | **Consumer Staples 0.3%** |
| Sunshine Luxembourg VII SARL |  |  |
| 2021 Term Loan B3, 7.42%, (3 Month USD LIBOR + 3.75%), 10/02/26 (e) | 32524 | 31096 |
| **Communication Services 0.0%** | **Communication Services 0.0%** | **Communication Services 0.0%** |
| Charter Communications Operating, LLC |  |  |
| 2019 Term Loan B1, 5.83%, (1 Month USD LIBOR + 1.75%), 04/30/25 (e) | 5286 | 5250 |
| Total Senior Floating Rate Instruments (cost $1,484,410) | Total Senior Floating Rate Instruments (cost $1,484,410) | 1438231 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

660

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 8.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 8.9%** | **GOVERNMENT AND AGENCY OBLIGATIONS 8.9%** |
| **U.S. Treasury Note 8.9%** | **U.S. Treasury Note 8.9%** | **U.S. Treasury Note 8.9%** |
| Treasury, United States Department of |  |  |
| 2.75%, 08/15/32 | 1066065 | 969620 |
| Total Government And Agency Obligations (cost $969,687) | Total Government And Agency Obligations (cost $969,687) | 969620 |
| **CORPORATE BONDS AND NOTES 8.1%** | **CORPORATE BONDS AND NOTES 8.1%** | **CORPORATE BONDS AND NOTES 8.1%** |
| **Consumer Discretionary 3.0%** | **Consumer Discretionary 3.0%** | **Consumer Discretionary 3.0%** |
| Clarios Global LP |  |  |
| 6.75%, 05/15/25 (h) | 3161 | 3176 |
| 6.25%, 05/15/26 (h) | 6037 | 5907 |
| 8.50%, 05/15/27 (h) (i) | 18995 | 18583 |
| Hilton Domestic Operating Company Inc. |  |  |
| 5.38%, 05/01/25 (h) | 2444 | 2423 |
| 5.75%, 05/01/28 (h) | 1846 | 1796 |
| 3.75%, 05/01/29 (h) | 4952 | 4298 |
| 4.88%, 01/15/30 | 6531 | 5926 |
| 4.00%, 05/01/31 (h) | 6846 | 5766 |
| 3.63%, 02/15/32 (h) | 9150 | 7324 |
| Hilton Worldwide Holdings Inc. |  |  |
| 4.88%, 04/01/27 | 3473 | 3309 |
| KFC Holding Co. |  |  |
| 4.75%, 06/01/27 (h) | 27816 | 26902 |
| Life Time, Inc. |  |  |
| 5.75%, 01/15/26 (h) | 14391 | 13414 |
| Magnum Management Corporation |  |  |
| 5.50%, 05/01/25 (h) | 14943 | 14766 |
| 5.38%, 04/15/27 | 24148 | 23066 |
| 6.50%, 10/01/28 | 12855 | 12505 |
| 5.25%, 07/15/29 | 18174 | 16386 |
| Mattel, Inc. |  |  |
| 3.38%, 04/01/26 (h) | 1754 | 1616 |
| 5.88%, 12/15/27 (h) | 1346 | 1320 |
| 3.75%, 04/01/29 (h) | 3739 | 3286 |
| Mileage Plus Holdings, LLC |  |  |
| 6.50%, 06/20/27 (h) | 6638 | 6614 |
| Service Corporation International |  |  |
| 3.38%, 08/15/30 | 5988 | 4922 |
| Six Flags Operations Inc. |  |  |
| 4.88%, 07/31/24 (h) | 44430 | 42818 |
| 5.50%, 04/15/27 (h) (i) | 30309 | 27309 |
| Six Flags Theme Parks Inc. |  |  |
| 7.00%, 07/01/25 (h) (i) | 5821 | 5870 |
| SkyMiles IP Ltd. |  |  |
| 4.75%, 10/20/28 (h) | 7255 | 6834 |
| Vail Resorts, Inc. |  |  |
| 6.25%, 05/15/25 (h) | 2459 | 2464 |
| Yum! Brands, Inc. |  |  |
| 4.75%, 01/15/30 (h) | 4888 | 4493 |
| 3.63%, 03/15/31 | 9033 | 7570 |
| 4.63%, 01/31/32 | 16987 | 15061 |
| 5.38%, 04/01/32 | 12453 | 11537 |
| 6.88%, 11/15/37 | 4148 | 4192 |
| 5.35%, 11/01/43 | 12931 | 10710 |
|  |  | 322163 |
| **Financials 1.8%** | **Financials 1.8%** | **Financials 1.8%** |
| Acrisure, LLC |  |  |
| 7.00%, 11/15/25 (h) | 20525 | 18876 |
| Alliant Holdings Intermediate, LLC |  |  |
| 4.25%, 10/15/27 (h) | 3540 | 3189 |
| 6.75%, 10/15/27 (h) | 19075 | 17187 |
| 5.88%, 11/01/29 (h) | 5161 | 4250 |
| AmWINS Group, Inc. |  |  |
| 4.88%, 06/30/29 (h) | 4485 | 3851 |
| BroadStreet Partners, Inc. |  |  |
| 5.88%, 04/15/29 (h) | 1719 | 1478 |
| HUB International Limited |  |  |
| 7.00%, 05/01/26 (h) | 71711 | 70393 |
| 5.63%, 12/01/29 (h) | 3946 | 3461 |
| Intercontinental Exchange, Inc. |  |  |
| 4.00%, 09/15/27 | 1496 | 1445 |
| 4.35%, 06/15/29 | 5058 | 4885 |
| 5.20%, 06/15/62 | 10068 | 9575 |
| MSCI Inc. |  |  |
| 4.00%, 11/15/29 (h) | 7734 | 6761 |
| 3.63%, 09/01/30 - 11/01/31 (h) | 16062 | 13377 |
| 3.88%, 02/15/31 (h) | 5529 | 4603 |
| 3.25%, 08/15/33 (h) | 4108 | 3171 |
| Ryan Specialty Group, LLC |  |  |
| 4.38%, 02/01/30 (h) | 650 | 568 |
| USIS Merger Sub, Inc. |  |  |
| 6.88%, 05/01/25 (h) | 27560 | 26454 |
|  |  | 193524 |
| **Communication Services 1.5%** | **Communication Services 1.5%** | **Communication Services 1.5%** |
| Altice France |  |  |
| 10.50%, 05/15/27 (h) | 13635 | 10396 |
| Arches Buyer Inc. |  |  |
| 4.25%, 06/01/28 (h) | 65 | 51 |
| CCO Holdings, LLC |  |  |
| 5.50%, 05/01/26 (h) | 2850 | 2760 |
| 5.13%, 05/01/27 (h) | 82722 | 77189 |
| 5.00%, 02/01/28 (h) | 55914 | 50812 |
| Lamar Media Corp. |  |  |
| 3.75%, 02/15/28 | 7273 | 6528 |
| 3.63%, 01/15/31 | 1290 | 1067 |
| Live Nation Entertainment, Inc. |  |  |
| 4.88%, 11/01/24 (h) | 820 | 796 |
| Sirius XM Radio Inc. |  |  |
| 5.00%, 08/01/27 (h) | 3437 | 3180 |
| Spotify USA Inc. |  |  |
| 0.00%, 03/15/26 (j) (k) | 10038 | 8078 |
|  |  | 160857 |
| **Health Care 0.7%** | **Health Care 0.7%** | **Health Care 0.7%** |
| Avantor, Inc. |  |  |
| 4.63%, 07/15/28 (h) | 20294 | 18428 |
| 3.88%, 11/01/29 (h) | 14701 | 12353 |
| Charles River Laboratories International, Inc. |  |  |
| 4.25%, 05/01/28 (h) | 1523 | 1401 |
| 3.75%, 03/15/29 (h) (i) | 5359 | 4738 |
| 4.00%, 03/15/31 (h) (i) | 3366 | 2913 |
| Heartland Dental, LLC |  |  |
| 8.50%, 05/01/26 (h) | 14905 | 13154 |
| Hologic, Inc. |  |  |
| 3.25%, 02/15/29 (h) | 5964 | 5151 |
| Indigo Merger Sub Inc |  |  |
| 2.88%, 07/15/26 (h) | 1767 | 1600 |
| IQVIA Inc. |  |  |
| 5.00%, 05/15/27 (h) | 3650 | 3483 |
| Surgery Center Holdings, Inc. |  |  |
| 10.00%, 04/15/27 (h) (i) | 8272 | 8408 |
| Teleflex Incorporated |  |  |
| 4.63%, 11/15/27 | 4680 | 4463 |
| 4.25%, 06/01/28 (h) | 1520 | 1389 |
|  |  | 77481 |
| **Industrials 0.7%** | **Industrials 0.7%** | **Industrials 0.7%** |
| General Electric Company |  |  |
| 8.10%, (3 Month USD LIBOR + 3.33%), (100, 03/15/23) (e) (l) | 31447 | 31133 |
| Howmet Aerospace Inc. |  |  |
| 5.90%, 02/01/27 | 741 | 739 |
| 3.00%, 01/15/29 | 4885 | 4129 |
| Korn Ferry |  |  |
| 4.63%, 12/15/27 (h) | 2020 | 1854 |
| Lennox International Inc. |  |  |
| 3.00%, 11/15/23 | 340 | 333 |
| Sensata Technologies B.V. |  |  |
| 5.63%, 11/01/24 (h) | 670 | 666 |
| 5.00%, 10/01/25 (h) | 4400 | 4304 |
| 4.00%, 04/15/29 (h) | 9732 | 8394 |
| 5.88%, 09/01/30 (h) | 2446 | 2317 |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/30 (h) | 2092 | 1840 |
| 3.75%, 02/15/31 (h) | 5092 | 4213 |
| TransDigm Inc. |  |  |
| 6.25%, 03/15/26 (h) | 8283 | 8186 |
| 6.38%, 06/15/26 | 1290 | 1257 |
| 5.50%, 11/15/27 | 6304 | 5920 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

661

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Transdigm UK Holdings PLC |  |  |
| 6.88%, 05/15/26 | 830 | 813 |
| | | 76098 |
| **Information Technology 0.2%** | **Information Technology 0.2%** | **Information Technology 0.2%** |
| Black Knight Infoserv, LLC |  |  |
| 3.63%, 09/01/28 (h) | 2410 | 2102 |
| Booz Allen Hamilton Inc. |  |  |
| 3.88%, 09/01/28 (h) | 3029 | 2701 |
| 4.00%, 07/01/29 (h) | 370 | 328 |
| Clarivate Science Holdings Corporation |  |  |
| 3.88%, 07/01/28 (h) | 2229 | 1934 |
| 4.88%, 07/01/29 (h) (i) | 1595 | 1356 |
| CrowdStrike Holdings, Inc. |  |  |
| 3.00%, 02/15/29 | 600 | 508 |
| Entegris Escrow Corporation |  |  |
| 4.75%, 04/15/29 (h) | 4138 | 3785 |
| Gartner, Inc. |  |  |
| 4.50%, 07/01/28 (h) | 1775 | 1656 |
| 3.63%, 06/15/29 (h) | 7292 | 6392 |
| 3.75%, 10/01/30 (h) | 3538 | 3068 |
| Twilio Inc. |  |  |
| 3.63%, 03/15/29 | 275 | 223 |
|  |  | 24053 |
| **Real Estate 0.2%** | **Real Estate 0.2%** | **Real Estate 0.2%** |
| SBA Communications Corporation |  |  |
| 3.88%, 02/15/27 | 9788 | 8861 |
| 3.13%, 02/01/29 | 11834 | 9855 |
|  |  | 18716 |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| NiSource Inc. |  |  |
| 5.65%, (100, 06/15/23) (l) | 3673 | 3424 |
| Total Corporate Bonds And Notes (cost $916,551) | Total Corporate Bonds And Notes (cost $916,551) | 876316 |
| **PREFERRED STOCKS 0.2%** | **PREFERRED STOCKS 0.2%** | **PREFERRED STOCKS 0.2%** |
| **Utilities 0.2%** | **Utilities 0.2%** | **Utilities 0.2%** |
| CMS Energy Corporation, 5.88%, 10/15/78 | 345 | 7656 |
| CMS Energy Corporation, 5.88%, 03/01/79 | 506 | 11340 |
| NiSource Inc., 6.50%, (25, 3/15/2024) (l) | 66 | 1615 |
| SCE Trust IV, 5.38%, (25, 9/15/2025) (l) | 229 | 4150 |
|  |  | 24761 |
| **Financials 0.0%** | **Financials 0.0%** | **Financials 0.0%** |
| The Charles Schwab Corporation, 5.95%, (25, 3/1/2023) (i) (l) | 4 | 94 |
| Total Preferred Stocks (cost $28,840) | Total Preferred Stocks (cost $28,840) | 24855 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.1%** |
| Domino's Pizza, Inc. |  |  |
| Series 2018-A2I-1A, 4.12%, 10/25/25 | 3307 | 3093 |
| Series 2017-A23-1A, 4.12%, 07/26/27 | 3577 | 3269 |
| Series 2019-A2-1A, 3.67%, 10/25/29 (h) | 2859 | 2410 |
| SBA Towers, LLC |  |  |
| Series 2022-C-1, 6.60%, 01/15/28 | 602 | 601 |
| United Airlines, Inc. |  |  |
| Series 2012-A-1, 4.15%, 04/11/24 | 11 | 10 |
| US Airways Class A Pass Through Certificates, Series 2012-2 |  |  |
| Series 2012-A-2, 4.63%, 06/03/25 | 228 | 208 |
| US Airways, Inc. |  |  |
| Series 2013-A-1, 3.95%, 11/15/25 | 130 | 118 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $10,707) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $10,707) | 9709 |
| **INVESTMENT COMPANIES 0.0%** | **INVESTMENT COMPANIES 0.0%** | **INVESTMENT COMPANIES 0.0%** |
| T Rowe Price Institutional Floating Rate Fund (m) (n) | 146 | 1340 |
| Total Investment Companies (cost $1,477) | Total Investment Companies (cost $1,477) | 1340 |
| **SHORT TERM INVESTMENTS 8.2%** | **SHORT TERM INVESTMENTS 8.2%** | **SHORT TERM INVESTMENTS 8.2%** |
| **Investment Companies 7.8%** | **Investment Companies 7.8%** | **Investment Companies 7.8%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (m) (o) | 14082 | 14082 |
| T. Rowe Price Government Reserve Fund, 4.25% (m) (o) | 839014 | 839014 |
|  |  | 853096 |
| **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (m) (o) | 41404 | 41404 |
| Total Short Term Investments (cost $894,500) | Total Short Term Investments (cost $894,500) | 894500 |
| **Total Investments 100.4% (cost $11,349,884)** | **Total Investments 100.4% (cost $11,349,884)** | **10929213** |
| **Other Derivative Instruments (0.1)%** | **Other Derivative Instruments (0.1)%** | **(16174)** |
| **Other Assets and Liabilities, Net (0.3)%** | **Other Assets and Liabilities, Net (0.3)%** | **(29205)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **10883834** |

---

(a) Non-income producing security.

(b) All or a portion of the security is subject to a written call option.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) All or a portion of the security is pledged or segregated as collateral.

(e) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(f) This senior floating rate interest will settle after December 31, 2022. If a reference rate and spread is presented, it will go into effect upon settlement.

(g) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(h) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $660,306 and 6.1% of the Fund.

(i) All or a portion of the security was on loan as of December 31, 2022.

(j) Convertible security.

(k) Security issued with a zero coupon. Income is recognized through the accretion of discount.

(l) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(m) Investment in affiliate.

(n) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(o) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

662

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Capital Appreciation Fund — Long Term Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Long Term Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Long Term Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Long Term Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Long Term Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Long Term Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Long Term Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Long Term Investments in Affiliates** | **JNL/T. Rowe Price Capital Appreciation Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| T Rowe Price Institutional Floating Rate Fund | 1354 | 67 |  | 72 |  | (81) | 1340 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Capital Appreciation Fund — Restricted Securities** | **JNL/T. Rowe Price Capital Appreciation Fund — Restricted Securities** | **JNL/T. Rowe Price Capital Appreciation Fund — Restricted Securities** | **JNL/T. Rowe Price Capital Appreciation Fund — Restricted Securities** | **JNL/T. Rowe Price Capital Appreciation Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| TE Connectivity Ltd. | 01/28/22 | 172080 | 156040 | 1.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options** |
| **Reference Entity** | **Counterparty** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Alphabet Inc. | CIT<br> Call | 165.00 | 01/20/23 | 540 |  |
| Alphabet Inc. | CIT<br> Call | 175.00 | 01/20/23 | 540 |  |
| Alphabet Inc. | CIT<br> Call | 170.00 | 01/20/23 | 540 |  |
| Alphabet Inc. | CIT<br> Call | 160.00 | 01/20/23 | 520 |  |
| Alphabet Inc. | WFI<br> Call | 120.00 | 01/19/24 | 2741 | (1096) |
| Amazon.com, Inc. | CIT<br> Call | 235.00 | 01/20/23 | 280 |  |
| Amazon.com, Inc. | CIT<br> Call | 230.00 | 01/20/23 | 280 |  |
| Amazon.com, Inc. | CIT<br> Call | 225.00 | 01/20/23 | 560 |  |
| Amazon.com, Inc. | CIT<br> Call | 240.00 | 01/20/23 | 300 |  |
| Amazon.com, Inc. | CIT<br> Call | 255.00 | 01/20/23 | 320 |  |
| Amazon.com, Inc. | CIT<br> Call | 250.00 | 01/20/23 | 320 |  |
| Amazon.com, Inc. | CIT<br> Call | 245.00 | 01/20/23 | 320 |  |
| Amazon.com, Inc. | GSC<br> Call | 190.00 | 01/20/23 | 1140 |  |
| Amazon.com, Inc. | GSC<br> Call | 200.00 | 01/20/23 | 1020 |  |
| Amazon.com, Inc. | GSC<br> Call | 180.00 | 01/20/23 | 420 |  |
| Amazon.com, Inc. | GSC<br> Call | 185.00 | 01/20/23 | 420 |  |
| Amazon.com, Inc. | GSC<br> Call | 215.00 | 01/20/23 | 280 |  |
| Amazon.com, Inc. | GSC<br> Call | 210.00 | 01/20/23 | 1000 |  |
| Amazon.com, Inc. | GSC<br> Call | 220.00 | 01/20/23 | 280 |  |
| Amazon.com, Inc. | GSC<br> Call | 205.00 | 01/20/23 | 1000 |  |
| Amazon.com, Inc. | WFI<br> Call | 175.00 | 01/20/23 | 1920 |  |
| Amazon.com, Inc. | WFI<br> Call | 195.00 | 01/20/23 | 740 |  |
| Apple Inc. | JPM<br> Call | 180.00 | 01/20/23 | 1176 |  |
| Apple Inc. | JPM<br> Call | 175.00 | 01/20/23 | 1176 | (3) |
| Apple Inc. | JPM<br> Call | 170.00 | 01/20/23 | 1176 | (3) |
| General Electric Company | GSC<br> Call | 110.00 | 01/20/23 | 1129 | (2) |
| General Electric Company | WFI<br> Call | 90.00 | 01/20/23 | 1690 | (83) |
| General Electric Company | WFI<br> Call | 95.00 | 01/20/23 | 1690 | (17) |
| General Electric Company | WFI<br> Call | 110.00 | 01/20/23 | 1023 | (2) |
| General Electric Company | WFI<br> Call | 85.00 | 01/20/23 | 1690 | (326) |
| Hilton Worldwide Holdings Inc. | WFI<br> Call | 150.00 | 01/19/24 | 708 | (751) |
| Hilton Worldwide Holdings Inc. | WFI<br> Call | 145.00 | 01/19/24 | 709 | (861) |
| Keurig Dr Pepper Inc. | CIT<br> Call | 42.00 | 01/20/23 | 1688 |  |
| Keurig Dr Pepper Inc. | CIT<br> Call | 40.00 | 01/20/23 | 1688 | (2) |
| Microsoft Corporation | CIT<br> Call | 350.00 | 01/20/23 | 952 |  |
| Microsoft Corporation | CIT<br> Call | 340.00 | 01/20/23 | 952 |  |
| Microsoft Corporation | CIT<br> Call | 365.00 | 01/20/23 | 349 |  |
| Microsoft Corporation | CIT<br> Call | 360.00 | 01/20/23 | 496 |  |
| Microsoft Corporation | CIT<br> Call | 330.00 | 01/20/23 | 456 |  |
| Microsoft Corporation | CIT<br> Call | 325.00 | 01/20/23 | 1015 | (1) |
| Microsoft Corporation | CSI<br> Call | 350.00 | 01/20/23 | 315 |  |
| Microsoft Corporation | CSI<br> Call | 330.00 | 01/20/23 | 315 |  |
| Microsoft Corporation | CSI<br> Call | 340.00 | 01/20/23 | 315 |  |
| Microsoft Corporation | CSI<br> Call | 320.00 | 01/20/23 | 484 | (1) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

663

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** | **JNL/T. Rowe Price Capital Appreciation Fund — OTC Written Options (continued)** |
| **Reference Entity** | **Counterparty** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| Microsoft Corporation | JPM<br> Call | 355.00 | 01/20/23 | 503 |  |
| Microsoft Corporation | JPM<br> Call | 360.00 | 01/20/23 | 502 |  |
| Microsoft Corporation | JPM<br> Call | 350.00 | 01/20/23 | 503 |  |
| Microsoft Corporation | JPM<br> Call | 300.00 | 01/19/24 | 2235 | (2805) |
| Microsoft Corporation | SIG<br> Call | 350.00 | 01/20/23 | 169 |  |
| Microsoft Corporation | SIG<br> Call | 340.00 | 01/20/23 | 169 |  |
| Microsoft Corporation | SIG<br> Call | 330.00 | 01/20/23 | 169 |  |
| Starbucks Corporation | GSC<br> Call | 105.00 | 01/20/23 | 1217 | (71) |
| Starbucks Corporation | GSC<br> Call | 97.50 | 01/20/23 | 1217 | (450) |
| Starbucks Corporation | GSC<br> Call | 100.00 | 01/20/23 | 1217 | (273) |
| Starbucks Corporation | GSC<br> Call | 100.00 | 01/19/24 | 861 | (1167) |
| Starbucks Corporation | GSC<br> Call | 105.00 | 01/19/24 | 861 | (967) |
| TE Connectivity Ltd. | JPM<br> Call | 120.00 | 01/20/23 | 1356 | (156) |
| The PNC Financial Services Group, Inc. | CIT<br> Call | 230.00 | 01/20/23 | 700 |  |
| The PNC Financial Services Group, Inc. | CIT<br> Call | 220.00 | 01/20/23 | 700 |  |
| The PNC Financial Services Group, Inc. | JPM<br> Call | 190.00 | 01/20/23 | 446 | (2) |
| The PNC Financial Services Group, Inc. | JPM<br> Call | 195.00 | 01/20/23 | 446 |  |
| The PNC Financial Services Group, Inc. | JPM<br> Call | 200.00 | 01/20/23 | 446 |  |
| Thermo Fisher Scientific Inc. | CIT<br> Call | 640.00 | 01/20/23 | 220 | (8) |
| UnitedHealth Group Incorporated | CIT<br> Call | 580.00 | 01/20/23 | 230 | (16) |
| UnitedHealth Group Incorporated | CIT<br> Call | 560.00 | 01/20/23 | 230 | (56) |
| UnitedHealth Group Incorporated | CIT<br> Call | 540.00 | 01/20/23 | 402 | (334) |
| UnitedHealth Group Incorporated | CIT<br> Call | 580.00 | 01/19/24 | 489 | (2120) |
| UnitedHealth Group Incorporated | JPM<br> Call | 600.00 | 01/19/24 | 521 | (1858) |
| Yum! Brands, Inc. | CIT<br> Call | 145.00 | 01/19/24 | 522 | (407) |
| Yum! Brands, Inc. | CIT<br> Call | 150.00 | 01/19/24 | 522 | (321) |
| Yum! Brands, Inc. | WFI<br> Call | 150.00 | 01/20/23 | 461 |  |
| Yum! Brands, Inc. | WFI<br> Call | 145.00 | 01/20/23 | 461 |  |
| Yum! Brands, Inc. | WFI<br> Call | 140.00 | 01/19/24 | 1060 | (1007) |
| Yum! Brands, Inc. | WFI<br> Call | 140.00 | 01/19/24 | 1061 | (1008) |
|  |  |  |  |  | (16174) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 6603664 | 110978 |  | 6714642 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 1438231 |  | 1438231 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 969620 |  | 969620 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 876316 |  | 876316 |
| &nbsp;&nbsp;Preferred Stocks | 24855 |  |  | 24855 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 9709 |  | 9709 |
| &nbsp;&nbsp;Investment Companies |  |  | 1340 | 1340 |
| &nbsp;&nbsp;Short Term Investments | 894500 |  |  | 894500 |
|  | 7523019 | 3404854 | 1340 | 10929213 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;OTC Written Options |  | (16174) |  | (16174) |
|  |  | (16174) |  | (16174) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

664

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Established Growth Fund** | **JNL/T. Rowe Price Established Growth Fund** | **JNL/T. Rowe Price Established Growth Fund** |
| **COMMON STOCKS 93.8%** | **COMMON STOCKS 93.8%** | **COMMON STOCKS 93.8%** |
| **Information Technology 48.2%** | **Information Technology 48.2%** | **Information Technology 48.2%** |
| Advanced Micro Devices, Inc. (a) | 1573 | 101879 |
| Adyen B.V. (a) (b) | 7 | 9661 |
| Apple Inc. | 5123 | 665635 |
| ASML Holding N.V. - ADR | 345 | 188660 |
| Atlassian Corporation - Class A (a) | 357 | 45960 |
| Black Knight, Inc. (a) | 372 | 22941 |
| Ceridian HCM Holding Inc. (a) | 474 | 30427 |
| Fiserv, Inc. (a) | 1207 | 121975 |
| Global Payments Inc. | 268 | 26643 |
| HashiCorp, Inc. - Class A (a) | 105 | 2859 |
| Intuit Inc. | 464 | 180472 |
| Lam Research Corporation | 110 | 46149 |
| MasterCard Incorporated - Class A | 612 | 212665 |
| Microsoft Corporation | 3902 | 935862 |
| Mobileye Global Inc - Class A (a) | 109 | 3837 |
| Monday.Com Ltd. (a) | 72 | 8750 |
| MongoDB, Inc. - Class A (a) | 82 | 16069 |
| NVIDIA Corporation | 1246 | 182034 |
| Roper Technologies, Inc. | 215 | 92970 |
| Salesforce, Inc. (a) | 699 | 92648 |
| SentinelOne, Inc. - Class A (a) | 1178 | 17184 |
| ServiceNow, Inc. (a) | 336 | 130591 |
| Teledyne Technologies Incorporated (a) | 287 | 114738 |
| Visa Inc. - Class A | 1107 | 229986 |
|  |  | 3480595 |
| **Consumer Discretionary 16.7%** | **Consumer Discretionary 16.7%** | **Consumer Discretionary 16.7%** |
| Amazon.com, Inc. (a) | 5068 | 425737 |
| Booking Holdings Inc. (a) | 30 | 60241 |
| Chipotle Mexican Grill, Inc. (a) | 42 | 58526 |
| Coupang, Inc. - Class A (a) | 2249 | 33082 |
| Expedia Group, Inc. (a) | 401 | 35158 |
| Ferrari N.V. | 449 | 96091 |
| Floor & Decor Holdings, Inc. - Class A (a) | 338 | 23549 |
| Las Vegas Sands Corp. (a) | 1683 | 80886 |
| Lululemon Athletica Canada Inc. (a) | 59 | 19009 |
| Peloton Interactive, Inc. - Class A (a) | 2198 | 17450 |
| Rivian Automotive, Inc. - Class A (a) | 6960 | 128281 |
| Ross Stores, Inc. | 1480 | 171820 |
| Wynn Resorts, Limited (a) | 656 | 54058 |
|  |  | 1203888 |
| **Health Care 13.8%** | **Health Care 13.8%** | **Health Care 13.8%** |
| Align Technology, Inc. (a) | 85 | 17992 |
| argenx SE - ADR (a) | 126 | 47687 |
| AstraZeneca PLC - ADR | 346 | 23438 |
| Avantor, Inc. (a) | 1476 | 31120 |
| Cigna Corporation | 199 | 66004 |
| Danaher Corporation | 99 | 26197 |
| Eli Lilly and Company | 421 | 153893 |
| HCA Healthcare, Inc. | 212 | 50889 |
| Humana Inc. | 162 | 83179 |
| Illumina, Inc. (a) | 71 | 14414 |
| Insulet Corporation (a) | 93 | 27415 |
| Intuitive Surgical, Inc. (a) | 430 | 114194 |
| Stryker Corporation | 200 | 48936 |
| UnitedHealth Group Incorporated | 552 | 292767 |
|  |  | 998125 |
| **Communication Services 11.2%** | **Communication Services 11.2%** | **Communication Services 11.2%** |
| Activision Blizzard, Inc. | 526 | 40302 |
| Alphabet Inc. - Class A (a) | 3415 | 301303 |
| Alphabet Inc. - Class C (a) | 1988 | 176391 |
| Match Group, Inc. (a) | 662 | 27480 |
| Meta Platforms, Inc. - Class A (a) | 225 | 27101 |
| Netflix, Inc. (a) | 310 | 91501 |
| Pinterest, Inc. - Class A (a) | 1317 | 31979 |
| Sea Limited - Class A - ADR (a) | 780 | 40584 |
| Spotify Technology S.A. (a) | 501 | 39531 |
| The Trade Desk, Inc. - Class A (a) | 729 | 32693 |
|  |  | 808865 |
| **Industrials 3.3%** | **Industrials 3.3%** | **Industrials 3.3%** |
| Airbus SE | 594 | 70871 |
| Cintas Corporation | 50 | 22549 |
| FedEx Corporation | 224 | 38750 |
| Old Dominion Freight Line, Inc. | 148 | 42023 |
| TransUnion | 826 | 46872 |
| Verisk Analytics, Inc. | 98 | 17217 |
|  |  | 238282 |
| **Consumer Staples 0.6%** | **Consumer Staples 0.6%** | **Consumer Staples 0.6%** |
| The Estee Lauder Companies Inc. - Class A | 178 | 44164 |
| Total Common Stocks (cost $5,866,619) | Total Common Stocks (cost $5,866,619) | 6773919 |
| **PREFERRED STOCKS 1.3%** | **PREFERRED STOCKS 1.3%** | **PREFERRED STOCKS 1.3%** |
| **Consumer Discretionary 1.0%** | **Consumer Discretionary 1.0%** | **Consumer Discretionary 1.0%** |
| Dr. Ing. h.c. F. Porsche Aktiengesellschaft | 699 | 70868 |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Sartorius Aktiengesellschaft | 62 | 24319 |
| Total Preferred Stocks (cost $77,032) | Total Preferred Stocks (cost $77,032) | 95187 |
| **SHORT TERM INVESTMENTS 4.8%** | **SHORT TERM INVESTMENTS 4.8%** | **SHORT TERM INVESTMENTS 4.8%** |
| **Investment Companies 4.8%** | **Investment Companies 4.8%** | **Investment Companies 4.8%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 2430 | 2430 |
| T. Rowe Price Government Reserve Fund, 4.25% (c) (d) | 343135 | 343135 |
| Total Short Term Investments (cost $345,565) | Total Short Term Investments (cost $345,565) | 345565 |
| **Total Investments 99.9% (cost $6,289,216)** | **Total Investments 99.9% (cost $6,289,216)** | **7214671** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **7610** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **7222281** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Established Growth Fund — Restricted Securities** | **JNL/T. Rowe Price Established Growth Fund — Restricted Securities** | **JNL/T. Rowe Price Established Growth Fund — Restricted Securities** | **JNL/T. Rowe Price Established Growth Fund — Restricted Securities** | **JNL/T. Rowe Price Established Growth Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adyen B.V. | 10/13/22 | 8867 | 9661 | 0.1 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

665

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/T. Rowe Price Established Growth Fund** | **JNL/T. Rowe Price Established Growth Fund** | **JNL/T. Rowe Price Established Growth Fund** | **JNL/T. Rowe Price Established Growth Fund** | **JNL/T. Rowe Price Established Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 6693387 | 80532 |  | 6773919 |
| &nbsp;&nbsp;Preferred Stocks | 95187 |  |  | 95187 |
| &nbsp;&nbsp;Short Term Investments | 345565 |  |  | 345565 |
|  | 7134139 | 80532 |  | 7214671 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

666

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** |
| **COMMON STOCKS 96.1%** | **COMMON STOCKS 96.1%** | **COMMON STOCKS 96.1%** |
| **Health Care 25.1%** | **Health Care 25.1%** | **Health Care 25.1%** |
| Acadia Healthcare Company, Inc. (a) | 714 | 58776 |
| Agilent Technologies, Inc. | 828 | 123910 |
| Agilon Health Management, Inc. (a) (b) | 245 | 3954 |
| Alcon AG | 569 | 39005 |
| Alnylam Pharmaceuticals, Inc. (a) | 286 | 67968 |
| Apellis Pharmaceuticals, Inc. (a) | 178 | 9204 |
| argenx SE - ADR (a) | 62 | 23487 |
| Ascendis Pharma A/S - ADR (a) (b) | 107 | 13068 |
| Avantor, Inc. (a) | 3208 | 67657 |
| Bruker Corporation | 1240 | 84754 |
| Catalent, Inc. (a) | 932 | 41949 |
| Coronado Topco, Inc. (a) | 359 | 30756 |
| CRISPR Therapeutics AG (a) | 170 | 6911 |
| Dentsply Sirona Inc. | 446 | 14201 |
| Doximity, Inc. - Class A (a) (b) | 357 | 11981 |
| Enovis Corporation (a) | 539 | 28847 |
| Exact Sciences Corporation (a) | 268 | 13269 |
| Hologic, Inc. (a) | 2068 | 154707 |
| Horizon Therapeutics Public Limited Company (a) | 362 | 41196 |
| ICU Medical, Inc. (a) | 155 | 24409 |
| Ionis Pharmaceuticals, Inc. (a) | 773 | 29196 |
| Karuna Therapeutics, Inc. (a) | 44 | 8646 |
| Molina Healthcare, Inc. (a) | 93 | 30710 |
| Seagen Inc. (a) | 143 | 18377 |
| Teleflex Incorporated | 469 | 117076 |
| The Cooper Companies, Inc. | 215 | 71094 |
| Veeva Systems Inc. - Class A (a) | 361 | 58258 |
| West Pharmaceutical Services, Inc. | 147 | 34596 |
|  |  | 1227962 |
| **Information Technology 21.9%** | **Information Technology 21.9%** | **Information Technology 21.9%** |
| Amphenol Corporation - Class A | 494 | 37613 |
| Atlassian Corporation - Class A (a) | 143 | 18401 |
| Bill.Com Holdings Inc. (a) | 139 | 15145 |
| Black Knight, Inc. (a) | 691 | 42669 |
| Broadridge Financial Solutions, Inc. | 196 | 26289 |
| CCC Intelligent Solutions Holdings Inc. (a) | 2663 | 23168 |
| Clear Secure, Inc. - Class A | 303 | 8311 |
| Cognex Corporation | 452 | 21294 |
| Confluent, Inc. - Class A (a) | 178 | 3959 |
| Corning Incorporated | 444 | 14181 |
| CrowdStrike Holdings, Inc. - Class A (a) | 335 | 35300 |
| Fair Isaac Corporation (a) | 81 | 48485 |
| FleetCor Technologies, Inc. (a) | 316 | 58043 |
| Fortinet, Inc. (a) | 1446 | 70695 |
| HashiCorp, Inc. - Class A (a) | 89 | 2433 |
| Keysight Technologies, Inc. (a) | 469 | 80232 |
| KLA Corporation | 195 | 73521 |
| Lattice Semiconductor Corporation (a) | 431 | 27963 |
| Littelfuse, Inc. | 39 | 8588 |
| Marvell Technology, Inc. | 2187 | 81006 |
| Microchip Technology Incorporated | 2031 | 142678 |
| Mobileye Global Inc - Class A (a) | 88 | 3071 |
| MongoDB, Inc. - Class A (a) | 46 | 9055 |
| National Instruments Corporation | 722 | 26642 |
| NXP Semiconductors N.V. | 46 | 7269 |
| Palo Alto Networks, Inc. (a) | 54 | 7535 |
| Paylocity Holding Corporation (a) | 152 | 29528 |
| PTC Inc. (a) | 314 | 37693 |
| Roper Technologies, Inc. | 118 | 50987 |
| Synopsys, Inc. (a) | 190 | 60665 |
|  |  | 1072419 |
| **Industrials 16.2%** | **Industrials 16.2%** | **Industrials 16.2%** |
| BWXT Government Group, Inc. | 317 | 18411 |
| CoStar Group, Inc. (a) | 665 | 51391 |
| Equifax Inc. | 361 | 70164 |
| ESAB Corporation | 567 | 26604 |
| Fortive Corporation | 1082 | 69518 |
| IDEX Corporation | 181 | 41328 |
| Ingersoll Rand Inc. | 2129 | 111240 |
| J. B. Hunt Transport Services, Inc. | 452 | 78811 |
| Leidos Holdings, Inc. | 136 | 14306 |
| Shoals Technologies Group, Inc. - Class A (a) | 464 | 11447 |
| Southwest Airlines Co. | 1625 | 54714 |
| Textron Inc. | 1665 | 117882 |
| TransUnion | 637 | 36150 |
| United Rentals, Inc. (a) | 72 | 25590 |
| Verisk Analytics, Inc. | 255 | 44987 |
| Waste Connections, Inc. | 142 | 18824 |
|  |  | 791367 |
| **Consumer Discretionary 13.2%** | **Consumer Discretionary 13.2%** | **Consumer Discretionary 13.2%** |
| Bath & Body Works, Inc. | 722 | 30425 |
| Bright Horizons Family Solutions, Inc. (a) | 308 | 19435 |
| Burlington Stores, Inc. (a) | 497 | 100772 |
| Chipotle Mexican Grill, Inc. (a) | 18 | 24975 |
| Dollar General Corporation | 261 | 64271 |
| Dollar Tree, Inc. (a) | 362 | 51201 |
| Domino's Pizza, Inc. | 134 | 46418 |
| Five Below, Inc. (a) | 198 | 35020 |
| Hilton Worldwide Holdings Inc. | 604 | 76321 |
| Lululemon Athletica Canada Inc. (a) | 33 | 10573 |
| MGM Resorts International | 1866 | 62567 |
| On Holding AG - Class A (a) | 267 | 4582 |
| O'Reilly Automotive, Inc. (a) | 53 | 44734 |
| Rivian Automotive, Inc. - Class A (a) | 400 | 7372 |
| Ross Stores, Inc. | 237 | 27509 |
| Vail Resorts, Inc. | 98 | 23358 |
| Yum! Brands, Inc. | 137 | 17547 |
|  |  | 647080 |
| **Financials 6.5%** | **Financials 6.5%** | **Financials 6.5%** |
| Assurant, Inc. | 396 | 49524 |
| AXIS Capital Holdings Limited | 648 | 35102 |
| Cboe Global Markets, Inc. | 125 | 15684 |
| Intercontinental Exchange, Inc. | 362 | 37138 |
| K.K.R. Co., Inc. - Class A | 1179 | 54729 |
| MarketAxess Holdings Inc. | 180 | 50200 |
| Raymond James Financial, Inc. | 185 | 19767 |
| Tradeweb Markets Inc. - Class A | 651 | 42269 |
| Zurich American Corporation | 213 | 10480 |
|  |  | 314893 |
| **Materials 5.5%** | **Materials 5.5%** | **Materials 5.5%** |
| Avery Dennison Corporation | 345 | 62445 |
| Ball Corporation | 1353 | 69192 |
| Martin Marietta Materials, Inc. | 159 | 53737 |
| RPM International Inc. | 362 | 35277 |
| Sealed Air Corporation | 965 | 48134 |
|  |  | 268785 |
| **Communication Services 2.7%** | **Communication Services 2.7%** | **Communication Services 2.7%** |
| Liberty Media Corporation - Series C (a) | 850 | 50813 |
| Match Group, Inc. (a) | 222 | 9211 |
| Spotify Technology S.A. (a) | 249 | 19659 |
| The Trade Desk, Inc. - Class A (a) | 1173 | 52586 |
|  |  | 132269 |
| **Energy 2.6%** | **Energy 2.6%** | **Energy 2.6%** |
| Cheniere Energy, Inc. | 216 | 32391 |
| Coterra Energy Inc. | 823 | 20221 |
| Devon Energy Corporation | 272 | 16731 |
| Pioneer Natural Resources Company | 253 | 57783 |
|  |  | 127126 |
| **Consumer Staples 2.4%** | **Consumer Staples 2.4%** | **Consumer Staples 2.4%** |
| Casey's General Stores, Inc. | 223 | 50030 |
| Reynolds Consumer Products Inc. | 765 | 22935 |
| The Boston Beer Company, Inc. - Class A (a) | 65 | 21419 |
| Treehouse Foods, Inc. (a) | 501 | 24739 |
|  |  | 119123 |
| Total Common Stocks (cost $3,813,250) | Total Common Stocks (cost $3,813,250) | 4701024 |
| **SHORT TERM INVESTMENTS 3.9%** | **SHORT TERM INVESTMENTS 3.9%** | **SHORT TERM INVESTMENTS 3.9%** |
| **Investment Companies 3.9%** | **Investment Companies 3.9%** | **Investment Companies 3.9%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 1645 | 1645 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

667

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| T. Rowe Price Government Reserve Fund, 4.25% (c) (d) | 188148 | 188148 |
| Total Short Term Investments (cost $189,793) | Total Short Term Investments (cost $189,793) | 189793 |
| **Total Investments 100.0% (cost $4,003,043)** | **Total Investments 100.0% (cost $4,003,043)** | **4890817** |
| **Other Assets and Liabilities, Net 0.0%** | **Other Assets and Liabilities, Net 0.0%** | **310** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4891127** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

668

------

***JNL Series Trust***

December 31, 2022

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 4701024 |  |  | 4701024 |
| &nbsp;&nbsp;Short Term Investments | 189793 |  |  | 189793 |
|  | 4890817 |  |  | 4890817 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

669

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** |
| **CORPORATE BONDS AND NOTES 46.7%** | **CORPORATE BONDS AND NOTES 46.7%** | **CORPORATE BONDS AND NOTES 46.7%** |
| **Financials 16.9%** | **Financials 16.9%** | **Financials 16.9%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 4.13%, 07/03/23 | 2960 | 2934 |
| 4.50%, 09/15/23 | 2120 | 2101 |
| 4.88%, 01/16/24 | 2440 | 2417 |
| 3.15%, 02/15/24 | 870 | 842 |
| 1.65%, 10/29/24 | 3165 | 2923 |
| American Express Company |  |  |
| 3.38%, 05/03/24 | 2945 | 2886 |
| American International Group, Inc. |  |  |
| 2.50%, 06/30/25 | 1920 | 1808 |
| Avolon Holdings Funding Limited |  |  |
| 3.95%, 07/01/24 (a) | 690 | 661 |
| 2.88%, 02/15/25 (a) | 1805 | 1665 |
| 2.13%, 02/21/26 (a) | 2835 | 2440 |
| Banco Bilbao Vizcaya Argentaria, S.A. |  |  |
| 0.88%, 09/18/23 (b) | 4200 | 4067 |
| Banco Del Estado De Chile |  |  |
| 2.70%, 01/09/25 (a) | 1180 | 1119 |
| Banco Santander Mexico S.A., Institucion De Banca Multiple, Grupo Financiero Santander Mexico |  |  |
| 5.38%, 04/17/25 (c) | 3500 | 3465 |
| Banco Santander, S.A. |  |  |
| 3.50%, 03/24/25 (b) | 2600 | 2508 |
| Bank of America Corporation |  |  |
| 0.81%, 10/24/24 | 1465 | 1404 |
| 1.84%, 02/04/25 | 1830 | 1753 |
| 0.98%, 04/22/25 | 2665 | 2498 |
| 3.84%, 04/25/25 | 1535 | 1498 |
| 3.38%, 04/02/26 | 2260 | 2161 |
| 1.73%, 07/22/27 | 1885 | 1652 |
| Bank of Ireland Group Public Limited Company |  |  |
| 4.50%, 11/25/23 (a) | 7155 | 7057 |
| Bank of Montreal |  |  |
| 4.25%, 09/14/24 (b) | 1695 | 1672 |
| 3.70%, 06/07/25 (b) | 9690 | 9391 |
| Banque Federative du Credit Mutuel |  |  |
| 0.65%, 02/27/24 (a) | 2390 | 2263 |
| 1.00%, 02/04/25 (a) | 2780 | 2540 |
| Barclays PLC |  |  |
| 4.34%, 05/16/24 (b) | 1650 | 1638 |
| 1.01%, 12/10/24 | 2165 | 2061 |
| 5.30%, 08/09/26 (b) | 1810 | 1789 |
| 7.33%, 11/02/26 (b) | 1680 | 1739 |
| BPCE |  |  |
| 5.70%, 10/22/23 (a) | 6595 | 6578 |
| Brighthouse Financial, Inc. |  |  |
| 0.60%, 06/28/23 (a) | 2115 | 2072 |
| 1.00%, 04/12/24 (a) | 2150 | 2022 |
| Canadian Imperial Bank of Commerce |  |  |
| 3.95%, 08/04/25 (b) | 2615 | 2554 |
| Capital One Financial Corporation |  |  |
| 3.20%, 01/30/23 | 1540 | 1538 |
| 3.50%, 06/15/23 | 1125 | 1118 |
| 3.90%, 01/29/24 | 1295 | 1279 |
| 2.64%, 03/03/26 | 2305 | 2157 |
| 4.99%, 07/24/26 | 2000 | 1962 |
| Citigroup Inc. |  |  |
| 0.98%, 05/01/25 | 2205 | 2064 |
| 4.14%, 05/24/25 | 2040 | 2009 |
| 3.11%, 04/08/26 | 2055 | 1944 |
| CNO Global Funding |  |  |
| 1.65%, 01/06/25 (a) | 3055 | 2833 |
| 1.75%, 10/07/26 (a) | 2515 | 2213 |
| Corebridge Financial, Inc. |  |  |
| 3.50%, 04/04/25 (a) | 1650 | 1582 |
| Credit Agricole SA |  |  |
| 5.34%, (3 Month USD LIBOR + 1.02%), 04/24/23 (a) (b) (d) | 1605 | 1605 |
| Credit Suisse AG |  |  |
| 1.00%, 05/05/23 | 3145 | 3079 |
| Credit Suisse Group AG |  |  |
| 6.37%, 07/15/26 (a) (b) | 2570 | 2405 |
| Danske Bank A/S |  |  |
| 5.38%, 01/12/24 (a) | 2390 | 2379 |
| 1.23%, 06/22/24 (a) | 3110 | 2895 |
| 3.77%, 03/28/25 (a) | 1480 | 1432 |
| Equitable Financial Life Global Funding |  |  |
| 0.50%, 11/17/23 (a) | 3360 | 3223 |
| 1.10%, 11/12/24 (a) | 2070 | 1916 |
| Equitable Holdings, Inc. |  |  |
| 3.90%, 04/20/23 | 1205 | 1202 |
| Fifth Third Bank, National Association |  |  |
| 5.85%, 10/27/25 | 3230 | 3264 |
| First American Financial Corporation |  |  |
| 4.60%, 11/15/24 | 1715 | 1688 |
| HSBC Holdings PLC |  |  |
| 1.16%, 11/22/24 (b) | 1725 | 1642 |
| 1.65%, 04/18/26 (b) | 3965 | 3580 |
| JPMorgan Chase & Co. |  |  |
| 0.82%, 06/01/25 | 2435 | 2273 |
| 3.85%, 06/14/25 | 2000 | 1957 |
| 2.08%, 04/22/26 | 3900 | 3618 |
| 4.08%, 04/26/26 | 1935 | 1881 |
| 4.65%, (SOFR + 0.89%), 04/22/27 (d) | 1540 | 1494 |
| KeyCorp |  |  |
| 3.88%, 05/23/25 | 850 | 832 |
| LeasePlan Corporation N.V. |  |  |
| 2.88%, 10/24/24 (a) | 2670 | 2507 |
| Lloyds Banking Group PLC |  |  |
| 4.50%, 11/04/24 (b) | 965 | 943 |
| LSEGA Financing PLC |  |  |
| 0.65%, 04/06/24 (a) | 3520 | 3306 |
| Marsh & Mclennan Companies, Inc. |  |  |
| 3.88%, 03/15/24 | 1905 | 1878 |
| Mitsubishi UFJ Financial Group Inc |  |  |
| 0.95%, 07/19/25 | 4130 | 3841 |
| 5.06%, 09/12/25 | 1660 | 1649 |
| Moody's Corporation |  |  |
| 3.75%, 03/24/25 | 2275 | 2215 |
| Morgan Stanley |  |  |
| 4.43%, (SOFR + 0.47%), 11/10/23 (d) | 3035 | 3023 |
| 0.53%, 01/25/24 | 1815 | 1806 |
| 0.73%, 04/05/24 | 2500 | 2464 |
| 3.62%, 04/17/25 | 2120 | 2068 |
| 2.63%, 02/18/26 | 2170 | 2040 |
| 6.14%, 10/16/26 | 2325 | 2375 |
| NatWest Markets PLC |  |  |
| 2.38%, 05/21/23 (a) | 2935 | 2899 |
| 0.80%, 08/12/24 (a) | 1695 | 1573 |
| 3.48%, 03/22/25 (a) | 1220 | 1168 |
| Nordea Bank Abp |  |  |
| 3.60%, 06/06/25 (a) | 7000 | 6749 |
| Northwestern Mutual Global Funding |  |  |
| 4.35%, 09/15/27 (a) | 2005 | 1953 |
| Principal Life Global Funding II |  |  |
| 0.75%, 04/12/24 (a) | 1500 | 1415 |
| QNB Finance Ltd |  |  |
| 3.50%, 03/28/24 (c) | 2700 | 2632 |
| 2.63%, 05/12/25 (c) | 1500 | 1415 |
| S&P Global Inc. |  |  |
| 2.45%, 03/01/27 (a) | 4405 | 4024 |
| Santander Holdings USA, Inc. |  |  |
| 2.49%, 01/06/28 | 1660 | 1428 |
| Skandinaviska Enskilda Banken AB |  |  |
| 3.70%, 06/09/25 (a) | 8355 | 8062 |
| Societe Generale |  |  |
| 2.63%, 10/16/24 (a) | 315 | 298 |
| Standard Chartered PLC |  |  |
| 3.95%, 01/11/23 (a) | 3470 | 3468 |
| 3.89%, 03/15/24 (a) | 370 | 368 |
| 0.99%, 01/12/25 (a) | 1040 | 980 |
| 1.21%, 03/23/25 (a) | 200 | 188 |
| 1.82%, 11/23/25 (a) | 1085 | 992 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

670

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Svenska Handelsbanken AB |  |  |
| 0.55%, 06/11/24 (a) | 1815 | 1701 |
| 1.42%, 06/11/27 (a) | 1755 | 1538 |
| Swedbank AB |  |  |
| 1.30%, 06/02/23 (a) | 2290 | 2256 |
| 0.60%, 09/25/23 (a) | 2620 | 2540 |
| Synchrony Financial |  |  |
| 4.25%, 08/15/24 | 4690 | 4587 |
| The Bank of New York Mellon Corporation |  |  |
| 4.41%, 07/24/26 | 2210 | 2178 |
| The Charles Schwab Corporation |  |  |
| 4.20%, 03/24/25 | 2365 | 2341 |
| 2.45%, 03/03/27 | 4315 | 3944 |
| The Goldman Sachs Group, Inc. |  |  |
| 0.67%, 03/08/24 | 1225 | 1210 |
| 0.66%, 09/10/24 | 1995 | 1920 |
| 0.93%, 10/21/24 | 1285 | 1234 |
| 1.76%, 01/24/25 | 1720 | 1646 |
| 3.50%, 04/01/25 | 2495 | 2401 |
| 4.48%, 08/23/28 | 2015 | 1927 |
| The PNC Financial Services Group, Inc. |  |  |
| 5.67%, 10/28/25 | 3130 | 3168 |
| The Toronto-Dominion Bank |  |  |
| 3.77%, 06/06/25 (b) | 8000 | 7764 |
| Toyota Motor Credit Corporation |  |  |
| 3.95%, 06/30/25 | 3830 | 3757 |
| 5.40%, 11/10/25 | 2590 | 2630 |
| Truist Financial Corporation |  |  |
| 4.53%, (SOFR + 0.40%), 06/09/25 (d) | 1795 | 1756 |
| U.S. Bancorp |  |  |
| 5.73%, 10/21/26 | 1390 | 1417 |
| 4.55%, 07/22/28 | 3495 | 3424 |
| UBS Group AG |  |  |
| 1.01%, 07/30/24 (a) (b) | 3505 | 3406 |
| 4.49%, 08/05/25 (a) (b) | 2915 | 2864 |
| 4.49%, 05/12/26 (a) | 695 | 676 |
| 1.49%, 08/10/27 (a) (b) | 905 | 779 |
| Wells Fargo & Company |  |  |
| 1.65%, 06/02/24 | 1850 | 1821 |
| 3.91%, 04/25/26 | 2230 | 2166 |
| 2.19%, 04/30/26 | 1780 | 1657 |
| 4.54%, 08/15/26 | 2530 | 2481 |
| 3.53%, 03/24/28 | 1450 | 1344 |
| Westpac Banking Corporation |  |  |
| 5.35%, 10/18/24 | 5380 | 5417 |
| | | 296919 |
| **Consumer Discretionary 4.5%** | **Consumer Discretionary 4.5%** | **Consumer Discretionary 4.5%** |
| 7-Eleven, Inc. |  |  |
| 0.63%, 02/10/23 (a) | 920 | 915 |
| 0.80%, 02/10/24 (a) | 1490 | 1417 |
| Aptiv PLC |  |  |
| 2.40%, 02/18/25 | 2500 | 2358 |
| AutoZone, Inc. |  |  |
| 3.13%, 04/18/24 | 3930 | 3827 |
| 3.63%, 04/15/25 | 1020 | 988 |
| Brunswick Corporation |  |  |
| 0.85%, 08/18/24 | 2855 | 2638 |
| Daimler Trucks Finance North America LLC |  |  |
| 1.63%, 12/13/24 (a) | 2365 | 2199 |
| General Motors Company |  |  |
| 4.88%, 10/02/23 | 1860 | 1859 |
| General Motors Financial Company, Inc. |  |  |
| 2.90%, 02/26/25 | 4445 | 4219 |
| Genuine Parts Company |  |  |
| 1.75%, 02/01/25 | 890 | 831 |
| Hasbro, Inc. |  |  |
| 3.00%, 11/19/24 (e) | 4130 | 3968 |
| Hyatt Hotels Corporation |  |  |
| 1.30%, 10/01/23 (e) | 1365 | 1324 |
| Hyundai Capital America |  |  |
| 2.38%, 02/10/23 (a) | 4275 | 4262 |
| 0.80%, 01/08/24 (a) | 1810 | 1724 |
| 0.88%, 06/14/24 (a) | 1685 | 1573 |
| 1.00%, 09/17/24 (a) | 1065 | 980 |
| Hyundai Capital Services, Inc. |  |  |
| 2.13%, 04/24/25 (a) | 830 | 760 |
| Lowe`s Companies, Inc. |  |  |
| 4.40%, 09/08/25 | 2850 | 2812 |
| 3.35%, 04/01/27 | 680 | 639 |
| Magallanes, Inc. |  |  |
| 3.76%, 03/15/27 (a) | 6090 | 5496 |
| Marriott International, Inc. |  |  |
| 3.13%, 02/15/23 | 800 | 798 |
| 3.60%, 04/15/24 | 4495 | 4404 |
| Mercedes-Benz Finance North America LLC |  |  |
| 1.75%, 03/10/23 (a) | 3440 | 3420 |
| Nissan Motor Acceptance Corporation |  |  |
| 3.88%, 09/21/23 (a) | 2150 | 2114 |
| Nissan Motor Co., Ltd. |  |  |
| 3.04%, 09/15/23 (a) | 3815 | 3735 |
| Nordstrom, Inc. |  |  |
| 2.30%, 04/08/24 | 390 | 365 |
| QVC, Inc. |  |  |
| 4.85%, 04/01/24 | 3375 | 3134 |
| Ross Stores, Inc. |  |  |
| 3.38%, 09/15/24 | 1225 | 1184 |
| 4.60%, 04/15/25 | 4860 | 4823 |
| 0.88%, 04/15/26 | 1360 | 1196 |
| Stellantis Finance US Inc. |  |  |
| 1.71%, 01/29/27 (a) | 1630 | 1401 |
| Volkswagen Group of America, Inc. |  |  |
| 3.13%, 05/12/23 (a) | 705 | 700 |
| 0.88%, 11/22/23 (a) | 1655 | 1589 |
| 3.95%, 06/06/25 (a) | 4965 | 4807 |
|  |  | 78459 |
| **Health Care 4.0%** | **Health Care 4.0%** | **Health Care 4.0%** |
| AbbVie Inc. |  |  |
| 2.60%, 11/21/24 | 6035 | 5778 |
| 3.20%, 05/14/26 | 395 | 374 |
| 2.95%, 11/21/26 | 4415 | 4110 |
| Aetna Inc. |  |  |
| 2.80%, 06/15/23 | 1245 | 1232 |
| AmerisourceBergen Corporation |  |  |
| 0.74%, 03/15/23 | 2121 | 2104 |
| Bayer US Finance II LLC |  |  |
| 3.88%, 12/15/23 (a) | 3865 | 3826 |
| Becton, Dickinson and Company |  |  |
| 3.36%, 06/06/24 | 4339 | 4240 |
| 3.73%, 12/15/24 | 724 | 706 |
| Cardinal Health, Inc. |  |  |
| 3.20%, 03/15/23 | 1770 | 1764 |
| 3.08%, 06/15/24 | 1445 | 1404 |
| 3.50%, 11/15/24 | 2425 | 2356 |
| CVS Health Corporation |  |  |
| 2.88%, 06/01/26 | 1055 | 986 |
| 3.00%, 08/15/26 | 890 | 831 |
| Elevance Health, Inc. |  |  |
| 5.35%, 10/15/25 | 795 | 804 |
| HCA Inc. |  |  |
| 3.13%, 03/15/27 (a) | 2280 | 2074 |
| Health Care Service Corporation, A Mutual Legal Reserve Company |  |  |
| 1.50%, 06/01/25 (a) | 3585 | 3295 |
| Humana Inc. |  |  |
| 0.65%, 08/03/23 | 1345 | 1312 |
| 3.85%, 10/01/24 | 3000 | 2942 |
| 4.50%, 04/01/25 | 2190 | 2165 |
| 1.35%, 02/03/27 | 675 | 583 |
| 5.75%, 03/01/28 | 810 | 828 |
| PeaceHealth |  |  |
| 1.38%, 11/15/25 | 470 | 421 |
| PerkinElmer, Inc. |  |  |
| 0.55%, 09/15/23 | 1625 | 1574 |
| 0.85%, 09/15/24 | 6205 | 5758 |
| Perrigo Finance Unlimited Company |  |  |
| 3.90%, 12/15/24 | 7165 | 6753 |
| Royalty Pharma PLC |  |  |
| 0.75%, 09/02/23 | 1895 | 1844 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

671

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Shire Acquisitions Investments Ireland Designated Activity Company |  |  |
| 2.88%, 09/23/23 | 1076 | 1061 |
| UnitedHealth Group Incorporated |  |  |
| 5.15%, 10/15/25 | 2310 | 2338 |
| 3.70%, 05/15/27 | 2240 | 2167 |
| 5.25%, 02/15/28 | 1660 | 1699 |
| Viatris Inc. |  |  |
| 1.65%, 06/22/25 | 1110 | 1006 |
| Zoetis Inc. |  |  |
| 5.40%, 11/14/25 | 2040 | 2080 |
| | | 70415 |
| **Energy 3.7%** | **Energy 3.7%** | **Energy 3.7%** |
| Aker BP ASA |  |  |
| 3.00%, 01/15/25 (a) | 3285 | 3113 |
| APT Pipelines Limited |  |  |
| 4.20%, 03/23/25 (a) | 5101 | 4924 |
| Canadian Natural Resources Limited |  |  |
| 3.80%, 04/15/24 | 1605 | 1576 |
| 2.05%, 07/15/25 | 3310 | 3081 |
| Cheniere Corpus Christi Holdings, LLC |  |  |
| 7.00%, 06/30/24 | 5410 | 5506 |
| 5.88%, 03/31/25 | 3160 | 3178 |
| Devon Energy Corporation |  |  |
| 8.25%, 08/01/23 | 1180 | 1206 |
| Enbridge Inc. |  |  |
| 4.38%, (SOFR + 0.40%), 02/17/23 (d) | 955 | 955 |
| 4.00%, 10/01/23 | 4065 | 4022 |
| 2.50%, 01/15/25 - 02/14/25 | 4070 | 3848 |
| Energy Transfer LP |  |  |
| 4.25%, 03/15/23 | 4050 | 4041 |
| 4.20%, 09/15/23 | 575 | 570 |
| 5.88%, 01/15/24 | 4795 | 4807 |
| 4.90%, 02/01/24 | 1885 | 1869 |
| 2.90%, 05/15/25 | 480 | 452 |
| Eni S.p.A. |  |  |
| 4.00%, 09/12/23 (a) | 3950 | 3890 |
| EOG Resources, Inc. |  |  |
| 2.63%, 03/15/23 | 594 | 591 |
| Equinor ASA |  |  |
| 2.88%, 04/06/25 | 3880 | 3720 |
| Gray Oak Pipeline, LLC |  |  |
| 2.00%, 09/15/23 (a) | 1270 | 1235 |
| 2.60%, 10/15/25 (a) | 940 | 852 |
| Pioneer Natural Resources Company |  |  |
| 0.55%, 05/15/23 | 1540 | 1514 |
| Plains All American Pipeline, L.P. |  |  |
| 2.85%, 01/31/23 | 3233 | 3228 |
| Sabine Pass Liquefaction, LLC |  |  |
| 5.75%, 05/15/24 | 2585 | 2588 |
| 5.63%, 03/01/25 | 2495 | 2499 |
| Schlumberger Canada Limited |  |  |
| 1.40%, 09/17/25 | 695 | 636 |
| Sunoco Logistics Partners Operations L.P. |  |  |
| 3.45%, 01/15/23 | 225 | 225 |
| 4.25%, 04/01/24 | 785 | 770 |
| Williams Partners L.P. |  |  |
| 4.30%, 03/04/24 | 635 | 626 |
|  |  | 65522 |
| **Utilities 3.1%** | **Utilities 3.1%** | **Utilities 3.1%** |
| Alexander Funding Trust |  |  |
| 1.84%, 11/15/23 (a) | 2220 | 2106 |
| DTE Energy Company |  |  |
| 4.22%, 11/01/24 (f) | 2405 | 2367 |
| Edison International |  |  |
| 2.95%, 03/15/23 | 1400 | 1394 |
| Enel Finance International N.V. |  |  |
| 2.65%, 09/10/24 (a) | 3310 | 3170 |
| 6.80%, 10/14/25 (a) | 400 | 412 |
| 1.38%, 07/12/26 (a) | 2750 | 2383 |
| Eversource Energy |  |  |
| 4.20%, 06/27/24 | 3440 | 3401 |
| Korea Electric Power Corp |  |  |
| 5.38%, 04/06/26 (a) | 4300 | 4326 |
| Korea Hydro & Nuclear Power Co., Ltd |  |  |
| 1.25%, 04/27/26 (a) | 3519 | 3102 |
| 4.25%, 07/27/27 (a) | 1120 | 1076 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.45%, 06/20/25 | 3070 | 3036 |
| 1.88%, 01/15/27 | 2770 | 2453 |
| NRG Energy, Inc. |  |  |
| 3.75%, 06/15/24 (a) | 1420 | 1368 |
| Pacific Gas And Electric Company |  |  |
| 3.50%, 06/15/25 | 2405 | 2273 |
| Sempra Energy |  |  |
| 3.30%, 04/01/25 | 1505 | 1444 |
| Southern California Gas Company |  |  |
| 2.95%, 04/15/27 | 1625 | 1502 |
| Tenaga Nasional Berhad |  |  |
| 7.50%, 11/01/25 (c) | 2800 | 2916 |
| The AES Corporation |  |  |
| 3.30%, 07/15/25 (a) | 1640 | 1549 |
| The Israel Electric Corporation Ltd. |  |  |
| 5.00%, 11/12/24 (a) | 2440 | 2407 |
| Vistra Operations Company LLC |  |  |
| 3.55%, 07/15/24 (a) | 10980 | 10537 |
| 5.13%, 05/13/25 (a) | 2260 | 2212 |
|  |  | 55434 |
| **Information Technology 3.1%** | **Information Technology 3.1%** | **Information Technology 3.1%** |
| Amphenol Corporation |  |  |
| 2.05%, 03/01/25 | 1695 | 1591 |
| CDW Finance Corporation |  |  |
| 5.50%, 12/01/24 | 765 | 763 |
| Fidelity National Information Services, Inc. |  |  |
| 0.38%, 03/01/23 | 3000 | 2976 |
| 0.60%, 03/01/24 | 1440 | 1363 |
| 4.50%, 07/15/25 | 1320 | 1296 |
| Fiserv, Inc. |  |  |
| 3.80%, 10/01/23 (e) | 920 | 912 |
| 2.75%, 07/01/24 | 5115 | 4934 |
| 3.85%, 06/01/25 (e) | 1406 | 1364 |
| Fortinet, Inc. |  |  |
| 1.00%, 03/15/26 | 1745 | 1526 |
| HCL America Inc. |  |  |
| 1.38%, 03/10/26 (a) | 4600 | 4065 |
| Marvell Technology, Inc. |  |  |
| 4.20%, 06/22/23 | 2410 | 2404 |
| Microchip Technology Incorporated |  |  |
| 2.67%, 09/01/23 | 2205 | 2161 |
| 0.97%, 02/15/24 | 3180 | 3023 |
| 0.98%, 09/01/24 | 2465 | 2286 |
| NXP B.V. |  |  |
| 4.88%, 03/01/24 | 2578 | 2559 |
| 2.70%, 05/01/25 | 1950 | 1833 |
| 3.88%, 06/18/26 | 1355 | 1290 |
| 4.40%, 06/01/27 | 295 | 283 |
| Oracle Corporation |  |  |
| 2.50%, 04/01/25 | 5485 | 5169 |
| 5.80%, 11/10/25 | 1370 | 1399 |
| Qorvo, Inc. |  |  |
| 1.75%, 12/15/24 (a) | 1120 | 1029 |
| Roper Technologies, Inc. |  |  |
| 3.65%, 09/15/23 | 700 | 693 |
| 2.35%, 09/15/24 | 825 | 789 |
| 1.00%, 09/15/25 | 685 | 614 |
| Skyworks Solutions, Inc. |  |  |
| 0.90%, 06/01/23 | 775 | 764 |
| The Western Union Company |  |  |
| 2.85%, 01/10/25 (e) | 5004 | 4771 |
| VMware, Inc. |  |  |
| 0.60%, 08/15/23 | 1620 | 1578 |
| Workday, Inc. |  |  |
| 3.50%, 04/01/27 | 975 | 912 |
|  |  | 54347 |
| **Communication Services 2.9%** | **Communication Services 2.9%** | **Communication Services 2.9%** |
| Charter Communications Operating, LLC |  |  |
| 4.91%, 07/23/25 | 9010 | 8831 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

672

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Comcast Corporation |  |  |
| 5.25%, 11/07/25 | 985 | 998 |
| Cox Communications, Inc. |  |  |
| 3.15%, 08/15/24 (a) | 4429 | 4270 |
| KT Corp |  |  |
| 4.00%, 08/08/25 (a) | 3095 | 2988 |
| NBN Co Limited |  |  |
| 1.45%, 05/05/26 (a) | 4440 | 3925 |
| NTT Finance Corporation |  |  |
| 4.14%, 07/26/24 (a) | 855 | 841 |
| 4.24%, 07/25/25 (a) | 755 | 741 |
| PCCW-HKT Capital No. 2 Limited |  |  |
| 3.63%, 04/02/25 (c) | 4100 | 3924 |
| Rogers Communications Inc. |  |  |
| 3.20%, 03/15/27 (a) | 2725 | 2521 |
| SES |  |  |
| 3.60%, 04/04/23 (a) | 1940 | 1930 |
| Sky Limited |  |  |
| 3.75%, 09/16/24 (a) | 7100 | 6933 |
| Take-Two Interactive Software, Inc. |  |  |
| 3.30%, 03/28/24 | 1755 | 1714 |
| 3.55%, 04/14/25 | 590 | 567 |
| T-Mobile USA, Inc. |  |  |
| 3.50%, 04/15/25 | 2330 | 2242 |
| Verizon Communications Inc. |  |  |
| 0.85%, 11/20/25 | 2560 | 2286 |
| 1.45%, 03/20/26 | 3000 | 2695 |
| 2.63%, 08/15/26 | 3330 | 3076 |
| | | 50482 |
| **Materials 2.4%** | **Materials 2.4%** | **Materials 2.4%** |
| Amcor Flexibles North America, Inc. |  |  |
| 4.00%, 05/17/25 | 1505 | 1464 |
| Anglo American Capital PLC |  |  |
| 3.63%, 09/11/24 (a) | 3000 | 2905 |
| ArcelorMittal |  |  |
| 3.60%, 07/16/24 | 920 | 892 |
| Celanese US Holdings LLC |  |  |
| 5.90%, 07/05/24 (e) | 4325 | 4323 |
| 6.05%, 03/15/25 (e) | 5345 | 5330 |
| Celulosa Arauco y Constitucion S.A. |  |  |
| 4.50%, 08/01/24 | 1530 | 1508 |
| Ecolab Inc. |  |  |
| 1.65%, 02/01/27 | 880 | 780 |
| 5.25%, 01/15/28 | 2840 | 2895 |
| LG Chem, Ltd. |  |  |
| 3.25%, 10/15/24 (c) | 3400 | 3270 |
| LYB International Finance III, LLC |  |  |
| 1.25%, 10/01/25 | 1717 | 1535 |
| Martin Marietta Materials, Inc. |  |  |
| 0.65%, 07/15/23 | 1015 | 989 |
| 4.25%, 07/02/24 | 4915 | 4851 |
| Nucor Corporation |  |  |
| 3.95%, 05/23/25 | 1005 | 983 |
| 2.00%, 06/01/25 | 695 | 647 |
| POSCO Holdings Inc. |  |  |
| 2.38%, 01/17/23 (a) | 3435 | 3431 |
| 4.38%, 08/04/25 (c) | 900 | 867 |
| Steel Dynamics, Inc. |  |  |
| 2.80%, 12/15/24 | 2571 | 2445 |
| The Sherwin-Williams Company |  |  |
| 4.05%, 08/08/24 | 675 | 667 |
| 3.45%, 08/01/25 | 1915 | 1842 |
| 4.25%, 08/08/25 | 1010 | 994 |
| Westlake Corporation |  |  |
| 0.88%, 08/15/24 | 425 | 395 |
|  |  | 43013 |
| **Consumer Staples 2.2%** | **Consumer Staples 2.2%** | **Consumer Staples 2.2%** |
| Anheuser-Busch Companies, LLC |  |  |
| 3.65%, 02/01/26 | 1530 | 1474 |
| B.A.T. International Finance P.L.C. |  |  |
| 1.67%, 03/25/26 | 2150 | 1904 |
| 4.45%, 03/16/28 | 3955 | 3661 |
| Coca-Cola Europacific Partners PLC |  |  |
| 0.80%, 05/03/24 (a) | 6635 | 6237 |
| Constellation Brands, Inc. |  |  |
| 3.60%, 05/09/24 | 1820 | 1783 |
| CSL Finance PLC |  |  |
| 3.85%, 04/27/27 (a) | 730 | 698 |
| Diageo Capital PLC |  |  |
| 1.38%, 09/29/25 | 1345 | 1233 |
| 5.20%, 10/24/25 | 1600 | 1615 |
| HPHT Finance (19) Limited |  |  |
| 2.88%, 11/05/24 (c) | 2957 | 2816 |
| HPHT Limited |  |  |
| 1.50%, 09/17/26 (c) | 2400 | 2097 |
| Imperial Brands Finance PLC |  |  |
| 3.13%, 07/26/24 (a) (e) | 5020 | 4800 |
| 4.25%, 07/21/25 (a) (e) | 1130 | 1079 |
| JDE Peet's N.V. |  |  |
| 0.80%, 09/24/24 (a) | 1260 | 1152 |
| Mondelez International Holdings Netherlands B.V. |  |  |
| 4.25%, 09/15/25 (a) | 1850 | 1809 |
| Mondelez International, Inc. |  |  |
| 2.63%, 03/17/27 | 1625 | 1474 |
| Philip Morris International Inc. |  |  |
| 5.13%, 11/15/24 | 2685 | 2687 |
| 5.00%, 11/17/25 | 1320 | 1327 |
| RELX Capital Inc. |  |  |
| 3.50%, 03/16/23 | 1380 | 1375 |
|  |  | 39221 |
| **Industrials 2.1%** | **Industrials 2.1%** | **Industrials 2.1%** |
| Air Lease Corporation |  |  |
| 2.25%, 01/15/23 | 1680 | 1678 |
| Canadian Pacific Railway Limited |  |  |
| 1.35%, 12/02/24 | 2945 | 2748 |
| 1.75%, 12/02/26 | 1290 | 1150 |
| Carrier Global Corporation |  |  |
| 2.24%, 02/15/25 | 483 | 455 |
| DAE Funding LLC |  |  |
| 1.55%, 08/01/24 (a) | 1185 | 1104 |
| Equifax Inc. |  |  |
| 3.95%, 06/15/23 | 440 | 437 |
| GATX Corporation |  |  |
| 3.90%, 03/30/23 | 750 | 747 |
| 4.35%, 02/15/24 | 4215 | 4158 |
| 3.25%, 03/30/25 | 1250 | 1190 |
| Kansas City Southern |  |  |
| 3.00%, 05/15/23 | 2280 | 2267 |
| NTT Finance Corporation |  |  |
| 0.58%, 03/01/24 (a) | 1245 | 1181 |
| Otis Worldwide Corporation |  |  |
| 2.06%, 04/05/25 | 2010 | 1882 |
| Park Aerospace Holdings Limited |  |  |
| 4.50%, 03/15/23 (a) | 1810 | 1805 |
| 5.50%, 02/15/24 (a) | 861 | 850 |
| Parker-Hannifin Corporation |  |  |
| 3.65%, 06/15/24 | 3765 | 3685 |
| Penske Truck Leasing Co., L.P. |  |  |
| 3.45%, 07/01/24 (a) | 3465 | 3347 |
| Republic Services, Inc. |  |  |
| 2.50%, 08/15/24 | 1975 | 1893 |
| 0.88%, 11/15/25 | 863 | 771 |
| SMBC Aviation Capital Finance Designated Activity Company |  |  |
| 4.13%, 07/15/23 (a) | 976 | 966 |
| 3.55%, 04/15/24 (a) | 1810 | 1751 |
| Triton Container International Limited |  |  |
| 0.80%, 08/01/23 (a) | 3260 | 3168 |
|  |  | 37233 |
| **Real Estate 1.8%** | **Real Estate 1.8%** | **Real Estate 1.8%** |
| American Tower Corporation |  |  |
| 2.40%, 03/15/25 | 1425 | 1341 |
| Brixmor Operating Partnership LP |  |  |
| 3.65%, 06/15/24 | 4307 | 4179 |
| Crown Castle Inc. |  |  |
| 3.15%, 07/15/23 | 1295 | 1279 |
| 3.20%, 09/01/24 | 835 | 807 |
| 1.05%, 07/15/26 | 2800 | 2420 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

673

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 2.90%, 03/15/27 | 1910 | 1739 |
| Essex Portfolio, L.P. |  |  |
| 3.88%, 05/01/24 | 1890 | 1849 |
| Kilroy Realty, L.P. |  |  |
| 3.45%, 12/15/24 | 1250 | 1195 |
| 4.38%, 10/01/25 | 1505 | 1457 |
| Public Storage, Inc. |  |  |
| 4.24%, (SOFR + 0.47%), 04/23/24 (d) | 1235 | 1227 |
| Realty Income Corporation |  |  |
| 3.88%, 04/15/25 | 2000 | 1956 |
| Simon Property Group, L.P. |  |  |
| 2.00%, 09/13/24 | 1030 | 979 |
| 3.38%, 10/01/24 | 1980 | 1924 |
| W.P. Carey Inc. |  |  |
| 4.60%, 04/01/24 | 4210 | 4172 |
| Weingarten Realty Investors |  |  |
| 4.45%, 01/15/24 | 5000 | 4942 |
| | | 31466 |
| Total Corporate Bonds And Notes (cost $857,838) | Total Corporate Bonds And Notes (cost $857,838) | 822511 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 26.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 26.1%** | **GOVERNMENT AND AGENCY OBLIGATIONS 26.1%** |
| **U.S. Treasury Note 21.2%** | **U.S. Treasury Note 21.2%** | **U.S. Treasury Note 21.2%** |
| Treasury, United States Department of |  |  |
| 2.50%, 05/31/24 | 3055 | 2963 |
| 3.00%, 07/31/24 | 8500 | 8289 |
| 3.25%, 08/31/24 (g) | 34405 | 33695 |
| 4.38%, 10/31/24 | 85095 | 84842 |
| 4.50%, 11/30/24 - 11/15/25 | 82575 | 82876 |
| 1.75%, 03/15/25 | 59565 | 56261 |
| 2.75%, 05/15/25 | 99025 | 95435 |
| 4.00%, 12/15/25 | 8665 | 8611 |
|  |  | 372972 |
| **Mortgage-Backed Securities 3.3%** | **Mortgage-Backed Securities 3.3%** | **Mortgage-Backed Securities 3.3%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 5.00%, 12/01/23 - 12/01/41 | 345 | 349 |
| 4.00%, (1 Year USD LIBOR + 1.75%), 09/01/33 (d) | 4 | 4 |
| 4.23%, (1 Year Treasury + 2.17%), 09/01/33 (d) | 11 | 11 |
| 6.00%, 09/01/34 - 11/01/37 | 317 | 330 |
| 4.21%, (1 Year Treasury + 2.11%), 10/01/34 (d) | 7 | 7 |
| 3.00%, 11/01/34 | 208 | 197 |
| 4.14%, (1 Year USD LIBOR + 1.89%), 11/01/34 (d) | 6 | 6 |
| 4.15%, (1 Year USD LIBOR + 1.90%), 11/01/34 (d) | 5 | 5 |
| 4.38%, (1 Year Treasury + 2.25%), 11/01/34 (d) | 13 | 13 |
| 1.94%, (1 Year USD LIBOR + 1.68%), 01/01/35 (d) | 4 | 4 |
| 2.03%, (1 Year USD LIBOR + 1.68%), 02/01/35 (d) | 4 | 4 |
| 2.05%, (1 Year USD LIBOR + 1.63%), 02/01/35 (d) | 8 | 8 |
| 2.05%, (1 Year USD LIBOR + 1.62%), 02/01/35 (d) | 3 | 3 |
| 2.23%, (1 Year USD LIBOR + 1.90%), 02/01/35 (d) | 7 | 7 |
| 2.49%, (1 Year Treasury + 2.11%), 02/01/35 (d) | 10 | 10 |
| 2.63%, (1 Year Treasury + 2.25%), 02/01/35 (d) | 10 | 10 |
| 3.68%, (1 Year USD LIBOR + 1.75%), 06/01/35 (d) | 96 | 96 |
| 4.49%, (1 Year Treasury + 2.37%), 09/01/35 (d) | 182 | 185 |
| 3.63%, (1 Year USD LIBOR + 1.68%), 10/01/35 (d) | 23 | 23 |
| 3.98%, (1 Year USD LIBOR + 1.73%), 11/01/35 (d) | 40 | 40 |
| 2.13%, (1 Year USD LIBOR + 1.60%), 03/01/36 (d) | 46 | 46 |
| 4.50%, 09/01/37 | 622 | 619 |
| 7.50%, 06/01/38 | 210 | 223 |
| 7.00%, 03/01/39 | 223 | 236 |
| 4.00%, 12/01/49 - 10/01/52 | 1518 | 1435 |
| 2.50%, 01/01/52 | 2802 | 2391 |
| Federal National Mortgage Association, Inc. |  |  |
| 5.00%, 05/01/23 - 08/01/52 | 2143 | 2152 |
| 5.50%, 01/01/24 - 12/01/39 | 3013 | 3097 |
| 3.50%, 11/01/26 - 01/01/52 | 3896 | 3604 |
| 3.00%, 09/01/28 - 06/01/52 | 5187 | 4718 |
| 6.50%, 07/01/32 - 12/01/32 | 163 | 171 |
| 2.32%, (1 Year USD LIBOR + 1.62%), 03/01/33 (d) | 1 | 1 |
| 3.03%, (6 Month USD LIBOR + 1.41%), 06/01/33 (d) | 4 | 4 |
| 3.18%, (1 Year Treasury + 2.18%), 06/01/33 (d) | 52 | 53 |
| 3.13%, (1 Year Treasury + 2.13%), 07/01/33 (d) | 2 | 2 |
| 3.71%, (1 Year Treasury + 2.22%), 12/01/33 (d) | 65 | 66 |
| 6.00%, 03/01/34 - 02/01/49 | 2382 | 2479 |
| 3.49%, (1 Year Treasury + 2.30%), 04/01/34 (d) | 1 | 1 |
| 3.83%, (1 Year USD LIBOR + 1.58%), 10/01/34 (d) | 3 | 3 |
| 3.60%, (1 Year USD LIBOR + 1.35%), 11/01/34 (d) | 1 | 1 |
| 3.92%, (1 Year USD LIBOR + 1.67%), 11/01/34 (d) | 11 | 11 |
| 4.03%, (1 Year Treasury + 2.36%), 11/01/34 (d) | 62 | 63 |
| 2.60%, (1 Year USD LIBOR + 1.68%), 12/01/34 (d) | 6 | 6 |
| 1.89%, (1 Year USD LIBOR + 1.51%), 01/01/35 (d) | 12 | 12 |
| 1.93%, (1 Year USD LIBOR + 1.56%), 01/01/35 (d) | 8 | 8 |
| 1.97%, (1 Year USD LIBOR + 1.60%), 01/01/35 (d) | 9 | 9 |
| 2.52%, (1 Year USD LIBOR + 1.63%), 01/01/35 (d) | 3 | 3 |
| 1.96%, (1 Year USD LIBOR + 1.64%), 02/01/35 (d) | 5 | 5 |
| 2.84%, (1 Year Treasury + 2.20%), 02/01/35 (d) | 12 | 12 |
| 2.06%, (1 Year USD LIBOR + 1.36%), 03/01/35 (d) | 7 | 7 |
| 1.95%, (1 Year Treasury + 1.82%), 04/01/35 (d) | 59 | 59 |
| 2.55%, (1 Year USD LIBOR + 1.81%), 04/01/35 (d) | 14 | 14 |
| 3.36%, (1 Year USD LIBOR + 1.99%), 04/01/35 (d) | 73 | 74 |
| 2.23%, (1 Year USD LIBOR + 1.41%), 05/01/35 (d) | 25 | 25 |
| 2.60%, (1 Year USD LIBOR + 1.60%), 05/01/35 (d) | 10 | 10 |
| 2.95%, (1 Year USD LIBOR + 1.43%), 05/01/35 (d) | 63 | 63 |
| 3.62%, (1 Year Treasury + 2.30%), 06/01/35 (d) | 73 | 74 |
| 3.94%, (1 Year USD LIBOR + 1.69%), 06/01/35 (d) | 46 | 47 |
| 3.55%, (1 Year USD LIBOR + 1.83%), 07/01/35 (d) | 27 | 27 |
| 2.65%, (6 Month USD LIBOR + 1.37%), 08/01/35 (d) | 104 | 103 |
| 3.37%, (1 Year USD LIBOR + 1.60%), 08/01/35 (d) | 52 | 52 |
| 3.94%, (1 Year USD LIBOR + 1.69%), 11/01/35 (d) | 11 | 11 |
| 1.94%, (1 Year USD LIBOR + 1.69%), 02/01/36 (d) | 34 | 34 |
| 2.30%, (1 Year Treasury + 2.05%), 02/01/36 (d) | 65 | 66 |
| 2.49%, (1 Year USD LIBOR + 1.74%), 03/01/36 (d) | 32 | 32 |
| 4.50%, 09/01/39 - 08/01/52 | 9857 | 9584 |
| 4.00%, 08/01/43 - 09/01/52 | 4963 | 4680 |
| 2.00%, 10/01/50 | 636 | 523 |
| 2.50%, 01/01/52 | 2822 | 2396 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

674

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Government National Mortgage Association |  |  |
| 5.00%, 12/20/34 - 02/20/48 | 1051 | 1059 |
| 6.00%, 07/15/36 | 439 | 454 |
| 4.50%, 09/20/40 - 10/20/52 | 3582 | 3482 |
| 3.50%, 03/20/43 - 10/20/52 | 3076 | 2844 |
| 5.50%, 09/15/45 - 11/20/52 | 2171 | 2206 |
| 4.00%, 09/20/45 - 10/20/52 | 2086 | 1989 |
| 3.00%, 09/20/47 - 09/20/49 | 1810 | 1633 |
| TBA, 5.50%, 01/15/53 (h) | 1667 | 1675 |
| TBA, 6.50%, 01/15/53 (h) | 2535 | 2592 |
| | | 58558 |
| **Collateralized Mortgage Obligations 1.5%** | **Collateralized Mortgage Obligations 1.5%** | **Collateralized Mortgage Obligations 1.5%** |
| Connecticut Avenue Securities Trust 2021-R01 |  |  |
| Series 2022-1M1-R01, REMIC, 4.93%, (SOFR 30-Day Average + 1.00%), 12/26/41 (d) | 2220 | 2190 |
| Connecticut Avenue Securities Trust 2022-R03 |  |  |
| Series 2022-1M1-R03, REMIC, 6.03%, (SOFR 30-Day Average + 2.10%), 03/25/42 (d) | 1795 | 1784 |
| Connecticut Avenue Securities Trust 2022-R07 |  |  |
| Series 2022-1M1-R07, REMIC, 6.88%, (SOFR 30-Day Average + 2.95%), 06/25/42 (d) | 2227 | 2247 |
| Connecticut Avenue Securities Trust 2022-R08 |  |  |
| Series 2022-1M1-R08, REMIC, 6.48%, (SOFR 30-Day Average + 2.55%), 07/25/42 (d) | 961 | 964 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2014-M3-DN3, 8.39%, (1 Month USD LIBOR + 4.00%), 08/26/24 (d) | 245 | 247 |
| Series 2021-M1-HQA1, REMIC, 4.63%, (SOFR 30-Day Average + 0.70%), 08/25/33 (d) | 194 | 193 |
| Series 2021-M1-DNA2, REMIC, 4.73%, (SOFR 30-Day Average + 0.80%), 08/25/33 (d) | 174 | 173 |
| Series PA-3713, REMIC, 2.00%, 02/15/40 | 455 | 443 |
| Series 2021-M2-DNA7, REMIC, 5.73%, (SOFR 30-Day Average + 1.80%), 11/25/41 (d) | 895 | 841 |
| Series 2022-M1A-HQA1, REMIC, 6.03%, (SOFR 30-Day Average + 2.10%), 03/25/42 (d) | 2001 | 1992 |
| Series 2022-M1A-DNA3, REMIC, 5.93%, (SOFR 30-Day Average + 2.00%), 04/25/42 (d) | 1755 | 1751 |
| Series 2022-M1A-DNA4, REMIC, 6.13%, (SOFR 30-Day Average + 2.20%), 05/27/42 (d) | 2452 | 2451 |
| Series 2022-M1A-DNA5, REMIC, 6.88%, (SOFR 30-Day Average + 2.95%), 06/25/42 (d) | 2775 | 2806 |
| Series 2022-M1A-HQA2, REMIC, 6.58%, (SOFR 30-Day Average + 2.65%), 07/25/42 (d) | 1012 | 1017 |
| Series 2022-M1A-HQA3, REMIC, 6.23%, (SOFR 30-Day Average + 2.30%), 08/25/42 (d) | 1321 | 1320 |
| Series 2022-M1A-DNA6, REMIC, 6.08%, (SOFR 30-Day Average + 2.15%), 09/25/42 (d) | 922 | 922 |
| Series 2017-M1-SC02, REMIC, 3.86%, 05/25/47 (d) | 133 | 129 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2017-1M2-C01, 7.94%, (1 Month USD LIBOR + 3.55%), 01/25/27 (d) | 1170 | 1193 |
| Series 2017-1ED3-C05, REMIC, 5.59%, (1 Month USD LIBOR + 1.20%), 01/25/30 (d) | 48 | 48 |
| Series 2022-1M1-R06, REMIC, 6.68%, (SOFR 30-Day Average + 2.75%), 05/27/42 (d) | 2125 | 2151 |
| Series 2017-KA-90, REMIC, 3.00%, 11/25/47 | 1444 | 1348 |
|  |  | 26210 |
| **Municipal 0.1%** | **Municipal 0.1%** | **Municipal 0.1%** |
| Golden State Tobacco Securitization Corporation |  |  |
| 1.71%, 06/01/24 | 1770 | 1684 |
| Long Island Power Authority |  |  |
| 0.76%, 03/01/23 | 725 | 720 |
|  |  | 2404 |
| Total Government And Agency Obligations (cost $471,182) | Total Government And Agency Obligations (cost $471,182) | 460144 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 26.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 26.1%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 26.1%** |
| 280 Park Avenue 2017-280P Mortgage Trust |  |  |
| Series 2017-A-280P, REMIC, 5.12%, (1 Month USD LIBOR + 0.88%), 09/15/34 (d) (f) | 1665 | 1624 |
| American Airlines, Inc. |  |  |
| Series 2017-B-2B, 3.70%, 10/15/25 | 1115 | 991 |
| Americredit Automobile Receivables Trust 2020-1 |  |  |
| Series 2020-C-1, 1.59%, 10/18/25 | 1350 | 1300 |
| Series 2020-D-1, 1.80%, 12/18/25 | 1305 | 1245 |
| AmeriCredit Automobile Receivables Trust 2020-3 |  |  |
| Series 2020-C-3, 1.06%, 09/18/24 | 1230 | 1166 |
| AmeriCredit Automobile Receivables Trust 2021-1 |  |  |
| Series 2021-C-1, 0.89%, 10/19/26 | 1960 | 1797 |
| Series 2021-D-1, 1.21%, 12/18/26 | 1215 | 1081 |
| AmeriCredit Automobile Receivables Trust 2021-2 |  |  |
| Series 2021-D-2, 1.29%, 06/18/27 | 2490 | 2210 |
| AmeriCredit Automobile Receivables Trust 2022-1 |  |  |
| Series 2022-D-1, 3.23%, 02/18/28 | 1465 | 1366 |
| Amur Equipment Finance Receivables VII LLC |  |  |
| Series 2019-B-1A, REMIC, 2.80%, 03/20/25 | 4003 | 3985 |
| Angel Oak Mortgage Trust 2019-4 |  |  |
| Series 2019-A3-4, REMIC, 3.30%, 08/25/23 (d) | 55 | 54 |
| Angel Oak Mortgage Trust 2020-5 |  |  |
| Series 2020-A2-5, REMIC, 1.58%, 09/25/24 | 338 | 297 |
| Angel Oak Mortgage Trust 2021-1 |  |  |
| Series 2021-A1-1, REMIC, 0.91%, 02/25/25 (d) | 1543 | 1256 |
| Angel Oak Real Estate Investment TRS Trust II |  |  |
| Series 2021-A1-3, REMIC, 1.07%, 06/25/25 (d) | 967 | 787 |
| Applebee's Funding LLC |  |  |
| Series 2019-A2I-1A, 4.19%, 06/05/24 | 4524 | 4461 |
| Arbor Realty Commercial Real Estate Notes 2021-FL3, Ltd. |  |  |
| Series 2021-A-FL3, 5.39%, (1 Month USD LIBOR + 1.07%), 08/15/34 (d) | 2640 | 2500 |
| Arbor Realty Commercial Real Estate Notes 2021-FL4, Ltd. |  |  |
| Series 2021-A-FL4, 5.67%, (1 Month USD LIBOR + 1.35%), 11/17/36 (d) | 1860 | 1793 |
| Avis Budget Rental Car Funding (AESOP) LLC |  |  |
| Series 2017-A-2A, 2.97%, 03/20/23 | 1065 | 1062 |
| Series 2017-B-2A, 3.33%, 03/20/23 | 1065 | 1061 |
| Series 2018-D-1A, 5.25%, 09/20/23 | 3535 | 3500 |
| Series 2018-C-2A, 4.95%, 03/20/24 | 800 | 781 |
| Series 2019-A-2A, 3.35%, 09/20/24 | 1670 | 1614 |
| Series 2019-B-2A, 3.55%, 09/20/24 | 1225 | 1174 |
| Series 2020-A-1A, 2.33%, 08/20/25 | 990 | 917 |
| BAMLL Commercial Mortgage Securities Trust 2018-DSNY |  |  |
| Series 2018-A-DSNY, REMIC, 5.17%, (1 Month USD LIBOR + 0.85%), 09/15/34 (d) | 3090 | 3032 |
| Barclays Mortgage Loan Trust 2021-NQM1 |  |  |
| Series 2021-A1-NQM1, REMIC, 1.75%, 09/25/51 | 2321 | 1962 |
| Bayview MSR Opportunity Master Fund Trust 2021-INV2 |  |  |
| Series 2021-A5-2, REMIC, 2.50%, 05/25/28 | 1978 | 1703 |
| BCP Trust 2021-330N |  |  |
| Series 2021-A-330N, REMIC, 5.12%, (1 Month USD LIBOR + 0.80%), 06/15/23 (d) | 1250 | 1184 |
| BFLD Trust 2019-DPLO |  |  |
| Series 2019-B-DPLO, REMIC, 5.66%, (1 Month USD LIBOR + 1.34%), 10/15/24 (d) | 4770 | 4639 |
| BIG Commercial Mortgage Trust 2022-BIG |  |  |
| Series 2022-C-BIG, REMIC, 6.68%, (1 Month Term SOFR + 2.34%), 02/15/24 (d) | 1905 | 1788 |
| BINOM Securitization Trust 2021-INV1 |  |  |
| Series 2021-A2-INV1, REMIC, 2.37%, 06/25/56 (d) | 781 | 665 |
| Series 2021-A3-INV1, REMIC, 2.63%, 06/25/56 (d) | 802 | 671 |
| Blackbird Capital Aircraft Lease Securitization Limited 2016-1 |  |  |
| Series 2016-AA-1A, 2.49%, 12/15/24 (f) | 809 | 756 |
| BPR Trust 2021-TY |  |  |
| Series 2021-B-TY, REMIC, 5.47%, (1 Month USD LIBOR + 1.15%), 09/15/23 (d) | 1855 | 1737 |
| Bravo Residential Funding Trust 2021-NQM3 |  |  |
| Series 2021-A1-NQM3, REMIC, 1.70%, 04/25/60 (d) | 1306 | 1153 |
| BRE Grand Islander Timeshare Issuer 2019-A LLC |  |  |
| Series 2019-A-A, 3.28%, 09/26/33 | 383 | 360 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

675

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BSPRT 2022-FL8 Issuer, Ltd. |  |  |
| Series 2022-A-FL8, 5.31%, (SOFR 30-Day Average + 1.50%), 02/17/37 (d) (f) | 3250 | 3140 |
| BSREP Commercial Mortgage Trust 2021-DC |  |  |
| Series 2021-D-DC, REMIC, 6.22%, (1 Month USD LIBOR + 1.90%), 08/15/23 (d) | 820 | 738 |
| BX Commercial Mortgage Trust 2019-XL |  |  |
| Series 2019-B-XL, REMIC, 5.53%, (1 Month Term SOFR + 1.19%), 10/15/36 (d) | 1402 | 1378 |
| BX Commercial Mortgage Trust 2021-CIP |  |  |
| Series 2021-A-CIP, REMIC, 5.24%, (1 Month USD LIBOR + 0.92%), 12/15/23 (d) | 4390 | 4237 |
| BX Commercial Mortgage Trust 2021-SOAR |  |  |
| Series 2021-D-SOAR, REMIC, 5.72%, (1 Month USD LIBOR + 1.40%), 06/15/23 (d) | 1657 | 1562 |
| BX Commercial Mortgage Trust 2022-CSMO |  |  |
| Series 2022-B-CSMO, REMIC, 7.48%, (1 Month Term SOFR + 3.14%), 06/17/24 (d) | 2225 | 2206 |
| BX Trust 2018-GW |  |  |
| Series 2018-A-GW, REMIC, 5.12%, (1 Month USD LIBOR + 0.80%), 05/15/37 (d) (f) | 4875 | 4753 |
| BXSC Commercial Mortgage Trust 2022-WSS |  |  |
| Series 2022-C-WSS, REMIC, 6.73%, (1 Month Term SOFR + 2.39%), 03/15/24 (d) | 950 | 911 |
| CarMax Auto Owner Trust 2019-2 |  |  |
| Series 2019-B-2, 3.01%, 04/17/23 | 3540 | 3493 |
| CarMax Auto Owner Trust 2020-1 |  |  |
| Series 2020-B-1, 2.21%, 09/15/25 | 1810 | 1737 |
| Series 2020-C-1, 2.34%, 11/17/25 | 785 | 753 |
| CarMax Auto Owner Trust 2020-4 |  |  |
| Series 2020-D-4, 1.75%, 04/15/27 | 1335 | 1231 |
| CarMax Auto Owner Trust 2022-3 |  |  |
| Series 2022-C-3, REMIC, 4.98%, 02/15/28 | 2450 | 2361 |
| Carvana Auto Receivables Trust 2022-N1 |  |  |
| Series 2022-C-N1, 3.32%, 02/10/27 | 470 | 455 |
| Cedar Funding Ltd |  |  |
| Series 2021-A-14A, 5.18%, (3 Month USD LIBOR + 1.10%), 07/15/33 (d) | 3070 | 2999 |
| Cedar Funding VII CLO, Ltd |  |  |
| Series 2018-B-7A, 5.64%, (3 Month USD LIBOR + 1.40%), 01/21/31 (d) | 1000 | 962 |
| CGDB Commercial Mortgage Trust 2019-MOB |  |  |
| Series 2019-D-MOB, REMIC, 5.97%, (1 Month USD LIBOR + 1.65%), 11/17/36 (d) | 3115 | 2975 |
| CIFC Funding 2014-II-R, Ltd. |  |  |
| Series 2014-A1-2RA, 5.37%, (3 Month USD LIBOR + 1.05%), 04/24/30 (d) | 1647 | 1626 |
| CIFC Funding 2021-IV Ltd. |  |  |
| Series 2021-A-4A, 5.13%, (3 Month USD LIBOR + 1.05%), 07/15/33 (d) | 905 | 891 |
| CIM Trust 2020-INV1 |  |  |
| Series 2020-A2-INV1, REMIC, 2.50%, 09/25/41 | 1341 | 1077 |
| CIM Trust 2022-R3 |  |  |
| Series 2022-A1-R3, REMIC, 4.50%, 03/25/62 | 4012 | 3816 |
| Citigroup Commercial Mortgage Trust |  |  |
| Series 2013-B-375P, REMIC, 3.52%, 05/12/23 (d) | 1980 | 1855 |
| Citigroup Mortgage Loan Trust |  |  |
| Series 2020-A3-EXP2, REMIC, 2.50%, 08/25/50 | 1417 | 1172 |
| CNH Equipment Trust 2020-A |  |  |
| Series 2020-A4-A, REMIC, 1.51%, 03/15/24 | 1165 | 1112 |
| Cold Storage Trust 2020-ICE5 |  |  |
| Series 2020-B-ICE5, 5.62%, (1 Month USD LIBOR + 1.30%), 11/15/23 (d) | 4310 | 4173 |
| COLT 2020-3 Mortgage Loan Trust |  |  |
| Series 2020-A1-3, REMIC, 1.51%, 04/27/65 | 151 | 139 |
| COLT 2021-3 Mortgage Loan Trust |  |  |
| Series 2021-A3-3, REMIC, 1.42%, 09/27/66 | 833 | 632 |
| COLT Funding LLC |  |  |
| Series 2021-A2-1, REMIC, 1.17%, 06/25/66 (d) | 1144 | 921 |
| COMM 2014-CCRE15 Mortgage Trust |  |  |
| Series 2014-B-CR15, REMIC, 4.62%, 01/12/24 (d) | 1930 | 1861 |
| Series 2014-C-CR15, REMIC, 4.67%, 01/12/24 (d) | 5850 | 5601 |
| COMM 2014-CCRE19 Mortgage Trust |  |  |
| Series 2014-AM-CR19, REMIC, 4.08%, 08/12/24 | 2070 | 1993 |
| Series 2014-D-CR19, REMIC, 4.70%, 08/12/24 (d) | 760 | 680 |
| COMM 2014-UBS5 Mortgage Trust |  |  |
| Series 2014-A4-UBS5, REMIC, 3.84%, 09/12/24 | 2850 | 2734 |
| CSMC 2019-ICE4 |  |  |
| Series 2019-C-ICE4, REMIC, 5.75%, (1 Month USD LIBOR + 1.43%), 05/15/36 (d) | 2680 | 2620 |
| Series 2019-D-ICE4, REMIC, 5.92%, (1 Month USD LIBOR + 1.60%), 05/15/36 (d) | 1965 | 1916 |
| CSMC 2020-NET |  |  |
| Series 2020-A-NET, REMIC, 2.26%, 08/15/25 | 899 | 807 |
| Series 2020-D-NET, REMIC, 3.83%, 08/15/25 (d) | 1970 | 1711 |
| Deephaven Residential Mortgage Trust 2021-1 |  |  |
| Series 2021-A2-1, 0.97%, 05/25/65 | 290 | 258 |
| Deephaven Residential Mortgage Trust 2021-2 |  |  |
| Series 2021-A1-2, REMIC, 0.90%, 06/25/25 (d) | 507 | 419 |
| Series 2021-A3-2, REMIC, 1.26%, 06/25/25 (d) | 558 | 448 |
| Drive Auto Receivables Trust 2020-1 |  |  |
| Series 2020-C-1, 2.36%, 03/15/26 | 180 | 180 |
| Dryden 86 CLO, Ltd. |  |  |
| Series 2020-A1R-86A, 5.18%, (3 Month USD LIBOR + 1.10%), 07/17/34 (d) | 2660 | 2592 |
| Eagle RE 2021-2 Ltd |  |  |
| Series 2021-M1A-2, REMIC, 5.49%, (SOFR 30-Day Average + 1.55%), 04/25/34 (d) | 1024 | 1013 |
| Elara HGV Timeshare Issuer 2017-A, LLC |  |  |
| Series 2017-A-A, REMIC, 2.69%, 03/25/30 | 191 | 182 |
| Elara HGV Timeshare Issuer 2019-A, LLC |  |  |
| Series 2019-A-A, 2.61%, 01/25/34 | 734 | 679 |
| Ellington Financial Mortgage Trust 2019-2 |  |  |
| Series 2019-A3-2, REMIC, 3.05%, 11/25/59 (d) | 256 | 234 |
| Ellington Financial Mortgage Trust 2021-1 |  |  |
| Series 2021-A1-1, REMIC, 0.80%, 02/25/66 (d) | 339 | 274 |
| Series 2021-A3-1, REMIC, 1.11%, 02/25/66 (d) | 296 | 232 |
| Ellington Financial Mortgage Trust 2021-2 |  |  |
| Series 2021-A1-2, REMIC, 0.93%, 06/25/66 (d) | 735 | 590 |
| Series 2021-A3-2, REMIC, 1.29%, 06/25/66 (d) | 709 | 547 |
| Ellington Financial Mortgage Trust 2021-3 |  |  |
| Series 2021-A1-3, REMIC, 1.24%, 09/25/66 | 945 | 736 |
| Series 2021-A3-3, REMIC, 1.55%, 09/25/66 | 671 | 502 |
| Enterprise Fleet Financing 2019-3, LLC |  |  |
| Series 2019-A2-3, REMIC, 2.06%, 02/20/23 | 48 | 48 |
| Exeter Automobile Receivables Trust 2021-2 |  |  |
| Series 2021-C-2A, 0.98%, 06/15/26 | 1170 | 1125 |
| Exeter Automobile Receivables Trust 2021-3 |  |  |
| Series 2021-D-3A, 1.55%, 06/15/27 | 1305 | 1184 |
| Exeter Automobile Receivables Trust 2022-1 |  |  |
| Series 2022-D-1A, 3.02%, 06/15/25 | 2895 | 2621 |
| Exeter Automobile Receivables Trust 2022-2 |  |  |
| Series 2022-C-2A, 3.85%, 07/17/28 | 2355 | 2273 |
| Exeter Automobile Receivables Trust 2022-3 |  |  |
| Series 2022-C-3A, 5.30%, 01/15/25 | 1950 | 1914 |
| Exeter Automobile Receivables Trust 2022-4 |  |  |
| Series 2022-D-4A, 5.98%, 12/15/25 | 1375 | 1277 |
| Exeter Automobile Receivables Trust 2022-5 |  |  |
| Series 2022-C-5A, 6.51%, 12/15/27 | 4300 | 4307 |
| Exeter Automobile Receivables Trust 2022-6 |  |  |
| Series 2022-A3-6A, 5.70%, 08/17/26 | 455 | 456 |
| Extended Stay America Trust 2021-ESH |  |  |
| Series 2021-A-ESH, REMIC, 5.40%, (1 Month USD LIBOR + 1.08%), 07/17/23 (d) | 732 | 711 |
| Series 2021-C-ESH, REMIC, 6.02%, (1 Month USD LIBOR + 1.70%), 07/17/23 (d) | 1928 | 1851 |
| Finance of America HECM Buyout 2022-HB2 |  |  |
| Series 2022-A1A-HB2, 4.00%, 12/25/24 | 3954 | 3873 |
| FirstKey Homes 2020-SFR1 Trust |  |  |
| Series 2020-D-SFR1, 2.24%, 09/17/25 | 4660 | 4162 |
| Flagstar Mortgage Trust 2019-1INV |  |  |
| Series 2019-A13-1INV, REMIC, 3.50%, 01/25/40 (d) | 310 | 272 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

676

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Flagstar Mortgage Trust 2020-1INV |  |  |
| Series 2020-A11-1INV, REMIC, 5.24%, (1 Month USD LIBOR + 0.85%), 08/25/41 (d) | 440 | 401 |
| Fontainebleau Miami Beach Trust 2019-FBLU |  |  |
| Series 2019-B-FBLU, REMIC, 3.45%, 12/12/24 | 2480 | 2299 |
| Ford Credit Auto Lease Trust 2022-A |  |  |
| Series 2022-C-A, 4.18%, 10/15/25 | 3745 | 3645 |
| Ford Credit Auto Owner Trust 2020-REV2 |  |  |
| Series 2020-C-2, 1.74%, 10/15/25 | 1405 | 1204 |
| Ford Credit Floorplan Master Owner Trust A |  |  |
| Series 2020-C-1, 1.42%, 09/15/23 | 1955 | 1887 |
| Galton Funding Mortgage Trust 2018-1 |  |  |
| Series 2018-A33-1, REMIC, 3.50%, 02/25/33 (d) | 167 | 147 |
| Galton Funding Mortgage Trust 2019-1 |  |  |
| Series 2019-A32-1, REMIC, 4.00%, 12/25/32 (d) | 83 | 78 |
| Series 2019-A21-1, REMIC, 4.50%, 12/25/32 (d) | 168 | 160 |
| Galton Funding Mortgage Trust 2019-H1 |  |  |
| Series 2019-M1-H1, REMIC, 3.34%, 10/25/59 | 805 | 692 |
| Galton Funding Mortgage Trust 2020-H1 |  |  |
| Series 2020-M1-H1, REMIC, 2.83%, 02/25/24 (d) | 1170 | 848 |
| GCT Commercial Mortgage Trust 2021-GCT |  |  |
| Series 2021-A-GCT, REMIC, 5.12%, (1 Month USD LIBOR + 0.80%), 02/15/23 (d) | 1535 | 1425 |
| GM Financial Automobile Leasing Trust 2022-3 |  |  |
| Series 2022-C-3, 5.13%, 03/20/25 | 5680 | 5541 |
| GM Financial Consumer Automobile Receivables Trust 2020-2 |  |  |
| Series 2020-A3-2, 1.49%, 12/16/24 | 200 | 197 |
| GM Financial Consumer Automobile Receivables Trust 2020-4 |  |  |
| Series 2020-C-4, 1.05%, 05/18/26 | 1010 | 934 |
| GMF Floorplan Owner Revolving Trust |  |  |
| Series 2020-B-1, 1.03%, 08/15/23 | 845 | 823 |
| Great Wolf Trust 2019-WOLF |  |  |
| Series 2019-A-WOLF, REMIC, 5.35%, (1 Month USD LIBOR + 1.03%), 12/15/36 (d) (f) | 3959 | 3845 |
| Series 2019-C-WOLF, REMIC, 5.95%, (1 Month USD LIBOR + 1.63%), 12/15/36 (d) (f) | 1190 | 1138 |
| GS Mortgage Securities Corporation Trust 2021-ROSS |  |  |
| Series 2021-B-ROSS, REMIC, 5.92%, (1 Month USD LIBOR + 1.60%), 06/15/23 (d) | 1720 | 1594 |
| GS Mortgage-Backed Securities Trust 2014-EB1 |  |  |
| Series 2014-2A1-EB1A, REMIC, 2.49%, 07/25/44 (d) | 27 | 27 |
| GS Mortgage-Backed Securities Trust 2021-HP1 |  |  |
| Series 2021-A6-HP1, REMIC, 2.50%, 01/25/52 (d) | 1195 | 1028 |
| GS Mortgage-Backed Securities Trust 2021-PJ5 |  |  |
| Series 2021-A8-PJ5, REMIC, 2.50%, 03/25/28 (d) | 3105 | 2675 |
| GS Mortgage-Backed Securities Trust 2022-GR1 |  |  |
| Series 2022-A5-GR1, REMIC, 2.50%, 10/25/28 | 3854 | 3293 |
| Hardee's Funding LLC |  |  |
| Series 2018-A2II-1A, 4.96%, 06/20/25 | 622 | 588 |
| Hilton Grand Vacations Inc. |  |  |
| Series 2017-A-AA, 2.66%, 08/25/23 | 211 | 205 |
| Hilton Grand Vacations Trust 2020-A |  |  |
| Series 2020-A-AA, 2.74%, 02/25/39 | 818 | 769 |
| Homeward Opportunities Fund I Trust 2020-2 |  |  |
| Series 2020-A1-2, REMIC, 1.66%, 05/25/65 | 56 | 56 |
| Series 2020-A2-2, REMIC, 2.63%, 05/25/65 (d) | 2250 | 2162 |
| HPEFS Equipment Trust 2022-3 |  |  |
| Series 2022-C-3A, 6.13%, 09/22/25 | 2205 | 2206 |
| Hundred Acre Wood Trust 2021-INV1 |  |  |
| Series 2021-A9-INV1, REMIC, 2.50%, 02/25/28 (d) | 2016 | 1733 |
| Hyundai Auto Receivables Trust 2019-A |  |  |
| Series 2019-B-A, 2.94%, 05/15/25 | 1660 | 1655 |
| Imperial Fund Mortgage Trust 2021-NQM2 |  |  |
| Series 2021-A3-NQM2, REMIC, 1.52%, 09/25/56 (d) | 1116 | 841 |
| Imperial Fund Mortgage Trust 2022-NQM4 |  |  |
| Series 2022-A1-NQM4, REMIC, 4.77%, 06/25/67 (d) | 3304 | 3259 |
| J.P. Morgan Chase Commercial Mortgage Securities Corp. |  |  |
| Series 2019-C-BKWD, REMIC, 5.92%, (1 Month USD LIBOR + 1.60%), 09/17/29 (d) (f) | 1195 | 1153 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2020-609M |  |  |
| Series 2020-B-609M, REMIC, 6.09%, (1 Month USD LIBOR + 1.77%), 10/17/33 (d) | 2420 | 2211 |
| Series 2020-C-609M, REMIC, 6.49%, (1 Month USD LIBOR + 2.17%), 10/17/33 (d) | 1955 | 1777 |
| J.P. Morgan Mortgage Trust 2020-INV1 |  |  |
| Series 2020-A15-INV1, REMIC, 3.50%, 03/25/43 (d) | 321 | 273 |
| Series 2020-A11-INV1, REMIC, 5.22%, (1 Month USD LIBOR + 0.83%), 03/25/43 (d) | 196 | 179 |
| John Deere Owner Trust 2022-B |  |  |
| Series 2022-A4-B, 3.80%, 05/15/29 | 2595 | 2511 |
| JP Morgan Mortgage Trust |  |  |
| Series 2020-A13-INV2, REMIC, 3.00%, 10/25/50 | 466 | 389 |
| JPMBB Commercial Mortgage Securities Trust 2014-C23 |  |  |
| Series 2014-A5-C23, REMIC, 3.93%, 09/17/24 | 2445 | 2352 |
| JPMorgan Chase Bank, National Association |  |  |
| Series 2021-B-2, 0.89%, 01/25/25 | 1056 | 1009 |
| KKR CLO 29 Ltd. |  |  |
| Series A-29A, 5.28%, (3 Month USD LIBOR + 1.20%), 01/15/32 (d) | 2750 | 2702 |
| KKR Industrial Portfolio Trust 2021-KDIP |  |  |
| Series 2021-C-KDIP, REMIC, 5.32%, (1 Month USD LIBOR + 1.00%), 12/15/25 (d) | 765 | 726 |
| Series 2021-D-KDIP, REMIC, 5.57%, (1 Month USD LIBOR + 1.25%), 12/15/25 (d) | 551 | 519 |
| KNDR Trust 2021-KIND |  |  |
| Series 2021-C-KIND, REMIC, 6.07%, (1 Month USD LIBOR + 1.75%), 08/15/26 (d) | 2408 | 2219 |
| Kubota Credit Owner Trust 2020-1 |  |  |
| Series 2020-A3-1A, 1.96%, 03/15/24 | 377 | 374 |
| LSTAR Commercial Mortgage Trust 2017-5 |  |  |
| Series 2017-AS-5, REMIC, 4.02%, 01/12/27 | 1410 | 1295 |
| LUXE Trust 2021-TRIP |  |  |
| Series 2021-A-TRIP, REMIC, 5.37%, (1 Month USD LIBOR + 1.05%), 10/15/26 (d) | 424 | 405 |
| Madison Park Funding XXIII, Ltd |  |  |
| Series 2017-AR-23A, 5.33%, (3 Month USD LIBOR + 0.97%), 07/28/31 (d) | 3125 | 3085 |
| Series 2017-BR-23A, 5.91%, (3 Month USD LIBOR + 1.55%), 07/28/31 (d) | 2005 | 1951 |
| Madison Park Funding XXXIII Ltd |  |  |
| Series 2019-AR-33A, 5.15%, (3 Month Term SOFR + 1.29%), 10/15/32 (d) | 4150 | 4052 |
| Madison Park Funding XXXV Ltd |  |  |
| Series 2019-A1R-35A, 5.23%, (3 Month USD LIBOR + 0.99%), 04/20/32 (d) | 4315 | 4241 |
| Magnetite XVI, Limited |  |  |
| Series 2015-AR-16A, 4.99%, (3 Month USD LIBOR + 0.80%), 01/18/28 (d) | 3732 | 3704 |
| Magnetite XXV, Limited |  |  |
| Series 2020-A-25A, 5.56%, (3 Month USD LIBOR + 1.20%), 01/26/32 (d) | 2020 | 1991 |
| Mello Mortgage Capital Acceptance 2021-INV3 |  |  |
| Series 2021-A4-INV3, REMIC, 2.50%, 09/25/51 (d) | 1705 | 1463 |
| Metlife Securitization Trust 2017-1 |  |  |
| Series 2017-A-1A, REMIC, 3.00%, 06/25/26 (d) | 458 | 421 |
| MF1 2021-FL7 Ltd. |  |  |
| Series 2021-A-FL7, 5.41%, (1 Month USD LIBOR + 1.08%), 10/20/36 (d) | 1910 | 1827 |
| MFA Trust |  |  |
| Series 2021-A1-INV1, REMIC, 0.85%, 01/25/56 (d) | 648 | 574 |
| MHC Commercial Mortgage Trust 2021-MHC |  |  |
| Series 2021-A-MHC, REMIC, 5.12%, (1 Month USD LIBOR + 0.80%), 04/15/26 (d) | 1535 | 1488 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

677

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Mill City Mortgage Loan Trust 2017-2 |  |  |
| Series 2017-A1-2, REMIC, 2.75%, 01/25/24 (d) | 171 | 167 |
| MMAF Equipment Finance LLC 2022-B |  |  |
| Series 2022-A2-B, 5.57%, 09/09/25 | 1260 | 1262 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 |  |  |
| Series 2014-AS-C15, REMIC, 4.26%, 02/16/24 | 710 | 688 |
| Series 2014-B-C15, REMIC, 4.57%, 03/15/24 (d) | 255 | 243 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 |  |  |
| Series 2014-AS-C18, REMIC, 4.11%, 09/17/24 (d) | 955 | 908 |
| Morgan Stanley Capital I Trust 2014-150E |  |  |
| Series 2014-A-150E, REMIC, 3.91%, 09/11/24 | 2710 | 2493 |
| Morgan Stanley Capital I Trust 2019-MEAD |  |  |
| Series 2019-D-MEAD, REMIC, 3.18%, 11/13/24 (d) | 2330 | 2015 |
| Morgan Stanley Capital I Trust 2019-NUGS |  |  |
| Series 2019-D-NUGS, REMIC, 6.12%, (1 Month USD LIBOR + 1.80%), 12/15/36 (d) | 1395 | 1108 |
| MVW 2019-2 LLC |  |  |
| Series 2019-B-2A, REMIC, 2.44%, 10/20/38 | 354 | 331 |
| MVW 2020-1 LLC |  |  |
| Series 2020-A-1A, 1.74%, 10/20/37 | 554 | 509 |
| Series 2020-B-1A, 2.73%, 10/20/37 | 985 | 901 |
| MVW Owner Trust 2017-1 |  |  |
| Series 2017-A-1A, 2.42%, 12/20/34 | 87 | 84 |
| Series 2017-B-1A, 2.75%, 12/20/34 | 29 | 28 |
| Series 2017-C-1A, 2.99%, 12/20/34 | 80 | 75 |
| Navient Private Education Loan Trust 2020-A |  |  |
| Series 2020-A2A-A, 2.46%, 11/15/68 | 1184 | 1059 |
| Navient Private Education Loan Trust 2020-C |  |  |
| Series 2020-A2A-CA, 2.15%, 03/15/29 | 4507 | 4068 |
| Navient Private Education Loan Trust 2020-I |  |  |
| Series 2020-A1A-IA, 1.33%, 04/15/69 | 1315 | 1114 |
| Navient Private Education Refi Loan Trust 2019-A |  |  |
| Series 2019-A2A-A, 3.42%, 04/17/28 | 881 | 839 |
| Navient Private Education Refi Loan Trust 2019-E |  |  |
| Series 2019-A2A-EA, 2.64%, 09/15/28 | 1319 | 1236 |
| Navient Private Education Refi Loan Trust 2019-G |  |  |
| Series 2019-A-GA, 2.40%, 05/15/28 | 1493 | 1366 |
| Navient Private Education Refi Loan Trust 2020-D |  |  |
| Series 2020-A-DA, 1.69%, 05/15/69 | 820 | 739 |
| Navient Private Education Refi Loan Trust 2020-G |  |  |
| Series 2020-A-GA, 1.17%, 09/15/69 | 535 | 461 |
| Navient Private Education Refi Loan Trust 2020-H |  |  |
| Series 2020-A-HA, 1.31%, 11/15/27 | 546 | 485 |
| Navient Private Education Refi Loan Trust 2021-B |  |  |
| Series 2021-A-BA, 0.94%, 06/15/28 | 1634 | 1377 |
| Navient Private Education Refi Loan Trust 2022-A |  |  |
| Series 2022-A-A, 2.23%, 07/15/70 | 3424 | 2926 |
| Nelnet Student Loan Trust 2021-C |  |  |
| Series 2021-AFX-CA, 1.32%, 04/20/62 | 1835 | 1621 |
| Nelnet, Inc. |  |  |
| Series 2005-A4-4, 4.93%, (3 Month USD LIBOR + 0.18%), 03/22/32 (d) | 1016 | 979 |
| Neuberger Berman Loan Advisers CLO 32, Ltd. |  |  |
| Series 2019-AR-32A, 5.22%, (3 Month USD LIBOR + 0.99%), 01/20/32 (d) | 4375 | 4302 |
| Neuberger Berman Loan Advisers CLO 40, Ltd. |  |  |
| Series 2021-A-40A, 5.14%, (3 Month USD LIBOR + 1.06%), 04/18/33 (d) | 1245 | 1225 |
| New Residential Mortgage Loan Trust 2019-NQM5 |  |  |
| Series 2019-A1-NQM5, REMIC, 2.71%, 11/25/59 (d) | 654 | 592 |
| New Residential Mortgage Loan Trust 2020-NQM2 |  |  |
| Series 2020-A1-NQM2, REMIC, 1.65%, 07/25/25 | 613 | 563 |
| New Residential Mortgage Loan Trust 2021-INC2 |  |  |
| Series 2021-A7-INV2, REMIC, 2.50%, 06/25/28 (d) | 3520 | 3025 |
| New Residential Mortgage Loan Trust 2021-INV1 |  |  |
| Series 2021-A6-INV1, REMIC, 2.50%, 03/25/28 (d) | 1233 | 1060 |
| Nissan Auto Receivables 2020-A Owner Trust |  |  |
| Series 2020-A3-A, 1.38%, 09/15/23 | 623 | 614 |
| NLT 2021-INV2 Trust |  |  |
| Series 2021-A3-INV2, REMIC, 1.52%, 08/25/56 (d) | 987 | 787 |
| OBX 2019-EXP2 Trust |  |  |
| Series 2019-2A2-EXP2, REMIC, 5.59%, (1 Month USD LIBOR + 1.20%), 07/25/24 (d) | 344 | 325 |
| OBX 2019-EXP3 Trust |  |  |
| Series 2019-2A1-EXP3, REMIC, 5.29%, (1 Month USD LIBOR + 0.90%), 09/25/59 (d) | 402 | 374 |
| OBX 2020-EXP1 Trust |  |  |
| Series 2020-2A1-EXP1, REMIC, 5.14%, (1 Month USD LIBOR + 0.75%), 02/25/27 (d) | 345 | 314 |
| Series 2020-1A8-EXP1, REMIC, 3.50%, 01/25/60 (d) | 650 | 565 |
| Series 2020-2A2-EXP1, REMIC, 5.34%, (1 Month USD LIBOR + 0.95%), 01/26/60 (d) | 385 | 352 |
| OBX 2020-EXP2 Trust |  |  |
| Series 2020-A8-EXP2, REMIC, 3.00%, 07/25/36 (d) | 872 | 743 |
| Series 2020-A9-EXP2, REMIC, 3.00%, 07/25/36 (d) | 214 | 181 |
| OBX 2020-Exp3 Trust |  |  |
| Series 2020-1A8-EXP3, REMIC, 3.00%, 06/25/60 | 968 | 827 |
| OBX 2021-J1 Trust |  |  |
| Series 2021-A4-J1, REMIC, 2.50%, 03/25/28 (d) | 2280 | 1962 |
| Oceanview Mortgage Trust 2022-INV1 |  |  |
| Series 2022-A5-1, REMIC, 2.50%, 08/25/28 (d) | 1811 | 1559 |
| OCP CLO 2014-7 Ltd |  |  |
| Series 2014-A1RR-7A, 5.36%, (3 Month USD LIBOR + 1.12%), 07/20/29 (d) | 5638 | 5572 |
| OCP CLO 2017-13 Ltd |  |  |
| Series 2017-A1AR-13A, 5.04%, (3 Month USD LIBOR + 0.96%), 07/15/30 (d) | 4425 | 4358 |
| Series 2017-A2R-13A, 5.63%, (3 Month USD LIBOR + 1.55%), 07/15/30 (d) | 3160 | 3047 |
| Octane Receivables Trust 2021-1 |  |  |
| Series 2022-B-1A, 4.90%, 09/22/25 | 1455 | 1403 |
| Octane Receivables Trust 2021-2 |  |  |
| Series 2021-A-2A, 1.21%, 09/20/28 | 936 | 890 |
| Octane Receivables Trust 2022-2 |  |  |
| Series 2022-A-2A, REMIC, 5.11%, 02/22/28 | 4617 | 4563 |
| ONE 2021-PARK Mortgage Trust |  |  |
| Series 2021-B-PARK, REMIC, 5.40%, (1 Month Term SOFR + 1.06%), 03/15/23 (d) | 3445 | 3237 |
| Series 2021-C-PARK, REMIC, 5.55%, (1 Month Term SOFR + 1.21%), 03/15/23 (d) | 1840 | 1692 |
| Onslow Bay Financial LLC |  |  |
| Series 2021-A1-NQM1, REMIC, 1.07%, 03/25/25 (d) | 1488 | 1212 |
| Palmer Square CLO 2020-3, Ltd. |  |  |
| Series 2020-A1AR-3A, 5.69%, (3 Month USD LIBOR + 1.08%), 11/17/31 (d) | 4940 | 4858 |
| Planet Fitness Master |  |  |
| Series 2018-A2II-1A, 4.67%, 09/05/25 | 1403 | 1309 |
| Progress Residential 2020-SFR2 Trust |  |  |
| Series 2020-A-SFR2, REMIC, 2.08%, 06/19/25 | 659 | 603 |
| Progress Residential 2022-SFR6 Trust |  |  |
| Series 2022-A-SFR6, REMIC, 4.45%, 07/19/27 | 2265 | 2128 |
| PSMC 2021-1 Trust |  |  |
| Series 2021-A11-1, REMIC, 2.50%, 01/25/28 (d) | 3357 | 2919 |
| PSMC 2021-2 Trust |  |  |
| Series 2021-A3-2, REMIC, 2.50%, 04/25/27 (d) | 1445 | 1242 |
| Santander Bank, N.A. |  |  |
| Series 2021-B-1A, 1.83%, 12/15/31 | 336 | 325 |
| Series 2022-C-B, 5.92%, 08/16/32 | 1145 | 1140 |
| Series 2022-A2-C, 6.02%, 12/15/32 | 785 | 784 |
| Series 2022-B-C, 6.45%, 12/15/32 | 3550 | 3550 |
| Santander Consumer Auto Receivables Trust 2021-B |  |  |
| Series 2021-C-BA, 3.09%, 03/15/29 | 890 | 852 |
| Santander Drive Auto Receivables Trust 2019-2 |  |  |
| Series 2019-D-2, 3.22%, 07/15/25 | 278 | 275 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

678

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Santander Drive Auto Receivables Trust 2020-4 |  |  |
| Series 2020-C-4, 1.01%, 09/16/24 | 1176 | 1164 |
| Santander Drive Auto Receivables Trust 2021-4 |  |  |
| Series 2021-D-4, 1.67%, 07/15/26 | 2435 | 2254 |
| Santander Drive Auto Receivables Trust 2022-1 |  |  |
| Series 2022-C-1, 2.56%, 04/17/28 | 3490 | 3329 |
| Santander Drive Auto Receivables Trust 2022-4 |  |  |
| Series 2022-C-4, 5.00%, 07/15/26 | 4100 | 3965 |
| Santander Drive Auto Receivables Trust 2022-5 |  |  |
| Series 2022-C-5, REMIC, 4.74%, 10/16/28 | 2005 | 1956 |
| Santander Retail Auto Lease Trust 2020-A |  |  |
| Series 2020-D-A, REMIC, 2.52%, 11/20/24 | 1335 | 1318 |
| Santander Retail Auto Lease Trust 2020-B |  |  |
| Series 2020-D-B, 1.98%, 10/20/25 | 1235 | 1178 |
| Santander Retail Auto Lease Trust 2021-A |  |  |
| Series 2021-C-A, 1.14%, 04/20/24 | 4725 | 4454 |
| Santander Retail Auto Lease Trust 2021-C |  |  |
| Series 2021-C-C, 1.11%, 03/20/26 | 1510 | 1395 |
| Santander Retail Auto Lease Trust 2022-B |  |  |
| Series 2022-B-B, 3.85%, 03/22/27 | 570 | 551 |
| SBA Towers, LLC |  |  |
| Series 2019-1C-1, 2.84%, 01/15/25 | 3375 | 3147 |
| Series 2020-2C-1, 1.88%, 01/15/26 | 730 | 643 |
| Series 2022-C-1, 6.60%, 01/15/28 | 1480 | 1476 |
| Series 2021-C-211, 1.63%, 05/15/51 | 1240 | 1042 |
| Sequoia Mortgage Capital, Inc. |  |  |
| Series 2018-A19-CH3, REMIC, 4.50%, 01/25/25 (d) | 17 | 17 |
| Sequoia Mortgage Trust 2018-CH2 |  |  |
| Series 2018-A21-CH2, REMIC, 4.00%, 09/25/35 (d) | 134 | 121 |
| Series 2018-A3-CH2, REMIC, 4.00%, 09/25/35 (d) | 267 | 243 |
| Sequoia Mortgage Trust 2018-CH4 |  |  |
| Series 2018-A2-CH4, REMIC, 4.00%, 09/25/34 (d) | 14 | 13 |
| Series 2018-A19-CH4, REMIC, 4.50%, 09/25/34 (d) | 9 | 9 |
| SG Residential Mortgage Trust 2019-3 |  |  |
| Series 2019-A2-3, REMIC, 2.88%, 09/25/59 (d) | 479 | 460 |
| SG Residential Mortgage Trust 2020-2 |  |  |
| Series 2020-A1-2, REMIC, 1.38%, 10/25/23 | 996 | 867 |
| SG Residential Mortgage Trust 2022-1 |  |  |
| Series 2022-A1-1, REMIC, 3.17%, 03/25/62 (d) | 2312 | 2095 |
| Shelter Growth CRE 2021-FL3 Issuer Ltd |  |  |
| Series 2021-A-FL3, 5.40%, (1 Month USD LIBOR + 1.08%), 09/15/36 (d) | 891 | 859 |
| Short-Term Investments Trust |  |  |
| Series 2018-A-SELF, REMIC, 5.22%, (1 Month USD LIBOR + 0.90%), 10/15/37 (d) | 1362 | 1335 |
| Sierra Timeshare 2019-1 Receivables Funding LLC |  |  |
| Series 2019-A-1A, 3.20%, 01/20/36 | 237 | 228 |
| Sierra Timeshare 2019-2 Receivables Funding LLC |  |  |
| Series 2019-A-2A, 2.59%, 05/20/36 | 781 | 752 |
| Sierra Timeshare 2020-2 Receivables Funding LLC |  |  |
| Series 2020-C-2A, REMIC, 3.51%, 07/20/37 | 374 | 352 |
| Slide 2018-Fun |  |  |
| Series 2018-A-FUN, REMIC, 5.47%, (1 Month USD LIBOR + 1.15%), 06/16/31 (d) (f) | 1595 | 1583 |
| Series 2018-D-FUN, REMIC, 6.42%, (1 Month USD LIBOR + 2.10%), 06/16/31 (d) (f) | 1768 | 1737 |
| SMB Private Education Loan Trust 2014-A |  |  |
| Series 2014-A3-A, 5.82%, (1 Month USD LIBOR + 1.50%), 04/15/32 (a) (d) | 1457 | 1452 |
| SMB Private Education Loan Trust 2016-C |  |  |
| Series 2016-A2B-C, 5.42%, (1 Month USD LIBOR + 1.10%), 09/15/34 (d) | 912 | 901 |
| SMB Private Education Loan Trust 2018-B |  |  |
| Series 2018-A2B-B, 5.04%, (1 Month USD LIBOR + 0.72%), 03/15/28 (a) (d) | 2336 | 2277 |
| SMB Private Education Loan Trust 2019-B |  |  |
| Series 2020-A2A-PTB, REMIC, 1.60%, 09/15/54 | 3865 | 3427 |
| SMB Private Education Loan Trust 2020-B |  |  |
| Series 2020-A1A-BA, REMIC, 1.29%, 07/15/53 | 574 | 518 |
| SMB Private Education Loan Trust 2021-B |  |  |
| Series 2021-A-B, 1.31%, 07/17/51 | 2847 | 2547 |
| Starwood Mortgage Residential Trust 2019-INV1 |  |  |
| Series 2019-A3-INV1, REMIC, 2.92%, 09/25/49 (d) | 777 | 730 |
| Starwood Mortgage Residential Trust 2020-1 |  |  |
| Series 2020-A2-1, REMIC, 2.41%, 02/25/50 (d) | 807 | 733 |
| Starwood Mortgage Residential Trust 2021-2 |  |  |
| Series 2021-A1-2, REMIC, 0.94%, 05/25/23 | 721 | 640 |
| Starwood Mortgage Residential Trust 2021-4 |  |  |
| Series 2021-A1-4, REMIC, 1.06%, 08/25/56 (d) | 2799 | 2298 |
| Symphony CLO XVII Ltd |  |  |
| Series 2016-AR-17A, 4.96%, (3 Month USD LIBOR + 0.88%), 04/17/28 (d) | 2615 | 2590 |
| Symphony CLO XXIII, Ltd. |  |  |
| Series 2020-AR-23A, 5.10%, (3 Month USD LIBOR + 1.02%), 01/15/34 (d) | 2730 | 2682 |
| Symphony CLO XXVI, Ltd. |  |  |
| Series 2021-AR-26A, 3.79%, (3 Month USD LIBOR + 1.08%), 04/20/33 (d) | 1290 | 1253 |
| Symphony Static CLO I Ltd |  |  |
| Series 2021-B-1A, REMIC, 5.81%, (3 Month USD LIBOR + 1.45%), 10/25/29 (d) | 3330 | 3201 |
| Towd Point Mortgage Trust 2017-1 |  |  |
| Series 2017-A1-1, REMIC, 2.75%, 07/25/23 (d) | 206 | 201 |
| Towd Point Mortgage Trust 2017-2 |  |  |
| Series 2017-A1-2, REMIC, 2.75%, 01/25/23 (d) | 128 | 125 |
| Towd Point Mortgage Trust 2017-3 |  |  |
| Series 2017-A1-3, REMIC, 2.75%, 07/25/57 (d) | 485 | 466 |
| Towd Point Mortgage Trust 2017-6 |  |  |
| Series 2017-A1-6, REMIC, 2.75%, 05/25/24 (d) | 1461 | 1374 |
| Towd Point Mortgage Trust 2018-1 |  |  |
| Series 2018-A1-1, REMIC, 3.00%, 05/25/24 (d) | 207 | 198 |
| Towd Point Mortgage Trust 2018-2 |  |  |
| Series 2018-A1-2, REMIC, 3.25%, 12/25/24 (d) | 1445 | 1369 |
| Towd Point Mortgage Trust 2018-5 |  |  |
| Series 2018-A1A-5, REMIC, 3.25%, 02/25/25 (d) | 1123 | 1049 |
| Towd Point Mortgage Trust 2022-4 |  |  |
| Series 2022-A1-4, REMIC, 3.75%, 09/25/62 | 4099 | 3807 |
| Tricon American Homes 2017-SFR2 Trust |  |  |
| Series 2017-C-SFR2, REMIC, 3.47%, 01/22/24 | 2235 | 2156 |
| TRK 2021-INV1 Trust |  |  |
| Series 2021-A2-INV1, REMIC, 1.41%, 07/25/56 (d) | 562 | 450 |
| United Airlines Pass Through Trust 2019-2AA |  |  |
| Series 2019-B-2, REMIC, 3.50%, 05/01/28 | 604 | 521 |
| Usaa Ultra Short-Term Bond Fund |  |  |
| Series 2019-A-SMRT, REMIC, 4.15%, 01/12/24 | 1900 | 1839 |
| UWM Mortgage Trust 2021-INV2 |  |  |
| Series 2021-A4-INV2, REMIC, 2.50%, 09/25/51 | 651 | 560 |
| Verus Securitization Trust 2019-4 |  |  |
| Series 2019-A3-4, REMIC, 3.00%, 10/25/59 (f) | 1197 | 1127 |
| Verus Securitization Trust 2019-INV2 |  |  |
| Series 2019-A1-INV2, REMIC, 2.91%, 07/25/59 (d) (f) | 510 | 493 |
| Series 2019-A2-INV2, REMIC, 3.12%, 07/25/59 (d) (f) | 678 | 651 |
| Verus Securitization Trust 2019-INV3 |  |  |
| Series 2019-A3-INV3, REMIC, 3.10%, 11/25/59 (d) | 660 | 619 |
| Verus Securitization Trust 2020-1 |  |  |
| Series 2020-A1-INV1, REMIC, 1.98%, 03/25/60 (f) | 78 | 75 |
| Verus Securitization Trust 2020-2 |  |  |
| Series 2020-A1-2, REMIC, 2.23%, 04/25/60 (f) | 480 | 462 |
| Verus Securitization Trust 2020-5 |  |  |
| Series 2020-A3-5, REMIC, 1.73%, 05/25/65 (f) | 385 | 339 |
| Verus Securitization Trust 2021-1 |  |  |
| Series 2021-A2-1, REMIC, 1.05%, 01/25/66 (d) | 626 | 509 |
| Series 2021-A3-1, REMIC, 1.15%, 01/25/66 (d) | 373 | 297 |
| Verus Securitization Trust 2021-2 |  |  |
| Series 2021-A1-2, REMIC, 1.03%, 02/25/66 | 516 | 432 |
| Verus Securitization Trust 2021-5 |  |  |
| Series 2021-A3-5, REMIC, 1.37%, 09/25/66 (d) | 944 | 726 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

679

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Verus Securitization Trust 2021-7 |  |  |
| Series 2021-A1-7, REMIC, 1.83%, 10/25/66 (d) | 3473 | 2975 |
| Verus Securitization Trust 2021-R2 |  |  |
| Series 2021-A1-R2, REMIC, 0.92%, 02/25/64 | 864 | 727 |
| Verus Securitization Trust 2022-1 |  |  |
| Series 2022-A3-1, REMIC, 3.29%, 01/25/67 (d) | 3719 | 3124 |
| Verus Securitization Trust 2022-6 |  |  |
| Series 2022-A1-6, REMIC, 4.94%, 01/25/67 (f) | 5771 | 5733 |
| Vista Point Securitization Trust 2020-2 |  |  |
| Series 2020-A3-2, REMIC, 2.50%, 04/25/65 | 252 | 222 |
| Wells Fargo & Company |  |  |
| Series 2015-A2-NXS2, REMIC, 3.02%, 07/17/58 | 380 | 368 |
| Wells Fargo Mortgage Backed Securities 2021-RR1 Trust |  |  |
| Series 2021-A3-RR1, REMIC, 2.50%, 05/25/28 | 2707 | 2330 |
| Wells Fargo Mortgage Backed Securities Trust |  |  |
| Series 2020-A17-RR1, REMIC, 3.00%, 11/25/40 (d) | 172 | 144 |
| WFRBS Commercial Mortgage Trust 2014-C23 |  |  |
| Series 2014-A5-C23, REMIC, 3.92%, 09/17/24 | 2605 | 2519 |
| World Omni Auto Receivables Trust |  |  |
| Series 2020-C-A, 1.64%, 08/15/26 | 910 | 861 |
| World Omni Auto Receivables Trust 2022-A |  |  |
| Series 2022-C-A, 2.55%, 09/15/28 | 1280 | 1192 |
| World Omni Select Auto Trust 2020-A |  |  |
| Series 2020-B-A, 0.84%, 06/15/26 | 1215 | 1182 |
| Series 2020-C-A, 1.25%, 10/15/26 | 1390 | 1309 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $488,957) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $488,957) | 458840 |
| **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (i) (j) | 2584 | 2584 |
| T. Rowe Price Government Reserve Fund, 4.25% (i) (j) | 5998 | 5998 |
| Total Short Term Investments (cost $8,582) | Total Short Term Investments (cost $8,582) | 8582 |
| **Total Investments 99.4% (cost $1,826,559)** | **Total Investments 99.4% (cost $1,826,559)** | **1750077** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (144) |
| **Other Assets and Liabilities, Net 0.6%** | **Other Assets and Liabilities, Net 0.6%** | **11107** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1761040** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $270,814 and 15.4% of the Fund.

(b) Convertible security.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(e) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(f) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(g) All or a portion of the security is pledged or segregated as collateral.

(h) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2022, the total payable for investments purchased on a delayed delivery basis was $4,275.

(i) Investment in affiliate.

(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **United States of America** | 81.6% |
| **United Kingdom** | 3.8 |
| **Canada** | 2.4 |
| **Ireland** | 1.5 |
| **South Korea** | 1.1 |
| **Cayman Islands** | 1.1 |
| **Netherlands** | 1.1 |
| **Sweden** | 0.9 |
| **Australia** | 0.8 |
| **France** | 0.8 |
| **Switzerland** | 0.8 |
| **Japan** | 0.7 |
| **Norway** | 0.4 |
| **Finland** | 0.4 |
| **Denmark** | 0.4 |
| **Spain** | 0.4 |
| **Virgin Islands (British)** | 0.2 |
| **Italy** | 0.2 |
| **Germany** | 0.2 |
| **Mexico** | 0.2 |
| **Bermuda** | 0.2 |
| **Malaysia** | 0.2 |
| **Luxembourg** | 0.2 |
| **Chile** | 0.1 |
| **Israel** | 0.1 |
| **Jersey** | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

680

------

***JNL Series Trust***

December 31, 2022

---

| | |
|:---|:---|
| **Summary of Investments by Country^** | **Total Long Term Investments** |
| **Singapore** | 0.1 |
|  | **100.0%** |
| ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. | ^A country table is presented as a percentage of the Fund's total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund's Adviser. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Short-Term Bond Fund — Restricted Securities** | **JNL/T. Rowe Price Short-Term Bond Fund — Restricted Securities** | **JNL/T. Rowe Price Short-Term Bond Fund — Restricted Securities** | **JNL/T. Rowe Price Short-Term Bond Fund — Restricted Securities** | **JNL/T. Rowe Price Short-Term Bond Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Banco Santander Mexico S.A., Institucion De Banca Multiple, Grupo Financiero Santander Mexico, 5.38%, 04/17/25 | 11/15/22 | 3471 | 3465 | 0.2 |
| HPHT Finance (19) Limited, 2.88%, 11/05/24 | 09/27/22 | 2827 | 2816 | 0.2 |
| HPHT Limited, 1.50%, 09/17/26 | 12/14/22 | 2129 | 2097 | 0.1 |
| LG Chem, Ltd., 3.25%, 10/15/24 | 01/07/21 | 3539 | 3270 | 0.2 |
| PCCW-HKT Capital No. 2 Limited, 3.63%, 04/02/25 | 10/27/20 | 4278 | 3924 | 0.2 |
| POSCO Holdings Inc., 4.38%, 08/04/25 | 11/23/22 | 863 | 867 |  |
| QNB Finance Ltd, 3.50%, 03/28/24 | 11/17/20 | 2772 | 2632 | 0.1 |
| QNB Finance Ltd, 2.63%, 05/12/25 | 12/09/20 | 1543 | 1415 | 0.1 |
| Tenaga Nasional Berhad, 7.50%, 11/01/25 | 01/04/21 | 3255 | 2916 | 0.2 |
|  |  | 24677 | 23402 | 1.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Short-Term Bond Fund — Futures Contracts** | **JNL/T. Rowe Price Short-Term Bond Fund — Futures Contracts** | **JNL/T. Rowe Price Short-Term Bond Fund — Futures Contracts** | **JNL/T. Rowe Price Short-Term Bond Fund — Futures Contracts** | **JNL/T. Rowe Price Short-Term Bond Fund — Futures Contracts** | **JNL/T. Rowe Price Short-Term Bond Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 2 Year Note | 1439 | April 2023 | 294825 | (225) | 283 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Note | (137) | March 2023 | (15426) | 19 | 41 |
| United States 10 Year Ultra Bond | (184) | March 2023 | (21795) | 12 | 31 |
| United States 5 Year Note | (533) | April 2023 | (57518) | 46 | (9) |
| United States Ultra Bond | (8) | March 2023 | (1072) | 4 | (2) |
|  |  |  |  | 81 | 61 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 822511 |  | 822511 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 460144 |  | 460144 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 458840 |  | 458840 |
| &nbsp;&nbsp;Short Term Investments | 8582 |  |  | 8582 |
|  | 8582 | 1741495 |  | 1750077 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 355 |  |  | 355 |
|  | 355 |  |  | 355 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (11) |  |  | (11) |
|  | (11) |  |  | (11) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

681

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** |
| **CORPORATE BONDS AND NOTES 88.3%** | **CORPORATE BONDS AND NOTES 88.3%** | **CORPORATE BONDS AND NOTES 88.3%** |
| **Consumer Discretionary 18.9%** | **Consumer Discretionary 18.9%** | **Consumer Discretionary 18.9%** |
| Adient Global Holdings Ltd |  |  |
| 4.88%, 08/15/26 (a) | 6355 | 5914 |
| Allison Transmission, Inc. |  |  |
| 3.75%, 01/30/31 (a) | 4130 | 3398 |
| Bath & Body Works, Inc. |  |  |
| 5.25%, 02/01/28 | 4675 | 4359 |
| 6.63%, 10/01/30 (a) | 1419 | 1331 |
| Carnival Corporation |  |  |
| 5.75%, 03/01/27 (a) | 11119 | 7933 |
| Dornoch Debt Merger Subordinated Incorporated |  |  |
| 6.63%, 10/15/29 (a) | 7590 | 5366 |
| Hilton Domestic Operating Company Inc. |  |  |
| 3.63%, 02/15/32 (a) | 4891 | 3915 |
| Jaguar Land Rover Automotive PLC |  |  |
| 5.50%, 07/15/29 (a) | 7245 | 5158 |
| Life Time, Inc. |  |  |
| 5.75%, 01/15/26 (a) | 5686 | 5300 |
| LSF9 Atlantis |  |  |
| 7.75%, 02/15/26 (a) | 11259 | 9980 |
| Magic Mergeco, Inc. |  |  |
| 7.88%, 05/01/29 (a) | 6945 | 4687 |
| Majordrive Holdings IV, LLC |  |  |
| 6.38%, 06/01/29 (a) | 6985 | 5217 |
| NMG Holding Company, Inc. |  |  |
| 7.13%, 04/01/26 (a) | 3945 | 3710 |
| Staples, Inc. |  |  |
| 7.50%, 04/15/26 (a) | 4365 | 3758 |
| Studio City Company Limited |  |  |
| 7.00%, 02/15/27 (a) | 1430 | 1337 |
| Studio City Finance Limited |  |  |
| 5.00%, 01/15/29 (a) | 7305 | 5405 |
| Tempur Sealy International, Inc. |  |  |
| 3.88%, 10/15/31 (a) | 3152 | 2468 |
| Victoria's Secret & Co. |  |  |
| 4.63%, 07/15/29 (a) | 5599 | 4393 |
| Wheel Pros, Inc. |  |  |
| 6.50%, 05/15/29 (a) | 7915 | 2968 |
| White Cap Parent, LLC |  |  |
| 8.25%, 03/15/26 (a) (b) | 7855 | 6787 |
| Yum! Brands, Inc. |  |  |
| 3.63%, 03/15/31 | 6760 | 5665 |
|  |  | 99049 |
| **Communication Services 13.8%** | **Communication Services 13.8%** | **Communication Services 13.8%** |
| CCO Holdings, LLC |  |  |
| 4.50%, 05/01/32 | 6270 | 4991 |
| Consolidated Communications, Inc. |  |  |
| 6.50%, 10/01/28 (a) | 6375 | 4964 |
| DISH DBS Corporation |  |  |
| 7.38%, 07/01/28 | 8990 | 6354 |
| DKT Finance ApS |  |  |
| 9.38%, 06/17/23 (a) | 3647 | 3609 |
| Frontier Communications Holdings, LLC |  |  |
| 5.88%, 11/01/29 | 3690 | 2861 |
| 6.00%, 01/15/30 (a) | 2225 | 1751 |
| Frontier Communications Parent, Inc. |  |  |
| 6.75%, 05/01/29 (a) | 725 | 599 |
| Ion Trading Technologies S.a r.l. |  |  |
| 5.75%, 05/15/28 (a) | 5795 | 4837 |
| LCPR Senior Secured Financing Designated Activity Company |  |  |
| 6.75%, 10/15/27 (a) | 2727 | 2562 |
| Level 3 Financing, Inc. |  |  |
| 3.63%, 01/15/29 (a) | 7310 | 5348 |
| Millennium Escrow Corporation |  |  |
| 6.63%, 08/01/26 (a) | 4005 | 2549 |
| Northwest Fiber, LLC |  |  |
| 4.75%, 04/30/27 (a) | 6980 | 6102 |
| Outfront Media Capital Corporation |  |  |
| 4.25%, 01/15/29 (a) | 6290 | 5217 |
| Radiate HoldCo, LLC |  |  |
| 6.50%, 09/15/28 (a) | 7345 | 3078 |
| Sinclair Television Group, Inc. |  |  |
| 4.13%, 12/01/30 (a) | 6600 | 4928 |
| Telesat Canada |  |  |
| 6.50%, 10/15/27 (a) | 4481 | 1317 |
| Terrier Media Buyer, Inc. |  |  |
| 8.88%, 12/15/27 (a) | 6450 | 4853 |
| Urban One, Inc. |  |  |
| 7.38%, 02/01/28 (a) | 7365 | 6227 |
|  |  | 72147 |
| **Energy 13.8%** | **Energy 13.8%** | **Energy 13.8%** |
| Ascent Resources - Utica, LLC |  |  |
| 8.25%, 12/31/28 (a) | 3000 | 2944 |
| 5.88%, 06/30/29 (a) | 3010 | 2686 |
| Colgate Energy Partners III, LLC |  |  |
| 5.88%, 07/01/29 (a) | 4920 | 4236 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 03/01/29 (a) | 2605 | 2352 |
| Encino Acquisition Partners Holdings, LLC |  |  |
| 8.50%, 05/01/28 (a) | 5650 | 5147 |
| EQM Midstream Partners, LP |  |  |
| 4.50%, 01/15/29 (a) | 3560 | 3012 |
| 4.75%, 01/15/31 (a) | 2130 | 1755 |
| Gulfport Energy Operating Corporation |  |  |
| 8.00%, 05/17/26 (a) | 5400 | 5349 |
| Harvest Midstream I, L.P. |  |  |
| 7.50%, 09/01/28 (a) | 5835 | 5599 |
| Hess Infrastructure Partners LP |  |  |
| 4.25%, 02/15/30 (a) | 4770 | 4090 |
| 5.50%, 10/15/30 (a) | 1315 | 1209 |
| NGL Energy Operating LLC |  |  |
| 7.50%, 02/01/26 (a) | 5710 | 5086 |
| PDV America, Inc. |  |  |
| 9.25%, 08/01/24 (a) | 8240 | 8264 |
| Sunoco LP |  |  |
| 4.50%, 05/15/29 - 04/30/30 | 6585 | 5740 |
| Tallgrass Energy Partners, LP |  |  |
| 6.00%, 12/31/30 (a) | 6755 | 5875 |
| USA Compression Finance Corp. |  |  |
| 6.88%, 09/01/27 | 3410 | 3198 |
| Weatherford International Ltd. |  |  |
| 8.63%, 04/30/30 (a) | 5743 | 5546 |
|  |  | 72088 |
| **Financials 11.6%** | **Financials 11.6%** | **Financials 11.6%** |
| Advisor Group Holdings, Inc. |  |  |
| 10.75%, 08/01/27 (a) | 4585 | 4677 |
| AG TTMT Escrow Issuer LLC |  |  |
| 8.63%, 09/30/27 (a) | 1196 | 1207 |
| Alliant Holdings Intermediate, LLC |  |  |
| 5.88%, 11/01/29 (a) | 4040 | 3326 |
| BroadStreet Partners, Inc. |  |  |
| 5.88%, 04/15/29 (a) | 7270 | 6249 |
| EG Global Finance PLC |  |  |
| 6.75%, 02/07/25 (a) | 8465 | 7322 |
| FirstCash Holdings, Inc. |  |  |
| 5.63%, 01/01/30 (a) | 6385 | 5703 |
| Ford Motor Credit Company LLC |  |  |
| 5.11%, 05/03/29 | 3340 | 3020 |
| 4.00%, 11/13/30 | 3500 | 2875 |
| HUB International Limited |  |  |
| 5.63%, 12/01/29 (a) | 7790 | 6832 |
| PennyMac Financial Services, Inc. |  |  |
| 4.25%, 02/15/29 (a) | 5670 | 4432 |
| Rocket Mortgage, LLC |  |  |
| 4.00%, 10/15/33 (a) | 6085 | 4552 |
| Ryan Specialty Group, LLC |  |  |
| 4.38%, 02/01/30 (a) | 5451 | 4765 |
| VistaJet Malta Finance P.L.C. |  |  |
| 6.38%, 02/01/30 (a) | 7228 | 5806 |
|  |  | 60766 |
| **Industrials 9.5%** | **Industrials 9.5%** | **Industrials 9.5%** |
| American Airlines, Inc. |  |  |
| 5.75%, 04/20/29 (a) | 6450 | 5901 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

682

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| ARD Finance S.A. |  |  |
| 6.50%, 06/30/27 (a) (b) | 9129 | 6383 |
| Bombardier Inc. |  |  |
| 7.88%, 04/15/27 (a) | 5925 | 5768 |
| Deluxe Corporation |  |  |
| 8.00%, 06/01/29 (a) | 7205 | 5909 |
| Granite US Holdings Corporation |  |  |
| 11.00%, 10/01/27 (a) (c) | 4904 | 5163 |
| Howard Midstream Energy Partners, LLC |  |  |
| 6.75%, 01/15/27 (a) | 6440 | 6223 |
| Pike Corporation |  |  |
| 5.50%, 09/01/28 (a) | 6235 | 5450 |
| Spirit AeroSystems, Inc. |  |  |
| 4.60%, 06/15/28 | 6995 | 5648 |
| Tutor Perini Corporation |  |  |
| 6.88%, 05/01/25 (a) (c) | 3990 | 3498 |
| | | 49943 |
| **Materials 5.7%** | **Materials 5.7%** | **Materials 5.7%** |
| Element Solutions Inc. |  |  |
| 3.88%, 09/01/28 (a) | 6390 | 5454 |
| ERO Copper Corp. |  |  |
| 6.50%, 02/15/30 (a) | 7860 | 6277 |
| GrafTech Finance Inc. |  |  |
| 4.63%, 12/15/28 (a) | 6465 | 5338 |
| Novelis Corporation |  |  |
| 3.88%, 08/15/31 (a) | 5725 | 4685 |
| Polar US Borrower, LLC |  |  |
| 6.75%, 05/15/26 (a) | 7300 | 2754 |
| Scih Salt Holdings Inc. |  |  |
| 6.63%, 05/01/29 (a) (c) | 6755 | 5448 |
|  |  | 29956 |
| **Consumer Staples 4.5%** | **Consumer Staples 4.5%** | **Consumer Staples 4.5%** |
| Coty Inc. |  |  |
| 4.75%, 01/15/29 (a) | 5715 | 5170 |
| PECF USS Intermediate Holding III Corporation |  |  |
| 8.00%, 11/15/29 (a) | 6815 | 4424 |
| Sigma Holdco B.V. |  |  |
| 7.88%, 05/15/26 (a) | 10862 | 7690 |
| Triton Water Holdings Incorporated |  |  |
| 6.25%, 04/01/29 (a) | 7465 | 6048 |
|  |  | 23332 |
| **Information Technology 3.8%** | **Information Technology 3.8%** | **Information Technology 3.8%** |
| Commscope Finance LLC |  |  |
| 8.25%, 03/01/27 (a) | 6843 | 5354 |
| Entegris, Inc. |  |  |
| 3.63%, 05/01/29 (a) (c) | 5781 | 4650 |
| Veritas USA Inc. |  |  |
| 7.50%, 09/01/25 (a) | 6625 | 4543 |
| ViaSat, Inc. |  |  |
| 6.50%, 07/15/28 (a) | 6725 | 5152 |
|  |  | 19699 |
| **Health Care 3.1%** | **Health Care 3.1%** | **Health Care 3.1%** |
| BCPE Cycle Merger Sub II Inc |  |  |
| 10.63%, 07/15/27 (a) | 6665 | 1401 |
| Community Health Systems, Inc. |  |  |
| 6.88%, 04/01/28 (a) | 7915 | 3847 |
| 5.25%, 05/15/30 (a) | 2635 | 1990 |
| Herbalife International, Inc. |  |  |
| 4.88%, 06/01/29 (a) | 6870 | 4705 |
| Pediatrix Medical Group, Inc. |  |  |
| 5.38%, 02/15/30 (a) (c) | 5005 | 4299 |
|  |  | 16242 |
| **Real Estate 2.1%** | **Real Estate 2.1%** | **Real Estate 2.1%** |
| Brookfield Property REIT Inc. |  |  |
| 4.50%, 04/01/27 (a) | 6460 | 5462 |
| VICI Properties Inc. |  |  |
| 4.13%, 08/15/30 (a) | 6480 | 5664 |
|  |  | 11126 |
| **Utilities 1.5%** | **Utilities 1.5%** | **Utilities 1.5%** |
| Clearway Energy Operating LLC |  |  |
| 3.75%, 02/15/31 (a) | 5986 | 4996 |
| Vistra Operations Company LLC |  |  |
| 5.63%, 02/15/27 (a) | 2902 | 2771 |
|  |  | 7767 |
| Total Corporate Bonds And Notes (cost $559,601) | Total Corporate Bonds And Notes (cost $559,601) | 462115 |
| **SENIOR FLOATING RATE INSTRUMENTS 5.5%** | **SENIOR FLOATING RATE INSTRUMENTS 5.5%** | **SENIOR FLOATING RATE INSTRUMENTS 5.5%** |
| **Consumer Discretionary 2.4%** | **Consumer Discretionary 2.4%** | **Consumer Discretionary 2.4%** |
| KNS Acquisition Corp. |  |  |
| Term Loan, 10.42%, (3 Month USD LIBOR + 6.25%), 04/16/27 (d) | 6225 | 5611 |
| Naked Juice LLC |  |  |
| 2nd Lien Term Loan, 9.65%, (SOFR + 6.00%), 01/25/30 (d) | 3745 | 2946 |
| Staples, Inc. |  |  |
| 7 Year Term Loan, 9.44%, (3 Month USD LIBOR + 5.00%), 04/05/26 (d) | 4309 | 3977 |
|  |  | 12534 |
| **Industrials 1.2%** | **Industrials 1.2%** | **Industrials 1.2%** |
| Tutor Perini Corporation |  |  |
| Term Loan B, 8.82%, (3 Month USD LIBOR + 4.75%), 08/13/27 (d) | 6628 | 6213 |
| **Health Care 1.0%** | **Health Care 1.0%** | **Health Care 1.0%** |
| Bausch Health Companies Inc. |  |  |
| 2022 Term Loan B, 0.00%, (1 Month Term SOFR + 5.25%), 01/27/27 (d) (e) | 1825 | 1381 |
| 2022 Term Loan B, 9.57%, (1 Month Term SOFR + 5.25%), 01/27/27 (d) | 4748 | 3593 |
|  |  | 4974 |
| **Consumer Staples 0.9%** | **Consumer Staples 0.9%** | **Consumer Staples 0.9%** |
| Journey Personal Care Corp. |  |  |
| 2021 Term Loan B, 7.92%, (3 Month USD LIBOR + 4.25%), 12/31/24 (d) | 6747 | 4895 |
| Total Senior Floating Rate Instruments (cost $33,538) | Total Senior Floating Rate Instruments (cost $33,538) | 28616 |
| **PREFERRED STOCKS 1.4%** | **PREFERRED STOCKS 1.4%** | **PREFERRED STOCKS 1.4%** |
| **Energy 0.7%** | **Energy 0.7%** | **Energy 0.7%** |
| Crestwood Equity Partners LP, 9.25% (f) | 461 | 3987 |
| **Financials 0.7%** | **Financials 0.7%** | **Financials 0.7%** |
| Ladenburg Thalmann Financial Services Inc., 6.50%, 11/30/27 (g) | 198 | 3464 |
| Total Preferred Stocks (cost $6,920) | Total Preferred Stocks (cost $6,920) | 7451 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **Energy 0.0%** | **Energy 0.0%** | **Energy 0.0%** |
| Ascent Resources - Marcellus, LLC (g) (h) | 5 | 12 |
| Total Common Stocks (cost $16) | Total Common Stocks (cost $16) | 12 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| Ascent Resources - Marcellus, LLC - 2nd Lien A (g) (h) | 34 |  |
| Ascent Resources - Marcellus, LLC - 2nd Lien B (g) (h) | 27 |  |
| Total Warrants (cost $8) | Total Warrants (cost $8) |  |
| **SHORT TERM INVESTMENTS 4.9%** | **SHORT TERM INVESTMENTS 4.9%** | **SHORT TERM INVESTMENTS 4.9%** |
| **Investment Companies 2.8%** | **Investment Companies 2.8%** | **Investment Companies 2.8%** |
| T. Rowe Price Government Reserve Fund, 4.25% (i) (j) | 14514 | 14514 |
| **Securities Lending Collateral 2.1%** | **Securities Lending Collateral 2.1%** | **Securities Lending Collateral 2.1%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (i) (j) | 11100 | 11100 |
| Total Short Term Investments (cost $25,614) | Total Short Term Investments (cost $25,614) | 25614 |
| **Total Investments 100.1% (cost $625,697)** | **Total Investments 100.1% (cost $625,697)** | **523808** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | (757) |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **523051** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $417,404 and 79.8% of the Fund.

(b) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(c) All or a portion of the security was on loan as of December 31, 2022.

(d) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

683

------

***JNL Series Trust***

December 31, 2022

determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(e) This senior floating rate interest will settle after December 31, 2022. If a reference rate and spread is presented, it will go into effect upon settlement.

(f) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(g) Non-income producing security.

(h) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(i) Investment in affiliate.

(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 462115 |  | 462115 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 28616 |  | 28616 |
| &nbsp;&nbsp;Preferred Stocks | 7451 |  |  | 7451 |
| &nbsp;&nbsp;Common Stocks |  |  | 12 | 12 |
| &nbsp;&nbsp;Warrants |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 25614 |  |  | 25614 |
|  | 33065 | 490731 | 12 | 523808 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

684

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** |
| **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** |
| **Financials 21.9%** | **Financials 21.9%** | **Financials 21.9%** |
| American International Group, Inc. | 486 | 30719 |
| Bank of America Corporation | 4154 | 137580 |
| Berkshire Hathaway Inc. - Class B (a) | 287 | 88531 |
| Chubb Limited | 407 | 89864 |
| Citigroup Inc. | 460 | 20815 |
| Corebridge Financial, Inc. | 652 | 13083 |
| JPMorgan Chase & Co. | 872 | 116923 |
| MetLife, Inc. | 1061 | 76801 |
| The Allstate Corporation | 279 | 37792 |
| The Goldman Sachs Group, Inc. | 94 | 32140 |
| The Hartford Financial Services Group, Inc. | 386 | 29286 |
| The Progressive Corporation | 621 | 80572 |
| The Travelers Companies, Inc. | 549 | 102835 |
| U.S. Bancorp | 1019 | 44447 |
| Wells Fargo & Company | 1872 | 77291 |
|  |  | 978679 |
| **Health Care 20.5%** | **Health Care 20.5%** | **Health Care 20.5%** |
| AbbVie Inc. | 347 | 56138 |
| AmerisourceBergen Corporation | 163 | 26933 |
| Amgen Inc. | 96 | 25292 |
| AstraZeneca PLC - ADR | 928 | 62939 |
| Becton, Dickinson and Company | 501 | 127473 |
| Centene Corporation (a) | 613 | 50287 |
| Cigna Corporation | 61 | 20328 |
| Danaher Corporation | 96 | 25447 |
| Elevance Health, Inc. | 328 | 168375 |
| GE Healthcare Technologies Inc. (a) | 85 | 4963 |
| HCA Healthcare, Inc. | 214 | 51265 |
| Humana Inc. | 52 | 26685 |
| Johnson & Johnson | 855 | 150948 |
| Merck & Co., Inc. | 335 | 37124 |
| PerkinElmer, Inc. | 142 | 19883 |
| Thermo Fisher Scientific Inc. | 87 | 47990 |
| UnitedHealth Group Incorporated | 27 | 14271 |
|  |  | 916341 |
| **Industrials 11.1%** | **Industrials 11.1%** | **Industrials 11.1%** |
| AMETEK, Inc. | 87 | 12148 |
| Booz Allen Hamilton Holding Corporation - Class A | 14 | 1495 |
| CSX Corporation | 1728 | 53518 |
| Cummins Inc. | 16 | 3798 |
| Dover Corporation | 64 | 8626 |
| Eaton Corporation Public Limited Company | 453 | 71142 |
| General Electric Company | 931 | 78042 |
| Honeywell International Inc. | 206 | 44221 |
| Hubbell Incorporated | 96 | 22565 |
| L3Harris Technologies, Inc. | 348 | 72419 |
| Norfolk Southern Corporation | 149 | 36808 |
| Northrop Grumman Corporation | 41 | 22120 |
| Republic Services, Inc. | 140 | 18025 |
| Siemens Aktiengesellschaft - Class N | 177 | 24755 |
| Union Pacific Corporation | 119 | 24724 |
|  |  | 494406 |
| **Consumer Staples 10.7%** | **Consumer Staples 10.7%** | **Consumer Staples 10.7%** |
| Constellation Brands, Inc. - Class A | 32 | 7298 |
| Keurig Dr Pepper Inc. | 808 | 28829 |
| Kimberly-Clark Corporation | 140 | 18951 |
| Kraft Foods Group, Inc. | 1326 | 53989 |
| Mondelez International, Inc. - Class A | 1251 | 83390 |
| Philip Morris International Inc. | 1105 | 111815 |
| The Coca-Cola Company | 304 | 19349 |
| The Procter & Gamble Company | 526 | 79643 |
| Walmart Inc. | 540 | 76622 |
|  |  | 479886 |
| **Information Technology 8.5%** | **Information Technology 8.5%** | **Information Technology 8.5%** |
| Accenture Public Limited Company - Class A | 62 | 16544 |
| Applied Materials, Inc. | 248 | 24111 |
| Broadcom Inc. | 117 | 65418 |
| Fidelity National Information Services, Inc. | 207 | 14065 |
| Fiserv, Inc. (a) | 661 | 66798 |
| KLA Corporation | 183 | 69150 |
| Lam Research Corporation | 67 | 28286 |
| Micron Technology, Inc. | 508 | 25375 |
| Microsoft Corporation | 81 | 19413 |
| TE Connectivity Ltd. (b) | 109 | 12559 |
| Texas Instruments Incorporated | 231 | 38166 |
|  |  | 379885 |
| **Utilities 6.9%** | **Utilities 6.9%** | **Utilities 6.9%** |
| Ameren Corporation | 189 | 16798 |
| American Electric Power Company, Inc. | 310 | 29422 |
| Dominion Energy, Inc. | 243 | 14914 |
| DTE Energy Company | 148 | 17398 |
| FirstEnergy Corp. | 588 | 24668 |
| Sempra Energy | 284 | 43893 |
| The Southern Company | 1985 | 141777 |
| WEC Energy Group Inc. | 74 | 6919 |
| Xcel Energy Inc. | 167 | 11725 |
|  |  | 307514 |
| **Energy 5.9%** | **Energy 5.9%** | **Energy 5.9%** |
| Chevron Corporation | 407 | 73105 |
| ConocoPhillips | 84 | 9853 |
| Exxon Mobil Corporation | 1243 | 137093 |
| Kinder Morgan, Inc. | 2489 | 44994 |
|  |  | 265045 |
| **Consumer Discretionary 5.4%** | **Consumer Discretionary 5.4%** | **Consumer Discretionary 5.4%** |
| Booking Holdings Inc. (a) |  | 550 |
| Dollar General Corporation | 144 | 35519 |
| McDonald's Corporation | 294 | 77456 |
| Ross Stores, Inc. | 133 | 15474 |
| The Home Depot, Inc. | 136 | 42989 |
| The TJX Companies, Inc. | 281 | 22378 |
| Ulta Beauty, Inc. (a) | 59 | 27487 |
| Yum! Brands, Inc. | 164 | 20955 |
|  |  | 242808 |
| **Communication Services 4.4%** | **Communication Services 4.4%** | **Communication Services 4.4%** |
| Activision Blizzard, Inc. | 252 | 19314 |
| Alphabet Inc. - Class C (a) | 1139 | 101021 |
| The Walt Disney Company (a) | 362 | 31451 |
| Verizon Communications Inc. | 1178 | 46425 |
|  |  | 198211 |
| **Materials 2.0%** | **Materials 2.0%** | **Materials 2.0%** |
| International Flavors & Fragrances Inc. | 217 | 22729 |
| Nutrien Ltd. | 616 | 44957 |
| The Sherwin-Williams Company | 88 | 20790 |
|  |  | 88476 |
| **Real Estate 1.8%** | **Real Estate 1.8%** | **Real Estate 1.8%** |
| Boston Properties, Inc. | 70 | 4758 |
| Equity Lifestyle Properties, Inc. | 152 | 9849 |
| ProLogis Inc. | 405 | 45687 |
| Weyerhaeuser Company | 696 | 21569 |
|  |  | 81863 |
| Total Common Stocks (cost $4,297,390) | Total Common Stocks (cost $4,297,390) | 4433114 |
| **SHORT TERM INVESTMENTS 1.3%** | **SHORT TERM INVESTMENTS 1.3%** | **SHORT TERM INVESTMENTS 1.3%** |
| **Investment Companies 1.3%** | **Investment Companies 1.3%** | **Investment Companies 1.3%** |
| T. Rowe Price Government Reserve Fund, 4.25% (c) (d) | 56745 | 56745 |
| Total Short Term Investments (cost $56,745) | Total Short Term Investments (cost $56,745) | 56745 |
| **Total Investments 100.4% (cost $4,354,135)** | **Total Investments 100.4% (cost $4,354,135)** | **4489859** |
| **Other Assets and Liabilities, Net (0.4)%** | **Other Assets and Liabilities, Net (0.4)%** | **(17332)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **4472527** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

685

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Value Fund — Restricted Securities** | **JNL/T. Rowe Price Value Fund — Restricted Securities** | **JNL/T. Rowe Price Value Fund — Restricted Securities** | **JNL/T. Rowe Price Value Fund — Restricted Securities** | **JNL/T. Rowe Price Value Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| TE Connectivity Ltd. | 10/31/22 | 13031 | 12559 | 0.3 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 4408359 | 24755 |  | 4433114 |
| &nbsp;&nbsp;Short Term Investments | 56745 |  |  | 56745 |
|  | 4465104 | 24755 |  | 4489859 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

686

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** |
| **COMMON STOCKS 92.1%** | **COMMON STOCKS 92.1%** | **COMMON STOCKS 92.1%** |
| **China 62.2%** | **China 62.2%** | **China 62.2%** |
| Angel Yeast Co., Ltd. - Class A | 33 | 215 |
| Asymchem Laboratories (Tianjin) Co., Ltd. - Class H (a) | 10 | 151 |
| Bondex Supply Chain Management Co., Ltd. - Class A | 11 | 91 |
| Changzhou Xingyu Automotive Lighting Systems Co., Ltd. - Class A | 5 | 82 |
| Eastroc Beverage(Group) Co., Ltd. - Class A | 3 | 72 |
| Hongfa Technology Co., Ltd. - Class A | 17 | 82 |
| Hundsun Technologies Inc. - Class A | 16 | 94 |
| Kweichow Moutai Co., Ltd. - Class A | 1 | 198 |
| Li Ning Company Limited | 33 | 285 |
| Pinduoduo Inc. - ADR (b) | 2 | 148 |
| Ping An Insurance (Group) Co of China Ltd - Class H | 27 | 177 |
| Qingdao Haier Biomedical Co Ltd - Class A | 13 | 119 |
| Qingdao Hairong Commercial Cold Chain Co., Ltd. - Class A | 18 | 83 |
| Rianlon Corporation - Class A | 8 | 64 |
| Shandong Sinocera Functional Material Co., Ltd. - Class A | 15 | 61 |
| Shenzhen H&T Intelligent Control Co., Ltd. - Class A | 41 | 85 |
| Shenzhen Xinyichang Technology Co., Ltd. - Class A | 4 | 57 |
| Shenzhou International Group Holdings Limited | 23 | 256 |
| Silergy Corp. | 4 | 57 |
| Tencent Holdings Limited | 9 | 395 |
| WuXi AppTec Co., Ltd. - Class H (a) | 16 | 166 |
| Xiamen Faratronic Co., Ltd. - Class A | 5 | 117 |
| Yadea Group Holdings Ltd (a) | 42 | 70 |
| Zhejiang Jiemei Electronic and Technology Co., Ltd. - Class A | 33 | 132 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd. - Class A | 26 | 79 |
| ZTO Express (Cayman) Inc. - Class A - ADR | 9 | 234 |
|  |  | 3570 |
| **Hong Kong 24.0%** | **Hong Kong 24.0%** | **Hong Kong 24.0%** |
| AIA Group Limited | 37 | 408 |
| China Mengniu Dairy Company Limited | 71 | 321 |
| China Overseas Holdings Limited | 210 | 218 |
| Hong Kong Exchanges and Clearing Limited | 3 | 129 |
| Man Wah Holdings Limited | 92 | 91 |
| Techtronic Industries Company Limited | 19 | 211 |
|  |  | 1378 |
| **Taiwan 5.9%** | **Taiwan 5.9%** | **Taiwan 5.9%** |
| Airtac International Group | 4 | 121 |
| SIBON Electronics Co., Ltd. | 24 | 214 |
|  |  | 335 |
| Total Common Stocks (cost $5,286) | Total Common Stocks (cost $5,286) | 5283 |
| **SHORT TERM INVESTMENTS 7.6%** | **SHORT TERM INVESTMENTS 7.6%** | **SHORT TERM INVESTMENTS 7.6%** |
| **Investment Companies 7.6%** | **Investment Companies 7.6%** | **Investment Companies 7.6%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 433 | 433 |
| Total Short Term Investments (cost $433) | Total Short Term Investments (cost $433) | 433 |
| **Total Investments 99.7% (cost $5,719)** | **Total Investments 99.7% (cost $5,719)** | **5716** |
| **Other Assets and Liabilities, Net 0.3%** | **Other Assets and Liabilities, Net 0.3%** | **20** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **5736** |

---

(a) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(b) Non-income producing security.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/WCM China Quality Growth Fund — Restricted Securities** | **JNL/WCM China Quality Growth Fund — Restricted Securities** | **JNL/WCM China Quality Growth Fund — Restricted Securities** | **JNL/WCM China Quality Growth Fund — Restricted Securities** | **JNL/WCM China Quality Growth Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Asymchem Laboratories (Tianjin) Co., Ltd. - Class H | 04/26/22 | 165 | 151 | 2.6 |
| WuXi AppTec Co., Ltd. - Class H | 04/26/22 | 206 | 166 | 2.9 |
| Yadea Group Holdings Ltd | 11/07/22 | 73 | 70 | 1.2 |
|  |  | 444 | 387 | 6.7 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 382 | 4901 |  | 5283 |
| &nbsp;&nbsp;Short Term Investments | 433 |  |  | 433 |
|  | 815 | 4901 |  | 5716 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

687

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** |
| **COMMON STOCKS 97.7%** | **COMMON STOCKS 97.7%** | **COMMON STOCKS 97.7%** |
| **United Kingdom 14.5%** | **United Kingdom 14.5%** | **United Kingdom 14.5%** |
| AON Public Limited Company - Class A | 170 | 51031 |
| AstraZeneca PLC | 321 | 43758 |
| Experian PLC | 1318 | 45142 |
| Ferguson PLC | 209 | 26414 |
| Linde Public Limited Company | 84 | 27585 |
|  |  | 193930 |
| **United States of America 11.5%** | **United States of America 11.5%** | **United States of America 11.5%** |
| EPAM Systems, Inc. (a) | 112 | 36718 |
| Lululemon Athletica Canada Inc. (a) | 85 | 27191 |
| Mettler-Toledo International Inc. (a) | 22 | 31290 |
| ResMed Inc. | 118 | 24650 |
| Steris Limited | 182 | 33660 |
|  |  | 153509 |
| **Switzerland 10.5%** | **Switzerland 10.5%** | **Switzerland 10.5%** |
| Alcon AG | 602 | 41217 |
| Lonza Group AG | 40 | 19494 |
| Nestle S.A. - Class N | 347 | 40236 |
| Sika AG | 162 | 38986 |
|  |  | 139933 |
| **Canada 8.8%** | **Canada 8.8%** | **Canada 8.8%** |
| Canadian Pacific Railway Limited | 868 | 64711 |
| Thomson Reuters Corporation | 243 | 27714 |
| Waste Connections, Inc. | 190 | 25161 |
|  |  | 117586 |
| **France 8.3%** | **France 8.3%** | **France 8.3%** |
| LVMH Moet Hennessy Louis Vuitton | 53 | 38778 |
| Pernod Ricard | 156 | 30837 |
| Schneider Electric SE | 297 | 41779 |
|  |  | 111394 |
| **Netherlands 7.0%** | **Netherlands 7.0%** | **Netherlands 7.0%** |
| Adyen B.V. (a) (b) | 25 | 35002 |
| ASM International N.V. | 97 | 24645 |
| ASML Holding N.V. - ADR | 62 | 34075 |
|  |  | 93722 |
| **Ireland 6.1%** | **Ireland 6.1%** | **Ireland 6.1%** |
| Accenture Public Limited Company - Class A | 166 | 44256 |
| Icon Public Limited Company (a) | 193 | 37493 |
|  |  | 81749 |
| **Denmark 5.9%** | **Denmark 5.9%** | **Denmark 5.9%** |
| DSV A/S | 122 | 19204 |
| Novo Nordisk A/S - Class B | 446 | 60314 |
|  |  | 79518 |
| **Australia 5.6%** | **Australia 5.6%** | **Australia 5.6%** |
| Atlassian Corporation - Class A (a) | 257 | 33106 |
| CSL Limited | 213 | 41707 |
|  |  | 74813 |
| **Japan 4.6%** | **Japan 4.6%** | **Japan 4.6%** |
| Keyence Corporation | 91 | 35528 |
| Lasertec Co., Ltd. | 164 | 26634 |
|  |  | 62162 |
| **Sweden 4.3%** | **Sweden 4.3%** | **Sweden 4.3%** |
| Atlas Copco Aktiebolag - Class A | 1776 | 21053 |
| Evolution AB (publ) (b) | 378 | 36969 |
|  |  | 58022 |
| **Italy 3.5%** | **Italy 3.5%** | **Italy 3.5%** |
| Ferrari N.V. | 216 | 46399 |
| **India 2.6%** | **India 2.6%** | **India 2.6%** |
| ICICI Bank Limited - ADR | 1602 | 35070 |
| **Hong Kong 2.5%** | **Hong Kong 2.5%** | **Hong Kong 2.5%** |
| AIA Group Limited | 3047 | 33602 |
| **China 2.0%** | **China 2.0%** | **China 2.0%** |
| Li Ning Company Limited | 3092 | 26680 |
| Total Common Stocks (cost $1,168,040) | Total Common Stocks (cost $1,168,040) | 1308089 |
| **SHORT TERM INVESTMENTS 2.2%** | **SHORT TERM INVESTMENTS 2.2%** | **SHORT TERM INVESTMENTS 2.2%** |
| **Investment Companies 2.2%** | **Investment Companies 2.2%** | **Investment Companies 2.2%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 30138 | 30138 |
| Total Short Term Investments (cost $30,138) | Total Short Term Investments (cost $30,138) | 30138 |
| **Total Investments 99.9% (cost $1,198,178)** | **Total Investments 99.9% (cost $1,198,178)** | **1338227** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **737** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1338964** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/WCM Focused International Equity Fund — Restricted Securities** | **JNL/WCM Focused International Equity Fund — Restricted Securities** | **JNL/WCM Focused International Equity Fund — Restricted Securities** | **JNL/WCM Focused International Equity Fund — Restricted Securities** | **JNL/WCM Focused International Equity Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adyen B.V. | 09/18/20 | 41018 | 35002 | 2.6 |
| Evolution AB (publ) | 03/31/21 | 53356 | 36969 | 2.8 |
|  |  | 94374 | 71971 | 5.4 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 51031 | 142899 |  | 193930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States of America | 153509 |  |  | 153509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 139933 |  | 139933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 117586 |  |  | 117586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 111394 |  | 111394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 34075 | 59647 |  | 93722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 81749 |  |  | 81749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 79518 |  | 79518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | 33106 | 41707 |  | 74813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 62162 |  | 62162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 58022 |  | 58022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 46399 |  | 46399 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

688

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/WCM Focused International Equity Fund (continued)** | **JNL/WCM Focused International Equity Fund (continued)** | **JNL/WCM Focused International Equity Fund (continued)** | **JNL/WCM Focused International Equity Fund (continued)** | **JNL/WCM Focused International Equity Fund (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 35070 |  |  | 35070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 33602 |  | 33602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 26680 |  | 26680 |
| &nbsp;&nbsp;Short Term Investments | 30138 |  |  | 30138 |
|  | 536264 | 801963 |  | 1338227 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

689

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** |
| **COMMON STOCKS 58.6%** | **COMMON STOCKS 58.6%** | **COMMON STOCKS 58.6%** |
| **Financials 29.0%** | **Financials 29.0%** | **Financials 29.0%** |
| 7 Acquisition Corporation - Class A (a) | 11 | 110 |
| A SPAC II Acquisition Corp (a) | 10 | 98 |
| Adara Acquisition Corp. - Class A (a) | 8 | 81 |
| African Gold Acquisition Corp. - Class A (a) | 13 | 132 |
| AfterNext HealthTech Acquisition Corp. - Class A (a) | 16 | 160 |
| Ahren Acquisition Corp - Class A (a) | 7 | 77 |
| Alpha Partners Technology Merger Corp. - Class A (a) | 13 | 134 |
| ALSP Orchid Acquisition Corporation I - Class A (a) | 23 | 232 |
| Altenergy Acquisition Corp. (a) | 4 | 39 |
| Altimar Acquisition Corp. III (a) | 5 | 48 |
| Altimar Acquisition Corp. III - Class A (a) | 7 | 67 |
| Andretti Acquisition Corp. - Class A (a) | 5 | 48 |
| Arctos Northstar Acquisition Corp. - Class A (a) | 16 | 160 |
| Arrowroot Acquisition Corp. - Class A (a) | 21 | 214 |
| ARYA Sciences Acquisition Corp IV - Class A (a) | 4 | 37 |
| Aura Fat Projects Acquisition Corp. (a) | 13 | 129 |
| Aurora Acquisition Corp. - Class A (a) | 5 | 53 |
| Aurora Technology Acquisition Corp. - Class A (a) | 20 | 200 |
| Authentic Equity Acquisition Corp. (a) | 22 | 222 |
| B. Riley Principal 250 Merger Corp. - Class A (a) | 13 | 126 |
| Bannix Acquisition Corp. (a) | 1 | 6 |
| Bilander Acquisition Corp. - Class A (a) | 13 | 131 |
| Biotech Acquisition Company - Class A (a) | 13 | 133 |
| Bleuacacia Ltd - Class A (a) | 37 | 371 |
| Blueriver Acquisition Corp. - Class A (a) | 20 | 200 |
| Bullpen Parlay Acquisition Company - Class A (a) | 8 | 81 |
| Burtech Acquisition Corp. - Class A (a) | 21 | 210 |
| Canna-Global Acquisition Corp. - Class A (a) | 4 | 37 |
| CapitalWorks Emerging Markets Acquisition Corp. - Class A (a) | 2 | 22 |
| Cartesian Growth Corporation II (a) | 7 | 69 |
| Cartica Acquisition Corp. - Class A (a) | 5 | 55 |
| Catalyst Partners Acquisition Corp. - Class A (a) | 21 | 214 |
| CC Neuberger Principal Holdings III - Class A (a) | 13 | 136 |
| Churchill Capital Corp VII - Class A (a) | 63 | 629 |
| Churchill Capital Corp. V - Class A (a) | 13 | 125 |
| CIIG Capital Partners II, Inc. - Class A (a) | 10 | 103 |
| Coliseum Acquisition Corp. - Class A (a) | 5 | 54 |
| Colonnade Acquisition Corp. II - Class A (a) | 32 | 322 |
| Concord Acquisition Corp. II - Class A (a) | 13 | 133 |
| Consilium Acquisition Corp I Ltd - Class A (a) | 6 | 59 |
| Constellation Acquisition Corp I - Class A (a) | 39 | 397 |
| Conyers Park III Acquisition Corp. - Class A (a) | 13 | 131 |
| Corazon Capital V838 Monoceros Corp - Class A (a) | 15 | 156 |
| Core Parenterals Limited - Class A (a) |  | 1 |
| Cowen Inc. - Class A | 7 | 264 |
| Decarbonization Plus Acquisition Corporation IV - Class A (a) | 26 | 268 |
| Deep Lake Capital Acquisition Corp. - Class A (a) | 54 | 543 |
| dMY Technology Group, Inc. VI - Class A (a) | 14 | 141 |
| DP Cap Acquisition Corp I - Class A (a) | 10 | 104 |
| Dragoneer Growth Opportunities Corp. III - Class A (a) | 40 | 399 |
| Elliott Opportunity II Corp. (a) | 2 | 25 |
| Elliott Opportunity II Corp. - Class A (a) | 39 | 392 |
| Embrace Change Acquisition Corp. (a) | 7 | 68 |
| Enphys Acquisition Corp. - Class A (a) |  | 1 |
| Enterprise 4.0 Technology Acquisition Corp. (a) | 4 | 39 |
| Enterprise 4.0 Technology Acquisition Corp. - Class A (a) | 2 | 25 |
| ESGEN Acquisition Corp - Class A (a) | 17 | 181 |
| ESM Acquisition Corporation (a) | 25 | 250 |
| ExcelFin Acquisition Corp. (a) | 4 | 39 |
| Far Peak Acquisition Corp. - Class A (a) | 96 | 964 |
| Fat Projects Acquisition Corp - Class A (a) | 14 | 143 |
| Fifth Wall Acquisition Corp. III - Class A (a) | 16 | 161 |
| FinTech Evolution Acquisition Group (a) | 16 | 163 |
| First Horizon Corporation (b) | 70 | 1723 |
| Focus Impact Acquisition Corp. - Class A (a) | 8 | 85 |
| Fortress Capital Acquisition Corp - Class A (a) | 56 | 563 |
| Freedom Acquisition I Corp. - Class A (a) | 15 | 150 |
| FTAC Athena Acquisition Corp. - Class A (a) | 23 | 234 |
| FTAC Hera Acquisition Corp. (a) | 16 | 165 |
| FTAC Hera Acquisition Corp. - Class A (a) | 38 | 386 |
| FTAC Parnassus Acquisition Corp. - Class A (a) | 13 | 133 |
| FTAC Zeus Acquisition Corp. - Class A (a) | 40 | 402 |
| Fusion Acquisition Corp. II (a) | 7 | 68 |
| Fusion Acquisition Corp. II - Class A (a) | 4 | 41 |
| G Squared Ascend I Inc. - Class A (a) | 49 | 498 |
| G Squared Ascend II, Inc. (a) | 5 | 53 |
| G Squared Ascend II, Inc. - Class A (a) | 2 | 15 |
| Gesher I Acquisition Corp - Class A (a) | 8 | 78 |
| Goal Acquisitions Corp. (a) | 120 | 1206 |
| Gores Holdings IX, Inc. - Class A (a) | 5 | 46 |
| Green Visor Financial Technology Acquisition Corp. I - Class A (a) | 39 | 401 |
| GX Acquisition Corp. II - Class A (a) | 14 | 144 |
| Hainan Manaslu Acquisition Corp. (a) | 28 | 284 |
| Heliogen, Inc. - Class A (a) | 7 | 74 |
| HH&L Acquisition Co. - Class A (a) | 33 | 333 |
| Home Plate Acquisition Corporation - Class A (a) | 11 | 112 |
| Ibere Pharmaceuticals - Class A (a) | 6 | 63 |
| Iconic Sports Acquisition Corp. - Class A (a) | 5 | 55 |
| Igate Computer Systems Limited - Class A (a) | 24 | 245 |
| Independence Holdings Corp. (a) | 25 | 248 |
| Independence Holdings Corp. - Class A (a) | 46 | 463 |
| Infinite Acquisition Corp. (a) | 3 | 32 |
| Infinite Acquisition Corp. - Class A (a) | 1 | 10 |
| Inflection Point Acquisition Corp. - Class A (a) | 39 | 393 |
| Innovative International Acquisition Corp. - Class A (a) | 11 | 115 |
| Investcorp Europe Acquisition Corp I - Class A (a) | 7 | 75 |
| Investcorp India Acquisition Corp. - Class A (a) | 8 | 87 |
| Itiquira Acquisition Corp. - Class A (a) | 10 | 97 |
| Jack Creek Investment Corp. - Class A (a) | 24 | 238 |
| Jaws Hurricane Acquisition Corp - Class A (a) | 30 | 301 |
| Jaws Juggernaut Acquisition Corp. (a) | 9 | 89 |
| Jaws Juggernaut Acquisition Corp. - Class A (a) | 4 | 40 |
| Jaws Mustang Acquisition Corp. - Class A (a) | 99 | 998 |
| Kadem Sustainable Impact Corporation - Class A (a) | 9 | 87 |
| Kairos Acquisition Corp. (a) | 57 | 577 |
| Kensington Capital Acquisition Corp. V (a) | 25 | 253 |
| Kernel Group Holdings, Inc. - Class A (a) | 13 | 130 |
| Khosla Ventures Acquisition Co. - Class A (a) | 13 | 132 |
| Kismet Acquisition Three Corp. - Class A (a) (c) | 13 | 131 |
| Kismet Acquisition Two Corp. - Class A (a) | 2 | 22 |
| L Catterton Asia Acquisition Corp - Class A (a) | 13 | 132 |
| Lazard Growth Acquisition Corp. I (a) | 46 | 463 |
| LDH Growth Corp I - Class A (a) | 13 | 132 |
| Live Oak Crestview Climate Acquisition Corp. (a) | 13 | 127 |
| Live Oak Mobility Acquisition Corp. - Class A (a) | 15 | 150 |
| M3-Brigade Acquisition II Corp. (a) | 8 | 75 |
| M3-Brigade Acquisition II Corp. - Class A (a) | 13 | 129 |
| M3-Brigade Acquisition III Corp. - Class A (a) | 14 | 144 |
| Macondray Capital Acquisition Corp. I (a) | 6 | 57 |
| Magnum Opus Acquisition Limited - Class A (a) | 13 | 129 |
| MarketWise, Inc. - Class A (a) | 5 | 8 |
| Marlin Technology Corp. - Class A (a) | 77 | 776 |
| Mason Industrial Technology, Inc. (a) | 23 | 232 |
| Medicus Sciences Acquisition Corp. - Class A (a) | 6 | 60 |
| MELI Kaszek Pioneer Corp - Class A (a) | 6 | 61 |
| Moringa Acquisition Corp. - Class A (a) | 2 | 25 |
| Motive Capital Corp II (a) | 32 | 330 |
| Mountain & Co I Acquisition Corp - Class A (a) | 20 | 207 |
| MSD Acquisition Corp. - Class A (a) | 53 | 533 |
| New Vista Acquisition Corp (a) | 60 | 601 |
| Newbury Street Acquisition Corporation (a) | 25 | 251 |
| Noble Rock Acquisition Corp. - Class A (a) | 27 | 273 |
| North Atlantic Acquisition Corp. - Class A (a) | 35 | 352 |
| Northern Genesis Acquisition Corp. III (a) | 13 | 131 |
| Northern Star Investment Corp. IV - Class A (a) | 27 | 271 |
| Orion Biotech Opportunities Corp. - Class A (a) | 1 | 6 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

690

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Oxus Acquisition Corp - Class A (a) | 5 | 50 |
| Pepperlime Health Acquisition Corp. - Class A (a) | 15 | 151 |
| Peridot Acquisition Corp. II (a) | 21 | 208 |
| Peridot Acquisition Corp. II - Class A (a) | 25 | 253 |
| Pioneer Merger Corp. - Class A (a) | 32 | 322 |
| Plum Acquisition Corp. I (a) | 25 | 254 |
| Pontem Corp - Class A (a) | 134 | 1351 |
| Post Holdings Partnering Corporation - Series A (a) | 19 | 193 |
| Power & Digital Infrastructure Acquisition II Corp. - Class A (a) | 1 | 14 |
| Powered Brands - Class A (a) |  |  |
| PowerUp Acquisition Corp. - Class A (a) | 9 | 96 |
| Priveterra Acquisition Corp. - Class A (a) | 15 | 149 |
| PROOF Acquisition Corp I (a) | 10 | 102 |
| Pyrophyte Acquisition Corp. (a) | 5 | 51 |
| Rigel Resource Acquisition Corp. - Class A (a) | 1 | 15 |
| RMG Acquisition Corp. III - Class A (a) | 59 | 599 |
| Rocket Internet Growth Opportunities Corp. - Class A (a) | 33 | 329 |
| ScION Tech Growth II (a) | 25 | 247 |
| Screaming Eagle Acquisition Corp. - Class A (a) | 42 | 420 |
| Semper Paratus Acquisition Corp. (a) | 5 | 52 |
| Shelter Acquisition Corporation I (a) (c) | 2 |  |
| SilverSPAC Inc. - Class A (a) | 8 | 79 |
| Slam Corp. - Class A (a) | 39 | 396 |
| Social Capital Suvretta Holdings Corp. II - Class A (a) | 29 | 294 |
| Social Capital Suvretta Holdings Corp. IV - Class A (a) | 27 | 267 |
| Spree Acquisition Corp. 1 Limited - Class A (a) | 22 | 230 |
| Spring Valley Acquisition Corp. II (a) | 3 | 28 |
| StoneBridge Acquisition Corporation - Class A (a) | 11 | 115 |
| Supernova Partners Acquisition Company III, Ltd. - Class A (a) | 51 | 512 |
| SVF Investment Corp. - Class A (a) | 16 | 163 |
| SVF Investment Corp. 2 - Class A (a) | 38 | 378 |
| Talon 1 Acquisition Corp. - Class A (a) | 20 | 202 |
| Target Global Acquisition I Corp. (a) | 11 | 117 |
| TCV Acquisition Corp. - Class A (a) | 35 | 349 |
| TenX Keane Acquisition (a) | 8 | 78 |
| Thunder Bridge Capital Partners IV, Inc. - Class A (a) | 17 | 172 |
| Tio Tech A - Class A (a) | 30 | 303 |
| TortoiseEcofin Acquisition Corp. III - Class A (a) | 21 | 206 |
| Twin Ridge Capital Acquisition Corp. - Class A (a) | 4 | 40 |
| TZP Strategies Acquisition Corp. (a) | 14 | 138 |
| Valor Latitude Acquisition Corp. - Class A (a) | 25 | 247 |
| Valuence Merger Corp. I - Class A (a) | 1 | 14 |
| Vector Acquisition Corp. II - Class A (a) | 23 | 232 |
| Viscogliosi Brothers Acquisition Corp. (a) | 4 | 38 |
| Warburg Pincus Capital Corporation I-A - Class A (a) | 27 | 277 |
| Warburg Pincus Capital Corporation I-B - Class A (a) | 5 | 54 |
| Waverley Capital Acquisition Corp. 1 - Class A (a) | 6 | 64 |
| World Quantum Growth Acquisition Corp. - Class A (a) | 26 | 261 |
| XPAC Acquisition Corp. - Class A (a) | 4 | 39 |
| | | 38191 |
| **Health Care 7.8%** | **Health Care 7.8%** | **Health Care 7.8%** |
| 1Life Healthcare, Inc. (a) | 49 | 818 |
| Horizon Therapeutics Public Limited Company (a) | 35 | 3995 |
| LHC Group, Inc. (a) (b) | 15 | 2414 |
| Oyster Point Pharma, Inc. (a) | 110 | 1232 |
| Q-Si Operations Inc. - Class A (a) | 25 | 45 |
| Signify Health, Inc. - Class A (a) (b) | 63 | 1807 |
|  |  | 10311 |
| **Industrials 6.2%** | **Industrials 6.2%** | **Industrials 6.2%** |
| Aerojet Rocketdyne Holdings, Inc. (a) | 9 | 530 |
| Altra Industrial Motion Corp. (b) | 9 | 566 |
| Atlas Air Worldwide Holdings, Inc. (a) | 2 | 203 |
| Atlas Corp. (b) | 106 | 1628 |
| Crane Holdings, Co. (d) | 1 | 90 |
| Emerson Electric Co. (d) | 8 | 807 |
| General Electric Company (d) | 28 | 2354 |
| Griffon Corporation (d) | 40 | 1432 |
| IAA Spinco Inc. (a) | 1 | 23 |
| Maxar Technologies Inc. | 9 | 489 |
|  |  | 8122 |
| **Information Technology 5.5%** | **Information Technology 5.5%** | **Information Technology 5.5%** |
| Coupa Software Incorporated (a) | 8 | 667 |
| E2Open Parent Holdings, Inc. (a) | 24 | 244 |
| EVO Payments, Inc. - Class A (a) | 3 | 115 |
| Knowbe4, Inc. - Class A (a) | 10 | 236 |
| Rogers Corporation (a) (d) | 2 | 201 |
| Sierra Wireless, Inc. (a) (b) | 41 | 1199 |
| Silicon Motion, Inc. - ADR | 9 | 569 |
| Tower Semiconductor Ltd. (a) |  | 2 |
| VMware, Inc. - Class A (a) (b) | 33 | 4009 |
|  |  | 7242 |
| **Communication Services 2.7%** | **Communication Services 2.7%** | **Communication Services 2.7%** |
| Activision Blizzard, Inc. | 16 | 1238 |
| MGM Holdings, Inc. - Class A (a) (c) | 4 | 19 |
| Sciplay Corporation - Class A (a) | 3 | 50 |
| Shaw Communications Inc. - Class B | 80 | 2301 |
|  |  | 3608 |
| **Materials 2.7%** | **Materials 2.7%** | **Materials 2.7%** |
| Vale S.A. - ADR | 123 | 2091 |
| Yamana Gold Inc. (b) | 266 | 1477 |
|  |  | 3568 |
| **Consumer Discretionary 2.3%** | **Consumer Discretionary 2.3%** | **Consumer Discretionary 2.3%** |
| Cazoo Group Ltd - Class A (a) | 18 | 3 |
| iRobot Corporation (a) | 3 | 121 |
| Poshmark, Inc. - Class A (a) | 10 | 187 |
| Sportsman's Warehouse Holdings, Inc. (a) | 6 | 58 |
| Wynn Resorts, Limited (a) (b) (d) | 31 | 2598 |
|  |  | 2967 |
| **Consumer Staples 1.0%** | **Consumer Staples 1.0%** | **Consumer Staples 1.0%** |
| Kellogg Company (d) | 19 | 1354 |
| TPCO Holding Corp. - Class A (a) | 9 | 1 |
|  |  | 1355 |
| **Energy 0.7%** | **Energy 0.7%** | **Energy 0.7%** |
| Euronav | 52 | 888 |
| **Real Estate 0.7%** | **Real Estate 0.7%** | **Real Estate 0.7%** |
| Store Capital Corporation (d) | 26 | 848 |
| Total Common Stocks (cost $75,811) | Total Common Stocks (cost $75,811) | 77100 |
| **CORPORATE BONDS AND NOTES 23.0%** | **CORPORATE BONDS AND NOTES 23.0%** | **CORPORATE BONDS AND NOTES 23.0%** |
| **Communication Services 6.2%** | **Communication Services 6.2%** | **Communication Services 6.2%** |
| Cengage Learning, Inc. |  |  |
| 9.50%, 06/15/24 (e) | 2629 | 2504 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.50%, 06/01/29 (e) | 1024 | 745 |
| Connect Finco SARL |  |  |
| 6.75%, 10/01/26 (e) | 1176 | 1096 |
| Getty Images, Inc. |  |  |
| 9.75%, 03/01/27 (e) | 2557 | 2521 |
| TEGNA Inc. |  |  |
| 4.63%, 03/15/28 | 245 | 233 |
| 5.00%, 09/15/29 | 1046 | 990 |
|  |  | 8089 |
| **Consumer Discretionary 3.7%** | **Consumer Discretionary 3.7%** | **Consumer Discretionary 3.7%** |
| Aramark Services, Inc. |  |  |
| 5.00%, 04/01/25 (e) | 359 | 351 |
| 6.38%, 05/01/25 (e) | 2382 | 2359 |
| Entertainment Studios, Inc. |  |  |
| 10.50%, 02/15/28 (e) | 1365 | 519 |
| Grubhub Holdings Inc. |  |  |
| 5.50%, 07/01/27 (e) | 673 | 487 |
| Scientific Games International, Inc. |  |  |
| 7.00%, 05/15/28 (e) | 1247 | 1192 |
|  |  | 4908 |
| **Industrials 3.1%** | **Industrials 3.1%** | **Industrials 3.1%** |
| Foxtrot Escrow Issuer LLC |  |  |
| 12.25%, 11/15/26 (e) | 1180 | 976 |
| Granite US Holdings Corporation |  |  |
| 11.00%, 10/01/27 (e) | 507 | 534 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

691

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| IEA Energy Services LLC |  |  |
| 6.63%, 08/15/29 (e) | 1184 | 1109 |
| Mauser Packaging Solutions Holding Company |  |  |
| 7.25%, 04/15/25 (e) | 1304 | 1207 |
| Stevens Holding Co., Inc. |  |  |
| 6.13%, 10/01/26 (e) | 298 | 300 |
| | | 4126 |
| **Information Technology 2.5%** | **Information Technology 2.5%** | **Information Technology 2.5%** |
| Coupa Software Incorporated |  |  |
| 0.13%, 06/15/25 (f) | 354 | 343 |
| 0.38%, 06/15/26 (f) | 668 | 645 |
| MoneyGram International, Inc. |  |  |
| 5.38%, 08/01/26 (e) | 1254 | 1269 |
| ViaSat, Inc. |  |  |
| 5.63%, 04/15/27 (e) | 1168 | 1059 |
|  |  | 3316 |
| **Consumer Staples 2.4%** | **Consumer Staples 2.4%** | **Consumer Staples 2.4%** |
| Ahern Rentals, Inc. |  |  |
| 7.38%, 05/15/23 (e) | 1129 | 1129 |
| Treehouse Foods, Inc. |  |  |
| 4.00%, 09/01/28 | 1206 | 1028 |
| Vector Group Ltd. |  |  |
| 10.50%, 11/01/26 (e) | 1025 | 1021 |
|  |  | 3178 |
| **Real Estate 2.4%** | **Real Estate 2.4%** | **Real Estate 2.4%** |
| iStar Inc. |  |  |
| 4.75%, 10/01/24 | 376 | 374 |
| 4.25%, 08/01/25 | 2226 | 2185 |
| 5.50%, 02/15/26 | 22 | 22 |
| WeWork Companies Inc. |  |  |
| 7.88%, 05/01/25 (e) | 665 | 249 |
| WeWork Companies LLC |  |  |
| 5.00%, 07/10/25 (e) | 993 | 325 |
|  |  | 3155 |
| **Energy 1.0%** | **Energy 1.0%** | **Energy 1.0%** |
| CONSOL Energy Inc. |  |  |
| 11.00%, 11/15/25 (e) | 1336 | 1372 |
| **Materials 1.0%** | **Materials 1.0%** | **Materials 1.0%** |
| Resolute Forest Products Inc. |  |  |
| 4.88%, 03/01/26 (e) | 1274 | 1253 |
| **Health Care 0.7%** | **Health Care 0.7%** | **Health Care 0.7%** |
| Mallinckrodt International Finance S.A. |  |  |
| 10.00%, 04/15/25 (e) | 1040 | 889 |
| Total Corporate Bonds And Notes (cost $33,941) | Total Corporate Bonds And Notes (cost $33,941) | 30286 |
| **SENIOR FLOATING RATE INSTRUMENTS 4.9%** | **SENIOR FLOATING RATE INSTRUMENTS 4.9%** | **SENIOR FLOATING RATE INSTRUMENTS 4.9%** |
| **Communication Services 2.4%** | **Communication Services 2.4%** | **Communication Services 2.4%** |
| Maxar Technologies Ltd. |  |  |
| 2022 Term Loan B, 0.00%, (1 Month Term SOFR + 4.25%), 06/09/29 (g) (h) | 2200 | 2198 |
| Syniverse Holdings, Inc. |  |  |
| 2022 Term Loan, 10.55%, (3 Month Term SOFR + 7.00%), 05/06/27 (g) | 1097 | 953 |
|  |  | 3151 |
| **Energy 1.6%** | **Energy 1.6%** | **Energy 1.6%** |
| Granite Holdings US Acquisition Co. |  |  |
| 2021 Term Loan B, 7.67%, (3 Month USD LIBOR + 4.00%), 09/30/26 (g) | 2048 | 2045 |
| **Health Care 0.6%** | **Health Care 0.6%** | **Health Care 0.6%** |
| Mallinckrodt International Finance S.A. |  |  |
| 2022 USD Term Loan, 9.99%, (3 Month USD LIBOR + 5.25%), 09/30/27 (g) (i) | 1123 | 844 |
| **Utilities 0.3%** | **Utilities 0.3%** | **Utilities 0.3%** |
| Talen Energy Supply, LLC |  |  |
| Term Loan, 0.00%, (SOFR + 4.75%), 11/11/23 (g) (h) | 390 | 392 |
| **Consumer Staples 0.0%** | **Consumer Staples 0.0%** | **Consumer Staples 0.0%** |
| Rentpath, Inc. |  |  |
| 2021 Stub Current Face Term Loan, 0.00%, 12/31/24 (a) (c) (j) | 196 | 2 |
| Total Senior Floating Rate Instruments (cost $6,803) | Total Senior Floating Rate Instruments (cost $6,803) | 6434 |
| **OTHER EQUITY INTERESTS 3.5%** | **OTHER EQUITY INTERESTS 3.5%** | **OTHER EQUITY INTERESTS 3.5%** |
| Altaba Inc. (a) (c) (k) | 1224 | 4585 |
| Pershing Square Tontine Holdings, Ltd. (a) (c) (k) | 16 | 2 |
| Total Other Equity Interests (cost $13,191) | Total Other Equity Interests (cost $13,191) | 4587 |
| **INVESTMENT COMPANIES 0.6%** | **INVESTMENT COMPANIES 0.6%** | **INVESTMENT COMPANIES 0.6%** |
| Ares Dynamic Credit Allocation Fund, Inc. | 2 | 29 |
| BlackRock Debt Strategies Fund, Inc. | 4 | 33 |
| DoubleLine Income Solutions Fund | 3 | 28 |
| First Trust Senior Floating Rate Income Fund II | 3 | 32 |
| Franklin Universal Trust | 40 | 266 |
| Nuveen Credit Strategies Income Fund | 64 | 327 |
| Nuveen New York AMT-Free Quality Municipal Income Fund | 12 | 118 |
| Saba Capital Income & Opportunities Fund | 4 | 33 |
| Total Investment Companies (cost $1,095) | Total Investment Companies (cost $1,095) | 866 |
| **RIGHTS 0.3%** | **RIGHTS 0.3%** | **RIGHTS 0.3%** |
| Akouos, Inc. (a) (c) | 11 | 8 |
| Bristol-Myers Squibb Company (a) (c) | 92 | 92 |
| Pan American Silver Corp. (a) | 429 | 245 |
| Total Rights (cost $606) | Total Rights (cost $606) | 345 |
| **PREFERRED STOCKS 0.2%** | **PREFERRED STOCKS 0.2%** | **PREFERRED STOCKS 0.2%** |
| **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** | **Consumer Discretionary 0.1%** |
| Fossil Group, Inc., 7.00%, 11/30/26 | 12 | 184 |
| **Industrials 0.1%** | **Industrials 0.1%** | **Industrials 0.1%** |
| Babcock & Wilcox Enterprises, Inc., 6.50%, 12/31/26 | 4 | 91 |
| Total Preferred Stocks (cost $400) | Total Preferred Stocks (cost $400) | 275 |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| 26 Capital Acquisition Corp. (a) | 11 | 3 |
| Achari Ventures Holdings Corp. I (a) | 19 | 1 |
| Akazoo Internet and Digital Appliances Enterprises Services SA (a) (c) | 120 |  |
| Amprius Technologies, Inc. (a) | 10 | 3 |
| Arrowroot Acquisition Corp. (a) | 16 |  |
| Athena Consumer Acquisition Corp. (a) | 1 |  |
| biote Corp. (a) | 3 | 1 |
| Buzzfeed, Inc. (a) | 7 |  |
| BYTE Acquisition Corp. (a) | 102 | 8 |
| Carney Technology Acquisition Corp. II (a) | 4 |  |
| Cazoo Group Ltd (a) | 14 |  |
| CF Acquisition Corp. VIII (a) | 6 |  |
| CIIG Capital Partners II, Inc. (a) | 5 |  |
| Colonnade Acquisition Corp. II (a) | 5 |  |
| Compute Health Acquisition Corp. (a) | 9 | 1 |
| Corner Growth Acquisition Corp. (a) | 4 |  |
| D And Z Media Acquisition Corp. (a) | 42 | 2 |
| Deep Lake Capital Acquisition Corp. (a) | 27 |  |
| ECARX Holdings Inc (a) | 12 | 1 |
| Embark Technology, Inc. (a) | 9 |  |
| Epiphany Technology Acquisition Corp. (a) | 19 |  |
| ESGEN Acquisition Corp (a) | 2 |  |
| Fortress Capital Acquisition Corp (a) (c) | 11 |  |
| Foxo Technologies Inc. (a) | 11 |  |
| G Squared Ascend I Inc. (a) | 6 |  |
| Gesher I Acquisition Corp (a) | 2 | 1 |
| Getaround, Inc. (a) | 5 |  |
| Ginkgo Bioworks Holdings, Inc. (a) | 5 | 1 |
| Goal Acquisitions Corp. (a) | 119 | 6 |
| Golden Falcon Acquisition Corp. (a) | 29 | 4 |
| Grove Collaborative Holdings, Inc. (a) | 5 | 1 |
| HPX Corp. (a) | 17 | 6 |
| Igate Computer Systems Limited (a) | 5 | 1 |
| International Media Acquisition Corp. (a) | 19 |  |
| Jack Creek Investment Corp. (a) | 12 | 2 |
| Kaixin Auto Holdings (a) | 123 | 3 |
| KLDiscovery (a) | 78 | 2 |
| Kludein I Acquisition Corp. (a) | 10 | 1 |
| Legacy EJY Subsidiary LLC (a) | 15 |  |
| Marlin Technology Corp. (a) | 26 |  |
| Moneylion Technologies Inc. (a) | 34 | 1 |
| NewAmsterdam Pharma Company N.V. (a) | 7 | 5 |
| North Atlantic Acquisition Corp. (a) | 8 |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

692

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Northern Star Investment Corp. II (a) | 1 |  |
| Pear Therapeutics (US), Inc. (a) | 16 | 2 |
| Pepperlime Health Acquisition Corp. (a) | 9 |  |
| Phoenix Biotech Acquisition Corp. (a) | 2 |  |
| Pioneer Merger Corp. (a) | 8 |  |
| Pontem Corp (a) | 22 | 2 |
| Prospector Capital Corp. (a) | 37 | 1 |
| Q-Si Operations Inc. (a) | 13 | 3 |
| Reebonz Holding Limited (a) (c) | 51 |  |
| RMG Acquisition Corp. III (a) | 9 |  |
| Rocket Internet Growth Opportunities Corp. (a) (c) | 6 |  |
| Screaming Eagle Acquisition Corp. (a) | 8 | 2 |
| Senior Connect Acquisition Corp. I (a) | 12 | 1 |
| Slam Corp. (a) | 3 |  |
| Supernova Partners Acquisition Company III, Ltd. (a) | 8 |  |
| Talkspace, Inc. (a) | 18 | 1 |
| Thunder Bridge Capital Partners III, Inc. (a) | 10 | 1 |
| Whole Earth Brands, Inc. (a) | 43 | 10 |
| Total Warrants (cost $700) | Total Warrants (cost $700) | 77 |
| **SHORT TERM INVESTMENTS 5.0%** | **SHORT TERM INVESTMENTS 5.0%** | **SHORT TERM INVESTMENTS 5.0%** |
| **Investment Companies 5.0%** | **Investment Companies 5.0%** | **Investment Companies 5.0%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (l) (m) | 6617 | 6617 |
| Total Short Term Investments (cost $6,617) | Total Short Term Investments (cost $6,617) | 6617 |
| **Total Investments 96.1% (cost $139,164)** | **Total Investments 96.1% (cost $139,164)** | **126587** |
| **Total Securities Sold Short (4.4)% (proceeds $5,579)** | **Total Securities Sold Short (4.4)% (proceeds $5,579)** | **(5741)** |
| **Total Purchased Options 0.1% (cost $296)** | **Total Purchased Options 0.1% (cost $296)** | **115** |
| **Other Derivative Instruments (2.7)%** | **Other Derivative Instruments (2.7)%** | **(3565)** |
| **Other Assets and Liabilities, Net 10.9%** | **Other Assets and Liabilities, Net 10.9%** | **14264** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **131660** |

---

(a) Non-income producing security.

(b) All or a portion of the security is pledged or segregated as collateral.

(c) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(d) All or a portion of the security is subject to a written call option.

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $24,466 and 18.6% of the Fund.

(f) Convertible security.

(g) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(h) This senior floating rate interest will settle after December 31, 2022. If a reference rate and spread is presented, it will go into effect upon settlement.

(i) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(j) As of December 31, 2022, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(k) Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company.

(l) Investment in affiliate.

(m) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **SECURITIES SOLD SHORT (4.4%)** | **SECURITIES SOLD SHORT (4.4%)** | **SECURITIES SOLD SHORT (4.4%)** |
| **COMMON STOCKS (3.9%)** | **COMMON STOCKS (3.9%)** | **COMMON STOCKS (3.9%)** |
| **Information Technology (2.0%)** | **Information Technology (2.0%)** | **Information Technology (2.0%)** |
| Broadcom Inc. | (4) | (2302) |
| MaxLinear, Inc. | (9) | (315) |
|  |  | (2617) |
| **Materials (0.9%)** | **Materials (0.9%)** | **Materials (0.9%)** |
| Agnico Eagle Mines Limited | (10) | (520) |
| Pan American Silver Corp. | (43) | (695) |
|  |  | (1215) |
| **Energy (0.8%)** | **Energy (0.8%)** | **Energy (0.8%)** |
| Frontline Ltd. | (87) | (1061) |
| **Financials (0.2%)** | **Financials (0.2%)** | **Financials (0.2%)** |
| AON Public Limited Company - Class A | (1) | (240) |
| **Industrials (0.0%)** | **Industrials (0.0%)** | **Industrials (0.0%)** |
| Ritchie Bros. Auctioneers Incorporated |  | (19) |
| Total Common Stocks (proceeds $4,950) | Total Common Stocks (proceeds $4,950) | (5152) |
| **GOVERNMENT AND AGENCY OBLIGATIONS (0.5%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.5%)** | **GOVERNMENT AND AGENCY OBLIGATIONS (0.5%)** |
| **U.S. Treasury Note (0.5%)** | **U.S. Treasury Note (0.5%)** | **U.S. Treasury Note (0.5%)** |
| Treasury, United States Department of |  |  |
| 3.25%, 06/30/29 | (616) | (589) |
| Total Government And Agency Obligations (proceeds $629) | Total Government And Agency Obligations (proceeds $629) | (589) |
| **Total Securities Sold Short (4.4%) (proceeds $5,579)** | **Total Securities Sold Short (4.4%) (proceeds $5,579)** | **(5741)** |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

693

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — Long Term Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Long Term Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Long Term Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Long Term Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Long Term Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Long Term Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Long Term Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Long Term Investments in Affiliates** | **JNL/Westchester Capital Event Driven Fund — Long Term Investments in Affiliates** |
| **Affiliated Investment** | **Value Beginning of Period($)** | **Purchases($)** | **Sales Proceeds($)** | **Dividend/ Interest Income ($)** | **Realized Gain (Loss)($)** | **Change in Unrealized Appreciation (Depreciation) ($)** | **Value End of Period($)** | **Percentage of Net Assets(%)** |
| Apollo Strategic Growth Capital | 11 |  | 11 |  | (5) | 5 |  |  |
| Apollo Strategic Growth Capital - Class A | 145 |  | 147 |  | 9 | (7) |  |  |
| Apollo Tactical Income Fund |  | 328 | 300 | 6 | (28) |  |  |  |
|  | 156 | 328 | 458 | 6 | (24) | (2) |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/**<br>**Swaption Rate (%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Crane Holdings, Co. | Put | 95.00 | 02/17/23 | 59 | 14 |
| Emerson Electric Co. | Put | 80.00 | 02/17/23 | 84 | 3 |
| General Electric Company | Put | 70.00 | 01/20/23 | 83 | 1 |
| General Electric Company | Put | 65.00 | 01/20/23 | 198 | 1 |
| Griffon Corporation | Put | 27.00 | 02/17/23 | 400 | 17 |
| Kellogg Company | Put | 57.50 | 01/20/23 | 201 |  |
| SPDR S&P 500 ETF Trust | Put | 375.00 | 01/20/23 | 72 | 31 |
| Vale S.A. | Put | 14.00 | 01/20/23 | 1232 | 6 |
| Valvoline, Inc. | Put | 30.00 | 01/20/23 | 172 | 3 |
| Valvoline, Inc. | Put | 25.00 | 01/20/23 | 513 |  |
| Wynn Resorts, Limited | Put | 55.00 | 01/20/23 | 213 | 1 |
| Wynn Resorts, Limited | Put | 52.50 | 01/20/23 | 102 | 1 |
|  |  |  |  |  | 78 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — OTC Purchased Options** | **JNL/Westchester Capital Event Driven Fund — OTC Purchased Options** | **JNL/Westchester Capital Event Driven Fund — OTC Purchased Options** | **JNL/Westchester Capital Event Driven Fund — OTC Purchased Options** | **JNL/Westchester Capital Event Driven Fund — OTC Purchased Options** | **JNL/Westchester Capital Event Driven Fund — OTC Purchased Options** | **JNL/Westchester Capital Event Driven Fund — OTC Purchased Options** | **JNL/Westchester Capital Event Driven Fund — OTC Purchased Options** |
| **Reference Entity** | **Counterparty** | **Put/Call** | **Exercise Price ($)/**<br>**Swaption Rate (%)** | **Exercise Price ($)/**<br>**Swaption Rate (%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Deutsche Telekom AG | JPM | Put | EUR | 18.00 | 02/17/23 | 1238 | 37 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** | **JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options** |
| **Reference Entity** | **Put/Call** | **Exercise Price ($)/ Swaption Rate (%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Activision Blizzard, Inc. | Call | 75.00 | 01/20/23 | 75 | (22) |
| Activision Blizzard, Inc. | Call | 77.50 | 01/20/23 | 62 | (10) |
| Activision Blizzard, Inc. | Call | 80.00 | 01/20/23 | 42 | (2) |
| Activision Blizzard, Inc. | Call | 67.50 | 01/20/23 | 39 | (37) |
| Activision Blizzard, Inc. | Call | 70.00 | 01/20/23 | 38 | (26) |
| Activision Blizzard, Inc. | Call | 72.50 | 01/20/23 | 20 | (10) |
| Activision Blizzard, Inc. | Put | 72.50 | 01/20/23 | 27 | (2) |
| Aerojet Rocketdyne Holdings, Inc. | Call | 57.50 | 01/20/23 | 58 |  |
| AT&T Inc. | Call | 20.00 | 01/20/23 | 550 | (1) |
| AT&T Inc. | Call | 19.00 | 01/20/23 | 467 | (3) |
| Coupa Software Incorporated | Call | 80.00 | 01/20/23 | 84 |  |
| Crane Holdings, Co. | Call | 100.00 | 02/17/23 | 59 | (31) |
| Emerson Electric Co. | Call | 90.00 | 02/17/23 | 84 | (67) |
| General Electric Company | Call | 75.00 | 01/20/23 | 281 | (260) |
| Griffon Corporation | Call | 32.00 | 02/17/23 | 400 | (218) |
| Horizon Therapeutics Public Limited Company | Call | 115.00 | 01/20/23 | 180 | (3) |
| Kellogg Company | Call | 65.00 | 01/20/23 | 190 | (124) |
| Maxar Technologies Inc. | Call | 50.00 | 01/20/23 | 95 | (19) |
| Rogers Corporation | Call | 120.00 | 01/20/23 | 3 | (1) |
| SPDR S&P 500 ETF Trust | Call | 400.00 | 01/20/23 | 21 | (3) |
| SPDR S&P 500 ETF Trust | Put | 360.00 | 01/20/23 | 53 | (7) |
| Store Capital Corporation | Call | 32.50 | 01/20/23 | 36 | (1) |
| Vale S.A. | Call | 15.00 | 01/20/23 | 1232 | (261) |
| Valvoline, Inc. | Call | 35.00 | 01/20/23 | 172 | (2) |
| Valvoline, Inc. | Call | 30.00 | 01/20/23 | 513 | (149) |
| Vodafone Group Public Limited Company | Put | 10.00 | 02/17/23 | 657 | (27) |
| Wynn Resorts, Limited | Call | 60.00 | 01/20/23 | 213 | (484) |
| Wynn Resorts, Limited | Call | 57.50 | 01/20/23 | 102 | (257) |
|  |  |  |  |  | (2027) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

695

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — OTC Written Options** | **JNL/Westchester Capital Event Driven Fund — OTC Written Options** | **JNL/Westchester Capital Event Driven Fund — OTC Written Options** | **JNL/Westchester Capital Event Driven Fund — OTC Written Options** | **JNL/Westchester Capital Event Driven Fund — OTC Written Options** | **JNL/Westchester Capital Event Driven Fund — OTC Written Options** | **JNL/Westchester Capital Event Driven Fund — OTC Written Options** |
| **Reference Entity** | **Counterparty** | **Exercise Price ($)/ Swaption Rate(%)** | **Exercise Price ($)/ Swaption Rate(%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** | **Options on Securities** |
| Deutsche Telekom AG | JPM<br> Call | EUR | 19.20 | 02/17/23 | 928 | (28) |
| Dufry AG | JPM<br> Call | CHF | 40.00 | 03/17/23 | 106 | (14) |
|  |  |  |  |  |  | (42) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** | **JNL/Westchester Capital Event Driven Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| GBP/USD | JPM | 01/17/23 | GBP | 119 | 144 | (1) |
| USD/CAD | JPM | 02/22/23 | CAD | (1208) | (894) | (5) |
| USD/CAD | JPM | 02/22/23 | CAD | (658) | (485) | 3 |
| USD/CAD | JPM | 03/15/23 | CAD | (1013) | (748) | (1) |
| USD/CAD | JPM | 03/15/23 | CAD | (2237) | (1653) | 2 |
| USD/EUR | JPM | 01/25/23 | EUR | (346) | (371) | (20) |
| USD/EUR | JPM | 02/15/23 | EUR | (365) | (392) | (31) |
| USD/EUR | JPM | 03/03/23 | EUR | (2486) | (2672) | (22) |
| USD/EUR | JPM | 03/15/23 | EUR | (306) | (329) | (2) |
| USD/GBP | JPM | 01/17/23 | GBP | (119) | (144) | (8) |
| USD/GBP | JPM | 02/02/23 | GBP | (2068) | (2503) | 65 |
| USD/GBP | GSC | 03/10/23 | GBP | (427) | (517) | (12) |
| USD/GBP | JPM | 03/10/23 | GBP | (826) | (1000) | (6) |
| USD/GBP | JPM | 03/10/23 | GBP | (12) | (14) |  |
| USD/GBP | GSC | 03/22/23 | GBP | (92) | (112) | 1 |
| USD/GBP | JPM | 03/28/23 | GBP | (366) | (444) | 2 |
| USD/JPY | JPM | 02/15/23 | JPY | (18155) | (139) | (15) |
|  |  |  |  |  | (12273) | (50) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Unrealized Appreciation (Depreciation) ($)** |
| **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** | **Total return swap agreements - receiving return** |
| **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** |
| 1Life Healthcare, Inc. (MT) | OBFR +0.75% (Q) | BOA | 08/08/23 †† | 1576  |  | (26) |
| ABIOMED, Inc. (MT)‡ | OBFR +0.00% (M) | BOA | 12/22/23 †† | —  |  | 1 |
| AT&T Inc. (MT) | OBFR +0.75% (Q) | BOA | 03/03/23 †† | 2422  |  | (554) |
| Atlas Air Worldwide Holdings, Inc. (MT) | OBFR +0.75% (Q) | BOA | 08/18/23 †† | 3187  |  | 48 |
| AVEVA Group plc (MT) | OBFR +0.40% (Q) | BOA | 08/26/23 †† | 717  |  | 11 |
| Bristol-Myers Squibb Company (MT)‡ | 1M LIBOR +0.00% (Q) | BOA | 12/20/23 †† | —  |  | 38 |
| Brookfield Property Preferred LP (MT) | OBFR +0.75% (M) | BOA | 08/02/23 †† | 27  |  | (3) |
| Cazoo Group Ltd (MT) | OBFR +0.75% (Q) | BOA | 11/26/23 †† | 8  |  | (5) |
| Federal Home Loan Mortgage Corporation (MT) | OBFR +1.15% (M) | BOA | 01/20/23 †† | 988  |  | (222) |
| HomeServe PLC (MT) | OBFR +0.60% (Q) | BOA | 05/24/23 †† | 2200  |  | 15 |
| Summit Industrial Income REIT (MT) | OBFR +1.20% (Q) | BOA | 12/26/23 †† | 1327  |  | 2 |
| TEGNA Inc. (MT) | OBFR +0.75% (Q) | BOA | 02/28/23 †† | 1270  |  | (92) |
| 1Life Healthcare, Inc. (MT) | OBFR +0.61% (Q) | GSC | 11/03/23 †† | 1113  |  | (14) |
| Activision Blizzard, Inc. (MT) | OBFR +0.61% (Q) | GSC | 03/11/23 †† | 1254  |  | (67) |
| AVEVA Group plc (MT) | OBFR +0.61% (Q) | GSC | 11/14/23 †† | 492  |  | 21 |
| Bluerock Homes Trust, Inc. (MT) | OBFR +0.61% (Q) | GSC | 10/13/23 †† | —  |  | 29 |
| Crane Holdings, Co. (MT) | OBFR +0.61% (Q) | GSC | 06/15/23 †† | 440  |  | 62 |
| Entain PLC (MT) | OBFR +0.61% (Q) | GSC | 11/15/23 †† | 71  |  | 1 |
| Euronav (MT) | OBFR +0.61% (Q) | GSC | 09/12/23 †† | 399  |  | (44) |
| EVO Payments, Inc. (MT) | OBFR +0.61% (Q) | GSC | 11/07/23 †† | 1389  |  | 8 |
| First Horizon Corporation (MT) | OBFR +0.61% (Q) | GSC | 03/07/23 †† | 3172  |  | 94 |
| LHC Group, Inc. (MT) | OBFR +0.61% (Q) | GSC | 05/26/23 †† | 1317  |  | (32) |
| MoneyGram International, Inc. (MT) | OBFR +0.61% (Q) | GSC | 09/28/23 †† | 631  |  | 30 |
| Rogers Corporation (MT) | OBFR +0.61% (Q) | GSC | 01/13/23 †† | 1626  |  | (917) |
| Saba Capital Income & Opportunities Fund (MT) | OBFR +1.21% (M) | GSC | 05/20/23 †† | 90  |  | (13) |
| Silicon Motion, Inc. (MT) | OBFR +0.61% (Q) | GSC | 08/08/23 †† | 1205  |  | (233) |
| Store Capital Corporation (MT) | OBFR +0.61% (Q) | GSC | 11/03/23 †† | 3151  |  | 34 |
| Tower Semiconductor Ltd. (MT) | OBFR +0.61% (M) | GSC | 06/14/23 †† | 731  |  | (54) |
| Valvoline, Inc. (MT) | OBFR +0.61% (Q) | GSC | 03/08/23 †† | 2545  |  | 228 |
| Willis Towers Watson Public Limited Company (MT) | OBFR +0.61% (Q) | GSC | 05/16/23 †† | 327  |  | 71 |
| Aareal Bank AG (MT) | OBFR +0.55% (Q) | JPM | 01/22/24 †† | 317  |  |  |
| Autogrill S.P.A. (MT) | OBFR +0.55% (Q) | JPM | 07/15/23 †† | 626  |  | 28 |
| AVEVA Group plc (MT) | OBFR +0.45% (Q) | JPM | 11/29/23 †† | 275  |  | 4 |
| BlackRock Floating Rate Income Strategies Fund, Inc. (MT) | OBFR +0.76% (Q) | JPM | 02/03/23 †† | 267  |  | (50) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

696

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements (continued)** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements (continued)** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements (continued)** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements (continued)** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements (continued)** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements (continued)** | **JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements (continued)** |
| **Reference Entity<sup>2</sup>** | **Rate Paid/Received by Fund<sup>2</sup>** | **Counter-party** | **Expiration** | **Notional<sup>1</sup>** | **Premiums Paid (Received) ($)** | **Unrealized Appreciation (Depreciation) ($)** |
| Deutsche Telekom AG (MT) | OBFR +0.55% (Q) | JPM | 12/20/23 †† | 2368  |  | 98 |
| EMIS Group PLC (MT) | OBFR +0.45% (Q) | JPM | 08/17/23 †† | 418  |  | 12 |
| HomeServe PLC (MT) | OBFR +0.45% (Q) | JPM | 06/09/23 †† | 275  |  |  |
| Invesco Senior Income Trust (MT) | OBFR +0.38% (Q) | JPM | 01/31/23 †† | 93  |  | (9) |
| Nuveen New York AMT-Free Quality Municipal Income Fund (MT) | OBFR +0.38% (Q) | JPM | 08/23/23 †† | 1089  |  | 4 |
| SLM Corporation (MT) | OBFR +0.38% (Q) | JPM | 08/23/23 †† | 1579  |  | (16) |
| Toshiba Corporation (MT) | OBFR +0.55% (Q) | JPM | 04/20/23 †† | 135  |  | (26) |
| Vivendi SE (MT) | OBFR +0.55% (Q) | JPM | 08/19/23 †† | 360  |  | 53 |
|  |  |  |  |  |  | (1485) |
| **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** | **Total return swap agreements - paying return** |
| **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** | **EQUITY** |
| Pan American Silver Corp. (MT) | OBFR -0.40% (Q) | BOA | 03/24/23 †† | (354)  |  | 6 |
| Frontline Ltd. (MT) | OBFR -3.32% (Q) | GSC | 11/11/23 †† | (261)  |  | 34 |
| Dufry AG (MT) | OBFR -0.75% (Q) | JPM | 08/03/23 †† | (23)  |  | (1) |
|  |  |  |  |  |  | 39 |

---

††For this swap agreement, the expiration date represents the termination date, which is generally 13 months from the effective date. Either party, under certain conditions, may terminate the contract prior to the contract's expiration date.

‡Swap agreement fair valued in good faith in accordance with the procedures approved by the JNL Series Trust's Board of Trustees and classified as Level 3 for FASB ASC Topic 820 "Fair Value Measurements" based on the applicable valuation inputs. See FASB ASC Topic 820 "Fair Value Measurements" in the Notes to Financial Statements.

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 76950 |  | 150 | 77100 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 30286 |  | 30286 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 6432 | 2 | 6434 |
| &nbsp;&nbsp;Other Equity Interests |  |  | 4587 | 4587 |
| &nbsp;&nbsp;Investment Companies | 866 |  |  | 866 |
| &nbsp;&nbsp;Rights | 245 |  | 100 | 345 |
| &nbsp;&nbsp;Preferred Stocks | 275 |  |  | 275 |
| &nbsp;&nbsp;Warrants | 77 |  |  | 77 |
| &nbsp;&nbsp;Short Term Investments | 6617 |  |  | 6617 |
|  | 85030 | 36718 | 4839 | 126587 |
| **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** | **Liabilities - Securities** |
| &nbsp;&nbsp;Common Stocks | (5152) |  |  | (5152) |
| &nbsp;&nbsp;Government And Agency Obligations |  | (589) |  | (589) |
|  | (5152) | (589) |  | (5741) |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Purchased Options | 78 |  |  | 78 |
| &nbsp;&nbsp;OTC Purchased Options |  | 37 |  | 37 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 73 |  | 73 |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | 893 | 39 | 932 |
|  | 78 | 1003 | 39 | 1120 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Written Options | (2027) |  |  | (2027) |
| &nbsp;&nbsp;OTC Written Options |  | (42) |  | (42) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (123) |  | (123) |
| &nbsp;&nbsp;OTC Total Return Swap Agreements |  | (2378) |  | (2378) |
|  | (2027) | (2543) |  | (4570) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

697

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/Western Asset Global Multi-Sector Bond Fund** | **JNL/Western Asset Global Multi-Sector Bond Fund** | **JNL/Western Asset Global Multi-Sector Bond Fund** |
| **CORPORATE BONDS AND NOTES 61.0%** | **CORPORATE BONDS AND NOTES 61.0%** | **CORPORATE BONDS AND NOTES 61.0%** |
| **United States of America 27.1%** | **United States of America 27.1%** | **United States of America 27.1%** |
| AbbVie Inc. |  |  |
| 4.85%, 06/15/44 | 1370 | 1254 |
| Allied Universal Holdco LLC |  |  |
| 6.00%, 06/01/29 (a) | 1000 | 732 |
| American Airlines, Inc. |  |  |
| 5.75%, 04/20/29 (a) | 3620 | 3312 |
| American Axle & Manufacturing, Inc. |  |  |
| 5.00%, 10/01/29 | 1090 | 874 |
| American Express Company |  |  |
| 3.55%, (100, 09/15/26) (b) | 1320 | 1088 |
| AT&T Inc. |  |  |
| 2.90%, 12/04/26, GBP | 2070 | 2310 |
| Bank of America Corporation |  |  |
| 4.08%, 03/20/51 | 2840 | 2241 |
| Bausch Health Companies Inc. |  |  |
| 9.25%, 04/01/26 (a) | 470 | 331 |
| CCO Holdings, LLC |  |  |
| 4.50%, 05/01/32 | 5000 | 3980 |
| Centene Corporation |  |  |
| 4.63%, 12/15/29 | 1920 | 1756 |
| Charter Communications Operating, LLC |  |  |
| 3.50%, 06/01/41 | 670 | 439 |
| Cheniere Energy Partners, L.P. |  |  |
| 4.00%, 03/01/31 | 950 | 814 |
| Cigna Corporation |  |  |
| 4.80%, 08/15/38 | 510 | 475 |
| Comcast Corporation |  |  |
| 2.94%, 11/01/56 | 2200 | 1383 |
| Continental Resources, Inc. |  |  |
| 4.90%, 06/01/44 | 3280 | 2432 |
| CSC Holdings, LLC |  |  |
| 6.50%, 02/01/29 (a) | 2500 | 2051 |
| DCP Midstream, LLC |  |  |
| 6.45%, 11/03/36 (a) | 1620 | 1597 |
| Delta Air Lines, Inc. |  |  |
| 7.00%, 05/01/25 (a) | 2570 | 2626 |
| 7.38%, 01/15/26 | 2170 | 2227 |
| Devon Energy Corporation |  |  |
| 5.85%, 12/15/25 | 870 | 886 |
| 5.00%, 06/15/45 | 470 | 406 |
| DIRECTV Financing, LLC |  |  |
| 5.88%, 08/15/27 (a) | 3000 | 2690 |
| DISH DBS Corporation |  |  |
| 5.75%, 12/01/28 (a) | 3020 | 2412 |
| Diversified Healthcare Trust |  |  |
| 9.75%, 06/15/25 | 870 | 834 |
| Energy Transfer LP |  |  |
| 2.90%, 05/15/25 | 3140 | 2959 |
| Enterprise Products Operating LLC |  |  |
| 4.80%, 02/01/49 | 1440 | 1243 |
| EQT Corporation |  |  |
| 5.00%, 01/15/29 | 2620 | 2462 |
| Exxon Mobil Corporation |  |  |
| 4.33%, 03/19/50 | 470 | 416 |
| Ford Motor Company |  |  |
| 3.25%, 02/12/32 | 2000 | 1505 |
| Ford Motor Credit Company LLC |  |  |
| 2.75%, 06/14/24, GBP | 2330 | 2657 |
| Freeport-McMoRan Inc. |  |  |
| 5.45%, 03/15/43 | 2870 | 2587 |
| General Dynamics Corporation |  |  |
| 4.25%, 04/01/50 | 700 | 626 |
| General Motors Company |  |  |
| 6.13%, 10/01/25 | 450 | 459 |
| JPMorgan Chase & Co. |  |  |
| 6.13%, (100, 04/30/24) (b) | 3200 | 3124 |
| 3.33%, 04/22/52 | 1270 | 872 |
| Kraft Heinz Foods Company |  |  |
| 5.20%, 07/15/45 | 620 | 576 |
| Legacy Lifepoint Health, LLC |  |  |
| 4.38%, 02/15/27 (a) | 1000 | 846 |
| Magallanes, Inc. |  |  |
| 4.28%, 03/15/32 (a) | 220 | 181 |
| 5.05%, 03/15/42 (a) | 500 | 385 |
| 5.14%, 03/15/52 (a) | 740 | 543 |
| Match Group Holdings II, LLC |  |  |
| 5.00%, 12/15/27 (a) | 2380 | 2210 |
| McDonald's Corporation |  |  |
| 4.20%, 04/01/50 | 350 | 293 |
| Morgan Stanley |  |  |
| 5.79%, 11/18/33, GBP | 1000 | 1207 |
| 5.60%, 03/24/51 | 400 | 400 |
| Netflix, Inc. |  |  |
| 4.88%, 06/15/30 (a) | 2580 | 2413 |
| NGPL PipeCo LLC |  |  |
| 4.88%, 08/15/27 (a) | 1150 | 1093 |
| Occidental Petroleum Corporation |  |  |
| 3.50%, 08/15/29 | 1000 | 894 |
| Radiology Partners, Inc. |  |  |
| 9.25%, 02/01/28 (a) | 760 | 427 |
| Range Resources Corporation |  |  |
| 4.75%, 02/15/30 (a) | 4000 | 3539 |
| Sasol Financing USA LLC |  |  |
| 5.50%, 03/18/31 | 3080 | 2500 |
| Southern Natural Gas Company, L.L.C. |  |  |
| 8.00%, 03/01/32 | 300 | 332 |
| Southwestern Energy Company |  |  |
| 4.75%, 02/01/32 | 3190 | 2724 |
| Spirit Airlines, Inc. |  |  |
| 8.00%, 09/20/25 (a) | 2340 | 2350 |
| Sprint Capital Corporation |  |  |
| 8.75%, 03/15/32 | 2000 | 2379 |
| Targa Resources Partners LP |  |  |
| 5.50%, 03/01/30 | 1900 | 1790 |
| Tennessee Gas Pipeline Company, L.L.C. |  |  |
| 2.90%, 03/01/30 (a) | 4000 | 3344 |
| The Boeing Company |  |  |
| 3.75%, 02/01/50 | 410 | 284 |
| The Charles Schwab Corporation |  |  |
| 4.00%, (100, 12/01/30) (b) | 640 | 507 |
| The Goldman Sachs Group, Inc. |  |  |
| 3.65%, (100, 08/10/26) (b) | 1340 | 1085 |
| 5.53%, (3 Month USD LIBOR + 0.77%), (100, 02/10/23) (b) (c) | 540 | 406 |
| The Williams Companies, Inc. |  |  |
| 7.50%, 01/15/31 | 700 | 761 |
| 5.75%, 06/24/44 | 2200 | 2093 |
| T-Mobile USA, Inc. |  |  |
| 3.88%, 04/15/30 | 1480 | 1346 |
| United Airlines Pass Through Certificates, Series 2015-1 |  |  |
| 4.63%, 04/15/29 (a) | 2550 | 2225 |
| United Rentals (North America), Inc. |  |  |
| 3.75%, 01/15/32 | 4010 | 3276 |
| Verizon Communications Inc. |  |  |
| 3.40%, 03/22/41 | 1100 | 829 |
| 3.55%, 03/22/51 | 1000 | 716 |
| Viking Cruises Limited |  |  |
| 5.88%, 09/15/27 (a) | 1000 | 816 |
| VOC Escrow Ltd. |  |  |
| 5.00%, 02/15/28 (a) | 1860 | 1597 |
| Wells Fargo & Company |  |  |
| 5.88%, (100, 06/15/25) (b) | 1510 | 1462 |
| 4.61%, 04/25/53 | 940 | 799 |
| Western Midstream Operating, LP |  |  |
| 3.95%, 06/01/25 | 710 | 671 |
| 5.50%, 08/15/48 (d) | 500 | 415 |
| 5.50%, 02/01/50 (e) (f) | 3070 | 2538 |
|  |  | 110312 |
| **Netherlands 5.0%** | **Netherlands 5.0%** | **Netherlands 5.0%** |
| Ardagh Packaging Finance Public Limited Company |  |  |
| 5.25%, 08/15/27 (a) | 3200 | 2413 |
| Atlas LuxCo 4 S.a r.l. |  |  |
| 4.63%, 06/01/28 (a) | 1500 | 1256 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

698

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Cooperatieve Rabobank U.A. |  |  |
| 3.25%, (100, 12/29/26), EUR (b) (g) | 1200 | 1091 |
| 3.65%, 04/06/28 (a) | 500 | 462 |
| Enel Finance International N.V. |  |  |
| 6.80%, 10/14/25 (a) | 2040 | 2103 |
| IPD 3 B.V. |  |  |
| 5.50%, 12/01/25, EUR (g) | 1100 | 1111 |
| Petrobras Global Finance B.V. |  |  |
| 6.25%, 03/17/24 | 3170 | 3188 |
| Prosus N.V. |  |  |
| 3.83%, 02/08/51 (a) | 2770 | 1697 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| 2.80%, 07/21/23 | 1940 | 1898 |
| TMNL Holding B.V |  |  |
| 3.75%, 01/15/29, EUR (g) | 1220 | 1137 |
| Trivium Packaging Finance B.V. |  |  |
| 5.50%, 08/15/26 (a) | 1400 | 1309 |
| United Group B.V. |  |  |
| 5.25%, 02/01/30, EUR (a) | 1280 | 984 |
| VZ Secured Financing B.V. |  |  |
| 5.00%, 01/15/32 (a) | 2000 | 1631 |
| | | 20280 |
| **United Kingdom 4.0%** | **United Kingdom 4.0%** | **United Kingdom 4.0%** |
| 888 Acquisitions Limited |  |  |
| 7.56%, 07/15/27, EUR (a) | 1270 | 1162 |
| Bellis Acquisition Company PLC |  |  |
| 4.50%, 02/16/26, GBP (g) | 1030 | 1040 |
| Gatwick Airport Finance PLC |  |  |
| 4.38%, 04/07/26, GBP (g) | 1000 | 1087 |
| HSBC Holdings PLC |  |  |
| 6.38%, (100, 03/30/25) (b) (h) | 2800 | 2722 |
| Lloyds Banking Group PLC |  |  |
| 4.72%, 08/11/26 (h) | 2630 | 2566 |
| NatWest Group PLC |  |  |
| 4.50%, (100, 03/31/28), GBP (b) (h) | 1060 | 976 |
| Pinewood Finco PLC |  |  |
| 3.25%, 09/30/25, GBP (g) | 1050 | 1164 |
| Saga PLC |  |  |
| 3.38%, 05/12/24, GBP (g) | 1000 | 1070 |
| Victoria P.L.C. |  |  |
| 3.63%, 08/24/26, EUR (g) | 1310 | 1145 |
| VMED O2 UK Financing I PLC |  |  |
| 4.50%, 07/15/31, GBP (g) | 1080 | 993 |
| Whitbread PLC |  |  |
| 2.38%, 05/31/27, GBP (g) | 2340 | 2385 |
|  |  | 16310 |
| **Canada 2.7%** | **Canada 2.7%** | **Canada 2.7%** |
| First Quantum Minerals Ltd |  |  |
| 7.50%, 04/01/25 (a) | 1000 | 978 |
| 6.88%, 10/15/27 (a) | 2000 | 1867 |
| Glencore Finance (Canada) Limited |  |  |
| 6.00%, 11/15/41 (g) | 1400 | 1318 |
| MEG Energy Corp. |  |  |
| 7.13%, 02/01/27 (a) | 3700 | 3776 |
| Open Text Corporation |  |  |
| 3.88%, 02/15/28 (a) | 510 | 438 |
| 4.13%, 02/15/30 (a) | 1000 | 814 |
| Restaurant Brands International Limited Partnership |  |  |
| 3.88%, 01/15/28 (a) | 2000 | 1801 |
|  |  | 10992 |
| **Brazil 2.4%** | **Brazil 2.4%** | **Brazil 2.4%** |
| B3 S.A. - Brasil, Bolsa, Balcao |  |  |
| 4.13%, 09/20/31 (a) | 2160 | 1820 |
| Braskem America Finance Company |  |  |
| 7.13%, 07/22/41 (g) | 2760 | 2612 |
| MercadoLibre S.R.L |  |  |
| 3.13%, 01/14/31 | 2280 | 1761 |
| Suzano Austria GmbH |  |  |
| 5.75%, 07/14/26 (a) | 1770 | 1780 |
| Vale Overseas Ltd |  |  |
| 6.25%, 08/10/26 | 1770 | 1834 |
|  |  | 9807 |
| **Peru 2.3%** | **Peru 2.3%** | **Peru 2.3%** |
| Petroleos del Peru - Petroperu S.A. |  |  |
| 5.63%, 06/19/47 (a) | 1200 | 781 |
| Southern Copper Corporation |  |  |
| 5.25%, 11/08/42 | 4470 | 4272 |
| Transportadora de Gas del Peru S.A. |  |  |
| 4.25%, 04/30/28 (a) | 4770 | 4477 |
|  |  | 9530 |
| **Germany 1.9%** | **Germany 1.9%** | **Germany 1.9%** |
| Allianz SE |  |  |
| 2.63%, (100, 10/30/30), EUR (b) (g) (h) | 1400 | 1101 |
| 3.20%, (100, 10/30/27) (b) (g) | 5000 | 3724 |
| APCOA Parking Holdings GmbH |  |  |
| 4.63%, 01/15/27, EUR (g) | 950 | 876 |
| Cheplapharm Arzneimittel GmbH |  |  |
| 4.38%, 01/15/28, EUR (g) | 1170 | 1096 |
| Vertical Midco GmbH |  |  |
| 4.38%, 07/15/27, EUR (g) | 1180 | 1117 |
|  |  | 7914 |
| **France 1.8%** | **France 1.8%** | **France 1.8%** |
| BNP Paribas |  |  |
| 7.38%, (100, 08/19/25) (b) (g) (h) | 2730 | 2700 |
| Credit Agricole SA |  |  |
| 7.50%, (100, 06/23/26), GBP (b) (g) (h) | 2090 | 2444 |
| Kapla Holding |  |  |
| 3.38%, 12/15/26, EUR (g) | 1200 | 1134 |
| Loxama |  |  |
| 3.75%, 07/15/26, EUR (g) | 1140 | 1097 |
|  |  | 7375 |
| **Switzerland 1.7%** | **Switzerland 1.7%** | **Switzerland 1.7%** |
| Credit Suisse Group AG |  |  |
| 7.50%, (100, 07/17/23) (a) (b) | 1400 | 1127 |
| 9.75%, (100, 06/23/27) (a) (b) | 620 | 545 |
| 6.37%, 07/15/26 (a) (h) | 2150 | 2012 |
| UBS Group Funding (Switzerland) AG |  |  |
| 7.00%, (100, 01/31/24) (b) (g) | 3200 | 3158 |
|  |  | 6842 |
| **Mexico 1.5%** | **Mexico 1.5%** | **Mexico 1.5%** |
| BBVA Bancomer S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer |  |  |
| 5.13%, 01/18/33 (a) | 2980 | 2681 |
| Orbia Advance Corporation, S.A.B. de C.V. |  |  |
| 5.88%, 09/17/44 (a) | 3940 | 3428 |
|  |  | 6109 |
| **Ireland 1.0%** | **Ireland 1.0%** | **Ireland 1.0%** |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 3.30%, 01/30/32 | 720 | 563 |
| Park Aerospace Holdings Limited |  |  |
| 5.50%, 02/15/24 (a) | 3700 | 3654 |
|  |  | 4217 |
| **Kazakhstan 1.0%** | **Kazakhstan 1.0%** | **Kazakhstan 1.0%** |
| Kaztransgas |  |  |
| 4.38%, 09/26/27 (a) | 2580 | 2317 |
| National company KazMunayGaz JSC |  |  |
| 5.38%, 04/24/30 (a) | 980 | 875 |
| 3.50%, 04/14/33 (a) | 1130 | 842 |
|  |  | 4034 |
| **Israel 0.9%** | **Israel 0.9%** | **Israel 0.9%** |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| 3.15%, 10/01/26 | 4400 | 3846 |
| **Italy 0.9%** | **Italy 0.9%** | **Italy 0.9%** |
| International Design Group S.p.A. |  |  |
| 6.01%, (3 Month EURIBOR + 4.25%), 05/15/26, EUR (c) (d) (g) | 1110 | 1121 |
| Intesa Sanpaolo SPA |  |  |
| 5.50%, (100, 03/01/28), EUR (b) (g) | 1180 | 1041 |
| Telecom Italia SPA |  |  |
| 2.38%, 10/12/27, EUR (g) | 1750 | 1563 |
|  |  | 3725 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

699

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **Luxembourg 0.9%** | **Luxembourg 0.9%** | **Luxembourg 0.9%** |
| Millicom International Cellular SA |  |  |
| 5.13%, 01/15/28 (a) (d) | 3933 | 3660 |
| **Morocco 0.8%** | **Morocco 0.8%** | **Morocco 0.8%** |
| OCP S.A. |  |  |
| 3.75%, 06/23/31 (a) | 3800 | 3187 |
| **United Arab Emirates 0.7%** | **United Arab Emirates 0.7%** | **United Arab Emirates 0.7%** |
| DP World Limited |  |  |
| 5.63%, 09/25/48 (a) | 3240 | 3033 |
| **Virgin Islands (British) 0.7%** | **Virgin Islands (British) 0.7%** | **Virgin Islands (British) 0.7%** |
| Central American Bottling Corporation |  |  |
| 5.25%, 04/27/29 (a) | 2980 | 2789 |
| **Argentina 0.6%** | **Argentina 0.6%** | **Argentina 0.6%** |
| YPF S.A. |  |  |
| 8.50%, 07/28/25 (a) | 2780 | 2339 |
| **Austria 0.6%** | **Austria 0.6%** | **Austria 0.6%** |
| Suzano Austria GmbH |  |  |
| 5.00%, 01/15/30 | 2440 | 2303 |
| **Jersey 0.6%** | **Jersey 0.6%** | **Jersey 0.6%** |
| CPUK Mortgage Finance Limited |  |  |
| 3.59%, 08/28/25, GBP (e) (g) | 2010 | 2253 |
| **Sweden 0.4%** | **Sweden 0.4%** | **Sweden 0.4%** |
| Heimstaden Bostad AB |  |  |
| 4.25%, 03/09/26, EUR (g) | 1200 | 890 |
| Samhallsbyggnadsbolaget i Norden AB |  |  |
| 2.62%, (100, 01/30/25), EUR (b) (g) | 1320 | 521 |
|  |  | 1411 |
| **Belgium 0.3%** | **Belgium 0.3%** | **Belgium 0.3%** |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 5.55%, 01/23/49 | 1280 | 1279 |
| **Spain 0.3%** | **Spain 0.3%** | **Spain 0.3%** |
| Lorca Telecom Bondco SA. |  |  |
| 4.00%, 09/18/27, EUR (g) | 1210 | 1158 |
| **Finland 0.3%** | **Finland 0.3%** | **Finland 0.3%** |
| Nordea Bank Abp |  |  |
| 3.50%, (100, 03/12/25), EUR (b) (g) (h) | 1100 | 1091 |
| **Macau 0.2%** | **Macau 0.2%** | **Macau 0.2%** |
| Sands China Ltd. |  |  |
| 3.35%, 03/08/29 (e) (f) | 1170 | 954 |
| **Panama 0.2%** | **Panama 0.2%** | **Panama 0.2%** |
| Carnival Corporation |  |  |
| 10.50%, 06/01/30 (a) | 1140 | 932 |
| **Bermuda 0.2%** | **Bermuda 0.2%** | **Bermuda 0.2%** |
| Viking Ocean Cruises Ship VII Ltd |  |  |
| 5.63%, 02/15/29 (a) | 1050 | 845 |
| **South Africa 0.0%** | **South Africa 0.0%** | **South Africa 0.0%** |
| K2016470219 (South Africa) Ltd |  |  |
| 0.00%, 12/31/22 (a) (i) (j) (k) (l) | 10664 |  |
| 0.00%, 12/31/22, EUR (a) (i) (j) (k) (l) | 4042 |  |
| K2016470260 South Africa Ltd |  |  |
| 0.00%, 12/31/22 (a) (i) (j) (k) (l) | 4910 |  |
| Total Corporate Bonds And Notes (cost $274,323) | Total Corporate Bonds And Notes (cost $274,323) | 248527 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 28.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 28.5%** | **GOVERNMENT AND AGENCY OBLIGATIONS 28.5%** |
| **United States of America 15.1%** | **United States of America 15.1%** | **United States of America 15.1%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2021-B1-DNA7, REMIC, 7.58%, (SOFR 30-Day Average + 3.65%), 11/25/41 (c) | 1010 | 937 |
| Series 2020-B1-DNA2, REMIC, 6.89%, (1 Month USD LIBOR + 2.50%), 02/25/50 (c) | 750 | 702 |
| Series 2020-B1-DNA5, REMIC, 7.80%, (SOFR 30-Day Average + 4.80%), 10/25/50 (c) | 910 | 932 |
| Series 2017-M1-3, REMIC, 4.00%, 07/25/56 | 744 | 728 |
| Treasury, United States Department of |  |  |
| 1.75%, 12/31/24 | 18650 | 17700 |
| 2.13%, 05/15/25 | 8180 | 7771 |
| 2.63%, 12/31/25 | 15589 | 14905 |
| 1.63%, 02/15/26 | 8430 | 7794 |
| 2.88%, 05/15/32 | 8500 | 7831 |
| 4.13%, 11/15/32 | 1970 | 2009 |
|  |  | 61309 |
| **Mexico 3.4%** | **Mexico 3.4%** | **Mexico 3.4%** |
| Gobierno Federal de los Estados Unidos Mexicanos |  |  |
| 8.00%, 12/07/23, MXN | 34629 | 1734 |
| 10.00%, 12/05/24, MXN | 13340 | 687 |
| 7.50%, 06/03/27, MXN | 235910 | 11418 |
|  |  | 13839 |
| **Indonesia 3.4%** | **Indonesia 3.4%** | **Indonesia 3.4%** |
| The Republic of Indonesia, The Government of |  |  |
| 5.50%, 04/15/26, IDR | 217830000 | 13706 |
| **South Africa 1.7%** | **South Africa 1.7%** | **South Africa 1.7%** |
| South Africa, Parliament of |  |  |
| 6.50%, 02/28/41, ZAR | 111690 | 4115 |
| 5.75%, 09/30/49 | 4030 | 2957 |
|  |  | 7072 |
| **Poland 1.3%** | **Poland 1.3%** | **Poland 1.3%** |
| Urzad Rady Ministrow |  |  |
| 1.75%, 04/25/32, PLN | 36060 | 5402 |
| **Brazil 1.0%** | **Brazil 1.0%** | **Brazil 1.0%** |
| Presidencia Da Republica Federativa Do Brasil |  |  |
| 10.00%, 01/01/25, BRL | 23220 | 4207 |
| **Egypt 0.6%** | **Egypt 0.6%** | **Egypt 0.6%** |
| The Arab Republic of Egypt |  |  |
| 3.88%, 02/16/26 (a) | 2800 | 2313 |
| **Gabon 0.5%** | **Gabon 0.5%** | **Gabon 0.5%** |
| Gabon, Government of |  |  |
| 7.00%, 11/24/31 (a) | 2500 | 2047 |
| **Argentina 0.5%** | **Argentina 0.5%** | **Argentina 0.5%** |
| Gobierno de la Provincia de Buenos Aires |  |  |
| 5.25%, 09/01/37 (a) (e) | 2760 | 963 |
| Ministerio De Gobierno |  |  |
| 6.99%, 06/01/27 (e) (g) | 500 | 328 |
| 6.99%, 06/01/27 (a) (e) | 1000 | 655 |
|  |  | 1946 |
| **Colombia 0.4%** | **Colombia 0.4%** | **Colombia 0.4%** |
| Presidencia de la Republica de Colombia |  |  |
| 5.63%, 02/26/44 | 2250 | 1652 |
| **Dominican Republic 0.2%** | **Dominican Republic 0.2%** | **Dominican Republic 0.2%** |
| Presidencia de la Republica Dominicana |  |  |
| 4.88%, 09/23/32 (a) | 1100 | 917 |
| **Nigeria 0.2%** | **Nigeria 0.2%** | **Nigeria 0.2%** |
| Nigeria, Federal Government of |  |  |
| 6.50%, 11/28/27 (a) | 1010 | 813 |
| **Ecuador 0.2%** | **Ecuador 0.2%** | **Ecuador 0.2%** |
| Gobierno de la Republica del Ecuador |  |  |
| 2.50%, 07/31/35 (a) (e) | 1711 | 781 |
| Total Government And Agency Obligations (cost $124,738) | Total Government And Agency Obligations (cost $124,738) | 116004 |
| **SENIOR FLOATING RATE INSTRUMENTS 6.2%** | **SENIOR FLOATING RATE INSTRUMENTS 6.2%** | **SENIOR FLOATING RATE INSTRUMENTS 6.2%** |
| **United States of America 6.2%** | **United States of America 6.2%** | **United States of America 6.2%** |
| Alterra Mountain Company |  |  |
| 2021 Series B-2 Consenting Term Loan, 7.57%, (1 Month USD LIBOR + 3.50%), 07/30/28 (c) | 2481 | 2446 |
| APi Group DE, Inc. |  |  |
| Term Loan B, 6.57%, (1 Month USD LIBOR + 2.50%), 09/25/26 (c) | 2500 | 2481 |
| Asurion LLC |  |  |
| 2018 Term Loan B7, 7.07%, (1 Month USD LIBOR + 3.00%), 11/15/24 (c) | 2480 | 2404 |
| Caesars Resort Collection, LLC |  |  |
| 2017 1st Lien Term Loan B, 0.00%, (1 Month USD LIBOR + 2.75%), 12/23/24 (c) (m) | 2015 | 2008 |
| Clarios Global LP |  |  |
| 2021 USD Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 04/30/26 (c) | 2500 | 2445 |
| Focus Financial Partners, LLC |  |  |
| 2022 Term Loan B5, 7.33%, (1 Month Term SOFR + 3.25%), 06/30/28 (c) | 2481 | 2448 |
| Grifols Worldwide Operations USA, Inc. |  |  |
| USD 2019 Term Loan B, 6.07%, (1 Month USD LIBOR + 2.00%), 11/15/27 (c) | 1410 | 1361 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

700

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Hilton Domestic Operating Company, Inc. |  |  |
| 2019 Term Loan B2, 0.00%, (3 Month USD LIBOR + 1.75%), 10/25/23 (c) (m) | 1220 | 1215 |
| Level 3 Financing Inc. |  |  |
| 2019 Term Loan B, 5.82%, (1 Month USD LIBOR + 1.75%), 03/01/27 (c) | 993 | 949 |
| Nexstar Broadcasting, Inc. |  |  |
| 2019 Term Loan B4, 6.57%, (1 Month USD LIBOR + 2.50%), 06/13/26 (c) | 1476 | 1462 |
| Sedgwick Claims Management Services, Inc. |  |  |
| 2018 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 11/06/25 (c) | 2481 | 2410 |
| Sotera Health Holdings, LLC |  |  |
| 2021 Term Loan, 7.16%, (3 Month USD LIBOR + 2.75%), 12/31/24 (c) | 2500 | 2300 |
| UFC Holdings, LLC |  |  |
| 2021 Term Loan B, 7.11%, (3 Month USD LIBOR + 2.75%), 04/29/26 (c) | 1368 | 1348 |
| Total Senior Floating Rate Instruments (cost $25,724) | Total Senior Floating Rate Instruments (cost $25,724) | 25277 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.9%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.9%** |
| **United States of America 1.9%** | **United States of America 1.9%** | **United States of America 1.9%** |
| Angel Oak Mortgage Trust 2022-3 |  |  |
| Series 2022-A3-3, REMIC, 4.17%, 04/25/26 (c) | 1095 | 965 |
| BX Trust 2021-SDMF |  |  |
| Series 2021-F-SDMF, REMIC, 6.25%, (1 Month USD LIBOR + 1.94%), 09/15/34 (c) | 1250 | 1153 |
| College Ave Student Loans 2021-B, LLC |  |  |
| Series 2021-D-B, 3.78%, 06/25/52 | 1501 | 1281 |
| Goodgreen 2021-1 Trust |  |  |
| Series 2021-B-1A, 3.01%, 10/15/56 | 586 | 508 |
| JPMorgan Chase Bank, N.A. |  |  |
| Series 2022-D-NLP, REMIC, 6.50%, (1 Month Term SOFR + 2.17%), 04/15/37 (c) | 1175 | 1063 |
| MVW 2021-1W LLC |  |  |
| Series 2021-C-1WA, 1.94%, 01/22/41 | 852 | 763 |
| Nelnet Student Loan Trust 2021-C |  |  |
| Series 2021-D-CA, 4.44%, 04/20/62 | 1400 | 1118 |
| RIAL 2022-FL8 D |  |  |
| Series 2022-D-FL8, 8.13%, (SOFR 30-Day Average + 4.30%), 01/19/37 (c) | 1000 | 954 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $8,255) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $8,255) | 7805 |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **South Africa 0.0%** | **South Africa 0.0%** | **South Africa 0.0%** |
| Edcon Holdings Ltd. (g) (k) | 624 |  |
| Edcon Holdings Ltd. - Class A (g) (k) | 124902 |  |
| Edcon Holdings Ltd. - Class B (g) (k) | 14399 |  |
| Total Common Stocks (cost $106) | Total Common Stocks (cost $106) |  |
| **SHORT TERM INVESTMENTS 1.6%** | **SHORT TERM INVESTMENTS 1.6%** | **SHORT TERM INVESTMENTS 1.6%** |
| **Investment Companies 1.4%** | **Investment Companies 1.4%** | **Investment Companies 1.4%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (n) (o) | 5823 | 5823 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (n) (o) | 795 | 795 |
| Total Short Term Investments (cost $6,618) | Total Short Term Investments (cost $6,618) | 6618 |
| **Total Investments 99.2% (cost $439,764)** | **Total Investments 99.2% (cost $439,764)** | **404231** |
| **Total Purchased Options 0.0% (cost $62)** | **Total Purchased Options 0.0% (cost $62)** | **14** |
| **Other Derivative Instruments (0.9)%** | **Other Derivative Instruments (0.9)%** | **(3781)** |
| **Other Assets and Liabilities, Net 1.7%** | **Other Assets and Liabilities, Net 1.7%** | **7065** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **407529** |

---

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $112,024 and 27.5% of the Fund.

(b) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(c) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(d) All or a portion of the security was on loan as of December 31, 2022.

(e) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(f) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(g) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(h) Convertible security.

(i) Non-income producing security.

(j) As of December 31, 2022, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(k) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(l) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(m) This senior floating rate interest will settle after December 31, 2022. If a reference rate and spread is presented, it will go into effect upon settlement.

(n) Investment in affiliate.

(o) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Western Asset Global Multi-Sector Bond Fund — Restricted Securities** | **JNL/Western Asset Global Multi-Sector Bond Fund — Restricted Securities** | **JNL/Western Asset Global Multi-Sector Bond Fund — Restricted Securities** | **JNL/Western Asset Global Multi-Sector Bond Fund — Restricted Securities** | **JNL/Western Asset Global Multi-Sector Bond Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Allianz SE, 2.63% (callable at 100, 10/30/30) | 04/28/22 | 1240 | 1101 | 0.3 |
| Allianz SE, 3.20% (callable at 100, 10/30/27) | 04/27/22 | 4133 | 3724 | 0.9 |
| APCOA Parking Holdings GmbH, 4.63%, 01/15/27 | 05/05/22 | 933 | 876 | 0.2 |
| Bellis Acquisition Company PLC, 4.50%, 02/16/26 | 05/06/22 | 1159 | 1040 | 0.2 |
| BNP Paribas, 7.38% (callable at 100, 08/19/25) | 04/27/22 | 2829 | 2700 | 0.6 |
| Braskem America Finance Company, 7.13%, 07/22/41 | 04/26/22 | 2799 | 2612 | 0.6 |
| Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 | 05/06/22 | 1143 | 1096 | 0.3 |
| Cooperatieve Rabobank U.A., 3.25% (callable at 100, 12/29/26) | 04/28/22 | 1141 | 1091 | 0.3 |
| CPUK Mortgage Finance Limited, 3.59%, 08/28/25 | 10/10/22 | 2012 | 2253 | 0.5 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

701

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/Western Asset Global Multi-Sector Bond Fund — Restricted Securities (continued)** | **JNL/Western Asset Global Multi-Sector Bond Fund — Restricted Securities (continued)** | **JNL/Western Asset Global Multi-Sector Bond Fund — Restricted Securities (continued)** | **JNL/Western Asset Global Multi-Sector Bond Fund — Restricted Securities (continued)** | **JNL/Western Asset Global Multi-Sector Bond Fund — Restricted Securities (continued)** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Credit Agricole SA, 7.50% (callable at 100, 06/23/26) | 05/06/22 | 2337 | 2444 | 0.6 |
| Edcon Holdings Ltd. - Class A | 02/28/17 | 95 |  |  |
| Edcon Holdings Ltd. - Class B | 02/27/17 | 11 |  |  |
| Edcon Holdings Ltd. | 08/03/21 |  |  |  |
| Gatwick Airport Finance PLC, 4.38%, 04/07/26 | 05/06/22 | 1166 | 1087 | 0.3 |
| Glencore Finance (Canada) Limited, 6.00%, 11/15/41 | 04/27/22 | 1493 | 1318 | 0.3 |
| Heimstaden Bostad AB, 4.25%, 03/09/26 | 05/06/22 | 1179 | 890 | 0.2 |
| International Design Group S.p.A., 6.01%, 05/15/26 | 05/06/22 | 1156 | 1121 | 0.3 |
| Intesa Sanpaolo SPA, 5.50% (callable at 100, 03/01/28) | 05/06/22 | 1123 | 1041 | 0.2 |
| IPD 3 B.V., 5.50%, 12/01/25 | 05/06/22 | 1129 | 1111 | 0.3 |
| Kapla Holding, 3.38%, 12/15/26 | 05/06/22 | 1143 | 1134 | 0.3 |
| Lorca Telecom Bondco SA., 4.00%, 09/18/27 | 05/06/22 | 1160 | 1158 | 0.3 |
| Loxama, 3.75%, 07/15/26 | 05/06/22 | 1137 | 1097 | 0.3 |
| Ministerio De Gobierno, 6.99%, 06/01/27 | 05/13/22 | 375 | 328 | 0.1 |
| Nordea Bank Abp, 3.50% (callable at 100, 03/12/25) | 06/15/22 | 1089 | 1091 | 0.3 |
| Pinewood Finco PLC, 3.25%, 09/30/25 | 09/26/22 | 1008 | 1164 | 0.3 |
| Saga PLC, 3.38%, 05/12/24 | 05/12/22 | 1140 | 1070 | 0.2 |
| Samhallsbyggnadsbolaget i Norden AB, 2.62% (callable at 100, 01/30/25) | 05/06/22 | 1161 | 521 | 0.1 |
| Telecom Italia SPA, 2.38%, 10/12/27 | 09/15/22 | 1481 | 1563 | 0.4 |
| TMNL Holding B.V, 3.75%, 01/15/29 | 05/06/22 | 1146 | 1137 | 0.3 |
| UBS Group Funding (Switzerland) AG, 7.00% (callable at 100, 01/31/24) | 04/27/22 | 3240 | 3158 | 0.8 |
| Vertical Midco GmbH, 4.38%, 07/15/27 | 05/06/22 | 1141 | 1117 | 0.3 |
| Victoria P.L.C., 3.63%, 08/24/26 | 07/26/22 | 1155 | 1145 | 0.3 |
| VMED O2 UK Financing I PLC, 4.50%, 07/15/31 | 05/06/22 | 1126 | 993 | 0.2 |
| Whitbread PLC, 2.38%, 05/31/27 | 05/06/22 | 2381 | 2385 | 0.6 |
|  |  | 46961 | 44566 | 10.9 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/Western Asset Global Multi-Sector Bond Fund — Futures Contracts** | **JNL/Western Asset Global Multi-Sector Bond Fund — Futures Contracts** | **JNL/Western Asset Global Multi-Sector Bond Fund — Futures Contracts** | **JNL/Western Asset Global Multi-Sector Bond Fund — Futures Contracts** | **JNL/Western Asset Global Multi-Sector Bond Fund — Futures Contracts** | **JNL/Western Asset Global Multi-Sector Bond Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| 90 Day Eurodollar | 143 | December 2023 | 34628 | (16) | (590) |
| United States Ultra Bond | 87 | March 2023 | 11687 | (44) | (2) |
|  |  |  |  | (60) | (592) |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Note | (160) | March 2023 | (18056) | 23 | 88 |
| United States 5 Year Note | (180) | April 2023 | (19474) | 15 | 47 |
|  |  |  |  | 38 | 135 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Western Asset Global Multi-Sector Bond Fund — OTC Purchased Options** | **JNL/Western Asset Global Multi-Sector Bond Fund — OTC Purchased Options** | **JNL/Western Asset Global Multi-Sector Bond Fund — OTC Purchased Options** | **JNL/Western Asset Global Multi-Sector Bond Fund — OTC Purchased Options** | **JNL/Western Asset Global Multi-Sector Bond Fund — OTC Purchased Options** | **JNL/Western Asset Global Multi-Sector Bond Fund — OTC Purchased Options** | **JNL/Western Asset Global Multi-Sector Bond Fund — OTC Purchased Options** |
| **Reference Entity** | **Counterparty** | **Exercise Price ($)/**<br>**Swaption Rate (%)** | **Exercise Price ($)/**<br>**Swaption Rate (%)** | **Expiration** | **Notional/**<br>**Contracts<sup>1</sup>** | **Value ($)** |
| **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** | **Foreign Currency Options** |
| USD/MXN Spot Rate | GSC<br> Call | MXN | 20.20 | 01/17/23 | 6170000 | 14 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Western Asset Global Multi-Sector Bond Fund — Forward Foreign Currency Contracts** | **JNL/Western Asset Global Multi-Sector Bond Fund — Forward Foreign Currency Contracts** | **JNL/Western Asset Global Multi-Sector Bond Fund — Forward Foreign Currency Contracts** | **JNL/Western Asset Global Multi-Sector Bond Fund — Forward Foreign Currency Contracts** | **JNL/Western Asset Global Multi-Sector Bond Fund — Forward Foreign Currency Contracts** | **JNL/Western Asset Global Multi-Sector Bond Fund — Forward Foreign Currency Contracts** | **JNL/Western Asset Global Multi-Sector Bond Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| AUD/USD | GSC | 01/18/23 | AUD | 765 | 521 | (5) |
| EUR/USD | GSC | 01/18/23 | EUR | 1297 | 1390 | 98 |
| JPY/USD | JPM | 01/18/23 | JPY | 589011 | 4497 | 384 |
| USD/AUD | MSC | 01/18/23 | AUD | (1594) | (1086) | (56) |
| USD/EUR | MSC | 01/18/23 | EUR | (25683) | (27522) | (1718) |
| USD/GBP | GSC | 01/18/23 | GBP | (18077) | (21864) | (1265) |
| USD/IDR | JPM | 01/18/23 | IDR | (146100393) | (9383) | 187 |
| USD/MXN | BOA | 01/18/23 | MXN | (132396) | (6774) | (275) |
| USD/PLN | GSC | 01/18/23 | PLN | (24025) | (5476) | (693) |
| USD/SGD | MSC | 01/18/23 | SGD | (6043) | (4513) | (293) |
| USD/TWD | GSC | 01/18/23 | TWD | (129815) | (4230) | (123) |
|  |  |  |  |  | (74440) | (3759) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

702

------

***JNL Series Trust***

December 31, 2022

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/Western Asset Global Multi-Sector Bond Fund** | **JNL/Western Asset Global Multi-Sector Bond Fund** | **JNL/Western Asset Global Multi-Sector Bond Fund** | **JNL/Western Asset Global Multi-Sector Bond Fund** | **JNL/Western Asset Global Multi-Sector Bond Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 248527 |  | 248527 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 116004 |  | 116004 |
| &nbsp;&nbsp;Senior Floating Rate Instruments |  | 25277 |  | 25277 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 7805 |  | 7805 |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;Short Term Investments | 6618 |  |  | 6618 |
|  | 6618 | 397613 |  | 404231 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 135 |  |  | 135 |
| &nbsp;&nbsp;OTC Purchased Options |  | 14 |  | 14 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 669 |  | 669 |
|  | 135 | 683 |  | 818 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (592) |  |  | (592) |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (4428) |  | (4428) |
|  | (592) | (4428) |  | (5020) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

703

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** |
| **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** |
| **United Kingdom 20.1%** | **United Kingdom 20.1%** | **United Kingdom 20.1%** |
| Ashtead Group Public Limited Company | 201 | 11543 |
| AstraZeneca PLC | 179 | 24376 |
| Bunzl Public Limited Company | 450 | 15032 |
| Compass Group PLC | 1015 | 23704 |
| Diageo PLC | 345 | 15294 |
| Experian PLC | 367 | 12563 |
| Halma Public Limited Company | 313 | 7525 |
| Linde Public Limited Company | 44 | 14247 |
| London Stock Exchange Group PLC | 153 | 13232 |
| Rentokil Initial PLC | 2132 | 13128 |
| SEGRO Public Limited Company | 614 | 5683 |
| Spirax-Sarco Engineering PLC | 45 | 5845 |
|  |  | 162172 |
| **France 11.4%** | **France 11.4%** | **France 11.4%** |
| Dassault Systemes | 156 | 5598 |
| L'Oreal | 29 | 10550 |
| LVMH Moet Hennessy Louis Vuitton | 31 | 22611 |
| Safran | 101 | 12713 |
| Sartorius Stedim Biotech | 29 | 9514 |
| Teleperformance SE | 37 | 8752 |
| VINCI | 222 | 22162 |
|  |  | 91900 |
| **Canada 8.4%** | **Canada 8.4%** | **Canada 8.4%** |
| Canadian Pacific Railway Limited | 323 | 24127 |
| Dollarama Inc. | 263 | 15366 |
| Intact Financial Corporation | 92 | 13239 |
| The Toronto-Dominion Bank | 236 | 15272 |
|  |  | 68004 |
| **Switzerland 7.2%** | **Switzerland 7.2%** | **Switzerland 7.2%** |
| Lonza Group AG | 25 | 12158 |
| Partners Group Holding AG | 10 | 8913 |
| Sika AG | 27 | 6573 |
| Straumann Holding AG - Class N | 82 | 9410 |
| Zurich Insurance Group AG - Class N | 44 | 20858 |
|  |  | 57912 |
| **India 5.9%** | **India 5.9%** | **India 5.9%** |
| Housing Development Finance Corporation Limited | 423 | 13507 |
| Infosys Limited | 622 | 11344 |
| Reliance Industries Limited | 747 | 23020 |
|  |  | 47871 |
| **Japan 5.5%** | **Japan 5.5%** | **Japan 5.5%** |
| Daikin Industries, Ltd. | 77 | 11680 |
| Hoya Corporation | 95 | 9149 |
| Keyence Corporation | 39 | 15332 |
| Shin-Etsu Chemical Co., Ltd. | 66 | 8111 |
|  |  | 44272 |
| **Netherlands 5.2%** | **Netherlands 5.2%** | **Netherlands 5.2%** |
| Adyen B.V. (a) (b) | 8 | 11492 |
| Airbus SE | 129 | 15404 |
| ASML Holding N.V. | 28 | 15263 |
|  |  | 42159 |
| **Sweden 5.0%** | **Sweden 5.0%** | **Sweden 5.0%** |
| Atlas Copco Aktiebolag - Class A | 934 | 11077 |
| Evolution AB (publ) (b) | 123 | 11976 |
| Hexagon Aktiebolag - Class B | 1259 | 13212 |
| Indutrade Aktiebolag | 196 | 3986 |
|  |  | 40251 |
| **Denmark 4.9%** | **Denmark 4.9%** | **Denmark 4.9%** |
| Coloplast A/S - Class B | 63 | 7313 |
| DSV A/S | 70 | 11095 |
| Novo Nordisk A/S - Class B | 158 | 21327 |
|  |  | 39735 |
| **Luxembourg 3.1%** | **Luxembourg 3.1%** | **Luxembourg 3.1%** |
| Globant S.A. (a) | 22 | 3767 |
| Tenaris S.A. | 1199 | 21057 |
|  |  | 24824 |
| **China 2.6%** | **China 2.6%** | **China 2.6%** |
| China Tourism Group Duty Free Corporation Limited - Class A | 272 | 8398 |
| Contemporary Amperex Technology Co., Limited - Class A | 75 | 4235 |
| Shenzhen Inovance technology Co., Ltd. - Class A | 837 | 8342 |
|  |  | 20975 |
| **Spain 2.4%** | **Spain 2.4%** | **Spain 2.4%** |
| Amadeus IT Group, S.A. (a) (b) | 373 | 19447 |
| **Australia 2.1%** | **Australia 2.1%** | **Australia 2.1%** |
| Aristocrat Leisure Limited | 272 | 5637 |
| CSL Limited | 60 | 11669 |
|  |  | 17306 |
| **Ireland 2.1%** | **Ireland 2.1%** | **Ireland 2.1%** |
| Icon Public Limited Company (a) | 85 | 16534 |
| **Hong Kong 1.9%** | **Hong Kong 1.9%** | **Hong Kong 1.9%** |
| AIA Group Limited | 1195 | 13178 |
| Techtronic Industries Company Limited | 201 | 2226 |
|  |  | 15404 |
| **Taiwan 1.9%** | **Taiwan 1.9%** | **Taiwan 1.9%** |
| Taiwan Semiconductor Manufacturing Company Limited | 1058 | 15385 |
| **Germany 1.7%** | **Germany 1.7%** | **Germany 1.7%** |
| Infineon Technologies AG - Class N | 419 | 12835 |
| RATIONAL Aktiengesellschaft | 1 | 739 |
|  |  | 13574 |
| **United States of America 1.6%** | **United States of America 1.6%** | **United States of America 1.6%** |
| Lululemon Athletica Canada Inc. (a) | 40 | 12798 |
| **Norway 1.6%** | **Norway 1.6%** | **Norway 1.6%** |
| Equinor ASA | 339 | 12223 |
| TOMRA Systems ASA | 21 | 361 |
|  |  | 12584 |
| **Brazil 1.6%** | **Brazil 1.6%** | **Brazil 1.6%** |
| B3 S.A. - Brasil, Bolsa, Balcao | 2329 | 5807 |
| MercadoLibre S.R.L (a) | 8 | 6772 |
|  |  | 12579 |
| **Belgium 1.5%** | **Belgium 1.5%** | **Belgium 1.5%** |
| KBC Groep | 192 | 12391 |
| **Finland 1.4%** | **Finland 1.4%** | **Finland 1.4%** |
| Neste Oyj | 245 | 11329 |
| Total Common Stocks (cost $853,752) | Total Common Stocks (cost $853,752) | 799406 |
| **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** | **SHORT TERM INVESTMENTS 0.6%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 4843 | 4843 |
| Total Short Term Investments (cost $4,843) | Total Short Term Investments (cost $4,843) | 4843 |
| **Total Investments 99.7% (cost $858,595)** | **Total Investments 99.7% (cost $858,595)** | **804249** |
| **Other Derivative Instruments (0.0)%** | **Other Derivative Instruments (0.0)%** | (3) |
| **Other Assets and Liabilities, Net 0.3%** | **Other Assets and Liabilities, Net 0.3%** | **2431** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **806677** |

---

(a) Non-income producing security.

(b) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

704

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/William Blair International Leaders Fund — Restricted Securities** | **JNL/William Blair International Leaders Fund — Restricted Securities** | **JNL/William Blair International Leaders Fund — Restricted Securities** | **JNL/William Blair International Leaders Fund — Restricted Securities** | **JNL/William Blair International Leaders Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Adyen B.V. | 04/12/22 | 14811 | 11492 | 1.4 |
| Amadeus IT Group, S.A. | 11/08/21 | 24708 | 19447 | 2.4 |
| Evolution AB (publ) | 05/23/22 | 11878 | 11976 | 1.5 |
|  |  | 51397 | 42915 | 5.3 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/William Blair International Leaders Fund — Forward Foreign Currency Contracts** | **JNL/William Blair International Leaders Fund — Forward Foreign Currency Contracts** | **JNL/William Blair International Leaders Fund — Forward Foreign Currency Contracts** | **JNL/William Blair International Leaders Fund — Forward Foreign Currency Contracts** | **JNL/William Blair International Leaders Fund — Forward Foreign Currency Contracts** | **JNL/William Blair International Leaders Fund — Forward Foreign Currency Contracts** | **JNL/William Blair International Leaders Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/AUD | SSB | 01/04/23 | AUD | (607) | (413) |  |
| USD/EUR | SSB | 01/03/23 | EUR | (159) | (171) | (1) |
| USD/NOK | SSB | 01/03/23 | NOK | (1763) | (180) | (2) |
|  |  |  |  |  | (764) | (3) |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** | **JNL/William Blair International Leaders Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 122122 | 677284 |  | 799406 |
| &nbsp;&nbsp;Short Term Investments | 4843 |  |  | 4843 |
|  | 126965 | 677284 |  | 804249 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (3) |  | (3) |
|  |  | (3) |  | (3) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

705

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** |
| **COMMON STOCKS 65.5%** | **COMMON STOCKS 65.5%** | **COMMON STOCKS 65.5%** |
| **Information Technology 13.1%** | **Information Technology 13.1%** | **Information Technology 13.1%** |
| Accenture Public Limited Company - Class A | 160 | 42779 |
| Apple Inc. | 1380 | 179244 |
| Fidelity National Information Services, Inc. | 334 | 22629 |
| Global Payments Inc. | 472 | 46854 |
| Intel Corporation | 874 | 23102 |
| KLA Corporation | 54 | 20542 |
| Marvell Technology, Inc. | 466 | 17262 |
| MasterCard Incorporated - Class A | 199 | 69197 |
| Microsoft Corporation | 1509 | 361912 |
| Motorola Solutions, Inc. | 343 | 88490 |
| Salesforce, Inc. (a) | 216 | 28599 |
| Taiwan Semiconductor Manufacturing Company Limited - ADR | 585 | 43603 |
| Texas Instruments Incorporated | 689 | 113894 |
| Visa Inc. - Class A | 323 | 67014 |
|  |  | 1125121 |
| **Health Care 12.0%** | **Health Care 12.0%** | **Health Care 12.0%** |
| AstraZeneca PLC - ADR | 1554 | 105378 |
| Baxter International Inc. | 458 | 23327 |
| Becton, Dickinson and Company | 349 | 88824 |
| Danaher Corporation | 190 | 50386 |
| Elevance Health, Inc. | 192 | 98509 |
| HCA Healthcare, Inc. | 526 | 126249 |
| Humana Inc. | 220 | 112790 |
| Johnson & Johnson | 143 | 25301 |
| Novartis AG - ADR | 893 | 80988 |
| Pfizer Inc. | 2387 | 122284 |
| UnitedHealth Group Incorporated | 324 | 171832 |
| Zoetis Inc. - Class A | 156 | 22788 |
|  |  | 1028656 |
| **Financials 8.2%** | **Financials 8.2%** | **Financials 8.2%** |
| American Express Company | 221 | 32609 |
| BlackRock, Inc. | 70 | 49728 |
| Blackstone Inc. - Class A | 199 | 14731 |
| JPMorgan Chase & Co. | 559 | 75027 |
| Morgan Stanley | 856 | 72801 |
| S&P Global Inc. | 144 | 48203 |
| The Charles Schwab Corporation | 2891 | 240692 |
| The Goldman Sachs Group, Inc. | 105 | 35884 |
| The Progressive Corporation | 995 | 129113 |
|  |  | 698788 |
| **Consumer Discretionary 7.7%** | **Consumer Discretionary 7.7%** | **Consumer Discretionary 7.7%** |
| Amazon.com, Inc. (a) | 1376 | 115613 |
| Coupang, Inc. - Class A (a) | 1402 | 20625 |
| D.R. Horton, Inc. | 228 | 20346 |
| Dollar General Corporation | 130 | 32020 |
| Lennar Corporation - Class A | 292 | 26461 |
| McDonald's Corporation | 448 | 118012 |
| NIKE, Inc. - Class B | 303 | 35422 |
| Ross Stores, Inc. | 158 | 18315 |
| Starbucks Corporation | 951 | 94370 |
| The Home Depot, Inc. | 250 | 78851 |
| The TJX Companies, Inc. | 1236 | 98402 |
|  |  | 658437 |
| **Industrials 6.6%** | **Industrials 6.6%** | **Industrials 6.6%** |
| Deere & Company | 177 | 75948 |
| Fortive Corporation | 891 | 57269 |
| Honeywell International Inc. | 426 | 91251 |
| Illinois Tool Works Inc. | 292 | 64423 |
| Johnson Controls International Public Limited Company | 1221 | 78137 |
| Northrop Grumman Corporation | 115 | 62960 |
| Parker-Hannifin Corporation | 166 | 48203 |
| Raytheon Technologies Corporation | 886 | 89412 |
|  |  | 567603 |
| **Consumer Staples 4.8%** | **Consumer Staples 4.8%** | **Consumer Staples 4.8%** |
| Nestle S.A. - Class N | 503 | 58289 |
| Sysco Corporation | 1329 | 101597 |
| The Coca-Cola Company | 2097 | 133375 |
| The Procter & Gamble Company | 799 | 121056 |
|  |  | 414317 |
| **Communication Services 3.8%** | **Communication Services 3.8%** | **Communication Services 3.8%** |
| Alphabet Inc. - Class A (a) | 2118 | 186855 |
| Electronic Arts Inc. | 430 | 52548 |
| Meta Platforms, Inc. - Class A (a) | 693 | 83420 |
|  |  | 322823 |
| **Energy 3.5%** | **Energy 3.5%** | **Energy 3.5%** |
| Cenovus Energy Inc. (b) | 1683 | 32665 |
| Chesapeake Energy Corporation (b) | 154 | 14541 |
| ConocoPhillips | 747 | 88123 |
| Coterra Energy Inc. | 571 | 14041 |
| EOG Resources, Inc. | 54 | 6954 |
| EQT Corporation | 403 | 13623 |
| Pioneer Natural Resources Company | 86 | 19582 |
| Shell PLC - Class A | 3690 | 104792 |
| Shell PLC - Class A | 135 | 3808 |
|  |  | 298129 |
| **Utilities 2.5%** | **Utilities 2.5%** | **Utilities 2.5%** |
| American Electric Power Company, Inc. | 61 | 5789 |
| Constellation Energy Group, Inc. | 537 | 46286 |
| Exelon Corporation | 1974 | 85320 |
| Sempra Energy | 498 | 76920 |
|  |  | 214315 |
| **Materials 2.0%** | **Materials 2.0%** | **Materials 2.0%** |
| Anglo American PLC | 894 | 34859 |
| FMC Corporation | 437 | 54496 |
| Glencore PLC | 11924 | 80473 |
|  |  | 169828 |
| **Real Estate 1.3%** | **Real Estate 1.3%** | **Real Estate 1.3%** |
| American Tower Corporation | 154 | 32712 |
| ProLogis Inc. | 148 | 16654 |
| VICI Properties Inc. | 714 | 23120 |
| Welltower OP LLC | 543 | 35617 |
|  |  | 108103 |
| Total Common Stocks (cost $4,461,109) | Total Common Stocks (cost $4,461,109) | 5606120 |
| **GOVERNMENT AND AGENCY OBLIGATIONS 24.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 24.2%** | **GOVERNMENT AND AGENCY OBLIGATIONS 24.2%** |
| **U.S. Treasury Note 9.5%** | **U.S. Treasury Note 9.5%** | **U.S. Treasury Note 9.5%** |
| Treasury, United States Department of |  |  |
| 0.50%, 11/30/23 | 8115 | 7807 |
| 0.13%, 12/15/23 (b) | 19200 | 18390 |
| 0.88%, 01/31/24 - 09/30/26 | 150820 | 137929 |
| 1.50%, 02/29/24 - 01/31/27 | 24020 | 22294 |
| 2.50%, 04/30/24 | 800 | 777 |
| 0.25%, 06/15/24 - 05/31/25 | 16735 | 15663 |
| 1.75%, 06/30/24 | 8930 | 8559 |
| 3.00%, 07/31/24 (c) | 9085 | 8859 |
| 0.38%, 08/15/24 | 3230 | 3018 |
| 3.25%, 08/31/24 (b) | 42915 | 42030 |
| 4.25%, 09/30/24 (b) | 12401 | 12337 |
| 0.75%, 11/15/24 - 08/31/26 | 40175 | 35984 |
| 4.50%, 11/30/24 (b) | 40000 | 40006 |
| 3.50%, 09/15/25 | 3274 | 3208 |
| 0.63%, 07/31/26 | 23655 | 20894 |
| 1.13%, 10/31/26 | 25970 | 23223 |
| 1.25%, 11/30/26 - 06/30/28 | 129885 | 116320 |
| 1.88%, 02/28/27 | 15451 | 14147 |
| 2.75%, 04/30/27 - 08/15/32 | 42288 | 39260 |
| 2.63%, 05/31/27 - 07/31/29 | 8545 | 7996 |
| 3.25%, 06/30/27 - 06/30/29 | 26795 | 25850 |
| 3.13%, 08/31/27 | 61866 | 59507 |
| 4.13%, 09/30/27 - 11/15/32 | 84631 | 85297 |
| 3.88%, 11/30/27 (b) | 52793 | 52496 |
| 2.88%, 08/15/28 | 625 | 588 |
| 4.00%, 10/31/29 | 331 | 331 |
| 3.88%, 11/30/29 | 6545 | 6499 |
|  |  | 809269 |
| **Mortgage-Backed Securities 9.3%** | **Mortgage-Backed Securities 9.3%** | **Mortgage-Backed Securities 9.3%** |
| Federal Home Loan Mortgage Corporation |  |  |
| 4.00%, 09/01/26 - 07/01/41 | 45 | 44 |
| 7.00%, 11/01/30 - 06/01/31 | 12 | 12 |
| 2.50%, 12/01/31 - 07/01/51 | 39985 | 34690 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

706

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 6.00%, 12/01/39 | 236 | 249 |
| 2.00%, 11/01/41 - 04/01/52 | 94440 | 77704 |
| 3.00%, 11/01/46 - 10/01/51 | 24696 | 22070 |
| Federal National Mortgage Association, Inc. |  |  |
| 4.50%, 09/01/23 - 11/01/44 | 1377 | 1366 |
| 3.50%, 03/01/26 - 07/01/51 | 34597 | 31865 |
| 4.00%, 09/01/26 - 11/01/48 | 5217 | 5038 |
| 3.00%, 05/01/27 - 10/01/51 | 52915 | 47261 |
| 7.50%, 09/01/29 | 2 | 2 |
| 2.50%, 05/01/30 - 01/01/52 | 86116 | 73927 |
| 2.00%, 11/01/31 - 09/01/51 | 41845 | 35011 |
| 7.00%, 10/01/33 | 12 | 12 |
| TBA, 3.50%, 01/15/38 - 01/15/53 (d) | 24450 | 22418 |
| TBA, 4.00%, 01/15/38 - 01/15/53 (d) | 52550 | 49698 |
| 5.50%, 03/01/38 | 71 | 74 |
| 6.50%, 10/01/38 - 10/01/39 | 60 | 64 |
| 5.00%, 07/01/40 | 73 | 74 |
| 1.50%, 11/01/41 | 8292 | 6734 |
| TBA, 2.00%, 01/15/53 (d) | 60149 | 49095 |
| TBA, 2.50%, 01/15/53 (d) | 33199 | 28147 |
| TBA, 3.00%, 01/15/53 (d) | 26750 | 23500 |
| TBA, 4.50%, 01/15/53 (d) | 102775 | 99065 |
| TBA, 5.00%, 01/15/53 (d) | 13150 | 12967 |
| TBA, 5.50%, 01/15/53 (d) | 5450 | 5466 |
| Government National Mortgage Association |  |  |
| 6.00%, 02/15/24 - 04/15/40 | 1609 | 1680 |
| 6.50%, 04/15/26 | 1 | 2 |
| 5.50%, 11/15/32 - 02/15/36 | 31 | 32 |
| 7.00%, 01/15/33 - 05/15/33 | 5 | 5 |
| 5.00%, 06/20/33 - 06/15/39 | 960 | 960 |
| 4.50%, 06/15/40 - 05/15/42 | 256 | 253 |
| 4.00%, 01/15/41 - 12/20/44 | 390 | 375 |
| TBA, 2.00%, 01/15/53 (d) | 27475 | 23051 |
| TBA, 2.50%, 01/15/53 (d) | 41057 | 35565 |
| TBA, 3.00%, 01/15/53 (d) | 38150 | 33979 |
| TBA, 3.50%, 01/15/53 (d) | 44300 | 40702 |
| TBA, 4.00%, 01/15/53 (d) | 26440 | 25030 |
| TBA, 4.50%, 01/15/53 (d) | 8325 | 8078 |
| | | 796265 |
| **U.S. Treasury Bond 3.6%** | **U.S. Treasury Bond 3.6%** | **U.S. Treasury Bond 3.6%** |
| Treasury, United States Department of |  |  |
| 1.75%, 08/15/41 | 2495 | 1709 |
| 3.25%, 05/15/42 | 1826 | 1601 |
| 3.38%, 08/15/42 (c) | 142757 | 127634 |
| 4.00%, 11/15/42 (b) | 15700 | 15386 |
| 2.50%, 02/15/45 - 05/15/46 | 50200 | 37602 |
| 2.88%, 08/15/45 - 05/15/52 | 84045 | 67523 |
| 3.00%, 05/15/47 | 5470 | 4479 |
| 2.75%, 08/15/47 - 11/15/47 | 21494 | 16793 |
| 3.00%, 08/15/52 (b) | 32872 | 27212 |
| 4.00%, 11/15/52 | 11615 | 11666 |
|  |  | 311605 |
| **Collateralized Mortgage Obligations 0.9%** | **Collateralized Mortgage Obligations 0.9%** | **Collateralized Mortgage Obligations 0.9%** |
| Connecticut Avenue Securities Trust 2021-R01 |  |  |
| Series 2021-1M2-R01, REMIC, 5.48%, (SOFR 30-Day Average + 1.55%), 10/25/41 (e) | 1450 | 1413 |
| Federal Home Loan Mortgage Corporation |  |  |
| Series 2019-MA-3, REMIC, 3.50%, 07/25/26 | 1927 | 1811 |
| Series 2021-M1-DNA2, REMIC, 4.73%, (SOFR 30-Day Average + 0.80%), 08/25/33 (e) | 319 | 319 |
| Series JM-4165, REMIC, 3.50%, 09/15/41 | 620 | 599 |
| Series ZP-3967, REMIC, 4.00%, 09/15/41 | 4625 | 4442 |
| Series AH-4143, REMIC, 1.75%, 09/15/42 | 4739 | 4318 |
| Series AB-4122, REMIC, 1.50%, 10/15/42 | 441 | 405 |
| Series DJ-4322, REMIC, 3.00%, 05/15/43 | 644 | 619 |
| Series CA-4758, REMIC, 3.00%, 07/15/47 | 6100 | 5621 |
| Series CZ-4809, REMIC, 4.00%, 07/15/48 | 4632 | 4387 |
| Series DP-5170, REMIC, 2.00%, 07/25/50 | 9989 | 8647 |
| Series 2020-M2-DNA5, REMIC, 5.80%, (SOFR 30-Day Average + 2.80%), 10/25/50 (e) | 2183 | 2194 |
| Series 2021-MTU-1, REMIC, 2.50%, 09/25/60 | 11981 | 10241 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2016-2M2-C03, 10.29%, (1 Month USD LIBOR + 5.90%), 04/25/23 (e) | 683 | 715 |
| Series 2014-1M2-C04, 9.29%, (1 Month USD LIBOR + 4.90%), 11/25/24 (e) | 863 | 905 |
| Series 2012-JA-124, REMIC, 1.50%, 11/25/42 | 1153 | 1060 |
| Series 2013-Z-36, REMIC, 3.00%, 04/25/43 | 4891 | 4426 |
| Series 2013-NZ-83, REMIC, 3.50%, 08/25/43 | 5510 | 5119 |
| Series 2015-HP-28, REMIC, 3.50%, 06/25/44 | 948 | 912 |
| Series 2014-ZC-95, REMIC, 3.00%, 01/25/45 | 2682 | 2355 |
| Series 2015-MC-16, REMIC, 3.00%, 01/25/45 | 4230 | 3897 |
| Series 2015-GZ-7, REMIC, 3.00%, 03/25/45 | 6209 | 5523 |
| Series 2017-AB-108, REMIC, 3.00%, 01/25/48 | 1357 | 1267 |
| Series 2020-HC-27, REMIC, 1.50%, 10/25/49 | 4729 | 3822 |
| Government National Mortgage Association |  |  |
| Series 2005-HC-74, REMIC, 7.50%, 09/16/35 | 2 | 2 |
|  |  | 75019 |
| **Municipal 0.6%** | **Municipal 0.6%** | **Municipal 0.6%** |
| Chicago Transit Authority |  |  |
| 6.90%, 12/01/40 | 655 | 726 |
| Chicago, City of |  |  |
| 6.40%, 01/01/40 | 155 | 173 |
| Dallas/Fort Worth International Airport |  |  |
| 4.09%, 11/01/51 | 300 | 250 |
| 4.51%, 11/01/51 | 1885 | 1694 |
| Golden State Tobacco Securitization Corporation |  |  |
| 2.75%, 06/01/34 | 190 | 152 |
| 3.29%, 06/01/42 | 375 | 277 |
| 3.00%, 06/01/46 | 825 | 764 |
| Grand Parkway Transportation Corporation |  |  |
| 5.18%, 10/01/42 | 220 | 225 |
| Illinois Municipal Electric Agency |  |  |
| 6.83%, 02/01/35 | 3405 | 3699 |
| Illinois State Toll Highway Authority |  |  |
| 6.18%, 01/01/34 | 565 | 607 |
| Illinois, State of |  |  |
| 5.10%, 06/01/33 | 24735 | 23739 |
| Kansas Development Finance Authority |  |  |
| 5.37%, 05/01/26 | 1820 | 1836 |
| Metropolitan Transportation Authority |  |  |
| 6.20%, 11/15/26 | 140 | 142 |
| 7.34%, 11/15/39 | 75 | 92 |
| 6.09%, 11/15/40 | 405 | 438 |
| 6.81%, 11/15/40 | 3700 | 3866 |
| 5.18%, 11/15/49 | 1330 | 1148 |
| Municipal Electric Authority of Georgia |  |  |
| 6.64%, 04/01/57 | 4964 | 5310 |
| New York State Thruway Authority |  |  |
| 5.88%, 04/01/30 | 840 | 875 |
| Oregon School Boards Association |  |  |
| 4.76%, 06/30/28 | 336 | 332 |
| Philadelphia, City of |  |  |
| 6.55%, 10/15/28 | 5225 | 5462 |
| Sacramento, City of |  |  |
| 6.42%, 08/01/23 | 1065 | 1073 |
| The Foothill/Eastern Transportation Corridor Agency |  |  |
| 4.09%, 01/15/49 | 420 | 317 |
| Utility Debt Securitization Authority |  |  |
| 3.44%, 12/15/25 | 466 | 462 |
|  |  | 53659 |
| **Commercial Mortgage-Backed Securities 0.2%** | **Commercial Mortgage-Backed Securities 0.2%** | **Commercial Mortgage-Backed Securities 0.2%** |
| Federal Home Loan Mortgage Corporation |  |  |
| Series A2-K142, REMIC, 2.40%, 03/25/32 | 8300 | 7028 |
| Series K-A2-150, REMIC, 3.71%, 09/25/32 (e) | 3125 | 2938 |
| Series A2-K1522, REMIC, 2.36%, 10/25/36 | 5200 | 3976 |
| Federal National Mortgage Association, Inc. |  |  |
| Series 2017-FA-M13, REMIC, 3.88%, (1 Month USD LIBOR + 0.40%), 10/25/24 (e) | 269 | 268 |
| Series 2021-2A2-M2S, REMIC, 2.39%, 10/25/36 (e) | 5687 | 4444 |
|  |  | 18654 |
| **Sovereign 0.1%** | **Sovereign 0.1%** | **Sovereign 0.1%** |
| Ministry of Diwan Amiri Affairs |  |  |
| 3.88%, 04/23/23 (f) | 4700 | 4681 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

707

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| 3.38%, 03/14/24 (f) | 210 | 206 |
| | | 4887 |
| Total Government And Agency Obligations (cost $2,209,496) | Total Government And Agency Obligations (cost $2,209,496) | 2069358 |
| **CORPORATE BONDS AND NOTES 8.1%** | **CORPORATE BONDS AND NOTES 8.1%** | **CORPORATE BONDS AND NOTES 8.1%** |
| **Financials 3.3%** | **Financials 3.3%** | **Financials 3.3%** |
| ACE Capital Trust II |  |  |
| 9.70%, 04/01/30 | 525 | 651 |
| AerCap Ireland Capital Designated Activity Company |  |  |
| 1.75%, 01/30/26 | 8355 | 7345 |
| American International Group, Inc. |  |  |
| 3.40%, 06/30/30 | 2719 | 2400 |
| Aviation Capital Group LLC |  |  |
| 1.95%, 09/20/26 (f) | 8865 | 7507 |
| Avolon Holdings Funding Limited |  |  |
| 2.13%, 02/21/26 (f) | 3833 | 3299 |
| Banco Santander, S.A. |  |  |
| 3.13%, 02/23/23 (g) | 3600 | 3585 |
| 3.85%, 04/12/23 | 3000 | 2985 |
| Bank of America Corporation |  |  |
| 1.73%, 07/22/27 | 7535 | 6605 |
| 3.97%, 02/07/30 | 2065 | 1876 |
| 3.19%, 07/23/30 | 2210 | 1901 |
| 2.30%, 07/21/32 | 4630 | 3564 |
| Barclays PLC |  |  |
| 3.93%, 05/07/25 | 6380 | 6186 |
| BNP Paribas |  |  |
| 3.38%, 01/09/25 (f) (g) | 3180 | 3062 |
| 2.82%, 11/19/25 (f) (g) | 3570 | 3380 |
| BPCE |  |  |
| 5.70%, 10/22/23 (f) | 10150 | 10124 |
| 5.15%, 07/21/24 (f) | 5670 | 5549 |
| Capital One Financial Corporation |  |  |
| 3.75%, 04/24/24 | 2000 | 1964 |
| 4.20%, 10/29/25 | 1245 | 1208 |
| CNO Global Funding |  |  |
| 2.65%, 01/06/29 (f) | 11400 | 9661 |
| Cooperatieve Rabobank U.A. |  |  |
| 1.11%, 02/24/27 (f) | 6735 | 5865 |
| Corebridge Financial, Inc. |  |  |
| 3.90%, 04/05/32 (f) | 9385 | 8220 |
| 6.88%, 12/15/52 (f) | 6895 | 6419 |
| Credit Agricole SA |  |  |
| 3.75%, 04/24/23 (f) (g) | 1955 | 1947 |
| 3.25%, 10/04/24 (f) (g) | 3020 | 2905 |
| 4.38%, 03/17/25 (f) (g) | 5055 | 4876 |
| Credit Suisse Group AG |  |  |
| 3.09%, 05/14/32 (f) | 8678 | 6026 |
| Danske Bank A/S |  |  |
| 3.88%, 09/12/23 (f) | 2910 | 2884 |
| 5.38%, 01/12/24 (f) | 2265 | 2255 |
| 1.62%, 09/11/26 (f) | 8775 | 7718 |
| HSBC Holdings PLC |  |  |
| 7.39%, 11/03/28 | 6134 | 6438 |
| 2.80%, 05/24/32 | 2640 | 2038 |
| Intercontinental Exchange, Inc. |  |  |
| 4.00%, 09/15/27 | 8754 | 8455 |
| 4.35%, 06/15/29 | 25939 | 25050 |
| JPMorgan Chase & Co. |  |  |
| 3.38%, 05/01/23 | 590 | 587 |
| 2.52%, 04/22/31 | 5845 | 4778 |
| 1.95%, 02/04/32 | 875 | 670 |
| 2.58%, 04/22/32 | 3080 | 2464 |
| 4.91%, 07/25/33 | 5140 | 4890 |
| 6.40%, 05/15/38 | 425 | 460 |
| Liberty Mutual Group Inc. |  |  |
| 4.25%, 06/15/23 (f) | 129 | 128 |
| 4.57%, 02/01/29 (f) | 3131 | 2935 |
| 5.50%, 06/15/52 (b) (f) | 7830 | 6989 |
| Liberty Mutual Insurance Company |  |  |
| 7.88%, 10/15/26 (f) | 475 | 505 |
| Morgan Stanley |  |  |
| 3.70%, 10/23/24 (b) | 7950 | 7765 |
| 2.51%, 10/20/32 | 26465 | 20685 |
| 5.30%, 04/20/37 | 6987 | 6393 |
| Northwestern Mutual Life Insurance Company |  |  |
| 3.63%, 09/30/59 (f) | 546 | 379 |
| Standard Chartered PLC |  |  |
| 0.99%, 01/12/25 (f) | 5480 | 5163 |
| The Goldman Sachs Group, Inc. |  |  |
| 3.63%, 01/22/23 | 6875 | 6869 |
| 5.70%, 11/01/24 (b) | 14496 | 14667 |
| 1.43%, 03/09/27 | 17135 | 14992 |
| 3.80%, 03/15/30 | 290 | 261 |
| 2.62%, 04/22/32 | 3260 | 2598 |
| The PNC Financial Services Group, Inc. |  |  |
| 3.90%, 04/29/24 | 830 | 820 |
| The Progressive Corporation |  |  |
| 3.95%, 03/26/50 | 2345 | 1890 |
| Wells Fargo & Company |  |  |
| 4.48%, 01/16/24 | 517 | 514 |
|  |  | 281350 |
| **Utilities 1.5%** | **Utilities 1.5%** | **Utilities 1.5%** |
| Boston Gas Company |  |  |
| 3.15%, 08/01/27 (f) | 960 | 859 |
| CMS Energy Corporation |  |  |
| 4.75%, 06/01/50 | 4502 | 3912 |
| Commonwealth Edison Company |  |  |
| 3.65%, 06/15/46 | 465 | 352 |
| Consolidated Edison Company of New York, Inc. |  |  |
| 3.20%, 12/01/51 | 13060 | 9077 |
| 4.50%, 05/15/58 | 1720 | 1434 |
| Dominion Energy South Carolina, Inc. |  |  |
| 6.63%, 02/01/32 | 1384 | 1520 |
| Duke Energy Corporation |  |  |
| 4.50%, 08/15/32 | 22440 | 21087 |
| 5.00%, 08/15/52 | 1725 | 1548 |
| Georgia Power Company |  |  |
| 4.70%, 05/15/32 | 7045 | 6785 |
| 4.75%, 09/01/40 | 1085 | 982 |
| 5.13%, 05/15/52 | 12410 | 11695 |
| Indianapolis Power & Light Company |  |  |
| 6.60%, 06/01/37 (f) | 500 | 521 |
| ITC Holdings Corp. |  |  |
| 4.95%, 09/22/27 (f) | 2680 | 2648 |
| KeySpan Gas East Corporation |  |  |
| 2.74%, 08/15/26 (f) | 3690 | 3297 |
| MidAmerican Energy Company |  |  |
| 4.25%, 05/01/46 | 55 | 47 |
| Oglethorpe Power Corporation (An Electric Membership Corporation) |  |  |
| 6.19%, 01/01/31 (f) | 325 | 329 |
| Pacific Gas And Electric Company |  |  |
| 5.90%, 06/15/32 | 4300 | 4199 |
| PECO Energy Company |  |  |
| 2.85%, 09/15/51 | 2000 | 1328 |
| Sempra Energy |  |  |
| 4.13%, 04/01/52 | 2405 | 1894 |
| Southern California Edison Company |  |  |
| 3.70%, 08/01/25 | 735 | 711 |
| 5.95%, 11/01/32 | 11855 | 12553 |
| Southern California Gas Company |  |  |
| 2.95%, 04/15/27 | 6165 | 5697 |
| 6.35%, 11/15/52 | 8751 | 9641 |
| Texas Electric Market Stabilization Funding N LLC |  |  |
| 4.27%, 08/01/34 (f) | 8015 | 7658 |
| The Brooklyn Union Gas Company |  |  |
| 3.41%, 03/10/26 (f) | 2215 | 2079 |
| The Cleveland Electric Illuminating Company |  |  |
| 3.50%, 04/01/28 (f) | 9400 | 8557 |
| The Southern Company |  |  |
| 2.95%, 07/01/23 | 2820 | 2793 |
| 4.00%, 01/15/51 | 3710 | 3377 |
|  |  | 126580 |
| **Energy 1.0%** | **Energy 1.0%** | **Energy 1.0%** |
| BP Capital Markets P.L.C. |  |  |
| 4.88%, (100, 03/22/30) (h) | 7708 | 6748 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

708

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| Cheniere Energy Partners, L.P. |  |  |
| 3.25%, 01/31/32 | 12870 | 10251 |
| EIG Pearl Holdings S.a r.l. |  |  |
| 3.55%, 08/31/36 (f) | 10020 | 8416 |
| Energy Transfer LP |  |  |
| 7.60%, 02/01/24 | 1030 | 1043 |
| 4.95%, 06/15/28 | 2925 | 2818 |
| Equinor ASA |  |  |
| 3.00%, 04/06/27 | 11800 | 11024 |
| Galaxy Pipeline Assets Bidco Limited |  |  |
| 2.16%, 03/31/34 (f) | 18789 | 15968 |
| Gray Oak Pipeline, LLC |  |  |
| 2.60%, 10/15/25 (f) | 2861 | 2594 |
| 3.45%, 10/15/27 (f) | 465 | 411 |
| Hess Corporation |  |  |
| 7.30%, 08/15/31 | 7695 | 8360 |
| Qatarenergy |  |  |
| 3.13%, 07/12/41 (f) | 3745 | 2875 |
| Sabine Pass Liquefaction, LLC |  |  |
| 4.50%, 05/15/30 | 6700 | 6223 |
| 5.90%, 09/15/37 (b) (f) | 4980 | 4946 |
| Var Energi ASA |  |  |
| 8.00%, 11/15/32 (f) | 8750 | 9020 |
| | | 90697 |
| **Consumer Discretionary 0.5%** | **Consumer Discretionary 0.5%** | **Consumer Discretionary 0.5%** |
| General Motors Financial Company, Inc. |  |  |
| 3.70%, 05/09/23 | 5900 | 5870 |
| Genting New York LLC |  |  |
| 3.30%, 02/15/26 (f) | 10068 | 8806 |
| Hyundai Capital America |  |  |
| 0.80%, 04/03/23 (f) | 7830 | 7736 |
| Magallanes, Inc. |  |  |
| 4.05%, 03/15/29 (f) | 19737 | 17106 |
| Spectrum Management Holding Company, LLC |  |  |
| 6.55%, 05/01/37 | 435 | 413 |
| 7.30%, 07/01/38 | 285 | 283 |
| 6.75%, 06/15/39 | 285 | 268 |
| Volkswagen Group of America, Inc. |  |  |
| 3.35%, 05/13/25 (f) | 4370 | 4177 |
|  |  | 44659 |
| **Communication Services 0.5%** | **Communication Services 0.5%** | **Communication Services 0.5%** |
| AT&T Inc. |  |  |
| 2.55%, 12/01/33 | 3819 | 2937 |
| 4.30%, 12/15/42 | 835 | 690 |
| 3.65%, 06/01/51 | 344 | 244 |
| 3.85%, 06/01/60 | 606 | 424 |
| Charter Communications Operating, LLC |  |  |
| 2.25%, 01/15/29 | 4230 | 3410 |
| Comcast Corporation |  |  |
| 3.95%, 10/15/25 | 4345 | 4253 |
| 5.65%, 06/15/35 | 165 | 173 |
| 4.40%, 08/15/35 | 2325 | 2165 |
| 6.50%, 11/15/35 | 34 | 38 |
| Sprint Spectrum Co LLC |  |  |
| 4.74%, 03/20/25 (f) | 4416 | 4353 |
| Time Warner Cable Enterprises LLC |  |  |
| 8.38%, 03/15/23 | 195 | 196 |
| Verizon Communications Inc. |  |  |
| 2.36%, 03/15/32 | 25651 | 20367 |
| 4.75%, 11/01/41 | 265 | 242 |
|  |  | 39492 |
| **Health Care 0.4%** | **Health Care 0.4%** | **Health Care 0.4%** |
| Aetna Inc. |  |  |
| 2.80%, 06/15/23 | 3340 | 3305 |
| Alcon Finance Corporation |  |  |
| 5.75%, 12/06/52 (f) | 1420 | 1441 |
| Bayer US Finance II LLC |  |  |
| 4.25%, 12/15/25 (f) | 3295 | 3197 |
| Bon Secours Mercy Health, Inc. |  |  |
| 2.10%, 06/01/31 | 2755 | 2149 |
| Children's National Medical Center |  |  |
| 2.93%, 07/15/50 | 2590 | 1607 |
| CommonSpirit Health |  |  |
| 4.20%, 08/01/23 | 5150 | 5136 |
| 4.35%, 11/01/42 | 1025 | 852 |
| 4.19%, 10/01/49 | 1449 | 1131 |
| 3.91%, 10/01/50 | 260 | 194 |
| CVS Health Corporation |  |  |
| 4.88%, 07/20/35 | 1135 | 1077 |
| Dignity Health |  |  |
| 3.81%, 11/01/24 | 1703 | 1652 |
| Mercy Health |  |  |
| 3.56%, 08/01/27 | 4070 | 3778 |
| Sutter Health |  |  |
| 2.29%, 08/15/30 | 1555 | 1256 |
| The Toledo Hospital |  |  |
| 5.75%, 11/15/38 | 1475 | 1384 |
| UnitedHealth Group Incorporated |  |  |
| 4.20%, 05/15/32 | 3005 | 2860 |
| 4.75%, 05/15/52 | 475 | 442 |
|  |  | 31461 |
| **Industrials 0.3%** | **Industrials 0.3%** | **Industrials 0.3%** |
| BAE Systems Holdings Inc. |  |  |
| 3.85%, 12/15/25 (f) | 4240 | 4082 |
| DAE Funding LLC |  |  |
| 1.55%, 08/01/24 (f) | 10435 | 9724 |
| Penske Truck Leasing Co., L.P. |  |  |
| 2.70%, 11/01/24 (f) | 1545 | 1458 |
| 3.95%, 03/10/25 (f) | 10090 | 9708 |
| Raytheon Technologies Corporation |  |  |
| 3.95%, 08/16/25 | 2545 | 2486 |
|  |  | 27458 |
| **Information Technology 0.3%** | **Information Technology 0.3%** | **Information Technology 0.3%** |
| Intel Corporation |  |  |
| 4.15%, 08/05/32 (b) | 15350 | 14330 |
| Microchip Technology Incorporated |  |  |
| 0.97%, 02/15/24 | 10715 | 10187 |
| Oracle Corporation |  |  |
| 3.65%, 03/25/41 | 2860 | 2115 |
|  |  | 26632 |
| **Consumer Staples 0.3%** | **Consumer Staples 0.3%** | **Consumer Staples 0.3%** |
| Anheuser-Busch InBev Worldwide Inc. |  |  |
| 4.38%, 04/15/38 (b) | 7300 | 6562 |
| Ashtead Capital, Inc. |  |  |
| 5.50%, 08/11/32 (f) | 2800 | 2684 |
| Philip Morris International Inc. |  |  |
| 5.13%, 11/17/27 | 4035 | 4073 |
| 5.63%, 11/17/29 | 2670 | 2719 |
| 5.75%, 11/17/32 | 6675 | 6827 |
| Sigma Alimentos, S.A. de C.V. |  |  |
| 4.13%, 05/02/26 (f) | 2620 | 2485 |
|  |  | 25350 |
| **Real Estate 0.0%** | **Real Estate 0.0%** | **Real Estate 0.0%** |
| VICI Properties Inc. |  |  |
| 4.13%, 08/15/30 (f) | 2600 | 2272 |
| Total Corporate Bonds And Notes (cost $745,953) | Total Corporate Bonds And Notes (cost $745,953) | 695951 |
| **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.2%** | **NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.2%** |
| Aaset 2019-1 Trust |  |  |
| Series 2019-A-1, 3.84%, 05/15/26 | 577 | 369 |
| Angel Oak Mortgage Trust 2019-4 |  |  |
| Series 2019-A1-4, REMIC, 2.99%, 08/25/23 (e) | 55 | 55 |
| Angel Oak Mortgage Trust 2019-6 |  |  |
| Series 2019-A1-6, REMIC, 2.62%, 12/25/23 (e) | 343 | 328 |
| Angel Oak Mortgage Trust I, LLC 2018-3 |  |  |
| Series 2018-A1-3, REMIC, 3.65%, 09/25/48 (e) | 42 | 42 |
| Bank of America Merrill Lynch Commercial Mortgage Trust 2015-UBS7 |  |  |
| Series 2015-A4-UBS7, REMIC, 3.71%, 09/17/25 | 1145 | 1081 |
| BFLD Trust 2020-OBRK |  |  |
| Series 2020-A-OBRK, REMIC, 6.37%, (1 Month USD LIBOR + 2.05%), 11/15/28 (e) | 3450 | 3414 |
| BX Trust 2021-ARIA |  |  |
| Series 2021-B-ARIA, REMIC, 5.61%, (1 Month USD LIBOR + 1.30%), 10/16/23 (e) | 7510 | 7032 |
| BX Trust 2021-LGCY |  |  |
| Series 2021-A-LGCY, 4.38%, 10/15/36 (e) | 17700 | 16893 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

709

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| BXHPP Trust 2021-FILM |  |  |
| Series 2021-A-FILM, REMIC, 4.97%, (1 Month USD LIBOR + 0.65%), 08/17/26 (e) | 7920 | 7391 |
| Castlelake Aircraft Structured Trust 2019-1 |  |  |
| Series 2019-A-1A, 3.97%, 04/15/26 (i) | 1509 | 1289 |
| Castlelake Aircraft Structured Trust 2021-1 |  |  |
| Series 2021-A-1A, 3.47%, 01/15/28 (i) | 879 | 735 |
| CF Hippolyta Issuer LLC |  |  |
| Series 2021-A1-1A, REMIC, 1.53%, 03/15/26 | 1580 | 1363 |
| Series 2021-B1-1A, REMIC, 1.98%, 03/15/26 | 828 | 680 |
| CFMT 2021-AL1 Trust |  |  |
| Series 2021-B-AL1, REMIC, 1.39%, 09/22/31 | 8532 | 8108 |
| Flagstar Mortgage Trust 2018-3 |  |  |
| Series 2018-A3-3INV, REMIC, 4.00%, 05/25/38 | 1657 | 1507 |
| Flagstar Mortgage Trust 2021-9INV |  |  |
| Series 2021-A2-9INV, REMIC, 2.00%, 01/25/36 (e) | 3414 | 2828 |
| Ford Credit Auto Lease Trust 2021-A |  |  |
| Series 2021-C-A, 0.78%, 07/15/23 | 2910 | 2847 |
| Ford Credit Auto Owner Trust 2021-REV1 |  |  |
| Series 2021-B-1, 1.61%, 04/15/26 | 1390 | 1214 |
| Series 2021-C-1, 1.91%, 04/15/26 | 1165 | 1002 |
| Home Partners of America 2021-2 Trust |  |  |
| Series 2021-B-2, 2.30%, 12/17/26 | 6806 | 5881 |
| Horizon Aircraft Finance I Limited |  |  |
| Series 2018-A-1, 4.46%, 12/15/25 | 198 | 161 |
| Horizon Aircraft Finance II Limited |  |  |
| Series 2019-A-1, 3.72%, 07/15/26 (i) | 690 | 544 |
| Horizon Aircraft Finance III Limited |  |  |
| Series 2019-A-2, 3.43%, 11/15/26 (f) (i) | 1308 | 1004 |
| LIFE 2021-BMR Mortgage Trust |  |  |
| Series 2021-A-BMR, REMIC, 5.02%, (1 Month USD LIBOR + 0.70%), 03/15/23 (e) | 1435 | 1390 |
| Mach 1 Cayman Limited |  |  |
| Series 2019-A-1, 3.47%, 08/17/26 (f) (i) | 713 | 580 |
| Maps 2019-1 Limited |  |  |
| Series 2019-A-1A, 4.46%, 03/15/26 | 298 | 267 |
| Metlife Securitization Trust 2017-1 |  |  |
| Series 2017-A-1A, REMIC, 3.00%, 06/25/26 (e) | 758 | 698 |
| Mill City Mortgage Loan Trust 2017-3 |  |  |
| Series 2017-A1-3, REMIC, 2.75%, 03/25/24 (e) | 459 | 435 |
| New Economy Assets – Phase 1 Sponsor, LLC |  |  |
| Series 2021-B1-1, REMIC, 2.41%, 10/20/26 | 2440 | 1991 |
| SBA Towers, LLC |  |  |
| Series 2019-1C-1, 2.84%, 01/15/25 | 1930 | 1800 |
| Series 2020-2C-1, 1.88%, 01/15/26 | 1520 | 1338 |
| Series 2021-C-211, 1.63%, 05/15/51 | 2570 | 2160 |
| SCE Recovery Funding LLC |  |  |
| Series 2021-A-1-A, 0.86%, 11/15/31 | 2157 | 1799 |
| Series 2021-A-2-A, 1.94%, 05/15/38 | 1050 | 714 |
| Series 2021-A-3-A, 2.51%, 11/15/43 | 605 | 370 |
| SCF Equipment Leasing 2021-1 LLC |  |  |
| Series 2021-A3-1A, 0.83%, 08/21/28 | 9800 | 9298 |
| SFAVE Commercial Mortgage Securities Trust 2015-5AVE |  |  |
| Series 2015-A2B-5AVE, REMIC, 4.14%, 01/08/35 | 2960 | 1997 |
| SoFi Consumer Loan Program 2021-1 Trust |  |  |
| Series 2021-A-1, 0.49%, 06/25/24 | 796 | 780 |
| SREIT Commercial Mortgage Trust 2021-MFP |  |  |
| Series 2021-B-MFP, REMIC, 5.40%, (1 Month USD LIBOR + 1.08%), 11/15/23 (e) | 8820 | 8402 |
| START Ireland |  |  |
| Series 2019-A-1, 4.09%, 03/15/26 | 788 | 677 |
| Symphony CLO XIV, Ltd. |  |  |
| Series 2014-AR-14A, 4.96%, (3 Month USD LIBOR + 0.95%), 07/14/26 (e) | 73 | 73 |
| Towd Point Mortgage Trust 2017-2 |  |  |
| Series 2017-A1-2, REMIC, 2.75%, 01/25/23 (e) | 84 | 81 |
| Towd Point Mortgage Trust 2017-4 |  |  |
| Series 2017-A1-4, REMIC, 2.75%, 02/25/25 (e) | 1079 | 997 |
| Towd Point Mortgage Trust 2018-1 |  |  |
| Series 2018-A1-1, REMIC, 3.00%, 05/25/24 (e) | 438 | 418 |
| United Airlines Class B Pass Through Certificates, Series 2018-1 |  |  |
| Series 2018-B-1, 4.60%, 03/01/26 | 392 | 358 |
| Wells Fargo Commercial Mortgage Trust 2015-NXS1 |  |  |
| Series 2015-A5-NXS1, REMIC, 3.15%, 04/17/25 | 1885 | 1784 |
| Total Non-U.S. Government Agency Asset-Backed Securities (cost $114,649) | Total Non-U.S. Government Agency Asset-Backed Securities (cost $114,649) | 104175 |
| **SHORT TERM INVESTMENTS 6.7%** | **SHORT TERM INVESTMENTS 6.7%** | **SHORT TERM INVESTMENTS 6.7%** |
| **Investment Companies 6.3%** | **Investment Companies 6.3%** | **Investment Companies 6.3%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (j) (k) | 541031 | 541031 |
| **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** | **Securities Lending Collateral 0.4%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (j) (k) | 34650 | 34650 |
| Total Short Term Investments (cost $575,681) | Total Short Term Investments (cost $575,681) | 575681 |
| **Total Investments 105.7% (cost $8,106,888)** | **Total Investments 105.7% (cost $8,106,888)** | **9051285** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **10** |
| **Other Assets and Liabilities, Net (5.7)%** | **Other Assets and Liabilities, Net (5.7)%** | **(488925)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **8562370** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) All or a portion of the security is pledged or segregated as collateral.

(d) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2022, the total payable for investments purchased on a delayed delivery basis was $465,118.

(e) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations ("CMO") and mortgage-backed securities ("MBS") are determined by tranches of underlying mortgage-backed security pools' cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security's offering documents.

(f) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $263,674 and 3.1% of the Fund.

(g) Convertible security.

(h) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(i) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of December 31, 2022.

(j) Investment in affiliate.

(k) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Balanced Fund — Futures Contracts** | **JNL/WMC Balanced Fund — Futures Contracts** | **JNL/WMC Balanced Fund — Futures Contracts** | **JNL/WMC Balanced Fund — Futures Contracts** | **JNL/WMC Balanced Fund — Futures Contracts** | **JNL/WMC Balanced Fund — Futures Contracts** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| United States 10 Year Note | 22 | March 2023 | 2479 | (3) | (9) |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

710

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Balanced Fund — Futures Contracts (continued)** | **JNL/WMC Balanced Fund — Futures Contracts (continued)** | **JNL/WMC Balanced Fund — Futures Contracts (continued)** | **JNL/WMC Balanced Fund — Futures Contracts (continued)** | **JNL/WMC Balanced Fund — Futures Contracts (continued)** | **JNL/WMC Balanced Fund — Futures Contracts (continued)** |
| **Reference Entity** | **Contracts<sup>1</sup>** | **Expiration** | **Notional<sup>1</sup>** | **Variation**<br>**Margin**<br>**Receivable**<br>(Payable) ($) | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| United States 2 Year Note | 392 | April 2023 | 80300 | (61) | 91 |
|  |  |  |  | (64) | 82 |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| United States 10 Year Ultra Bond | (18) | March 2023 | (2141) | 27 | 12 |
| United States 5 Year Note | (64) | April 2023 | (6962) | 45 | 54 |
|  |  |  |  | 72 | 66 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Balanced Fund — Forward Foreign Currency Contracts** | **JNL/WMC Balanced Fund — Forward Foreign Currency Contracts** | **JNL/WMC Balanced Fund — Forward Foreign Currency Contracts** | **JNL/WMC Balanced Fund — Forward Foreign Currency Contracts** | **JNL/WMC Balanced Fund — Forward Foreign Currency Contracts** | **JNL/WMC Balanced Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| GBP/USD<br> BCL | 01/03/23 | GBP | 479 | 579 | 2 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 5323899 | 282221 |  | 5606120 |
| &nbsp;&nbsp;Government And Agency Obligations |  | 2069358 |  | 2069358 |
| &nbsp;&nbsp;Corporate Bonds And Notes |  | 695951 |  | 695951 |
| &nbsp;&nbsp;Non-U.S. Government Agency Asset-Backed Securities |  | 104175 |  | 104175 |
| &nbsp;&nbsp;Short Term Investments | 575681 |  |  | 575681 |
|  | 5899580 | 3151705 |  | 9051285 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 157 |  |  | 157 |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 2 |  | 2 |
|  | 157 | 2 |  | 159 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | (9) |  |  | (9) |
|  | (9) |  |  | (9) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

711

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** |
| **COMMON STOCKS 97.5%** | **COMMON STOCKS 97.5%** | **COMMON STOCKS 97.5%** |
| **Health Care 17.5%** | **Health Care 17.5%** | **Health Care 17.5%** |
| AstraZeneca PLC - ADR | 262 | 17746 |
| Becton, Dickinson and Company | 47 | 11894 |
| Elevance Health, Inc. | 22 | 11478 |
| Eli Lilly and Company | 92 | 33747 |
| Johnson & Johnson | 221 | 39000 |
| Medtronic, Inc. | 126 | 9788 |
| Merck & Co., Inc. | 379 | 42019 |
| Pfizer Inc. | 859 | 44012 |
| UnitedHealth Group Incorporated | 26 | 13722 |
|  |  | 223406 |
| **Financials 17.1%** | **Financials 17.1%** | **Financials 17.1%** |
| American International Group, Inc. | 208 | 13134 |
| Blackstone Inc. - Class A | 190 | 14079 |
| Chubb Limited | 93 | 20501 |
| JPMorgan Chase & Co. | 390 | 52300 |
| M&T Bank Corporation | 121 | 17560 |
| MetLife, Inc. | 383 | 27733 |
| Morgan Stanley | 339 | 28853 |
| Raymond James Financial, Inc. | 123 | 13118 |
| Royal Bank of Canada | 139 | 13082 |
| Truist Financial Corporation | 408 | 17542 |
|  |  | 217902 |
| **Consumer Staples 11.2%** | **Consumer Staples 11.2%** | **Consumer Staples 11.2%** |
| Archer-Daniels-Midland Company | 182 | 16858 |
| Kellogg Company | 200 | 14228 |
| Keurig Dr Pepper Inc. | 445 | 15871 |
| Kimberly-Clark Corporation | 89 | 12118 |
| Mondelez International, Inc. - Class A | 291 | 19415 |
| Philip Morris International Inc. | 240 | 24246 |
| The Procter & Gamble Company | 102 | 15540 |
| Unilever PLC - ADR | 497 | 25035 |
|  |  | 143311 |
| **Information Technology 10.4%** | **Information Technology 10.4%** | **Information Technology 10.4%** |
| Analog Devices, Inc. | 119 | 19487 |
| Broadcom Inc. | 24 | 13581 |
| Cisco Systems, Inc. | 529 | 25183 |
| Corning Incorporated | 443 | 14159 |
| Fidelity National Information Services, Inc. | 180 | 12198 |
| NXP Semiconductors N.V. | 87 | 13716 |
| Qualcomm Incorporated | 202 | 22162 |
| TE Connectivity Ltd. (a) | 107 | 12276 |
|  |  | 132762 |
| **Industrials 9.9%** | **Industrials 9.9%** | **Industrials 9.9%** |
| Canadian National Railway Company | 100 | 11858 |
| Eaton Corporation Public Limited Company | 90 | 14084 |
| Emerson Electric Co. | 132 | 12677 |
| General Dynamics Corporation | 76 | 18899 |
| Honeywell International Inc. | 59 | 12650 |
| Johnson Controls International Public Limited Company | 249 | 15958 |
| L3Harris Technologies, Inc. | 59 | 12244 |
| Raytheon Technologies Corporation | 123 | 12425 |
| Siemens Aktiengesellschaft - ADR | 143 | 9851 |
| Siemens Aktiengesellschaft - Class N | 45 | 6247 |
|  |  | 126893 |
| **Energy 9.4%** | **Energy 9.4%** | **Energy 9.4%** |
| ConocoPhillips | 334 | 39462 |
| Coterra Energy Inc. | 789 | 19386 |
| EOG Resources, Inc. | 303 | 39274 |
| Phillips 66 | 93 | 9635 |
| TC Energy Corporation (b) | 300 | 11973 |
|  |  | 119730 |
| **Utilities 8.2%** | **Utilities 8.2%** | **Utilities 8.2%** |
| American Electric Power Company, Inc. | 230 | 21875 |
| Atmos Energy Corporation | 182 | 20441 |
| Exelon Corporation | 573 | 24765 |
| NextEra Energy, Inc. | 245 | 20528 |
| Sempra Energy | 115 | 17732 |
|  |  | 105341 |
| **Consumer Discretionary 5.9%** | **Consumer Discretionary 5.9%** | **Consumer Discretionary 5.9%** |
| Lennar Corporation - Class A | 157 | 14173 |
| Lowe`s Companies, Inc. | 62 | 12325 |
| The Home Depot, Inc. | 93 | 29535 |
| The TJX Companies, Inc. | 243 | 19321 |
|  |  | 75354 |
| **Materials 4.2%** | **Materials 4.2%** | **Materials 4.2%** |
| Celanese Corporation - Class A | 56 | 5759 |
| LyondellBasell Industries N.V. - Class A | 182 | 15140 |
| PPG Industries, Inc. | 127 | 16003 |
| Rio Tinto PLC - ADR (b) | 233 | 16568 |
|  |  | 53470 |
| **Real Estate 2.2%** | **Real Estate 2.2%** | **Real Estate 2.2%** |
| Crown Castle Inc. | 116 | 15748 |
| Welltower OP LLC | 187 | 12269 |
|  |  | 28017 |
| **Communication Services 1.5%** | **Communication Services 1.5%** | **Communication Services 1.5%** |
| Comcast Corporation - Class A | 547 | 19119 |
| Total Common Stocks (cost $1,198,696) | Total Common Stocks (cost $1,198,696) | 1245305 |
| **PREFERRED STOCKS 1.2%** | **PREFERRED STOCKS 1.2%** | **PREFERRED STOCKS 1.2%** |
| **Health Care 1.2%** | **Health Care 1.2%** | **Health Care 1.2%** |
| Roche Holding AG | 48 | 15076 |
| Total Preferred Stocks (cost $16,052) | Total Preferred Stocks (cost $16,052) | 15076 |
| **SHORT TERM INVESTMENTS 1.4%** | **SHORT TERM INVESTMENTS 1.4%** | **SHORT TERM INVESTMENTS 1.4%** |
| **Investment Companies 1.2%** | **Investment Companies 1.2%** | **Investment Companies 1.2%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 14785 | 14785 |
| **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** | **Securities Lending Collateral 0.2%** |
| JNL Securities Lending Collateral Fund - Institutional Class, 3.99% (c) (d) | 3063 | 3063 |
| Total Short Term Investments (cost $17,848) | Total Short Term Investments (cost $17,848) | 17848 |
| **Total Investments 100.1% (cost $1,232,596)** | **Total Investments 100.1% (cost $1,232,596)** | **1278229** |
| **Other Assets and Liabilities, Net (0.1)%** | **Other Assets and Liabilities, Net (0.1)%** | **(1510)** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1276719** |

---

(a) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/WMC Equity Income Fund — Restricted Securities** | **JNL/WMC Equity Income Fund — Restricted Securities** | **JNL/WMC Equity Income Fund — Restricted Securities** | **JNL/WMC Equity Income Fund — Restricted Securities** | **JNL/WMC Equity Income Fund — Restricted Securities** |
| | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| TE Connectivity Ltd. | 04/19/21 | 13556 | 12276 | 1.0 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

712

------

***JNL Series Trust***

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** | **JNL/WMC Equity Income Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1239058 | 6247 |  | 1245305 |
| &nbsp;&nbsp;Preferred Stocks | 15076 |  |  | 15076 |
| &nbsp;&nbsp;Short Term Investments | 17848 |  |  | 17848 |
|  | 1271982 | 6247 |  | 1278229 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

713

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** |
| **COMMON STOCKS 97.8%** | **COMMON STOCKS 97.8%** | **COMMON STOCKS 97.8%** |
| **United States of America 59.2%** | **United States of America 59.2%** | **United States of America 59.2%** |
| Agree Realty Corporation | 193 | 13658 |
| Alexandria Real Estate Equities, Inc. | 59 | 8596 |
| American Tower Corporation | 52 | 10977 |
| AvalonBay Communities, Inc. | 125 | 20155 |
| Brixmor Property Group Inc. | 603 | 13678 |
| Caretrust REIT, Inc. | 372 | 6904 |
| CBRE Group, Inc. - Class A (a) | 30 | 2334 |
| Corporate Office Properties Trust | 264 | 6856 |
| Empire State Realty Trust, Inc. - Class A | 1086 | 7317 |
| Equinix, Inc. | 33 | 21597 |
| Equity Residential | 331 | 19531 |
| Getty Realty Corp. | 195 | 6601 |
| Host Hotels & Resorts, Inc. | 386 | 6191 |
| Hyatt Hotels Corporation - Class A (a) | 53 | 4813 |
| Innovative Industrial Properties, Inc. | 35 | 3542 |
| Iron Mountain Incorporated | 209 | 10420 |
| Kimco Realty Corporation | 762 | 16145 |
| Life Storage Inc. | 84 | 8314 |
| LTC Properties, Inc. | 204 | 7263 |
| Phillips Edison & Company, Inc. | 284 | 9049 |
| Plymouth Industrial REIT, Inc. | 354 | 6792 |
| ProLogis Inc. | 406 | 45791 |
| Public Storage | 77 | 21617 |
| Ryman Hospitality Properties, Inc. | 82 | 6741 |
| Simon Property Group, Inc. | 44 | 5113 |
| Sun Communities, Inc. | 143 | 20462 |
| Tanger Factory Outlet Centers, Inc. | 394 | 7062 |
| Veris Residential, Inc (a) | 368 | 5862 |
| VICI Properties Inc. | 814 | 26365 |
| W.P. Carey Inc. | 268 | 20974 |
| Welltower OP LLC | 334 | 21873 |
| WillScot Mobile Mini Holdings Corp. - Class A (a) | 150 | 6761 |
|  |  | 399354 |
| **Japan 9.8%** | **Japan 9.8%** | **Japan 9.8%** |
| Frontier Real Estate Investment Corporation | 3 | 10278 |
| Kyoritsu Maintenance Co., Ltd. | 147 | 6548 |
| Mitsui Fudosan Co., Ltd. | 875 | 15943 |
| Nomura Real Estate Holdings, Inc. | 334 | 7150 |
| Oriental Land Co., Ltd. | 86 | 12455 |
| ORIX JREIT Inc. | 5 | 7236 |
| Tokyo Tatemono Co., Ltd. (b) | 515 | 6232 |
|  |  | 65842 |
| **Hong Kong 6.4%** | **Hong Kong 6.4%** | **Hong Kong 6.4%** |
| CK Asset Holdings Limited | 2872 | 17641 |
| Sino Land Company Limited | 4454 | 5563 |
| Swire Pacific Limited - Class A | 1004 | 8806 |
| Wharf Real Estate Investment Company Limited | 1965 | 11413 |
|  |  | 43423 |
| **Singapore 4.8%** | **Singapore 4.8%** | **Singapore 4.8%** |
| Capitaland Group Pte. Ltd. | 4717 | 7207 |
| Capitaland Investment Limited | 5308 | 14659 |
| City Developments Limited | 1663 | 10215 |
|  |  | 32081 |
| **United Kingdom 3.4%** | **United Kingdom 3.4%** | **United Kingdom 3.4%** |
| NewRiver REIT plc (c) | 3664 | 3441 |
| Safestore Holdings PLC | 415 | 4745 |
| The British Land Company Public Limited Company | 2185 | 10486 |
| The Unite Group PLC | 391 | 4328 |
|  |  | 23000 |
| **France 2.8%** | **France 2.8%** | **France 2.8%** |
| Carmila | 233 | 3324 |
| Klepierre | 580 | 13430 |
| Nexity | 69 | 1938 |
|  |  | 18692 |
| **Australia 2.7%** | **Australia 2.7%** | **Australia 2.7%** |
| Goodman Funding Pty Ltd | 603 | 7134 |
| Vicinity Centres RE Ltd | 8346 | 11361 |
|  |  | 18495 |
| **Sweden 1.5%** | **Sweden 1.5%** | **Sweden 1.5%** |
| Hufvudstaden AB (publ) - Class A | 698 | 9940 |
| **Thailand 1.5%** | **Thailand 1.5%** | **Thailand 1.5%** |
| Central Pattana Public Company Limited | 4814 | 9869 |
| **Canada 1.3%** | **Canada 1.3%** | **Canada 1.3%** |
| StorageVault Canada Inc. | 2039 | 9065 |
| **Spain 1.3%** | **Spain 1.3%** | **Spain 1.3%** |
| Cellnex Telecom, S.A. (c) | 154 | 5128 |
| Merlin Properties, Socimi, S.A. | 394 | 3711 |
|  |  | 8839 |
| **Switzerland 1.1%** | **Switzerland 1.1%** | **Switzerland 1.1%** |
| PSP Swiss Property AG - Class N | 65 | 7687 |
| **United Arab Emirates 0.9%** | **United Arab Emirates 0.9%** | **United Arab Emirates 0.9%** |
| Emaar Properties PJSC | 3929 | 6273 |
| **China 0.8%** | **China 0.8%** | **China 0.8%** |
| H World Group Limited - ADR | 121 | 5147 |
| **South Africa 0.3%** | **South Africa 0.3%** | **South Africa 0.3%** |
| Growthpoint Properties Ltd | 2083 | 1785 |
| Total Common Stocks (cost $707,685) | Total Common Stocks (cost $707,685) | 659492 |
| **SHORT TERM INVESTMENTS 2.0%** | **SHORT TERM INVESTMENTS 2.0%** | **SHORT TERM INVESTMENTS 2.0%** |
| **Investment Companies 2.0%** | **Investment Companies 2.0%** | **Investment Companies 2.0%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (d) (e) | 13607 | 13607 |
| Total Short Term Investments (cost $13,607) | Total Short Term Investments (cost $13,607) | 13607 |
| **Total Investments 99.8% (cost $721,292)** | **Total Investments 99.8% (cost $721,292)** | **673099** |
| **Other Derivative Instruments 0.0%** | **Other Derivative Instruments 0.0%** | **1** |
| **Other Assets and Liabilities, Net 0.2%** | **Other Assets and Liabilities, Net 0.2%** | **1398** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **674498** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JNL/WMC Global Real Estate Fund — Restricted Securities** | **JNL/WMC Global Real Estate Fund — Restricted Securities** | **JNL/WMC Global Real Estate Fund — Restricted Securities** | **JNL/WMC Global Real Estate Fund — Restricted Securities** | **JNL/WMC Global Real Estate Fund — Restricted Securities** |
|  | **Initial Acquisition** | **Cost ($)** | **Value ($)** | **Percent of**<br>**Net Assets (%)** |
| Cellnex Telecom, S.A. | 04/28/21 | 8466 | 5128 | 0.8 |
| NewRiver REIT plc | 11/30/22 | 3605 | 3441 | 0.5 |
|  |  | 12071 | 8569 | 1.3 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Global Real Estate Fund — Forward Foreign Currency Contracts** | **JNL/WMC Global Real Estate Fund — Forward Foreign Currency Contracts** | **JNL/WMC Global Real Estate Fund — Forward Foreign Currency Contracts** | **JNL/WMC Global Real Estate Fund — Forward Foreign Currency Contracts** | **JNL/WMC Global Real Estate Fund — Forward Foreign Currency Contracts** | **JNL/WMC Global Real Estate Fund — Forward Foreign Currency Contracts** | **JNL/WMC Global Real Estate Fund — Forward Foreign Currency Contracts** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| USD/AUD | BCL | 01/03/23 | AUD | (19) | (12) |  |
| USD/AUD | JPM | 01/04/23 | AUD | (17) | (12) |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

714

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Global Real Estate Fund — Forward Foreign Currency Contracts (continued)** | **JNL/WMC Global Real Estate Fund — Forward Foreign Currency Contracts (continued)** | **JNL/WMC Global Real Estate Fund — Forward Foreign Currency Contracts (continued)** | **JNL/WMC Global Real Estate Fund — Forward Foreign Currency Contracts (continued)** | **JNL/WMC Global Real Estate Fund — Forward Foreign Currency Contracts (continued)** | **JNL/WMC Global Real Estate Fund — Forward Foreign Currency Contracts (continued)** | **JNL/WMC Global Real Estate Fund — Forward Foreign Currency Contracts (continued)** |
| **Purchased/Sold** | **Counterparty** | **Expiration** | **Notional<sup>1</sup>** | **Notional<sup>1</sup>** | **Value ($)** | **Unrealized**<br>**Appreciation**<br>(Depreciation) ($) |
| ZAR/USD | BCL | 01/03/23 | ZAR | 5390 | 317 | 2 |
| ZAR/USD | SCB | 01/04/23 | ZAR | 6967 | 410 | (1) |
| ZAR/USD | BCL | 01/05/23 | ZAR | 2347 | 138 |  |
|  |  |  |  |  | 841 | 1 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States of America | 399354 |  |  | 399354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 65842 |  | 65842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 43423 |  | 43423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 32081 |  | 32081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 23000 |  | 23000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 18692 |  | 18692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia |  | 18495 |  | 18495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 9940 |  | 9940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand |  | 9869 |  | 9869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 9065 |  |  | 9065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 8839 |  | 8839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 7687 |  | 7687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates |  | 6273 |  | 6273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 5147 |  |  | 5147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa |  | 1785 |  | 1785 |
| &nbsp;&nbsp;Short Term Investments | 13607 |  |  | 13607 |
|  | 427173 | 245926 |  | 673099 |
| **Assets - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | 2 |  | 2 |
|  |  | 2 |  | 2 |
| **Liabilities - Investments in Other Financial Instruments<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;Open Forward Foreign Currency Contracts |  | (1) |  | (1) |
|  |  | (1) |  | (1) |

---

<sup>1</sup> All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

715

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>**  | **Value ($)**  |
| **JNL/WMC Government Money Market Fund** | **JNL/WMC Government Money Market Fund** | **JNL/WMC Government Money Market Fund** |
| **GOVERNMENT AND AGENCY OBLIGATIONS 58.0%** | **GOVERNMENT AND AGENCY OBLIGATIONS 58.0%** | **GOVERNMENT AND AGENCY OBLIGATIONS 58.0%** |
| **U.S. Treasury Bill 28.4%** | **U.S. Treasury Bill 28.4%** | **U.S. Treasury Bill 28.4%** |
| Treasury, United States Department of |  |  |
| 2.53%, 01/05/23 (a) | 60750 | 60733 |
| 3.25%, 01/10/23 (a) | 59575 | 59527 |
| 2.69%, 01/26/23 (a) | 137850 | 137588 |
| 3.29%, 02/02/23 (a) | 93346 | 93075 |
| 3.94%, 02/14/23 (a) | 27692 | 27560 |
| 4.26%, 02/28/23 (a) | 48150 | 47824 |
| 4.38%, 03/21/23 (a) | 83750 | 82956 |
| 4.48%, 04/04/23 (a) | 66725 | 65963 |
| 4.09%, 04/13/23 (a) | 63550 | 62824 |
| 4.50%, 04/18/23 (a) | 83150 | 82053 |
| 4.61%, 06/01/23 (a) | 66750 | 65477 |
| 4.63%, 06/08/23 (a) | 33025 | 32363 |
| 4.49%, 06/15/23 (a) | 109150 | 107139 |
| 3.00%, 07/13/23 (a) | 30500 | 30016 |
|  |  | 955098 |
| **Discount Notes 19.7%** | **Discount Notes 19.7%** | **Discount Notes 19.7%** |
| FHLBanks Office of Finance |  |  |
| 4.43%, 02/24/23 (a) (b) | 67350 | 66908 |
| 4.44%, 03/03/23 (a) (b) | 145000 | 143924 |
| 4.49%, 03/08/23 (a) (b) | 66584 | 66043 |
| 4.46%, 03/17/23 (a) (b) | 67225 | 66609 |
| 4.50%, 03/22/23 (a) (b) | 29630 | 29338 |
| 4.52%, 03/24/23 (a) (b) | 67375 | 66691 |
| 4.55%, 03/29/23 (a) (b) | 68000 | 67263 |
| 4.54%, 03/31/23 (a) (b) | 67000 | 66258 |
| 4.55%, 04/06/23 (a) (b) | 16750 | 16552 |
| 4.67%, 06/06/23 (a) (b) | 50650 | 49638 |
| 4.09%, 09/21/23 (a) (b) | 27100 | 26302 |
|  |  | 665526 |
| **U.S. Government Agency Obligations 9.9%** | **U.S. Government Agency Obligations 9.9%** | **U.S. Government Agency Obligations 9.9%** |
| Federal Farm Credit Banks Consolidated Systemwide Bonds |  |  |
| 4.34%, (SOFR + 0.04%), 07/12/23 (b) (c) | 10370 | 10370 |
| 4.35%, (SOFR + 0.05%), 09/29/23 (b) (c) | 12380 | 12380 |
| Federal Farm Credit Banks Funding Corporation |  |  |
| 4.34%, (Fed Funds + 0.02%), 04/13/23 (b) (c) | 14500 | 14500 |
| Federal Home Loan Bank of New York |  |  |
| 4.88%, 12/07/23 (b) | 1700 | 1700 |
| Federal Home Loan Bank of Pittsburgh |  |  |
| 4.34%, (SOFR + 0.04%), 02/01/23 (b) (c) | 54500 | 54500 |
| 4.33%, 04/18/23 (b) | 65275 | 65266 |
| 4.38%, 04/27/23 (b) | 76000 | 75985 |
| 4.25%, 07/12/23 (b) | 45000 | 44985 |
| 4.50%, 07/20/23 (b) | 50000 | 49974 |
| Federal National Mortgage Association, Inc. |  |  |
| 2.88%, 09/12/23 (b) | 2900 | 2871 |
|  |  | 332531 |
| Total Government And Agency Obligations (cost $1,953,155) | Total Government And Agency Obligations (cost $1,953,155) | 1953155 |
| **REPURCHASE AGREEMENTS 31.9%** | **REPURCHASE AGREEMENTS 31.9%** | **REPURCHASE AGREEMENTS 31.9%** |
| Repurchase Agreements (d) |  | 1072900 |
| Total Repurchase Agreements (cost $1,072,900) | Total Repurchase Agreements (cost $1,072,900) | 1072900 |
| **Total Investments 89.9% (cost $3,026,055)** | **Total Investments 89.9% (cost $3,026,055)** | **3026055** |
| **Other Assets and Liabilities, Net 10.1%** | **Other Assets and Liabilities, Net 10.1%** | **339932** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **3365987** |

---

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

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

(c) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented.

(d) For repurchase agreements held at December 31, 2022, see Repurchase Agreements in the Schedules of Investments.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

716

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 ($)** |
| BCL | Treasury, United States Department of, 1.25%-4.00%, due 12/15/25-9/30/28 | 41258 | 36924 | 4.23 | 12/31/22 | 01/03/23 | 36217 | 36200 | 36200 |
| BNP | Federal Home Loan Mortgage Corporation, 2.00%-6.00%, due 10/1/46-12/1/52 | 5536 | 5108 |  |  |  |  |  |  |
|  | Federal Home Loan Bank, 3.74%, due 6/12/43 | 1250 | 1061 |  |  |  |  |  |  |
|  | Treasury, United States Department of, 0.00%-4.50%, due 1/19/23-5/15/38 | 20260 | 19438 |  |  |  |  |  |  |
|  | Government National Mortgage Association, 2.50%-6.50%, due 1/15/32-12/20/52 | 66516 | 64986 |  |  |  |  |  |  |
|  | Federal National Mortgage Association, Inc., 2.00%-7.00%, due 7/1/30-12/1/52 | 94579 | 87296 |  |  |  |  |  |  |
|  |  | 188141 | 177889 | 4.30 | 12/31/22 | 01/03/23 | 174483 | 174400 | 174400 |
| BNP | Treasury, United States Department of, 1.75%-4.32%, due 4/30/24-7/31/24 | 55210 | 53448 | 4.24 | 12/31/22 | 01/03/23 | 52425 | 52400 | 52400 |
| BNS | Treasury, United States Department of, 0.00%-4.50%, due 2/15/23-2/15/52 | 281362 | 248793 | 4.25 | 12/31/22 | 01/03/23 | 243915 | 243800 | 243800 |
| BOA | Government National Mortgage Association, 1.50%-5.50%, due 4/20/37-12/20/52 | 79244 | 77622 | 4.30 | 12/31/22 | 01/03/23 | 76136 | 76100 | 76100 |
| DUB | Federal National Mortgage Association, Inc., 3.00%-4.50%, due 1/1/48-12/1/52 | 224941 | 213894 | 4.29 | 12/31/22 | 01/03/23 | 209800 | 209700 | 209700 |
| GSC | Government National Mortgage Association, 3.00%-5.50%, due 8/15/38 | 110943 | 108222 |  |  |  |  |  |  |
|  | Federal National Mortgage Association, Inc., 5.50%-7.50%, due 1/1/24-7/1/40 | 188 | 193 |  |  |  |  |  |  |
|  | Federal Home Loan Mortgage Corporation, 8.00%, due 7/17/24 | 11 | 11 |  |  |  |  |  |  |
|  |  | 111142 | 108426 | 4.24 | 12/31/22 | 01/03/23 | 106350 | 106300 | 106300 |
| JPM | Treasury, United States Department of, 0.38%-2.25%, due 8/15/24-2/15/30 | 15369 | 14382 | 4.25 | 12/31/22 | 01/03/23 | 14107 | 14100 | 14100 |
| NAT | Treasury, United States Department of, .013%-3.13%, due 1/15/24-5/15/46 | 91771 | 81498 | 4.24 | 12/31/22 | 01/03/23 | 79938 | 79900 | 79900 |
| RBC | Treasury, United States Department of, 4.32%-4.44%, due 4/30/24-7/31/24 | 79628 | 80062 |  |  |  |  |  |  |
|  | Federal National Mortgage Association, Inc., 3.50%-4.50%, due 2/1/43-6/1/52 | 1593 | 1538 |  |  |  |  |  |  |
|  |  | 81221 | 81600 | 4.27 | 12/31/22 | 01/03/23 | 80038 | 80000 | 80000 |
|  |  |  |  |  |  |  |  |  | 1072900 |

---

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/WMC Government Money Market Fund** | **JNL/WMC Government Money Market Fund** | **JNL/WMC Government Money Market Fund** | **JNL/WMC Government Money Market Fund** | **JNL/WMC Government Money Market Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Government And Agency Obligations |  | 1953155 |  | 1953155 |
| &nbsp;&nbsp;Repurchase Agreements |  | 1072900 |  | 1072900 |
|  |  | 3026055 |  | 3026055 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

717

------

***JNL Series Trust***

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Shares/Par<sup>1</sup>** | **Value ($)** |
| **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** |
| **COMMON STOCKS 98.4%** | **COMMON STOCKS 98.4%** | **COMMON STOCKS 98.4%** |
| **Financials 20.1%** | **Financials 20.1%** | **Financials 20.1%** |
| American International Group, Inc. | 336 | 21260 |
| Ares Management Corporation - Class A | 287 | 19674 |
| Blackstone Inc. - Class A | 170 | 12594 |
| Chubb Limited | 124 | 27267 |
| JPMorgan Chase & Co. | 371 | 49777 |
| LPL Financial Holdings Inc. | 71 | 15283 |
| M&T Bank Corporation | 154 | 22351 |
| MetLife, Inc. | 397 | 28698 |
| Morgan Stanley | 368 | 31289 |
| Raymond James Financial, Inc. | 152 | 16226 |
| The PNC Financial Services Group, Inc. | 112 | 17629 |
| The Progressive Corporation | 116 | 14995 |
| Truist Financial Corporation | 360 | 15506 |
|  |  | 292549 |
| **Health Care 17.3%** | **Health Care 17.3%** | **Health Care 17.3%** |
| AstraZeneca PLC - ADR | 298 | 20182 |
| Becton, Dickinson and Company | 92 | 23435 |
| Boston Scientific Corporation (a) | 495 | 22916 |
| Centene Corporation (a) | 306 | 25064 |
| Elevance Health, Inc. | 58 | 29497 |
| Eli Lilly and Company | 77 | 28016 |
| Merck & Co., Inc. | 291 | 32314 |
| Pfizer Inc. | 919 | 47071 |
| UnitedHealth Group Incorporated | 45 | 23786 |
|  |  | 252281 |
| **Information Technology 12.5%** | **Information Technology 12.5%** | **Information Technology 12.5%** |
| Amdocs Limited | 206 | 18765 |
| Analog Devices, Inc. | 186 | 30503 |
| Cisco Systems, Inc. | 793 | 37780 |
| Corning Incorporated | 723 | 23093 |
| F5, Inc. (a) | 134 | 19217 |
| Global Payments Inc. | 150 | 14936 |
| NXP Semiconductors N.V. | 98 | 15561 |
| Qualcomm Incorporated | 201 | 22128 |
|  |  | 181983 |
| **Industrials 11.0%** | **Industrials 11.0%** | **Industrials 11.0%** |
| Emerson Electric Co. | 208 | 20026 |
| Fortune Brands Innovations, Inc. | 274 | 15664 |
| General Dynamics Corporation | 78 | 19456 |
| Johnson Controls International Public Limited Company | 426 | 27260 |
| Knight-Swift Transportation Holdings Inc. - Class A | 291 | 15266 |
| L3Harris Technologies, Inc. | 84 | 17419 |
| Raytheon Technologies Corporation | 264 | 26672 |
| The Middleby Corporation (a) | 141 | 18834 |
|  |  | 160597 |
| **Energy 7.2%** | **Energy 7.2%** | **Energy 7.2%** |
| ConocoPhillips | 305 | 35977 |
| Coterra Energy Inc. | 859 | 21097 |
| EOG Resources, Inc. | 190 | 24651 |
| Phillips 66 | 221 | 23017 |
|  |  | 104742 |
| **Consumer Discretionary 7.1%** | **Consumer Discretionary 7.1%** | **Consumer Discretionary 7.1%** |
| Gentex Corporation | 667 | 18200 |
| H & R Block, Inc. | 431 | 15732 |
| Lennar Corporation - Class A | 190 | 17224 |
| LKQ Corporation | 280 | 14978 |
| The Home Depot, Inc. | 81 | 25648 |
| Victoria's Secret & Co. (a) | 348 | 12459 |
|  |  | 104241 |
| **Utilities 5.6%** | **Utilities 5.6%** | **Utilities 5.6%** |
| Atmos Energy Corporation | 163 | 18283 |
| Duke Energy Corporation | 205 | 21075 |
| Exelon Corporation | 480 | 20772 |
| Sempra Energy | 140 | 21577 |
|  |  | 81707 |
| **Consumer Staples 5.5%** | **Consumer Staples 5.5%** | **Consumer Staples 5.5%** |
| Archer-Daniels-Midland Company | 213 | 19753 |
| Keurig Dr Pepper Inc. | 470 | 16765 |
| Mondelez International, Inc. - Class A | 360 | 23993 |
| Unilever PLC - ADR (b) | 394 | 19815 |
|  |  | 80326 |
| **Real Estate 5.2%** | **Real Estate 5.2%** | **Real Estate 5.2%** |
| CBRE Group, Inc. - Class A (a) | 231 | 17774 |
| Gaming and Leisure Properties, Inc. | 435 | 22667 |
| Host Hotels & Resorts, Inc. | 915 | 14685 |
| Welltower OP LLC | 325 | 21317 |
|  |  | 76443 |
| **Communication Services 4.7%** | **Communication Services 4.7%** | **Communication Services 4.7%** |
| Alphabet Inc. - Class C (a) | 366 | 32440 |
| Electronic Arts Inc. | 162 | 19741 |
| Omnicom Group Inc. | 203 | 16535 |
|  |  | 68716 |
| **Materials 2.2%** | **Materials 2.2%** | **Materials 2.2%** |
| Axalta Coating Systems Ltd. (a) | 637 | 16225 |
| Sealed Air Corporation | 314 | 15672 |
|  |  | 31897 |
| Total Common Stocks (cost $1,231,826) | Total Common Stocks (cost $1,231,826) | 1435482 |
| **PREFERRED STOCKS 1.0%** | **PREFERRED STOCKS 1.0%** | **PREFERRED STOCKS 1.0%** |
| **Health Care 1.0%** | **Health Care 1.0%** | **Health Care 1.0%** |
| Roche Holding AG | 46 | 14527 |
| Total Preferred Stocks (cost $12,872) | Total Preferred Stocks (cost $12,872) | 14527 |
| **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** | **SHORT TERM INVESTMENTS 0.5%** |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| JNL Government Money Market Fund - Institutional Class, 3.89% (c) (d) | 6744 | 6744 |
| Total Short Term Investments (cost $6,744) | Total Short Term Investments (cost $6,744) | 6744 |
| **Total Investments 99.9% (cost $1,251,442)** | **Total Investments 99.9% (cost $1,251,442)** | **1456753** |
| **Other Assets and Liabilities, Net 0.1%** | **Other Assets and Liabilities, Net 0.1%** | **1570** |
| **Total Net Assets 100.0%** | **Total Net Assets 100.0%** | **1458323** |

---

(a) Non-income producing security.

(b) All or a portion of the security was on loan as of December 31, 2022.

(c) Investment in affiliate.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

**Fair Value Hierarchy.** Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, see Note 3 in the Notes to Financial Statements. The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>. Level 1 ($) .</u>** | **<u>. Level 2 ($) .</u>** | **<u>. Level 3 ($) .</u>** | **<u>. Total ($) .</u>** |
| **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** |
| **Assets - Securities** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 1435482 |  |  | 1435482 |
| &nbsp;&nbsp;Preferred Stocks | 14527 |  |  | 14527 |
| &nbsp;&nbsp;Short Term Investments | 6744 |  |  | 6744 |
|  | 1456753 |  |  | 1456753 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

718

------

***JNL Series Trust***

December 31, 2022

#### Short Term Investments in Affiliates
Certain Funds invested in a money market fund which is managed by Jackson National Asset Management, LLC. The JNL Government Money Market Fund is offered as a cash management tool to the Funds and their affiliates and is not available for direct purchase by members of the public. Jackson National Asset Management, LLC serves as the Adviser and Administrator for the JNL Government Money Market Fund. The Funds sub-advised by T. Rowe Price Associates, Inc. invested in T. Rowe Price Government Reserve Fund as a cash management tool. The total value and cost of these investments is included in investments – affiliated in the Statements of Assets and Liabilities and the associated income is included in affiliated income in the Statements of Operations. There was no realized or unrealized gain or loss relating to transactions in these investments during the year ended December 31, 2022. The following table details the investments held during the year ended December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Government Money Market Fund** | **Beginning Amortized Cost/ Value($)** | **Purchases ($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Ending Amortized Cost/ Value($)** | **Percentage of Net Assets(%)** |
| JNL iShares Tactical Growth Fund |  | 53693 | 49281 | 61 | 4412 | 1.5 |
| JNL iShares Tactical Moderate Fund | 258 | 35380 | 29591 | 58 | 6047 | 3.1 |
| JNL iShares Tactical Moderate Growth Fund | 273 | 54594 | 48788 | 68 | 6079 | 2.0 |
| JNL/Vanguard Growth ETF Allocation Fund | 1273 | 62660 | 63933 | 6 |  |  |
| JNL/Vanguard Moderate ETF Allocation Fund | 932 | 54016 | 54304 | 5 | 644 | 0.1 |
| JNL/Vanguard Moderate Growth ETF Allocation Fund | 459 | 57331 | 57790 | 6 |  |  |
| JNL Bond Index Fund | 172796 | 275613 | 407374 | 689 | 41035 | 4.0 |
| JNL Emerging Markets Index Fund | 10214 | 85491 | 90691 | 80 | 5014 | 0.6 |
| JNL International Index Fund | 9154 | 148496 | 152498 | 88 | 5152 | 0.2 |
| JNL Mid Cap Index Fund | 49679 | 320044 | 339020 | 295 | 30703 | 1.0 |
| JNL Small Cap Index Fund | 8884 | 258413 | 262058 | 101 | 5239 | 0.2 |
| JNL Multi-Manager Alternative Fund | 228838 | 1296512 | 1374419 | 2214 | 150931 | 14.0 |
| JNL Multi-Manager Emerging Markets Equity Fund | 44198 | 265111 | 299370 | 203 | 9939 | 1.1 |
| JNL Multi-Manager International Small Cap Fund | 17033 | 136618 | 147391 | 77 | 6260 | 1.1 |
| JNL Multi-Manager Mid Cap Fund | 52860 | 523064 | 529619 | 643 | 46305 | 3.2 |
| JNL Multi-Manager Small Cap Growth Fund | 77799 | 1036322 | 1070671 | 976 | 43450 | 2.1 |
| JNL Multi-Manager Small Cap Value Fund | 46869 | 381320 | 370790 | 598 | 57399 | 3.6 |
| JNL Multi-Manager U.S. Select Equity Fund |  | 359463 | 344409 | 158 | 15054 | 4.5 |
| JNL S&P 500 Index Fund | 5381 | 61693 | 62747 | 42 | 4327 | 1.6 |
| JNL/AB Sustainable Global Thematic Fund |  | 15928 | 15272 | 9 | 656 | 4.7 |
| JNL/AQR Large Cap Defensive Style Fund | 18445 | 64084 | 63939 | 229 | 18590 | 4.8 |
| JNL/Baillie Gifford International Growth Fund | 14155 | 130629 | 131368 | 88 | 13416 | 1.9 |
| JNL/Baillie Gifford U.S. Equity Growth Fund | 1678 | 22800 | 20813 | 11 | 3665 | 5.6 |
| JNL/BlackRock Global Allocation Fund | 527000 | 1861180 | 1951934 | 5242 | 436246 | 15.1 |
| JNL/BlackRock Global Natural Resources Fund | 14866 | 1098830 | 1068715 | 534 | 44981 | 2.8 |
| JNL/BlackRock Large Cap Select Growth Fund | 4752 | 1572051 | 1559598 | 997 | 17205 | 0.5 |
| JNL/Causeway International Value Select Fund | 27529 | 648117 | 673532 | 362 | 2114 | 0.2 |
| JNL/ClearBridge Large Cap Growth Fund | 15436 | 476668 | 463585 | 500 | 28519 | 2.2 |
| JNL/DFA International Core Equity Fund | 4078 | 61964 | 65610 | 12 | 432 | 0.2 |
| JNL/DFA U.S. Core Equity Fund | 2782 | 178128 | 177832 | 43 | 3078 | 0.2 |
| JNL/DFA U.S. Small Cap Fund | 1241 | 97291 | 96365 | 23 | 2167 | 0.4 |
| JNL/DoubleLine Core Fixed Income Fund | 81004 | 1221157 | 1170986 | 1192 | 131175 | 4.8 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund | 5500 | 284037 | 289537 | 78 |  |  |
| JNL/DoubleLine Shiller Enhanced CAPE Fund | 166413 | 975997 | 1125949 | 429 | 16461 | 0.9 |
| JNL/DoubleLine Total Return Fund | 39575 | 729513 | 730837 | 545 | 38251 | 1.9 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund | 89435 | 577229 | 591482 | 1839 | 75182 | 5.8 |
| JNL/First Sentier Global Infrastructure Fund | 8039 | 277838 | 275843 | 144 | 10034 | 1.1 |
| JNL/Franklin Templeton Income Fund | 46291 | 643317 | 669404 | 293 | 20204 | 1.3 |
| JNL/Goldman Sachs 4 Fund | 25581 | 843792 | 841827 | 378 | 27546 | 0.5 |
| JNL/GQG Emerging Markets Equity Fund | 23144 | 371989 | 380300 | 213 | 14833 | 2.3 |
| JNL/Harris Oakmark Global Equity Fund | 12505 | 187325 | 191647 | 115 | 8183 | 1.1 |
| JNL/Heitman U.S. Focused Real Estate Fund | 11872 | 77129 | 89001 | 20 |  |  |
| JNL/Invesco Diversified Dividend Fund | 29506 | 328104 | 312264 | 536 | 45346 | 4.3 |
| JNL/Invesco Global Growth Fund | 13238 | 201932 | 204457 | 180 | 10713 | 0.8 |
| JNL/Invesco Small Cap Growth Fund | 50219 | 442078 | 432431 | 932 | 59866 | 3.8 |
| JNL/JPMorgan Global Allocation Fund | 28433 | 691655 | 672908 | 1074 | 47180 | 4.6 |
| JNL/JPMorgan Hedged Equity Fund | 40380 | 180384 | 216203 | 108 | 4561 | 0.6 |
| JNL/JPMorgan MidCap Growth Fund | 48558 | 577975 | 562793 | 1117 | 63740 | 2.4 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund | 60287 | 644529 | 625097 | 956 | 79719 | 5.0 |
| JNL/JPMorgan U.S. Value Fund | 15777 | 279729 | 252162 | 601 | 43344 | 2.7 |
| JNL/Lazard International Strategic Equity Fund | 20922 | 318026 | 324962 | 239 | 13986 | 3.0 |
| JNL/Loomis Sayles Global Growth Fund | 6366 | 106082 | 109370 | 34 | 3078 | 0.6 |
| JNL/Lord Abbett Short Duration Income Fund | 15341 | 841068 | 846482 | 157 | 9927 | 0.9 |
| JNL/Mellon Communication Services Sector Fund | 2167 | 44718 | 46449 | 13 | 436 | 0.3 |
| JNL/Mellon Consumer Discretionary Sector Fund | 2789 | 173114 | 173663 | 34 | 2240 | 0.2 |
| JNL/Mellon Consumer Staples Sector Fund | 2637 | 244143 | 246225 | 59 | 555 | 0.1 |
| JNL/Mellon Dow Index Fund | 25829 | 182725 | 191640 | 226 | 16914 | 1.4 |
| JNL/Mellon Energy Sector Fund | 2484 | 965942 | 944076 | 141 | 24350 | 0.8 |
| JNL/Mellon Financial Sector Fund | 18509 | 332572 | 348133 | 84 | 2948 | 0.2 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

719

------

***JNL Series Trust***

#### Schedules of Investments (in thousands)
December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Government Money Market Fund** | **Beginning Amortized Cost/ Value($)** | **Purchases ($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Ending Amortized Cost/ Value($)** | **Percentage of Net Assets(%)** |
| JNL/Mellon Healthcare Sector Fund | 7079 | 360195 | 355979 | 157 | 11295 | 0.3 |
| JNL/Mellon Industrials Sector Fund | 1133 | 65706 | 65776 | 16 | 1063 | 0.6 |
| JNL/Mellon Information Technology Sector Fund | 10339 | 452677 | 455371 | 110 | 7645 | 0.2 |
| JNL/Mellon Materials Sector Fund | 1494 | 109301 | 109684 | 14 | 1111 | 0.6 |
| JNL/Mellon Nasdaq 100 Index Fund | 55759 | 619818 | 630788 | 418 | 44789 | 1.0 |
| JNL/Mellon Real Estate Sector Fund | 2972 | 80108 | 82878 | 6 | 202 | 0.1 |
| JNL/Mellon S&P 500 Index Fund | 57987 | 880927 | 848531 | 1549 | 90383 | 0.8 |
| JNL/Mellon U.S. Stock Market Index Fund | 25272 | 675735 | 683428 | 251 | 17579 | 0.4 |
| JNL/Mellon Utilities Sector Fund | 1822 | 282975 | 281312 | 59 | 3485 | 0.5 |
| JNL/Mellon World Index Fund | 4564 | 41360 | 38884 | 77 | 7040 | 2.0 |
| JNL/MFS Mid Cap Value Fund | 33293 | 311025 | 312124 | 323 | 32194 | 1.6 |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | 74 | 2179 | 2253 |  |  |  |
| JNL/Morningstar U.S. Sustainability Index Fund | 1965 | 71467 | 73432 | 7 |  |  |
| JNL/Morningstar Wide Moat Index Fund | 3792 | 148294 | 148102 | 60 | 3984 | 0.5 |
| JNL/Neuberger Berman Commodity Strategy Fund | 8319 | 620942 | 586609 | 454 | 42652 | 11.1 |
| JNL/Neuberger Berman Gold Plus Strategy Fund |  | 31332 | 29402 | 29 | 1930 | 11.6 |
| JNL/Neuberger Berman Strategic Income Fund | 72438 | 264339 | 306848 | 125 | 29929 | 4.6 |
| JNL/Newton Equity Income Fund | 20217 | 1178137 | 1088013 | 730 | 110341 | 5.9 |
| JNL/PPM America Floating Rate Income Fund | 56637 | 761211 | 718359 | 1348 | 99489 | 8.2 |
| JNL/PPM America High Yield Bond Fund | 42829 | 455602 | 470624 | 423 | 27807 | 2.0 |
| JNL/PPM America Total Return Fund | 41043 | 528695 | 569238 | 223 | 500 |  |
| JNL/RAFI Fundamental U.S. Small Cap Fund | 8434 | 63909 | 72340 | 16 | 3 |  |
| JNL/RAFI Multi-Factor U.S. Equity Fund | 6578 | 170765 | 176033 | 31 | 1310 | 0.1 |
| JNL/T. Rowe Price Balanced Fund |  | 23379 | 23379 | 13 |  |  |
| JNL/T. Rowe Price Capital Appreciation Fund | 18681 | 896480 | 901079 | 217 | 14082 | 0.1 |
| JNL/T. Rowe Price Established Growth Fund | 2000 | 98718 | 98288 | 41 | 2430 |  |
| JNL/T. Rowe Price Mid-Cap Growth Fund | 1776 | 134379 | 134510 | 44 | 1645 |  |
| JNL/T. Rowe Price Short-Term Bond Fund | 7609 | 236561 | 241586 | 44 | 2584 | 0.1 |
| JNL/T. Rowe Price U.S. High Yield Fund |  | 69669 | 69669 | 11 |  |  |
| JNL/T. Rowe Price Value Fund | 569 | 281212 | 281781 | 60 |  |  |
| JNL/WCM China Quality Growth Fund |  | 7911 | 7478 | 3 | 433 | 7.5 |
| JNL/WCM Focused International Equity Fund | 69429 | 404998 | 444289 | 402 | 30138 | 2.3 |
| JNL/Westchester Capital Event Driven Fund | 5146 | 131654 | 130183 | 61 | 6617 | 5.0 |
| JNL/Western Asset Global Multi-Sector Bond Fund | 44483 | 497226 | 535886 | 143 | 5823 | 1.4 |
| JNL/William Blair International Leaders Fund | 26623 | 277702 | 299482 | 59 | 4843 | 0.6 |
| JNL/WMC Balanced Fund | 652018 | 2013054 | 2124041 | 7005 | 541031 | 6.3 |
| JNL/WMC Equity Income Fund | 6219 | 699997 | 691431 | 252 | 14785 | 1.2 |
| JNL/WMC Global Real Estate Fund | 4658 | 246348 | 237399 | 97 | 13607 | 2.0 |
| JNL/WMC Value Fund | 14923 | 328210 | 336389 | 202 | 6744 | 0.5 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| T. Rowe Price Government Reserve Fund | **Beginning Amortized Cost/ Value($)** | **Purchases ($)** | **Sales Proceeds($)** | **Dividend Income($)** | **Ending Amortized Cost/ Value($)** | **Percentage of Net Assets(%)** |
| JNL Multi-Manager Emerging Markets Equity Fund | 14352 | 67377 | 79614 | 84 | 2115 | 0.2 |
| JNL/T. Rowe Price Balanced Fund | 29664 | 60272 | 79984 | 208 | 9951 | 2.2 |
| JNL/T. Rowe Price Capital Appreciation Fund | 1520019 | 4194554 | 4875559 | 13739 | 839014 | 7.7 |
| JNL/T. Rowe Price Established Growth Fund | 207379 | 1627838 | 1492081 | 2381 | 343135 | 4.8 |
| JNL/T. Rowe Price Mid-Cap Growth Fund | 238943 | 555357 | 606151 | 3695 | 188148 | 3.8 |
| JNL/T. Rowe Price Short-Term Bond Fund | 21546 | 757279 | 772827 | 249 | 5998 | 0.3 |
| JNL/T. Rowe Price U.S. High Yield Fund | 14839 | 260430 | 260756 | 197 | 14514 | 2.8 |
| JNL/T. Rowe Price Value Fund | 18536 | 2434501 | 2396292 | 2268 | 56745 | 1.3 |

---

Certain Funds participating in securities lending receive cash collateral daily, which is invested by JPMorgan Chase Bank, N.A. ("JPM Chase") or State Street Bank and Trust Company ("State Street") in the JNL Securities Lending Collateral Fund, which is an affiliate of the Funds' Adviser. Jackson National Asset Management, LLC serves as the Adviser and Administrator for the JNL Securities Lending Collateral Fund. The Fund receives income from the investment in the JNL Securities Lending Collateral Fund, which is aggregated with lending fees and rebates negotiated with the borrower. The total value and cost of these investments is included in Investments - affiliated in the Statements of Assets and Liabilities and the income is included in Affiliated income in the Statements of Operations. There was no realized or unrealized gain or loss relating to transactions in the cash collateral investments during the year ended December 31, 2022.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

720

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Securities Lending Collateral Fund** | **Beginning Amortized Cost/ Value($)** | **Purchases ($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Ending Amortized Cost/ Value($)** | **Percentage of Net Assets(%)** |
| JNL iShares Tactical Growth Fund | 32776 | 994404 | 1022519 | 364 | 4661 | 1.6 |
| JNL iShares Tactical Moderate Fund | 32722 | 626590 | 648335 | 422 | 10977 | 5.7 |
| JNL iShares Tactical Moderate Growth Fund | 40348 | 969427 | 1004840 | 509 | 4935 | 1.6 |
| JNL/Vanguard Growth ETF Allocation Fund | 346314 | 4300957 | 4632133 | 1797 | 15138 | 0.8 |
| JNL/Vanguard Moderate ETF Allocation Fund | 104451 | 2132218 | 2229478 | 949 | 7191 | 1.4 |
| JNL/Vanguard Moderate Growth ETF Allocation Fund | 210747 | 2941022 | 3141309 | 1220 | 10460 | 1.2 |
| JNL Bond Index Fund | 3452 | 50446 | 52262 | 40 | 1636 | 0.2 |
| JNL Emerging Markets Index Fund | 3198 | 64297 | 65651 | 71 | 1844 | 0.2 |
| JNL International Index Fund | 3211 | 237262 | 230613 | 148 | 9860 | 0.5 |
| JNL Mid Cap Index Fund | 11790 | 217585 | 222911 | 174 | 6464 | 0.2 |
| JNL Small Cap Index Fund | 19907 | 256727 | 273772 | 248 | 2862 | 0.1 |
| JNL Multi-Manager Alternative Fund | 78 | 170523 | 169011 | 48 | 1590 | 0.1 |
| JNL Multi-Manager Emerging Markets Equity Fund | 1435 | 85426 | 86860 | 32 | 1 |  |
| JNL Multi-Manager International Small Cap Fund | 4974 | 45436 | 44878 | 39 | 5532 | 0.9 |
| JNL Multi-Manager Mid Cap Fund | 3487 | 165688 | 164001 | 178 | 5174 | 0.4 |
| JNL Multi-Manager Small Cap Growth Fund | 32050 | 418746 | 440612 | 505 | 10184 | 0.5 |
| JNL Multi-Manager Small Cap Value Fund | 10564 | 247490 | 256235 | 187 | 1819 | 0.1 |
| JNL S&P 500 Index Fund | 102 | 7293 | 7389 | 1 | 6 |  |
| JNL/AB Sustainable Global Thematic Fund |  | 137 | 137 |  |  |  |
| JNL/AQR Large Cap Defensive Style Fund | 71 | 14321 | 14392 | 3 |  |  |
| JNL/Baillie Gifford International Growth Fund |  | 78940 | 78731 | 51 | 209 |  |
| JNL/Baillie Gifford U.S. Equity Growth Fund | 1563 | 48893 | 50258 | 17 | 198 | 0.3 |
| JNL/BlackRock Global Allocation Fund | 56501 | 853031 | 896193 | 568 | 13339 | 0.5 |
| JNL/BlackRock Global Natural Resources Fund | 1477 | 841088 | 842521 | 384 | 44 |  |
| JNL/BlackRock Large Cap Select Growth Fund |  | 199957 | 199957 | 28 |  |  |
| JNL/Causeway International Value Select Fund | 40806 | 300494 | 341300 | 109 |  |  |
| JNL/ClearBridge Large Cap Growth Fund | 16719 | 81228 | 97947 | 6 |  |  |
| JNL/DFA International Core Equity Fund | 1630 | 47290 | 46184 | 29 | 2736 | 1.3 |
| JNL/DFA U.S. Core Equity Fund | 992 | 35251 | 35595 | 21 | 648 | 0.1 |
| JNL/DFA U.S. Small Cap Fund | 2801 | 40612 | 41674 | 37 | 1739 | 0.4 |
| JNL/DoubleLine Core Fixed Income Fund | 9546 | 1274072 | 1275593 | 260 | 8025 | 0.3 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund | 11100 | 164657 | 173450 | 131 | 2307 | 0.4 |
| JNL/DoubleLine Total Return Fund |  | 107594 | 107594 | 7 |  |  |
| JNL/Fidelity Institutional Asset Management Total Bond Fund | 3874 | 293733 | 290123 | 108 | 7484 | 0.6 |
| JNL/First Sentier Global Infrastructure Fund | 15990 | 401960 | 417950 | 113 |  |  |
| JNL/Franklin Templeton Income Fund | 28022 | 370064 | 364374 | 563 | 33712 | 2.1 |
| JNL/Goldman Sachs 4 Fund | 23015 | 224598 | 247613 | 40 |  |  |
| JNL/GQG Emerging Markets Equity Fund |  | 112856 | 86653 | 17 | 26203 | 4.0 |
| JNL/Harris Oakmark Global Equity Fund |  | 37454 | 37433 | 9 | 21 |  |
| JNL/Heitman U.S. Focused Real Estate Fund | 427 | 58306 | 58733 | 37 |  |  |
| JNL/Invesco Global Growth Fund |  | 88747 | 87593 | 59 | 1154 | 0.1 |
| JNL/Invesco Small Cap Growth Fund | 11063 | 159858 | 170921 | 81 |  |  |
| JNL/JPMorgan Global Allocation Fund | 10813 | 86395 | 96301 | 48 | 907 | 0.1 |
| JNL/JPMorgan MidCap Growth Fund | 1478 | 123156 | 124634 | 34 |  |  |
| JNL/JPMorgan U.S. Government & Quality Bond Fund |  | 21535 | 21535 | 14 |  |  |
| JNL/Lazard International Strategic Equity Fund |  | 114585 | 111667 | 63 | 2918 | 0.6 |
| JNL/Lord Abbett Short Duration Income Fund | 31236 | 125457 | 155658 | 63 | 1035 | 0.1 |
| JNL/Mellon Communication Services Sector Fund | 2781 | 21286 | 23635 | 13 | 432 | 0.3 |
| JNL/Mellon Consumer Discretionary Sector Fund | 17459 | 114012 | 127619 | 132 | 3852 | 0.3 |
| JNL/Mellon Consumer Staples Sector Fund | 1138 | 10975 | 12113 | 15 |  |  |
| JNL/Mellon Dow Index Fund |  | 35031 | 35031 | 14 |  |  |
| JNL/Mellon Energy Sector Fund |  | 131935 | 131462 | 35 | 473 |  |
| JNL/Mellon Financial Sector Fund | 1111 | 36283 | 36989 | 26 | 405 |  |
| JNL/Mellon Healthcare Sector Fund | 6187 | 80918 | 85959 | 55 | 1146 |  |
| JNL/Mellon Industrials Sector Fund | 1264 | 16000 | 17209 | 7 | 55 |  |
| JNL/Mellon Information Technology Sector Fund | 12397 | 108970 | 118564 | 81 | 2803 | 0.1 |
| JNL/Mellon Materials Sector Fund | 704 | 14264 | 14968 | 2 |  |  |
| JNL/Mellon Nasdaq 100 Index Fund | 5137 | 168514 | 166676 | 225 | 6975 | 0.2 |
| JNL/Mellon Real Estate Sector Fund | 903 | 20310 | 20833 | 7 | 380 | 0.2 |
| JNL/Mellon S&P 500 Index Fund | 154153 | 2828802 | 2849123 | 1631 | 133832 | 1.3 |
| JNL/Mellon U.S. Stock Market Index Fund | 17514 | 161714 | 174423 | 168 | 4805 | 0.1 |
| JNL/Mellon Utilities Sector Fund |  | 26943 | 26943 | 17 |  |  |
| JNL/Mellon World Index Fund | 1124 | 33851 | 34574 | 22 | 401 | 0.1 |
| JNL/MFS Mid Cap Value Fund | 19216 | 25224 | 44258 | 12 | 182 |  |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | 1 | 995 | 996 |  |  |  |
| JNL/Morningstar U.S. Sustainability Index Fund | 422 | 7362 | 7718 | 3 | 66 |  |
| JNL/Morningstar Wide Moat Index Fund |  | 61990 | 61990 | 23 |  |  |
| JNL/Neuberger Berman Strategic Income Fund | 12236 | 95686 | 100103 | 207 | 7819 | 1.2 |
| JNL/Newton Equity Income Fund | 82 | 100910 | 100992 | 21 |  |  |
| JNL/PIMCO Income Fund | 4940 | 84030 | 87979 | 66 | 991 | 0.1 |
| JNL/PIMCO Investment Grade Credit Bond Fund | 3220 | 80206 | 82815 | 73 | 611 | 0.1 |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

721

------

***JNL Series Trust***

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL Securities Lending Collateral Fund** | **Beginning Amortized Cost/ Value($)** | **Purchases ($)** | **Sales Proceeds($)** | **Distributions from Funds($)** | **Ending Amortized Cost/ Value($)** | **Percentage of Net Assets(%)** |
| JNL/PIMCO Real Return Fund |  | 3113 | 3113 | 1 |  |  |
| JNL/PPM America High Yield Bond Fund | 33094 | 294307 | 306941 | 645 | 20460 | 1.5 |
| JNL/PPM America Total Return Fund | 5088 | 246720 | 246108 | 111 | 5700 | 0.4 |
| JNL/RAFI Fundamental U.S. Small Cap Fund | 1486 | 41488 | 42060 | 27 | 914 | 0.2 |
| JNL/RAFI Multi-Factor U.S. Equity Fund | 8759 | 106607 | 113950 | 46 | 1416 | 0.1 |
| JNL/T. Rowe Price Balanced Fund | 4991 | 50188 | 54310 | 45 | 869 | 0.2 |
| JNL/T. Rowe Price Capital Appreciation Fund | 8048 | 588206 | 554850 | 601 | 41404 | 0.4 |
| JNL/T. Rowe Price Established Growth Fund |  | 524209 | 524209 | 407 |  |  |
| JNL/T. Rowe Price Mid-Cap Growth Fund | 36864 | 267239 | 304103 | 164 |  |  |
| JNL/T. Rowe Price Short-Term Bond Fund | 19376 | 673908 | 693284 | 197 |  |  |
| JNL/T. Rowe Price U.S. High Yield Fund | 53550 | 189247 | 231697 | 348 | 11100 | 2.1 |
| JNL/T. Rowe Price Value Fund | 21957 | 135587 | 157544 | 44 |  |  |
| JNL/WCM Focused International Equity Fund |  | 190224 | 190224 | 74 |  |  |
| JNL/Western Asset Global Multi-Sector Bond Fund | 1159 | 29958 | 30322 | 12 | 795 | 0.2 |
| JNL/William Blair International Leaders Fund |  | 43414 | 43414 | 34 |  |  |
| JNL/WMC Balanced Fund | 21553 | 683120 | 670023 | 127 | 34650 | 0.4 |
| JNL/WMC Equity Income Fund | 8156 | 200074 | 205167 | 119 | 3063 | 0.2 |
| JNL/WMC Global Real Estate Fund | 429 | 101844 | 102273 | 58 |  |  |
| JNL/WMC Value Fund |  | 39331 | 39331 | 1 |  |  |

---

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page [718](#abbreviations_3).

722

------

***JNL Series Trust***

December 31, 2022

#### Currency Abbreviations:

---

| | | | |
|:---|:---|:---|:---|
| ARS - Argentine Peso | COP - Colombian Peso | IDR - Indonesian Rupiah | PEN - Peruvian Nuevo Sol |
| AUD - Australian Dollar | CZK - Czech Republic Korunas | ILS - Israeli New Shekel | PLN - Polish Zloty |
| BRL - Brazilian Real | DKK - Danish Krone  | INR - Indian Rupee | RUB - Russian Ruble |
| CAD - Canadian Dollar | EUR - European Currency Unit (Euro) | JPY - Japanese Yen | SEK - Swedish Krona |
| CHF - Swiss Franc | GBP - British Pound | KRW - South Korean Won | SGD - Singapore Dollar |
| CLP - Chilean Peso | GHS - Ghanaian Cedi | MXN - Mexican Peso | TWD - New Taiwan Dollar |
| CNH - Chinese Offshore Yuan | HKD - Hong Kong Dollar | NOK - Norwegian Krone | USD - United States Dollar |
| CNY - Chinese Yuan | HUF - Hungarian Forint | NZD - New Zealand Dollar | ZAR - South African Rand |

---

#### Abbreviations :

---

| | |
|:---|:---|
| "-" Amount rounds to less than one thousand or 0.05% | HIBOR - Hong Kong Interbank Offered Rate |
| ADR - American Depositary Receipt | ITRAXX - Group of international credit derivative indices monitored by the |
| ADS - American Depositary Share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Index Company |
| ASX - Australian Securities Exchange | LIBOR - London Interbank Offered Rate |
| BADLAR - Argentina Deposit Rates  | LLC/L.L.C - Limited Liability Companies |
| BRAZIBOR - Brazil Interbank Offred Rate | MBS - Mortgage-Backed Security |
| BTP - debt instrument issued by the Republic of Italy with a term of 2 to 11 years | MCDX - Municipal Bond Credit Index |
| BUBOR - Budapest Interbank Offered Rate | MEXIBOR - Mexico Interbank Offered Rate  |
| CAPE - Cyclically Adjusted Price Earnings  | MICEX - Moscow Interbank Offered Rate |
| CDI - CHESS Depositary Interests  | MPOR - Moscow Prime Offered Rate |
| CDX.EM - Credit Default Swap Index - Emerging Markets | MSCI - Morgan Stanley Capital International |
| CDX.NA.HY - Credit Default Swap Index - North American - High Yield | NASDAQ - National Association of Securities Dealers Automated Quotations |
| CDX.NA.IG - Credit Default Swap Index - North American - Investment Grade | NVDR - Non-Voting Depository Receipt  |
| CLO - Collateralized Loan Obligation | OAT - Obligations Assimilables du Tresor |
| CMBX.NA - Commercial Mortgage-backed Securities Index North America | OBFR - Overnight Bank Funding Rate |
| CPURNSA - CPI Urban Consumers Index Non-Seasonally Adjusted | PJSC - Private Joint Stock Co. |
| DAX - Deutscher Aktienindex  | PLC/P.L.C. - Public Limited Company |
| DIP - Debtor-in-possession | RBOB - Reformulated Blendstock for Oxygenate Blending  |
| EAFE - Europe, Asia and Far East  | REIT - Real Estate Investment Trust |
| ETF - Exchange Traded Fund | REMIC - Real Estate Mortgage Investment Conduit  |
| ESTRON – ESTR Volume Weighted Trimmed Mean Rate | RTS - Russian Trading System |
| EURIBOR - Europe Interbank Offered Rate | S&P - Standard & Poor's |
| Euro BOBL - debt instrument issued by the Federal Republic of Germany with a | SDR - Sweedish Depositary Receipt |
| &nbsp;&nbsp;&nbsp;&nbsp; term of 4.5 to 5.5 years | SOFR - Secured Overnight Financing Rates  |
| Euro Bund - debt instrument issued by the Federal Republic of Germany with a | SONIA - Sterling Overnight Index Average |
| &nbsp;&nbsp;&nbsp;&nbsp; term of 8.5 to 10.5 years | SPDR - Standard & Poor's Depositary Receipt |
| Euro Buxl - debt instrument issued by the Federal Republic of Germany with a | TBA - To be Announced (Securities purchased on a delayed delivery basis) |
| &nbsp;&nbsp;&nbsp;&nbsp;term of 24 to 35 years | TBD - To Be Determined  |
| Euro OAT - debt instrument issued by the Republic of Italy with a | TIPS - Treasury Inflation Protected Securities  |
| &nbsp;&nbsp;&nbsp;&nbsp;term of 8.5 to 10.5 years | TONAR - Tokyo Overnight Average Rate  |
| Euro Schatz - debt instrument issued by the Federal Republic of Germany with a | ULC - Unlimited Liability Companies  |
| &nbsp;&nbsp;&nbsp;&nbsp;term of 1.75 to 2.25 years | ULSD - Ultra-Low Sulfur Diesel  |
| FTSE - Financial Times ad the London Stock Exchange | US/U.S. - United States |
| GDR - Global Depositary Receipt | WTI - West Texas Intermediate  |

---

#### Counterparty Abbreviations:

---

| | | |
|:---|:---|:---|
| BCL - Barclays Capital Inc. | CSI - Credit Suisse Securities, LLC | NAT - Natixis |
| BMO - BMO Capital Markets Corp. | DUB - Deutsche Bank AG. | RBC - Royal Bank of Canada |
| BNY – Bank of New York | GSC - Goldman Sachs & Co. | SCB - Standard Chartered Bank |
| BNP - BNP Paribas Securities  | GSI - Goldman Sachs International | SIC - Standard Investment Chartered Inc. |
| BOA - Bancamerica Securities/Bank of America NA | HSB - HSBC Securities Inc. | SIG - Susquehanna Investment Group |
| BPC – BroadPoint Capital, Inc. | JPM - J.P. Morgan Securities Inc. | SSB - State Street Brokerage Services, Inc.  |
| CGM - Citigroup Global Markets | MBL - Macquarie Bank Limited | TDB - Toronto-Dominion Bank |
| CIB - Canadian Imperial Bank of Commerce | MLP - Merrill Lynch Professional Clearing Corp. | UBS - UBS Securities, LLC |
| CIT - Citibank, Inc | MSC - Morgan Stanley & Co. Inc. | WFI – Wells Fargo Investments, LLC |

---

<sup>1</sup> Rounded par and notional amounts are listed in USD unless otherwise noted. Options are quoted in unrounded number of contracts or unrounded notional. Futures and contracts for difference are quoted in unrounded contracts.

<sup>2</sup> The frequency of periodic payments received or paid by the Fund are defined as follows: (A) - Annually; (E) - Expiration Date; (M) - Monthly; (MT) – Maturity; (Q) - Quarterly; (S) - Semi-Annually.

See accompanying Notes to Financial Statements.

723

------

#### JNL Series Trust
***Statements of Assets and Liabilities** *(in thousands, except net asset value per share)*

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Balanced Fund(a) | JNL/American Funds Bond Fund of America Fund(a) | JNL/American Funds Capital Income Builder Fund(a) | JNL/American Funds Capital World Bond Fund(a) | JNL/American Funds Global Growth Fund(a) | JNL/American Funds Global Small Capitalization Fund(a) | JNL/American Funds Growth Fund(a) |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $— | $168987 | $— | $— | $— | $— | $— |
| Investments - affiliated, at value | 2522526 |  | 351345 | 354784 | 722368 | 616107 | 3371617 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 383 |  |  | 86 | 719 | 242 |  |
| Fund shares sold | 448 | 1994 | 532 | 60 | 112 | 63 | 1979 |
| Dividends and interest | 21 |  |  |  |  |  |  |
| Adviser | 651 | 28 | 75 | 131 | 251 | 246 | 1320 |
| Other assets | 1 |  |  |  |  |  |  |
| **Total assets**  | 2524030 | 171009 | 351952 | 355061 | 723450 | 616658 | 3374916 |
| **Liabilities** |  |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  | 1964 | 136 |  |  |  | 620 |
| Fund shares redeemed | 832 | 31 | 396 | 146 | 831 | 305 | 1358 |
| Advisory fees | 1106 | 55 | 157 | 183 | 407 | 347 | 1798 |
| Administrative fees | 217 | 14 | 30 | 31 | 63 | 53 | 286 |
| 12b-1 fees (Class A) | 81 | 5 | 11 | 12 | 23 | 20 | 108 |
| Board of trustee fees | 108 | 6 | 13 | 24 | 26 | 32 | 119 |
| Chief compliance officer fees | 2 |  |  |  | 1 | 1 | 3 |
| Other expenses | 5 |  |  |  | 1 | 2 | 7 |
| **Total liabilities**  | 2351 | 2075 | 743 | 396 | 1352 | 760 | 4299 |
| **Net assets**  | $2521679 | $168934 | $351209 | $354665 | $722098 | $615898 | $3370617 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(b)  | $2762165 | $186368 | $347562 | $440145 | $815310 | $840082 | $4173081 |
| Total distributable earnings (loss)(b) | (240486) | (17434) | 3647 | (85480) | (93212) | (224184) | (802464) |
| **Net assets**  | $2521679 | $168934 | $351209 | $354665 | $722098 | $615898 | $3370617 |
| Net assets - Class A | $2476333 | $162367 | $343933 | $350084 | $703263 | $606245 | $3304086 |
| Shares outstanding - Class A | 179548 | 18422 | 28255 | 36345 | 35600 | 37785 | 92276 |
| Net asset value per share - Class A | $13.79 | $8.81 | $12.17 | $9.63 | $19.75 | $16.04 | $35.81 |
| Net assets - Class I | $45346 | $6567 | $7276 | $4581 | $18835 | $9653 | $66531 |
| Shares outstanding - Class I | 3137 | 741 | 589 | 466 | 939 | 586 | 1828 |
| Net asset value per share - Class I | $14.46 | $8.86 | $12.34 | $9.83 | $20.05 | $16.47 | $36.40 |
| Investments - unaffiliated, at cost | $— | $186421 | $— | $— | $— | $— | $— |
| Investments - affiliated, at cost | 2763014 |  | 347698 | 440264 | 815580 | 840291 | 4174081 |

---

(a) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective shareholder
report.

(b) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

724

------

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

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Growth-Income Fund(a) | JNL/American Funds International Fund(a) | JNL/American Funds New World Fund(a) | JNL/American Funds Washington Mutual Investors Fund(a) | JNL/Mellon Bond Index Fund(a) | JNL/Mellon Emerging Markets Index Fund(a) | JNL/Mellon International Index Fund(a) |
| **Assets** |  |  |  |  |  |  |  |
| Investments - affiliated, at value | $8552255 | $1370167 | $1311314 | $3494114 | $1016662 | $817504 | $2126846 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 1445 | 706 | 327 | 615 | 152 | 105 | 28 |
| Fund shares sold | 3311 | 90 | 191 | 1050 | 301 | 239 | 1128 |
| Adviser | 2207 | 594 | 734 | 902 | 61 | 103 | 173 |
| Other assets | 3 |  |  | 1 |  |  |  |
| **Total assets**  | 8559221 | 1371557 | 1312566 | 3496682 | 1017176 | 817951 | 2128175 |
| **Liabilities** |  |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Fund shares redeemed | 4756 | 796 | 518 | 1665 | 453 | 343 | 1156 |
| Advisory fees | 4009 | 874 | 1059 | 1691 | 142 | 194 | 283 |
| Administrative fees | 639 | 119 | 113 | 291 | 87 | 105 | 273 |
| 12b-1 fees (Class A) | 277 | 44 | 42 | 113 | 33 | 27 | 68 |
| Board of trustee fees | 368 | 70 | 65 | 170 |  |  |  |
| Chief compliance officer fees | 8 | 1 | 1 | 3 |  |  |  |
| Other expenses | 17 | 3 | 3 | 7 |  |  |  |
| **Total liabilities**  | 10074 | 1907 | 1801 | 3940 | 715 | 669 | 1780 |
| **Net assets**  | $8549147 | $1369650 | $1310765 | $3492742 | $1016461 | $817282 | $2126395 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(b)  | $8374679 | $1711923 | $1398996 | $3708198 | $1160274 | $1083248 | $2182739 |
| Total distributable earnings (loss)(b) | 174468 | (342273) | (88231) | (215456) | (143813) | (265966) | (56344) |
| **Net assets**  | $8549147 | $1369650 | $1310765 | $3492742 | $1016461 | $817282 | $2126395 |
| Net assets - Class A | $8441976 | $1354785 | $1285794 | $3451516 | $995894 | $801260 | $2075890 |
| Shares outstanding - Class A | 265583 | 99426 | 89539 | 112708 | 91212 | 79792 | 158107 |
| Net asset value per share - Class A | $31.79 | $13.63 | $14.36 | $30.62 | $10.92 | $10.04 | $13.13 |
| Net assets - Class I | $107171 | $14865 | $24971 | $41226 | $20567 | $16022 | $50505 |
| Shares outstanding - Class I | 3286 | 1065 | 1700 | 1312 | 1797 | 1574 | 3653 |
| Net asset value per share - Class I | $32.62 | $13.95 | $14.68 | $31.42 | $11.45 | $10.18 | $13.83 |
| Investments - affiliated, at cost | $8377787 | $1712440 | $1399545 | $3709570 | $1160475 | $1083469 | $2466394 |

---

(a) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective shareholder
report.

(b) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

725

------

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

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon S&P 400 MidCap Index Fund(a) | JNL/Mellon Small Cap Index Fund(a) | JNL Aggressive Growth Allocation Fund | JNL Conservative Allocation Fund | JNL Growth Allocation Fund | JNL Moderate Allocation Fund | JNL Moderate Growth Allocation Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - affiliated, at value | $3066561 | $2331437 | $1352288 | $592907 | $2890444 | $2121800 | $3785667 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 1412 | 526 | 2640 | 9 | 399 | 273 | 913 |
| Fund shares sold | 352 | 748 | 42 | 109 | 127 | 620 | 266 |
| Dividends and interest |  |  |  | 5 | 176 |  |  |
| Adviser | 212 | 163 |  |  |  |  |  |
| Other assets |  | 5 |  |  | 1 | 1 | 2 |
| **Total assets**  | 3068537 | 2332879 | 1354970 | 593030 | 2891147 | 2122694 | 3786848 |
| **Liabilities** |  |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Fund shares redeemed | 1764 | 1274 | 2682 | 118 | 526 | 894 | 1180 |
| Advisory fees | 372 | 292 | 115 | 62 | 221 | 168 | 279 |
| Administrative fees | 265 | 202 | 58 | 26 | 124 | 91 | 160 |
| 12b-1 fees (Class A) | 98 | 75 | 44 | 19 | 90 | 69 | 124 |
| Board of trustee fees |  |  | 76 | 22 | 199 | 174 | 309 |
| Chief compliance officer fees |  |  | 1 |  | 3 | 2 | 3 |
| Other expenses |  |  | 3 | 1 | 5 | 4 | 8 |
| **Total liabilities**  | 2499 | 1843 | 2979 | 248 | 1168 | 1402 | 2063 |
| **Net assets**  | $3066038 | $2331036 | $1351991 | $592782 | $2889979 | $2121292 | $3784785 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(b)  | $3375976 | $2654729 | $1322948 | $636297 | $2960720 | $2113807 | $3627042 |
| Total distributable earnings (loss)(b) | (309938) | (323693) | 29043 | (43515) | (70741) | 7485 | 157743 |
| **Net assets**  | $3066038 | $2331036 | $1351991 | $592782 | $2889979 | $2121292 | $3784785 |
| Net assets - Class A | $2999247 | $2277127 | $1338935 | $586691 | $2872055 | $2111337 | $3773388 |
| Shares outstanding - Class A | 110005 | 100130 | 84815 | 46927 | 177375 | 143263 | 235565 |
| Net asset value per share - Class A | $27.26 | $22.74 | $15.79 | $12.50 | $16.19 | $14.74 | $16.02 |
| Net assets - Class I | $66791 | $53909 | $13056 | $6091 | $17924 | $9955 | $11397 |
| Shares outstanding - Class I | 2371 | 2295 | 814 | 480 | 1089 | 665 | 700 |
| Net asset value per share - Class I | $28.17 | $23.49 | $16.03 | $12.70 | $16.45 | $14.98 | $16.28 |
| Investments - unaffiliated, at cost | $— | $— | $— | $— | $2484 | $— | $— |
| Investments - affiliated, at cost | 3376499 | 2655131 | 1323245 | 636422 | 2958703 | 2114315 | 3627924 |

---

(a) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective shareholder
report.

(b) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

726

------

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

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Growth Allocation Fund | JNL/American Funds Moderate Growth Allocation Fund | JNL/Goldman Sachs Managed Aggressive Growth Fund | JNL/Goldman Sachs Managed Conservative Fund | JNL/Goldman Sachs Managed Growth Fund | JNL/Goldman Sachs Managed Moderate Fund | JNL/Goldman Sachs Managed Moderate Growth Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $2748351 | $2255753 | $— | $— | $— | $— | $— |
| Investments - affiliated, at value | 522931 | 140196 | 1983788 | 851566 | 4106457 | 1986012 | 4050315 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 1056 |  | 386 |  | 2286 | 232 | 666 |
| Fund shares sold | 1048 | 813 | 415 | 421 | 240 | 127 | 199 |
| Dividends and interest |  |  | 126 | 54 | 259 | 124 | 257 |
| Other assets | 1 | 1 | 1 | 1 | 2 | 1 | 2 |
| **Total assets**  | 3273387 | 2396763 | 1984716 | 852042 | 4109244 | 1986496 | 4051439 |
| **Liabilities** |  |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  | 433 |  | 187 |  |  |  |
| Fund shares redeemed | 2104 | 379 | 802 | 234 | 2527 | 359 | 865 |
| Advisory fees | 512 | 382 | 159 | 80 | 300 | 158 | 297 |
| Administrative fees | 418 | 310 | 86 | 37 | 173 | 86 | 170 |
| 12b-1 fees (Class A) | 106 | 78 | 65 | 28 | 134 | 65 | 133 |
| Board of trustee fees | 136 | 109 | 125 | 82 | 291 | 168 | 324 |
| Chief compliance officer fees | 3 | 2 | 2 | 1 | 4 | 2 | 4 |
| Other expenses | 7 | 5 | 4 | 2 | 8 | 5 | 8 |
| **Total liabilities**  | 3286 | 1698 | 1243 | 651 | 3437 | 843 | 1801 |
| **Net assets**  | $3270101 | $2395065 | $1983473 | $851391 | $4105807 | $1985653 | $4049638 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $3714692 | $2802701 | $1815939 | $874002 | $3792469 | $1982382 | $3891878 |
| Total distributable earnings (loss)(a) | (444591) | (407636) | 167534 | (22611) | 313338 | 3271 | 157760 |
| **Net assets**  | $3270101 | $2395065 | $1983473 | $851391 | $4105807 | $1985653 | $4049638 |
| Net assets - Class A | $3228401 | $2374820 | $1972728 | $848466 | $4086945 | $1982926 | $4042965 |
| Shares outstanding - Class A | 153845 | 131939 | 69061 | 60475 | 172817 | 115684 | 196018 |
| Net asset value per share - Class A | $20.98 | $18.00 | $28.57 | $14.03 | $23.65 | $17.14 | $20.63 |
| Net assets - Class I | $41700 | $20245 | $10745 | $2925 | $18862 | $2727 | $6673 |
| Shares outstanding - Class I | 1955 | 1107 | 370 | 206 | 785 | 157 | 318 |
| Net asset value per share - Class I | $21.33 | $18.29 | $29.02 | $14.22 | $24.02 | $17.41 | $20.96 |
| Investments - unaffiliated, at cost | $3150656 | $2631651 | $— | $— | $— | $— | $— |
| Investments - affiliated, at cost | 565217 | 171934 | 1816254 | 874177 | 3793119 | 1982741 | 3892555 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

727

------

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

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL iShares Tactical Growth Fund | JNL iShares Tactical Moderate Fund | JNL iShares Tactical Moderate Growth Fund | JNL/Vanguard Growth ETF Allocation Fund | JNL/Vanguard Moderate ETF Allocation Fund | JNL/Vanguard Moderate Growth ETF Allocation Fund | JNL Bond Index Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $294015 | $185558 | $297882 | $1941936 | $508612 | $866563 | $1016277 |
| Investments - affiliated, at value | 9073 | 17024 | 11014 | 15138 | 7835 | 10460 | 42876 |
| Cash | 15 | 15 | 15 |  | 15 |  | 267 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 266 |  |  | 980 |  | 762 | 10515 |
| Fund shares sold | 77 | 646 | 264 | 35 | 24 | 236 | 303 |
| Dividends and interest | 15 | 19 | 19 | 3 | 1 | 2 | 5889 |
| Adviser |  |  |  | 6 | 2 | 4 | 114 |
| Other assets |  |  |  | 1 |  |  | 1 |
| **Total assets**  | 303461 | 203262 | 309194 | 1958099 | 516489 | 878027 | 1076242 |
| **Liabilities** |  |  |  |  |  |  |  |
| Cash overdraft  |  |  |  | 33 |  | 321 |  |
| Forward sales commitments, at value |  |  |  |  |  |  | 1128 |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  |  |  |  |  |  | 51389 |
| Return of securities loaned  | 4661 | 10977 | 4935 | 15138 | 7191 | 10460 | 1636 |
| Fund shares redeemed | 143 | 24 | 445 | 671 | 79 | 333 | 454 |
| Advisory fees | 51 | 33 | 53 | 315 | 88 | 149 | 176 |
| Administrative fees | 39 | 25 | 39 | 252 | 66 | 112 |  |
| 12b-1 fees (Class A) | 10 | 6 | 10 | 62 | 16 | 27 |  |
| Board of trustee fees | 11 | 7 | 11 | 103 | 18 | 31 | 86 |
| Chief compliance officer fees |  |  |  | 2 |  | 1 | 1 |
| Other expenses |  |  |  | 4 | 1 | 2 | 2 |
| **Total liabilities**  | 4915 | 11072 | 5493 | 16580 | 7459 | 11436 | 54872 |
| **Net assets**  | $298546 | $192190 | $303701 | $1941519 | $509030 | $866591 | $1021370 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $282007 | $200766 | $292249 | $2169526 | $553946 | $920854 | $1165204 |
| Total distributable earnings (loss)(a) | 16539 | (8576) | 11452 | (228007) | (44916) | (54263) | (143834) |
| **Net assets**  | $298546 | $192190 | $303701 | $1941519 | $509030 | $866591 | $1021370 |
| Net assets - Class A | $291303 | $184798 | $295150 | $1888306 | $490545 | $827236 | $N/A |
| Shares outstanding - Class A | 21513 | 16749 | 23767 | 146817 | 43301 | 68544 | N/A |
| Net asset value per share - Class A | $13.54 | $11.03 | $12.42 | $12.86 | $11.33 | $12.07 | $N/A |
| Net assets - Class I | $7243 | $7392 | $8551 | $53213 | $18485 | $39355 | $1021370 |
| Shares outstanding - Class I | 532 | 666 | 686 | 4045 | 1595 | 3188 | 116742 |
| Net asset value per share - Class I | $13.60 | $11.10 | $12.46 | $13.16 | $11.59 | $12.34 | $8.75 |
| Investments - unaffiliated, at cost | $287334 | $196705 | $298235 | $2169943 | $553528 | $920826 | $1160032 |
| Investments - affiliated, at cost | 9073 | 17024 | 11014 | 15138 | 7835 | 10460 | 42969 |
| Proceeds from forward sales commitments |  |  |  |  |  |  | 1142 |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 15231 | 13669 | 17447 | 44697 | 72939 | 120323 | 9186 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

728

------

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

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Emerging Markets Index Fund | JNL International Index Fund | JNL Mid Cap Index Fund | JNL Small Cap Index Fund | JNL Multi-Manager Alternative Fund | JNL Multi-Manager Emerging Markets Equity Fund | JNL Multi-Manager International Small Cap Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $813868 | $2105702 | $3033863 | $2317838 | $1066402 | $890336 | $582975 |
| Investments - affiliated, at value | 6858 | 20411 | 37167 | 14887 | 152543 | 33494 | 11792 |
| Purchased options, at value |  |  |  |  | 682 |  |  |
| Forward foreign currency contracts |  | 311 |  |  | 1142 | 1 |  |
| Variation margin on futures/futures options contracts |  | 47 | 4 |  | 335 |  |  |
| Variation margin on swap agreements |  |  |  |  | 176 |  |  |
| OTC swap agreements  |  |  |  |  | 7343 |  |  |
| Cash | 251 | 691 | 957 | 832 | 26532 | 2042 | 195 |
| Cash collateral segregated for short sales |  |  |  |  | 7709 |  |  |
| Foreign currency | 1435 | 1180 |  |  | 6743 | 6240 | 890 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 3 |  |  | 3035 | 6252 | 2959 | 354 |
| Fund shares sold | 318 | 1325 | 354 | 751 | 138 | 320 | 112 |
| Dividends and interest | 854 | 10173 | 3893 | 3107 | 5519 | 902 | 1760 |
| Adviser | 39 | 192 | 319 | 244 |  |  |  |
| Deposits with brokers and counterparties | 424 | 1074 | 2147 | 754 | 55369 |  |  |
| Other assets | 11 | 3 | 2 | 2 | 62 | 43 | 22 |
| **Total assets**  | 824061 | 2141109 | 3078706 | 2341450 | 1336947 | 936337 | 598100 |
| **Liabilities** |  |  |  |  |  |  |  |
| Payable for reverse repurchase agreements |  |  |  |  | 21257 |  |  |
| Securities sold short, at value |  |  |  |  | 214375 |  |  |
| Written options, at value |  |  |  |  | 1488 |  |  |
| Forward foreign currency contracts |  | 15 |  |  | 1999 | 1 | 3 |
| Variation margin on futures/futures options contracts | 145 | 107 | 214 | 40 | 539 |  |  |
| Variation margin on swap agreements |  |  |  |  | 84 |  |  |
| OTC swap agreements |  |  |  |  | 4043 |  |  |
| Deferred foreign capital gains tax liability | 2554 |  |  |  | 9 | 1472 | 405 |
| Payable to affiliates |  |  |  |  | 11 |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  |  |  | 1547 | 9120 | 2754 | 80 |
| Deposits from counterparties  |  |  |  |  | 162 |  |  |
| Return of securities loaned  | 1844 | 9860 | 6464 | 2862 | 1590 | 1 | 5532 |
| Dividends/interest on securities sold short |  |  |  |  | 231 |  |  |
| Interest expense and brokerage charges  |  |  |  |  | 203 |  |  |
| Fund shares redeemed | 344 | 1159 | 1766 | 1274 | 361 | 1045 | 615 |
| Advisory fees | 141 | 366 | 532 | 407 | 1082 | 610 | 381 |
| Administrative fees |  |  |  |  | 185 | 127 | 78 |
| 12b-1 fees (Class A) |  |  |  |  | 14 | 36 | 17 |
| Board of trustee fees | 59 | 157 | 172 | 150 | 56 | 98 | 34 |
| Chief compliance officer fees | 1 | 2 | 3 | 2 | 1 | 1 | 1 |
| Other expenses | 43 | 61 | 195 | 151 | 125 | 19 | 31 |
| **Total liabilities**  | 5131 | 11727 | 9346 | 6433 | 256935 | 6164 | 7177 |
| **Net assets**  | $818930 | $2129382 | $3069360 | $2335017 | $1080012 | $930173 | $590923 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1000035 | $2082319 | $3498862 | $2766267 | $1177578 | $1087297 | $800713 |
| Total distributable earnings (loss)(a) | (181105) | 47063 | (429502) | (431250) | (97566) | (157124) | (209790) |
| **Net assets**  | $818930 | $2129382 | $3069360 | $2335017 | $1080012 | $930173 | $590923 |
| Net assets - Class A | $N/A | $N/A | $N/A | $N/A | $205495 | $627647 | $372710 |
| Shares outstanding - Class A | N/A | N/A | N/A | N/A | 19412 | 80533 | 40568 |
| Net asset value per share - Class A | $N/A | $N/A | $N/A | $N/A | $10.59 | $7.79 | $9.19 |
| Net assets - Class I | $818930 | $2129382 | $3069360 | $2335017 | $874517 | $302526 | $218213 |
| Shares outstanding - Class I | 109121 | 248607 | 338410 | 266120 | 81429 | 38713 | 23514 |
| Net asset value per share - Class I | $7.50 | $8.57 | $9.07 | $8.77 | $10.74 | $7.81 | $9.28 |
| Investments - unaffiliated, at cost | $992494 | $2025498 | $3462951 | $2742205 | $1167098 | $981405 | $716726 |
| Investments - affiliated, at cost | 6858 | 21812 | 37167 | 21508 | 152543 | 38644 | 11792 |
| Purchased options, at cost |  |  |  |  | 1424 |  |  |
| Foreign currency cost | 1424 | 1174 |  |  | 6555 | 6259 | 890 |
| Proceeds from securities sold short |  |  |  |  | 217595 |  |  |
| Premiums from written options |  |  |  |  | 2459 |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 3869 | 32102 | 29973 | 34484 | 2608 | 11628 | 56718 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

729

------

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

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Multi-Manager Mid Cap Fund | JNL Multi-Manager Small Cap Growth Fund | JNL Multi-Manager Small Cap Value Fund | JNL Multi-Manager U.S. Select Equity Fund | JNL S&P 500 Index Fund | JNL/AB Sustainable Global Thematic Fund | JNL/AQR Large Cap Defensive Style Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $1381813 | $2033474 | $1550176 | $317986 | $273640 | $13270 | $367701 |
| Investments - affiliated, at value | 51479 | 55797 | 59218 | 15054 | 4622 | 656 | 18590 |
| Forward foreign currency contracts |  |  |  |  |  | 82 |  |
| Cash | 550 | 192 | 320 | 163 | 224 | 15 | 173 |
| Foreign currency |  |  |  |  |  | 77 |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 2374 | 6459 | 462 |  |  | 10 |  |
| Fund shares sold | 199 | 782 | 420 |  | 378 |  | 2018 |
| Dividends and interest | 1841 | 613 | 1331 | 475 | 246 | 10 | 569 |
| Adviser |  |  |  |  | 55 |  |  |
| Deposits with brokers and counterparties |  |  |  |  | 245 |  | 911 |
| Other assets | 67 | 3 | 5 | 3 |  |  |  |
| **Total assets**  | 1438323 | 2097320 | 1611932 | 333681 | 279410 | 14120 | 389962 |
| **Liabilities** |  |  |  |  |  |  |  |
| Forward foreign currency contracts |  |  |  |  |  | 24 |  |
| Variation margin on futures/futures options contracts |  |  |  |  | 12 |  | 46 |
| Payable to affiliates | 3 |  |  |  |  | 1 |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 2349 | 1989 | 3275 | 304 | 299 | 32 |  |
| Return of securities loaned  | 5174 | 10184 | 1819 |  | 6 |  |  |
| Fund shares redeemed | 353 | 1046 | 711 |  | 10 |  | 168 |
| Advisory fees | 766 | 1025 | 907 | 151 | 48 | 8 | 134 |
| Administrative fees | 184 | 203 | 136 | 43 | 24 | 2 | 50 |
| 12b-1 fees (Class A) | 80 | 60 | 41 | 3 |  |  | 13 |
| Board of trustee fees | 58 | 113 | 94 | 12 | 10 |  | 23 |
| Chief compliance officer fees | 1 | 2 | 2 |  |  |  |  |
| Other expenses | 3 | 5 | 3 |  | 14 |  |  |
| **Total liabilities**  | 8971 | 14627 | 6988 | 513 | 423 | 67 | 434 |
| **Net assets**  | $1429352 | $2082693 | $1604944 | $333168 | $278987 | $14053 | $389528 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1420850 | $2395851 | $1643585 | $339401 | $258258 | $14515 | $382773 |
| Total distributable earnings (loss)(a) | 8502 | (313158) | (38641) | (6233) | 20729 | (462) | 6755 |
| **Net assets**  | $1429352 | $2082693 | $1604944 | $333168 | $278987 | $14053 | $389528 |
| Net assets - Class A | $424102 | $1761597 | $1143636 | $1 | $N/A | $13827 | $383202 |
| Shares outstanding - Class A | 25141 | 52950 | 70348 |  | N/A | 1481 | 28721 |
| Net asset value per share - Class A | $16.87 | $33.27 | $16.26 | $9.77 | $N/A | $9.33 | $13.34 |
| Net assets - Class I | $1005250 | $321096 | $461308 | $333167 | $278987 | $226 | $6326 |
| Shares outstanding - Class I | 58825 | 9060 | 28004 | 34075 | 16710 | 24 | 469 |
| Net asset value per share - Class I | $17.09 | $35.44 | $16.47 | $9.78 | $16.70 | $9.36 | $13.48 |
| Investments - unaffiliated, at cost | $1373311 | $2344812 | $1588818 | $324219 | $252842 | $13790 | $360358 |
| Investments - affiliated, at cost | 51479 | 57617 | 59218 | 15054 | 4622 | 656 | 18590 |
| Foreign currency cost |  |  |  |  |  | 77 |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 7635 | 39917 | 23357 |  | 134 |  | 864 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

730

------

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

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Baillie Gifford International Growth Fund | JNL/Baillie Gifford U.S. Equity Growth Fund | JNL/BlackRock Global Allocation Fund | JNL/BlackRock Global Natural Resources Fund | JNL/BlackRock Large Cap Select Growth Fund | JNL/Causeway International Value Select Fund | JNL/ClearBridge Large Cap Growth Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $687692 | $63973 | $2540349 | $1556953 | $3190933 | $1341510 | $1239978 |
| Investments - affiliated, at value | 13625 | 3863 | 468440 | 45025 | 17205 | 2114 | 28519 |
| Purchased options, at value |  |  | 15042 |  |  |  |  |
| Forward foreign currency contracts |  |  | 15213 |  |  | 7 |  |
| Variation margin on futures/futures options contracts |  |  | 800 |  |  |  |  |
| Variation margin on swap agreements |  |  | 805 |  |  |  |  |
| OTC swap agreements  |  |  | 604 |  |  |  |  |
| OTC swap premiums paid |  |  | 287 |  |  |  |  |
| Cash | 15 | 15 | 6990 | 269 | 147 | 15 | 15 |
| Cash collateral segregated for short sales |  |  | 8932 |  |  |  |  |
| Foreign currency | 138 |  | 5044 | 182 |  |  |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  |  | 112 | 139424 |  |  | 18956 |  |
| Fund shares sold | 192 | 12 | 242 | 588 | 764 | 617 | 51 |
| Dividends and interest | 394 | 5 | 9229 | 2001 | 325 | 3596 | 393 |
| Deposits with brokers and counterparties |  |  | 23231 |  |  |  |  |
| Other assets |  |  | 2 | 1 | 1 | 1 |  |
| **Total assets**  | 702056 | 67980 | 3234634 | 1605019 | 3209375 | 1366816 | 1268956 |
| **Liabilities** |  |  |  |  |  |  |  |
| Securities sold short, at value |  |  | 3160 |  |  |  |  |
| Written options, at value |  |  | 27964 |  |  |  |  |
| Forward foreign currency contracts |  |  | 14052 |  |  | 31 |  |
| Variation margin on futures/futures options contracts |  |  | 1566 |  |  |  |  |
| Variation margin on swap agreements |  |  | 928 |  |  |  |  |
| OTC swap agreements |  |  | 2870 |  |  |  |  |
| OTC swap premiums received  |  |  | 13 |  |  |  |  |
| Deferred foreign capital gains tax liability |  |  | 15 |  |  |  |  |
| Payable to affiliates |  |  | 759 | 10 | 71 |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 294 | 1941 | 277321 |  |  | 1993 |  |
| Deposits from counterparties  |  |  | 562 |  |  |  |  |
| Return of securities loaned  | 209 | 198 | 13339 | 44 |  |  |  |
| Fund shares redeemed | 2040 | 10 | 1476 | 2089 | 1526 | 2341 | 62 |
| Advisory fees | 328 | 29 | 1439 | 706 | 1326 | 611 | 540 |
| Administrative fees | 93 | 9 | 374 | 206 | 279 | 177 | 166 |
| 12b-1 fees (Class A) | 22 |  | 91 | 44 | 81 | 17 | 12 |
| Board of trustee fees | 25 | 2 | 173 | 102 | 192 | 81 | 46 |
| Chief compliance officer fees | 1 |  | 3 | 2 | 3 | 1 | 1 |
| Other expenses | 3 |  | 135 | 3 | 7 | 2 | 2 |
| **Total liabilities**  | 3015 | 2189 | 346240 | 3206 | 3485 | 5254 | 829 |
| **Net assets**  | $699041 | $65791 | $2888394 | $1601813 | $3205890 | $1361562 | $1268127 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1276714 | $142034 | $2958635 | $1555986 | $3048618 | $1400672 | $1197068 |
| Total distributable earnings (loss)(a) | (577673) | (76243) | (70241) | 45827 | 157272 | (39110) | 71059 |
| **Net assets**  | $699041 | $65791 | $2888394 | $1601813 | $3205890 | $1361562 | $1268127 |
| Net assets - Class A | $680117 | $1860 | $2780861 | $1324729 | $2484178 | $508639 | $376862 |
| Shares outstanding - Class A | 65844 | 473 | 193047 | 101400 | 53330 | 33528 | 24765 |
| Net asset value per share - Class A | $10.33 | $3.93 | $14.41 | $13.06 | $46.58 | $15.17 | $15.22 |
| Net assets - Class I | $18924 | $63931 | $107533 | $277084 | $721712 | $852923 | $891265 |
| Shares outstanding - Class I | 1814 | 16177 | 7313 | 20788 | 14667 | 54556 | 57687 |
| Net asset value per share - Class I | $10.43 | $3.95 | $14.70 | $13.33 | $49.21 | $15.63 | $15.45 |
| Investments - unaffiliated, at cost | $1164642 | $140216 | $2591503 | $1511124 | $3033662 | $1380965 | $1168919 |
| Investments - affiliated, at cost | 13625 | 3863 | 471340 | 45025 | 17205 | 2114 | 28519 |
| Purchased options, at cost |  |  | 17997 |  |  |  |  |
| Foreign currency cost | 138 |  | 5024 | 182 |  |  |  |
| Proceeds from securities sold short |  |  | 2849 |  |  |  |  |
| Premiums from written options |  |  | 16296 |  |  |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 1722 | 2187 | 28665 | 83865 | 20124 | 2603 |  |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

731

------

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

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/DFA International Core Equity Fund | JNL/DFA U.S. Core Equity Fund | JNL/DFA U.S. Small Cap Fund | JNL/DoubleLine Core Fixed Income Fund | JNL/DoubleLine Emerging Markets Fixed Income Fund | JNL/DoubleLine Shiller Enhanced CAPE Fund | JNL/DoubleLine Total Return Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $216493 | $1240979 | $486710 | $2584459 | $562825 | $1789541 | $1990628 |
| Investments - affiliated, at value | 3168 | 3785 | 4168 | 139200 | 2307 | 16461 | 38251 |
| Forward foreign currency contracts |  |  |  | 10 |  |  |  |
| OTC swap agreements  |  |  |  |  |  | 7942 |  |
| Cash | 18 | 384 | 218 | 2195 |  | 2295 | 246 |
| Foreign currency | 756 |  |  | 311 |  |  |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 44 | 691 |  | 3887 | 1540 | 2081 |  |
| Fund shares sold | 115 | 109 | 707 | 1153 | 125 | 310 | 421 |
| Dividends and interest | 497 | 1077 | 391 | 17479 | 8659 | 10722 | 10770 |
| Adviser | 1 | 4 | 1 |  |  |  |  |
| Other assets |  | 1 |  | 2 |  | 1 | 1 |
| **Total assets**  | 221092 | 1247030 | 492195 | 2748696 | 575456 | 1829353 | 2040317 |
| **Liabilities** |  |  |  |  |  |  |  |
| Cash overdraft  |  |  |  |  | 610 |  |  |
| Forward foreign currency contracts |  |  |  | 39 |  |  |  |
| OTC swap agreements |  |  |  |  |  | 81777 |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  | 600 |  | 2478 |  | 1812 |  |
| Return of securities loaned  | 2736 | 648 | 1739 | 8025 | 2307 |  |  |
| Fund shares redeemed | 282 | 805 | 350 | 1846 | 494 | 965 | 268 |
| Advisory fees | 84 | 425 | 222 | 879 | 308 | 856 | 749 |
| Administrative fees | 28 | 108 | 63 | 237 | 74 | 230 | 176 |
| 12b-1 fees (Class A) | 7 | 38 | 15 | 62 | 4 | 49 | 25 |
| Board of trustee fees | 8 | 63 | 17 | 252 | 43 | 70 | 74 |
| Chief compliance officer fees |  | 1 | 1 | 2 | 1 | 2 | 2 |
| Other expenses |  | 2 |  | 5 | 1 | 3 | 4 |
| **Total liabilities**  | 3145 | 2690 | 2407 | 13825 | 3842 | 85764 | 1298 |
| **Net assets**  | $217947 | $1244340 | $489788 | $2734871 | $571614 | $1743589 | $2039019 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $238008 | $866233 | $518445 | $3097092 | $701625 | $1930380 | $2380235 |
| Total distributable earnings (loss)(a) | (20061) | 378107 | (28657) | (362221) | (130011) | (186791) | (341216) |
| **Net assets**  | $217947 | $1244340 | $489788 | $2734871 | $571614 | $1743589 | $2039019 |
| Net assets - Class A | $203994 | $1147448 | $471784 | $1868458 | $126011 | $1487301 | $750065 |
| Shares outstanding - Class A | 20626 | 57942 | 45864 | 156336 | 12068 | 82231 | 74839 |
| Net asset value per share - Class A | $9.89 | $19.80 | $10.29 | $11.95 | $10.44 | $18.09 | $10.02 |
| Net assets - Class I | $13953 | $96892 | $18004 | $866413 | $445603 | $256288 | $1288954 |
| Shares outstanding - Class I | 1404 | 4547 | 1731 | 66471 | 42917 | 13974 | 127200 |
| Net asset value per share - Class I | $9.94 | $21.31 | $10.40 | $13.03 | $10.38 | $18.34 | $10.13 |
| Investments - unaffiliated, at cost | $228559 | $862780 | $515222 | $2946590 | $692836 | $1902496 | $2331844 |
| Investments - affiliated, at cost | 3168 | 3877 | 4313 | 139200 | 2307 | 16461 | 38251 |
| Foreign currency cost | 752 |  |  | 307 |  |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 10411 | 3582 | 4928 | 8358 | 4757 |  |  |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

732

------

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

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Fidelity Institutional Asset Management Total Bond Fund | JNL/First Sentier Global Infrastructure Fund | JNL/Franklin Templeton Income Fund | JNL/Goldman Sachs 4 Fund | JNL/GQG Emerging Markets Equity Fund | JNL/Harris Oakmark Global Equity Fund | JNL/Heitman U.S. Focused Real Estate Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $1285072 | $902538 | $1569031 | $5099636 | $635898 | $713397 | $224979 |
| Investments - affiliated, at value | 82666 | 10034 | 53916 | 27546 | 41036 | 8204 |  |
| Forward foreign currency contracts |  |  |  |  | 1 |  |  |
| Variation margin on futures/futures options contracts | 16 |  |  |  |  |  |  |
| Cash | 2749 | 15 | 96 | 942 |  | 175 |  |
| Foreign currency |  | 1394 |  |  | 1064 | 101 |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 131987 | 3048 |  |  | 257 | 183 | 6855 |
| Fund shares sold | 688 | 225 | 326 | 1668 | 782 | 69 | 56 |
| Dividends and interest | 11086 | 2371 | 16927 | 9997 | 4069 | 1856 | 873 |
| Deposits with brokers and counterparties |  |  | 407 |  |  |  |  |
| Other assets |  | 1 | 1 | 3 | 8 | 1 |  |
| **Total assets**  | 1514264 | 919626 | 1640704 | 5139792 | 683115 | 723986 | 232763 |
| **Liabilities** |  |  |  |  |  |  |  |
| Cash overdraft  |  |  |  |  | 307 |  | 4430 |
| Forward sales commitments, at value | 22621 |  |  |  |  |  |  |
| Forward foreign currency contracts |  |  |  |  | 1 |  |  |
| Variation margin on futures/futures options contracts | 18 |  | 26 |  |  |  |  |
| Variation margin on swap agreements | 7 |  |  |  |  |  |  |
| Deferred foreign capital gains tax liability |  |  |  |  | 4339 |  |  |
| Payable to affiliates |  | 19 | 104 |  | 62 |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 192967 | 1443 |  |  | 3823 | 143 | 1701 |
| Deposits from counterparties  | 660 |  |  |  |  |  |  |
| Return of securities loaned  | 7484 |  | 33712 |  | 26203 | 21 |  |
| Fund shares redeemed | 927 | 638 | 515 | 3495 | 171 | 2357 | 149 |
| Advisory fees | 424 | 552 | 733 | 1111 | 497 | 427 | 132 |
| Administrative fees | 111 | 119 | 138 | 628 | 83 | 94 | 31 |
| 12b-1 fees (Class A) | 25 | 21 | 52 | 168 | 9 | 13 | 4 |
| Board of trustee fees | 90 | 51 | 125 | 326 | 24 | 47 | 8 |
| Chief compliance officer fees | 1 | 1 | 1 | 5 | 1 | 1 |  |
| Other expenses | 2 | 2 | 4 | 10 | 36 | 2 |  |
| **Total liabilities**  | 225337 | 2846 | 35410 | 5743 | 35556 | 3105 | 6455 |
| **Net assets**  | $1288927 | $916780 | $1605294 | $5134049 | $647559 | $720881 | $226308 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1443968 | $932102 | $1628657 | $5250704 | $702228 | $727308 | $259372 |
| Total distributable earnings (loss)(a) | (155041) | (15322) | (23363) | (116655) | (54669) | (6427) | (33064) |
| **Net assets**  | $1288927 | $916780 | $1605294 | $5134049 | $647559 | $720881 | $226308 |
| Net assets - Class A | $760550 | $637347 | $1596450 | $5104922 | $261237 | $410703 | $107426 |
| Shares outstanding - Class A | 67992 | 38065 | 113647 | 169230 | 23850 | 36008 | 12066 |
| Net asset value per share - Class A | $11.19 | $16.74 | $14.05 | $30.17 | $10.95 | $11.41 | $8.90 |
| Net assets - Class I | $528377 | $279433 | $8844 | $29127 | $386322 | $310178 | $118882 |
| Shares outstanding - Class I | 45965 | 16406 | 651 | 950 | 34726 | 27150 | 13205 |
| Net asset value per share - Class I | $11.50 | $17.03 | $13.58 | $30.64 | $11.12 | $11.42 | $9.00 |
| Investments - unaffiliated, at cost | $1440477 | $917872 | $1592171 | $5216291 | $686522 | $711512 | $250626 |
| Investments - affiliated, at cost | 82666 | 10034 | 53916 | 27546 | 41036 | 8204 |  |
| Foreign currency cost |  | 1379 |  |  | 1065 | 101 |  |
| Proceeds from forward sales commitments | 22939 |  |  |  |  |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 8066 |  | 53668 | 362 | 24780 | 18 | 523 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

733

------

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

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Invesco Diversified Dividend Fund | JNL/Invesco Global Growth Fund | JNL/Invesco Small Cap Growth Fund | JNL/JPMorgan Global Allocation Fund | JNL/JPMorgan Hedged Equity Fund | JNL/JPMorgan MidCap Growth Fund | JNL/JPMorgan U.S. Government & Quality Bond Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $1008784 | $1401813 | $1520234 | $956743 | $719537 | $2601428 | $1517945 |
| Investments - affiliated, at value | 45346 | 11867 | 59866 | 48087 | 4561 | 63740 | 79719 |
| Purchased options, at value |  |  |  | 1573 | 16778 |  |  |
| Forward foreign currency contracts |  |  |  | 2452 |  |  |  |
| Variation margin on futures/futures options contracts |  |  |  | 2236 |  |  |  |
| Cash | 1046 | 37 | 163 | 948 | 850 | 1288 | 15 |
| Foreign currency | 1 | 553 |  | 5982 |  |  |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  |  | 7449 |  | 12387 | 80802 |  |  |
| Fund shares sold | 1040 | 373 | 649 | 73 | 905 | 565 | 1113 |
| Dividends and interest | 2333 | 2919 | 770 | 4606 | 758 | 663 | 6623 |
| Adviser |  |  | 13 |  |  |  |  |
| Deposits with brokers and counterparties |  |  |  | 2941 | 911 |  |  |
| Other assets |  | 2 |  | 2 |  |  | 1 |
| **Total assets**  | 1058550 | 1425013 | 1581695 | 1038030 | 825102 | 2667684 | 1605416 |
| **Liabilities** |  |  |  |  |  |  |  |
| Foreign currency overdraft |  |  | 221 |  |  |  |  |
| Securities sold short, at value |  |  |  | 868 |  |  |  |
| Written options, at value |  |  |  |  | 17280 |  |  |
| Forward foreign currency contracts |  | 58 |  | 9160 |  |  |  |
| Variation margin on futures/futures options contracts |  |  |  | 585 | 46 |  |  |
| Deferred foreign capital gains tax liability |  | 2576 |  | 97 |  |  |  |
| Payable to affiliates | 246 | 839 |  | 264 |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  | 767 |  | 7520 | 71716 |  |  |
| Return of securities loaned  |  | 1154 |  | 907 |  |  |  |
| Fund shares redeemed | 953 | 663 | 623 | 293 | 452 | 995 | 565 |
| Advisory fees | 470 | 620 | 905 | 526 | 309 | 1148 | 385 |
| Administrative fees | 135 | 186 | 138 | 132 | 93 | 232 | 138 |
| 12b-1 fees (Class A) | 14 | 39 | 51 | 33 | 20 | 78 | 31 |
| Board of trustee fees | 39 | 107 | 82 | 100 | 26 | 131 | 107 |
| Chief compliance officer fees | 1 | 1 | 1 | 1 |  | 2 | 2 |
| Other expenses | 2 | 19 | 4 | 1 | 1 | 6 | 3 |
| **Total liabilities**  | 1860 | 7029 | 2025 | 20487 | 89943 | 2592 | 1231 |
| **Net assets**  | $1056690 | $1417984 | $1579670 | $1017543 | $735159 | $2665092 | $1604185 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $967118 | $1022748 | $1553417 | $1131165 | $658298 | $2617490 | $1776087 |
| Total distributable earnings (loss)(a) | 89572 | 395236 | 26253 | (113622) | 76861 | 47602 | (171902) |
| **Net assets**  | $1056690 | $1417984 | $1579670 | $1017543 | $735159 | $2665092 | $1604185 |
| Net assets - Class A | $421229 | $1180323 | $1563204 | $1014331 | $619218 | $2372487 | $931244 |
| Shares outstanding - Class A | 31275 | 62701 | 53678 | 83149 | 50371 | 47882 | 74500 |
| Net asset value per share - Class A | $13.47 | $18.82 | $29.12 | $12.20 | $12.29 | $49.55 | $12.50 |
| Net assets - Class I | $635461 | $237661 | $16466 | $3212 | $115941 | $292605 | $672941 |
| Shares outstanding - Class I | 46453 | 12274 | 536 | 260 | 9353 | 5666 | 50570 |
| Net asset value per share - Class I | $13.68 | $19.36 | $30.69 | $12.37 | $12.40 | $51.64 | $13.31 |
| Investments - unaffiliated, at cost | $919197 | $1004044 | $1493981 | $1066860 | $698474 | $2553826 | $1689848 |
| Investments - affiliated, at cost | 45346 | 11867 | 59866 | 48087 | 4561 | 63740 | 79719 |
| Purchased options, at cost |  |  |  | 2353 | 16733 |  |  |
| Foreign currency cost | 1 | 553 |  | 5915 |  |  |  |
| Proceeds from securities sold short |  |  |  | 794 |  |  |  |
| Premiums from written options |  |  |  |  | 17276 |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value |  | 1903 | 8761 | 4896 | 562 | 495 |  |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

734

------

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

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/JPMorgan U.S. Value Fund | JNL/Lazard International Strategic Equity Fund | JNL/Loomis Sayles Global Growth Fund | JNL/Lord Abbett Short Duration Income Fund | JNL/Mellon Communication Services Sector Fund | JNL/Mellon Consumer Discretionary Sector Fund | JNL/Mellon Consumer Staples Sector Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $1584896 | $451059 | $521514 | $1105182 | $166006 | $1103473 | $569766 |
| Investments - affiliated, at value | 43344 | 16904 | 3078 | 10962 | 868 | 6092 | 555 |
| Forward foreign currency contracts |  | 13 | 6 |  |  |  |  |
| Variation margin on futures/futures options contracts |  |  |  | 55 |  | 2 |  |
| Cash | 721 | 15 | 15 | 1796 | 116 | 197 | 108 |
| Foreign currency | 38 | 1 |  |  |  |  |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 1 |  | 2348 | 23740 |  |  |  |
| Fund shares sold | 257 | 80 | 79 | 671 | 66 | 736 | 421 |
| Dividends and interest | 2236 | 560 | 2605 | 7521 | 23 | 326 | 1828 |
| Adviser |  | 20 |  |  |  | 1 | 1 |
| Deposits with brokers and counterparties |  |  |  | 2067 | 87 | 362 | 187 |
| **Total assets**  | 1631493 | 468652 | 529645 | 1151994 | 167166 | 1111189 | 572866 |
| **Liabilities** |  |  |  |  |  |  |  |
| Forward foreign currency contracts |  |  | 1 |  |  |  |  |
| Variation margin on futures/futures options contracts |  |  |  | 285 |  | 20 | 14 |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  | 2095 | 1593 | 19924 |  |  |  |
| Return of securities loaned  |  | 2918 |  | 1035 | 432 | 3852 |  |
| Fund shares redeemed | 7209 | 406 | 292 | 495 | 338 | 487 | 224 |
| Advisory fees | 669 | 281 | 253 | 330 | 30 | 179 | 92 |
| Administrative fees | 139 | 60 | 69 | 144 | 22 | 149 | 73 |
| 12b-1 fees (Class A) | 32 | 4 | 10 | 12 | 5 | 36 | 18 |
| Board of trustee fees | 101 | 17 | 49 | 40 | 10 | 54 | 21 |
| Chief compliance officer fees | 2 |  |  | 1 |  | 1 | 1 |
| Other expenses | 3 | 1 | 1 | 2 | 6 | 42 | 10 |
| **Total liabilities**  | 8155 | 5782 | 2268 | 22268 | 843 | 4820 | 453 |
| **Net assets**  | $1623338 | $462870 | $527377 | $1129726 | $166323 | $1106369 | $572413 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1339180 | $486673 | $550909 | $1169197 | $230446 | $1110197 | $548736 |
| Total distributable earnings (loss)(a) | 284158 | (23803) | (23532) | (39471) | (64123) | (3828) | 23677 |
| **Net assets**  | $1623338 | $462870 | $527377 | $1129726 | $166323 | $1106369 | $572413 |
| Net assets - Class A | $980669 | $104439 | $303107 | $366580 | $163074 | $1091635 | $558649 |
| Shares outstanding - Class A | 66403 | 7788 | 25681 | 37142 | 13281 | 37186 | 36892 |
| Net asset value per share - Class A | $14.77 | $13.41 | $11.80 | $9.87 | $12.28 | $29.36 | $15.14 |
| Net assets - Class I | $642669 | $358431 | $224270 | $763146 | $3249 | $14734 | $13764 |
| Shares outstanding - Class I | 42565 | 26628 | 18754 | 76960 | 280 | 485 | 893 |
| Net asset value per share - Class I | $15.10 | $13.46 | $11.96 | $9.92 | $11.58 | $30.36 | $15.41 |
| Investments - unaffiliated, at cost | $1300738 | $463353 | $549593 | $1138730 | $230112 | $1107317 | $546081 |
| Investments - affiliated, at cost | 43344 | 16904 | 3078 | 10962 | 868 | 6092 | 555 |
| Foreign currency cost | 37 | 1 |  |  |  |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value |  | 2896 | 5514 | 1010 | 1248 | 8976 | 98 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

735

------

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

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Dow Index Fund | JNL/Mellon Energy Sector Fund | JNL/Mellon Financial Sector Fund | JNL/Mellon Healthcare Sector Fund | JNL/Mellon Industrials Sector Fund | JNL/Mellon Information Technology Sector Fund | JNL/Mellon Materials Sector Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $1232699 | $2915739 | $1343463 | $3689125 | $187741 | $3521611 | $190843 |
| Investments - affiliated, at value | 16914 | 24823 | 20072 | 13108 | 1118 | 10448 | 1111 |
| Variation margin on futures/futures options contracts |  | 83 | 19 | 7 |  | 3 |  |
| Cash | 313 | 1841 | 694 | 313 | 132 | 498 | 116 |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  |  |  | 6820 |  |  |  |  |
| Fund shares sold | 200 | 1616 | 827 | 1060 | 58 | 653 | 108 |
| Dividends and interest | 381 | 2049 | 1390 | 2570 | 190 | 750 | 258 |
| Adviser | 1 | 1 | 1 | 1 |  | 2 |  |
| Deposits with brokers and counterparties | 980 | 1394 | 890 | 903 | 124 | 1091 | 139 |
| Other assets |  | 2 | 1 | 1 |  |  |  |
| **Total assets**  | 1251488 | 2947548 | 1374177 | 3707088 | 189363 | 3535056 | 192575 |
| **Liabilities** |  |  |  |  |  |  |  |
| Variation margin on futures/futures options contracts | 73 | 23 | 39 | 72 | 7 | 37 | 11 |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  | 17417 |  |  |  |  |  |
| Return of securities loaned  |  | 473 | 405 | 1146 | 55 | 2803 |  |
| Fund shares redeemed | 796 | 2854 | 740 | 2365 | 422 | 1759 | 614 |
| Advisory fees | 193 | 425 | 212 | 545 | 33 | 535 | 35 |
| Administrative fees | 162 | 366 | 178 | 465 | 25 | 457 | 26 |
| 12b-1 fees (Class A) | 40 | 95 | 44 | 120 | 6 | 113 | 6 |
| Board of trustee fees | 71 | 145 | 67 | 180 | 7 | 155 | 7 |
| Chief compliance officer fees | 1 | 3 | 1 | 3 |  | 3 |  |
| Other expenses | 62 | 69 | 43 | 105 | 4 | 119 | 5 |
| **Total liabilities**  | 1398 | 21870 | 1729 | 5001 | 559 | 5981 | 704 |
| **Net assets**  | $1250090 | $2925678 | $1372448 | $3702087 | $188804 | $3529075 | $191871 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $853898 | $2038110 | $1291855 | $2199178 | $192034 | $2816318 | $209945 |
| Total distributable earnings (loss)(a) | 396192 | 887568 | 80593 | 1502909 | (3230) | 712757 | (18074) |
| **Net assets**  | $1250090 | $2925678 | $1372448 | $3702087 | $188804 | $3529075 | $191871 |
| Net assets - Class A | $1226966 | $2893112 | $1352012 | $3665432 | $183611 | $3475561 | $187042 |
| Shares outstanding - Class A | 30643 | 79947 | 81678 | 86460 | 12339 | 119412 | 13040 |
| Net asset value per share - Class A | $40.04 | $36.19 | $16.55 | $42.39 | $14.88 | $29.11 | $14.34 |
| Net assets - Class I | $23124 | $32566 | $20436 | $36655 | $5193 | $53514 | $4829 |
| Shares outstanding - Class I | 567 | 872 | 1213 | 848 | 343 | 1775 | 331 |
| Net asset value per share - Class I | $40.79 | $37.33 | $16.84 | $43.23 | $15.15 | $30.14 | $14.60 |
| Investments - unaffiliated, at cost | $836320 | $2028440 | $1263482 | $2185188 | $190956 | $2808861 | $208851 |
| Investments - affiliated, at cost | 16914 | 24823 | 19548 | 13996 | 1118 | 10448 | 1111 |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value |  | 18239 | 2997 | 3282 | 77 | 12726 | 1066 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

736

------

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

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Nasdaq 100 Index Fund | JNL/Mellon Real Estate Sector Fund | JNL/Mellon S&P 500 Index Fund | JNL/Mellon U.S. Stock Market Index Fund | JNL/Mellon Utilities Sector Fund | JNL/Mellon World Index Fund | JNL/MFS Mid Cap Value Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $4305043 | $184184 | $11041406 | $4552887 | $655625 | $345184 | $1980803 |
| Investments - affiliated, at value | 51764 | 582 | 235132 | 30314 | 3485 | 8116 | 32376 |
| Forward foreign currency contracts |  |  |  |  |  | 36 |  |
| Variation margin on futures/futures options contracts |  |  | 8 | 13 |  | 5 |  |
| Cash | 2455 | 256 | 3098 | 1146 | 89 | 226 | 1011 |
| Foreign currency |  |  |  |  |  | 432 |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  |  |  |  |  |  | 74 | 265 |
| Fund shares sold | 1982 | 85 | 3951 | 844 | 2146 | 38 | 601 |
| Dividends and interest | 2007 | 900 | 9497 | 4269 | 866 | 560 | 7369 |
| Adviser | 3 | 1 |  |  | 1 |  |  |
| Deposits with brokers and counterparties | 3787 | 183 | 6140 | 1661 | 348 | 560 |  |
| Other assets |  |  | 4 | 5 | 2 | 2 | 1 |
| **Total assets**  | 4367041 | 186191 | 11299236 | 4591139 | 662562 | 355233 | 2022426 |
| **Liabilities** |  |  |  |  |  |  |  |
| Forward foreign currency contracts |  |  |  |  |  | 3 |  |
| Variation margin on futures/futures options contracts | 50 | 17 | 327 | 113 | 53 | 42 |  |
| Payable to affiliates |  |  |  |  |  | 8 | 27 |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  |  | 1 |  |  |  |  |
| Return of securities loaned  | 6975 | 380 | 633832 | 4805 |  | 401 | 182 |
| Fund shares redeemed | 4146 | 255 | 3314 | 3473 | 367 | 307 | 1377 |
| Advisory fees | 652 | 33 | 966 | 621 | 104 | 59 | 948 |
| Administrative fees | 552 | 24 | 858 | 570 | 84 | 46 | 173 |
| 12b-1 fees (Class A) | 139 | 6 | 349 | 148 | 21 | 11 | 65 |
| Board of trustee fees | 179 | 7 | 513 | 412 | 25 | 41 | 129 |
| Chief compliance officer fees | 4 |  | 10 | 4 | 1 |  | 2 |
| Other expenses | 413 | 6 | 583 | 92 | 13 | 10 | 4 |
| **Total liabilities**  | 13110 | 728 | 640753 | 10238 | 668 | 928 | 2907 |
| **Net assets**  | $4353931 | $185463 | $10658483 | $4580901 | $661894 | $354305 | $2019519 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $3470108 | $225257 | $6325943 | $5141235 | $652076 | $279031 | $1700671 |
| Total distributable earnings (loss)(a) | 883823 | (39794) | 4332540 | (560334) | 9818 | 75274 | 318848 |
| **Net assets**  | $4353931 | $185463 | $10658483 | $4580901 | $661894 | $354305 | $2019519 |
| Net assets - Class A | $4276647 | $174079 | $10650597 | $4521043 | $650159 | $345897 | $1973870 |
| Shares outstanding - Class A | 108863 | 14463 | 358342 | 285365 | 34564 | 11418 | 121404 |
| Net asset value per share - Class A | $39.28 | $12.04 | $29.72 | $15.84 | $18.81 | $30.29 | $16.26 |
| Net assets - Class I | $77284 | $11384 | $7886 | $59858 | $11735 | $8408 | $45649 |
| Shares outstanding - Class I | 2954 | 932 | 256 | 3715 | 614 | 275 | 2755 |
| Net asset value per share - Class I | $26.17 | $12.21 | $30.81 | $16.11 | $19.12 | $30.56 | $16.57 |
| Investments - unaffiliated, at cost | $3418388 | $223962 | $6707073 | $5112908 | $645792 | $269628 | $1661954 |
| Investments - affiliated, at cost | 51764 | 582 | 233947 | 30352 | 3485 | 8229 | 32376 |
| Foreign currency cost |  |  |  |  |  | 424 |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 8407 | 1215 | 629454 | 14905 |  | 4526 | 173 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

737

------

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

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Morningstar PitchBook Listed Private Equity Index Fund | JNL/Morningstar U.S. Sustainability Index Fund | JNL/Morningstar Wide Moat Index Fund | JNL/Neuberger Berman Commodity Strategy Fund | JNL/Neuberger Berman Gold Plus Strategy Fund | JNL/Neuberger Berman Strategic Income Fund | JNL/Newton Equity Income Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $7426 | $227937 | $784505 | $306514 | $13194 | $724991 | $1784860 |
| Investments - affiliated, at value |  | 66 | 3984 | 42652 | 1930 | 37748 | 110341 |
| Forward foreign currency contracts |  |  |  |  |  | 776 |  |
| Variation margin on futures/futures options contracts |  |  |  | 9360 | 12 | 242 |  |
| Variation margin on swap agreements |  |  |  |  |  | 9 |  |
| Cash | 6 |  | 250 | 58 | 215 | 1169 | 496 |
| Foreign currency |  |  |  |  |  | 4351 |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  |  | 1237 |  |  |  | 14053 | 7420 |
| Fund shares sold | 69 | 11 | 20 | 92 |  | 327 | 10735 |
| Dividends and interest | 25 | 211 | 723 | 1557 | 59 | 7588 | 3669 |
| Deposits with brokers and counterparties |  | 60 | 330 | 25981 | 1210 | 1380 |  |
| Other assets |  |  |  |  |  |  | 1 |
| **Total assets**  | 7526 | 229522 | 789812 | 386214 | 16620 | 792634 | 1917522 |
| **Liabilities** |  |  |  |  |  |  |  |
| Cash overdraft  |  | 340 |  |  |  |  |  |
| Foreign currency overdraft | 1 |  |  |  |  |  |  |
| Forward foreign currency contracts |  |  |  |  |  | 3199 |  |
| Variation margin on futures/futures options contracts |  | 3 | 14 | 2951 | 7 | 124 |  |
| Variation margin on swap agreements |  |  |  |  |  | 15 |  |
| OTC swap agreements |  |  |  |  |  | 505 |  |
| OTC swap premiums received  |  |  |  |  |  | 150 |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 1 | 174 |  |  |  | 133711 | 41043 |
| Deposits from counterparties  |  |  |  |  |  | 870 |  |
| Return of securities loaned  |  | 66 |  |  |  | 7819 |  |
| Fund shares redeemed |  | 84 | 342 | 289 |  | 532 | 2880 |
| Advisory fees | 2 | 51 | 137 | 143 | 10 | 271 | 657 |
| Administrative fees | 1 | 30 | 103 | 48 | 2 | 83 | 230 |
| 12b-1 fees (Class A) |  | 7 | 12 | 2 |  | 19 | 56 |
| Board of trustee fees |  | 8 | 28 | 14 | 1 | 34 | 66 |
| Chief compliance officer fees |  |  | 1 |  |  | 1 | 2 |
| Other expenses | 1 | 3 | 233 |  |  | 4 | 3 |
| **Total liabilities**  | 6 | 766 | 870 | 3447 | 20 | 147337 | 44937 |
| **Net assets**  | $7520 | $228756 | $788942 | $382767 | $16600 | $645297 | $1872585 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $10612 | $250621 | $808267 | $374386 | $15829 | $739987 | $1815308 |
| Total distributable earnings (loss)(a) | (3092) | (21865) | (19325) | 8381 | 771 | (94690) | 57277 |
| **Net assets**  | $7520 | $228756 | $788942 | $382767 | $16600 | $645297 | $1872585 |
| Net assets - Class A | $3548 | $218915 | $380653 | $65072 | $16599 | $562041 | $1715044 |
| Shares outstanding - Class A | 449 | 12605 | 38212 | 3885 | 1787 | 50916 | 66090 |
| Net asset value per share - Class A | $7.91 | $17.37 | $9.96 | $16.75 | $9.29 | $11.04 | $25.95 |
| Net assets - Class I | $3972 | $9841 | $408289 | $317695 | $1 | $83256 | $157541 |
| Shares outstanding - Class I | 500 | 558 | 40498 | 18781 |  | 7413 | 5983 |
| Net asset value per share - Class I | $7.95 | $17.64 | $10.08 | $16.92 | $9.32 | $11.23 | $26.33 |
| Investments - unaffiliated, at cost | $9566 | $249775 | $856976 | $307731 | $13247 | $817206 | $1727581 |
| Investments - affiliated, at cost |  | 66 | 3984 | 42652 | 1930 | 37748 | 110341 |
| Foreign currency cost |  |  |  |  |  | 4336 |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value |  | 343 |  |  |  | 8600 | 21344 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

738

------

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

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/PIMCO Income Fund | JNL/PIMCO Investment Grade Credit Bond Fund | JNL/PIMCO Real Return Fund | JNL/PPM America Floating Rate Income Fund | JNL/PPM America High Yield Bond Fund | JNL/PPM America Total Return Fund | JNL/RAFI Fundamental U.S. Small Cap Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $1489288 | $987529 | $1679443 | $1138883 | $1336445 | $1299256 | $406630 |
| Investments - affiliated, at value | 991 | 611 |  | 99489 | 48267 | 6200 | 1885 |
| Purchased options, at value |  |  | 3216 |  |  |  |  |
| Forward foreign currency contracts | 3775 | 641 | 395 |  |  |  |  |
| Variation margin on futures/futures options contracts | 312 | 10 | 1316 |  |  | 95 |  |
| Variation margin on swap agreements | 1831 | 157 | 1012 |  |  |  |  |
| OTC swap agreements  | 1300 | 491 | 44 |  |  |  |  |
| OTC swap premiums paid | 2366 | 158 |  |  |  |  |  |
| Cash | 13802 | 1060 | 251 | 14208 | 2027 | 955 | 287 |
| Foreign currency | 5819 | 1123 | 7442 |  |  |  |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 509746 | 79077 | 44263 | 34223 |  | 16658 | 838 |
| Fund shares sold | 991 | 298 | 557 | 291 | 440 | 740 | 345 |
| Treasury roll transactions |  |  | 695357 |  |  |  |  |
| Dividends and interest | 7655 | 8954 | 5122 | 5993 | 22304 | 9113 | 564 |
| Adviser |  |  |  | 104 |  |  |  |
| Deposits with brokers and counterparties | 32170 | 7026 | 10561 |  |  | 3173 | 99 |
| Other assets | 1 |  | 1 | 51 | 1 |  |  |
| **Total assets**  | 2070047 | 1087135 | 2448980 | 1293242 | 1409484 | 1336190 | 410648 |
| **Liabilities** |  |  |  |  |  |  |  |
| Forward sales commitments, at value | 2259 |  |  |  |  |  |  |
| Written options, at value | 2789 |  | 4689 |  |  |  |  |
| Forward foreign currency contracts | 3654 | 1230 | 3359 |  |  |  |  |
| Variation margin on futures/futures options contracts | 139 | 26 | 852 |  |  | 325 | 6 |
| Variation margin on swap agreements | 1737 | 97 | 1044 |  |  |  |  |
| OTC swap agreements | 1259 | 98 | 5480 |  |  |  |  |
| OTC swap premiums received  | 3229 | 443 |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 803082 | 139766 | 115617 | 74720 |  | 15919 |  |
| Treasury roll transactions |  | 12201 | 779677 |  |  |  |  |
| Deposits from counterparties  | 2482 | 600 | 370 |  |  |  |  |
| Return of securities loaned  | 991 | 611 |  |  | 20460 | 5700 | 914 |
| Fund shares redeemed | 986 | 258 | 584 | 1631 | 785 | 374 | 132 |
| Advisory fees | 521 | 280 | 510 | 501 | 407 | 439 | 64 |
| Administrative fees | 160 | 80 | 133 | 156 | 120 | 113 | 54 |
| 12b-1 fees (Class A) | 24 | 15 | 39 | 51 | 38 | 18 | 13 |
| Board of trustee fees | 61 | 33 | 133 | 73 | 118 | 69 | 31 |
| Chief compliance officer fees | 1 | 1 | 1 | 1 | 1 | 1 |  |
| Other expenses | 185 | 12 | 13 | 5 | 3 | 4 | 37 |
| **Total liabilities**  | 823559 | 155751 | 912501 | 77138 | 21932 | 22962 | 1251 |
| **Net assets**  | $1246488 | $931384 | $1536479 | $1216104 | $1387552 | $1313228 | $409397 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1392290 | $1075555 | $1683290 | $1316545 | $1550824 | $1459074 | $405618 |
| Total distributable earnings (loss)(a) | (145802) | (144171) | (146811) | (100441) | (163272) | (145846) | 3779 |
| **Net assets**  | $1246488 | $931384 | $1536479 | $1216104 | $1387552 | $1313228 | $409397 |
| Net assets - Class A | $733830 | $452278 | $1172015 | $1196910 | $1155672 | $544995 | $404209 |
| Shares outstanding - Class A | 70966 | 40671 | 108036 | 110085 | 84705 | 46013 | 54030 |
| Net asset value per share - Class A | $10.34 | $11.12 | $10.85 | $10.87 | $13.64 | $11.84 | $7.48 |
| Net assets - Class I | $512658 | $479106 | $364464 | $19194 | $231880 | $768233 | $5188 |
| Shares outstanding - Class I | 48840 | 42599 | 32848 | 1742 | 14331 | 64246 | 704 |
| Net asset value per share - Class I | $10.50 | $11.25 | $11.10 | $11.02 | $16.18 | $11.96 | $7.37 |
| Investments - unaffiliated, at cost | $1641414 | $1130427 | $1802390 | $1239300 | $1499719 | $1445382 | $402762 |
| Investments - affiliated, at cost | 991 | 611 |  | 99489 | 48267 | 6200 | 1982 |
| Purchased options, at cost |  |  | 2829 |  |  |  |  |
| Foreign currency cost | 5859 | 1124 | 8417 |  |  |  |  |
| Proceeds from forward sales commitments | 2284 |  |  |  |  |  |  |
| Premiums from written options | 1994 | 4 | 2991 |  |  |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 969 | 2181 |  |  | 28955 | 20448 | 3776 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

739

------

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

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/RAFI Multi-Factor U.S. Equity Fund | JNL/T. Rowe Price Balanced Fund | JNL/T. Rowe Price Capital Appreciation Fund | JNL/T. Rowe Price Established Growth Fund | JNL/T. Rowe Price Mid-Cap Growth Fund | JNL/T. Rowe Price Short-Term Bond Fund | JNL/T. Rowe Price U.S. High Yield Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $2188431 | $434622 | $10033373 | $6869106 | $4701024 | $1741495 | $498194 |
| Investments - affiliated, at value | 5961 | 10820 | 895840 | 345565 | 189793 | 8582 | 25614 |
| Variation margin on futures/futures options contracts |  |  |  |  |  | 81 |  |
| Cash | 950 | 2099 | 24743 | 2570 | 2986 | 4963 | 1514 |
| Foreign currency |  | 173 | 360 | 1 |  |  |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 1088 | 1504 | 46051 | 5936 |  | 3 | 648 |
| Fund shares sold | 143 | 209 | 10919 | 4248 | 994 | 2203 | 192 |
| Dividends and interest | 3180 | 1749 | 37602 | 1554 | 2005 | 10971 | 9832 |
| Adviser |  | 8 | 8 |  |  |  | 13 |
| Deposits with brokers and counterparties | 401 |  |  |  |  |  |  |
| Other assets | 2 |  | 3 | 2 | 2 | 1 |  |
| **Total assets**  | 2200156 | 451184 | 11048899 | 7228982 | 4896804 | 1768299 | 536007 |
| **Liabilities** |  |  |  |  |  |  |  |
| Written options, at value |  |  | 16174 |  |  |  |  |
| Variation margin on futures/futures options contracts | 23 | 7 |  |  |  | 225 |  |
| Deferred foreign capital gains tax liability |  | 16 |  |  |  |  |  |
| Payable to affiliates |  | 91 |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased |  | 3911 | 95011 |  |  | 5225 | 1428 |
| Return of securities loaned  | 1416 | 869 | 41404 |  |  |  | 11100 |
| Fund shares redeemed | 1184 | 267 | 5588 | 2703 | 2379 | 1045 | 103 |
| Advisory fees | 330 | 212 | 4865 | 2777 | 2449 | 453 | 226 |
| Administrative fees | 285 | 58 | 1267 | 598 | 408 | 149 | 68 |
| 12b-1 fees (Class A) | 71 | 15 | 337 | 195 | 153 | 42 | 5 |
| Board of trustee fees | 321 | 38 | 388 | 404 | 274 | 115 | 25 |
| Chief compliance officer fees | 2 |  | 10 | 7 | 4 | 2 |  |
| Other expenses | 229 | 9 | 21 | 17 | 10 | 3 | 1 |
| **Total liabilities**  | 3861 | 5493 | 165065 | 6701 | 5677 | 7259 | 12956 |
| **Net assets**  | $2196295 | $445691 | $10883834 | $7222281 | $4891127 | $1761040 | $523051 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $1961387 | $464453 | $11266145 | $6296825 | $4003354 | $1837179 | $624940 |
| Total distributable earnings (loss)(a) | 234908 | (18762) | (382311) | 925456 | 887773 | (76139) | (101889) |
| **Net assets**  | $2196295 | $445691 | $10883834 | $7222281 | $4891127 | $1761040 | $523051 |
| Net assets - Class A | $2174350 | $442413 | $10288548 | $5962625 | $4655799 | $1292391 | $141134 |
| Shares outstanding - Class A | 119217 | 31275 | 489836 | 124676 | 76353 | 128714 | 13868 |
| Net asset value per share - Class A | $18.24 | $14.15 | $21.00 | $47.82 | $60.98 | $10.04 | $10.18 |
| Net assets - Class I | $21945 | $3278 | $595286 | $1259656 | $235328 | $468649 | $381917 |
| Shares outstanding - Class I | 1190 | 228 | 27942 | 25154 | 3633 | 45638 | 37416 |
| Net asset value per share - Class I | $18.44 | $14.36 | $21.30 | $50.08 | $64.77 | $10.27 | $10.21 |
| Investments - unaffiliated, at cost | $1953272 | $453374 | $10453907 | $5943651 | $3813250 | $1817977 | $600083 |
| Investments - affiliated, at cost | 6041 | 10820 | 895977 | 345565 | 189793 | 8582 | 25614 |
| Foreign currency cost |  | 171 | 345 | 1 |  |  |  |
| Premiums from written options |  |  | 54518 |  |  |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | 5814 | 3133 | 40746 |  | 8979 |  | 11584 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

740

------

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

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/T. Rowe Price Value Fund | JNL/WCM China Quality Growth Fund | JNL/WCM Focused International Equity Fund | JNL/Westchester Capital Event Driven Fund | JNL/Western Asset Global Multi-Sector Bond Fund | JNL/William Blair International Leaders Fund | JNL/WMC Balanced Fund |
| **Assets** |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value | $4433114 | $5283 | $1308089 | $119970 | $397613 | $799406 | $8475604 |
| Investments - affiliated, at value | 56745 | 433 | 30138 | 6617 | 6618 | 4843 | 575681 |
| Purchased options, at value |  |  |  | 115 | 14 |  |  |
| Forward foreign currency contracts |  |  |  | 73 | 669 |  | 2 |
| Variation margin on futures/futures options contracts |  |  |  |  | 38 |  | 87 |
| OTC swap agreements  |  |  |  | 932 |  |  |  |
| Cash | 5000 | 15 | 15 | 4577 | 889 | 15 | 1602 |
| Cash collateral segregated for short sales |  |  |  | 5856 |  |  |  |
| Foreign currency | 704 |  |  |  | 5575 | 220 |  |
| Receivable from: |  |  |  |  |  |  |  |
| Investment securities sold  | 7949 |  | 2221 | 1626 | 176 | 938 | 31285 |
| Fund shares sold | 1556 | 10 | 408 | 28 | 42 | 176 | 4171 |
| Dividends and interest | 6210 | 1 | 1547 | 661 | 5246 | 2044 | 21810 |
| Deposits with brokers and counterparties |  |  |  | 8170 | 824 |  |  |
| Other assets | 2 |  |  |  |  | 2 | 4 |
| **Total assets**  | 4511280 | 5742 | 1342418 | 148625 | 417704 | 807644 | 9110246 |
| **Liabilities** |  |  |  |  |  |  |  |
| Foreign currency overdraft |  |  |  | 1 |  |  |  |
| Securities sold short, at value |  |  |  | 5741 |  |  |  |
| Written options, at value |  |  |  | 2069 |  |  |  |
| Forward foreign currency contracts |  |  |  | 123 | 4428 | 3 |  |
| Variation margin on futures/futures options contracts |  |  |  |  | 60 |  | 79 |
| OTC swap agreements |  |  |  | 2378 |  |  |  |
| Deferred foreign capital gains tax liability |  |  |  |  | 3 |  |  |
| Payable to affiliates | 152 |  |  |  |  |  | 1 |
| Payable for: |  |  |  |  |  |  |  |
| Investment securities purchased | 32280 |  | 1724 | 6272 | 3396 |  | 504162 |
| Deposits from counterparties  |  |  |  |  | 278 |  |  |
| Return of securities loaned  |  |  |  |  | 795 |  | 34650 |
| Fund shares redeemed | 3781 |  | 704 | 242 | 900 | 403 | 5216 |
| Advisory fees | 1799 | 4 | 782 | 118 | 184 | 363 | 2343 |
| Administrative fees | 372 | 1 | 175 | 11 | 53 | 106 | 690 |
| 12b-1 fees (Class A) | 99 |  | 18 | 2 | 13 | 20 | 279 |
| Board of trustee fees | 257 |  | 48 | 8 | 50 | 69 | 433 |
| Chief compliance officer fees | 4 |  | 1 |  |  | 1 | 8 |
| Other expenses | 9 | 1 | 2 |  | 15 | 2 | 15 |
| **Total liabilities**  | 38753 | 6 | 3454 | 16965 | 10175 | 967 | 547876 |
| **Net assets**  | $4472527 | $5736 | $1338964 | $131660 | $407529 | $806677 | $8562370 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital(a)  | $4336814 | $5752 | $997256 | $146374 | $655587 | $874950 | $7617824 |
| Total distributable earnings (loss)(a) | 135713 | (16) | 341708 | (14714) | (248058) | (68273) | 944546 |
| **Net assets**  | $4472527 | $5736 | $1338964 | $131660 | $407529 | $806677 | $8562370 |
| Net assets - Class A | $3003508 | $5735 | $536968 | $61635 | $403442 | $612250 | $8491226 |
| Shares outstanding - Class A | 137041 | 551 | 39001 | 5240 | 56930 | 62635 | 289215 |
| Net asset value per share - Class A | $21.92 | $10.41 | $13.77 | $11.76 | $7.09 | $9.77 | $29.36 |
| Net assets - Class I | $1469019 | $1 | $801996 | $70025 | $4087 | $194427 | $71144 |
| Shares outstanding - Class I | 63239 |  | 57565 | 5924 | 567 | 18479 | 2318 |
| Net asset value per share - Class I | $23.23 | $10.42 | $13.93 | $11.82 | $7.21 | $10.52 | $30.70 |
| Investments - unaffiliated, at cost | $4297390 | $5286 | $1168040 | $132547 | $433146 | $853752 | $7531207 |
| Investments - affiliated, at cost | 56745 | 433 | 30138 | 6617 | 6618 | 4843 | 575681 |
| Purchased options, at cost |  |  |  | 296 | 62 |  |  |
| Foreign currency cost | 697 |  |  |  | 5400 | 220 |  |
| Proceeds from securities sold short |  |  |  | 5579 |  |  |  |
| Premiums from written options |  |  |  | 1772 |  |  |  |
| Securities on loan included in |  |  |  |  |  |  |  |
| Investments - unaffiliated, at value |  |  |  |  | 781 |  | 231795 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

741

------

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

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | JNL/WMC Equity Income Fund | JNL/WMC Global Real Estate Fund | JNL/WMC Government Money Market Fund | JNL/WMC Value Fund |
| **Assets** |  |  |  |  |
| Investments - unaffiliated, at value | $1260381 | $659492 | $1953155 | $1450009 |
| Investments - affiliated, at value | 17848 | 13607 |  | 6744 |
| Repurchase agreements, at value |  |  | 1072900 |  |
| Forward foreign currency contracts |  | 2 |  |  |
| Cash | 419 | 340 | 335332 | 513 |
| Foreign currency |  | 327 |  |  |
| Receivable from: |  |  |  |  |
| Investment securities sold  |  | 24 |  |  |
| Fund shares sold | 829 | 143 | 14080 | 257 |
| Dividends and interest | 1790 | 3082 | 4192 | 1984 |
| Other assets |  | 1 |  | 1 |
| **Total assets**  | 1281267 | 677018 | 3379659 | 1459508 |
| **Liabilities** |  |  |  |  |
| Foreign currency overdraft | 1 |  |  |  |
| Forward foreign currency contracts |  | 1 |  |  |
| Payable to affiliates |  | 147 |  |  |
| Payable for: |  |  |  |  |
| Investment securities purchased |  | 1177 |  |  |
| Return of securities loaned  | 3063 |  |  |  |
| Fund shares redeemed | 775 | 659 | 2867 | 445 |
| Advisory fees | 471 | 335 | 433 | 474 |
| Administrative fees | 164 | 87 | 279 | 126 |
| 12b-1 fees (Class A) | 27 | 22 | 99 | 27 |
| Recovery of previously reimbursed expenses |  |  | 2040 |  |
| Dividends |  |  | 7773 |  |
| Board of trustee fees | 45 | 72 | 175 | 108 |
| Chief compliance officer fees | 1 | 1 | 3 | 1 |
| Other expenses | 1 | 19 | 3 | 4 |
| **Total liabilities**  | 4548 | 2520 | 13672 | 1185 |
| **Net assets**  | $1276719 | $674498 | $3365987 | $1458323 |
| **Net assets consist of:** |  |  |  |  |
| Paid-in capital(a)  | $1231087 | $722693 | $3366080 | $1253010 |
| Total distributable earnings (loss)(a) | 45632 | (48195) | (93) | 205313 |
| **Net assets**  | $1276719 | $674498 | $3365987 | $1458323 |
| Net assets - Class A | $825844 | $670073 | $3038903 | $837010 |
| Shares outstanding - Class A | 51620 | 76405 | 3038971 | 28756 |
| Net asset value per share - Class A | $16.00 | $8.77 | $1.00 | $29.11 |
| Net assets - Class I | $450875 | $4425 | $327084 | $621313 |
| Shares outstanding - Class I | 27711 | 491 | 327112 | 20477 |
| Net asset value per share - Class I | $16.27 | $9.02 | $1.00 | $30.34 |
| Investments - unaffiliated, at cost | $1214748 | $707685 | $1953155 | $1244698 |
| Investments - affiliated, at cost | 17848 | 13607 |  | 6744 |
| Repurchase agreements, at cost |  |  | 1072900 |  |
| Foreign currency cost |  | 326 |  |  |
| Securities on loan included in |  |  |  |  |
| Investments - unaffiliated, at value | 15030 | 5253 |  | 10306 |

---

(a) For funds structured as partnerships
for federal income tax purposes, Paid-in capital represents partners' capital and Total distributable
earnings (loss) represents net unrealized appreciation (depreciation) on investments and foreign currency.

See accompanying Notes to Financial Statements.

742

------

***Statements of Operations** *(in thousands)*

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Balanced Fund(b) | JNL/American Funds Bond Fund of America Fund(b) | JNL/American Funds Capital Income Builder Fund(b) | JNL/American Funds Capital World Bond Fund(b) | JNL/American Funds Global Growth Fund(b) | JNL/American Funds Global Small Capitalization Fund(b) | JNL/American Funds Growth Fund(b) |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends received from master fund (a) | $56085 | $5025 | $10189 | $1163 | $7148 | $— | $22020 |
| **Total investment income** | 56085 | 5025 | 10189 | 1163 | 7148 |  | 22020 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 13157 | 484 | 1677 | 2382 | 5057 | 4477 | 22236 |
| Administrative fees | 2581 | 121 | 320 | 397 | 778 | 689 | 3507 |
| 12b-1 fees (Class A) | 7606 | 354 | 937 | 1177 | 2275 | 2036 | 10690 |
| Legal fees | 13 | 1 | 2 | 2 | 4 | 3 | 17 |
| Board of trustee fees | 31 | 5 | 8 | 1 | 3 |  | 17 |
| Chief compliance officer fees | 11 | 1 | 1 | 2 | 3 | 3 | 16 |
| Other expenses | 31 | 1 | 3 | 5 | 10 | 9 | 44 |
| **Total expenses** | 23430 | 967 | 2948 | 3966 | 8130 | 7217 | 36527 |
| Expense waiver | (7744) | (242) | (799) | (1707) | (3390) | (3269) | (16350) |
| **Net expenses** | 15686 | 725 | 2149 | 2259 | 4740 | 3948 | 20177 |
| **Net investment income (loss)** | 40399 | 4300 | 8040 | (1096) | 2408 | (3948) | 1843 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 66 | (4049) |  |  |  |  |  |
| Investments - affiliated | 3451 |  | 905 | (11942) | 15950 | (25531) | 58789 |
| Distributions from unaffiliated |  |  |  |  |  |  |  |
| investment companies |  | 1474 |  |  |  |  |  |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies | 265180 |  |  | 6353 | 86570 | 225248 | 507625 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated |  | (16452) |  |  |  |  |  |
| Investments - affiliated | (705944) |  | (32648) | (78058) | (357929) | (471333) | (1962301) |
| **Net realized and unrealized gain (loss)** | (437247) | (19027) | (31743) | (83647) | (255409) | (271616) | (1395887) |
| **Change in net assets from operations** | $(396848) | $(14727) | $(23703) | $(84743) | $(253001) | $(275564) | $(1394044) |
| Affiliated income | $56085 | $— | $10189 | $1163 | $7148 | $— | $22020 |

---

(b) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective shareholder
report.

See accompanying Notes to Financial Statements.

743

------

***Statements of Operations** *(in thousands)*

For the Year Ended December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | JNL/American Funds Growth-Income Fund(b) | JNL/American Funds International Fund(b) | JNL/American Funds New World Fund(b) | JNL/American Funds Washington Mutual Investors Fund(b) | JNL/Mellon Bond Index Fund(b) | JNL/Mellon Emerging Markets Index Fund(b) | JNL/Mellon International Index Fund(b) |
| **Investment income** | **Investment income** |  |  |  |  |  |  |  |
| Dividends/Dividends received from master fund (a) | Dividends/Dividends received from master fund (a) | $137833 | $29320 | $22114 | $76890 | $— | $2 | $60061 |
| **Total investment income** | **Total investment income** | 137833 | 29320 | 22114 | 76890 |  | 2 | 60061 |
| **Expenses** | **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | Advisory fees | 49035 | 10964 | 13266 | 20236 | 1797 | 2426 | 3414 |
| Administrative fees | Administrative fees | 7805 | 1495 | 1419 | 3479 | 1123 | 1351 | 3310 |
| 12b-1 fees (Class A) | 12b-1 fees (Class A) | 26686 | 4438 | 4179 | 10680 | 3302 | 2651 | 6469 |
| Licensing fees paid to third parties | Licensing fees paid to third parties |  |  |  |  |  |  | 5 |
| Legal fees | Legal fees | 44 | 7 | 7 | 18 |  |  |  |
| Board of trustee fees | Board of trustee fees | 77 | 7 | 7 | 41 |  |  |  |
| Chief compliance officer fees | Chief compliance officer fees | 39 | 6 | 6 | 16 |  |  |  |
| Other expenses | Other expenses | 114 | 20 | 18 | 45 | 1 | 1 | 1 |
| **Total expenses** | **Total expenses** | 83800 | 16937 | 18902 | 34515 | 6223 | 6429 | 13199 |
| Expense waiver | Expense waiver | (27020) | (7474) | (9220) | (10798) | (786) | (1314) | (2096) |
| **Net expenses** | **Net expenses** | 56780 | 9463 | 9682 | 23717 | 5437 | 5115 | 11103 |
| **Net investment income (loss)** | **Net investment income (loss)** | 81053 | 19857 | 12432 | 53173 | (5437) | (5113) | 48958 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |  |
|  | Investments - affiliated | 85269 | (34428) | (1821) | (4785) | (14228) | (21376) | (24276) |
|  | Distributions from affiliated investment  |  |  |  |  |  |  |  |
|  | companies | 877273 | 206141 | 127996 | 808487 |  |  | 14066 |
| Net change in unrealized appreciation | Net change in unrealized appreciation |  |  |  |  |  |  |  |
|  | (depreciation) on: |  |  |  |  |  |  |  |
|  | Investments - affiliated | (2820908) | (579542) | (535443) | (1214911) | (152703) | (174243) | (413885) |
| **Net realized and unrealized gain (loss)** | **Net realized and unrealized gain (loss)** | (1858366) | (407829) | (409268) | (411209) | (166931) | (195619) | (424095) |
| **Change in net assets from operations** | **Change in net assets from operations** | $(1777313) | $(387972) | $(396836) | $(358036) | $(172368) | $(200732) | $(375137) |
| (a) | Affiliated income | $137833 | $29320 | $22114 | $76890 | $— | $— | $60061 |

---

(b) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective shareholder
report.

See accompanying Notes to Financial Statements.

744

------

***Statements of Operations** *(in thousands)*

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon S&P 400 MidCap Index Fund(b) | JNL/Mellon Small Cap Index Fund(b) | JNL Aggressive Growth Allocation Fund | JNL Conservative Allocation Fund | JNL Growth Allocation Fund | JNL Moderate Allocation Fund | JNL Moderate Growth Allocation Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $— | $— | $5050 | $552 | $9638 | $3637 | $9211 |
| Foreign taxes withheld |  |  |  |  | (22) |  |  |
| Interest |  |  |  |  | 31 |  |  |
| Securities lending (a) |  |  |  |  | 3 |  |  |
| **Total investment income** |  |  | 5050 | 552 | 9650 | 3637 | 9211 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 4534 | 3607 | 1430 | 783 | 2515 | 2120 | 3544 |
| Administrative fees | 3231 | 2525 | 737 | 333 | 1414 | 1168 | 2036 |
| 12b-1 fees (Class A) | 9576 | 7406 | 4383 | 1978 | 8445 | 6977 | 12542 |
| Legal fees |  |  | 7 | 11 | 15 | 11 | 20 |
| Board of trustee fees |  |  | 8 | 4 | 101 | 15 | 22 |
| Chief compliance officer fees |  |  | 6 | 3 | 12 | 10 | 18 |
| Other expenses | 2 | 2 | 19 | 8 | 3 | 30 | 55 |
| **Total expenses** | 17343 | 13540 | 6590 | 3120 | 12505 | 10331 | 18237 |
| Expense waiver | (2607) | (2020) |  |  |  |  |  |
| **Net expenses** | 14736 | 11520 | 6590 | 3120 | 12505 | 10331 | 18237 |
| **Net investment income (loss)** | (14736) | (11520) | (1540) | (2568) | (2855) | (6694) | (9026) |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 16 | 8 |  |  |  |  | 300 |
| Investments - affiliated | (28523) | (19650) | 76084 | 6915 | 96752 | 63276 | 153260 |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies |  |  | 46580 | 3188 | 86432 | 26146 | 75658 |
| Brokerage commissions recaptured |  |  |  |  | 8 |  |  |
| Foreign currency |  |  |  |  | (21) |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - affiliated | (472999) | (455881) | (475031) | (107871) | (754374) | (481510) | (999072) |
| Foreign currency |  |  |  |  | 2 |  |  |
| **Net realized and unrealized gain (loss)** | (501506) | (475523) | (352367) | (97768) | (571201) | (392088) | (769854) |
| **Change in net assets from operations** | $(516242) | $(487043) | $(353907) | $(100336) | $(574056) | $(398782) | $(778880) |
| Affiliated income | $— | $— | $5050 | $552 | $9539 | $3637 | $9211 |

---

(b) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective shareholder
report.

See accompanying Notes to Financial Statements.

745

------

***Statements of Operations** *(in thousands)*

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Growth Allocation Fund | JNL/American Funds Moderate Growth Allocation Fund | JNL/Goldman Sachs Managed Aggressive Growth Fund | JNL/Goldman Sachs Managed Conservative Fund | JNL/Goldman Sachs Managed Growth Fund | JNL/Goldman Sachs Managed Moderate Fund | JNL/Goldman Sachs Managed Moderate Growth Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $67157 | $64471 | $4991 | $852 | $8979 | $3618 | $7254 |
| **Total investment income** | 67157 | 64471 | 4991 | 852 | 8979 | 3618 | 7254 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 6287 | 4801 | 2019 | 1029 | 3853 | 2044 | 3818 |
| Administrative fees | 5120 | 3901 | 1106 | 487 | 2225 | 1122 | 2202 |
| 12b-1 fees (Class A) | 10304 | 7734 | 6599 | 2911 | 13772 | 6720 | 13660 |
| Legal fees | 17 | 13 | 11 | 5 | 22 | 11 | 22 |
| Board of trustee fees | 24 | 17 | 7 | 4 | 13 | 9 | 14 |
| Chief compliance officer fees | 15 | 11 | 9 | 4 | 20 | 9 | 20 |
| Other expenses | 44 | 33 | 29 | 13 | 61 | 33 | 57 |
| **Total expenses** | 21811 | 16510 | 9780 | 4453 | 19966 | 9948 | 19793 |
| **Net investment income (loss)** | 45346 | 47961 | (4789) | (3601) | (10987) | (6330) | (12539) |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 5443 | (15475) |  |  |  |  |  |
| Investments - affiliated | (968) | (10797) | 133006 | 11937 | 244736 | 61936 | 206092 |
| Distributions from unaffiliated |  |  |  |  |  |  |  |
| investment companies | 115623 | 92155 |  |  |  |  |  |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies | 47106 |  | 25463 | 899 | 38632 | 7972 | 31353 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (808854) | (623273) |  |  |  |  |  |
| Investments - affiliated | (206916) | (22152) | (756357) | (174245) | (1468413) | (501565) | (1265731) |
| **Net realized and unrealized gain (loss)** | (848566) | (579542) | (597888) | (161409) | (1185045) | (431657) | (1028286) |
| **Change in net assets from operations** | $(803220) | $(531581) | $(602677) | $(165010) | $(1196032) | $(437987) | $(1040825) |
| Affiliated income | $13518 | $11785 | $4991 | $852 | $8978 | $3618 | $7255 |

---

See accompanying Notes to Financial Statements.

746

------

***Statements of Operations** *(in thousands)*

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL iShares Tactical Growth Fund | JNL iShares Tactical Moderate Fund | JNL iShares Tactical Moderate Growth Fund | JNL/Vanguard Growth ETF Allocation Fund | JNL/Vanguard Moderate ETF Allocation Fund | JNL/Vanguard Moderate Growth ETF Allocation Fund | JNL Bond Index Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $7268 | $5303 | $8103 | $47991 | $13226 | $21697 | $689 |
| Interest |  |  |  |  |  |  | 20589 |
| Securities lending (a) | 621 | 568 | 719 | 924 | 438 | 579 | 33 |
| **Total investment income** | 7889 | 5871 | 8822 | 48915 | 13664 | 22276 | 21311 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 618 | 396 | 649 | 3900 | 1069 | 1822 | 2251 |
| Administrative fees | 464 | 297 | 487 | 3128 | 802 | 1367 |  |
| 12b-1 fees (Class A) | 907 | 571 | 947 | 6092 | 1548 | 2614 |  |
| Legal fees | 2 | 1 | 2 | 10 | 3 | 4 | 5 |
| Board of trustee fees | 3 | 2 | 2 | 15 | 6 | 9 | 7 |
| Chief compliance officer fees | 1 | 1 | 1 | 9 | 2 | 4 | 5 |
| Other expenses | 5 | 4 | 5 | 30 | 8 | 13 | 15 |
| **Total expenses** | 2000 | 1272 | 2093 | 13184 | 3438 | 5833 | 2283 |
| Expense waiver |  |  |  | (66) | (24) | (48) | (1463) |
| **Net expenses** | 2000 | 1272 | 2093 | 13118 | 3414 | 5785 | 820 |
| **Net investment income (loss)** | 5889 | 4599 | 6729 | 35797 | 10250 | 16491 | 20491 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 4993 | (1019) | 6173 | 40853 | 3837 | 13625 | (43926) |
| Distributions from unaffiliated |  |  |  |  |  |  |  |
| investment companies |  |  |  | 81 | 68 | 73 |  |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies |  | 1 | 1 | 1 | 1 | 1 | 1 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (64947) | (32506) | (65949) | (480067) | (98843) | (190288) | (144326) |
| Investments - affiliated |  |  |  |  |  |  | (124) |
| **Net realized and unrealized gain (loss)** | (59954) | (33524) | (59775) | (439132) | (94937) | (176589) | (188375) |
| **Change in net assets from operations** | $(54065) | $(28925) | $(53046) | $(403335) | $(84687) | $(160098) | $(167884) |
| Affiliated income | $1046 | $1047 | $1295 | $2726 | $1391 | $1804 | $772 |

---

See accompanying Notes to Financial Statements.

747

------

***Statements of Operations** *(in thousands)*

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Emerging Markets Index Fund | JNL International Index Fund | JNL Mid Cap Index Fund | JNL Small Cap Index Fund | JNL Multi-Manager Alternative Fund | JNL Multi-Manager Emerging Markets Equity Fund | JNL Multi-Manager International Small Cap Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $31985 | $72586 | $50495 | $38113 | $9760 | $29616 | $23268 |
| Foreign taxes withheld | (3389) | (4969) |  | (20) | (819) | (2789) | (2536) |
| Interest | 8 |  | 20 | 9 | 23529 |  |  |
| Net prime broker interest income |  |  |  |  | 359 |  |  |
| Securities lending (a) | 189 | 391 | 1076 | 331 | 37 | 91 | 952 |
| **Total investment income** | 28793 | 68008 | 51591 | 38433 | 32866 | 26918 | 21684 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 1803 | 4419 | 6522 | 5054 | 13935 | 8428 | 4934 |
| Administrative fees |  |  |  |  | 2391 | 1671 | 989 |
| 12b-1 fees (Class A) |  |  |  |  | 672 | 2115 | 1236 |
| Licensing fees paid to third parties | 45 | 135 | 621 | 481 |  |  |  |
| Legal fees | 4 | 11 | 16 | 20 | 6 | 5 | 3 |
| Board of trustee fees | 5 | 17 | 22 | 14 | 9 |  | 1 |
| Chief compliance officer fees | 4 | 10 | 14 | 11 | 5 | 5 | 3 |
| Dividends/interest on securities sold short |  |  |  |  | 3241 |  |  |
| Net short holdings borrowing fees |  |  |  |  | 2344 |  |  |
| Interest expense |  |  |  |  | 264 |  |  |
| Other expenses | 123 | 37 | 44 | 36 | 60 | 56 | 44 |
| **Total expenses** | 1984 | 4629 | 7239 | 5616 | 22927 | 12280 | 7210 |
| Expense waiver | (496) | (2320) | (3913) | (3033) |  |  |  |
| **Net expenses** | 1488 | 2309 | 3326 | 2583 | 22927 | 12280 | 7210 |
| **Net investment income (loss)** | 27305 | 65699 | 48265 | 35850 | 9939 | 14638 | 14474 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (25255) | (11444) | (14670) | 2838 | (33719) | (50093) | (87141) |
| Investments - affiliated |  |  |  | (84) | 6 | (3478) |  |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies |  | 1 |  | 1 | 2 |  |  |
| Securities sold short |  |  |  |  | 27524 |  |  |
| Brokerage commissions recaptured |  |  |  |  | 2 | 3 | 2 |
| Purchased options |  |  |  |  | (11994) |  |  |
| Written options |  |  |  |  | 25868 |  |  |
| Foreign currency | (604) | (961) |  |  | (814) | (906) | (530) |
| Forward foreign currency contracts | 7 | (1581) |  |  | 5399 | (86) | (10) |
| Futures/futures options contracts | (3325) | (600) | (6268) | (2618) | (23551) |  |  |
| Swap agreements |  |  |  |  | 15533 |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (192784) | (415244) | (526993) | (505101) | (191066) | (313046) | (196315) |
| Investments - affiliated |  | (1351) |  | (5335) | (5) | 5163 |  |
| Investment securities sold short |  |  |  |  | 39867 |  |  |
| Purchased options |  |  |  |  | (534) |  |  |
| Written options |  |  |  |  | 601 |  |  |
| Foreign currency | 151 | (340) |  |  | 133 | 81 | (37) |
| Forward foreign currency contracts |  | 200 |  |  | (663) | 2 | (3) |
| Futures/futures options contracts | (168) | (315) | (2080) | (480) | (4084) |  |  |
| Swap agreements |  |  |  |  | 1980 |  |  |
| **Net realized and unrealized gain (loss)** | (221978) | (431635) | (550011) | (510779) | (149515) | (362360) | (284034) |
| **Change in net assets from operations** | $(194673) | $(365936) | $(501746) | $(474929) | $(139576) | $(347722) | $(269560) |
| Affiliated income | $340 | $698 | $1545 | $1171 | $2304 | $1512 | $1068 |

---

See accompanying Notes to Financial Statements.

748

------

***Statements of Operations** *(in thousands)*

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Multi-Manager Mid Cap Fund | JNL Multi-Manager Small Cap Growth Fund | JNL Multi-Manager Small Cap Value Fund | JNL Multi-Manager U.S. Select Equity Fund(b) | JNL S&P 500 Index Fund | JNL/AB Sustainable Global Thematic Fund(c) | JNL/AQR Large Cap Defensive Style Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $22787 | $8340 | $20461 | $1155 | $4541 | $111 | $7395 |
| Foreign taxes withheld | (126) | (44) | (110) | (2) | (1) | (8) |  |
| Interest |  |  |  |  | 3 |  | 11 |
| Securities lending (a) | 180 | 1339 | 87 |  | 4 |  | 17 |
| **Total investment income** | 22841 | 9635 | 20438 | 1153 | 4547 | 103 | 7423 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 9716 | 13341 | 11253 | 225 | 557 | 53 | 1553 |
| Administrative fees | 2354 | 2388 | 1701 | 64 | 279 | 12 | 582 |
| 12b-1 fees (Class A) | 1294 | 6067 | 3570 |  |  | 24 | 1147 |
| Licensing fees paid to third parties |  |  |  |  | 56 |  |  |
| Legal fees | 8 | 11 | 8 |  | 1 |  | 2 |
| Board of trustee fees | 10 |  | 12 | 12 | 4 | 1 | 5 |
| Chief compliance officer fees | 7 | 10 | 7 |  | 1 |  | 2 |
| Other expenses | 22 | 29 | 22 |  | 3 | 4 | 5 |
| **Total expenses** | 13411 | 21846 | 16573 | 301 | 901 | 94 | 3296 |
| Expense waiver |  |  |  |  | (641) |  |  |
| **Net expenses** | 13411 | 21846 | 16573 | 301 | 260 | 94 | 3296 |
| **Net investment income (loss)** | 9430 | (12211) | 3865 | 852 | 4287 | 9 | 4127 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 95879 | (192287) | 91828 | (2200) | 3124 | (152) | 226 |
| Investments - affiliated |  | (98) |  |  |  |  |  |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies | 1 | 2 |  |  |  |  |  |
| Brokerage commissions recaptured | 53 | 197 | 41 |  |  |  |  |
| Foreign currency | 1 | (35) |  |  |  | (1) |  |
| Forward foreign currency contracts |  | 43 |  |  |  | (74) |  |
| Futures/futures options contracts |  |  |  |  | (683) |  | (2155) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (413672) | (803988) | (333417) | (6233) | (63548) | (520) | (37249) |
| Investments - affiliated |  | (206) |  |  | (68) |  |  |
| Forward foreign currency contracts |  |  |  |  |  | 58 |  |
| Futures/futures options contracts |  |  |  |  | (145) |  | (812) |
| **Net realized and unrealized gain (loss)** | (317738) | (996372) | (241548) | (8433) | (61320) | (689) | (39990) |
| **Change in net assets from operations** | $(308308) | $(1008583) | $(237683) | $(7581) | $(57033) | $(680) | $(35863) |
| Affiliated income | $1000 | $2818 | $872 | $158 | $55 | $9 | $249 |

---

(b) Period from commencement of
operations November 15, 2022.

(c) Period from commencement of
operations April 25, 2022.

See accompanying Notes to Financial Statements.

749

------

***Statements of Operations** *(in thousands)*

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Baillie Gifford International Growth Fund | JNL/Baillie Gifford U.S. Equity Growth Fund | JNL/BlackRock Global Allocation Fund | JNL/BlackRock Global Natural Resources Fund | JNL/BlackRock Large Cap Select Growth Fund | JNL/Causeway International Value Select Fund | JNL/ClearBridge Large Cap Growth Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $7476 | $111 | $44168 | $52035 | $27749 | $43673 | $8743 |
| Foreign taxes withheld | (656) |  | (1248) | (1829) | (322) | (3418) | (46) |
| Interest |  |  | 24822 |  |  |  |  |
| Net prime broker interest income |  |  | 143 |  |  |  |  |
| Securities lending (a) | 45 | 89 | 594 | 268 | 30 | 289 | 13 |
| **Total investment income** | 6865 | 200 | 68479 | 50474 | 27457 | 40544 | 8710 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 4327 | 424 | 19090 | 7121 | 17840 | 7473 | 6033 |
| Administrative fees | 1225 | 127 | 4921 | 2058 | 3745 | 2167 | 1844 |
| 12b-1 fees (Class A) | 2384 | 5 | 9224 | 3586 | 9265 | 1541 | 1304 |
| Legal fees | 4 |  | 16 | 7 | 18 | 7 | 6 |
| Board of trustee fees |  |  | 11 | 47 |  | 20 | 9 |
| Chief compliance officer fees | 4 |  | 14 | 6 | 17 | 6 | 5 |
| Dividends/interest on securities sold short |  |  | 104 |  |  |  |  |
| Other expenses | 12 |  | 63 | 20 | 38 | 22 | 17 |
| **Total expenses** | 7956 | 556 | 33443 | 12845 | 30923 | 11236 | 9218 |
| **Net investment income (loss)** | (1091) | (356) | 35036 | 37629 | (3466) | 29308 | (508) |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (100702) | (16787) | 16985 | 225517 | 125059 | 31323 | 38466 |
| Investments - affiliated |  |  | (4333) |  |  |  |  |
| Distributions from unaffiliated |  |  |  |  |  |  |  |
| investment companies |  |  | 147 |  |  |  |  |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies |  |  | 5 | 4 | 1 | 1 |  |
| Securities sold short |  |  | 43 |  |  |  |  |
| Brokerage commissions recaptured |  |  | 1 |  |  | 42 | 1 |
| Purchased options |  |  | (20533) |  |  |  |  |
| Written options |  |  | 22944 |  |  |  |  |
| Foreign currency | (29) |  | (512) | (466) | (122) | (438) |  |
| Forward foreign currency contracts | (2) |  | (17191) | (2) | (2) | (153) |  |
| Futures/futures options contracts |  |  | (29292) |  |  |  |  |
| Swap agreements |  |  | 43586 |  |  |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (345506) | (62775) | (632634) | (123844) | (2120565) | (176199) | (549649) |
| Investments - affiliated |  |  | (2666) |  |  |  |  |
| Investment securities sold short |  |  | 528 |  |  |  |  |
| Purchased options |  |  | 2983 |  |  |  |  |
| Written options |  |  | (15540) |  |  |  |  |
| Foreign currency | (15) |  | (9) | 2 | 1 | (102) |  |
| Forward foreign currency contracts |  |  | 2814 |  |  | (24) |  |
| Futures/futures options contracts |  |  | (1773) |  |  |  |  |
| Swap agreements |  |  | (13424) |  |  |  |  |
| **Net realized and unrealized gain (loss)** | (446254) | (79562) | (647871) | 101211 | (1995628) | (145550) | (511182) |
| **Change in net assets from operations** | $(447345) | $(79918) | $(612835) | $138840 | $(1999094) | $(116242) | $(511690) |
| Affiliated income | $184 | $117 | $7592 | $1182 | $1054 | $759 | $519 |

---

See accompanying Notes to Financial Statements.

750

------

***Statements of Operations** *(in thousands)*

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/DFA International Core Equity Fund | JNL/DFA U.S. Core Equity Fund | JNL/DFA U.S. Small Cap Fund | JNL/DoubleLine Core Fixed Income Fund | JNL/DoubleLine Emerging Markets Fixed Income Fund | JNL/DoubleLine Shiller Enhanced CAPE Fund | JNL/DoubleLine Total Return Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $6257 | $22877 | $7112 | $1190 | $79 | $429 | $545 |
| Foreign taxes withheld | (384) | (8) | (7) |  |  |  |  |
| Interest |  |  |  | 112970 | 34732 | 68437 | 90816 |
| Securities lending (a) | 55 | 25 | 42 | 249 | 108 |  | 2 |
| **Total investment income** | 5928 | 22894 | 7147 | 114409 | 34919 | 68866 | 91363 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 811 | 5302 | 2602 | 11152 | 4342 | 12278 | 9640 |
| Administrative fees | 270 | 1347 | 727 | 3005 | 1054 | 3347 | 2285 |
| 12b-1 fees (Class A) | 512 | 3733 | 1402 | 6336 | 411 | 5389 | 2531 |
| Legal fees | 1 | 14 | 10 | 15 | 3 | 11 | 11 |
| Board of trustee fees | 6 | 9 | 5 | 18 | 1 |  | 16 |
| Chief compliance officer fees | 1 | 6 | 2 | 13 | 3 | 9 | 10 |
| Other expenses | 3 | 28 | 16 | 45 | 10 | 41 | 29 |
| **Total expenses** | 1604 | 10439 | 4764 | 20584 | 5824 | 21075 | 14522 |
| Expense waiver | (5) | (51) | (24) |  |  |  |  |
| **Net expenses** | 1599 | 10388 | 4740 | 20584 | 5824 | 21075 | 14522 |
| **Net investment income (loss)** | 4329 | 12506 | 2407 | 93825 | 29095 | 47791 | 76841 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (7135) | 93350 | 15968 | (172546) | (34278) | (57433) | (68393) |
| Investments - affiliated |  |  | 65 |  |  |  |  |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies |  |  |  | 2 | 1 |  |  |
| Foreign currency | (131) |  |  | (17) |  |  |  |
| Forward foreign currency contracts | (4) |  |  | 39 |  |  |  |
| Futures/futures options contracts | (598) |  |  |  |  |  |  |
| Swap agreements |  |  |  |  |  | (344920) |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (15252) | (347675) | (95657) | (365643) | (123372) | (100198) | (330084) |
| Investments - affiliated |  | (87) | (472) |  |  |  |  |
| Foreign currency | 8 |  |  | 45 |  |  |  |
| Forward foreign currency contracts |  |  |  | 24 |  |  |  |
| Futures/futures options contracts | 3 |  |  |  |  |  |  |
| Swap agreements |  |  |  |  |  | (193532) |  |
| **Net realized and unrealized gain (loss)** | (23109) | (254412) | (80096) | (538096) | (157649) | (696083) | (398477) |
| **Change in net assets from operations** | $(18780) | $(241906) | $(77689) | $(444271) | $(128554) | $(648292) | $(321636) |
| Affiliated income | $96 | $89 | $102 | $1699 | $316 | $429 | $554 |

---

See accompanying Notes to Financial Statements.

751

------

***Statements of Operations** *(in thousands)*

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Fidelity Institutional Asset Management Total Bond Fund | JNL/First Sentier Global Infrastructure Fund | JNL/Franklin Templeton Income Fund | JNL/Goldman Sachs 4 Fund | JNL/GQG Emerging Markets Equity Fund | JNL/Harris Oakmark Global Equity Fund | JNL/Heitman U.S. Focused Real Estate Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $1890 | $30146 | $24249 | $138106 | $49597 | $16997 | $7372 |
| Foreign taxes withheld |  | (567) | (189) |  | (2475) | (1403) | (2) |
| Net Interest (amortization) | 43912 | (5) | 66098 | 24 |  |  |  |
| Securities lending (a) | 63 | 134 | 374 | 211 | 90 | 71 | 11 |
| **Total investment income** | 45865 | 29708 | 90532 | 138341 | 47212 | 15665 | 7381 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 4899 | 6863 | 8803 | 13842 | 6541 | 5431 | 1861 |
| Administrative fees | 1285 | 1483 | 1660 | 7831 | 1090 | 1193 | 429 |
| 12b-1 fees (Class A) | 2548 | 2004 | 4957 | 16599 | 828 | 1393 | 417 |
| Legal fees | 7 | 5 | 8 | 27 | 3 | 4 | 2 |
| Board of trustee fees | 19 | 11 | 23 | 42 |  | 4 | 1 |
| Chief compliance officer fees | 6 | 4 | 7 | 24 | 3 | 3 | 1 |
| Other expenses | 19 | 15 | 21 | 73 | 48 | 12 | 9 |
| **Total expenses** | 8783 | 10385 | 15479 | 38438 | 8513 | 8040 | 2720 |
| **Net investment income (loss)** | 37082 | 19323 | 75053 | 99903 | 38699 | 7625 | 4661 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (31324) | 60840 | 86485 | (160264) | (64499) | 7405 | (10519) |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies | 2 |  | 2 |  | 1 |  |  |
| Brokerage commissions recaptured |  |  | 25 |  |  |  | 47 |
| Foreign currency |  | (381) | (16) |  | (2349) | 20 | (5) |
| Forward foreign currency contracts |  | (318) | 3 |  | 30 | 851 | (1) |
| Futures/futures options contracts | (171) |  | 138 | (11283) |  |  |  |
| Swap agreements | (256) |  |  |  |  |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (185975) | (123249) | (240055) | (641522) | (156094) | (162051) | (85265) |
| Foreign currency |  | (1) | (48) |  | 271 | (178) |  |
| Forward foreign currency contracts |  |  |  |  |  | 179 |  |
| Futures/futures options contracts | 48 |  | (177) | (619) |  |  |  |
| Swap agreements | (49) |  |  |  |  |  |  |
| **Net realized and unrealized gain (loss)** | (217725) | (63109) | (153643) | (813688) | (222640) | (153774) | (95743) |
| **Change in net assets from operations** | $(180643) | $(43786) | $(78590) | $(713785) | $(183941) | $(146149) | $(91082) |
| Affiliated income | $2008 | $391 | $1228 | $629 | $319 | $195 | $68 |

---

See accompanying Notes to Financial Statements.

752

------

***Statements of Operations** *(in thousands)*

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Invesco Diversified Dividend Fund | JNL/Invesco Global Growth Fund | JNL/Invesco Small Cap Growth Fund | JNL/JPMorgan Global Allocation Fund | JNL/JPMorgan Hedged Equity Fund | JNL/JPMorgan MidCap Growth Fund | JNL/JPMorgan U.S. Government & Quality Bond Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $27198 | $17338 | $10516 | $16123 | $11007 | $14965 | $955 |
| Foreign taxes withheld | (167) | (1337) | (311) | (751) | (19) |  |  |
| Interest |  |  |  | 9152 | 7 |  | 33392 |
| Securities lending (a) | 2 | 61 | 76 | 111 | 1 | 27 | 3 |
| **Total investment income** | 27033 | 16062 | 10281 | 24635 | 10996 | 14992 | 34350 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 5511 | 8868 | 11624 | 6795 | 3556 | 14560 | 4170 |
| Administrative fees | 1581 | 2661 | 1774 | 1717 | 1067 | 2948 | 1478 |
| 12b-1 fees (Class A) | 1009 | 4124 | 5264 | 3424 | 1742 | 7858 | 3144 |
| Legal fees | 5 | 8 | 8 | 6 | 3 | 14 | 7 |
| Board of trustee fees | 17 |  |  | 4 | 13 |  | 25 |
| Chief compliance officer fees | 4 | 8 | 8 | 5 | 3 | 13 | 6 |
| Dividends/interest on securities sold short |  |  |  | 62 |  |  |  |
| Net short holdings borrowing fees |  |  |  | 60 | 71 |  |  |
| Other expenses | 14 | 30 | 16 | 32 | 13 | 38 | 18 |
| **Total expenses** | 8141 | 15699 | 18694 | 12105 | 6468 | 25431 | 8848 |
| Expense waiver | (8) |  | (50) |  |  |  |  |
| **Net expenses** | 8133 | 15699 | 18644 | 12105 | 6468 | 25431 | 8848 |
| **Net investment income (loss)** | 18900 | 363 | (8363) | 12530 | 4528 | (10439) | 25502 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 43219 | 255898 | (204302) | (56354) | 28752 | 11466 | (1249) |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies | 1 | 1 | 1 | 1 |  | 1 | 1 |
| Securities sold short |  |  |  | (456) |  |  |  |
| Brokerage commissions recaptured | 3 |  | 5 | 13 | 5 | 52 |  |
| Purchased options |  |  |  | 11850 | (1027) |  |  |
| Written options |  |  |  |  | 75622 |  |  |
| Foreign currency | (49) | (92) | (7) | (1056) |  |  |  |
| Forward foreign currency contracts | 21 | (65) | 1 | 29882 |  |  |  |
| Futures/futures options contracts |  |  |  | (72385) | (4101) |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (80566) | (1084299) | (679084) | (180358) | (163489) | (1055930) | (202289) |
| Investment securities sold short |  |  |  | 121 |  |  |  |
| Purchased options |  |  |  | (780) | 49 |  |  |
| Written options |  |  |  |  | 38 |  |  |
| Foreign currency | (33) | 125 |  | 76 |  |  |  |
| Forward foreign currency contracts |  | (58) |  | (7425) |  |  |  |
| Futures/futures options contracts |  |  |  | 1920 | (108) |  |  |
| **Net realized and unrealized gain (loss)** | (37404) | (828490) | (883386) | (274951) | (64259) | (1044411) | (203537) |
| **Change in net assets from operations** | $(18504) | $(828127) | $(891749) | $(262421) | $(59731) | $(1054850) | $(178035) |
| Affiliated income | $537 | $299 | $1088 | $1232 | $109 | $1177 | $972 |

---

See accompanying Notes to Financial Statements.

753

------

***Statements of Operations** *(in thousands)*

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/JPMorgan U.S. Value Fund | JNL/Lazard International Strategic Equity Fund | JNL/Loomis Sayles Global Growth Fund | JNL/Lord Abbett Short Duration Income Fund | JNL/Mellon Communication Services Sector Fund | JNL/Mellon Consumer Discretionary Sector Fund | JNL/Mellon Consumer Staples Sector Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $35529 | $12288 | $7654 | $157 | $2036 | $13309 | $10781 |
| Foreign taxes withheld | (52) | (812) | (607) |  |  |  |  |
| Interest |  |  |  | 27676 | 2 | 5 | 3 |
| Securities lending (a) |  | 82 | 20 | 88 | 47 | 706 | 159 |
| **Total investment income** | 35477 | 11558 | 7067 | 27921 | 2085 | 14020 | 10943 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 7630 | 3576 | 3614 | 3209 | 444 | 2558 | 850 |
| Administrative fees | 1585 | 766 | 985 | 1379 | 332 | 2151 | 671 |
| 12b-1 fees (Class A) | 2818 | 315 | 1023 | 951 | 652 | 4261 | 1310 |
| Licensing fees paid to third parties |  |  |  |  | 11 | 72 | 22 |
| Legal fees | 8 | 2 | 3 | 5 | 1 | 7 | 2 |
| Board of trustee fees | 34 | 8 |  | 25 |  |  | 18 |
| Chief compliance officer fees | 7 | 2 | 3 | 4 | 1 | 6 | 2 |
| Other expenses | 21 | 6 | 17 | 9 | 2 | 12 | 4 |
| **Total expenses** | 12103 | 4675 | 5645 | 5582 | 1443 | 9067 | 2879 |
| Expense waiver |  | (79) |  |  | (2) | (7) | (5) |
| **Net expenses** | 12103 | 4596 | 5645 | 5582 | 1441 | 9060 | 2874 |
| **Net investment income (loss)** | 23374 | 6962 | 1422 | 22339 | 644 | 4960 | 8069 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 64135 | (15098) | 36767 | (10522) | 14029 | 186582 | 6280 |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies | 1 |  |  |  |  |  |  |
| Brokerage commissions recaptured |  |  | 25 |  |  |  |  |
| Foreign currency |  | 65 | (6) |  |  |  |  |
| Forward foreign currency contracts |  | (230) | 10 |  |  |  |  |
| Futures/futures options contracts |  |  |  | (18375) | (633) | (1967) | (97) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (130805) | (94031) | (272962) | (32378) | (141835) | (879762) | (27666) |
| Foreign currency | (1) | (17) | (65) |  |  |  |  |
| Forward foreign currency contracts |  | 13 | 5 |  |  |  |  |
| Futures/futures options contracts |  |  |  | 813 | (58) | (4) | (59) |
| **Net realized and unrealized gain (loss)** | (66670) | (109298) | (236226) | (60462) | (128497) | (695151) | (21542) |
| **Change in net assets from operations** | $(43296) | $(102336) | $(234804) | $(38123) | $(127853) | $(690191) | $(13473) |
| Affiliated income | $600 | $384 | $54 | $308 | $73 | $872 | $233 |

---

See accompanying Notes to Financial Statements.

754

------

***Statements of Operations** *(in thousands)*

For the Year Ended December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | JNL/Mellon Dow Index Fund | JNL/Mellon Energy Sector Fund | JNL/Mellon Financial Sector Fund | JNL/Mellon Healthcare Sector Fund | JNL/Mellon Industrials Sector Fund | JNL/Mellon Information Technology Sector Fund | JNL/Mellon Materials Sector Fund |
| **Investment income** | **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | Dividends (a) | $26211 | $99670 | $28418 | $55653 | $3011 | $39599 | $4219 |
| Foreign taxes withheld | Foreign taxes withheld |  |  | (3) |  |  | (61) |  |
| Interest | Interest | 11 | 19 | 9 | 12 | 1 | 16 | 1 |
| Securities lending (a) | Securities lending (a) | 139 | 11 | 238 | 101 | 40 | 307 | 1 |
| **Total investment income** | **Total investment income** | 26361 | 99700 | 28662 | 55766 | 3052 | 39861 | 4221 |
| **Expenses** | **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | Advisory fees | 2268 | 4367 | 2642 | 6375 | 382 | 7251 | 425 |
| Administrative fees | Administrative fees | 1895 | 3747 | 2225 | 5439 | 280 | 6155 | 316 |
| 12b-1 fees (Class A) | 12b-1 fees (Class A) | 3723 | 7416 | 4384 | 11061 | 546 | 12630 | 617 |
| Licensing fees paid to third parties | Licensing fees paid to third parties | 241 | 125 | 74 | 186 | 9 | 213 | 11 |
| Legal fees | Legal fees | 6 | 13 | 7 | 19 | 1 | 21 | 1 |
| Board of trustee fees | Board of trustee fees | 14 | 86 | 14 | 45 | 1 |  | 3 |
| Chief compliance officer fees | Chief compliance officer fees | 5 | 11 | 6 | 16 | 1 | 18 | 1 |
| Other expenses | Other expenses | 16 | 57 | 22 | 49 | 4 | 54 | 9 |
| **Total expenses** | **Total expenses** | 8168 | 15822 | 9374 | 23190 | 1224 | 26342 | 1383 |
| Expense waiver | Expense waiver | (11) | (13) | (11) | (18) | (2) | (32) | (3) |
| **Net expenses** | **Net expenses** | 8157 | 15809 | 9363 | 23172 | 1222 | 26310 | 1380 |
| **Net investment income (loss)** | **Net investment income (loss)** | 18204 | 83891 | 19299 | 32594 | 1830 | 13551 | 2841 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |  |
|  | Investments - unaffiliated | 27947 | 110703 | 59209 | 122044 | 10262 | 682635 | (4444) |
|  | Investments - affiliated |  |  | 130 | (64) |  |  |  |
|  | Futures/futures options contracts | (1405) | 3282 | (1992) | (1384) | (242) | (2711) | (190) |
| Net change in unrealized appreciation | Net change in unrealized appreciation |  |  |  |  |  |  |  |
|  | (depreciation) on: |  |  |  |  |  |  |  |
|  | Investments - unaffiliated | (154491) | 760496 | (306647) | (414516) | (33152) | (2518210) | (34029) |
|  | Investments - affiliated |  |  | (3973) | (1007) |  |  |  |
|  | Futures/futures options contracts | (466) | 206 | 47 | (578) | (25) | 210 | (112) |
| **Net realized and unrealized gain (loss)** | **Net realized and unrealized gain (loss)** | (128415) | 874687 | (253226) | (295505) | (23157) | (1838076) | (38775) |
| **Change in net assets from operations** | **Change in net assets from operations** | $(110211) | $958578 | $(233927) | $(262911) | $(21327) | $(1824525) | $(35934) |
| (a) | Affiliated income | $379 | $187 | $859 | $313 | $63 | $498 | $17 |

---

See accompanying Notes to Financial Statements.

755

------

***Statements of Operations** *(in thousands)*

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Nasdaq 100 Index Fund | JNL/Mellon Real Estate Sector Fund | JNL/Mellon S&P 500 Index Fund | JNL/Mellon U.S. Stock Market Index Fund | JNL/Mellon Utilities Sector Fund | JNL/Mellon World Index Fund | JNL/MFS Mid Cap Value Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $45771 | $6048 | $184174 | $82607 | $15409 | $7742 | $47262 |
| Foreign taxes withheld | (108) |  | (11) | (21) |  | (189) | (112) |
| Interest | 27 | 1 |  | 20 | 4 | 7 |  |
| Securities lending (a) | 1607 | 10 | 2003 | 642 | 3 | 55 | 17 |
| **Total investment income** | 47297 | 6059 | 186166 | 83248 | 15416 | 7615 | 47167 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 8654 | 447 | 11761 | 8108 | 971 | 711 | 11392 |
| Administrative fees | 7319 | 335 | 10486 | 7443 | 772 | 555 | 2082 |
| 12b-1 fees (Class A) | 15227 | 630 | 33927 | 15589 | 1517 | 1086 | 6108 |
| Licensing fees paid to third parties | 1850 | 11 | 2263 | 211 | 26 | 19 |  |
| Legal fees | 25 | 1 | 55 | 25 | 3 | 2 | 10 |
| Board of trustee fees |  | 1 | 98 | 11 | 20 | 3 | 26 |
| Chief compliance officer fees | 22 | 1 | 49 | 23 | 2 | 2 | 9 |
| Other expenses | 74 | 7 | 142 | 75 | 6 | 7 | 28 |
| **Total expenses** | 33171 | 1433 | 58781 | 31485 | 3317 | 2385 | 19655 |
| Expense waiver | (46) | (7) |  |  | (4) | (4) |  |
| **Net expenses** | 33125 | 1426 | 58781 | 31485 | 3313 | 2381 | 19655 |
| **Net investment income (loss)** | 14172 | 4633 | 127385 | 51763 | 12103 | 5234 | 27512 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 341232 | 2510 | 189509 | (69539) | 8469 | (2004) | 56596 |
| Investments - affiliated |  |  | 564 | (9) |  |  | 4694 |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies | 1 |  | 4 |  |  |  |  |
| Brokerage commissions recaptured |  |  |  |  |  |  | 62 |
| Foreign currency |  |  |  |  |  | (22) | (2) |
| Forward foreign currency contracts |  |  |  |  |  | (165) | (3) |
| Futures/futures options contracts | (8039) | (335) | (29146) | (6863) | (615) | (1177) |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (2549960) | (78475) | (2718805) | (1241410) | (28141) | (79402) | (286348) |
| Investments - affiliated |  |  | (3503) | (2007) |  | (136) | (11924) |
| Foreign currency |  |  |  |  |  | (3) | (1) |
| Forward foreign currency contracts |  |  |  |  |  | 27 |  |
| Futures/futures options contracts | (4134) | (44) | (4373) | (1046) | (91) | (280) |  |
| **Net realized and unrealized gain (loss)** | (2220900) | (76344) | (2565750) | (1320874) | (20378) | (83162) | (236926) |
| **Change in net assets from operations** | $(2206728) | $(71711) | $(2438365) | $(1269111) | $(8275) | $(77928) | $(209414) |
| Affiliated income | $2249 | $23 | $5522 | $1302 | $79 | $169 | $716 |

---

See accompanying Notes to Financial Statements.

756

------

***Statements of Operations** *(in thousands)*

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Morningstar PitchBook Listed Private Equity Index Fund | JNL/Morningstar U.S. Sustainability Index Fund | JNL/Morningstar Wide Moat Index Fund | JNL/Neuberger Berman Commodity Strategy Fund | JNL/Neuberger Berman Gold Plus Strategy Fund(b) | JNL/Neuberger Berman Strategic Income Fund | JNL/Newton Equity Income Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $227 | $4205 | $14637 | $454 | $29 | $238 | $26637 |
| Foreign taxes withheld | (10) | (1) |  |  |  | (24) | (133) |
| Interest |  | 1 | 4 | 6317 | 208 | 32055 |  |
| Securities lending (a) | 1 | 19 | 127 |  |  | 187 | 24 |
| **Total investment income** | 218 | 4224 | 14768 | 6771 | 237 | 32456 | 26528 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 15 | 674 | 1817 | 1165 | 73 | 3605 | 4897 |
| Administrative fees | 12 | 404 | 1363 | 388 | 13 | 1118 | 1668 |
| 12b-1 fees (Class A) | 10 | 778 | 1142 | 173 | 29 | 1833 | 3212 |
| Licensing fees paid to third parties | 5 | 58 | 1009 |  |  |  |  |
| Legal fees |  | 1 | 4 | 2 |  | 3 | 6 |
| Board of trustee fees |  | 2 | 5 | 16 | 1 | 4 | 61 |
| Chief compliance officer fees |  | 1 | 4 | 1 |  | 3 | 5 |
| Other expenses |  | 6 | 12 | 2 |  | 17 | 12 |
| **Total expenses** | 42 | 1924 | 5356 | 1747 | 116 | 6583 | 9861 |
| Expense waiver |  | (5) |  |  |  |  |  |
| **Net expenses** | 42 | 1919 | 5356 | 1747 | 116 | 6583 | 9861 |
| **Net investment income (loss)** | 176 | 2305 | 9412 | 5024 | 121 | 25873 | 16667 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (826) | 23420 | 52515 | (21) | (5) | (62129) | 46002 |
| Investments - affiliated | (25) | (48) |  |  |  |  |  |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies |  |  |  |  |  |  | 1 |
| Brokerage commissions recaptured |  |  |  |  |  |  | 113 |
| Foreign currency | 1 |  |  |  |  | (140) | (2) |
| Forward foreign currency contracts | (1) |  |  |  |  | 3588 |  |
| Futures/futures options contracts |  | (239) | (965) | (33280) | (1686) | 40221 |  |
| Swap agreements |  |  |  |  |  | (9071) |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (2852) | (93735) | (201673) | (1213) | (53) | (89808) | 3671 |
| Investments - affiliated | (75) | (117) |  |  |  |  |  |
| Foreign currency |  |  |  |  |  | 37 | (3) |
| Forward foreign currency contracts |  |  |  |  |  | (3200) |  |
| Futures/futures options contracts |  | (38) | (175) | 8421 | 824 | 2762 |  |
| Swap agreements |  |  |  |  |  | (1104) |  |
| **Net realized and unrealized gain (loss)** | (3778) | (70757) | (150298) | (26093) | (920) | (118844) | 49782 |
| **Change in net assets from operations** | $(3602) | $(68452) | $(140886) | $(21069) | $(799) | $(92971) | $66449 |
| Affiliated income | $16 | $33 | $210 | $454 | $29 | $519 | $774 |

---

(b) Period from commencement of
operations April 25, 2022.

See accompanying Notes to Financial Statements.

757

------

***Statements of Operations** *(in thousands)*

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/PIMCO Income Fund | JNL/PIMCO Investment Grade Credit Bond Fund | JNL/PIMCO Real Return Fund | JNL/PPM America Floating Rate Income Fund | JNL/PPM America High Yield Bond Fund | JNL/PPM America Total Return Fund | JNL/RAFI Fundamental U.S. Small Cap Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $47 | $117 | $43 | $2223 | $1607 | $223 | $7947 |
| Foreign taxes withheld | (1) |  | (7) |  |  |  |  |
| Interest | 64891 | 49951 | 114776 | 76495 | 98287 | 47448 | 2 |
| Securities lending (a) | 80 | 41 | 1 |  | 450 | 31 | 90 |
| **Total investment income** | 65017 | 50109 | 114813 | 78718 | 100344 | 47702 | 8039 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 6868 | 4365 | 6642 | 5946 | 5311 | 5944 | 820 |
| Administrative fees | 2123 | 1290 | 1731 | 1917 | 1573 | 1555 | 683 |
| 12b-1 fees (Class A) | 2326 | 1498 | 3936 | 3772 | 3862 | 1853 | 1348 |
| Licensing fees paid to third parties |  |  |  |  |  |  | 160 |
| Legal fees | 7 | 6 | 9 | 6 | 7 | 8 | 2 |
| Board of trustee fees | 7 |  | 16 | 19 | 7 | 2 | 2 |
| Chief compliance officer fees | 6 | 5 | 7 | 5 | 7 | 7 | 2 |
| Dividends/interest on securities sold short |  |  | 760 |  |  |  |  |
| Interest expense | 57 | 911 | 2037 |  |  |  |  |
| Other expenses | 30 | 60 | 45 | 90 | 25 | 20 | 10 |
| **Total expenses** | 11424 | 8135 | 15183 | 11755 | 10792 | 9389 | 3027 |
| Expense waiver |  |  |  | (415) |  |  | (3) |
| **Net expenses** | 11424 | 8135 | 15183 | 11340 | 10792 | 9389 | 3024 |
| **Net investment income (loss)** | 53593 | 41974 | 99630 | 67378 | 89552 | 38313 | 5015 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (71661) | (152769) | (209352) | (42972) | (85479) | (102459) | 30256 |
| Investments - affiliated |  |  |  |  |  |  | (17) |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies |  |  |  | 1 | 2 |  |  |
| Purchased options | (236) |  | (1373) |  |  |  |  |
| Written options | 1350 | 788 | 2001 |  |  |  |  |
| Foreign currency | 296 | (845) | (1737) |  |  |  |  |
| Forward foreign currency contracts | 23733 | 7064 | 19834 |  |  |  |  |
| Futures/futures options contracts | 16825 | 2632 | 41387 |  |  | (17650) | 22 |
| Swap agreements | 5350 | (1181) | (13626) |  |  |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (153325) | (167754) | (143114) | (88247) | (216812) | (176169) | (109791) |
| Investments - affiliated |  |  |  |  |  |  | (50) |
| Purchased options | 42 |  | (552) |  |  |  |  |
| Written options | (1187) | (334) | (530) |  |  |  |  |
| Foreign currency | (826) | 42 | (431) |  |  |  |  |
| Forward foreign currency contracts | (453) | (204) | (2451) |  |  |  |  |
| Futures/futures options contracts | 750 | (127) | 267 |  |  | (257) | (84) |
| Swap agreements | (8994) | 1947 | (12454) |  |  |  |  |
| **Net realized and unrealized gain (loss)** | (188336) | (310741) | (322131) | (131218) | (302289) | (296535) | (79664) |
| **Change in net assets from operations** | $(134743) | $(268767) | $(222501) | $(63840) | $(212737) | $(258222) | $(74649) |
| Affiliated income | $146 | $114 | $2 | $1347 | $1516 | $365 | $193 |

---

See accompanying Notes to Financial Statements.

758

------

***Statements of Operations** *(in thousands)*

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/RAFI Multi-Factor U.S. Equity Fund | JNL/T. Rowe Price Balanced Fund | JNL/T. Rowe Price Capital Appreciation Fund | JNL/T. Rowe Price Established Growth Fund | JNL/T. Rowe Price Mid-Cap Growth Fund | JNL/T. Rowe Price Short-Term Bond Fund | JNL/T. Rowe Price U.S. High Yield Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $54482 | $6449 | $91865 | $39099 | $35654 | $293 | $918 |
| Foreign taxes withheld | (3) | (183) | (633) | (577) | (56) |  |  |
| Interest | 6 | 5644 | 146605 |  |  | 40169 | 41557 |
| Securities lending (a) | 77 | 68 | 458 | 227 | 142 | 161 | 341 |
| **Total investment income** | 54562 | 11978 | 238295 | 38749 | 35740 | 40623 | 42816 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 4110 | 2679 | 58059 | 39685 | 31362 | 5045 | 2993 |
| Administrative fees | 3560 | 733 | 15113 | 8499 | 5167 | 1653 | 890 |
| 12b-1 fees (Class A) | 7052 | 1458 | 31611 | 22196 | 15444 | 3910 | 441 |
| Licensing fees paid to third parties | 938 |  |  |  |  |  |  |
| Legal fees | 12 | 3 | 55 | 43 | 26 | 9 | 3 |
| Board of trustee fees | 18 | 3 | 143 | 100 | 14 | 27 | 2 |
| Chief compliance officer fees | 10 | 2 | 48 | 39 | 23 | 7 | 3 |
| Other expenses | 33 | 21 | 143 | 1 | 75 | 19 | 8 |
| **Total expenses** | 15733 | 4899 | 105172 | 70563 | 52111 | 10670 | 4340 |
| Expense waiver |  | (15) | (19) |  | (281) |  | (80) |
| **Net expenses** | 15733 | 4884 | 105153 | 70563 | 51830 | 10670 | 4260 |
| **Net investment income (loss)** | 38829 | 7094 | 133142 | (31814) | (16090) | 29953 | 38556 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 155952 | 8682 | 781336 | (223598) | 226770 | (18008) | (33866) |
| Investments - affiliated | 15 |  |  |  |  |  |  |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies |  |  | 2 |  |  |  | 1 |
| Written options |  |  | 49758 |  |  |  |  |
| Foreign currency |  | (84) | (244) | 352 |  |  |  |
| Forward foreign currency contracts |  | 5 | (34) |  |  |  |  |
| Futures/futures options contracts | (1779) | (890) |  |  |  | (8583) |  |
| Swap agreements |  | (66) |  |  |  |  |  |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (411216) | (115207) | (2552581) | (4711118) | (1727787) | (80712) | (106603) |
| Investments - affiliated | (421) |  | (81) |  |  |  |  |
| Written options |  |  | 135688 |  |  |  |  |
| Foreign currency |  | (5) | 20 |  |  |  |  |
| Forward foreign currency contracts |  | (1) |  |  |  |  |  |
| Futures/futures options contracts | (357) | 19 |  |  |  | 1065 |  |
| Swap agreements |  | (1) |  |  |  |  |  |
| **Net realized and unrealized gain (loss)** | (257806) | (107548) | (1586136) | (4934364) | (1501017) | (106238) | (140468) |
| **Change in net assets from operations** | $(218977) | $(100454) | $(1452994) | $(4966178) | $(1517107) | $(76285) | $(101912) |
| Affiliated income | $269 | $334 | $15085 | $3056 | $4045 | $651 | $896 |

---

See accompanying Notes to Financial Statements.

759

------

***Statements of Operations** *(in thousands)*

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/T. Rowe Price Value Fund | JNL/WCM China Quality Growth Fund(b) | JNL/WCM Focused International Equity Fund | JNL/Westchester Capital Event Driven Fund | JNL/Western Asset Global Multi-Sector Bond Fund | JNL/William Blair International Leaders Fund | JNL/WMC Balanced Fund |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends (a) | $99234 | $64 | $16117 | $810 | $144 | $14927 | $113503 |
| Foreign taxes withheld | (377) | (4) | (1158) | (69) | (227) | (1476) | (1178) |
| Interest |  |  |  | 2817 | 22862 | 2 | 68131 |
| Net prime broker interest income |  |  |  | 28 |  |  |  |
| Securities lending (a) | 79 |  | 66 |  | 17 | 10 | 370 |
| **Total investment income** | 98936 | 60 | 15025 | 3586 | 22796 | 13463 | 180826 |
| **Expenses** |  |  |  |  |  |  |  |
| Advisory fees | 23504 | 31 | 10923 | 1427 | 2467 | 4666 | 28926 |
| Administrative fees | 4844 | 6 | 2463 | 136 | 672 | 1350 | 8522 |
| 12b-1 fees (Class A) | 9433 | 11 | 1611 | 189 | 1331 | 2057 | 27191 |
| Legal fees | 24 |  | 7 | 1 | 2 | 4 | 45 |
| Board of trustee fees | 36 |  |  | 2 | 4 | 2 | 79 |
| Chief compliance officer fees | 22 |  | 7 | 1 | 2 | 4 | 39 |
| Dividends/interest on securities sold short |  |  |  | 160 |  |  |  |
| Other expenses | 69 | 1 | 18 | 4 | 21 | 24 | 116 |
| **Total expenses** | 37932 | 49 | 15029 | 1920 | 4499 | 8107 | 64918 |
| **Net investment income (loss)** | 61004 | 11 | (4) | 1666 | 18297 | 5356 | 115908 |
| **Realized and unrealized gain (loss)** |  |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | 171598 | 140 | 203024 | (6405) | (110859) | (2352) | 219844 |
| Investments - affiliated |  |  |  | (24) |  |  |  |
| Distributions from affiliated investment  |  |  |  |  |  |  |  |
| companies |  |  |  |  |  |  | 7 |
| Securities sold short |  |  |  | 2259 |  |  |  |
| Brokerage commissions recaptured |  |  | 22 |  |  | 86 | 8 |
| Purchased options |  |  |  | (1225) |  |  |  |
| Written options |  |  |  | 4606 |  |  |  |
| Foreign currency | (5) | 12 | (414) | 53 | (2289) | (1084) | 12 |
| Forward foreign currency contracts | (5) |  | (131) | 2341 | (6971) | (534) | (30) |
| Futures/futures options contracts |  |  |  |  | (728) |  | (10378) |
| Swap agreements |  |  |  | (2602) |  |  | 66 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) on: |  |  |  |  |  |  |  |
| Investments - unaffiliated | (896293) | (3) | (887845) | (1387) | 77675 | (285794) | (1794234) |
| Investments - affiliated |  |  |  | (2) |  |  |  |
| Investment securities sold short |  |  |  | 269 |  |  |  |
| Purchased options |  |  |  | 90 | (48) |  |  |
| Written options |  |  |  | (387) |  |  |  |
| Foreign currency | (1) |  | (19) |  | 383 | (64) | (2) |
| Forward foreign currency contracts |  |  |  | (166) | (3337) | (3) | 2 |
| Futures/futures options contracts |  |  |  |  | (457) |  | 621 |
| Swap agreements |  |  |  | (3542) |  |  |  |
| **Net realized and unrealized gain (loss)** | (724706) | 149 | (685363) | (6122) | (46631) | (289745) | (1584084) |
| **Change in net assets from operations** | $(663702) | $160 | $(685367) | $(4456) | $(28334) | $(284389) | $(1468176) |
| Affiliated income | $2451 | $3 | $542 | $67 | $172 | $103 | $7495 |

---

(b) Period from commencement of
operations April 25, 2022.

See accompanying Notes to Financial Statements.

760

------

***Statements of Operations** *(in thousands)*

For the Year Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | JNL/WMC Equity Income Fund | JNL/WMC Global Real Estate Fund | JNL/WMC Government Money Market Fund | JNL/WMC Value Fund |
| **Investment income** |  |  |  |  |
| Dividends (a) | $31260 | $22906 | $— | $35065 |
| Foreign taxes withheld | (123) | (604) |  | (89) |
| Interest |  |  | 51253 |  |
| Securities lending (a) | 20 | 20 |  | 9 |
| **Total investment income** | 31157 | 22322 | 51253 | 34985 |
| **Expenses** |  |  |  |  |
| Advisory fees | 4426 | 4585 | 4406 | 5794 |
| Administrative fees | 1526 | 1196 | 2834 | 1541 |
| 12b-1 fees (Class A) | 2221 | 2378 | 8267 | 2557 |
| Legal fees | 5 | 4 | 15 | 7 |
| Board of trustee fees | 36 | 2 | 85 | 17 |
| Chief compliance officer fees | 5 | 3 | 12 | 7 |
| Other expenses | 9 | 24 | 19 | 20 |
| **Total expenses** | 8228 | 8192 | 15638 | 9943 |
| Expense waiver |  |  | (2969) |  |
| Recovery of previously reimbursed |  |  |  |  |
| expenses |  |  | 9000 |  |
| **Net expenses** | 8228 | 8192 | 21669 | 9943 |
| **Net investment income (loss)** | 22929 | 14130 | 29584 | 25042 |
| **Realized and unrealized gain (loss)** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| Investments - unaffiliated | 12580 | (66976) | 1 | 126294 |
| Brokerage commissions recaptured | 6 | 5 |  | 4 |
| Foreign currency | (4) | (200) |  | 7 |
| Forward foreign currency contracts | 2 | 77 |  | (1) |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) on: |  |  |  |  |
| Investments - unaffiliated | (10833) | (218072) |  | (229976) |
| Foreign currency | (1) | (3) |  | (7) |
| Forward foreign currency contracts |  | 5 |  |  |
| **Net realized and unrealized gain (loss)** | 1750 | (285164) | 1 | (103679) |
| **Change in net assets from operations** | $24679 | $(271034) | $29585 | $(78637) |
| Affiliated income | $391 | $175 | $— | $212 |

---

See accompanying Notes to Financial Statements.

761

------

***Statements of Cash Flows** *(in thousands)*

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
|  | JNL/PIMCO Real Return Fund |
| **Cash flows provided by operating activities** |  |
| Net increase (decrease) in net assets from operations | $(222501) |
| Adjustments to reconcile net assets from operations to net cash |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;flow provided by (used in) operating activities: |  |
| Purchase of long-term investments | (883190) |
| Proceeds from sales and maturities of long-term investments | 1297860 |
| Net (purchases) sales of short-term investments | 15766 |
| Purchases to cover securities sold short/forward sales commitments | (29) |
| Proceeds from securities sold short/forward sales commitments | 2490 |
| (Increase) decrease in receivable from investment securities sold | (42363) |
| Increase (decrease) in payable for investment securities purchased | 105625 |
| (Increase) decrease in receivable from dividends and interest | (298) |
| Increase (decrease) in payable for dividends on securities sold short |  |
| Increase (decrease) in payable for interest expense and brokerage charges |  |
| (Increase) decrease in receivable from deposits with brokers and counterparties | (9250) |
| Increase (decrease) in payable for deposits from counterparties | (2121) |
| (Increase) decrease in other assets  | (1) |
| Increase (decrease) in payable for expenses | (153) |
| Net amortization | 14748 |
| Net inflation compensation | (106354) |
| Loss (proceeds) from currency transactions | 17667 |
| Net proceeds from (payments for) variation margin on futures/futures option contracts and swap agreements | 33148 |
| Net proceeds from (payments for) OTC swap agreements | (12800) |
| Net realized (gain) loss on investments, purchased options, written options, foreign currency, forward foreign |  |
| &nbsp;&nbsp;&nbsp;currency contracts, futures/futures options contracts and swap agreements | 162866 |
| Change in unrealized (appreciation) depreciation on investments, purchased options, written options, foreign |  |
| &nbsp;&nbsp;&nbsp;currency, forward foreign currency contracts, futures/futures options contracts and swap agreements | 159265 |
| **Net cash flow provided by (used in) operating activities** | 530375 |
| **Cash flows provided by (used in) financing activities** |  |
| Net subscriptions (redemptions) from capital share transactions | (173420) |
| Increase (decrease) in payable for reverse repurchase agreements | (379046) |
| Net borrowing from secured financing transactions | (1298) |
| Net fees from secured borrowing transactions | 1283 |
| (Increase) decrease in receivable from treasury roll transactions | 877208 |
| Increase (decrease) in payable for treasury roll transactions | (872191) |
| **Net cash flow provided by (used in) financing activities** | (547464) |
| **Net increase (decrease) in cash and cash equivalents** | (17089) |
| Cash and cash equivalents at beginning of year | 24782 |
| **Cash and cash equivalents at end of year** | $7693 |
| **Supplemental disclosure of operating activities:** |  |
| Interest expense during the year | 2037 |
| The following table provides a reconciliation of cash and cash equivalents reported within the Statement of Assets and Liabilities and Statements of Cash Flows:  | The following table provides a reconciliation of cash and cash equivalents reported within the Statement of Assets and Liabilities and Statements of Cash Flows:  |
| Cash | $251 |
| Foreign currency | 7442 |
| Cash collateral segregated for short sales |  |
| **Total cash and cash equivalents presented in the statements of cash flows** | $7693 |

---

See accompanying Notes to Financial Statements.

762

------

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

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Balanced Fund(a) | JNL/American Funds Bond Fund of America Fund(a) | JNL/American Funds Capital Income Builder Fund(a) | JNL/American Funds Capital World Bond Fund(a) | JNL/American Funds Global Growth Fund(a) | JNL/American Funds Global Small Capitalization Fund(a) | JNL/American Funds Growth Fund(a) |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $40399 | $4300 | $8040 | $(1096) | $2408 | $(3948) | $1843 |
| Net realized gain (loss) | 268697 | (2575) | 905 | (5589) | 102520 | 199717 | 566414 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (705944) | (16452) | (32648) | (78058) | (357929) | (471333) | (1962301) |
| **Change in net assets from operations** | (396848) | (14727) | (23703) | (84743) | (253001) | (275564) | (1394044) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 556085 | 166424 | 154366 | 46366 | 162905 | 122267 | 1119498 |
| Class I | 13542 | 6386 | 2568 | 1752 | 5898 | 4225 | 32131 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (477752) | (52436) | (62559) | (93326) | (198965) | (159735) | (927114) |
| Class I | (11505) | (1196) | (2050) | (1206) | (7104) | (4218) | (22662) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 80370 | 119178 | 92325 | (46414) | (37266) | (37461) | 201853 |
| **Change in net assets** | (316478) | 104451 | 68622 | (131157) | (290267) | (313025) | (1192191) |
| Net assets beginning of year | 2838157 | 64483 | 282587 | 485822 | 1012365 | 928923 | 4562808 |
| **Net assets end of year** | $2521679 | $168934 | $351209 | $354665 | $722098 | $615898 | $3370617 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 38939 | 18030 | 12514 | 4548 | 7767 | 6882 | 27743 |
| Class I | 892 | 702 | 201 | 166 | 280 | 227 | 772 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (33779) | (5819) | (5171) | (9184) | (9586) | (9149) | (22834) |
| Class I | (765) | (130) | (162) | (115) | (336) | (224) | (550) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 5160 | 12211 | 7343 | (4636) | (1819) | (2267) | 4909 |
| Class I | 127 | 572 | 39 | 51 | (56) | 3 | 222 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $472681 | $147601 | $110844 | $12896 | $130665 | $253023 | $937735 |
| Proceeds from sales of securities | $86689 | $22615 | $10448 | $54092 | $78960 | $69244 | $226676 |

---

(a) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective shareholder
report.

See accompanying Notes to Financial Statements.

763

------

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

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Growth-Income Fund(a) | JNL/American Funds International Fund(a) | JNL/American Funds New World Fund(a) | JNL/American Funds Washington Mutual Investors Fund(a) | JNL/Mellon Bond Index Fund(a) | JNL/Mellon Emerging Markets Index Fund(a) | JNL/Mellon International Index Fund(a) |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $81053 | $19857 | $12432 | $53173 | $(5437) | $(5113) | $48958 |
| Net realized gain (loss) | 962542 | 171713 | 126175 | 803702 | (14228) | (21376) | (10210) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (2820908) | (579542) | (535443) | (1214911) | (152703) | (174243) | (413885) |
| **Change in net assets from operations** | (1777313) | (387972) | (396836) | (358036) | (172368) | (200732) | (375137) |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | (55784) |
| Class I |  |  |  |  |  |  | (1443) |
| **Total distributions to shareholders**  |  |  |  |  |  |  | (57227) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 1321752 | 207306 | 235970 | 519016 | 167705 | 146658 | 290417 |
| Class I | 30275 | 5848 | 8204 | 14715 | 6494 | 5269 | 16004 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 55784 |
| Class I |  |  |  |  |  |  | 1443 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (1610068) | (296488) | (302481) | (688228) | (297560) | (197936) | (437331) |
| Class I | (29888) | (4536) | (6455) | (9314) | (7766) | (4891) | (12664) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (287929) | (87870) | (64762) | (163811) | (131127) | (50900) | (86347) |
| **Change in net assets** | (2065242) | (475842) | (461598) | (521847) | (303495) | (251632) | (518711) |
| Net assets beginning of year | 10614389 | 1845492 | 1772363 | 4014589 | 1319956 | 1068914 | 2645106 |
| **Net assets end of year** | $8549147 | $1369650 | $1310765 | $3492742 | $1016461 | $817282 | $2126395 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 40122 | 14280 | 15484 | 16843 | 14528 | 13482 | 21454 |
| Class I | 900 | 393 | 530 | 462 | 539 | 483 | 1128 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 4239 |
| Class I |  |  |  |  |  |  | 104 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (48935) | (20730) | (20089) | (22401) | (25854) | (18409) | (32362) |
| Class I | (885) | (314) | (422) | (298) | (647) | (446) | (910) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (8813) | (6450) | (4605) | (5558) | (11326) | (4927) | (6669) |
| Class I | 15 | 79 | 108 | 164 | (108) | 37 | 322 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $1085981 | $258758 | $194218 | $957346 | $26924 | $27150 | $104869 |
| Proceeds from sales of securities | $416144 | $120765 | $118705 | $259625 | $163541 | $83215 | $185510 |

---

(a) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective shareholder
report.

See accompanying Notes to Financial Statements.

764

------

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

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon S&P 400 MidCap Index Fund(a) | JNL/Mellon Small Cap Index Fund(a) | JNL Aggressive Growth Allocation Fund | JNL Conservative Allocation Fund | JNL Growth Allocation Fund | JNL Moderate Allocation Fund | JNL Moderate Growth Allocation Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(14736) | $(11520) | $(1540) | $(2568) | $(2855) | $(6694) | $(9026) |
| Net realized gain (loss) | (28507) | (19642) | 122664 | 10103 | 183171 | 89422 | 229218 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (472999) | (455881) | (475031) | (107871) | (754372) | (481510) | (999072) |
| **Change in net assets from operations** | (516242) | (487043) | (353907) | (100336) | (574056) | (398782) | (778880) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 446785 | 396653 | 172220 | 148205 | 237603 | 219322 | 257112 |
| Class I | 23033 | 15813 | 3860 | 2676 | 1173 | 2937 | 3530 |
| Proceeds in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 1045021 |  |  |
| Class I |  |  |  |  | 5489 |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (719282) | (559060) | (293739) | (234563) | (530381) | (453248) | (750139) |
| Class I | (18291) | (16175) | (3689) | (2942) | (3616) | (7801) | (1429) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (267755) | (162769) | (121348) | (86624) | 755289 | (238790) | (490926) |
| **Change in net assets** | (783997) | (649812) | (475255) | (186960) | 181233 | (637572) | (1269806) |
| Net assets beginning of year | 3850035 | 2980848 | 1827246 | 779742 | 2708746 | 2758864 | 5054591 |
| **Net assets end of year** | $3066038 | $2331036 | $1351991 | $592782 | $2889979 | $2121292 | $3784785 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 16015 | 16586 | 10333 | 11254 | 13966 | 14091 | 15322 |
| Class I | 808 | 646 | 229 | 198 | 70 | 181 | 201 |
| Shares issued in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 59512 |  |  |
| Class I |  |  |  |  | 308 |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (25846) | (23357) | (17492) | (17982) | (31272) | (29495) | (44945) |
| Class I | (646) | (657) | (220) | (221) | (208) | (476) | (85) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (9831) | (6771) | (7159) | (6728) | 42206 | (15404) | (29623) |
| Class I | 162 | (11) | 9 | (23) | 170 | (295) | 116 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $53613 | $61494 | $361269 | $140753 | $1516301<br> (b) | $433804 | $854537 |
| Proceeds from sales of securities | $336181 | $235863 | $437654 | $226799 | $675039 | $653261 | $1278749 |

---

(a) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective shareholder
report.

(b) Amount includes securities
acquired as part of a fund acquisition. See Note 10 in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

765

------

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

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Growth Allocation Fund | JNL/American Funds Moderate Growth Allocation Fund | JNL/Goldman Sachs Managed Aggressive Growth Fund | JNL/Goldman Sachs Managed Conservative Fund | JNL/Goldman Sachs Managed Growth Fund | JNL/Goldman Sachs Managed Moderate Fund | JNL/Goldman Sachs Managed Moderate Growth Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $45346 | $47961 | $(4789) | $(3601) | $(10987) | $(6330) | $(12539) |
| Net realized gain (loss) | 167204 | 65883 | 158469 | 12836 | 283368 | 69908 | 237445 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (1015770) | (645425) | (756357) | (174245) | (1468413) | (501565) | (1265731) |
| **Change in net assets from operations** | (803220) | (531581) | (602677) | (165010) | (1196032) | (437987) | (1040825) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 536212 | 303229 | 231742 | 116830 | 364527 | 122018 | 249645 |
| Class I | 12716 | 5845 | 1640 | 2702 | 5645 | 780 | 1776 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (663523) | (485404) | (424311) | (257502) | (860894) | (438455) | (819302) |
| Class I | (10738) | (7549) | (5196) | (1546) | (4946) | (1463) | (2688) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (125333) | (183879) | (196125) | (139516) | (495668) | (317120) | (570569) |
| **Change in net assets** | (928553) | (715460) | (798802) | (304526) | (1691700) | (755107) | (1611394) |
| Net assets beginning of year | 4198654 | 3110525 | 2782275 | 1155917 | 5797507 | 2740760 | 5661032 |
| **Net assets end of year** | $3270101 | $2395065 | $1983473 | $851391 | $4105807 | $1985653 | $4049638 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 24268 | 16028 | 7574 | 7896 | 14441 | 6747 | 11368 |
| Class I | 578 | 302 | 51 | 174 | 220 | 42 | 77 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (30027) | (25885) | (13844) | (17623) | (34185) | (24354) | (37462) |
| Class I | (480) | (402) | (159) | (105) | (193) | (82) | (119) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (5759) | (9857) | (6270) | (9727) | (19744) | (17607) | (26094) |
| Class I | 98 | (100) | (108) | 69 | 27 | (40) | (42) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $547675 | $412352 | $529881 | $251738 | $1069820 | $435316 | $1003295 |
| Proceeds from sales of securities | $465294 | $456374 | $705594 | $394069 | $1538380 | $751056 | $1555583 |

---

See accompanying Notes to Financial Statements.

766

------

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

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL iShares Tactical Growth Fund | JNL iShares Tactical Moderate Fund | JNL iShares Tactical Moderate Growth Fund | JNL/Vanguard Growth ETF Allocation Fund | JNL/Vanguard Moderate ETF Allocation Fund | JNL/Vanguard Moderate Growth ETF Allocation Fund | JNL Bond Index Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $5889 | $4599 | $6729 | $35797 | $10250 | $16491 | $20491 |
| Net realized gain (loss) | 4993 | (1018) | 6174 | 40935 | 3906 | 13699 | (43925) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (64947) | (32506) | (65949) | (480067) | (98843) | (190288) | (144450) |
| **Change in net assets from operations** | (54065) | (28925) | (53046) | (403335) | (84687) | (160098) | (167884) |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A | (23418) | (12473) | (20141) |  |  |  |  |
| Class I | (600) | (554) | (603) |  |  |  |  |
| **Total distributions to shareholders**  | (24018) | (13027) | (20744) |  |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 53818 | 45888 | 50982 | 237361 | 131408 | 150544 |  |
| Class I | 2439 | 2178 | 1723 | 15529 | 4709 | 14087 | 179242 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A | 23418 | 12473 | 20141 |  |  |  |  |
| Class I | 600 | 554 | 603 |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (54092) | (47803) | (65639) | (347263) | (136529) | (161630) |  |
| Class I | (1409) | (1727) | (774) | (13204) | (2688) | (10467) | (311250) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 24774 | 11563 | 7036 | (107577) | (3100) | (7466) | (132008) |
| **Change in net assets** | (53309) | (30389) | (66754) | (510912) | (87787) | (167564) | (299892) |
| Net assets beginning of year | 351855 | 222579 | 370455 | 2452431 | 596817 | 1034155 | 1321262 |
| **Net assets end of year** | $298546 | $192190 | $303701 | $1941519 | $509030 | $866591 | $1021370 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 3540 | 3745 | 3686 | 17660 | 11032 | 11819 |  |
| Class I | 159 | 174 | 119 | 1111 | 388 | 1088 | 19435 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A | 1703 | 1113 | 1596 |  |  |  |  |
| Class I | 43 | 49 | 48 |  |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (3559) | (3873) | (4777) | (25872) | (11536) | (12758) |  |
| Class I | (91) | (143) | (56) | (958) | (227) | (819) | (33846) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 1684 | 985 | 505 | (8212) | (504) | (939) |  |
| Class I | 111 | 80 | 111 | 153 | 161 | 269 | (14411) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $128098 | $77012 | $123632 | $210768 | $100444 | $123094 | $256310 |
| Purchase of U.S. government securities |  |  |  |  |  |  | 898168<br> (a) |
| Total purchases | $128098 | $77012 | $123632 | $210768 | $100444 | $123094 | $1154478 |
| Proceeds from sales of securities | $126195 | $80297 | $136103 | $280255 | $93317 | $113864 | $221004 |
| Proceeds from sales of U.S. government |  |  |  |  |  |  |  |
| securities |  |  |  |  |  |  | 1054883<br> (a) |
| Total proceeds from sales | $126195 | $80297 | $136103 | $280255 | $93317 | $113864 | $1275887 |
| Securities sold short covers | $— | $— | $— | $— | $— | $— | $15114 |
| Securities sold short proceeds | $— | $— | $— | $— | $— | $— | $14645 |

---

(a) Amounts exclude $1,128,425
and $1,111,232 of purchases and sales, respectively, of dollar roll transaction securities.

See accompanying Notes to Financial Statements.

767

------

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

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Emerging Markets Index Fund | JNL International Index Fund | JNL Mid Cap Index Fund | JNL Small Cap Index Fund | JNL Multi-Manager Alternative Fund | JNL Multi-Manager Emerging Markets Equity Fund | JNL Multi-Manager International Small Cap Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $27305 | $65699 | $48265 | $35850 | $9939 | $14638 | $14474 |
| Net realized gain (loss) | (29177) | (14585) | (20938) | 137 | 4256 | (54560) | (87679) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (192801) | (417050) | (529073) | (510916) | (153771) | (307800) | (196355) |
| **Change in net assets from operations** | (194673) | (365936) | (501746) | (474929) | (139576) | (347722) | (269560) |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (56845) | (60520) |
| Class I |  | (74241) |  |  |  | (29352) | (35986) |
| **Total distributions to shareholders**  |  | (74241) |  |  |  | (86197) | (96506) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 45298 | 98501 | 77775 |
| Class I | 153198 | 310194 | 472359 | 414835 | 120003 | 59165 | 46537 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 56845 | 60520 |
| Class I |  | 74241 |  |  |  | 29352 | 35986 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A |  |  |  |  | (61948) | (165301) | (96650) |
| Class I | (208675) | (461916) | (753137) | (587278) | (245440) | (321411) | (60085) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (55477) | (77481) | (280778) | (172443) | (142087) | (242849) | 64083 |
| **Change in net assets** | (250150) | (517658) | (782524) | (647372) | (281663) | (676768) | (301983) |
| Net assets beginning of year | 1069080 | 2647040 | 3851884 | 2982389 | 1361675 | 1606941 | 892906 |
| **Net assets end of year** | $818930 | $2129382 | $3069360 | $2335017 | $1080012 | $930173 | $590923 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 4146 | 10649 | 6582 |
| Class I | 18944 | 34925 | 51052 | 45107 | 10909 | 6419 | 3835 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 7288 | 6607 |
| Class I |  | 8643 |  |  |  | 3754 | 3890 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A |  |  |  |  | (5754) | (18025) | (8244) |
| Class I | (26086) | (52155) | (81597) | (63805) | (22545) | (32977) | (5120) |
| Change in shares |  |  |  |  |  |  |  |
| Class A |  |  |  |  | (1608) | (88) | 4945 |
| Class I | (7142) | (8587) | (30545) | (18698) | (11636) | (22804) | 2605 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $63763 | $50376 | $405417 | $581468 | $851614 | $445983 | $430541 |
| Purchase of U.S. government securities |  |  |  |  | 77852 |  |  |
| Total purchases | $63763 | $50376 | $405417 | $581468 | $929466 | $445983 | $430541 |
| Proceeds from sales of securities | $91522 | $135007 | $619307 | $715884 | $854629 | $722606 | $439459 |
| Proceeds from sales of U.S. government |  |  |  |  |  |  |  |
| securities |  |  |  |  | 58829 |  |  |
| Total proceeds from sales | $91522 | $135007 | $619307 | $715884 | $913458 | $722606 | $439459 |
| Securities sold short covers | $— | $— | $— | $— | $620812 | $— | $— |
| Securities sold short proceeds | $— | $— | $— | $— | $727132 | $— | $— |

---

See accompanying Notes to Financial Statements.

768

------

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

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Multi-Manager Mid Cap Fund | JNL Multi-Manager Small Cap Growth Fund | JNL Multi-Manager Small Cap Value Fund | JNL Multi-Manager U.S. Select Equity Fund(a) | JNL S&P 500 Index Fund | JNL/AB Sustainable Global Thematic Fund(b) | JNL/AQR Large Cap Defensive Style Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $9430 | $(12211) | $3865 | $852 | $4287 | $9 | $4127 |
| Net realized gain (loss) | 95934 | (192178) | 91869 | (2200) | 2441 | (227) | (1929) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (413672) | (804194) | (333417) | (6233) | (63761) | (462) | (38061) |
| **Change in net assets from operations** | (308308) | (1008583) | (237683) | (7581) | (57033) | (680) | (35863) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 145997 | 337569 | 220380 | 1 |  | 14915 | 103506 |
| Class I | 179815 | 94637 | 67495 | 341784 | 97247 | 226 | 3840 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (117344) | (553623) | (291208) |  |  | (407) | (96176) |
| Class I | (323001) | (99224) | (149887) | (1036) | (65611) | (1) | (2676) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (114533) | (220641) | (153220) | 340749 | 31636 | 14733 | 8494 |
| **Change in net assets** | (422841) | (1229224) | (390903) | 333168 | (25397) | 14053 | (27369) |
| Net assets beginning of year | 1852193 | 3311917 | 1995847 |  | 304384 |  | 416897 |
| **Net assets end of year** | $1429352 | $2082693 | $1604944 | $333168 | $278987 | $14053 | $389528 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 8228 | 9182 | 13235 |  |  | 1526 | 7787 |
| Class I | 9800 | 2388 | 3960 | 34179 | 5515 | 24 | 288 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (6670) | (15035) | (17512) |  |  | (45) | (7254) |
| Class I | (18464) | (2558) | (8804) | (104) | (3716) |  | (199) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 1558 | (5853) | (4277) |  |  | 1481 | 533 |
| Class I | (8664) | (170) | (4844) | 34075 | 1799 | 24 | 89 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $683879 | $1736595 | $443195 | $355677 | $67801 | $17029 | $100847 |
| Proceeds from sales of securities | $781646 | $1939158 | $598021 | $29258 | $31140 | $3085 | $93444 |

---

(a) Period from commencement of
operations November 15, 2022.

(b) Period from commencement of
operations April 25, 2022.

See accompanying Notes to Financial Statements.

769

------

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

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Baillie Gifford International Growth Fund | JNL/Baillie Gifford U.S. Equity Growth Fund | JNL/BlackRock Global Allocation Fund | JNL/BlackRock Global Natural Resources Fund | JNL/BlackRock Large Cap Select Growth Fund | JNL/Causeway International Value Select Fund | JNL/ClearBridge Large Cap Growth Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(1091) | $(356) | $35036 | $37629 | $(3466) | $29308 | $(508) |
| Net realized gain (loss) | (100733) | (16787) | 11850 | 225053 | 124936 | 30775 | 38467 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (345521) | (62775) | (659721) | (123842) | (2120564) | (176325) | (549649) |
| **Change in net assets from operations** | (447345) | (79918) | (612835) | 138840 | (1999094) | (116242) | (511690) |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A | (26060) |  |  |  |  | (6810) |  |
| Class I | (827) |  |  |  |  | (14044) |  |
| **Total distributions to shareholders**  | (26887) |  |  |  |  | (20854) |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 180784 | 2911 | 218714 | 771372 | 473242 | 163497 | 148361 |
| Class I | 7338 | 30075 | 24968 | 317833 | 302155 | 470820 | 308577 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A | 26060 |  |  |  |  | 6810 |  |
| Class I | 827 |  |  |  |  | 14044 |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (246954) | (2703) | (560750) | (440657) | (840833) | (144207) | (166935) |
| Class I | (7936) | (25558) | (215532) | (48008) | (89080) | (444837) | (47485) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (39881) | 4725 | (532600) | 600540 | (154516) | 66127 | 242518 |
| **Change in net assets** | (514113) | (75193) | (1145435) | 739380 | (2153610) | (70969) | (269172) |
| Net assets beginning of year | 1213154 | 140984 | 4033829 | 862433 | 5359500 | 1432531 | 1537299 |
| **Net assets end of year** | $699041 | $65791 | $2888394 | $1601813 | $3205890 | $1361562 | $1268127 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 14761 | 618 | 14460 | 61143 | 8580 | 10511 | 8257 |
| Class I | 584 | 5537 | 1630 | 23676 | 5104 | 28987 | 18646 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A | 2429 |  |  |  |  | 448 |  |
| Class I | 76 |  |  |  |  | 897 |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (20568) | (487) | (37445) | (36583) | (15041) | (9679) | (9432) |
| Class I | (648) | (4857) | (14465) | (3764) | (1534) | (28115) | (2670) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (3378) | 131 | (22985) | 24560 | (6461) | 1280 | (1175) |
| Class I | 12 | 680 | (12835) | 19912 | 3570 | 1769 | 15976 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $98316 | $19818 | $2236120 | $1793724 | $2496365 | $970634 | $499911 |
| Purchase of U.S. government securities |  |  | 1100784 |  |  |  |  |
| Total purchases | $98316 | $19818 | $3336904 | $1793724 | $2496365 | $970634 | $499911 |
| Proceeds from sales of securities | $165613 | $15632 | $3025168 | $1190179 | $2664315 | $886261 | $271750 |
| Proceeds from sales of U.S. government |  |  |  |  |  |  |  |
| securities |  |  | 823173 |  |  |  |  |
| Total proceeds from sales | $165613 | $15632 | $3848341 | $1190179 | $2664315 | $886261 | $271750 |
| Securities sold short covers | $— | $— | $55898 | $— | $— | $— | $— |
| Securities sold short proceeds | $— | $— | $76711 | $— | $— | $— | $— |

---

See accompanying Notes to Financial Statements.

770

------

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

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/DFA International Core Equity Fund | JNL/DFA U.S. Core Equity Fund | JNL/DFA U.S. Small Cap Fund | JNL/DoubleLine Core Fixed Income Fund | JNL/DoubleLine Emerging Markets Fixed Income Fund | JNL/DoubleLine Shiller Enhanced CAPE Fund | JNL/DoubleLine Total Return Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $4329 | $12506 | $2407 | $93825 | $29095 | $47791 | $76841 |
| Net realized gain (loss) | (7868) | 93350 | 16033 | (172522) | (34277) | (402353) | (68393) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (15241) | (347762) | (96129) | (365574) | (123372) | (293730) | (330084) |
| **Change in net assets from operations** | (18780) | (241906) | (77689) | (444271) | (128554) | (648292) | (321636) |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A | (21116) |  |  |  |  |  |  |
| Class I | (1354) |  |  |  |  |  |  |
| **Total distributions to shareholders**  | (22470) |  |  |  |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 111689 | 255216 | 190940 | 187059 | 21585 | 338043 | 126915 |
| Class I | 9710 | 32706 | 10017 | 234965 | 73361 | 94359 | 428548 |
| Proceeds in connection with acquisition |  |  |  |  |  |  |  |
| Class A | 39997 |  |  |  |  |  |  |
| Class I | 1835 |  |  |  |  |  |  |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A | 21116 |  |  |  |  |  |  |
| Class I | 1354 |  |  |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (49808) | (338398) | (187870) | (487241) | (34321) | (555346) | (237203) |
| Class I | (3550) | (29226) | (8644) | (320812) | (258726) | (330344) | (510811) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 132343 | (79702) | 4443 | (386029) | (198101) | (453288) | (192551) |
| **Change in net assets** | 91093 | (321608) | (73246) | (830300) | (326655) | (1101580) | (514187) |
| Net assets beginning of year | 126854 | 1565948 | 563034 | 3565171 | 898269 | 2845169 | 2553206 |
| **Net assets end of year** | $217947 | $1244340 | $489788 | $2734871 | $571614 | $1743589 | $2039019 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 10092 | 12289 | 17944 | 14751 | 1982 | 16473 | 11928 |
| Class I | 891 | 1438 | 932 | 17836 | 6822 | 4385 | 40022 |
| Shares issued in connection with acquisition |  |  |  |  |  |  |  |
| Class A | 3460 |  |  |  |  |  |  |
| Class I | 158 |  |  |  |  |  |  |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A | 2137 |  |  |  |  |  |  |
| Class I | 136 |  |  |  |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (4644) | (16358) | (17648) | (38660) | (3183) | (27704) | (22319) |
| Class I | (324) | (1310) | (809) | (23521) | (24269) | (16640) | (48176) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 11045 | (4069) | 296 | (23909) | (1201) | (11231) | (10391) |
| Class I | 861 | 128 | 123 | (5685) | (17447) | (12255) | (8154) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $152354 | $132034 | $140573 | $724414 | $202911 | $334425 | $696151 |
| Purchase of U.S. government securities |  |  |  | 3384338 |  | 1424607 | 634251 |
| Total purchases | $152354<br> (a) | $132034 | $140573 | $4108752 | $202911 | $1759032 | $1330402 |
| Proceeds from sales of securities | $37220 | $198943 | $136035 | $1065849 | $369597 | $947841 | $989646 |
| Proceeds from sales of U.S. government |  |  |  |  |  |  |  |
| securities |  |  |  | 3436606 |  | 1571717 | 469322 |
| Total proceeds from sales | $37220 | $198943 | $136035 | $4502455 | $369597 | $2519558 | $1458968 |

---

(a) Amount includes securities acquired as part of a fund acquisition. See Note 10
in the Notes to Financial Statements.

See accompanying Notes to Financial Statements.

771

------

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

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Fidelity Institutional Asset Management Total Bond Fund | JNL/First Sentier Global Infrastructure Fund | JNL/Franklin Templeton Income Fund | JNL/Goldman Sachs 4 Fund | JNL/GQG Emerging Markets Equity Fund | JNL/Harris Oakmark Global Equity Fund | JNL/Heitman U.S. Focused Real Estate Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $37082 | $19323 | $75053 | $99903 | $38699 | $7625 | $4661 |
| Net realized gain (loss) | (31749) | 60141 | 86637 | (171547) | (66817) | 8276 | (10478) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (185976) | (123250) | (240280) | (642141) | (155823) | (162050) | (85265) |
| **Change in net assets from operations** | (180643) | (43786) | (78590) | (713785) | (183941) | (146149) | (91082) |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (8735) | (19641) |
| Class I |  |  |  |  |  | (7746) | (19810) |
| **Total distributions to shareholders**  |  |  |  |  |  | (16481) | (39451) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 115448 | 129523 | 312651 | 493740 | 116887 | 112094 | 93941 |
| Class I | 455918 | 109298 | 3596 | 9277 | 101214 | 81485 | 40753 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 8735 | 19641 |
| Class I |  |  |  |  |  | 7746 | 19810 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (240007) | (173284) | (344523) | (1225723) | (99796) | (173132) | (127684) |
| Class I | (147453) | (134779) | (1918) | (9768) | (227047) | (103601) | (64358) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 183906 | (69242) | (30194) | (732474) | (108742) | (66673) | (17897) |
| **Change in net assets** | 3263 | (113028) | (108784) | (1446259) | (292683) | (229303) | (148430) |
| Net assets beginning of year | 1285664 | 1029808 | 1714078 | 6580308 | 940242 | 950184 | 374738 |
| **Net assets end of year** | $1288927 | $916780 | $1605294 | $5134049 | $647559 | $720881 | $226308 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 9807 | 7558 | 21887 | 16057 | 9750 | 8842 | 7437 |
| Class I | 38268 | 6226 | 259 | 301 | 8147 | 6400 | 3114 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 754 | 2159 |
| Class I |  |  |  |  |  | 668 | 2153 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (20437) | (10263) | (24306) | (40117) | (8324) | (13994) | (10637) |
| Class I | (12607) | (7830) | (140) | (316) | (17501) | (7957) | (5075) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (10630) | (2705) | (2419) | (24060) | 1426 | (4398) | (1041) |
| Class I | 25661 | (1604) | 119 | (15) | (9354) | (889) | 192 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $466297 | $513851 | $801505 | $2877840 | $841994 | $316560 | $450227 |
| Purchase of U.S. government securities | 190993<br> (a) |  | 313158 |  |  |  |  |
| Total purchases | $657290 | $513851 | $1114663 | $2877840 | $841994 | $316560 | $450227 |
| Proceeds from sales of securities | $289494 | $575416 | $969209 | $3521468 | $915247 | $386799 | $497756 |
| Proceeds from sales of U.S. government |  |  |  |  |  |  |  |
| securities | 219166<br> (a) |  | 243887 |  |  |  |  |
| Total proceeds from sales | $508660 | $575416 | $1213096 | $3521468 | $915247 | $386799 | $497756 |
| Securities sold short covers | $26421 | $— | $— | $— | $— | $— | $— |
| Securities sold short proceeds | $45983 | $— | $— | $— | $— | $— | $— |

---

(a) Amounts exclude $2,202,490
and $2,102,553 of purchases and sales, respectively, of dollar roll transaction securities.

See accompanying Notes to Financial Statements.

772

------

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

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Invesco Diversified Dividend Fund | JNL/Invesco Global Growth Fund | JNL/Invesco Small Cap Growth Fund | JNL/JPMorgan Global Allocation Fund | JNL/JPMorgan Hedged Equity Fund | JNL/JPMorgan MidCap Growth Fund | JNL/JPMorgan U.S. Government & Quality Bond Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $18900 | $363 | $(8363) | $12530 | $4528 | $(10439) | $25502 |
| Net realized gain (loss) | 43195 | 255742 | (204302) | (88505) | 99251 | 11519 | (1248) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (80599) | (1084232) | (679084) | (186446) | (163510) | (1055930) | (202289) |
| **Change in net assets from operations** | (18504) | (828127) | (891749) | (262421) | (59731) | (1054850) | (178035) |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  |  |  | (2112) |  |  |
| Class I |  |  |  |  | (636) |  |  |
| **Total distributions to shareholders**  |  |  |  |  | (2748) |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 386257 | 152065 | 380931 | 68147 | 310250 | 514731 | 242481 |
| Class I | 98519 | 50617 | 9454 | 1506 | 21191 | 64683 | 498527 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 2112 |  |  |
| Class I |  |  |  |  | 636 |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (133443) | (300229) | (453754) | (202331) | (178756) | (733768) | (423756) |
| Class I | (321929) | (366849) | (9967) | (1404) | (44088) | (108451) | (78025) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 29404 | (464396) | (73336) | (134082) | 111345 | (262805) | 239227 |
| **Change in net assets** | 10900 | (1292523) | (965085) | (396503) | 48866 | (1317655) | 61192 |
| Net assets beginning of year | 1045790 | 2710507 | 2544755 | 1414046 | 686293 | 3982747 | 1542993 |
| **Net assets end of year** | $1056690 | $1417984 | $1579670 | $1017543 | $735159 | $2665092 | $1604185 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 28471 | 7270 | 11840 | 5247 | 24894 | 9592 | 18415 |
| Class I | 7131 | 2356 | 281 | 119 | 1689 | 1172 | 36769 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 173 |  |  |
| Class I |  |  |  |  | 52 |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (10014) | (14367) | (14113) | (15657) | (14417) | (13606) | (32292) |
| Class I | (23157) | (17200) | (305) | (113) | (3540) | (1970) | (5647) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 18457 | (7097) | (2273) | (10410) | 10650 | (4014) | (13877) |
| Class I | (16026) | (14844) | (24) | 6 | (1799) | (798) | 31122 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $467777 | $247983 | $865727 | $1113991 | $614884 | $1123785 | $331497 |
| Purchase of U.S. government securities |  |  |  | 29652 |  |  | 190746 |
| Total purchases | $467777 | $247983 | $865727 | $1143643 | $614884 | $1123785 | $522243 |
| Proceeds from sales of securities | $436032 | $717706 | $955282 | $1345882 | $420213 | $1418930 | $242187 |
| Proceeds from sales of U.S. government |  |  |  |  |  |  |  |
| securities |  |  |  | 31967 |  |  | 27966 |
| Total proceeds from sales | $436032 | $717706 | $955282 | $1377849 | $420213 | $1418930 | $270153 |
| Securities sold short covers | $— | $— | $— | $76630 | $56933 | $— | $— |
| Securities sold short proceeds | $— | $— | $— | $71594 | $137814 | $— | $— |

---

See accompanying Notes to Financial Statements.

773

------

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

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/JPMorgan U.S. Value Fund | JNL/Lazard International Strategic Equity Fund | JNL/Loomis Sayles Global Growth Fund | JNL/Lord Abbett Short Duration Income Fund | JNL/Mellon Communication Services Sector Fund | JNL/Mellon Consumer Discretionary Sector Fund | JNL/Mellon Consumer Staples Sector Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $23374 | $6962 | $1422 | $22339 | $644 | $4960 | $8069 |
| Net realized gain (loss) | 64136 | (15263) | 36796 | (28897) | 13396 | 184615 | 6183 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (130806) | (94035) | (273022) | (31565) | (141893) | (879766) | (27725) |
| **Change in net assets from operations** | (43296) | (102336) | (234804) | (38123) | (127853) | (690191) | (13473) |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  | (5927) |  | (2294) |  |  |  |
| Class I |  | (21694) | (57) | (6390) |  |  |  |
| **Total distributions to shareholders**  |  | (27621) | (57) | (8684) |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 308392 | 35658 | 45080 | 278391 | 62001 | 246661 | 482065 |
| Class I | 194710 | 187871 | 70421 | 468730 | 2632 | 12351 | 17388 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  | 5927 |  | 2294 |  |  |  |
| Class I |  | 21694 | 57 | 6390 |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (241228) | (26485) | (67035) | (161370) | (124802) | (544860) | (173742) |
| Class I | (214190) | (99220) | (189862) | (184860) | (2786) | (9667) | (7606) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 47684 | 125445 | (141339) | 409575 | (62955) | (295515) | 318105 |
| **Change in net assets** | 4388 | (4512) | (376200) | 362768 | (190808) | (985706) | 304632 |
| Net assets beginning of year | 1618950 | 467382 | 903577 | 766958 | 357131 | 2092075 | 267781 |
| **Net assets end of year** | $1623338 | $462870 | $527377 | $1129726 | $166323 | $1106369 | $572413 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 21079 | 2412 | 3488 | 27683 | 3995 | 6800 | 31725 |
| Class I | 13202 | 11517 | 5319 | 46731 | 180 | 348 | 1126 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  | 439 |  | 233 |  |  |  |
| Class I |  | 1601 | 5 | 645 |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (16611) | (1829) | (5232) | (16073) | (7500) | (14861) | (11685) |
| Class I | (14227) | (6927) | (15330) | (18295) | (198) | (256) | (502) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 4468 | 1022 | (1744) | 11843 | (3505) | (8061) | 20040 |
| Class I | (1025) | 6191 | (10006) | 29081 | (18) | 92 | 624 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $265772 | $333950 | $140236 | $756599 | $21025 | $184070 | $392992 |
| Purchase of U.S. government securities |  |  |  | 497153 |  |  |  |
| Total purchases | $265772 | $333950 | $140236 | $1253752 | $21025 | $184070 | $392992 |
| Proceeds from sales of securities | $216254 | $219828 | $278967 | $455119 | $82576 | $477122 | $67712 |
| Proceeds from sales of U.S. government |  |  |  |  |  |  |  |
| securities |  |  |  | 438058 |  |  |  |
| Total proceeds from sales | $216254 | $219828 | $278967 | $893177 | $82576 | $477122 | $67712 |

---

See accompanying Notes to Financial Statements.

774

------

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

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Dow Index Fund | JNL/Mellon Energy Sector Fund | JNL/Mellon Financial Sector Fund | JNL/Mellon Healthcare Sector Fund | JNL/Mellon Industrials Sector Fund | JNL/Mellon Information Technology Sector Fund | JNL/Mellon Materials Sector Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $18204 | $83891 | $19299 | $32594 | $1830 | $13551 | $2841 |
| Net realized gain (loss) | 26542 | 113985 | 57347 | 120596 | 10020 | 679924 | (4634) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (154957) | 760702 | (310573) | (416101) | (33177) | (2518000) | (34141) |
| **Change in net assets from operations** | (110211) | 958578 | (233927) | (262911) | (21327) | (1824525) | (35934) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 308931 | 1752052 | 487076 | 569572 | 87660 | 696942 | 176918 |
| Class I | 8835 | 28714 | 13348 | 17234 | 4600 | 20740 | 4375 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (395334) | (1188418) | (532894) | (906224) | (124290) | (1405870) | (148345) |
| Class I | (8114) | (20322) | (13414) | (15581) | (3696) | (26283) | (5093) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (85682) | 572026 | (45884) | (334999) | (35726) | (714471) | 27855 |
| **Change in net assets** | (195893) | 1530604 | (279811) | (597910) | (57053) | (2538996) | (8079) |
| Net assets beginning of year | 1445983 | 1395074 | 1652259 | 4299997 | 245857 | 6068071 | 199950 |
| **Net assets end of year** | $1250090 | $2925678 | $1372448 | $3702087 | $188804 | $3529075 | $191871 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 7815 | 57078 | 27288 | 13813 | 5961 | 20686 | 11616 |
| Class I | 219 | 894 | 750 | 410 | 306 | 609 | 286 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (10029) | (38694) | (31330) | (22108) | (8416) | (41065) | (10466) |
| Class I | (202) | (638) | (769) | (373) | (252) | (758) | (343) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (2214) | 18384 | (4042) | (8295) | (2455) | (20379) | 1150 |
| Class I | 17 | 256 | (19) | 37 | 54 | (149) | (57) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $8545 | $1301369 | $229418 | $114104 | $44246 | $411930 | $126101 |
| Proceeds from sales of securities | $68810 | $650805 | $263419 | $416207 | $77971 | $1102293 | $95377 |

---

See accompanying Notes to Financial Statements.

775

------

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

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Nasdaq 100 Index Fund | JNL/Mellon Real Estate Sector Fund | JNL/Mellon S&P 500 Index Fund | JNL/Mellon U.S. Stock Market Index Fund | JNL/Mellon Utilities Sector Fund | JNL/Mellon World Index Fund | JNL/MFS Mid Cap Value Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $14172 | $4633 | $127385 | $51763 | $12103 | $5234 | $27512 |
| Net realized gain (loss) | 333194 | 2175 | 160931 | (76411) | 7854 | (3368) | 61347 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (2554094) | (78519) | (2726681) | (1244463) | (28232) | (79794) | (298273) |
| **Change in net assets from operations** | (2206728) | (71711) | (2438365) | (1269111) | (8275) | (77928) | (209414) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 1223422 | 116660 | 2319596 | 429899 | 548709 | 87191 | 516807 |
| Class I | 28867 | 6956 | 1350 | 11501 | 15227 | 3719 | 16509 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (1605285) | (124615) | (2407768) | (1250209) | (209997) | (81256) | (500392) |
| Class I | (36632) | (7119) | (1318) | (20134) | (8542) | (2271) | (14522) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (389628) | (8118) | (88140) | (828943) | 345397 | 7383 | 18402 |
| **Change in net assets** | (2596356) | (79829) | (2526505) | (2098054) | 337122 | (70545) | (191012) |
| Net assets beginning of year | 6950287 | 265292 | 13184988 | 6678955 | 324772 | 424850 | 2210531 |
| **Net assets end of year** | $4353931 | $185463 | $10658483 | $4580901 | $661894 | $354305 | $2019519 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 26592 | 8100 | 73206 | 25502 | 28958 | 2735 | 30937 |
| Class I | 945 | 493 | 42 | 660 | 799 | 118 | 979 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (34468) | (8964) | (76064) | (73569) | (11528) | (2579) | (30538) |
| Class I | (1187) | (512) | (39) | (1155) | (455) | (74) | (862) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (7876) | (864) | (2858) | (48067) | 17430 | 156 | 399 |
| Class I | (242) | (19) | 3 | (495) | 344 | 44 | 117 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $432221 | $71395 | $355180 | $101117 | $439088 | $15841 | $429349 |
| Proceeds from sales of securities | $805469 | $70439 | $382369 | $878075 | $81189 | $8113 | $385114 |

---

See accompanying Notes to Financial Statements.

776

------

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

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Morningstar PitchBook Listed Private Equity Index Fund | JNL/Morningstar U.S. Sustainability Index Fund | JNL/Morningstar Wide Moat Index Fund | JNL/Neuberger Berman Commodity Strategy Fund | JNL/Neuberger Berman Gold Plus Strategy Fund(a) | JNL/Neuberger Berman Strategic Income Fund | JNL/Newton Equity Income Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $176 | $2305 | $9412 | $5024 | $121 | $25873 | $16667 |
| Net realized gain (loss) | (851) | 23133 | 51550 | (33301) | (1691) | (27531) | 46114 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (2927) | (93890) | (201848) | 7208 | 771 | (91313) | 3668 |
| **Change in net assets from operations** | (3602) | (68452) | (140886) | (21069) | (799) | (92971) | 66449 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  | (83320) |  |  |  |  |
| Class I |  |  | (89097) |  |  |  |  |
| **Total distributions to shareholders**  |  |  | (172417) |  |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 3454 | 100043 | 176343 | 73417 | 21720 | 113142 | 1405288 |
| Class I |  | 6695 | 107176 | 395514 | 1 | 13449 | 158700 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  | 83320 |  |  |  |  |
| Class I |  |  | 89097 |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (2578) | (135710) | (129550) | (37842) | (4322) | (181302) | (301497) |
| Class I |  | (5679) | (256037) | (52813) |  | (79134) | (13860) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 876 | (34651) | 70349 | 378276 | 17399 | (133845) | 1248631 |
| **Change in net assets** | (2726) | (103103) | (242954) | 357207 | 16600 | (226816) | 1315080 |
| Net assets beginning of year | 10246 | 331859 | 1031896 | 25560 |  | 872113 | 557505 |
| **Net assets end of year** | $7520 | $228756 | $788942 | $382767 | $16600 | $645297 | $1872585 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 386 | 5161 | 13132 | 4325 | 2277 | 9896 | 56392 |
| Class I |  | 349 | 7828 | 21772 |  | 1153 | 6146 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  | 8233 |  |  |  |  |
| Class I |  |  | 8701 |  |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (285) | (7325) | (9847) | (2295) | (490) | (15940) | (12200) |
| Class I |  | (304) | (19157) | (2991) |  | (7033) | (559) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 101 | (2164) | 11518 | 2030 | 1787 | (6044) | 44192 |
| Class I |  | 45 | (2628) | 18781 |  | (5880) | 5587 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $6098 | $183569 | $643320 | $341302 | $11794 | $445738 | $2018367 |
| Purchase of U.S. government securities |  |  |  |  |  | 67152<br> (b) |  |
| Total purchases | $6098 | $183569 | $643320 | $341302 | $11794 | $512890 | $2018367 |
| Proceeds from sales of securities | $5236 | $211453 | $737711 | $59514 | $2140 | $306745 | $818275 |
| Proceeds from sales of U.S. government |  |  |  |  |  |  |  |
| securities |  |  |  | 1500 | 900 | 146389<br> (b) |  |
| Total proceeds from sales | $5236 | $211453 | $737711 | $61014 | $3040 | $453134 | $818275 |

---

(a) Period from commencement of operations April 25, 2022.

(b) Amounts
exclude $2,094,119 and $2,109,959 of purchases and sales, respectively, of dollar roll transaction securities.

See accompanying Notes to Financial Statements.

777

------

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

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/PIMCO Income Fund | JNL/PIMCO Investment Grade Credit Bond Fund | JNL/PIMCO Real Return Fund | JNL/PPM America Floating Rate Income Fund | JNL/PPM America High Yield Bond Fund | JNL/PPM America Total Return Fund | JNL/RAFI Fundamental U.S. Small Cap Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $53593 | $41974 | $99630 | $67378 | $89552 | $38313 | $5015 |
| Net realized gain (loss) | (24343) | (144311) | (162866) | (42971) | (85477) | (120109) | 30261 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (163993) | (166430) | (159265) | (88247) | (216812) | (176426) | (109925) |
| **Change in net assets from operations** | (134743) | (268767) | (222501) | (63840) | (212737) | (258222) | (74649) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 175214 | 118836 | 301600 | 444542 | 162875 | 127223 | 93874 |
| Class I | 61668 | 69248 | 93088 | 26134 | 24421 | 78058 | 3940 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (282214) | (202257) | (409742) | (382222) | (371750) | (264011) | (150314) |
| Class I | (274882) | (421935) | (143096) | (16719) | (164319) | (332410) | (4880) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (320214) | (436108) | (158150) | 71735 | (348773) | (391140) | (57380) |
| **Change in net assets** | (454957) | (704875) | (380651) | 7895 | (561510) | (649362) | (132029) |
| Net assets beginning of year | 1701445 | 1636259 | 1917130 | 1208209 | 1949062 | 1962590 | 541426 |
| **Net assets end of year** | $1246488 | $931384 | $1536479 | $1216104 | $1387552 | $1313228 | $409397 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 16683 | 10161 | 25807 | 39817 | 11449 | 10258 | 11895 |
| Class I | 5803 | 5871 | 7737 | 2302 | 1442 | 6260 | 509 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (26914) | (17149) | (35585) | (34795) | (26286) | (21186) | (19298) |
| Class I | (26147) | (37793) | (12166) | (1507) | (9621) | (26920) | (634) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (10231) | (6988) | (9778) | 5022 | (14837) | (10928) | (7403) |
| Class I | (20344) | (31922) | (4429) | 795 | (8179) | (20660) | (125) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $269945 | $115968 | $162937 | $869427 | $744902 | $1082009 | $94737 |
| Purchase of U.S. government securities | 5806639 | 910306 | 720253 |  |  | 76986<br> (a) |  |
| Total purchases | $6076584 | $1026274 | $883190 | $869427 | $744902 | $1158995 | $94737 |
| Proceeds from sales of securities | $463533 | $673197 | $187799 | $819015 | $1029638 | $1414066 | $145776 |
| Proceeds from sales of U.S. government |  |  |  |  |  |  |  |
| securities | 5745212 | 857191 | 1110061 |  |  | 185568<br> (a) |  |
| Total proceeds from sales | $6208745 | $1530388 | $1297860 | $819015 | $1029638 | $1599634 | $145776 |
| Securities sold short covers | $132021 | $— | $29 | $— | $— | $— | $— |
| Securities sold short proceeds | $126029 | $30 | $2490 | $— | $— | $— | $— |

---

(a) Amounts exclude $331,207 and
$273,628 of purchases and sales, respectively, of dollar roll transaction securities.

See accompanying Notes to Financial Statements.

778

------

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

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/RAFI Multi-Factor U.S. Equity Fund | JNL/T. Rowe Price Balanced Fund | JNL/T. Rowe Price Capital Appreciation Fund | JNL/T. Rowe Price Established Growth Fund | JNL/T. Rowe Price Mid-Cap Growth Fund | JNL/T. Rowe Price Short-Term Bond Fund | JNL/T. Rowe Price U.S. High Yield Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $38829 | $7094 | $133142 | $(31814) | $(16090) | $29953 | $38556 |
| Net realized gain (loss) | 154188 | 7647 | 830818 | (223246) | 226770 | (26591) | (33865) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (411994) | (115195) | (2416954) | (4711118) | (1727787) | (79647) | (106603) |
| **Change in net assets from operations** | (218977) | (100454) | (1452994) | (4966178) | (1517107) | (76285) | (101912) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 113259 | 87363 | 2288630 | 1115972 | 573287 | 526748 | 53112 |
| Class I | 2972 | 1828 | 110474 | 244452 | 27297 | 355347 | 63002 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (447675) | (111861) | (1968202) | (1762704) | (1135783) | (541425) | (51421) |
| Class I | (4808) | (456) | (117958) | (724303) | (50276) | (173770) | (152735) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (336252) | (23126) | 312944 | (1126583) | (585475) | 166900 | (88042) |
| **Change in net assets** | (555229) | (123580) | (1140050) | (6092761) | (2102582) | 90615 | (189954) |
| Net assets beginning of year | 2751524 | 569271 | 12023884 | 13315042 | 6993709 | 1670425 | 713005 |
| **Net assets end of year** | $2196295 | $445691 | $10883834 | $7222281 | $4891127 | $1761040 | $523051 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 6164 | 5809 | 105263 | 19406 | 8946 | 51858 | 4993 |
| Class I | 161 | 120 | 4982 | 4080 | 400 | 34308 | 5743 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (24390) | (7538) | (91019) | (30304) | (17765) | (53206) | (4809) |
| Class I | (265) | (30) | (5362) | (12224) | (743) | (16694) | (14300) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (18226) | (1729) | 14244 | (10898) | (8819) | (1348) | 184 |
| Class I | (104) | 90 | (380) | (8144) | (343) | 17614 | (8557) |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $794072 | $281849 | $7662713 | $2573702 | $1132455 | $697580 | $288531 |
| Purchase of U.S. government securities |  | 443454 | 2180592 |  |  | 1050661 |  |
| Total purchases | $794072 | $725303 | $9843305 | $2573702 | $1132455 | $1748241 | $288531 |
| Proceeds from sales of securities | $1086529 | $277934 | $7627608 | $3876832 | $1679706 | $640236 | $331731 |
| Proceeds from sales of U.S. government |  |  |  |  |  |  |  |
| securities |  | 461215 | 1136347 |  |  | 910714 |  |
| Total proceeds from sales | $1086529 | $739149 | $8763955 | $3876832 | $1679706 | $1550950 | $331731 |
| Securities sold short covers | $— | $1 | $58928 | $— | $— | $— | $— |
| Securities sold short proceeds | $— | $1 | $73244 | $— | $— | $— | $— |

---

See accompanying Notes to Financial Statements.

779

------

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

For the Year Ended December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/T. Rowe Price Value Fund | JNL/WCM China Quality Growth Fund(a) | JNL/WCM Focused International Equity Fund | JNL/Westchester Capital Event Driven Fund | JNL/Western Asset Global Multi-Sector Bond Fund | JNL/William Blair International Leaders Fund | JNL/WMC Balanced Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $61004 | $11 | $(4) | $1666 | $18297 | $5356 | $115908 |
| Net realized gain (loss) | 171588 | 152 | 202501 | (997) | (120847) | (3884) | 209529 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (896294) | (3) | (887864) | (5125) | 74216 | (285861) | (1793613) |
| **Change in net assets from operations** | (663702) | 160 | (685367) | (4456) | (28334) | (284389) | (1468176) |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  | (98425) |  |  | (107440) |  |
| Class I |  |  | (146674) |  |  | (32814) |  |
| **Total distributions to shareholders**  |  |  | (245099) |  |  | (140254) |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 707016 | 6385 | 239340 | 47440 | 48619 | 97207 | 1062328 |
| Class I | 216857 | 1 | 162818 | 19899 | 2123 | 18501 | 16471 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  | 98425 |  |  | 107440 |  |
| Class I |  |  | 146674 |  |  | 32814 |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (751292) | (810) | (167159) | (38859) | (116187) | (159820) | (1640052) |
| Class I | (880957) |  | (640248) | (22501) | (1654) | (28266) | (15333) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (708376) | 5576 | (160150) | 5979 | (67099) | 67876 | (576586) |
| **Change in net assets** | (1372078) | 5736 | (1090616) | 1523 | (95433) | (356767) | (2044762) |
| Net assets beginning of year | 5844605 |  | 2429580 | 130137 | 502962 | 1163444 | 10607132 |
| **Net assets end of year** | $4472527 | $5736 | $1338964 | $131660 | $407529 | $806677 | $8562370 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 31251 | 633 | 13516 | 4005 | 6702 | 7733 | 35007 |
| Class I | 8974 |  | 9027 | 1660 | 289 | 1398 | 522 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  | 6931 |  |  | 10669 |  |
| Class I |  |  | 10207 |  |  | 3030 |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (33606) | (82) | (9555) | (3288) | (16159) | (12730) | (54256) |
| Class I | (37078) |  | (36647) | (1899) | (228) | (2109) | (485) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (2355) | 551 | 10892 | 717 | (9457) | 5672 | (19249) |
| Class I | (28104) |  | (17413) | (239) | 61 | 2319 | 37 |
| **Purchases and sales of long term**  |  |  |  |  |  |  |  |
| **investments** |  |  |  |  |  |  |  |
| Purchase of securities | $9373300 | $6582 | $458694 | $260445 | $392782 | $1290248 | $3098997 |
| Purchase of U.S. government securities |  |  |  |  | 10509 |  | 10020177 |
| Total purchases | $9373300 | $6582 | $458694 | $260445 | $403291 | $1290248 | $13119174 |
| Proceeds from sales of securities | $10016236 | $1431 | $825950 | $244027 | $309700 | $1337557 | $3563994 |
| Proceeds from sales of U.S. government |  |  |  |  |  |  |  |
| securities |  |  |  |  | 15924 |  | 10031627 |
| Total proceeds from sales | $10016236 | $1431 | $825950 | $244027 | $325624 | $1337557 | $13595621 |
| Securities sold short covers | $— | $— | $— | $42422 | $— | $— | $— |
| Securities sold short proceeds | $— | $— | $— | $43755 | $— | $— | $— |

---

(a) Period from commencement of
operations April 25, 2022.

See accompanying Notes to Financial Statements.

780

------

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

For the Year Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | JNL/WMC Equity Income Fund | JNL/WMC Global Real Estate Fund | JNL/WMC Government Money Market Fund | JNL/WMC Value Fund |
| **Operations** |  |  |  |  |
| Net investment income (loss) | $22929 | $14130 | $29584 | $25042 |
| Net realized gain (loss) | 12584 | (67094) | 1 | 126304 |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) | (10834) | (218070) |  | (229983) |
| **Change in net assets from operations** | 24679 | (271034) | 29585 | (78637) |
| **Distributions to shareholders** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| Class A |  |  | (27544) |  |
| Class I |  |  | (2040) |  |
| **Total distributions to shareholders**  |  |  | (29584) |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |
| Class A | 372119 | 89184 | 3390314 | 211151 |
| Class I | 457669 | 2388 | 351531 | 99897 |
| Reinvestment of distributions |  |  |  |  |
| Class A |  |  | 27544 |  |
| Class I |  |  | 2040 |  |
| Cost of shares redeemed |  |  |  |  |
| Class A | (214532) | (169218) | (2440557) | (204773) |
| Class I | (44779) | (1727) | (62260) | (248390) |
| **Change in net assets from** |  |  |  |  |
| **share transactions** | 570477 | (79373) | 1268612 | (142115) |
| **Change in net assets** | 595156 | (350407) | 1268613 | (220752) |
| Net assets beginning of year | 681563 | 1024905 | 2097374 | 1679075 |
| **Net assets end of year** | $1276719 | $674498 | $3365987 | $1458323 |
| **<sup>1</sup>Share transactions** |  |  |  |  |
| Shares sold |  |  |  |  |
| Class A | 23941 | 9107 | 3390314 | 7175 |
| Class I | 29240 | 232 | 351531 | 3221 |
| Reinvestment of distributions  |  |  |  |  |
| Class A |  |  | 27544 |  |
| Class I |  |  | 2040 |  |
| Shares redeemed |  |  |  |  |
| Class A | (13821) | (16891) | (2440557) | (7010) |
| Class I | (2821) | (175) | (62260) | (8056) |
| Change in shares |  |  |  |  |
| Class A | 10120 | (7784) | 977301 | 165 |
| Class I | 26419 | 57 | 291311 | (4835) |
| **Purchases and sales of long term**  |  |  |  |  |
| **investments** |  |  |  |  |
| Purchase of securities | $989635 | $822565 | $808587 | $545629 |
| Proceeds from sales of securities | $404490 | $890629 | $538625 | $656439 |
| Proceeds from sales of U.S. government |  |  |  |  |
| securities |  |  | 388015 |  |
| Total proceeds from sales | $404490 | $890629 | $926640 | $656439 |

---

See accompanying Notes to Financial Statements.

781

------

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

For the Year Ended December 31, 2021

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Balanced Fund(a) | JNL/American Funds Bond Fund of America Fund(a)(b) | JNL/American Funds Capital Income Builder Fund(a) | JNL/American Funds Capital World Bond Fund(a) | JNL/American Funds Global Growth Fund(a) | JNL/American Funds Global Small Capitalization Fund(a) | JNL/American Funds Growth Fund(a) |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $31852 | $708 | $5697 | $6755 | $504 | $(5224) | $(2278) |
| Net realized gain (loss) | 90773 | 251 | 1465 | 13119 | 63191 | 37397 | 522751 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 213674 | (982) | 23548 | (46972) | 66453 | 24334 | 216660 |
| **Change in net assets from operations** | 336299 | (23) | 30710 | (27098) | 130148 | 56507 | 737133 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 786550 | 72771 | 100441 | 105350 | 313758 | 192605 | 1535079 |
| Class I | 23234 | 2200 | 4164 | 2813 | 13680 | 10731 | 41439 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (402824) | (9968) | (36862) | (103019) | (206708) | (214622) | (856444) |
| Class I | (14854) | (497) | (2182) | (1300) | (5933) | (5378) | (22134) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 392106 | 64506 | 65561 | 3844 | 114797 | (16664) | 697940 |
| **Change in net assets** | 728405 | 64483 | 96271 | (23254) | 244945 | 39843 | 1435073 |
| Net assets beginning of year | 2109752 |  | 186316 | 509076 | 767420 | 889080 | 3127735 |
| **Net assets end of year** | $2838157 | $64483 | $282587 | $485822 | $1012365 | $928923 | $4562808 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 52311 | 7194 | 8074 | 8779 | 12617 | 8304 | 32853 |
| Class I | 1477 | 218 | 329 | 231 | 547 | 451 | 885 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (26706) | (983) | (2977) | (8599) | (8322) | (9278) | (18466) |
| Class I | (948) | (49) | (172) | (107) | (235) | (225) | (479) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 25605 | 6211 | 5097 | 180 | 4295 | (974) | 14387 |
| Class I | 529 | 169 | 157 | 124 | 312 | 226 | 406 |

---

(a) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective shareholder
report.

(b) Period from commencement of
operations April 26, 2021.

See accompanying Notes to Financial Statements.

782

------

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

For the Year Ended December 31, 2021

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Growth-Income Fund(a) | JNL/American Funds International Fund(a) | JNL/American Funds New World Fund(a) | JNL/American Funds Washington Mutual Investors Fund(a) | JNL/Mellon Bond Index Fund(a) | JNL/Mellon Emerging Markets Index Fund(a) | JNL/Mellon International Index Fund(a) |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $72404 | $39190 | $7566 | $38668 | $964 | $(962) | $4798 |
| Net realized gain (loss) | 216606 | 16231 | 77849 | 54766 | 43718 | 329586 | 517939 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 1734023 | (87967) | (11208) | 794075 | (75239) | (367709) | (323329) |
| **Change in net assets from operations** | 2023033 | (32546) | 74207 | 887509 | (30557) | (39085) | 199408 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 1538044 | 284179 | 350125 | 484364 | 300625 | 238194 | 300186 |
| Class I | 41024 | 8365 | 13452 | 15580 | 18991 | 12763 | 19445 |
| Proceeds in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 189639 |  | 1118843 |
| Class I |  |  |  |  | 5824 |  | 17993 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (1614255) | (361694) | (327048) | (694639) | (330152) | (279161) | (458267) |
| Class I | (22778) | (4839) | (5585) | (6820) | (258229) | (7541) | (285953) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (57965) | (73989) | 30944 | (201515) | (73302) | (35745) | 712247 |
| **Change in net assets** | 1965068 | (106535) | 105151 | 685994 | (103859) | (74830) | 911655 |
| Net assets beginning of year | 8649321 | 1952027 | 1667212 | 3328595 | 1423815 | 1143744 | 1733451 |
| **Net assets end of year** | $10614389 | $1845492 | $1772363 | $4014589 | $1319956 | $1068914 | $2645106 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 44233 | 15858 | 18760 | 16297 | 23747 | 17934 | 19573 |
| Class I | 1143 | 458 | 710 | 507 | 1443 | 957 | 1214 |
| Shares issued in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 15074 |  | 72983 |
| Class I |  |  |  |  | 444 |  | 1118 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (46841) | (20130) | (17513) | (23234) | (26065) | (21142) | (29912) |
| Class I | (644) | (263) | (292) | (220) | (19689) | (564) | (17787) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (2608) | (4272) | 1247 | (6937) | 12756 | (3208) | 62644 |
| Class I | 499 | 195 | 418 | 287 | (17802) | 393 | (15455) |

---

(a) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective shareholder
report.

See accompanying Notes to Financial Statements.

783

------

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

For the Year Ended December 31, 2021

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon S&P 400 MidCap Index Fund(a) | JNL/Mellon Small Cap Index Fund(a) | JNL Aggressive Growth Allocation Fund | JNL Conservative Allocation Fund | JNL Growth Allocation Fund | JNL Moderate Allocation Fund | JNL Moderate Growth Allocation Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(5896) | $(3970) | $(1633) | $(3065) | $(3707) | $(7803) | $(11004) |
| Net realized gain (loss) | 1457429 | 1063605 | 107463 | 38563 | 156850 | 113717 | 251943 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (641467) | (375411) | 142732 | (6563) | 170674 | 93463 | 257161 |
| **Change in net assets from operations** | 810066 | 684224 | 248562 | 28935 | 323817 | 199377 | 498100 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 710363 | 737216 | 269152 | 265154 | 333602 | 294679 | 327193 |
| Class I | 41203 | 46543 | 7048 | 6852 | 6679 | 4290 | 5298 |
| Proceeds in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 73767 |
| Class I |  |  |  |  |  |  | 85 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (830298) | (827238) | (340542) | (316926) | (470777) | (495275) | (870043) |
| Class I | (328934) | (337852) | (3888) | (5888) | (4787) | (2342) | (3090) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (407666) | (381331) | (68230) | (50808) | (135283) | (198648) | (466790) |
| **Change in net assets** | 402400 | 302893 | 180332 | (21873) | 188534 | 729 | 31310 |
| Net assets beginning of year | 3447635 | 2677955 | 1646914 | 801615 | 2520212 | 2758135 | 5023281 |
| **Net assets end of year** | $3850035 | $2980848 | $1827246 | $779742 | $2708746 | $2758864 | $5054591 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 24204 | 28745 | 14260 | 18736 | 17332 | 17544 | 17866 |
| Class I | 1376 | 1791 | 372 | 477 | 342 | 253 | 286 |
| Shares issued in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  | 4022 |
| Class I |  |  |  |  |  |  | 5 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (28298) | (32093) | (18163) | (22403) | (24618) | (29423) | (47386) |
| Class I | (10662) | (12702) | (207) | (409) | (246) | (135) | (164) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (4094) | (3348) | (3903) | (3667) | (7286) | (11879) | (25498) |
| Class I | (9286) | (10911) | 165 | 68 | 96 | 118 | 127 |

---

(a) The Master Funds for the JNL/American
Funds Feeder Funds are the Class 1 shares of the corresponding American Fund Insurance Series Fund. The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Mellon Master
Funds. These financial statements should be read in conjunction with each Master Fund's respective shareholder
report.

See accompanying Notes to Financial Statements.

784

------

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

For the Year Ended December 31, 2021

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/American Funds Growth Allocation Fund | JNL/American Funds Moderate Growth Allocation Fund | JNL/Goldman Sachs Managed Aggressive Growth Fund | JNL/Goldman Sachs Managed Conservative Fund | JNL/Goldman Sachs Managed Growth Fund | JNL/Goldman Sachs Managed Moderate Fund | JNL/Goldman Sachs Managed Moderate Growth Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $26923 | $28955 | $(8961) | $(4900) | $(19507) | $(10259) | $(20512) |
| Net realized gain (loss) | 558606 | 451291 | 134166 | 37061 | 351903 | 150600 | 345918 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (95881) | (193666) | 281163 | 12361 | 450412 | 46124 | 272442 |
| **Change in net assets from operations** | 489648 | 286580 | 406368 | 44522 | 782808 | 186465 | 597848 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 791441 | 441695 | 301050 | 149654 | 396630 | 166827 | 240961 |
| Class I | 19671 | 7620 | 4621 | 1467 | 9191 | 1888 | 6703 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (624492) | (474459) | (496584) | (265728) | (1071859) | (485462) | (977139) |
| Class I | (7433) | (3722) | (1926) | (1262) | (3189) | (2420) | (3651) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 179187 | (28866) | (192839) | (115869) | (669227) | (319167) | (733126) |
| **Change in net assets** | 668835 | 257714 | 213529 | (71347) | 113581 | (132702) | (135278) |
| Net assets beginning of year | 3529819 | 2852811 | 2568746 | 1227264 | 5683926 | 2873462 | 5796310 |
| **Net assets end of year** | $4198654 | $3110525 | $2782275 | $1155917 | $5797507 | $2740760 | $5661032 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 32106 | 21257 | 8712 | 9283 | 13978 | 8355 | 9916 |
| Class I | 783 | 360 | 133 | 90 | 314 | 94 | 269 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (25366) | (22668) | (14400) | (16452) | (37810) | (24267) | (40067) |
| Class I | (295) | (177) | (55) | (77) | (109) | (118) | (151) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 6740 | (1411) | (5688) | (7169) | (23832) | (15912) | (30151) |
| Class I | 488 | 183 | 78 | 13 | 205 | (24) | 118 |

---

See accompanying Notes to Financial Statements.

785

------

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

For the Year Ended December 31, 2021

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL iShares Tactical Growth Fund | JNL iShares Tactical Moderate Fund | JNL iShares Tactical Moderate Growth Fund | JNL/Vanguard Growth ETF Allocation Fund | JNL/Vanguard Moderate ETF Allocation Fund | JNL/Vanguard Moderate Growth ETF Allocation Fund | JNL Bond Index Fund(a)(b) |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $4337 | $2960 | $4531 | $30154 | $7913 | $13332 | $9118 |
| Net realized gain (loss) | 19835 | 10257 | 16349 | 19814 | 20244 | 12001 | 204 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 21319 | 1381 | 15896 | 142357 | 5522 | 54851 | 616 |
| **Change in net assets from operations** | 45491 | 14598 | 36776 | 192325 | 33679 | 80184 | 9938 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A | (10914) | (5807) | (10712) |  |  |  |  |
| Class I | (244) | (233) | (282) |  |  |  |  |
| **Total distributions to shareholders**  | (11158) | (6040) | (10994) |  |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 83557 | 76673 | 75533 | 279294 | 188351 | 216024 |  |
| Class I | 2667 | 4701 | 2067 | 24044 | 6651 | 14274 | 1521315 |
| Proceeds in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  | 1630155 |  | 231249 |  |
| Class I |  |  |  | 11364 |  | 6491 |  |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A | 10914 | 5807 | 10712 |  |  |  |  |
| Class I | 244 | 233 | 282 |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (72071) | (63860) | (62109) | (329557) | (120344) | (139988) |  |
| Class I | (1397) | (2058) | (583) | (11194) | (3644) | (3877) | (209991) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 23914 | 21496 | 25902 | 1604106 | 71014 | 324173 | 1311324 |
| **Change in net assets** | 58247 | 30054 | 51684 | 1796431 | 104693 | 404357 | 1321262 |
| Net assets beginning of year | 293608 | 192525 | 318771 | 656000 | 492124 | 629798 |  |
| **Net assets end of year** | $351855 | $222579 | $370455 | $2452431 | $596817 | $1034155 | $1321262 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 4952 | 5653 | 4934 | 19000 | 14672 | 15800 |  |
| Class I | 159 | 338 | 134 | 1598 | 508 | 1031 | 151977 |
| Shares issued in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  | 111962 |  | 16941 |  |
| Class I |  |  |  | 768 |  | 468 |  |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A | 638 | 431 | 698 |  |  |  |  |
| Class I | 14 | 17 | 18 |  |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (4265) | (4751) | (4057) | (22253) | (9375) | (10250) |  |
| Class I | (83) | (148) | (38) | (744) | (281) | (277) | (20824) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 1325 | 1333 | 1575 | 108709 | 5297 | 22491 |  |
| Class I | 90 | 207 | 114 | 1622 | 227 | 1222 | 131153 |

---

(a) Period from commencement of
operations April 26, 2021.

(b)Effective April 26, 2021, the Fund received investments from its Feeder Fund in exchange for shares of the Fund.

See accompanying Notes to Financial Statements.

786

------

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

For the Year Ended December 31, 2021

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL Emerging Markets Index Fund(a)(b) | JNL International Index Fund(a)(b) | JNL Mid Cap Index Fund(a)(b) | JNL Small Cap Index Fund(a)(b) | JNL Multi-Manager Alternative Fund | JNL Multi-Manager Emerging Markets Equity Fund | JNL Multi-Manager International Small Cap Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $18498 | $41230 | $32737 | $24861 | $10162 | $13389 | $6733 |
| Net realized gain (loss) | 12824 | 20659 | 28649 | 28985 | 46128 | 266204 | 89758 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (125947) | 15230 | 99571 | 79666 | (25204) | (272462) | (30122) |
| **Change in net assets from operations** | (94625) | 77119 | 160957 | 133512 | 31086 | 7131 | 66369 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (11966) | (5787) |
| Class I |  |  |  |  |  | (10672) | (3408) |
| **Total distributions to shareholders**  |  |  |  |  |  | (22638) | (9195) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 50374 | 151746 | 64016 |
| Class I | 1329086 | 2918462 | 4269268 | 3394594 | 255507 | 155419 | 47149 |
| Proceeds in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 47192 |  | 550288 |
| Class I |  |  |  |  | 1071 |  | 4191 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 11966 | 5787 |
| Class I |  |  |  |  |  | 10672 | 3408 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A |  |  |  |  | (54424) | (240734) | (75594) |
| Class I | (165381) | (348541) | (578341) | (545717) | (65705) | (170530) | (82234) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 1163705 | 2569921 | 3690927 | 2848877 | 234015 | (81461) | 517011 |
| **Change in net assets** | 1069080 | 2647040 | 3851884 | 2982389 | 265101 | (96968) | 574185 |
| Net assets beginning of year |  |  |  |  | 1096574 | 1703909 | 318721 |
| **Net assets end of year** | $1069080 | $2647040 | $3851884 | $2982389 | $1361675 | $1606941 | $892906 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 4263 | 12743 | 4120 |
| Class I | 133434 | 291429 | 426966 | 338835 | 21134 | 12948 | 3091 |
| Shares issued in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 4016 |  | 35663 |
| Class I |  |  |  |  | 90 |  | 270 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 1052 | 375 |
| Class I |  |  |  |  |  | 935 | 219 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A |  |  |  |  | (4607) | (20181) | (4838) |
| Class I | (17171) | (34235) | (58011) | (54017) | (5509) | (14304) | (5400) |
| Change in shares |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 3672 | (6386) | 35320 |
| Class I | 116263 | 257194 | 368955 | 284818 | 15715 | (421) | (1820) |

---

(a) Period from commencement of
operations April 26, 2021.

(b)Effective April 26, 2021, the Fund received investments from its Feeder Fund in exchange for shares of the Fund.

See accompanying Notes to Financial Statements.

787

------

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

For the Year Ended December 31, 2021

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | JNL Multi-Manager Mid Cap Fund | JNL Multi-Manager Small Cap Growth Fund | JNL Multi-Manager Small Cap Value Fund | JNL S&P 500 Index Fund | JNL/AQR Large Cap Defensive Style Fund |
| **Operations** |  |  |  |  |  |
| Net investment income (loss) | $8147 | $(22216) | $3814 | $3003 | $1797 |
| Net realized gain (loss) | 199334 | 643875 | 196085 | 2179 | 14002 |
| Net change in unrealized appreciation |  |  |  |  |  |
| (depreciation) | 148473 | (537499) | 85482 | 52739 | 36995 |
| **Change in net assets from operations** | 355954 | 84160 | 285381 | 57921 | 52794 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |
| Class A | 221633 | 571637 | 371643 |  | 52261 |
| Class I | 450374 | 106508 | 217054 | 118939 | 3325 |
| Proceeds in connection with acquisition |  |  |  |  |  |
| Class A |  | 237850 | 446207 |  | 326411 |
| Class I |  | 5937 | 1329 |  | 1336 |
| Cost of shares redeemed |  |  |  |  |  |
| Class A | (94010) | (775525) | (365732) |  | (76531) |
| Class I | (409199) | (127760) | (115605) | (52366) | (1504) |
| **Change in net assets from** |  |  |  |  |  |
| **share transactions** | 168798 | 18647 | 554896 | 66573 | 305298 |
| **Change in net assets** | 524752 | 102807 | 840277 | 124494 | 358092 |
| Net assets beginning of year | 1327441 | 3209110 | 1155570 | 179890 | 58805 |
| **Net assets end of year** | $1852193 | $3311917 | $1995847 | $304384 | $416897 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |
| Shares sold |  |  |  |  |  |
| Class A | 11801 | 11359 | 21333 |  | 3901 |
| Class I | 25045 | 2014 | 12165 | 6485 | 250 |
| Shares issued in connection with acquisition |  |  |  |  |  |
| Class A |  | 4691 | 24652 |  | 25225 |
| Class I |  | 110 | 73 |  | 103 |
| Shares redeemed |  |  |  |  |  |
| Class A | (5118) | (15617) | (20734) |  | (5714) |
| Class I | (21882) | (2388) | (6614) | (2902) | (112) |
| Change in shares |  |  |  |  |  |
| Class A | 6683 | 433 | 25251 |  | 23412 |
| Class I | 3163 | (264) | 5624 | 3583 | 241 |

---

See accompanying Notes to Financial Statements.

788

------

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

For the Year Ended December 31, 2021

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Baillie Gifford International Growth Fund | JNL/Baillie Gifford U.S. Equity Growth Fund(a) | JNL/BlackRock Global Allocation Fund | JNL/BlackRock Global Natural Resources Fund | JNL/BlackRock Large Cap Select Growth Fund | JNL/Causeway International Value Select Fund | JNL/ClearBridge Large Cap Growth Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $(3342) | $(430) | $29539 | $26092 | $(18705) | $21185 | $(2250) |
| Net realized gain (loss) | 447518 | (1283) | 407482 | 95791 | 1033580 | 180948 | 160843 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (549547) | (13468) | (144823) | 81531 | (49721) | (90077) | 130045 |
| **Change in net assets from operations** | (105371) | (15181) | 292198 | 203414 | 965154 | 112056 | 288638 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (6921) |  |
| Class I |  |  |  |  |  | (13407) |  |
| **Total distributions to shareholders**  |  |  |  |  |  | (20328) |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 500857 | 6716 | 314233 | 232911 | 617969 | 127900 | 161752 |
| Class I | 16403 | 177951 | 37543 | 7738 | 107681 | 172915 | 103618 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 6921 |  |
| Class I |  |  |  |  |  | 13407 |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (482813) | (3602) | (616293) | (264434) | (1181601) | (133646) | (150304) |
| Class I | (13213) | (24900) | (89735) | (2403) | (326460) | (137772) | (321532) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 21234 | 156165 | (354252) | (26188) | (782411) | 49725 | (206466) |
| **Change in net assets** | (84137) | 140984 | (62054) | 177226 | 182743 | 141453 | 82172 |
| Net assets beginning of year | 1297291 |  | 4095883 | 685207 | 5176757 | 1291078 | 1455127 |
| **Net assets end of year** | $1213154 | $140984 | $4033829 | $862433 | $5359500 | $1432531 | $1537299 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 26207 | 698 | 18876 | 22960 | 8980 | 7748 | 7990 |
| Class I | 860 | 18031 | 2219 | 749 | 1469 | 10130 | 4932 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 429 |  |
| Class I |  |  |  |  |  | 807 |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (25976) | (356) | (37024) | (26338) | (17482) | (8120) | (7463) |
| Class I | (702) | (2534) | (5296) | (234) | (4530) | (8067) | (15503) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 231 | 342 | (18148) | (3378) | (8502) | 57 | 527 |
| Class I | 158 | 15497 | (3077) | 515 | (3061) | 2870 | (10571) |

---

(a) Period from commencement of
operations April 26, 2021.

See accompanying Notes to Financial Statements.

789

------

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

For the Year Ended December 31, 2021

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/DFA International Core Equity Fund | JNL/DFA U.S. Core Equity Fund | JNL/DFA U.S. Small Cap Fund | JNL/DoubleLine Core Fixed Income Fund | JNL/DoubleLine Emerging Markets Fixed Income Fund | JNL/DoubleLine Shiller Enhanced CAPE Fund | JNL/DoubleLine Total Return Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $1808 | $9902 | $870 | $82724 | $28385 | $21464 | $73160 |
| Net realized gain (loss) | 20263 | 86789 | 44150 | 8615 | 16398 | 612543 | (29305) |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (9791) | 247707 | 29888 | (104839) | (35431) | (98470) | (50331) |
| **Change in net assets from operations** | 12280 | 344398 | 74908 | (13500) | 9352 | 535537 | (6476) |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A | (2369) |  |  |  |  |  |  |
| Class I | (167) |  |  |  |  |  |  |
| **Total distributions to shareholders**  | (2536) |  |  |  |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 98923 | 244375 | 501146 | 329851 | 45722 | 609052 | 187874 |
| Class I | 7046 | 58952 | 16651 | 78153 | 183516 | 95539 | 135571 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A | 2369 |  |  |  |  |  |  |
| Class I | 167 |  |  |  |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (19228) | (330904) | (236539) | (503226) | (40697) | (385600) | (254923) |
| Class I | (83220) | (38552) | (7897) | (196041) | (51741) | (204381) | (356868) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 6057 | (66129) | 273361 | (291263) | 136800 | 114610 | (288346) |
| **Change in net assets** | 15801 | 278269 | 348269 | (304763) | 146152 | 650147 | (294822) |
| Net assets beginning of year | 111053 | 1287679 | 214765 | 3869934 | 752117 | 2195022 | 2848028 |
| **Net assets end of year** | $126854 | $1565948 | $563034 | $3565171 | $898269 | $2845169 | $2553206 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 7832 | 11614 | 44412 | 23969 | 3736 | 28028 | 16282 |
| Class I | 557 | 2668 | 1451 | 5228 | 15278 | 4348 | 11680 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A | 193 |  |  |  |  |  |  |
| Class I | 13 |  |  |  |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (1528) | (15552) | (20945) | (36549) | (3322) | (18004) | (22088) |
| Class I | (6567) | (1688) | (691) | (13173) | (4253) | (9262) | (30734) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 6497 | (3938) | 23467 | (12580) | 414 | 10024 | (5806) |
| Class I | (5997) | 980 | 760 | (7945) | 11025 | (4914) | (19054) |

---

See accompanying Notes to Financial Statements.

790

------

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

For the Year Ended December 31, 2021

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Fidelity Institutional Asset Management Total Bond Fund | JNL/First Sentier Global Infrastructure Fund | JNL/Franklin Templeton Income Fund | JNL/Goldman Sachs 4 Fund | JNL/GQG Emerging Markets Equity Fund | JNL/Harris Oakmark Global Equity Fund | JNL/Heitman U.S. Focused Real Estate Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $24856 | $16569 | $61958 | $53212 | $19189 | $4477 | $3107 |
| Net realized gain (loss) | 5652 | 67018 | 137991 | 1750556 | 92460 | 78728 | 50719 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (39633) | 41374 | 32720 | 23879 | (138447) | 54222 | 44479 |
| **Change in net assets from operations** | (9125) | 124961 | 232669 | 1827647 | (26798) | 137427 | 98305 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (5131) | (1358) |
| Class I |  |  |  |  |  | (4298) | (1593) |
| **Total distributions to shareholders**  |  |  |  |  |  | (9429) | (2951) |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 203783 | 127540 | 165488 | 601360 | 235591 | 203762 | 176502 |
| Class I | 20198 | 35243 | 2509 | 15012 | 181912 | 76535 | 45401 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 5131 | 1358 |
| Class I |  |  |  |  |  | 4298 | 1593 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (234949) | (135597) | (338822) | (1370163) | (133459) | (138489) | (53361) |
| Class I | (72003) | (92128) | (1310) | (5946) | (132208) | (100914) | (91350) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (82971) | (64942) | (172135) | (759737) | 151836 | 50323 | 80143 |
| **Change in net assets** | (92096) | 60019 | 60534 | 1067910 | 125038 | 178321 | 175497 |
| Net assets beginning of year | 1377760 | 969789 | 1653544 | 5512398 | 815204 | 771863 | 199241 |
| **Net assets end of year** | $1285664 | $1029808 | $1714078 | $6580308 | $940242 | $950184 | $374738 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 15834 | 7836 | 11953 | 20005 | 15919 | 14874 | 13867 |
| Class I | 1541 | 2103 | 190 | 487 | 12248 | 5631 | 3657 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 380 | 100 |
| Class I |  |  |  |  |  | 318 | 116 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (18243) | (8272) | (24575) | (46486) | (9180) | (10219) | (4152) |
| Class I | (5515) | (5475) | (97) | (196) | (8900) | (7460) | (7314) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (2409) | (436) | (12622) | (26481) | 6739 | 5035 | 9815 |
| Class I | (3974) | (3372) | 93 | 291 | 3348 | (1511) | (3541) |

---

See accompanying Notes to Financial Statements.

791

------

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

For the Year Ended December 31, 2021

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Invesco Diversified Dividend Fund | JNL/Invesco Global Growth Fund | JNL/Invesco Small Cap Growth Fund | JNL/JPMorgan Global Allocation Fund | JNL/JPMorgan Hedged Equity Fund | JNL/JPMorgan MidCap Growth Fund | JNL/JPMorgan U.S. Government & Quality Bond Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $19611 | $(10097) | $(19288) | $12449 | $2739 | $(18576) | $23281 |
| Net realized gain (loss) | 89609 | 263962 | 583086 | 190801 | (9478) | 590265 | 4414 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 78403 | 138799 | (385736) | (78942) | 74699 | (173653) | (72952) |
| **Change in net assets from operations** | 187623 | 392664 | 178062 | 124308 | 67960 | 398036 | (45257) |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  |  |  | (3194) |  |  |
| Class I |  |  |  |  | (1123) |  |  |
| **Total distributions to shareholders**  |  |  |  |  | (4317) |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 69562 | 172485 | 602186 | 88576 | 248415 | 749679 | 307608 |
| Class I | 62419 | 68959 | 17334 | 2028 | 28515 | 147402 | 32804 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 3194 |  |  |
| Class I |  |  |  |  | 1123 |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (35830) | (417442) | (797039) | (269557) | (103277) | (970089) | (681440) |
| Class I | (373661) | (181029) | (13429) | (711) | (40436) | (90754) | (355216) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (277510) | (357027) | (190948) | (179664) | 137534 | (163762) | (696244) |
| **Change in net assets** | (89887) | 35637 | (12886) | (55356) | 201177 | 234274 | (741501) |
| Net assets beginning of year | 1135677 | 2674870 | 2557641 | 1469402 | 485116 | 3748473 | 2284494 |
| **Net assets end of year** | $1045790 | $2710507 | $2544755 | $1414046 | $686293 | $3982747 | $1542993 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 5399 | 6567 | 13384 | 6098 | 19166 | 11441 | 21623 |
| Class I | 4831 | 2550 | 367 | 138 | 2208 | 2200 | 2173 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  |  |  | 237 |  |  |
| Class I |  |  |  |  | 83 |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (2770) | (15932) | (17872) | (18547) | (8049) | (14998) | (47984) |
| Class I | (29432) | (6689) | (292) | (49) | (3134) | (1331) | (23602) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 2629 | (9365) | (4488) | (12449) | 11354 | (3557) | (26361) |
| Class I | (24601) | (4139) | 75 | 89 | (843) | 869 | (21429) |

---

See accompanying Notes to Financial Statements.

792

------

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

For the Year Ended December 31, 2021

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/JPMorgan U.S. Value Fund | JNL/Lazard International Strategic Equity Fund | JNL/Loomis Sayles Global Growth Fund | JNL/Lord Abbett Short Duration Income Fund | JNL/Mellon Communication Services Sector Fund | JNL/Mellon Consumer Discretionary Sector Fund | JNL/Mellon Consumer Staples Sector Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $15048 | $6006 | $(457) | $7596 | $398 | $1265 | $3863 |
| Net realized gain (loss) | 74905 | 20175 | 63777 | 1120 | 26025 | 330479 | 8990 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 214873 | 2476 | (8708) | (6249) | 12736 | 60550 | 22256 |
| **Change in net assets from operations** | 304826 | 28657 | 54612 | 2467 | 39159 | 392294 | 35109 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  | (796) | (9050) | (866) |  |  |  |
| Class I |  | (3048) | (9419) | (1987) |  |  |  |
| **Total distributions to shareholders**  |  | (3844) | (18469) | (2853) |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 208822 | 57842 | 52326 | 302068 | 193528 | 450402 | 100811 |
| Class I | 319676 | 21824 | 49782 | 434829 | 5112 | 13664 | 1771 |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  | 796 | 9050 | 866 |  |  |  |
| Class I |  | 3048 | 9419 | 1987 |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (187268) | (23819) | (105843) | (231415) | (131990) | (565594) | (90422) |
| Class I | (124020) | (58583) | (92859) | (71501) | (4332) | (11728) | (1240) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 217210 | 1108 | (78125) | 436834 | 62318 | (113256) | 10920 |
| **Change in net assets** | 522036 | 25921 | (41982) | 436448 | 101477 | 279038 | 46029 |
| Net assets beginning of year | 1096914 | 441461 | 945559 | 330510 | 255654 | 1813037 | 221752 |
| **Net assets end of year** | $1618950 | $467382 | $903577 | $766958 | $357131 | $2092075 | $267781 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 14798 | 3354 | 3191 | 28777 | 9244 | 10924 | 7117 |
| Class I | 21654 | 1272 | 3002 | 41376 | 259 | 325 | 122 |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  | 47 | 568 | 83 |  |  |  |
| Class I |  | 180 | 586 | 190 |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (13420) | (1380) | (6448) | (22049) | (6333) | (13792) | (6514) |
| Class I | (8833) | (3435) | (5602) | (6791) | (224) | (282) | (89) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 1378 | 2021 | (2689) | 6811 | 2911 | (2868) | 603 |
| Class I | 12821 | (1983) | (2014) | 34775 | 35 | 43 | 33 |

---

See accompanying Notes to Financial Statements.

793

------

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

For the Year Ended December 31, 2021

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Dow Index Fund | JNL/Mellon Energy Sector Fund | JNL/Mellon Financial Sector Fund | JNL/Mellon Healthcare Sector Fund | JNL/Mellon Industrials Sector Fund | JNL/Mellon Information Technology Sector Fund | JNL/Mellon Materials Sector Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $15668 | $46451 | $17357 | $28660 | $1456 | $10184 | $1850 |
| Net realized gain (loss) | 4964 | (155651) | 141932 | 153003 | 16144 | 1033606 | 24504 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 220877 | 573711 | 183604 | 555586 | 14301 | 496917 | 4882 |
| **Change in net assets from operations** | 241509 | 464511 | 342893 | 737249 | 31901 | 1540707 | 31236 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 318767 | 610235 | 617459 | 630420 | 205072 | 955924 | 226920 |
| Class I | 10629 | 16748 | 19772 | 16404 | 6180 | 33358 | 7664 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (309663) | (529951) | (447496) | (847804) | (103753) | (1430038) | (140963) |
| Class I | (4459) | (10394) | (9127) | (10165) | (5510) | (24852) | (4218) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | 15274 | 86638 | 180608 | (211145) | 101989 | (465608) | 89403 |
| **Change in net assets** | 256783 | 551149 | 523501 | 526104 | 133890 | 1075099 | 120639 |
| Net assets beginning of year | 1189200 | 843925 | 1128758 | 3773893 | 111967 | 4992972 | 79311 |
| **Net assets end of year** | $1445983 | $1395074 | $1652259 | $4299997 | $245857 | $6068071 | $199950 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 7988 | 30551 | 34532 | 15431 | 13491 | 26381 | 15372 |
| Class I | 258 | 831 | 1080 | 397 | 401 | 883 | 516 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (7747) | (26875) | (24974) | (20825) | (6762) | (40238) | (9580) |
| Class I | (109) | (514) | (498) | (248) | (353) | (684) | (283) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 241 | 3676 | 9558 | (5394) | 6729 | (13857) | 5792 |
| Class I | 149 | 317 | 582 | 149 | 48 | 199 | 233 |

---

See accompanying Notes to Financial Statements.

794

------

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

For the Year Ended December 31, 2021

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Mellon Nasdaq 100 Index Fund | JNL/Mellon Real Estate Sector Fund | JNL/Mellon S&P 500 Index Fund | JNL/Mellon U.S. Stock Market Index Fund | JNL/Mellon Utilities Sector Fund | JNL/Mellon World Index Fund | JNL/MFS Mid Cap Value Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $3112 | $2689 | $107649 | $35087 | $6989 | $4427 | $16138 |
| Net realized gain (loss) | 637951 | 9693 | 340878 | 335958 | 7055 | 13591 | 189321 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 820947 | 46077 | 2480806 | 490035 | 30662 | 57567 | 309630 |
| **Change in net assets from operations** | 1462010 | 58459 | 2929333 | 861080 | 44706 | 75585 | 515089 |
| **Distributions to shareholders** |  |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | (6850) |  |
| Class I |  |  |  |  |  | (156) |  |
| **Total distributions to shareholders**  |  |  |  |  |  | (7006) |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 1402356 | 174961 | 2228303 | 454929 | 101931 | 65323 | 534081 |
| Class I | 55186 | 8670 | 5239 | 23100 | 2259 | 5613 | 24206 |
| Proceeds in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  | 5786270 |  |  |  |
| Class I |  |  |  | 46150 |  |  |  |
| Reinvestment of distributions |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 6850 |  |
| Class I |  |  |  |  |  | 156 |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (1726278) | (90759) | (2337747) | (1366371) | (110956) | (87234) | (532621) |
| Class I | (37051) | (2859) | (290638) | (21292) | (1640) | (2656) | (11810) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (305787) | 90013 | (394843) | 4922786 | (8406) | (11948) | 13856 |
| **Change in net assets** | 1156223 | 148472 | 2534490 | 5783866 | 36300 | 56631 | 528945 |
| Net assets beginning of year | 5794064 | 116820 | 10650498 | 895089 | 288472 | 368219 | 1681586 |
| **Net assets end of year** | $6950287 | $265292 | $13184988 | $6678955 | $324772 | $424850 | $2210531 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 27174 | 12250 | 68998 | 25494 | 5999 | 1900 | 33069 |
| Class I | 1590 | 598 | 163 | 1277 | 134 | 159 | 1508 |
| Shares issued in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  | 328021 |  |  |  |
| Class I |  |  |  | 2585 |  |  |  |
| Reinvestment of distributions  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  | 189 |  |
| Class I |  |  |  |  |  | 5 |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (34202) | (6320) | (72502) | (75269) | (6675) | (2553) | (33026) |
| Class I | (1100) | (198) | (8872) | (1159) | (98) | (75) | (729) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (7028) | 5930 | (3504) | 278246 | (676) | (464) | 43 |
| Class I | 490 | 400 | (8709) | 2703 | 36 | 89 | 779 |

---

See accompanying Notes to Financial Statements.

795

------

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

For the Year Ended December 31, 2021

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/Morningstar PitchBook Listed Private Equity Index Fund(a) | JNL/Morningstar U.S. Sustainability Index Fund(b) | JNL/Morningstar Wide Moat Index Fund | JNL/Neuberger Berman Commodity Strategy Fund | JNL/Neuberger Berman Strategic Income Fund | JNL/Newton Equity Income Fund(c) |
| **Operations** |  |  |  |  |  |  |
| Net investment income (loss) | $78 | $1378 | $11516 | $(180) | $21931 | $5221 |
| Net realized gain (loss) | 372 | 12458 | 166745 | 4676 | 39034 | 67009 |
| Net change in unrealized appreciation |  |  |  |  |  |  |
| (depreciation) | 787 | 42996 | 28815 | 260 | (38548) | 26151 |
| **Change in net assets from operations** | 1237 | 56832 | 207076 | 4756 | 22417 | 98381 |
| **Distributions to shareholders** |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |
| Class A |  |  | (38508) |  |  |  |
| Class I |  |  | (62975) |  |  |  |
| **Total distributions to shareholders**  |  |  | (101483) |  |  |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |
| Class A | 4261 | 188137 | 186211 | 18798 | 202377 | 503026 |
| Class I | 4997 | 8561 | 94150 |  | 10328 | 10156 |
| Reinvestment of distributions |  |  |  |  |  |  |
| Class A |  |  | 38508 |  |  |  |
| Class I |  |  | 62975 |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |
| Class A | (249) | (68475) | (100979) | (10816) | (152878) | (259446) |
| Class I |  | (4020) | (233752) |  | (17408) | (4800) |
| **Change in net assets from** |  |  |  |  |  |  |
| **share transactions** | 9009 | 124203 | 47113 | 7982 | 42419 | 248936 |
| **Change in net assets** | 10246 | 181035 | 152706 | 12738 | 64836 | 347317 |
| Net assets beginning of year |  | 150824 | 879190 | 12822 | 807277 | 210188 |
| **Net assets end of year** | $10246 | $331859 | $1031896 | $25560 | $872113 | $557505 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |
| Class A | 369 | 9492 | 12063 | 1482 | 16518 | 22318 |
| Class I | 500 | 432 | 6187 |  | 830 | 440 |
| Reinvestment of distributions  |  |  |  |  |  |  |
| Class A |  |  | 2684 |  |  |  |
| Class I |  |  | 4349 |  |  |  |
| Shares redeemed |  |  |  |  |  |  |
| Class A | (21) | (3505) | (6617) | (835) | (12488) | (11417) |
| Class I |  | (210) | (15247) |  | (1400) | (206) |
| Change in shares |  |  |  |  |  |  |
| Class A | 348 | 5987 | 8130 | 647 | 4030 | 10901 |
| Class I | 500 | 222 | (4711) |  | (570) | 234 |

---

(a) Period from commencement of
operations April 26, 2021.

(b) Effective April 25, 2022, the name of JNL/Mellon MSCI KLD 400 Social Index Fund was changed to JNL/Morningstar U.S. Sustainability Index Fund.

(c) Effective April 25, 2022, the name of JNL/Mellon Equity Income Fund was changed to JNL/Newton Equity Income Fund.

See accompanying Notes to Financial Statements.

796

------

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

For the Year Ended December 31, 2021

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/PIMCO Income Fund | JNL/PIMCO Investment Grade Credit Bond Fund | JNL/PIMCO Real Return Fund | JNL/PPM America Floating Rate Income Fund | JNL/PPM America High Yield Bond Fund | JNL/PPM America Total Return Fund | JNL/RAFI Fundamental U.S. Small Cap Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $44179 | $48447 | $55758 | $41578 | $96353 | $34220 | $3841 |
| Net realized gain (loss) | 12723 | 5453 | 71676 | (1931) | 55947 | 20459 | 64240 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | (20682) | (83176) | (32625) | 2736 | (44506) | (73765) | 58404 |
| **Change in net assets from operations** | 36220 | (29276) | 94809 | 42383 | 107794 | (19086) | 126485 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 316223 | 188310 | 493659 | 389503 | 351810 | 232185 | 178367 |
| Class I | 51396 | 91612 | 159321 | 6399 | 28135 | 106456 | 6899 |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (216548) | (256651) | (349617) | (302651) | (308836) | (259341) | (180557) |
| Class I | (190997) | (239614) | (66806) | (1281) | (133332) | (96148) | (3880) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (39926) | (216343) | 236557 | 91970 | (62223) | (16848) | 829 |
| **Change in net assets** | (3706) | (245619) | 331366 | 134353 | 45571 | (35934) | 127314 |
| Net assets beginning of year | 1705151 | 1881878 | 1585764 | 1073856 | 1903491 | 1998524 | 414112 |
| **Net assets end of year** | $1701445 | $1636259 | $1917130 | $1208209 | $1949062 | $1962590 | $541426 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 28373 | 14136 | 41165 | 34783 | 23376 | 16860 | 22312 |
| Class I | 4564 | 6876 | 13448 | 567 | 1588 | 7731 | 905 |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (19435) | (19350) | (29456) | (26946) | (20500) | (18858) | (22465) |
| Class I | (17036) | (17929) | (5461) | (113) | (7612) | (6934) | (488) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | 8938 | (5214) | 11709 | 7837 | 2876 | (1998) | (153) |
| Class I | (12472) | (11053) | 7987 | 454 | (6024) | 797 | 417 |

---

See accompanying Notes to Financial Statements.

797

------

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

For the Year Ended December 31, 2021

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/RAFI Multi-Factor U.S. Equity Fund | JNL/T. Rowe Price Balanced Fund | JNL/T. Rowe Price Capital Appreciation Fund | JNL/T. Rowe Price Established Growth Fund | JNL/T. Rowe Price Mid-Cap Growth Fund | JNL/T. Rowe Price Short-Term Bond Fund | JNL/T. Rowe Price U.S. High Yield Fund |
| **Operations** |  |  |  |  |  |  |  |
| Net investment income (loss) | $31992 | $4756 | $61741 | $(55805) | $(33022) | $18540 | $38236 |
| Net realized gain (loss) | 346250 | 50751 | 951190 | 1833174 | 739642 | 6534 | 26353 |
| Net change in unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) | 252538 | 8332 | 704336 | (40809) | 127261 | (30719) | (29690) |
| **Change in net assets from operations** | 630780 | 63839 | 1717267 | 1736560 | 833881 | (5645) | 34899 |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |  |
| Class A | 105081 | 129377 | 2965698 | 1433011 | 782553 | 603574 | 65441 |
| Class I | 11932 | 2173 | 122140 | 267484 | 145315 | 39563 | 43819 |
| Proceeds in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  | 564387 |  |  |  |
| Class I |  |  |  | 17270 |  |  |  |
| Cost of shares redeemed |  |  |  |  |  |  |  |
| Class A | (561699) | (128093) | (1624318) | (2178519) | (1315645) | (718455) | (57189) |
| Class I | (8460) | (621) | (172436) | (873081) | (140448) | (29965) | (62161) |
| **Change in net assets from** |  |  |  |  |  |  |  |
| **share transactions** | (453146) | 2836 | 1291084 | (769448) | (528225) | (105283) | (10090) |
| **Change in net assets** | 177634 | 66675 | 3008351 | 967112 | 305656 | (110928) | 24809 |
| Net assets beginning of year | 2573890 | 502596 | 9015533 | 12347930 | 6688053 | 1781353 | 688196 |
| **Net assets end of year** | $2751524 | $569271 | $12023884 | $13315042 | $6993709 | $1670425 | $713005 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |  |
| Class A | 5873 | 7944 | 134487 | 19354 | 10552 | 57020 | 5599 |
| Class I | 644 | 132 | 5441 | 3410 | 1900 | 3673 | 3754 |
| Shares issued in connection with acquisition |  |  |  |  |  |  |  |
| Class A |  |  |  | 7698 |  |  |  |
| Class I |  |  |  | 226 |  |  |  |
| Shares redeemed |  |  |  |  |  |  |  |
| Class A | (31409) | (7869) | (73660) | (29663) | (17782) | (67889) | (4894) |
| Class I | (462) | (37) | (7666) | (11242) | (1808) | (2782) | (5300) |
| Change in shares |  |  |  |  |  |  |  |
| Class A | (25536) | 75 | 60827 | (2611) | (7230) | (10869) | 705 |
| Class I | 182 | 95 | (2225) | (7606) | 92 | 891 | (1546) |

---

See accompanying Notes to Financial Statements.

798

------

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

For the Year Ended December 31, 2021

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | JNL/T. Rowe Price Value Fund | JNL/WCM Focused International Equity Fund | JNL/Westchester Capital Event Driven Fund | JNL/Western Asset Global Multi-Sector Bond Fund(a) | JNL/William Blair International Leaders Fund(b) | JNL/WMC Balanced Fund |
| **Operations** |  |  |  |  |  |  |
| Net investment income (loss) | $37011 | $(6396) | $(25) | $39132 | $6961 | $93570 |
| Net realized gain (loss) | 1215030 | 245726 | 8726 | (75284) | 131810 | 770870 |
| Net change in unrealized appreciation |  |  |  |  |  |  |
| (depreciation) | 92534 | 127587 | (5266) | 11765 | (66707) | 825843 |
| **Change in net assets from operations** | 1344575 | 366917 | 3435 | (24387) | 72064 | 1690283 |
| **Distributions to shareholders** |  |  |  |  |  |  |
| From distributable earnings |  |  |  |  |  |  |
| Class A |  | (48584) |  |  | (27472) |  |
| Class I |  | (133186) |  |  | (8479) |  |
| **Total distributions to shareholders**  |  | (181770) |  |  | (35951) |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |  |  |
| Class A | 1040942 | 296608 | 31903 | 83713 | 122136 | 1315790 |
| Class I | 309658 | 231742 | 11204 | 2486 | 24097 | 26004 |
| Reinvestment of distributions |  |  |  |  |  |  |
| Class A |  | 48584 |  |  | 27472 |  |
| Class I |  | 133186 |  |  | 8479 |  |
| Cost of shares redeemed |  |  |  |  |  |  |
| Class A | (627514) | (130162) | (18654) | (106658) | (191204) | (1618143) |
| Class I | (845487) | (512707) | (14097) | (52895) | (45878) | (8491) |
| **Change in net assets from** |  |  |  |  |  |  |
| **share transactions** | (122401) | 67251 | 10356 | (73354) | (54898) | (284840) |
| **Change in net assets** | 1222174 | 252398 | 13791 | (97741) | (18785) | 1405443 |
| Net assets beginning of year | 4622431 | 2177182 | 116346 | 600703 | 1182229 | 9201689 |
| **Net assets end of year** | $5844605 | $2429580 | $130137 | $502962 | $1163444 | $10607132 |
| **<sup>1</sup>Share transactions** |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |
| Class A | 46266 | 12413 | 2584 | 10847 | 7655 | 41927 |
| Class I | 13255 | 9730 | 917 | 315 | 1424 | 795 |
| Reinvestment of distributions  |  |  |  |  |  |  |
| Class A |  | 2101 |  |  | 1780 |  |
| Class I |  | 5723 |  |  | 516 |  |
| Shares redeemed |  |  |  |  |  |  |
| Class A | (27965) | (5538) | (1516) | (13845) | (11981) | (51745) |
| Class I | (36424) | (21440) | (1154) | (6793) | (2723) | (259) |
| Change in shares |  |  |  |  |  |  |
| Class A | 18301 | 8976 | 1068 | (2998) | (2546) | (9818) |
| Class I | (23169) | (5987) | (237) | (6478) | (783) | 536 |

---

(a) Effective April 25, 2022, the name of JNL/Franklin Templeton Global Multisector Bond Fund was changed to JNL/Western Asset Global Multi-Sector Bond Fund.

(b) Effective April 25, 2022, the name of JNL/Invesco International Growth Fund was changed to JNL/William Blair International Leaders Fund.

See accompanying Notes to Financial Statements.

799

------

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

For the Year Ended December 31, 2021

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | JNL/WMC Equity Income Fund | JNL/WMC Global Real Estate Fund | JNL/WMC Government Money Market Fund | JNL/WMC Value Fund |
| **Operations** |  |  |  |  |
| Net investment income (loss) | $19508 | $9534 | $— | $23800 |
| Net realized gain (loss) | 108504 | 100979 | 1 | 221416 |
| Net change in unrealized appreciation |  |  |  |  |
| (depreciation) | 17007 | 120153 |  | 141758 |
| **Change in net assets from operations** | 145019 | 230666 | 1 | 386974 |
| **Distributions to shareholders** |  |  |  |  |
| From distributable earnings |  |  |  |  |
| Class A |  |  | (2) |  |
| Class I |  |  | (13) |  |
| **Total distributions to shareholders**  |  |  | (15) |  |
| **Share transactions<sup>1</sup>** |  |  |  |  |
| Proceeds from the sale of shares |  |  |  |  |
| Class A | 156049 | 94855 | 2415541 | 103870 |
| Class I | 5865 | 2034 | 75049 | 80247 |
| Reinvestment of distributions |  |  |  |  |
| Class A |  |  | 2 |  |
| Class I |  |  | 13 |  |
| Cost of shares redeemed |  |  |  |  |
| Class A | (182273) | (205474) | (2743689) | (165187) |
| Class I | (5492) | (1092) | (83539) | (264043) |
| **Change in net assets from** |  |  |  |  |
| **share transactions** | (25851) | (109677) | (336623) | (245113) |
| **Change in net assets** | 119168 | 120989 | (336637) | 141861 |
| Net assets beginning of year | 562395 | 903916 | 2434011 | 1537214 |
| **Net assets end of year** | $681563 | $1024905 | $2097374 | $1679075 |
| **<sup>1</sup>Share transactions** |  |  |  |  |
| Shares sold |  |  |  |  |
| Class A | 11020 | 8976 | 2415541 | 3755 |
| Class I | 411 | 183 | 75049 | 2822 |
| Reinvestment of distributions  |  |  |  |  |
| Class A |  |  | 2 |  |
| Class I |  |  | 13 |  |
| Shares redeemed |  |  |  |  |
| Class A | (12620) | (19026) | (2743689) | (5990) |
| Class I | (383) | (99) | (83539) | (9338) |
| Change in shares |  |  |  |  |
| Class A | (1600) | (10050) | (328146) | (2235) |
| Class I | 28 | 84 | (8477) | (6516) |

---

See accompanying Notes to Financial Statements.

800

------

#### Financial Highlights

#### For a Share Outstanding

#### Net Investment Income (Loss). The net investment income (loss) per share 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 and does not reflect payment of the expenses that apply to the variable accounts or any annuity charges and if it did performance would be lower.

**Portfolio Turnover.** Portfolio turnover is not annualized for periods of less than one year. Securities sold short are considered long term investments for purposes of calculating portfolio turnover. Dollar roll and in-kind transactions are excluded for purposes of calculating portfolio turnover. Fixed income securities with maturities greater than one year that are purchased for short term investment are excluded from the portfolio turnover calculation. Portfolio turnover for the Funds of Funds is based on the Funds of Funds' purchases and sales of the Underlying Funds. Portfolio turnover for the Feeder Funds reflects each Master Fund's portfolio purchases and sales. Portfolio turnover is calculated on the basis of the Fund as a whole, without distinguishing between the classes of shares issued.

**Expense Ratios.** The expenses or expense waivers for certain Funds' Class I shares were $0.00 for one or more days during certain periods and this was a result of the net assets for the respective Class being below a level to generate an expense allocation greater than $0.005 for that day. Additionally, the expenses or expense waivers for certain Funds' Class I shares were $0.01 for one or more days during certain periods and this was a result of the net assets for the respective Class being at a level to generate an expense allocation between $0.005 and $0.01 for that day and rounded to $0.01. As a result, the ratios of net and total expenses to average net assets during the period for Class I shares can be less than or more than the anticipated ratios of net and total expenses to average net assets depending on the net assets that Class I shares acquired during the period.

**Ratios.** Ratios are annualized for periods less than one year.

See accompanying Notes to Financial Statements.

801

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** | **JNL/American Funds Balanced Fund(a)(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 15.99 | 0.22 | (2.42) | (2.20) |  |  | 13.79 | (13.76)  | 2476333 | 42<br> (c) | 0.61 | 0.91 | 1.56 |
| 12/31/21 | 13.94 | 0.19 | 1.86 | 2.05 |  |  | 15.99 | 14.71 | 2787863 | 45<br> (c) | 0.61 | 0.91 | 1.26 |
| 12/31/20 | 12.44 | 0.18 | 1.32 | 1.50 |  |  | 13.94 | 12.06 | 2073720 | 49<br> (c) | 0.62 | 0.92 | 1.43 |
| 12/31/19 | 10.30 | 0.20 | 1.94 | 2.14 |  |  | 12.44 | 20.78 | 1569534 | 47<br> (c) | 0.61 | 0.94 | 1.74 |
| 12/31/18 | 11.56 | 0.18 | (0.73)  | (0.55)  | (0.07) | (0.64) | 10.30 | (4.89)  | 1035023 | 34<br> (c) | 0.58 | 0.98 | 1.54 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 16.71 | 0.28 | (2.53)  | (2.25)  |  |  | 14.46 | (13.46)  | 45346 | 42<br> (c) | 0.31 | 0.61 | 1.86 |
| 12/31/21 | 14.52 | 0.25 | 1.94 | 2.19 |  |  | 16.71 | 15.08 | 50294 | 45<br> (c) | 0.31 | 0.61 | 1.59 |
| 12/31/20 | 12.92 | 0.24 | 1.36 | 1.60 |  |  | 14.52 | 12.38 | 36032 | 49<br> (c) | 0.32 | 0.62 | 1.83 |
| 12/31/19 | 10.67 | 0.27 | 1.98 | 2.25 |  |  | 12.92 | 21.09 | 23098 | 47<br> (c) | 0.31 | 0.64 | 2.26 |
| 12/31/18 | 11.92 | 0.34 | (0.86)  | (0.52)  | (0.09) | (0.64) | 10.67 | (4.56)  | 10760 | 34<br> (c) | 0.28 | 0.68 | 2.88 |
| **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** | **JNL/American Funds Bond Fund of America Fund(a)(d)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 10.11 | 0.32 | (1.62) | (1.30) |  |  | 8.81 | (12.86)  | 162367 | 77<br> (e) | 0.61 | 0.81 | 3.50 |
| 12/31/21<br> (f) | 10.00 | 0.24 | (0.13)  | 0.11 |  |  | 10.11 | 1.10 | 62772 | 87<br> (e) | 0.61 | 0.81 | 3.47 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 10.13 | 0.51 | (1.78)  | (1.27)  |  |  | 8.86 | (12.54)  | 6567 | 77<br> (e) | 0.31 | 0.51 | 5.55 |
| 12/31/21<br> (f) | 10.00 | 0.16 | (0.03)  | 0.13 |  |  | 10.13 | 1.30 | 1711 | 87<br> (e) | 0.31 | 0.51 | 2.32 |
| **JNL/American Funds Capital Income Builder Fund(a)(g)** | **JNL/American Funds Capital Income Builder Fund(a)(g)** | **JNL/American Funds Capital Income Builder Fund(a)(g)** | **JNL/American Funds Capital Income Builder Fund(a)(g)** | **JNL/American Funds Capital Income Builder Fund(a)(g)** | **JNL/American Funds Capital Income Builder Fund(a)(g)** | **JNL/American Funds Capital Income Builder Fund(a)(g)** | **JNL/American Funds Capital Income Builder Fund(a)(g)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.16 | 0.31 | (1.30) | (0.99) |  |  | 12.17 | (7.52)  | 343933 | 48<br> (h) | 0.68 | 0.93 | 2.51 |
| 12/31/21 | 11.49 | 0.30 | 1.37 | 1.67 |  |  | 13.16 | 14.53 | 275274 | 60<br> (h) | 0.68 | 0.93 | 2.44 |
| 12/31/20 | 11.05 | 0.27 | 0.17 | 0.44 |  |  | 11.49 | 3.98 | 181763 | 110<br> (h) | 0.65 | 0.93 | 2.59 |
| 12/31/19 | 9.41 | 0.29 | 1.35 | 1.64 |  |  | 11.05 | 17.43 | 128205 | 44<br> (h) | 0.58 | 0.94 | 2.83 |
| 12/31/18<br> (i) | 10.00 | 0.15 | (0.74)  | (0.59)  |  |  | 9.41 | (5.90)  | 23271 | 42<br> (h) | 0.61 | 0.98 | 4.09 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.31 | 0.34 | (1.31)  | (0.97)  |  |  | 12.34 | (7.29)  | 7276 | 48<br> (h) | 0.38 | 0.63 | 2.71 |
| 12/31/21 | 11.58 | 0.35 | 1.38 | 1.73 |  |  | 13.31 | 14.94 | 7313 | 60<br> (h) | 0.38 | 0.63 | 2.77 |
| 12/31/20 | 11.11 | 0.30 | 0.17 | 0.47 |  |  | 11.58 | 4.23 | 4553 | 110<br> (h) | 0.35 | 0.63 | 2.83 |
| 12/31/19 | 9.43 | 0.32 | 1.36 | 1.68 |  |  | 11.11 | 17.82 | 2975 | 44<br> (h) | 0.28 | 0.64 | 3.08 |
| 12/31/18<br> (i) | 10.00 | 0.21 | (0.78)  | (0.57)  |  |  | 9.43 | (5.70)  | 1222 | 42<br> (h) | 0.25 | 0.68 | 5.70 |

---

(a) The Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares
of the corresponding American Fund Insurance Series Fund. These financial statements should be read in
conjunction with each Master Fund's shareholder report.

(b) Ratios of net investment
income and expenses to average net assets do not include the impact of the Master Fund's and underlying
funds' expenses. The net expense to average net assets ratio, the total expense to average net assets
ratio, and the net investment income (loss) to average net assets ratio, respectively, for both the Master
and Feeder Fund are as follows (annualized for periods less than one year): JNL/American Funds Balanced
Fund - Class A: December 31, 2022: 0.91%, 1.21%, 1.26%; December 31, 2021: 0.91%, 1.21%, 0.96%; December
31, 2020: 0.92%, 1.22%, 1.13%; December 31, 2019: 0.90%, 1.23%, 1.45%; December 31, 2018: 0.86%, 1.26%,
1.26%. JNL/American Funds Balanced Fund - Class I: December 31, 2022: 0.61%, 0.91%, 1.56%; December 31,
2021: 0.61%, 0.91%, 1.29%; December 31, 2020: 0.62%, 0.92%, 1.53%; December 31, 2019: 0.60%, 0.93%, 1.97%;
December 31, 2018: 0.56%, 0.96%, 2.60%.

(c) Portfolio turnover including dollar roll transactions for
JNL/American Funds Balanced Fund's Master Fund was 86%, 79%, 145%, 124% and 118% in 2018, 2019, 2020,
2021 and 2022 respectively.

(d) Ratios of net investment income and expenses to average net
assets do not include the impact of the Master Fund's and underlying funds' expenses. The net expense
to average net assets ratio, the total expense to average net assets ratio, and the net investment income
(loss) to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows
(annualized for periods less than one year): JNL/American Funds Bond Fund of America Fund - Class A:
December 31, 2022: 0.81%, 1.01%, 3.30%; December 31, 2021: 0.87%, 1.07%, 3.21%. JNL/American Funds Bond
Fund of America Fund - Class I: December 31, 2022: 0.51%, 0.71%, 5.35%; December 31, 2021: 0.57%, 0.77%,
2.06%.

(e) Portfolio turnover including dollar roll transactions for JNL/American Funds Bond
Fund of America Fund was 456% and 415% in 2021 and 2022 respectively.

(f) The Fund commenced operations
on April 26, 2021.

(g) Ratios of net investment income and expenses to average net assets do not include
the impact of the Master Fund's and underlying funds' expenses. The net expense to average net assets
ratio, the total expense to average net assets ratio, and the net investment income (loss) to average
net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods
less than one year): JNL/American Funds Capital Income Builder Fund - Class A: December 31, 2022: 0.94%,
1.19%, 2.25%; December 31, 2021: 0.95%, 1.20%, 2.17%; December 31, 2020: 1.00%, 1.28%, 2.24%; December
31, 2019: 1.11%, 1.47%, 2.30%; December 31, 2018: 1.15%, 1.52%, 3.55%. JNL/American Funds Capital Income
Builder Fund - Class I: December 31, 2022: 0.64%, 0.89%, 2.45%; December 31, 2021: 0.65%, 0.90%, 2.50%;
December 31, 2020: 0.70%, 0.98%, 2.48%; December 31, 2019: 0.81%, 1.17%, 2.55%; December 31, 2018: 0.79%,
1.22%, 5.16%.

(h) Portfolio turnover including dollar roll transactions for JNL/American Funds Capital
Income Builder Fund's Master Fund was 98%, 72%, 184%, 93% and 126% in 2018, 2019, 2020, 2021 and 2022
respectively.

(i) The Fund commenced operations on August 13, 2018.

See accompanying Notes to Financial Statements.

802

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/American Funds Capital World Bond Fund(a)(b)** | **JNL/American Funds Capital World Bond Fund(a)(b)** | **JNL/American Funds Capital World Bond Fund(a)(b)** | **JNL/American Funds Capital World Bond Fund(a)(b)** | **JNL/American Funds Capital World Bond Fund(a)(b)** | **JNL/American Funds Capital World Bond Fund(a)(b)** | **JNL/American Funds Capital World Bond Fund(a)(b)** | **JNL/American Funds Capital World Bond Fund(a)(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 11.73 | (0.03) | (2.07) | (2.10) |  |  | 9.63 | (17.90)  | 350084 | 114<br> (c) | 0.57 | 1.00 | (0.28)  |
| 12/31/21 | 12.39 | 0.16 | (0.82)  | (0.66)  |  |  | 11.73 | (5.33)  | 480867 | 64<br> (c) | 0.57 | 1.00 | 1.34 |
| 12/31/20 | 11.31 | 0.10 | 0.98 | 1.08 |  |  | 12.39 | 9.55 | 505412 | 88<br> (c) | 0.56 | 1.00 | 0.88 |
| 12/31/19 | 10.52 | 0.14 | 0.65 | 0.79 |  |  | 11.31 | 7.51 | 496660 | 110<br> (c) | 0.53 | 1.02 | 1.27 |
| 12/31/18 | 10.76 | 0.19 | (0.37)  | (0.18)  | (0.06) |  | 10.52 | (1.62)  | 500836 | 78<br> (c) | 0.53 | 1.05 | 1.77 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 11.94 | 0.00 | (2.11)  | (2.11)  |  |  | 9.83 | (17.67)  | 4581 | 114<br> (c) | 0.27 | 0.70 | 0.01 |
| 12/31/21 | 12.57 | 0.22 | (0.85)  | (0.63)  |  |  | 11.94 | (5.01)  | 4955 | 64<br> (c) | 0.27 | 0.70 | 1.81 |
| 12/31/20 | 11.44 | 0.16 | 0.97 | 1.13 |  |  | 12.57 | 9.88 | 3664 | 88<br> (c) | 0.26 | 0.70 | 1.37 |
| 12/31/19 | 10.61 | 0.21 | 0.62 | 0.83 |  |  | 11.44 | 7.82 | 2381 | 110<br> (c) | 0.23 | 0.72 | 1.84 |
| 12/31/18 | 10.85 | 0.32 | (0.47)  | (0.15)  | (0.09) |  | 10.61 | (1.39)  | 1313 | 78<br> (c) | 0.23 | 0.75 | 3.01 |
| **JNL/American Funds Global Growth Fund(a)(d)** | **JNL/American Funds Global Growth Fund(a)(d)** | **JNL/American Funds Global Growth Fund(a)(d)** | **JNL/American Funds Global Growth Fund(a)(d)** | **JNL/American Funds Global Growth Fund(a)(d)** | **JNL/American Funds Global Growth Fund(a)(d)** | **JNL/American Funds Global Growth Fund(a)(d)** | **JNL/American Funds Global Growth Fund(a)(d)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 26.35 | 0.06 | (6.66) | (6.60) |  |  | 19.75 | (25.05)  | 703263 | 29 | 0.62 | 1.05 | 0.30 |
| 12/31/21 | 22.70 | 0.01 | 3.64 | 3.65 |  |  | 26.35 | 16.08 | 985836 | 18 | 0.55 | 1.05 | 0.05 |
| 12/31/20 | 17.45 | 0.02 | 5.23 | 5.25 |  |  | 22.70 | 30.09 | 751772 | 17 | 0.56 | 1.06 | 0.09 |
| 12/31/19 | 12.93 | 0.16 | 4.36 | 4.52 |  |  | 17.45 | 34.96 | 454045 | 14 | 0.54 | 1.07 | 1.05 |
| 12/31/18 | 14.59 | 0.09 | (1.44)  | (1.35)  | (0.04) | (0.27) | 12.93 | (9.31)  | 222402 | 25 | 0.50 | 1.10 | 0.59 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 26.67 | 0.13 | (6.75)  | (6.62)  |  |  | 20.05 | (24.82)  | 18835 | 29 | 0.32 | 0.75 | 0.61 |
| 12/31/21 | 22.90 | 0.09 | 3.68 | 3.77 |  |  | 26.67 | 16.46 | 26529 | 18 | 0.25 | 0.75 | 0.37 |
| 12/31/20 | 17.56 | 0.08 | 5.26 | 5.34 |  |  | 22.90 | 30.41 | 15648 | 17 | 0.26 | 0.76 | 0.44 |
| 12/31/19 | 12.97 | 0.24 | 4.35 | 4.59 |  |  | 17.56 | 35.39 | 7327 | 14 | 0.24 | 0.77 | 1.52 |
| 12/31/18 | 14.61 | 0.20 | (1.51)  | (1.31)  | (0.06) | (0.27) | 12.97 | (9.03)  | 2867 | 25 | 0.20 | 0.80 | 1.40 |
| **JNL/American Funds Global Small Capitalization Fund(a)(e)** | **JNL/American Funds Global Small Capitalization Fund(a)(e)** | **JNL/American Funds Global Small Capitalization Fund(a)(e)** | **JNL/American Funds Global Small Capitalization Fund(a)(e)** | **JNL/American Funds Global Small Capitalization Fund(a)(e)** | **JNL/American Funds Global Small Capitalization Fund(a)(e)** | **JNL/American Funds Global Small Capitalization Fund(a)(e)** | **JNL/American Funds Global Small Capitalization Fund(a)(e)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 22.85 | (0.10) | (6.71) | (6.81) |  |  | 16.04 | (29.80)  | 606245 | 40 | 0.58 | 1.05 | (0.58)  |
| 12/31/21 | 21.48 | (0.13)  | 1.50 | 1.37 |  |  | 22.85 | 6.38 | 915287 | 29 | 0.55 | 1.05 | (0.55)  |
| 12/31/20 | 16.61 | (0.06)  | 4.93 | 4.87 |  |  | 21.48 | 29.32 | 881265 | 38 | 0.55 | 1.05 | (0.35)  |
| 12/31/19 | 12.67 | (0.02)  | 3.96 | 3.94 |  |  | 16.61 | 31.10 | 752787 | 50 | 0.55 | 1.07 | (0.16)  |
| 12/31/18 | 14.31 | (0.03)  | (1.50)  | (1.53)  | (0.02) | (0.09) | 12.67 | (10.77)  | 618162 | 43 | 0.55 | 1.10 | (0.21)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 23.39 | (0.05)  | (6.87)  | (6.92)  |  |  | 16.47 | (29.59)  | 9653 | 40 | 0.28 | 0.75 | (0.28)  |
| 12/31/21 | 21.92 | (0.06)  | 1.53 | 1.47 |  |  | 23.39 | 6.71 | 13636 | 29 | 0.25 | 0.75 | (0.25)  |
| 12/31/20 | 16.89 | (0.01)  | 5.04 | 5.03 |  |  | 21.92 | 29.78 | 7815 | 38 | 0.25 | 0.75 | (0.06)  |
| 12/31/19 | 12.85 | 0.03 | 4.01 | 4.04 |  |  | 16.89 | 31.44 | 5022 | 50 | 0.25 | 0.77 | 0.19 |
| 12/31/18 | 14.48 | 0.04 | (1.55)  | (1.51)  | (0.03) | (0.09) | 12.85 | (10.48)  | 2689 | 43 | 0.25 | 0.80 | 0.30 |

---

(a) The Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares
of the corresponding American Fund Insurance Series Fund. These financial statements should be read in
conjunction with each Master Fund's shareholder report.

(b) Ratios of net investment
income and expenses to average net assets do not include the impact of the Master Fund's and underlying
funds' expenses. The net expense to average net assets ratio, the total expense to average net assets
ratio, and the net investment income (loss) to average net assets ratio, respectively, for both the Master
and Feeder Fund are as follows (annualized for periods less than one year): JNL/American Funds Capital
World Bond Fund - Class A: December 31, 2022: 1.05%, 1.48%, (0.76%); December 31, 2021: 1.07%, 1.50%,
0.84%; December 31, 2020: 1.08%, 1.52%, 0.36%; December 31, 2019: 1.11%, 1.60%, 0.69%; December 31, 2018:
1.10%, 1.62%, 1.20%. JNL/American Funds Capital World Bond Fund - Class I: December 31, 2022: 0.75%,
1.18%, (0.47%); December 31, 2021: 0.77%, 1.20%, 1.31%; December 31, 2020: 0.78%, 1.22%, 0.85%; December
31, 2019: 0.81%, 1.30%, 1.26%; December 31, 2018: 0.80%, 1.32%, 2.44%.

(c) Portfolio turnover including
dollar roll transactions for JNL/American Funds Capital World Bond Fund's Master Fund was 125%, 159%,
145%, 91%, and 188% in 2018, 2019, 2020, 2021 and 2022, respectively.

(d) Ratios of net investment
income and expenses to average net assets do not include the impact of the Master Fund's and underlying
funds' expenses. The net expense to average net assets ratio, the total expense to average net assets
ratio, and the net investment income (loss) to average net assets ratio, respectively, for both the Master
and Feeder Fund are as follows (annualized for periods less than one year): JNL/American Funds Global
Growth Fund - Class A: December 31, 2022: 1.08%, 1.51%, (0.16%); December 31, 2021: 1.09%, 1.59%, (0.49)%;
December 31, 2020: 1.12%, 1.62%, (0.47)%; December 31, 2019: 1.10%, 1.63%, 0.49%; December 31, 2018:
1.05%, 1.65%, 0.04%. JNL/American Funds Global Growth Fund - Class I: December 31, 2022: 0.78%, 1.21%,
0.15%; December 31, 2021: 0.79%, 1.29%, (0.17)%; December 31, 2020: 0.82%, 1.32%, (0.12)%; December 31,
2019: 0.80%, 1.33%, 0.96%; December 31, 2018: 0.75%, 1.35%, 0.85%.

(e) Ratios of net investment
income and expenses to average net assets do not include the impact of the Master Fund's and underlying
funds' expenses. The net expense to average net assets ratio, the total expense to average net assets
ratio, and the net investment income (loss) to average net assets ratio, respectively, for both the Master
and Feeder Fund are as follows (annualized for periods less than one year): JNL/American Funds Global
Small Capitalization Fund - Class A: December 31, 2022: 1.27%, 1.74%, (1.27%); December 31, 2021: 1.29%,
1.79%, (1.29)%; December 31, 2020: 1.30%, 1.80%, (1.10)%; December 31, 2019: 1.30%, 1.82%, (0.91)%; December
31, 2018: 1.28%, 1.83%, (0.94)%. JNL/American Funds Global Small Capitalization Fund - Class I: December
31, 2022: 0.97%, 1.44%, (0.97%); December 31, 2021: 0.99%, 1.49%, (0.99)%; December 31, 2020: 1.00%,
1.50%, (0.81)%; December 31, 2019: 1.00%, 1.52%, (0.56)%; December 31, 2018: 0.98%, 1.53%, (0.43)%.

See accompanying Notes to Financial Statements.

803

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** | **JNL/American Funds Growth Fund(a)(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 51.27 | 0.02 | (15.48) | (15.46) |  |  | 35.81 | (30.15)  | 3304086 | 29 | 0.56 | 1.01 | 0.04 |
| 12/31/21 | 42.16 | (0.03)  | 9.14 | 9.11 |  |  | 51.27 | 21.61 | 4479365 | 25 | 0.56 | 1.01 | (0.05)  |
| 12/31/20 | 27.81 | 0.01 | 14.34 | 14.35 |  |  | 42.16 | 51.60 | 3076624 | 32 | 0.58 | 1.03 | 0.04 |
| 12/31/19 | 21.34 | 0.13 | 6.34 | 6.47 |  |  | 27.81 | 30.32 | 1195026 | 21 | 0.60 | 1.08 | 0.53 |
| 12/31/18 | 21.47 | 0.06 | (0.19)  | (0.13)  |  |  | 21.34 | (0.61)  | 558674 | 35 | 0.60 | 1.15 | 0.25 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 51.96 | 0.15 | (15.71)  | (15.56)  |  |  | 36.40 | (29.95)  | 66531 | 29 | 0.26 | 0.71 | 0.36 |
| 12/31/21 | 42.60 | (0.16)  | 9.52 | 9.36 |  |  | 51.96 | 21.97 | 83443 | 25 | 0.26 | 0.71 | (0.33)  |
| 12/31/20 | 28.02 | 0.11 | 14.47 | 14.58 |  |  | 42.60 | 52.03 | 51111 | 32 | 0.28 | 0.73 | 0.34 |
| 12/31/19 | 21.43 | 0.21 | 6.38 | 6.59 |  |  | 28.02 | 30.75 | 20257 | 21 | 0.30 | 0.78 | 0.85 |
| 12/31/18 | 21.50 | 0.22 | (0.29)  | (0.07)  |  |  | 21.43 | (0.33)  | 9468 | 35 | 0.30 | 0.85 | 0.93 |
| **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** | **JNL/American Funds Growth-Income Fund(a)(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 38.22 | 0.30 | (6.73) | (6.43) |  |  | 31.79 | (16.82)  | 8441976 | 25 | 0.63 | 0.93 | 0.90 |
| 12/31/21 | 30.91 | 0.26 | 7.05 | 7.31 |  |  | 38.22 | 23.65 | 10486513 | 24 | 0.63 | 0.93 | 0.74 |
| 12/31/20 | 27.33 | 0.26 | 3.32 | 3.58 |  |  | 30.91 | 13.10 | 8561939 | 33 | 0.64 | 0.94 | 0.98 |
| 12/31/19 | 21.75 | 0.32 | 5.26 | 5.58 |  |  | 27.33 | 25.66 | 7777472 | 27 | 0.64 | 0.96 | 1.30 |
| 12/31/18 | 22.23 | 0.25 | (0.73)  | (0.48)  |  |  | 21.75 | (2.16)  | 6115179 | 39 | 0.64 | 0.99 | 1.07 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 39.10 | 0.41 | (6.89)  | (6.48)  |  |  | 32.62 | (16.57)  | 107171 | 25 | 0.33 | 0.63 | 1.21 |
| 12/31/21 | 31.53 | 0.40 | 7.17 | 7.57 |  |  | 39.10 | 24.01 | 127876 | 24 | 0.33 | 0.63 | 1.13 |
| 12/31/20 | 27.79 | 0.40 | 3.34 | 3.74 |  |  | 31.53 | 13.46 | 87382 | 33 | 0.34 | 0.64 | 1.44 |
| 12/31/19 | 22.05 | 0.47 | 5.27 | 5.74 |  |  | 27.79 | 26.03 | 54642 | 27 | 0.34 | 0.66 | 1.87 |
| 12/31/18 | 22.47 | 0.64 | (1.06)  | (0.42)  |  |  | 22.05 | (1.87)  | 25291 | 39 | 0.34 | 0.69 | 2.69 |
| **JNL/American Funds International Fund(a)(d)** | **JNL/American Funds International Fund(a)(d)** | **JNL/American Funds International Fund(a)(d)** | **JNL/American Funds International Fund(a)(d)** | **JNL/American Funds International Fund(a)(d)** | **JNL/American Funds International Fund(a)(d)** | **JNL/American Funds International Fund(a)(d)** | **JNL/American Funds International Fund(a)(d)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 17.27 | 0.19 | (3.83) | (3.64) |  |  | 13.63 | (21.08)  | 1354785 | 42 | 0.64 | 1.14 | 1.32 |
| 12/31/21 | 17.59 | 0.36 | (0.68)  | (0.32)  |  |  | 17.27 | (1.82)  | 1828116 | 44 | 0.63 | 1.13 | 2.02 |
| 12/31/20 | 15.49 | 0.04 | 2.06 | 2.10 |  |  | 17.59 | 13.56 | 1937861 | 40 | 0.63 | 1.13 | 0.26 |
| 12/31/19 | 12.65 | 0.15 | 2.69 | 2.84 |  |  | 15.49 | 22.45 | 1932025 | 32 | 0.63 | 1.15 | 1.03 |
| 12/31/18 | 14.92 | 0.19 | (2.20)  | (2.01)  | (0.13) | (0.13) | 12.65 | (13.53)  | 1726176 | 29 | 0.63 | 1.18 | 1.28 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 17.63 | 0.25 | (3.93)  | (3.68)  |  |  | 13.95 | (20.87)  | 14865 | 42 | 0.34 | 0.84 | 1.69 |
| 12/31/21 | 17.91 | 0.48 | (0.76)  | (0.28)  |  |  | 17.63 | (1.56)  | 17376 | 44 | 0.33 | 0.83 | 2.61 |
| 12/31/20 | 15.72 | 0.10 | 2.09 | 2.19 |  |  | 17.91 | 13.93 | 14166 | 40 | 0.33 | 0.83 | 0.65 |
| 12/31/19 | 12.80 | 0.22 | 2.70 | 2.92 |  |  | 15.72 | 22.81 | 10433 | 32 | 0.33 | 0.85 | 1.51 |
| 12/31/18 | 15.07 | 0.41 | (2.40)  | (1.99)  | (0.15) | (0.13) | 12.80 | (13.22)  | 6929 | 29 | 0.33 | 0.88 | 2.88 |

---

(a) The Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares
of the corresponding American Fund Insurance Series Fund. These financial statements should be read in
conjunction with each Master Fund's shareholder report.

(b) Ratios of net investment
income and expenses to average net assets do not include the impact of the Master Fund's and underlying
funds' expenses. The net expense to average net assets ratio, the total expense to average net assets
ratio, and the net investment income (loss) to average net assets ratio, respectively, for both the Master
and Feeder Fund are as follows (annualized for periods less than one year): JNL/American Funds Growth
Fund - Class A: December 31, 2022: 0.91%, 1.36%, (0.31%); December 31, 2021: 0.90%, 1.35%, (0.39)%; December
31, 2020: 0.93%, 1.38%, (0.31)%; December 31, 2019: 0.95%, 1.43%, 0.18%; December 31, 2018: 0.94%, 1.49%,
(0.09)%. JNL/American Funds Growth Fund - Class I: December 31, 2022: 0.61%, 1.06%, 0.01%; December 31,
2021: 0.60%, 1.05%, (0.67)%; December 31, 2020: 0.63%, 1.08%, (0.01)%; December 31, 2019: 0.65%, 1.13%,
0.50%; December 31, 2018: 0.64%, 1.19%, 0.59%.

(c) Ratios of net investment income and expenses to average net
assets do not include the impact of the Master Fund's and underlying funds' expenses. The net expense
to average net assets ratio, the total expense to average net assets ratio, and the net investment income
(loss) to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows
(annualized for periods less than one year): JNL/American Funds Growth-Income Fund - Class A: December
31, 2022: 0.92%, 1.22%, 0.61%; December 31, 2021: 0.92%, 1.22%, 0.45%; December 31, 2020: 0.93%, 1.23%,
0.69%; December 31, 2019: 0.93%, 1.25%, 1.01%; December 31, 2018: 0.92%, 1.27%, 0.79%. JNL/American Funds
Growth-Income Fund - Class I: December 31, 2022: 0.62%, 0.92%, 0.92%; December 31, 2021: 0.62%, 0.92%,
0.84%; December 31, 2020: 0.63%, 0.93%, 1.15%; December 31, 2019: 0.63%, 0.95%, 1.58%; December 31, 2018:
0.62%, 0.97%, 2.41%.

(d) Ratios of net investment income and expenses to average net assets do not include
the impact of the Master Fund's and underlying funds' expenses. The net expense to average net assets
ratio, the total expense to average net assets ratio, and the net investment income (loss) to average
net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods
less than one year): JNL/American Funds International Fund - Class A: December 31, 2022: 1.18%, 1.68%,
0.78%; December 31, 2021: 1.18%, 1.68%, 1.47%; December 31, 2020: 1.18%, 1.68%, (0.29)%; December 31,
2019: 1.17%, 1.69%, 0.49%; December 31, 2018: 1.16%, 1.71%, 0.75%. JNL/American Funds International Fund
- Class I: December 31, 2022: 0.88%, 1.38%, 1.15%; December 31, 2021: 0.88%, 1.38%, 2.06%; December 31,
2020: 0.88%, 1.38%, 0.10%; December 31, 2019: 0.87%, 1.39%, 0.97%; December 31, 2018: 0.86%, 1.41%, 2.35%.

See accompanying Notes to Financial Statements.

804

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/American Funds New World Fund(a)(b)** | **JNL/American Funds New World Fund(a)(b)** | **JNL/American Funds New World Fund(a)(b)** | **JNL/American Funds New World Fund(a)(b)** | **JNL/American Funds New World Fund(a)(b)** | **JNL/American Funds New World Fund(a)(b)** | **JNL/American Funds New World Fund(a)(b)** | **JNL/American Funds New World Fund(a)(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 18.51 | 0.13 | (4.28) | (4.15) |  |  | 14.36 | (22.42)  | 1285794 | 40 | 0.69 | 1.34 | 0.87 |
| 12/31/21 | 17.72 | 0.08 | 0.71 | 0.79 |  |  | 18.51 | 4.46 | 1742316 | 43 | 0.68 | 1.33 | 0.42 |
| 12/31/20 | 14.40 | (0.06)  | 3.38 | 3.32 |  |  | 17.72 | 23.06 | 1646066 | 70 | 0.68 | 1.34 | (0.43)  |
| 12/31/19 | 11.19 | 0.07 | 3.14 | 3.21 |  |  | 14.40 | 28.69 | 1468591 | 38 | 0.64 | 1.36 | 0.55 |
| 12/31/18 | 13.16 | 0.06 | (1.95)  | (1.89)  | (0.07) | (0.01) | 11.19 | (14.41)  | 1209431 | 58 | 0.64 | 1.39 | 0.48 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 18.87 | 0.19 | (4.38)  | (4.19)  |  |  | 14.68 | (22.20)  | 24971 | 40 | 0.39 | 1.04 | 1.24 |
| 12/31/21 | 18.01 | 0.15 | 0.71 | 0.86 |  |  | 18.87 | 4.78 | 30047 | 43 | 0.38 | 1.03 | 0.80 |
| 12/31/20 | 14.59 | (0.02)  | 3.44 | 3.42 |  |  | 18.01 | 23.44 | 21146 | 70 | 0.38 | 1.04 | (0.12)  |
| 12/31/19 | 11.31 | 0.14 | 3.14 | 3.28 |  |  | 14.59 | 29.00 | 12999 | 38 | 0.34 | 1.06 | 1.03 |
| 12/31/18 | 13.28 | 0.18 | (2.05)  | (1.87)  | (0.09) | (0.01) | 11.31 | (14.10)  | 6532 | 58 | 0.34 | 1.09 | 1.49 |
| **JNL/American Funds Washington Mutual Investors Fund(a)(c)** | **JNL/American Funds Washington Mutual Investors Fund(a)(c)** | **JNL/American Funds Washington Mutual Investors Fund(a)(c)** | **JNL/American Funds Washington Mutual Investors Fund(a)(c)** | **JNL/American Funds Washington Mutual Investors Fund(a)(c)** | **JNL/American Funds Washington Mutual Investors Fund(a)(c)** | **JNL/American Funds Washington Mutual Investors Fund(a)(c)** | **JNL/American Funds Washington Mutual Investors Fund(a)(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 33.61 | 0.45 | (3.44) | (2.99) |  |  | 30.62 | (8.90)  | 3451516 | 30 | 0.66 | 0.96 | 1.47 |
| 12/31/21 | 26.40 | 0.31 | 6.90 | 7.21 |  |  | 33.61 | 27.31 | 3975111 | 90 | 0.64 | 0.96 | 1.04 |
| 12/31/20 | 24.35 | 0.32 | 1.73 | 2.05 |  |  | 26.40 | 8.42 | 3305413 | 40 | 0.59 | 0.97 | 1.38 |
| 12/31/19 | 20.13 | 0.37 | 3.85 | 4.22 |  |  | 24.35 | 20.96 | 3286576 | 37 | 0.59 | 0.98 | 1.66 |
| 12/31/18 | 22.12 | 0.34 | (2.33)  | (1.99)  |  |  | 20.13 | (9.00)  | 2919769 | 49 | 0.58 | 1.01 | 1.54 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 34.39 | 0.60 | (3.57)  | (2.97)  |  |  | 31.42 | (8.64)  | 41226 | 30 | 0.36 | 0.66 | 1.90 |
| 12/31/21 | 26.93 | 0.44 | 7.02 | 7.46 |  |  | 34.39 | 27.70 | 39478 | 90 | 0.34 | 0.66 | 1.43 |
| 12/31/20 | 24.77 | 0.46 | 1.70 | 2.16 |  |  | 26.93 | 8.72 | 23182 | 40 | 0.29 | 0.67 | 1.96 |
| 12/31/19 | 20.41 | 0.57 | 3.79 | 4.36 |  |  | 24.77 | 21.36 | 14963 | 37 | 0.29 | 0.68 | 2.53 |
| 12/31/18 | 22.36 | 0.80 | (2.75)  | (1.95)  |  |  | 20.41 | (8.72)  | 6282 | 49 | 0.28 | 0.71 | 3.58 |
| **JNL/Mellon Bond Index Fund(d)(e)(f)** | **JNL/Mellon Bond Index Fund(d)(e)(f)** | **JNL/Mellon Bond Index Fund(d)(e)(f)** | **JNL/Mellon Bond Index Fund(d)(e)(f)** | **JNL/Mellon Bond Index Fund(d)(e)(f)** | **JNL/Mellon Bond Index Fund(d)(e)(f)** | **JNL/Mellon Bond Index Fund(d)(e)(f)** | **JNL/Mellon Bond Index Fund(d)(e)(f)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 12.63 | (0.06) | (1.65) | (1.71) |  |  | 10.92 | (13.54)  | 995894 | 104<br> (g) | 0.49 | 0.56 | (0.49)  |
| 12/31/21 | 12.91 | (0.00) <br> (h) | (0.28)  | (0.28)  |  |  | 12.63 | (2.17)  | 1294812 | 33<br> (g) | 0.51 | 0.56 | (0.03)  |
| 12/31/20 | 12.06 | 0.20 | 0.65 | 0.85 |  |  | 12.91 | 7.05 | 1158877 | 81<br> (g) | 0.56 | 0.56 | 1.58 |
| 12/31/19 | 11.43 | 0.27 | 0.64 | 0.91 | (0.28) |  | 12.06 | 7.93 | 942401 | 62<br> (g) | 0.56 | 0.56 | 2.24 |
| 12/31/18 | 11.75 | 0.25 | (0.32)  | (0.07)  | (0.25) |  | 11.43 | (0.57)  | 850576 | 83<br> (g) | 0.57 | 0.57 | 2.21 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.20 | (0.02)  | (1.73)  | (1.75)  |  |  | 11.45 | (13.26)  | 20567 | 104<br> (g) | 0.19 | 0.26 | (0.19)  |
| 12/31/21 | 13.44 | 0.18 | (0.42)  | (0.24)  |  |  | 13.20 | (1.79)  | 25144 | 33<br> (g) | 0.25 | 0.26 | 1.35 |
| 12/31/20 | 12.53 | 0.25 | 0.66 | 0.91 |  |  | 13.44 | 7.26 | 264938 | 81<br> (g) | 0.26 | 0.26 | 1.90 |
| 12/31/19 | 11.85 | 0.32 | 0.67 | 0.99 | (0.31) |  | 12.53 | 8.37 | 267955 | 62<br> (g) | 0.26 | 0.26 | 2.54 |
| 12/31/18 | 12.17 | 0.30 | (0.34)  | (0.04)  | (0.28) |  | 11.85 | (0.28)  | 231758 | 83<br> (g) | 0.27 | 0.27 | 2.51 |

---

(a) The Master Funds for the JNL/American Funds Feeder Funds are the Class 1 shares
of the corresponding American Fund Insurance Series Fund. These financial statements should be read in
conjunction with each Master Fund's shareholder report.

(b) Ratios of net investment
income and expenses to average net assets do not include the impact of the Master Fund's and underlying
funds' expenses. The net expense to average net assets ratio, the total expense to average net assets
ratio, and the net investment income (loss) to average net assets ratio, respectively, for both the Master
and Feeder Fund are as follows (annualized for periods less than one year): JNL/American Funds New World
Fund - Class A: December 31, 2022: 1.26%, 1.91%, 0.30%; December 31, 2021: 1.24%, 1.89%, (0.14)%; December
31, 2020: 1.32%, 1.98%, (1.07)%; December 31, 2019: 1.40%, 2.12%, (0.21)%; December 31, 2018: 1.41%,
2.16%, (0.29)%. JNL/American Funds New World Fund - Class I: December 31, 2022: 0.96%, 1.61%, 0.67%;
December 31, 2021: 0.94%, 1.59%, 0.24%; December 31, 2020: 1.02%, 1.68%, (0.76)%; December 31, 2019:
1.10%, 1.82%, 0.27%; December 31, 2018: 1.11%, 1.86%, 0.72%.

(c) Ratios of net investment
income and expenses to average net assets do not include the impact of the Master Fund's and underlying
funds' expenses. The net expense to average net assets ratio, the total expense to average net assets
ratio, and the net investment income (loss) to average net assets ratio, respectively, for both the Master
and Feeder Fund are as follows (annualized for periods less than one year): JNL/American Funds Washington
Mutual Investors Fund - Class A: December 31, 2022: 0.92%, 1.22%, 1.21%; December 31, 2021: 0.95%, 1.27%,
0.73%; December 31, 2020: 1.02%, 1.40%, 0.95%; December 31, 2019: 1.01%, 1.40%, 1.24%; December 31, 2018:
0.99%, 1.42%, 1.13%. JNL/American Funds Washington Mutual Investors Fund - Class I: December 31, 2022:
0.62%, 0.92%, 1.64%; December 31, 2021: 0.65%, 0.97%, 1.12%; December 31, 2020: 0.72%, 1.10%, 1.53%;
December 31, 2019: 0.71%, 1.10%, 2.11%; December 31, 2018: 0.69%, 1.12%, 3.17%.

(d) Ratios
of net investment income and expenses to average net assets do not include the impact of the Master Fund's
and underlying funds' expenses. The net expense to average net assets ratio, the total expense to average
net assets ratio, and the net investment income (loss) to average net assets ratio, respectively, for
both the Master and Feeder Fund are as follows (annualized for periods less than one year): JNL/Mellon
Bond Index Fund - Class A: December 31, 2022: 0.56%, 0.63%, (0.56%); December 31, 2021: 0.56%, 0.61%,
(0.08)%. JNL/Mellon Bond Index Fund - Class I: December 31, 2022: 0.26%, 0.33%, (0.26%); December 31,
2021: 0.30%, 0.31%, 1.30%.

(e) Effective April 26, 2021,
the Fund became a feeder fund. Prior to April 26, 2021, the Fund was a Sub-Advised Fund.

(f) The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Series Trust
Fund. These financial statements should be read in conjunction with each Master Fund's shareholder report.

(g) Portfolio
turnover including dollar roll transactions for JNL/Mellon Bond Index Fund was 121%, 107%, 140% ,105%
and 204% in 2018, 2019, 2020, 2021 and 2022 respectively.

(h) Amount represents less
than $0.005.

See accompanying Notes to Financial Statements.

805

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** | **JNL/Mellon Emerging Markets Index Fund(a)(b)(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 12.39 | (0.06) | (2.29) | (2.35) |  |  | 10.04 | (18.97)  | 801260 | 7 | 0.57 | 0.72 | (0.57)  |
| 12/31/21 | 12.84 | (0.01)  | (0.44)  | (0.45)  |  |  | 12.39 | (3.50)  | 1049682 | 19 | 0.62 | 0.72 | (0.09)  |
| 12/31/20 | 11.30 | 0.14 | 1.78 | 1.92 | (0.38) |  | 12.84 | 17.10 | 1128963 | 11 | 0.74 | 0.74 | 1.35 |
| 12/31/19 | 9.79 | 0.22 | 1.52 | 1.74 | (0.23) |  | 11.30 | 17.89 | 1169784 | 12 | 0.73 | 0.73 | 2.09 |
| 12/31/18 | 11.78 | 0.21 | (2.01)  | (1.80)  | (0.19) |  | 9.79 | (15.24)  | 1085666 | 13 | 0.74 | 0.74 | 1.84 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 12.51 | (0.02)  | (2.31)  | (2.33)  |  |  | 10.18 | (18.63)  | 16022 | 7 | 0.22 | 0.42 | (0.22)  |
| 12/31/21 | 12.92 | 0.03 | (0.44)  | (0.41)  |  |  | 12.51 | (3.17)  | 19232 | 19 | 0.26 | 0.42 | 0.23 |
| 12/31/20 | 11.36 | 0.17 | 1.81 | 1.98 | (0.42) |  | 12.92 | 17.55 | 14781 | 11 | 0.40 | 0.44 | 1.59 |
| 12/31/19 | 9.85 | 0.25 | 1.52 | 1.77 | (0.26) |  | 11.36 | 18.20 | 8648 | 12 | 0.43 | 0.43 | 2.37 |
| 12/31/18 | 11.85 | 0.29 | (2.07)  | (1.78)  | (0.22) |  | 9.85 | (15.00)  | 4538 | 13 | 0.44 | 0.44 | 2.48 |
| **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** | **JNL/Mellon International Index Fund(b)(c)(d)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 15.72 | 0.30 | (2.53) | (2.23) | (0.03) | (0.33) | 13.13 | (14.20)  | 2075890 | 2 | 0.51 | 0.61 | 2.21 |
| 12/31/21 | 14.23 | 0.02 | 1.47 | 1.49 |  |  | 15.72 | 10.47 | 2590032 | 6 | 0.53 | 0.61 | 0.10 |
| 12/31/20 | 13.80 | 0.23 | 0.82 | 1.05 | (0.47) | (0.15) | 14.23 | 7.70 | 1453177 | 3 | 0.63 | 0.63 | 1.78 |
| 12/31/19 | 11.95 | 0.36 | 2.15 | 2.51 | (0.37) | (0.29) | 13.80 | 21.21 | 1514294 | 4 | 0.63 | 0.63 | 2.69 |
| 12/31/18 | 15.59 | 0.38 | (2.49)  | (2.11)  | (0.51) | (1.02) | 11.95 | (13.91)  | 1356826 | 2 | 0.63 | 0.63 | 2.57 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 16.53 | 0.37 | (2.66)  | (2.29)  | (0.08) | (0.33) | 13.83 | (13.91)  | 50505 | 2 | 0.21 | 0.31 | 2.64 |
| 12/31/21 | 14.92 | 0.31 | 1.30 | 1.61 |  |  | 16.53 | 10.79 | 55074 | 6 | 0.30 | 0.32 | 1.95 |
| 12/31/20 | 14.44 | 0.28 | 0.86 | 1.14 | (0.51) | (0.15) | 14.92 | 8.02 | 280274 | 3 | 0.33 | 0.33 | 2.08 |
| 12/31/19 | 12.48 | 0.40 | 2.26 | 2.66 | (0.41) | (0.29) | 14.44 | 21.57 | 290707 | 4 | 0.33 | 0.33 | 2.88 |
| 12/31/18 | 16.21 | 0.45 | (2.61)  | (2.16)  | (0.55) | (1.02) | 12.48 | (13.66)  | 223912 | 2 | 0.33 | 0.33 | 2.90 |
| **JNL/Mellon S&P 400 MidCap Index Fund(b)(c)(e)** | **JNL/Mellon S&P 400 MidCap Index Fund(b)(c)(e)** | **JNL/Mellon S&P 400 MidCap Index Fund(b)(c)(e)** | **JNL/Mellon S&P 400 MidCap Index Fund(b)(c)(e)** | **JNL/Mellon S&P 400 MidCap Index Fund(b)(c)(e)** | **JNL/Mellon S&P 400 MidCap Index Fund(b)(c)(e)** | **JNL/Mellon S&P 400 MidCap Index Fund(b)(c)(e)** | **JNL/Mellon S&P 400 MidCap Index Fund(b)(c)(e)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 31.53 | (0.13) | (4.14) | (4.27) |  |  | 27.26 | (13.54)  | 2999247 | 12 | 0.46 | 0.54 | (0.46)  |
| 12/31/21 | 25.40 | (0.05)  | 6.18 | 6.13 |  |  | 31.53 | 24.13 | 3778288 | 13 | 0.49 | 0.54 | (0.18)  |
| 12/31/20 | 22.48 | 0.21 | 2.71 | 2.92 |  |  | 25.40 | 12.99 | 3147797 | 27 | 0.56 | 0.56 | 1.02 |
| 12/31/19 | 17.90 | 0.22 | 4.36 | 4.58 |  |  | 22.48 | 25.59 | 2906819 | 18 | 0.56 | 0.56 | 1.08 |
| 12/31/18 | 21.66 | 0.22 | (2.62)  | (2.40)  | (0.19) | (1.17) | 17.90 | (11.60)  | 2427722 | 16 | 0.56 | 0.56 | 1.02 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 32.48 | (0.05)  | (4.26)  | (4.31)  |  |  | 28.17 | (13.27)  | 66791 | 12 | 0.16 | 0.24 | (0.16)  |
| 12/31/21 | 26.08 | 0.16 | 6.24 | 6.40 |  |  | 32.48 | 24.54 | 71747 | 13 | 0.23 | 0.25 | 0.53 |
| 12/31/20 | 23.01 | 0.28 | 2.79 | 3.07 |  |  | 26.08 | 13.34 | 299838 | 27 | 0.26 | 0.26 | 1.32 |
| 12/31/19 | 18.28 | 0.29 | 4.44 | 4.73 |  |  | 23.01 | 25.88 | 301617 | 18 | 0.26 | 0.26 | 1.39 |
| 12/31/18 | 22.06 | 0.29 | (2.66)  | (2.37)  | (0.24) | (1.17) | 18.28 | (11.27)  | 215905 | 16 | 0.26 | 0.26 | 1.31 |

---

(a) Ratios of net investment income and expenses to average net assets do not include
the impact of the Master Fund's and underlying funds' expenses. The net expense to average net assets
ratio, the total expense to average net assets ratio, and the net investment income (loss) to average
net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods
less than one year): JNL/Mellon Emerging Markets Index Fund - Class A: December 31, 2022: 0.73%, 0.88%,
(0.73%); December 31, 2021: 0.74%, 0.84%, (0.23)%. JNL/Mellon Emerging Markets Index Fund - Class I:
December 31, 2022: 0.38%, 0.58%, (0.38%); December 31, 2021: 0.38%, 0.53%, 0.08%.

(b) Effective
April 26, 2021, the Fund became a feeder fund. Prior to April 26, 2021, the Fund was a Sub-Advised Fund.

(c) The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Series Trust
Fund. These financial statements should be read in conjunction with each Master Fund's shareholder report.

(d) Ratios
of net investment income and expenses to average net assets do not include the impact of the Master Fund's
and underlying funds' expenses. The net expense to average net assets ratio, the total expense to average
net assets ratio, and the net investment income (loss) to average net assets ratio, respectively, for
both the Master and Feeder Fund are as follows (annualized for periods less than one year): JNL/Mellon
International Index Fund - Class A: December 31, 2022: 0.61%, 0.71%, 2.11%; December 31, 2021: 0.61%,
0.69%, 0.02%. JNL/Mellon International Index Fund - Class I: December 31, 2022: 0.31%, 0.41%, 2.54%;
December 31, 2021: 0.38%, 0.41%, 1.87%.

(e) Ratios of net investment income and expenses to average net
assets do not include the impact of the Master Fund's and underlying funds' expenses. The net expense
to average net assets ratio, the total expense to average net assets ratio, and the net investment income
(loss) to average net assets ratio, respectively, for both the Master and Feeder Fund are as follows
(annualized for periods less than one year): JNL/Mellon S&P 400 MidCap Index Fund - Class A: December
31, 2022: 0.56%, 0.64%, (0.56%); December 31, 2021: 0.57%, 0.62%, (0.23)%. JNL/Mellon S&P 400 MidCap
Index Fund - Class I: December 31, 2022: 0.26%, 0.34%, (0.26%); December 31, 2021: 0.31%, 0.34%, 0.49%.

See accompanying Notes to Financial Statements.

806

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/Mellon Small Cap Index Fund(a)(b)(c)** | **JNL/Mellon Small Cap Index Fund(a)(b)(c)** | **JNL/Mellon Small Cap Index Fund(a)(b)(c)** | **JNL/Mellon Small Cap Index Fund(a)(b)(c)** | **JNL/Mellon Small Cap Index Fund(a)(b)(c)** | **JNL/Mellon Small Cap Index Fund(a)(b)(c)** | **JNL/Mellon Small Cap Index Fund(a)(b)(c)** | **JNL/Mellon Small Cap Index Fund(a)(b)(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 27.28 | (0.11) | (4.43) | (4.54) |  |  | 22.74 | (16.64)  | 2277127 | 23 | 0.46 | 0.54 | (0.46)  |
| 12/31/21 | 21.63 | (0.04)  | 5.69 | 5.65 |  |  | 27.28 | 26.12 | 2916059 | 20 | 0.49 | 0.55 | (0.17)  |
| 12/31/20 | 19.52 | 0.15 | 1.96 | 2.11 |  |  | 21.63 | 10.81 | 2384433 | 26 | 0.57 | 0.57 | 0.90 |
| 12/31/19 | 15.97 | 0.17 | 3.38 | 3.55 |  |  | 19.52 | 22.23 | 2312325 | 29 | 0.57 | 0.57 | 0.96 |
| 12/31/18 | 19.71 | 0.18 | (1.70)  | (1.52)  | (0.18) | (2.04) | 15.97 | (8.92)  | 1948239 | 34 | 0.56 | 0.56 | 0.88 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 28.09 | (0.04)  | (4.56)  | (4.60)  |  |  | 23.49 | (16.38)  | 53909 | 23 | 0.16 | 0.24 | (0.16)  |
| 12/31/21 | 22.21 | 0.15 | 5.73 | 5.88 |  |  | 28.09 | 26.47 | 64789 | 20 | 0.23 | 0.25 | 0.59 |
| 12/31/20 | 19.98 | 0.21 | 2.02 | 2.23 |  |  | 22.21 | 11.16 | 293522 | 26 | 0.27 | 0.27 | 1.20 |
| 12/31/19 | 16.30 | 0.23 | 3.45 | 3.68 |  |  | 19.98 | 22.58 | 298749 | 29 | 0.27 | 0.27 | 1.27 |
| 12/31/18 | 20.06 | 0.24 | (1.73)  | (1.49)  | (0.23) | (2.04) | 16.30 | (8.66)  | 210564 | 34 | 0.26 | 0.26 | 1.17 |
| **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** | **JNL Aggressive Growth Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 19.69 | (0.02) | (3.88) | (3.90) |  |  | 15.79 | (19.81)  | 1338935 | 24 | 0.45 | 0.45 | (0.11)  |
| 12/31/21 | 17.06 | (0.02)  | 2.65 | 2.63 |  |  | 19.69 | 15.42 | 1811184 | 12 | 0.45 | 0.45 | (0.09)  |
| 12/31/20 | 14.66 | 0.06 | 2.34 | 2.40 |  |  | 17.06 | 16.37 | 1635883 | 18 | 0.45 | 0.45 | 0.42 |
| 12/31/19 | 11.63 | 0.02 | 3.01 | 3.03 |  |  | 14.66 | 26.05 | 1518439 | 17 | 0.45 | 0.45 | 0.12 |
| 12/31/18 | 12.99 | 0.05 | (1.41)  | (1.36)  |  |  | 11.63 | (10.47)  | 1332619 | 40 | 0.45 | 0.45 | 0.41 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 19.94 | 0.03 | (3.94)  | (3.91)  |  |  | 16.03 | (19.61)  | 13056 | 24 | 0.15 | 0.15 | 0.20 |
| 12/31/21 | 17.23 | 0.05 | 2.66 | 2.71 |  |  | 19.94 | 15.73 | 16062 | 12 | 0.15 | 0.15 | 0.24 |
| 12/31/20 | 14.76 | 0.12 | 2.35 | 2.47 |  |  | 17.23 | 16.73 | 11031 | 18 | 0.15 | 0.15 | 0.83 |
| 12/31/19 | 11.68 | 0.07 | 3.01 | 3.08 |  |  | 14.76 | 26.37 | 8400 | 17 | 0.15 | 0.15 | 0.50 |
| 12/31/18 | 13.00 | 0.13 | (1.45)  | (1.32)  |  |  | 11.68 | (10.15)  | 3943 | 40 | 0.15 | 0.15 | 1.05 |
| **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** | **JNL Conservative Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 14.40 | (0.05) | (1.85) | (1.90) |  |  | 12.50 | (13.19)  | 586691 | 21 | 0.47 | 0.47 | (0.39)  |
| 12/31/21 | 13.88 | (0.06)  | 0.58 | 0.52 |  |  | 14.40 | 3.75 | 772404 | 25 | 0.47 | 0.47 | (0.40)  |
| 12/31/20 | 12.91 | (0.05)  | 1.02 | 0.97 |  |  | 13.88 | 7.51 | 795519 | 48 | 0.48 | 0.48 | (0.39)  |
| 12/31/19 | 11.48 | 0.12 | 1.31 | 1.43 |  |  | 12.91 | 12.46 | 461856 | 32 | 0.48 | 0.49 | 0.99 |
| 12/31/18 | 11.85 | 0.16 | (0.53)  | (0.37)  |  |  | 11.48 | (3.12)  | 345579 | 35 | 0.50 | 0.50 | 1.40 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 14.58 | (0.01)  | (1.87)  | (1.88)  |  |  | 12.70 | (12.89)  | 6091 | 21 | 0.17 | 0.17 | (0.09)  |
| 12/31/21 | 14.01 | (0.01)  | 0.58 | 0.57 |  |  | 14.58 | 4.07 | 7338 | 25 | 0.17 | 0.17 | (0.10)  |
| 12/31/20 | 12.99 | (0.01)  | 1.03 | 1.02 |  |  | 14.01 | 7.85 | 6096 | 48 | 0.18 | 0.18 | (0.09)  |
| 12/31/19 | 11.52 | 0.21 | 1.26 | 1.47 |  |  | 12.99 | 12.76 | 3212 | 32 | 0.18 | 0.19 | 1.71 |
| 12/31/18 | 11.86 | 0.31 | (0.65)  | (0.34)  |  |  | 11.52 | (2.87)  | 431 | 35 | 0.19 | 0.20 | 2.65 |

---

(a) Ratios of net investment income and expenses to average net assets do not include
the impact of the Master Fund's and underlying funds' expenses. The net expense to average net assets
ratio, the total expense to average net assets ratio, and the net investment income (loss) to average
net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods
less than one year): JNL/Mellon Small Cap Index Fund - Class A: December 31, 2022: 0.56%, 0.64%, (0.56%);
December 31, 2021: 0.57%, 0.63%, (0.21)%. JNL/Mellon Small Cap Index Fund - Class I: December 31, 2022:
0.26%, 0.34%, (0.26%); December 31, 2021: 0.32%, 0.34%, 0.54%.

(b) Effective
April 26, 2021, the Fund became a feeder fund. Prior to April 26, 2021, the Fund was a Sub-Advised Fund.

(c) The
Master Funds for the JNL/Mellon Feeder Funds are the Class I shares of the corresponding JNL Series Trust
Fund. These financial statements should be read in conjunction with each Master Fund's shareholder report.

See accompanying Notes to Financial Statements.

807

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** | **JNL Growth Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 19.90 | (0.02) | (3.69) | (3.71) |  |  | 16.19 | (18.64)  | 2872055 | 24 | 0.44 | 0.44 | (0.10)  |
| 12/31/21 | 17.59 | (0.03)  | 2.34 | 2.31 |  |  | 19.90 | 13.13 | 2690208 | 12 | 0.44 | 0.44 | (0.14)  |
| 12/31/20 | 15.25 | 0.04 | 2.30 | 2.34 |  |  | 17.59 | 15.34 | 2505592 | 22 | 0.45 | 0.45 | 0.28 |
| 12/31/19 | 12.33 | 0.03 | 2.89 | 2.92 |  |  | 15.25 | 23.68 | 2416794 | 13 | 0.44 | 0.44 | 0.23 |
| 12/31/18 | 13.56 | 0.07 | (1.30)  | (1.23)  |  |  | 12.33 | (9.07)  | 2147880 | 34 | 0.44 | 0.44 | 0.51 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 20.16 | 0.03 | (3.74)  | (3.71)  |  |  | 16.45 | (18.40)  | 17924 | 24 | 0.14 | 0.14 | 0.19 |
| 12/31/21 | 17.76 | 0.03 | 2.37 | 2.40 |  |  | 20.16 | 13.51 | 18538 | 12 | 0.14 | 0.14 | 0.17 |
| 12/31/20 | 15.35 | 0.10 | 2.31 | 2.41 |  |  | 17.76 | 15.70 | 14620 | 22 | 0.15 | 0.15 | 0.65 |
| 12/31/19 | 12.38 | 0.08 | 2.89 | 2.97 |  |  | 15.35 | 23.99 | 11688 | 13 | 0.14 | 0.14 | 0.57 |
| 12/31/18 | 13.58 | 0.19 | (1.39)  | (1.20)  |  |  | 12.38 | (8.84)  | 5905 | 34 | 0.14 | 0.14 | 1.38 |
| **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** | **JNL Moderate Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 17.28 | (0.04) | (2.50) | (2.54) |  |  | 14.74 | (14.70)  | 2111337 | 18 | 0.44 | 0.44 | (0.29)  |
| 12/31/21 | 16.09 | (0.05)  | 1.24 | 1.19 |  |  | 17.28 | 7.40 | 2742062 | 10 | 0.44 | 0.44 | (0.28)  |
| 12/31/20 | 14.47 | (0.01)  | 1.63 | 1.62 |  |  | 16.09 | 11.20 | 2744458 | 27 | 0.45 | 0.45 | (0.04)  |
| 12/31/19 | 12.51 | 0.10 | 1.86 | 1.96 |  |  | 14.47 | 15.67 | 611892 | 22 | 0.48 | 0.48 | 0.74 |
| 12/31/18 | 13.16 | 0.13 | (0.78)  | (0.65)  |  |  | 12.51 | (4.94)  | 492913 | 31 | 0.49 | 0.50 | 0.99 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 17.51 | 0.00 | (2.53)  | (2.53)  |  |  | 14.98 | (14.45)  | 9955 | 18 | 0.14 | 0.14 | 0.01 |
| 12/31/21 | 16.25 | 0.00 | 1.26 | 1.26 |  |  | 17.51 | 7.75 | 16802 | 10 | 0.14 | 0.14 | 0.03 |
| 12/31/20 | 14.56 | 0.04 | 1.65 | 1.69 |  |  | 16.25 | 11.61 | 13677 | 27 | 0.15 | 0.15 | 0.27 |
| 12/31/19 | 12.55 | 0.22 | 1.79 | 2.01 |  |  | 14.56 | 16.02 | 5976 | 22 | 0.18 | 0.18 | 1.59 |
| 12/31/18 | 13.17 | 0.25 | (0.87)  | (0.62)  |  |  | 12.55 | (4.71)  | 2621 | 31 | 0.19 | 0.20 | 1.94 |
| **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** | **JNL Moderate Growth Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 19.02 | (0.04) | (2.96) | (3.00) |  |  | 16.02 | (15.77) <br> (a) | 3773388 | 20 | 0.44 | 0.44 | (0.22)  |
| 12/31/21 | 17.25 | (0.04)  | 1.81 | 1.77 |  |  | 19.02 | 10.26 | 5043334 | 10 | 0.43 | 0.43 | (0.21)  |
| 12/31/20 | 15.30 | 0.02 | 1.93 | 1.95 |  |  | 17.25 | 12.75 | 5015320 | 30 | 0.44 | 0.44 | 0.16 |
| 12/31/19 | 12.80 | 0.06 | 2.44 | 2.50 |  |  | 15.30 | 19.53 | 2368779 | 17 | 0.44 | 0.44 | 0.45 |
| 12/31/18 | 13.71 | 0.11 | (1.02)  | (0.91)  |  |  | 12.80 | (6.64)  | 2159584 | 29 | 0.44 | 0.44 | 0.79 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 19.27 | 0.02 | (3.01)  | (2.99)  |  |  | 16.28 | (15.52) <br> (a) | 11397 | 20 | 0.14 | 0.14 | 0.11 |
| 12/31/21 | 17.43 | 0.02 | 1.82 | 1.84 |  |  | 19.27 | 10.56 | 11257 | 10 | 0.13 | 0.13 | 0.12 |
| 12/31/20 | 15.40 | 0.07 | 1.96 | 2.03 |  |  | 17.43 | 13.18 | 7961 | 30 | 0.14 | 0.14 | 0.47 |
| 12/31/19 | 12.85 | 0.14 | 2.41 | 2.55 |  |  | 15.40 | 19.84 | 4297 | 17 | 0.14 | 0.14 | 0.97 |
| 12/31/18 | 13.72 | 0.25 | (1.12)  | (0.87)  |  |  | 12.85 | (6.34)  | 1895 | 29 | 0.14 | 0.14 | 1.88 |

---

(a) Total return for the Fund includes class action settlement proceeds. The return
for Class A and Class I, respectively, without the class action settlement proceeds was as follows: JNL
Moderate Growth Allocation Fund: (15.83)% and (15.57)%.

See accompanying Notes to Financial Statements.

808

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** | **JNL/American Funds Growth Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 26.00 | 0.29 | (5.31) | (5.02) |  |  | 20.98 | (19.31)  | 3228401 | 13 | 0.63 | 0.63 | 1.30 |
| 12/31/21 | 22.88 | 0.17 | 2.95 | 3.12 |  |  | 26.00 | 13.64 | 4149730 | 47 | 0.63 | 0.63 | 0.68 |
| 12/31/20 | 19.06 | 0.17 | 3.65 | 3.82 |  |  | 22.88 | 20.04 | 3498159 | 18 | 0.64 | 0.64 | 0.85 |
| 12/31/19 | 15.45 | 0.24 | 3.37 | 3.61 |  |  | 19.06 | 23.37 | 2808536 | 19 | 0.64 | 0.64 | 1.36 |
| 12/31/18 | 16.33 | 0.20 | (1.08)  | (0.88)  |  |  | 15.45 | (5.39)  | 2277300 | 14 | 0.64 | 0.64 | 1.19 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 26.35 | 0.37 | (5.39)  | (5.02)  |  |  | 21.33 | (19.05)  | 41700 | 13 | 0.33 | 0.33 | 1.66 |
| 12/31/21 | 23.12 | 0.26 | 2.97 | 3.23 |  |  | 26.35 | 13.97 | 48924 | 47 | 0.33 | 0.33 | 1.05 |
| 12/31/20 | 19.20 | 0.30 | 3.62 | 3.92 |  |  | 23.12 | 20.42 | 31660 | 18 | 0.34 | 0.34 | 1.52 |
| 12/31/19 | 15.52 | 0.31 | 3.37 | 3.68 |  |  | 19.20 | 23.71 | 16654 | 19 | 0.34 | 0.34 | 1.75 |
| 12/31/18 | 16.35 | 0.40 | (1.23)  | (0.83)  |  |  | 15.52 | (5.08)  | 9327 | 14 | 0.34 | 0.34 | 2.44 |
| **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** | **JNL/American Funds Moderate Growth Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 21.75 | 0.35 | (4.10) | (3.75) |  |  | 18.00 | (17.24)  | 2374820 | 16 | 0.64 | 0.64 | 1.84 |
| 12/31/21 | 19.78 | 0.20 | 1.77 | 1.97 |  |  | 21.75 | 9.96 | 3083919 | 66 | 0.64 | 0.64 | 0.95 |
| 12/31/20 | 16.86 | 0.20 | 2.72 | 2.92 |  |  | 19.78 | 17.32 | 2832349 | 20 | 0.64 | 0.64 | 1.14 |
| 12/31/19 | 14.21 | 0.26 | 2.39 | 2.65 |  |  | 16.86 | 18.65 | 2441777 | 22 | 0.64 | 0.64 | 1.69 |
| 12/31/18 | 14.89 | 0.23 | (0.91)  | (0.68)  |  |  | 14.21 | (4.57)  | 2131575 | 25 | 0.64 | 0.64 | 1.55 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 22.03 | 0.40 | (4.14)  | (3.74)  |  |  | 18.29 | (16.98)  | 20245 | 16 | 0.34 | 0.34 | 2.12 |
| 12/31/21 | 19.98 | 0.28 | 1.77 | 2.05 |  |  | 22.03 | 10.26 | 26606 | 66 | 0.34 | 0.34 | 1.32 |
| 12/31/20 | 16.98 | 0.19 | 2.81 | 3.00 |  |  | 19.98 | 17.67 | 20462 | 20 | 0.34 | 0.34 | 1.07 |
| 12/31/19 | 14.27 | 0.36 | 2.35 | 2.71 |  |  | 16.98 | 18.99 | 15462 | 22 | 0.34 | 0.34 | 2.24 |
| 12/31/18 | 14.91 | 0.39 | (1.03)  | (0.64)  |  |  | 14.27 | (4.29)  | 7932 | 25 | 0.34 | 0.34 | 2.57 |
| **JNL/Goldman Sachs Managed Aggressive Growth Fund** | **JNL/Goldman Sachs Managed Aggressive Growth Fund** | **JNL/Goldman Sachs Managed Aggressive Growth Fund** | **JNL/Goldman Sachs Managed Aggressive Growth Fund** | **JNL/Goldman Sachs Managed Aggressive Growth Fund** | **JNL/Goldman Sachs Managed Aggressive Growth Fund** | **JNL/Goldman Sachs Managed Aggressive Growth Fund** | **JNL/Goldman Sachs Managed Aggressive Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 36.70 | (0.07) | (8.06) | (8.13) |  |  | 28.57 | (22.15)  | 1972728 | 24 | 0.44 | 0.44 | (0.22)  |
| 12/31/21 | 31.55 | (0.12)  | 5.27 | 5.15 |  |  | 36.70 | 16.32 | 2764501 | 7 | 0.44 | 0.44 | (0.33)  |
| 12/31/20 | 26.27 | (0.05)  | 5.33 | 5.28 |  |  | 31.55 | 20.10 | 2556014 | 15 | 0.45 | 0.45 | (0.21)  |
| 12/31/19 | 20.72 | (0.01)  | 5.56 | 5.55 |  |  | 26.27 | 26.79 | 2323412 | 13 | 0.45 | 0.45 | (0.05)  |
| 12/31/18 | 22.21 | 0.10 | (1.59)  | (1.49)  |  |  | 20.72 | (6.71)  | 1998398 | 11 | 0.44 | 0.44 | 0.43 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 37.18 | 0.02 | (8.18)  | (8.16)  |  |  | 29.02 | (21.95)  | 10745 | 24 | 0.14 | 0.14 | 0.08 |
| 12/31/21 | 31.86 | (0.01)  | 5.33 | 5.32 |  |  | 37.18 | 16.70 | 17774 | 7 | 0.14 | 0.14 | (0.02)  |
| 12/31/20 | 26.45 | 0.02 | 5.39 | 5.41 |  |  | 31.86 | 20.45 | 12732 | 15 | 0.15 | 0.15 | 0.07 |
| 12/31/19 | 20.80 | 0.08 | 5.57 | 5.65 |  |  | 26.45 | 27.16 | 11399 | 13 | 0.15 | 0.15 | 0.32 |
| 12/31/18 | 22.23 | 0.32 | (1.75)  | (1.43)  |  |  | 20.80 | (6.43)  | 5471 | 11 | 0.14 | 0.14 | 1.41 |

---

See accompanying Notes to Financial Statements.

809

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/Goldman Sachs Managed Conservative Fund** | **JNL/Goldman Sachs Managed Conservative Fund** | **JNL/Goldman Sachs Managed Conservative Fund** | **JNL/Goldman Sachs Managed Conservative Fund** | **JNL/Goldman Sachs Managed Conservative Fund** | **JNL/Goldman Sachs Managed Conservative Fund** | **JNL/Goldman Sachs Managed Conservative Fund** | **JNL/Goldman Sachs Managed Conservative Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 16.43 | (0.05) | (2.35) | (2.40) |  |  | 14.03 | (14.61)  | 848466 | 26 | 0.46 | 0.46 | (0.37)  |
| 12/31/21 | 15.84 | (0.07)  | 0.66 | 0.59 |  |  | 16.43 | 3.72 | 1153647 | 9 | 0.45 | 0.45 | (0.41)  |
| 12/31/20 | 14.56 | (0.02)  | 1.30 | 1.28 |  |  | 15.84 | 8.79 | 1225287 | 31 | 0.46 | 0.46 | (0.12)  |
| 12/31/19 | 13.11 | 0.11 | 1.34 | 1.45 |  |  | 14.56 | 11.06 | 1206602 | 19 | 0.45 | 0.45 | 0.81 |
| 12/31/18 | 13.42 | 0.19 | (0.50)  | (0.31)  |  |  | 13.11 | (2.31)  | 1221090 | 12 | 0.45 | 0.45 | 1.44 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 16.61 | (0.01)  | (2.38)  | (2.39)  |  |  | 14.22 | (14.39)  | 2925 | 26 | 0.16 | 0.16 | (0.07)  |
| 12/31/21 | 15.95 | (0.02)  | 0.68 | 0.66 |  |  | 16.61 | 4.14 | 2270 | 9 | 0.15 | 0.15 | (0.10)  |
| 12/31/20 | 14.62 | 0.02 | 1.31 | 1.33 |  |  | 15.95 | 9.10 | 1977 | 31 | 0.16 | 0.16 | 0.17 |
| 12/31/19 | 13.13 | 0.23 | 1.26 | 1.49 |  |  | 14.62 | 11.35 | 2084 | 19 | 0.15 | 0.15 | 1.66 |
| 12/31/18 | 13.44 | 0.53 | (0.84)  | (0.31)  |  |  | 13.13 | (2.31)  | 565 | 12 | 0.15 | 0.15 | 4.00 |
| **JNL/Goldman Sachs Managed Growth Fund** | **JNL/Goldman Sachs Managed Growth Fund** | **JNL/Goldman Sachs Managed Growth Fund** | **JNL/Goldman Sachs Managed Growth Fund** | **JNL/Goldman Sachs Managed Growth Fund** | **JNL/Goldman Sachs Managed Growth Fund** | **JNL/Goldman Sachs Managed Growth Fund** | **JNL/Goldman Sachs Managed Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 29.99 | (0.06) | (6.28) | (6.34) |  |  | 23.65 | (21.14)  | 4086945 | 23 | 0.43 | 0.43 | (0.24)  |
| 12/31/21 | 26.20 | (0.10)  | 3.89 | 3.79 |  |  | 29.99 | 14.47 | 5774474 | 8 | 0.43 | 0.43 | (0.34)  |
| 12/31/20 | 22.07 | (0.06)  | 4.19 | 4.13 |  |  | 26.20 | 18.71 | 5669291 | 18 | 0.43 | 0.43 | (0.27)  |
| 12/31/19 | 17.74 | (0.01)  | 4.34 | 4.33 |  |  | 22.07 | 24.41 | 5466360 | 15 | 0.43 | 0.43 | (0.07)  |
| 12/31/18 | 18.86 | 0.12 | (1.24)  | (1.12)  |  |  | 17.74 | (5.94)  | 4919498 | 13 | 0.43 | 0.43 | 0.62 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 30.37 | 0.02 | (6.37)  | (6.35)  |  |  | 24.02 | (20.91)  | 18862 | 23 | 0.13 | 0.13 | 0.07 |
| 12/31/21 | 26.45 | (0.00) <br> (a) | 3.92 | 3.92 |  |  | 30.37 | 14.82 | 23033 | 8 | 0.13 | 0.13 | (0.01)  |
| 12/31/20 | 22.22 | 0.01 | 4.22 | 4.23 |  |  | 26.45 | 19.04 | 14635 | 18 | 0.13 | 0.13 | 0.05 |
| 12/31/19 | 17.81 | 0.05 | 4.36 | 4.41 |  |  | 22.22 | 24.76 | 8149 | 15 | 0.13 | 0.13 | 0.24 |
| 12/31/18 | 18.87 | 0.32 | (1.38)  | (1.06)  |  |  | 17.81 | (5.62)  | 4423 | 13 | 0.13 | 0.13 | 1.66 |
| **JNL/Goldman Sachs Managed Moderate Fund** | **JNL/Goldman Sachs Managed Moderate Fund** | **JNL/Goldman Sachs Managed Moderate Fund** | **JNL/Goldman Sachs Managed Moderate Fund** | **JNL/Goldman Sachs Managed Moderate Fund** | **JNL/Goldman Sachs Managed Moderate Fund** | **JNL/Goldman Sachs Managed Moderate Fund** | **JNL/Goldman Sachs Managed Moderate Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 20.53 | (0.05) | (3.34) | (3.39) |  |  | 17.14 | (16.51)  | 1982926 | 19 | 0.44 | 0.44 | (0.28)  |
| 12/31/21 | 19.23 | (0.07)  | 1.37 | 1.30 |  |  | 20.53 | 6.76 | 2736669 | 9 | 0.44 | 0.44 | (0.36)  |
| 12/31/20 | 17.11 | (0.04)  | 2.16 | 2.12 |  |  | 19.23 | 12.39 | 2869173 | 24 | 0.44 | 0.44 | (0.22)  |
| 12/31/19 | 14.90 | 0.11 | 2.10 | 2.21 |  |  | 17.11 | 14.83 | 2909925 | 16 | 0.44 | 0.44 | 0.71 |
| 12/31/18 | 15.43 | 0.18 | (0.71)  | (0.53)  |  |  | 14.90 | (3.43)  | 2858779 | 9 | 0.44 | 0.44 | 1.15 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 20.79 | 0.00 | (3.38)  | (3.38)  |  |  | 17.41 | (16.26)  | 2727 | 19 | 0.14 | 0.14 | 0.01 |
| 12/31/21 | 19.42 | (0.01)  | 1.38 | 1.37 |  |  | 20.79 | 7.05 | 4091 | 9 | 0.14 | 0.14 | (0.07)  |
| 12/31/20 | 17.23 | 0.01 | 2.18 | 2.19 |  |  | 19.42 | 12.71 | 4289 | 24 | 0.14 | 0.14 | 0.08 |
| 12/31/19 | 14.95 | 0.18 | 2.10 | 2.28 |  |  | 17.23 | 15.25 | 3286 | 16 | 0.14 | 0.14 | 1.09 |
| 12/31/18 | 15.44 | 0.27 | (0.76)  | (0.49)  |  |  | 14.95 | (3.17)  | 2458 | 9 | 0.14 | 0.14 | 1.77 |

---

(a) Amount represents less than $0.005.

See accompanying Notes to Financial Statements.

810

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/Goldman Sachs Managed Moderate Growth Fund** | **JNL/Goldman Sachs Managed Moderate Growth Fund** | **JNL/Goldman Sachs Managed Moderate Growth Fund** | **JNL/Goldman Sachs Managed Moderate Growth Fund** | **JNL/Goldman Sachs Managed Moderate Growth Fund** | **JNL/Goldman Sachs Managed Moderate Growth Fund** | **JNL/Goldman Sachs Managed Moderate Growth Fund** | **JNL/Goldman Sachs Managed Moderate Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 25.45 | (0.06) | (4.76) | (4.82) |  |  | 20.63 | (18.94)  | 4042965 | 22 | 0.43 | 0.43 | (0.28)  |
| 12/31/21 | 22.96 | (0.09)  | 2.58 | 2.49 |  |  | 25.45 | 10.84 | 5651746 | 7 | 0.43 | 0.43 | (0.35)  |
| 12/31/20 | 19.87 | (0.06)  | 3.15 | 3.09 |  |  | 22.96 | 15.55 | 5790692 | 20 | 0.43 | 0.43 | (0.30)  |
| 12/31/19 | 16.68 | 0.09 | 3.10 | 3.19 |  |  | 19.87 | 19.12 | 5740456 | 16 | 0.43 | 0.43 | 0.47 |
| 12/31/18 | 17.54 | 0.15 | (1.01)  | (0.86)  |  |  | 16.68 | (4.90)  | 5467006 | 10 | 0.43 | 0.43 | 0.86 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 25.78 | 0.01 | (4.83)  | (4.82)  |  |  | 20.96 | (18.70)  | 6673 | 22 | 0.13 | 0.13 | 0.03 |
| 12/31/21 | 23.19 | (0.01)  | 2.60 | 2.59 |  |  | 25.78 | 11.17 | 9286 | 7 | 0.13 | 0.13 | (0.03)  |
| 12/31/20 | 20.01 | (0.00) <br> (a) | 3.18 | 3.18 |  |  | 23.19 | 15.89 | 5618 | 20 | 0.13 | 0.13 | (0.01)  |
| 12/31/19 | 16.74 | 0.12 | 3.15 | 3.27 |  |  | 20.01 | 19.53 | 5836 | 16 | 0.13 | 0.13 | 0.66 |
| 12/31/18 | 17.56 | 0.35 | (1.17)  | (0.82)  |  |  | 16.74 | (4.67)  | 7485 | 10 | 0.13 | 0.13 | 1.95 |
| **JNL iShares Tactical Growth Fund(b)** | **JNL iShares Tactical Growth Fund(b)** | **JNL iShares Tactical Growth Fund(b)** | **JNL iShares Tactical Growth Fund(b)** | **JNL iShares Tactical Growth Fund(b)** | **JNL iShares Tactical Growth Fund(b)** | **JNL iShares Tactical Growth Fund(b)** | **JNL iShares Tactical Growth Fund(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 17.37 | 0.29 | (2.94) | (2.65) | (0.21) | (0.97) | 13.54 | (15.35)  | 291303 | 41 | 0.65 | 0.65 | 1.90 |
| 12/31/21 | 15.59 | 0.22 | 2.12 | 2.34 | (0.17) | (0.39) | 17.37 | 15.04 | 344505 | 27 | 0.65 | 0.65 | 1.30 |
| 12/31/20 | 14.95 | 0.19 | 1.61 | 1.80 | (0.28) | (0.88) | 15.59 | 12.28 | 288430 | 54 | 0.66 | 0.66 | 1.33 |
| 12/31/19 | 12.73 | 0.29 | 2.44 | 2.73 | (0.24) | (0.27) | 14.95 | 21.65 | 255443 | 44 | 0.65 | 0.65 | 2.05 |
| 12/31/18 | 14.38 | 0.25 | (1.55)  | (1.30)  | (0.19) | (0.16) | 12.73 | (9.12)  | 203626 | 43 | 0.65 | 0.65 | 1.77 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 17.45 | 0.34 | (2.96)  | (2.62)  | (0.26) | (0.97) | 13.60 | (15.12)  | 7243 | 41 | 0.35 | 0.35 | 2.25 |
| 12/31/21 | 15.64 | 0.28 | 2.12 | 2.40 | (0.20) | (0.39) | 17.45 | 15.43 | 7350 | 27 | 0.35 | 0.35 | 1.63 |
| 12/31/20 | 14.99 | 0.25 | 1.60 | 1.85 | (0.32) | (0.88) | 15.64 | 12.60 | 5178 | 54 | 0.36 | 0.36 | 1.74 |
| 12/31/19 | 12.76 | 0.34 | 2.44 | 2.78 | (0.28) | (0.27) | 14.99 | 22.02 | 3226 | 44 | 0.35 | 0.35 | 2.36 |
| 12/31/18 | 14.40 | 0.40 | (1.66)  | (1.26)  | (0.22) | (0.16) | 12.76 | (8.85)  | 2346 | 43 | 0.35 | 0.35 | 2.80 |
| **JNL iShares Tactical Moderate Fund(b)** | **JNL iShares Tactical Moderate Fund(b)** | **JNL iShares Tactical Moderate Fund(b)** | **JNL iShares Tactical Moderate Fund(b)** | **JNL iShares Tactical Moderate Fund(b)** | **JNL iShares Tactical Moderate Fund(b)** | **JNL iShares Tactical Moderate Fund(b)** | **JNL iShares Tactical Moderate Fund(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.61 | 0.28 | (2.06) | (1.78) | (0.18) | (0.62) | 11.03 | (13.15)  | 184798 | 39 | 0.65 | 0.65 | 2.31 |
| 12/31/21 | 13.00 | 0.20 | 0.79 | 0.99 | (0.16) | (0.22) | 13.61 | 7.64 | 214552 | 34 | 0.65 | 0.65 | 1.47 |
| 12/31/20 | 12.59 | 0.20 | 0.89 | 1.09 | (0.24) | (0.44) | 13.00 | 8.68 | 187572 | 58 | 0.65 | 0.65 | 1.57 |
| 12/31/19 | 11.37 | 0.28 | 1.34 | 1.62 | (0.25) | (0.15) | 12.59 | 14.38 | 153063 | 55 | 0.65 | 0.65 | 2.27 |
| 12/31/18 | 12.29 | 0.26 | (0.91)  | (0.65)  | (0.20) | (0.07) | 11.37 | (5.35)  | 127965 | 54 | 0.65 | 0.65 | 2.16 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.69 | 0.33 | (2.08)  | (1.75)  | (0.22) | (0.62) | 11.10 | (12.88)  | 7392 | 39 | 0.35 | 0.35 | 2.66 |
| 12/31/21 | 13.06 | 0.25 | 0.80 | 1.05 | (0.20) | (0.22) | 13.69 | 8.01 | 8027 | 34 | 0.35 | 0.35 | 1.84 |
| 12/31/20 | 12.64 | 0.24 | 0.89 | 1.13 | (0.27) | (0.44) | 13.06 | 8.98 | 4953 | 58 | 0.35 | 0.35 | 1.91 |
| 12/31/19 | 11.41 | 0.32 | 1.35 | 1.67 | (0.29) | (0.15) | 12.64 | 14.74 | 1911 | 55 | 0.35 | 0.35 | 2.62 |
| 12/31/18 | 12.32 | 0.42 | (1.04)  | (0.62)  | (0.22) | (0.07) | 11.41 | (5.05)  | 1111 | 54 | 0.35 | 0.35 | 3.46 |

---

(a) Amount represents less than $0.005.

(b) Ratios of net investment
income and expenses to average net assets do not include the impact of underlying funds' expenses.

See accompanying Notes to Financial Statements.

811

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL iShares Tactical Moderate Growth Fund(a)** | **JNL iShares Tactical Moderate Growth Fund(a)** | **JNL iShares Tactical Moderate Growth Fund(a)** | **JNL iShares Tactical Moderate Growth Fund(a)** | **JNL iShares Tactical Moderate Growth Fund(a)** | **JNL iShares Tactical Moderate Growth Fund(a)** | **JNL iShares Tactical Moderate Growth Fund(a)** | **JNL iShares Tactical Moderate Growth Fund(a)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 15.54 | 0.28 | (2.49) | (2.21) | (0.20) | (0.71) | 12.42 | (14.36)  | 295150 | 38 | 0.65 | 0.65 | 2.06 |
| 12/31/21 | 14.39 | 0.20 | 1.43 | 1.63 | (0.18) | (0.30) | 15.54 | 11.32 | 361487 | 24 | 0.65 | 0.65 | 1.29 |
| 12/31/20 | 13.91 | 0.19 | 1.34 | 1.53 | (0.29) | (0.76) | 14.39 | 11.15 | 312116 | 51 | 0.65 | 0.65 | 1.41 |
| 12/31/19 | 12.18 | 0.29 | 1.89 | 2.18 | (0.26) | (0.19) | 13.91 | 18.06 | 295665 | 44 | 0.65 | 0.65 | 2.14 |
| 12/31/18 | 13.58 | 0.26 | (1.23)  | (0.97)  | (0.22) | (0.21) | 12.18 | (7.28)  | 254058 | 45 | 0.65 | 0.65 | 1.93 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 15.59 | 0.33 | (2.51)  | (2.18)  | (0.24) | (0.71) | 12.46 | (14.09)  | 8551 | 38 | 0.35 | 0.35 | 2.41 |
| 12/31/21 | 14.43 | 0.25 | 1.42 | 1.67 | (0.21) | (0.30) | 15.59 | 11.63 | 8968 | 24 | 0.35 | 0.35 | 1.62 |
| 12/31/20 | 13.95 | 0.25 | 1.32 | 1.57 | (0.33) | (0.76) | 14.43 | 11.42 | 6655 | 51 | 0.35 | 0.35 | 1.79 |
| 12/31/19 | 12.21 | 0.34 | 1.89 | 2.23 | (0.30) | (0.19) | 13.95 | 18.45 | 3364 | 44 | 0.35 | 0.35 | 2.52 |
| 12/31/18 | 13.59 | 0.43 | (1.35)  | (0.92)  | (0.25) | (0.21) | 12.21 | (6.91)  | 2282 | 45 | 0.35 | 0.35 | 3.22 |
| **JNL/Vanguard Growth ETF Allocation Fund(a)** | **JNL/Vanguard Growth ETF Allocation Fund(a)** | **JNL/Vanguard Growth ETF Allocation Fund(a)** | **JNL/Vanguard Growth ETF Allocation Fund(a)** | **JNL/Vanguard Growth ETF Allocation Fund(a)** | **JNL/Vanguard Growth ETF Allocation Fund(a)** | **JNL/Vanguard Growth ETF Allocation Fund(a)** | **JNL/Vanguard Growth ETF Allocation Fund(a)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 15.42 | 0.23 | (2.79) | (2.56) |  |  | 12.86 | (16.60)  | 1888306 | 10 | 0.64 | 0.64 | 1.70 |
| 12/31/21 | 13.49 | 0.24 | 1.69 | 1.93 |  |  | 15.42 | 14.31 | 2391290 | 5 | 0.64 | 0.64 | 1.60 |
| 12/31/20 | 11.87 | 0.17 | 1.45 | 1.62 |  |  | 13.49 | 13.65 | 624944 | 20 | 0.64 | 0.65 | 1.47 |
| 12/31/19 | 9.66 | 0.24 | 1.97 | 2.21 |  |  | 11.87 | 22.88 | 415157 | 12 | 0.61 | 0.65 | 2.20 |
| 12/31/18 | 10.49 | 0.23 | (1.06)  | (0.83)  |  |  | 9.66 | (7.91)  | 239577 | 11 | 0.61 | 0.65 | 2.20 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 15.71 | 0.30 | (2.85)  | (2.55)  |  |  | 13.16 | (16.23)  | 53213 | 10 | 0.22 | 0.34 | 2.16 |
| 12/31/21 | 13.68 | 0.29 | 1.74 | 2.03 |  |  | 15.71 | 14.84 | 61141 | 5 | 0.22 | 0.34 | 1.94 |
| 12/31/20 | 11.99 | 0.22 | 1.47 | 1.69 |  |  | 13.68 | 14.10 | 31056 | 20 | 0.22 | 0.35 | 1.90 |
| 12/31/19 | 9.72 | 0.30 | 1.97 | 2.27 |  |  | 11.99 | 23.35 | 21052 | 12 | 0.19 | 0.35 | 2.70 |
| 12/31/18 | 10.51 | 0.30 | (1.09)  | (0.79)  |  |  | 9.72 | (7.52)  | 9638 | 11 | 0.19 | 0.35 | 2.83 |
| **JNL/Vanguard Moderate ETF Allocation Fund(a)** | **JNL/Vanguard Moderate ETF Allocation Fund(a)** | **JNL/Vanguard Moderate ETF Allocation Fund(a)** | **JNL/Vanguard Moderate ETF Allocation Fund(a)** | **JNL/Vanguard Moderate ETF Allocation Fund(a)** | **JNL/Vanguard Moderate ETF Allocation Fund(a)** | **JNL/Vanguard Moderate ETF Allocation Fund(a)** | **JNL/Vanguard Moderate ETF Allocation Fund(a)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.18 | 0.22 | (2.07) | (1.85) |  |  | 11.33 | (14.04)  | 490545 | 17 | 0.65 | 0.65 | 1.90 |
| 12/31/21 | 12.39 | 0.18 | 0.61 | 0.79 |  |  | 13.18 | 6.38 | 577561 | 20 | 0.65 | 0.65 | 1.43 |
| 12/31/20 | 11.30 | 0.18 | 0.91 | 1.09 |  |  | 12.39 | 9.65 | 476960 | 28 | 0.64 | 0.66 | 1.61 |
| 12/31/19 | 9.76 | 0.27 | 1.27 | 1.54 |  |  | 11.30 | 15.78 | 322337 | 20 | 0.60 | 0.65 | 2.49 |
| 12/31/18 | 10.23 | 0.25 | (0.72)  | (0.47)  |  |  | 9.76 | (4.59)  | 143012 | 17 | 0.60 | 0.65 | 2.45 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.43 | 0.28 | (2.12)  | (1.84)  |  |  | 11.59 | (13.70)  | 18485 | 17 | 0.22 | 0.35 | 2.37 |
| 12/31/21 | 12.56 | 0.25 | 0.62 | 0.87 |  |  | 13.43 | 6.93 | 19256 | 20 | 0.22 | 0.35 | 1.88 |
| 12/31/20 | 11.41 | 0.23 | 0.92 | 1.15 |  |  | 12.56 | 10.08 | 15164 | 28 | 0.21 | 0.36 | 2.01 |
| 12/31/19 | 9.82 | 0.31 | 1.28 | 1.59 |  |  | 11.41 | 16.19 | 11714 | 20 | 0.18 | 0.35 | 2.89 |
| 12/31/18 | 10.24 | 0.31 | (0.73)  | (0.42)  |  |  | 9.82 | (4.10)  | 6138 | 17 | 0.18 | 0.35 | 3.09 |

---

(a) Ratios of net investment income and expenses to average net assets do not include
the impact of underlying funds' expenses.

See accompanying Notes to Financial Statements.

812

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/Vanguard Moderate Growth ETF Allocation Fund(a)** | **JNL/Vanguard Moderate Growth ETF Allocation Fund(a)** | **JNL/Vanguard Moderate Growth ETF Allocation Fund(a)** | **JNL/Vanguard Moderate Growth ETF Allocation Fund(a)** | **JNL/Vanguard Moderate Growth ETF Allocation Fund(a)** | **JNL/Vanguard Moderate Growth ETF Allocation Fund(a)** | **JNL/Vanguard Moderate Growth ETF Allocation Fund(a)** | **JNL/Vanguard Moderate Growth ETF Allocation Fund(a)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 14.27 | 0.23 | (2.43) | (2.20) |  |  | 12.07 | (15.42)  | 827236 | 12 | 0.65 | 0.65 | 1.79 |
| 12/31/21 | 12.93 | 0.21 | 1.13 | 1.34 |  |  | 14.27 | 10.36 | 991724 | 7 | 0.65 | 0.65 | 1.49 |
| 12/31/20 | 11.58 | 0.18 | 1.17 | 1.35 |  |  | 12.93 | 11.66 | 607550 | 24 | 0.64 | 0.66 | 1.55 |
| 12/31/19 | 9.70 | 0.25 | 1.63 | 1.88 |  |  | 11.58 | 19.38 | 390437 | 16 | 0.60 | 0.65 | 2.31 |
| 12/31/18 | 10.37 | 0.24 | (0.91)  | (0.67)  |  |  | 9.70 | (6.46)  | 215737 | 9 | 0.60 | 0.65 | 2.34 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 14.54 | 0.29 | (2.49)  | (2.20)  |  |  | 12.34 | (15.13)  | 39355 | 12 | 0.23 | 0.35 | 2.25 |
| 12/31/21 | 13.11 | 0.27 | 1.16 | 1.43 |  |  | 14.54 | 10.91 | 42431 | 7 | 0.23 | 0.35 | 1.93 |
| 12/31/20 | 11.70 | 0.23 | 1.18 | 1.41 |  |  | 13.11 | 12.05 | 22248 | 24 | 0.22 | 0.36 | 1.96 |
| 12/31/19 | 9.75 | 0.30 | 1.65 | 1.95 |  |  | 11.70 | 20.00 | 15000 | 16 | 0.18 | 0.35 | 2.73 |
| 12/31/18 | 10.38 | 0.31 | (0.94)  | (0.63)  |  |  | 9.75 | (6.07)  | 8475 | 9 | 0.18 | 0.35 | 2.98 |
| **JNL Bond Index Fund(b)** | **JNL Bond Index Fund(b)** | **JNL Bond Index Fund(b)** | **JNL Bond Index Fund(b)** | **JNL Bond Index Fund(b)** | **JNL Bond Index Fund(b)** | **JNL Bond Index Fund(b)** | **JNL Bond Index Fund(b)** |  |  |  |  |  |  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 10.07 | 0.17 | (1.49)  | (1.32)  |  |  | 8.75 | (13.11)  | 1021370 | 104<br> (d) | 0.07 | 0.20 | 1.82 |
| 12/31/21<br> (c) | 10.00 | 0.07 | 0.00 | 0.07 |  |  | 10.07 | 0.70 | 1321262 | 41<br> (d) | 0.08 | 0.21 | 0.99 |
| **JNL Emerging Markets Index Fund(b)** | **JNL Emerging Markets Index Fund(b)** | **JNL Emerging Markets Index Fund(b)** | **JNL Emerging Markets Index Fund(b)** | **JNL Emerging Markets Index Fund(b)** | **JNL Emerging Markets Index Fund(b)** | **JNL Emerging Markets Index Fund(b)** | **JNL Emerging Markets Index Fund(b)** |  |  |  |  |  |  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 9.20 | 0.24 | (1.94)  | (1.70)  |  |  | 7.50 | (18.48)  | 818930 | 7 | 0.16 | 0.22 | 3.03 |
| 12/31/21<br> (c) | 10.00 | 0.16 | (0.96)  | (0.80)  |  |  | 9.20 | (8.00)  | 1069080 | 20 | 0.17 | 0.23 | 2.40 |
| **JNL International Index Fund(b)** | **JNL International Index Fund(b)** | **JNL International Index Fund(b)** | **JNL International Index Fund(b)** | **JNL International Index Fund(b)** | **JNL International Index Fund(b)** | **JNL International Index Fund(b)** | **JNL International Index Fund(b)** |  |  |  |  |  |  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 10.29 | 0.26 | (1.67)  | (1.41)  | (0.25) | (0.06) | 8.57 | (13.75)  | 2129382 | 2 | 0.10 | 0.21 | 2.97 |
| 12/31/21<br> (c) | 10.00 | 0.16 | 0.13 | 0.29 |  |  | 10.29 | 2.90 | 2647040 | 5 | 0.11 | 0.22 | 2.26 |
| **JNL Mid Cap Index Fund(b)** | **JNL Mid Cap Index Fund(b)** | **JNL Mid Cap Index Fund(b)** | **JNL Mid Cap Index Fund(b)** | **JNL Mid Cap Index Fund(b)** | **JNL Mid Cap Index Fund(b)** | **JNL Mid Cap Index Fund(b)** | **JNL Mid Cap Index Fund(b)** |  |  |  |  |  |  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 10.44 | 0.14 | (1.51)  | (1.37)  |  |  | 9.07 | (13.12)  | 3069360 | 12 | 0.10 | 0.22 | 1.48 |
| 12/31/21<br> (c) | 10.00 | 0.09 | 0.35 | 0.44 |  |  | 10.44 | 4.40 | 3851884 | 12 | 0.11 | 0.23 | 1.26 |
| **JNL Small Cap Index Fund(b)** | **JNL Small Cap Index Fund(b)** | **JNL Small Cap Index Fund(b)** | **JNL Small Cap Index Fund(b)** | **JNL Small Cap Index Fund(b)** | **JNL Small Cap Index Fund(b)** | **JNL Small Cap Index Fund(b)** | **JNL Small Cap Index Fund(b)** |  |  |  |  |  |  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 10.47 | 0.13 | (1.83)  | (1.70)  |  |  | 8.77 | (16.24)  | 2335017 | 23 | 0.10 | 0.22 | 1.42 |
| 12/31/21<br> (c) | 10.00 | 0.08 | 0.39 | 0.47 |  |  | 10.47 | 4.70 | 2982389 | 17 | 0.11 | 0.23 | 1.22 |

---

(a) Ratios of net investment income and expenses to average net assets do not include
the impact of underlying funds' expenses.

(b) Effective April 26, 2021, the
Fund received investments from its Feeder Fund in exchange for shares of the Fund. For information on
the performance of these investments prior to April 26, 2021, please see the Financial Highlights of
the Feeder Fund.

(c) The Fund commenced operations on April 26, 2021.

(d) Portfolio turnover including
dollar roll transactions for JNL Bond Index Fund was 129% and 204% in 2021 and 2022.

See accompanying Notes to Financial Statements.

813

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 11.82 | 0.06 | (1.29) | (1.23) |  |  | 10.59 | (10.41)  | 205495 | 117 | 2.16<br> (a) | 2.16<br> (a) | 0.59 |
| 12/31/21 | 11.50 | 0.07 | 0.25 | 0.32 |  |  | 11.82 | 2.78 | 248560 | 127 | 2.01<br> (a) | 2.01<br> (a) | 0.59 |
| 12/31/20 | 10.69 | 0.18 | 0.63 | 0.81 |  |  | 11.50 | 7.58 | 199535 | 157 | 2.14<br> (a) | 2.15<br> (a) | 1.71 |
| 12/31/19 | 9.80 | 0.13 | 0.76 | 0.89 |  |  | 10.69 | 9.08 | 16769 | 147 | 2.05<br> (a) | 2.05<br> (a) | 1.22 |
| 12/31/18 | 10.19 | 0.06 | (0.45)  | (0.39)  |  |  | 9.80 | (3.83)  | 14981 | 181<br> (b) | 1.98<br> (a) | 1.98<br> (a) | 0.61 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 11.96 | 0.10 | (1.32)  | (1.22)  |  |  | 10.74 | (10.20)  | 874517 | 117 | 1.86<br> (a) | 1.86<br> (a) | 0.89 |
| 12/31/21 | 11.60 | 0.11 | 0.25 | 0.36 |  |  | 11.96 | 3.10 | 1113115 | 127 | 1.71<br> (a) | 1.71<br> (a) | 0.90 |
| 12/31/20 | 10.75 | 0.20 | 0.65 | 0.85 |  |  | 11.60 | 7.91 | 897039 | 157 | 1.78<br> (a) | 1.79<br> (a) | 1.84 |
| 12/31/19 | 9.82 | 0.16 | 0.77 | 0.93 |  |  | 10.75 | 9.47 | 1203696 | 147 | 1.75<br> (a) | 1.75<br> (a) | 1.53 |
| 12/31/18 | 10.20 | 0.09 | (0.45)  | (0.36)  | (0.02) |  | 9.82 | (3.55)  | 1064593 | 181<br> (b) | 1.68<br> (a) | 1.68<br> (a) | 0.91 |
| **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** | **JNL Multi-Manager Emerging Markets Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 11.28 | 0.11 | (2.83) | (2.72) | (0.08) | (0.69) | 7.79 | (24.13)  | 627647 | 41 | 1.21 | 1.21 | 1.22 |
| 12/31/21 | 11.42 | 0.08 | (0.07)  | 0.01 | (0.15) |  | 11.28 | 0.08 | 909805 | 54 | 1.22 | 1.22 | 0.64 |
| 12/31/20 | 10.61 | 0.08 | 0.86 | 0.94 | (0.13) |  | 11.42 | 8.90 | 993910 | 103 | 1.23 | 1.23 | 0.82 |
| 12/31/19 | 9.19 | 0.24 | 1.39 | 1.63 | (0.21) |  | 10.61 | 17.85 | 427546 | 25 | 1.22 | 1.22 | 2.40 |
| 12/31/18 | 11.46 | 0.20 | (2.30)  | (2.10)  | (0.17) |  | 9.19 | (18.35)  | 370350 | 14 | 1.23 | 1.23 | 1.91 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 11.33 | 0.14 | (2.85)  | (2.71)  | (0.12) | (0.69) | 7.81 | (23.93)  | 302526 | 41 | 0.91 | 0.91 | 1.48 |
| 12/31/21 | 11.46 | 0.11 | (0.06)  | 0.05 | (0.18) |  | 11.33 | 0.40 | 697136 | 54 | 0.92 | 0.92 | 0.95 |
| 12/31/20 | 10.63 | 0.11 | 0.86 | 0.97 | (0.14) |  | 11.46 | 9.21 | 709999 | 103 | 0.93 | 0.93 | 1.15 |
| 12/31/19 | 9.21 | 0.27 | 1.39 | 1.66 | (0.24) |  | 10.63 | 18.17 | 354158 | 25 | 0.92 | 0.92 | 2.70 |
| 12/31/18 | 11.51 | 0.24 | (2.33)  | (2.09)  | (0.21) |  | 9.21 | (18.13)  | 366300 | 14 | 0.93 | 0.93 | 2.26 |
| **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** | **JNL Multi-Manager International Small Cap Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 15.74 | 0.24 | (5.03) | (4.79) | (0.14) | (1.62) | 9.19 | (30.44)  | 372710 | 65 | 1.21 | 1.21 | 2.09 |
| 12/31/21 | 13.76 | 0.13 | 2.01 | 2.14 | (0.05) | (0.11) | 15.74 | 15.62 | 560879 | 93 | 1.23 | 1.23 | 0.83 |
| 12/31/20 | 10.59 | 0.07 | 3.32 | 3.39 | (0.22) |  | 13.76 | 32.18 | 4173 | 87 | 1.21 | 1.21 | 0.68 |
| 12/31/19 | 8.08 | 0.08 | 2.48 | 2.56 | (0.05) |  | 10.59 | 31.72 | 6196 | 74 | 1.21 | 1.21 | 0.85 |
| 12/31/18<br> (c) | 10.00 | 0.02 | (1.94)  | (1.92)  |  |  | 8.08 | (19.20)  | 462 | 24 | 1.22 | 1.22 | 0.64 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 15.88 | 0.28 | (5.09)  | (4.81)  | (0.17) | (1.62) | 9.28 | (30.27)  | 218213 | 65 | 0.91 | 0.91 | 2.39 |
| 12/31/21 | 13.84 | 0.17 | 2.03 | 2.20 | (0.05) | (0.11) | 15.88 | 15.96 | 332027 | 93 | 0.91 | 0.91 | 1.10 |
| 12/31/20 | 10.63 | 0.10 | 3.36 | 3.46 | (0.25) |  | 13.84 | 32.68 | 314548 | 87 | 0.91 | 0.91 | 0.92 |
| 12/31/19 | 8.09 | 0.14 | 2.45 | 2.59 | (0.05) |  | 10.63 | 32.06 | 280665 | 74 | 0.91 | 0.91 | 1.52 |
| 12/31/18<br> (c) | 10.00 | 0.03 | (1.94)  | (1.91)  |  |  | 8.09 | (19.10)  | 251462 | 24 | 0.92 | 0.92 | 0.97 |

---

(a) The total and net expense ratios, respectively, to average net assets without
dividend expenses, net borrowing fees on securities sold short or interest expense for JNL Multi-Manager
Alternative Fund were as follows: Class A: December 31, 2022: 1.67%, 1.67% December 31, 2021: 1.68%,
1.68% December 31, 2020: 1.71%, 1.70% December 31, 2019: 1.69%, 1.69% December 31, 2018: 1.70%, 1.70%
Class I: December 31, 2022: 1.37%, 1.37% December 31, 2021: 1.38%, 1.38% December 31, 2020: 1.41%, 1.40%
December 31, 2019: 1.39%, 1.39% December 31, 2018: 1.40%, 1.40%

(b) Portfolio turnover including
dollar roll transactions for JNL Multi-Manager Alternative Fund was 181% in 2018.

(c) The
Fund commenced operations on August 13, 2018.

See accompanying Notes to Financial Statements.

814

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** | **JNL Multi-Manager Mid Cap Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 20.19 | 0.07 | (3.39) | (3.32) |  |  | 16.87 | (16.44)  | 424102 | 45 | 1.07 | 1.07 | 0.39 |
| 12/31/21 | 16.25 | 0.05 | 3.89 | 3.94 |  |  | 20.19 | 24.25 | 476106 | 40 | 1.08 | 1.08 | 0.26 |
| 12/31/20 | 14.19 | 0.04 | 2.02 | 2.06 |  |  | 16.25 | 14.52 | 274671 | 62 | 1.08 | 1.08 | 0.28 |
| 12/31/19 | 11.02 | 0.05 | 3.12 | 3.17 |  |  | 14.19 | 28.77 | 205717 | 35 | 1.09 | 1.09 | 0.37 |
| 12/31/18 | 12.34 | 0.03 | (0.69)  | (0.66)  |  | (0.66) | 11.02 | (5.70)  | 108870 | 39 | 1.09 | 1.09 | 0.27 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 20.39 | 0.12 | (3.42)  | (3.30)  |  |  | 17.09 | (16.18)  | 1005250 | 45 | 0.77 | 0.77 | 0.68 |
| 12/31/21 | 16.37 | 0.10 | 3.92 | 4.02 |  |  | 20.39 | 24.56 | 1376087 | 40 | 0.78 | 0.78 | 0.54 |
| 12/31/20 | 14.24 | 0.08 | 2.05 | 2.13 |  |  | 16.37 | 14.96 | 1052770 | 62 | 0.78 | 0.78 | 0.58 |
| 12/31/19 | 11.03 | 0.09 | 3.12 | 3.21 |  |  | 14.24 | 29.10 | 988423 | 35 | 0.79 | 0.79 | 0.66 |
| 12/31/18 | 12.36 | 0.07 | (0.70)  | (0.63)  | (0.04) | (0.66) | 11.03 | (5.45)  | 795203 | 39 | 0.79 | 0.79 | 0.53 |
| **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** | **JNL Multi-Manager Small Cap Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 48.27 | (0.20) | (14.80) | (15.00) |  |  | 33.27 | (31.08)  | 1761597 | 74 | 0.96 | 0.96 | (0.56)  |
| 12/31/21 | 46.90 | (0.34)  | 1.71 | 1.37 |  |  | 48.27 | 2.92 | 2838668 | 72 | 0.96 | 0.96 | (0.69)  |
| 12/31/20 | 32.03 | (0.22)  | 15.09 | 14.87 |  |  | 46.90 | 46.43 | 2737581 | 68 | 0.97 | 0.97 | (0.63)  |
| 12/31/19 | 23.57 | (0.12)  | 8.58 | 8.46 |  |  | 32.03 | 35.89 | 2003267 | 78 | 0.97 | 0.97 | (0.42)  |
| 12/31/18 | 25.88 | (0.10)  | (0.26)  | (0.36)  |  | (1.95) | 23.57 | (2.05)  | 1411021 | 92 | 0.97 | 0.97 | (0.37)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 51.27 | (0.10)  | (15.73)  | (15.83)  |  |  | 35.44 | (30.88)  | 321096 | 74 | 0.66 | 0.66 | (0.26)  |
| 12/31/21 | 49.67 | (0.20)  | 1.80 | 1.60 |  |  | 51.27 | 3.22 | 473249 | 72 | 0.66 | 0.66 | (0.39)  |
| 12/31/20 | 33.82 | (0.12)  | 15.97 | 15.85 |  |  | 49.67 | 46.87 | 471529 | 68 | 0.67 | 0.67 | (0.33)  |
| 12/31/19 | 24.81 | (0.04)  | 9.05 | 9.01 |  |  | 33.82 | 36.32 | 405350 | 78 | 0.67 | 0.67 | (0.12)  |
| 12/31/18 | 27.07 | (0.02)  | (0.29)  | (0.31)  |  | (1.95) | 24.81 | (1.77)  | 412281 | 92 | 0.67 | 0.67 | (0.07)  |
| **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** | **JNL Multi-Manager Small Cap Value Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 18.51 | 0.02 | (2.27) | (2.25) |  |  | 16.26 | (12.16)  | 1143636 | 27 | 1.06 | 1.06 | 0.14 |
| 12/31/21 | 15.05 | 0.02 | 3.44 | 3.46 |  |  | 18.51 | 22.99 | 1381521 | 40 | 1.07 | 1.07 | 0.12 |
| 12/31/20 | 14.23 | 0.02 | 0.80 | 0.82 |  |  | 15.05 | 5.76 | 742968 | 48 | 1.08 | 1.08 | 0.16 |
| 12/31/19 | 11.36 | 0.07 | 2.80 | 2.87 |  |  | 14.23 | 25.26 | 721750 | 84 | 1.08 | 1.08 | 0.52 |
| 12/31/18 | 15.33 | 0.07 | (2.15)  | (2.08)  | (0.05) | (1.84) | 11.36 | (14.77)  | 585098 | 74 | 1.07 | 1.07 | 0.46 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 18.70 | 0.07 | (2.30)  | (2.23)  |  |  | 16.47 | (11.93)  | 461308 | 27 | 0.76 | 0.76 | 0.43 |
| 12/31/21 | 15.16 | 0.07 | 3.47 | 3.54 |  |  | 18.70 | 23.35 | 614326 | 40 | 0.77 | 0.77 | 0.41 |
| 12/31/20 | 14.29 | 0.06 | 0.81 | 0.87 |  |  | 15.16 | 6.09 | 412602 | 48 | 0.78 | 0.78 | 0.45 |
| 12/31/19 | 11.37 | 0.11 | 2.81 | 2.92 |  |  | 14.29 | 25.68 | 388719 | 84 | 0.78 | 0.78 | 0.82 |
| 12/31/18 | 15.35 | 0.12 | (2.16)  | (2.04)  | (0.10) | (1.84) | 11.37 | (14.53)  | 495228 | 74 | 0.77 | 0.77 | 0.78 |
| **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** | **JNL Multi-Manager U.S. Select Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22<br> (a) | 10.00 | 0.02 | (0.25) | (0.23) |  |  | 9.77 | (2.30)  | 1 | 9 | 1.11 | 1.11 | 1.61 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22<br> (a) | 10.00 | 0.03 | (0.25)  | (0.22)  |  |  | 9.78 | (2.20)  | 333167 | 9 | 0.71 | 0.71 | 2.01 |

---

(a) The Fund commenced operations on November 15, 2022.

See accompanying Notes to Financial Statements.

815

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** | **JNL S&P 500 Index Fund** |  |  |  |  |  |  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 20.41 | 0.27 | (3.98)  | (3.71)  |  |  | 16.70 | (18.18)  | 278987 | 11 | 0.09 | 0.32 | 1.54 |
| 12/31/21 | 15.88 | 0.24 | 4.29 | 4.53 |  |  | 20.41 | 28.53 | 304384 | 7 | 0.09 | 0.32 | 1.29 |
| 12/31/20 | 13.44 | 0.23 | 2.21 | 2.44 |  |  | 15.88 | 18.15 | 179890 | 19 | 0.11 | 0.33 | 1.69 |
| 12/31/19 | 10.24 | 0.23 | 2.97 | 3.20 |  |  | 13.44 | 31.25 | 85170 | 35 | 0.15 | 0.32 | 1.87 |
| 12/31/18 | 10.74 | 0.21 | (0.71)  | (0.50)  |  |  | 10.24 | (4.66)  | 28636 | 98 | 0.17 | 0.32 | 1.85 |
| **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** | **JNL/AB Sustainable Global Thematic Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22<br> (a) | 10.00 | 0.01 | (0.68) | (0.67) |  |  | 9.33 | (6.70)  | 13827 | 28 | 1.15 | 1.15 | 0.11 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22<br> (a) | 10.00 | 0.01 | (0.65)  | (0.64)  |  |  | 9.36 | (6.40)  | 226 | 28 | 0.85 | 0.85 | 0.10 |
| **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** | **JNL/AQR Large Cap Defensive Style Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 14.59 | 0.14 | (1.39) | (1.25) |  |  | 13.34 | (8.57)  | 383202 | 25 | 0.85 | 0.85 | 1.06 |
| 12/31/21 | 11.96 | 0.08 | 2.55 | 2.63 |  |  | 14.59 | 21.99 | 411317 | 24 | 0.86 | 0.86 | 0.61 |
| 12/31/20 | 10.70 | 0.11 | 1.15 | 1.26 |  |  | 11.96 | 11.78 | 57133 | 55 | 0.86 | 0.86 | 0.99 |
| 12/31/19<br> (b) | 10.00 | 0.07 | 0.63 | 0.70 |  |  | 10.70 | 7.00 | 37276 | 82 | 0.86 | 0.86 | 1.33 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 14.70 | 0.19 | (1.41)  | (1.22)  |  |  | 13.48 | (8.30)  | 6326 | 25 | 0.55 | 0.55 | 1.38 |
| 12/31/21 | 12.01 | 0.13 | 2.56 | 2.69 |  |  | 14.70 | 22.40 | 5580 | 24 | 0.56 | 0.56 | 0.94 |
| 12/31/20 | 10.71 | 0.14 | 1.16 | 1.30 |  |  | 12.01 | 12.14 | 1672 | 55 | 0.56 | 0.56 | 1.27 |
| 12/31/19<br> (b) | 10.00 | 0.08 | 0.63 | 0.71 |  |  | 10.71 | 7.10 | 570 | 82 | 0.56 | 0.56 | 1.52 |
| **JNL/Baillie Gifford International Growth Fund(c)** | **JNL/Baillie Gifford International Growth Fund(c)** | **JNL/Baillie Gifford International Growth Fund(c)** | **JNL/Baillie Gifford International Growth Fund(c)** | **JNL/Baillie Gifford International Growth Fund(c)** | **JNL/Baillie Gifford International Growth Fund(c)** | **JNL/Baillie Gifford International Growth Fund(c)** | **JNL/Baillie Gifford International Growth Fund(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 17.08 | (0.02) | (6.32) | (6.34) | (0.05) | (0.36) | 10.33 | (37.23)  | 680117 | 12 | 0.98 | 0.98 | (0.14)  |
| 12/31/21 | 18.36 | (0.05)  | (1.23)  | (1.28)  |  |  | 17.08 | (6.97)  | 1182005 | 49 | 0.85 | 1.01 | (0.25)  |
| 12/31/20 | 11.72 | 0.07 | 6.57 | 6.64 |  |  | 18.36 | 56.66 | 1266830 | 22 | 0.59 | 1.08 | 0.50 |
| 12/31/19 | 8.98 | 0.08 | 2.66 | 2.74 |  |  | 11.72 | 30.51 | 644058 | 14 | 0.58 | 1.09 | 0.77 |
| 12/31/18 | 10.34 | (0.00) <br> (d) | (1.36)  | (1.36)  |  |  | 8.98 | (13.15)  | 444504 | 16 | 0.58 | 1.13 | (0.05)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 17.29 | 0.02 | (6.41)  | (6.39)  | (0.11) | (0.36) | 10.43 | (37.06)  | 18924 | 12 | 0.68 | 0.68 | 0.15 |
| 12/31/21 | 18.53 | 0.00 | (1.24)  | (1.24)  |  |  | 17.29 | (6.69)  | 31149 | 49 | 0.56 | 0.71 | 0.02 |
| 12/31/20 | 11.79 | 0.10 | 6.64 | 6.74 |  |  | 18.53 | 57.17 | 30461 | 22 | 0.29 | 0.78 | 0.71 |
| 12/31/19 | 9.01 | 0.10 | 2.68 | 2.78 |  |  | 11.79 | 30.85 | 11488 | 14 | 0.28 | 0.79 | 0.96 |
| 12/31/18 | 10.34 | (0.00) <br> (d) | (1.33)  | (1.33)  |  |  | 9.01 | (12.86)  | 5889 | 16 | 0.28 | 0.83 | (0.01)  |
| **JNL/Baillie Gifford U.S. Equity Growth Fund** | **JNL/Baillie Gifford U.S. Equity Growth Fund** | **JNL/Baillie Gifford U.S. Equity Growth Fund** | **JNL/Baillie Gifford U.S. Equity Growth Fund** | **JNL/Baillie Gifford U.S. Equity Growth Fund** | **JNL/Baillie Gifford U.S. Equity Growth Fund** | **JNL/Baillie Gifford U.S. Equity Growth Fund** | **JNL/Baillie Gifford U.S. Equity Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 8.88 | (0.03) | (4.92) | (4.95) |  |  | 3.93 | (55.74)  | 1860 | 18 | 0.95 | 0.95 | (0.71)  |
| 12/31/21<br> (e) | 10.00 | (0.05)  | (1.07)  | (1.12)  |  |  | 8.88 | (11.20)  | 3040 | 15 | 0.95 | 0.95 | (0.75)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 8.90 | (0.02)  | (4.93)  | (4.95)  |  |  | 3.95 | (55.62)  | 63931 | 18 | 0.65 | 0.65 | (0.41)  |
| 12/31/21<br> (e) | 10.00 | (0.03)  | (1.07)  | (1.10)  |  |  | 8.90 | (11.00)  | 137944 | 15 | 0.65 | 0.65 | (0.44)  |

---

(a) The Fund commenced operations on April 25, 2022.

(b) The Fund commenced operations
on June 24, 2019.

(c) Ratios of net investment income and expenses to average net assets do not include
the impact of each Master Fund's and underlying funds' expenses. The net expense to average net assets
ratio, the total expense to average net assets ratio, and the net investment income (loss) to average
net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods
less than one year): JNL/Baillie Gifford International Growth Fund - Class A: December 31, 2021: 0.97%,
1.13%, (0.37%); December 31, 2020: 0.97%, 1.46%, 0.12%; December 31, 2019: 0.96%, 1.47%, 0.39%; December
31, 2018: 0.95%, 1.50%, (0.42%). JNL/Baillie Gifford International Growth Fund - Class I: December 31,
2021: 0.67%, 0.83%, (0.10%); December 31, 2020: 0.67%, 1.16%, 0.33%; December 31, 2019: 0.66%, 1.17%,
0.58%; December 31, 2018: 0.65%, 1.20%, (0.38%).

(d) Amount represents less
than $0.005.

(e) The Fund commenced operations on April 26, 2021.

See accompanying Notes to Financial Statements.

816

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** | **JNL/BlackRock Global Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 17.05 | 0.16 | (2.80) | (2.64) |  |  | 14.41 | (15.48)  | 2780861 | 126 | 1.03<br> (a) | 1.03<br> (a) | 1.04 |
| 12/31/21 | 15.89 | 0.12 | 1.04 | 1.16 |  |  | 17.05 | 7.30 | 3684164 | 137 | 1.03<br> (a) | 1.03<br> (a) | 0.69 |
| 12/31/20 | 13.36 | 0.08 | 2.45 | 2.53 |  |  | 15.89 | 18.94 | 3721428 | 169 | 1.03<br> (a) | 1.04<br> (a) | 0.60 |
| 12/31/19 | 11.35 | 0.15 | 1.86 | 2.01 |  |  | 13.36 | 17.71 | 3586552 | 203 | 1.06<br> (a) | 1.06<br> (a) | 1.24 |
| 12/31/18<br> (b) | 12.62 | 0.15 | (1.10)  | (0.95)  | (0.09) | (0.23) | 11.35 | (7.62)  | 3460330 | 144 | 1.07<br> (a) | 1.07<br> (a) | 1.22 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 17.35 | 0.19 | (2.84)  | (2.65)  |  |  | 14.70 | (15.27)  | 107533 | 126 | 0.73<br> (a) | 0.73<br> (a) | 1.27 |
| 12/31/21 | 16.12 | 0.17 | 1.06 | 1.23 |  |  | 17.35 | 7.63 | 349665 | 137 | 0.73<br> (a) | 0.73<br> (a) | 0.99 |
| 12/31/20 | 13.52 | 0.14 | 2.46 | 2.60 |  |  | 16.12 | 19.23 | 374455 | 169 | 0.73<br> (a) | 0.74<br> (a) | 0.90 |
| 12/31/19 | 11.45 | 0.19 | 1.88 | 2.07 |  |  | 13.52 | 18.08 | 15213 | 203 | 0.76<br> (a) | 0.76<br> (a) | 1.53 |
| 12/31/18<br> (b) | 12.72 | 0.20 | (1.12)  | (0.92)  | (0.12) | (0.23) | 11.45 | (7.33)  | 9970 | 144 | 0.77<br> (a) | 0.77<br> (a) | 1.59 |
| **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** | **JNL/BlackRock Global Natural Resources Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 11.10 | 0.33 | 1.63 | 1.96 |  |  | 13.06 | 17.66 | 1324729 | 90 | 0.97 | 0.97 | 2.71 |
| 12/31/21 | 8.50 | 0.33 | 2.27 | 2.60 |  |  | 11.10 | 30.59 | 852549 | 68 | 0.99 | 0.99 | 3.22 |
| 12/31/20 | 8.15 | 0.19 | 0.16 | 0.35 |  |  | 8.50 | 4.29 | 682096 | 87 | 1.01 | 1.01 | 2.63 |
| 12/31/19 | 7.10 | 0.20 | 0.85 | 1.05 |  |  | 8.15 | 14.79 | 641921 | 71 | 1.00 | 1.00 | 2.56 |
| 12/31/18 | 8.77 | 0.19 | (1.69)  | (1.50)  | (0.17) |  | 7.10 | (17.27)  | 628346 | 64 | 0.99 | 0.99 | 2.30 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 11.28 | 0.37 | 1.68 | 2.05 |  |  | 13.33 | 18.17 | 277084 | 90 | 0.67 | 0.67 | 2.96 |
| 12/31/21 | 8.62 | 0.36 | 2.30 | 2.66 |  |  | 11.28 | 30.86 | 9884 | 68 | 0.69 | 0.69 | 3.50 |
| 12/31/20 | 8.24 | 0.20 | 0.18 | 0.38 |  |  | 8.62 | 4.61 | 3111 | 87 | 0.71 | 0.71 | 2.77 |
| 12/31/19 | 7.16 | 0.21 | 0.87 | 1.08 |  |  | 8.24 | 15.08 | 3750 | 71 | 0.70 | 0.70 | 2.70 |
| 12/31/18 | 8.85 | 0.23 | (1.73)  | (1.50)  | (0.19) |  | 7.16 | (17.11)  | 1185 | 64 | 0.69 | 0.69 | 2.69 |
| **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** | **JNL/BlackRock Large Cap Select Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 74.98 | (0.08) | (28.32) | (28.40) |  |  | 46.58 | (37.88)  | 2484178 | 65 | 0.87 | 0.87 | (0.15)  |
| 12/31/21 | 62.25 | (0.28)  | 13.01 | 12.73 |  |  | 74.98 | 20.45 | 4483180 | 40 | 0.86 | 0.86 | (0.41)  |
| 12/31/20 | 44.97 | (0.20)  | 17.48 | 17.28 |  |  | 62.25 | 38.43 | 4251332 | 40 | 0.86 | 0.86 | (0.39)  |
| 12/31/19 | 33.99 | (0.11)  | 11.09 | 10.98 |  |  | 44.97 | 32.30 | 3079670 | 44 | 0.87 | 0.87 | (0.26)  |
| 12/31/18 | 36.45 | (0.02)  | 0.83 | 0.81 |  | (3.27) | 33.99 | 1.91 | 2337258 | 50 | 0.87 | 0.87 | (0.05)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 78.97 | 0.09 | (29.85)  | (29.76)  |  |  | 49.21 | (37.69)  | 721712 | 65 | 0.57 | 0.57 | 0.16 |
| 12/31/21 | 65.37 | (0.08)  | 13.68 | 13.60 |  |  | 78.97 | 20.80 | 876320 | 40 | 0.56 | 0.56 | (0.11)  |
| 12/31/20 | 47.08 | (0.05)  | 18.34 | 18.29 |  |  | 65.37 | 38.85 | 925425 | 40 | 0.56 | 0.56 | (0.09)  |
| 12/31/19 | 35.47 | 0.02 | 11.59 | 11.61 |  |  | 47.08 | 32.73 | 841339 | 44 | 0.57 | 0.57 | 0.04 |
| 12/31/18 | 37.80 | 0.11 | 0.83 | 0.94 |  | (3.27) | 35.47 | 2.19 | 784611 | 50 | 0.57 | 0.57 | 0.25 |

---

(a) The total and net expense ratios, respectively, to average net assets without
dividend expenses, net borrowing fees on securities sold short or interest expense for JNL/BlackRock
Global Allocation Fund were as follows: Class A: December 31, 2022: 1.03%, 1.03% December 31, 2021: 1.02%,
1.02% December 31, 2020: 1.04%, 1.03% December 31, 2019: 1.06%, 1.06% December 31, 2018: 1.05%, 1.05%
Class I: December 31, 2022: 0.72%, 0.72% December 31, 2021: 0.72%, 0.72% December 31, 2020: 0.74%, 0.73%
December 31, 2019: 0.76%, 0.76% December 31, 2018: 0.75%, 0.75%

(b) Consolidated Financial
Statements.

See accompanying Notes to Financial Statements.

817

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** | **JNL/Causeway International Value Select Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 16.54 | 0.27 | (1.44) | (1.17) | (0.20) |  | 15.17 | (7.05)  | 508639 | 63 | 0.97 | 0.97 | 1.83 |
| 12/31/21 | 15.45 | 0.22 | 1.09 | 1.31 | (0.22) |  | 16.54 | 8.50 | 533301 | 50 | 0.97 | 0.97 | 1.32 |
| 12/31/20 | 15.20 | 0.17 | 0.72 | 0.89 | (0.64) |  | 15.45 | 5.89 | 497396 | 61 | 0.97 | 0.97 | 1.27 |
| 12/31/19 | 13.92 | 0.41 | 2.15 | 2.56 | (0.45) | (0.83) | 15.20 | 18.97 | 505381 | 30 | 0.97 | 0.97 | 2.77 |
| 12/31/18 | 17.17 | 0.38 | (3.37)  | (2.99)  | (0.26) |  | 13.92 | (17.51)  | 456772 | 33 | 0.97 | 0.97 | 2.32 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 17.03 | 0.33 | (1.48)  | (1.15)  | (0.25) |  | 15.63 | (6.74)  | 852923 | 63 | 0.67 | 0.67 | 2.14 |
| 12/31/21 | 15.90 | 0.28 | 1.11 | 1.39 | (0.26) |  | 17.03 | 8.76 | 899230 | 50 | 0.67 | 0.67 | 1.63 |
| 12/31/20 | 15.62 | 0.22 | 0.74 | 0.96 | (0.68) |  | 15.90 | 6.23 | 793682 | 61 | 0.67 | 0.67 | 1.64 |
| 12/31/19 | 14.28 | 0.47 | 2.20 | 2.67 | (0.50) | (0.83) | 15.62 | 19.30 | 1006459 | 30 | 0.67 | 0.67 | 3.05 |
| 12/31/18 | 17.63 | 0.44 | (3.46)  | (3.02)  | (0.33) |  | 14.28 | (17.26)  | 1016182 | 33 | 0.67 | 0.67 | 2.65 |
| **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** | **JNL/ClearBridge Large Cap Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 22.55 | (0.04) | (7.29) | (7.33) |  |  | 15.22 | (32.51)  | 376862 | 22 | 0.94 | 0.94 | (0.25)  |
| 12/31/21 | 18.61 | (0.07)  | 4.01 | 3.94 |  |  | 22.55 | 21.17 | 585047 | 17 | 0.94 | 0.94 | (0.35)  |
| 12/31/20 | 14.26 | (0.02)  | 4.37 | 4.35 |  |  | 18.61 | 30.50 | 473024 | 23 | 0.94 | 0.94 | (0.11)  |
| 12/31/19 | 10.83 | 0.02 | 3.41 | 3.43 |  |  | 14.26 | 31.67 | 315902 | 19 | 0.95 | 0.95 | 0.13 |
| 12/31/18 | 10.84 | 0.02 | (0.03)  | (0.01)  |  |  | 10.83 | (0.09)  | 118866 | 15 | 0.95 | 0.95 | 0.20 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 22.83 | 0.01 | (7.39)  | (7.38)  |  |  | 15.45 | (32.33)  | 891265 | 22 | 0.64 | 0.64 | 0.07 |
| 12/31/21 | 18.78 | (0.01)  | 4.06 | 4.05 |  |  | 22.83 | 21.57 | 952252 | 17 | 0.64 | 0.64 | (0.05)  |
| 12/31/20 | 14.34 | 0.03 | 4.41 | 4.44 |  |  | 18.78 | 30.96 | 982103 | 23 | 0.64 | 0.64 | 0.20 |
| 12/31/19 | 10.87 | 0.05 | 3.42 | 3.47 |  |  | 14.34 | 31.92 | 895769 | 19 | 0.65 | 0.65 | 0.41 |
| 12/31/18 | 10.85 | 0.05 | (0.03)  | 0.02 |  |  | 10.87 | 0.18 | 450974 | 15 | 0.65 | 0.65 | 0.45 |
| **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** | **JNL/DFA International Core Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 12.53 | 0.26 | (1.77) | (1.51) | (0.13) | (1.00) | 9.89 | (12.05)  | 203994 | 21 | 0.90 | 0.90 | 2.38 |
| 12/31/21 | 11.50 | 0.19 | 1.10 | 1.29 | (0.18) | (0.08) | 12.53 | 11.33 | 120033 | 125 | 0.91 | 0.91 | 1.52 |
| 12/31/20 | 10.82 | 0.14 | 0.61 | 0.75 | (0.06) | (0.01) | 11.50 | 6.96 | 35467 | 14 | 0.91 | 0.92 | 1.41 |
| 12/31/19<br> (a) | 10.00 | 0.05 | 0.77 | 0.82 |  |  | 10.82 | 8.20 | 9460 | 5 | 0.97 | 0.97 | 0.96 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 12.56 | 0.29 | (1.75)  | (1.46)  | (0.16) | (1.00) | 9.94 | (11.66)  | 13953 | 21 | 0.55 | 0.60 | 2.71 |
| 12/31/21 | 11.56 | 0.29 | 1.04 | 1.33 | (0.25) | (0.08) | 12.56 | 11.63 | 6821 | 125 | 0.56 | 0.61 | 2.37 |
| 12/31/20 | 10.84 | 0.18 | 0.62 | 0.80 | (0.07) | (0.01) | 11.56 | 7.35 | 75586 | 14 | 0.56 | 0.62 | 1.83 |
| 12/31/19<br> (a) | 10.00 | 0.07 | 0.77 | 0.84 |  |  | 10.84 | 8.40 | 63773 | 5 | 0.65 | 0.67 | 1.38 |

---

(a) The Fund commenced operations on June 24, 2019.

See accompanying Notes to Financial Statements.

818

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** | **JNL/DFA U.S. Core Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 23.46 | 0.19 | (3.85) | (3.66) |  |  | 19.80 | (15.60)  | 1147448 | 10 | 0.80 | 0.80 | 0.90 |
| 12/31/21 | 18.49 | 0.14 | 4.83 | 4.97 |  |  | 23.46 | 26.88 | 1454789 | 9 | 0.80 | 0.80 | 0.64 |
| 12/31/20 | 15.96 | 0.15 | 2.38 | 2.53 |  |  | 18.49 | 15.85 | 1219723 | 6 | 0.80 | 0.80 | 1.01 |
| 12/31/19 | 12.32 | 0.15 | 3.49 | 3.64 |  |  | 15.96 | 29.55 | 1239672 | 9 | 0.80 | 0.80 | 1.06 |
| 12/31/18 | 13.72 | 0.15 | (1.19)  | (1.04)  | (0.13) | (0.23) | 12.32 | (7.75)  | 968172 | 6 | 0.80 | 0.80 | 1.07 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 25.16 | 0.28 | (4.13)  | (3.85)  |  |  | 21.31 | (15.30)  | 96892 | 10 | 0.45 | 0.50 | 1.26 |
| 12/31/21 | 19.76 | 0.23 | 5.17 | 5.40 |  |  | 25.16 | 27.33 | 111159 | 9 | 0.45 | 0.50 | 0.99 |
| 12/31/20 | 16.99 | 0.22 | 2.55 | 2.77 |  |  | 19.76 | 16.30 | 67956 | 6 | 0.45 | 0.50 | 1.36 |
| 12/31/19 | 13.07 | 0.22 | 3.70 | 3.92 |  |  | 16.99 | 29.99 | 65497 | 9 | 0.45 | 0.50 | 1.41 |
| 12/31/18 | 14.52 | 0.21 | (1.26)  | (1.05)  | (0.17) | (0.23) | 13.07 | (7.46)  | 56150 | 6 | 0.45 | 0.50 | 1.42 |
| **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** | **JNL/DFA U.S. Small Cap Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 11.93 | 0.05 | (1.69) | (1.64) |  |  | 10.29 | (13.75)  | 471784 | 28 | 0.99 | 0.99 | 0.48 |
| 12/31/21 | 9.36 | 0.02 | 2.55 | 2.57 |  |  | 11.93 | 27.46 | 543705 | 35 | 1.01 | 1.01 | 0.18 |
| 12/31/20 | 8.27 | 0.04 | 1.05 | 1.09 |  |  | 9.36 | 13.18 | 206800 | 23 | 1.02 | 1.02 | 0.53 |
| 12/31/19 | 7.42 | 0.03 | 1.52 | 1.55 | (0.04) | (0.66) | 8.27 | 21.36 | 152344 | 26 | 1.04 | 1.04 | 0.42 |
| 12/31/18 | 10.33 | 0.03 | (1.26)  | (1.23)  | (0.04) | (1.64) | 7.42 | (13.68)  | 78485 | 38 | 1.06 | 1.06 | 0.34 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 12.02 | 0.09 | (1.71)  | (1.62)  |  |  | 10.40 | (13.48)  | 18004 | 28 | 0.64 | 0.69 | 0.84 |
| 12/31/21 | 9.39 | 0.06 | 2.57 | 2.63 |  |  | 12.02 | 28.01 | 19329 | 35 | 0.66 | 0.71 | 0.54 |
| 12/31/20 | 8.27 | 0.07 | 1.05 | 1.12 |  |  | 9.39 | 13.54 | 7965 | 23 | 0.67 | 0.72 | 0.89 |
| 12/31/19 | 7.43 | 0.06 | 1.52 | 1.58 | (0.08) | (0.66) | 8.27 | 21.80 | 4948 | 26 | 0.69 | 0.74 | 0.71 |
| 12/31/18 | 10.34 | 0.06 | (1.26)  | (1.20)  | (0.07) | (1.64) | 7.43 | (13.37)  | 15637 | 38 | 0.71 | 0.76 | 0.62 |
| **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** | **JNL/DoubleLine Core Fixed Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.78 | 0.38 | (2.21) | (1.83) |  |  | 11.95 | (13.28)  | 1868458 | 140 | 0.77 | 0.77 | 3.02 |
| 12/31/21 | 13.84 | 0.30 | (0.36)  | (0.06)  |  |  | 13.78 | (0.43)  | 2483947 | 167 | 0.77 | 0.77 | 2.15 |
| 12/31/20 | 13.17 | 0.33 | 0.34 | 0.67 |  |  | 13.84 | 5.09 | 2668312 | 117 | 0.77 | 0.77 | 2.48 |
| 12/31/19 | 12.55 | 0.41 | 0.57 | 0.98 | (0.36) |  | 13.17 | 7.81 | 2799726 | 53 | 0.77 | 0.77 | 3.11 |
| 12/31/18 | 12.93 | 0.38 | (0.44)  | (0.06)  | (0.13) | (0.19) | 12.55 | (0.45)  | 2790974 | 76 | 0.77 | 0.77 | 3.01 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 14.98 | 0.46 | (2.41)  | (1.95)  |  |  | 13.03 | (13.02)  | 866413 | 140 | 0.47 | 0.47 | 3.32 |
| 12/31/21 | 15.00 | 0.37 | (0.39)  | (0.02)  |  |  | 14.98 | (0.13)  | 1081224 | 167 | 0.47 | 0.47 | 2.45 |
| 12/31/20 | 14.24 | 0.40 | 0.36 | 0.76 |  |  | 15.00 | 5.34 | 1201622 | 117 | 0.47 | 0.47 | 2.76 |
| 12/31/19 | 13.53 | 0.48 | 0.63 | 1.11 | (0.40) |  | 14.24 | 8.23 | 1027124 | 53 | 0.47 | 0.47 | 3.38 |
| 12/31/18 | 13.91 | 0.46 | (0.48)  | (0.02)  | (0.17) | (0.19) | 13.53 | (0.17)  | 630621 | 76 | 0.47 | 0.47 | 3.36 |

---

See accompanying Notes to Financial Statements.

819

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** | **JNL/DoubleLine Emerging Markets Fixed Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 12.29 | 0.43 | (2.28) | (1.85) |  |  | 10.44 | (15.05)  | 126011 | 29 | 1.07 | 1.07 | 3.93 |
| 12/31/21 | 12.20 | 0.37 | (0.28)  | 0.09 |  |  | 12.29 | 0.74 | 163020 | 50 | 1.07 | 1.07 | 2.98 |
| 12/31/20 | 11.84 | 0.40 | (0.04)  | 0.36 |  |  | 12.20 | 3.04 | 156897 | 48 | 1.08 | 1.08 | 3.46 |
| 12/31/19 | 10.63 | 0.52 | 0.69 | 1.21 |  |  | 11.84 | 11.38 | 47569 | 34 | 1.09 | 1.09 | 4.51 |
| 12/31/18 | 11.11 | 0.33 | (0.64)  | (0.31)  |  | (0.17) | 10.63 | (2.81)  | 13801 | 54 | 1.10 | 1.10 | 3.04 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 12.18 | 0.45 | (2.25)  | (1.80)  |  |  | 10.38 | (14.78)  | 445603 | 29 | 0.77 | 0.77 | 4.19 |
| 12/31/21 | 12.06 | 0.40 | (0.28)  | 0.12 |  |  | 12.18 | 0.99 | 735249 | 50 | 0.77 | 0.77 | 3.29 |
| 12/31/20 | 11.67 | 0.44 | (0.05)  | 0.39 |  |  | 12.06 | 3.34 | 595220 | 48 | 0.78 | 0.78 | 3.93 |
| 12/31/19 | 10.45 | 0.54 | 0.68 | 1.22 |  |  | 11.67 | 11.67 | 597896 | 34 | 0.79 | 0.79 | 4.85 |
| 12/31/18 | 11.13 | 0.36 | (0.64)  | (0.28)  | (0.23) | (0.17) | 10.45 | (2.51)  | 487466 | 54 | 0.80 | 0.80 | 3.34 |
| **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** | **JNL/DoubleLine Shiller Enhanced CAPE Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 23.71 | 0.43 | (6.05) | (5.62) |  |  | 18.09 | (23.70)  | 1487301 | 79 | 1.00 | 1.00 | 2.11 |
| 12/31/21 | 19.12 | 0.17 | 4.42 | 4.59 |  |  | 23.71 | 24.01 | 2216351 | 113 | 1.00 | 1.00 | 0.77 |
| 12/31/20 | 16.60 | 0.23 | 2.29 | 2.52 |  |  | 19.12 | 15.18 | 1594961 | 71 | 1.01 | 1.01 | 1.43 |
| 12/31/19 | 12.42 | 0.36 | 3.82 | 4.18 |  |  | 16.60 | 33.66 | 1499136 | 52 | 1.02 | 1.03 | 2.42 |
| 12/31/18 | 14.96 | 0.36 | (0.91)  | (0.55)  | (0.12) | (1.87) | 12.42 | (4.51)  | 848145 | 56 | 1.04 | 1.04 | 2.39 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 23.97 | 0.47 | (6.10)  | (5.63)  |  |  | 18.34 | (23.49)  | 256288 | 79 | 0.70 | 0.70 | 2.28 |
| 12/31/21 | 19.27 | 0.24 | 4.46 | 4.70 |  |  | 23.97 | 24.39 | 628818 | 113 | 0.70 | 0.70 | 1.08 |
| 12/31/20 | 16.68 | 0.27 | 2.32 | 2.59 |  |  | 19.27 | 15.53 | 600061 | 71 | 0.71 | 0.71 | 1.73 |
| 12/31/19 | 12.44 | 0.41 | 3.83 | 4.24 |  |  | 16.68 | 34.08 | 593948 | 52 | 0.72 | 0.73 | 2.76 |
| 12/31/18 | 14.97 | 0.40 | (0.90)  | (0.50)  | (0.16) | (1.87) | 12.44 | (4.23)  | 529353 | 56 | 0.74 | 0.74 | 2.64 |
| **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 11.52 | 0.34 | (1.84) | (1.50) |  |  | 10.02 | (13.02)  | 750065 | 59 | 0.82 | 0.82 | 3.16 |
| 12/31/21 | 11.57 | 0.29 | (0.34)  | (0.05)  |  |  | 11.52 | (0.43)  | 981663 | 103 | 0.82 | 0.82 | 2.50 |
| 12/31/20 | 11.27 | 0.31 | (0.01)  | 0.30 |  |  | 11.57 | 2.66 | 1052998 | 50 | 0.82 | 0.82 | 2.74 |
| 12/31/19 | 10.67 | 0.37 | 0.23 | 0.60 |  |  | 11.27 | 5.62 | 1111722 | 25 | 0.82 | 0.82 | 3.37 |
| 12/31/18 | 10.85 | 0.37 | (0.19)  | 0.18 | (0.36) |  | 10.67 | 1.71 | 952987 | 26 | 0.83 | 0.83 | 3.48 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 11.61 | 0.37 | (1.85)  | (1.48)  |  |  | 10.13 | (12.75)  | 1288954 | 59 | 0.52 | 0.52 | 3.48 |
| 12/31/21 | 11.63 | 0.33 | (0.35)  | (0.02)  |  |  | 11.61 | (0.17)  | 1571543 | 103 | 0.52 | 0.52 | 2.80 |
| 12/31/20 | 11.29 | 0.35 | (0.01)  | 0.34 |  |  | 11.63 | 3.01 | 1795030 | 50 | 0.52 | 0.52 | 3.02 |
| 12/31/19 | 10.66 | 0.41 | 0.22 | 0.63 |  |  | 11.29 | 5.91 | 1564576 | 25 | 0.52 | 0.52 | 3.67 |
| 12/31/18 | 10.85 | 0.41 | (0.19)  | 0.22 | (0.41) |  | 10.66 | 2.11 | 1298704 | 26 | 0.53 | 0.53 | 3.77 |

---

See accompanying Notes to Financial Statements.

820

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** | **JNL/Fidelity Institutional Asset Management Total Bond Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 12.93 | 0.32 | (2.06) | (1.74) |  |  | 11.19 | (13.46)  | 760550 | 44<br> (a) | 0.79 | 0.79 | 2.73 |
| 12/31/21 | 13.02 | 0.24 | (0.33)  | (0.09)  |  |  | 12.93 | (0.69)  | 1016621 | 85<br> (a) | 0.78 | 0.78 | 1.84 |
| 12/31/20 | 12.01 | 0.25 | 0.76 | 1.01 |  |  | 13.02 | 8.41 | 1054838 | 129<br> (a) | 0.79 | 0.79 | 1.98 |
| 12/31/19 | 11.19 | 0.30 | 0.73 | 1.03 | (0.21) |  | 12.01 | 9.23 | 891521 | 364<br> (a) | 0.81 | 0.81 | 2.54 |
| 12/31/18 | 11.68 | 0.27 | (0.46)  | (0.19)  | (0.30) |  | 11.19 | (1.59)  | 859612 | 318<br> (a) | 0.84 | 0.84 | 2.40 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.25 | 0.38 | (2.13)  | (1.75)  |  |  | 11.50 | (13.21)  | 528377 | 44<br> (a) | 0.49 | 0.49 | 3.19 |
| 12/31/21 | 13.30 | 0.28 | (0.33)  | (0.05)  |  |  | 13.25 | (0.38)  | 269043 | 85<br> (a) | 0.48 | 0.48 | 2.13 |
| 12/31/20 | 12.24 | 0.28 | 0.78 | 1.06 |  |  | 13.30 | 8.66 | 322922 | 129<br> (a) | 0.49 | 0.49 | 2.20 |
| 12/31/19 | 11.40 | 0.34 | 0.75 | 1.09 | (0.25) |  | 12.24 | 9.56 | 118021 | 364<br> (a) | 0.51 | 0.51 | 2.84 |
| 12/31/18 | 11.89 | 0.31 | (0.47)  | (0.16)  | (0.33) |  | 11.40 | (1.29)  | 91757 | 318<br> (a) | 0.54 | 0.54 | 2.67 |
| **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 17.44 | 0.31 | (1.01) | (0.70) |  |  | 16.74 | (4.01)  | 637347 | 53 | 1.15 | 1.15 | 1.85 |
| 12/31/21 | 15.44 | 0.25 | 1.75 | 2.00 |  |  | 17.44 | 12.95 | 711195 | 48 | 1.15 | 1.15 | 1.52 |
| 12/31/20 | 16.03 | 0.19 | (0.78)  | (0.59)  |  |  | 15.44 | (3.68)  | 636060 | 78 | 1.15 | 1.15 | 1.32 |
| 12/31/19 | 12.63 | 0.32 | 3.08 | 3.40 |  |  | 16.03 | 26.92 | 782786 | 49 | 1.15 | 1.15 | 2.16 |
| 12/31/18 | 13.95 | 0.37 | (1.25)  | (0.88)  | (0.44) |  | 12.63 | (6.40)  | 727790 | 155 | 1.15 | 1.15 | 2.71 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 17.69 | 0.38 | (1.04)  | (0.66)  |  |  | 17.03 | (3.73)  | 279433 | 53 | 0.85 | 0.85 | 2.17 |
| 12/31/21 | 15.61 | 0.30 | 1.78 | 2.08 |  |  | 17.69 | 13.32 | 318613 | 48 | 0.85 | 0.85 | 1.81 |
| 12/31/20 | 16.16 | 0.23 | (0.78)  | (0.55)  |  |  | 15.61 | (3.40)  | 333729 | 78 | 0.85 | 0.85 | 1.61 |
| 12/31/19 | 12.70 | 0.38 | 3.08 | 3.46 |  |  | 16.16 | 27.24 | 232318 | 49 | 0.85 | 0.85 | 2.54 |
| 12/31/18 | 14.02 | 0.41 | (1.25)  | (0.84)  | (0.48) |  | 12.70 | (6.10)  | 137753 | 155 | 0.85 | 0.85 | 3.04 |
| **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** | **JNL/Franklin Templeton Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 14.70 | 0.64 | (1.29) | (0.65) |  |  | 14.05 | (4.42)  | 1596450 | 69 | 0.93 | 0.93 | 4.52 |
| 12/31/21 | 12.81 | 0.51 | 1.38 | 1.89 |  |  | 14.70 | 14.75 | 1706537 | 37 | 0.93 | 0.93 | 3.65 |
| 12/31/20 | 12.70 | 0.45 | (0.34)  | 0.11 |  |  | 12.81 | 0.87 | 1648143 | 49 | 0.93 | 0.93 | 3.84 |
| 12/31/19 | 10.95 | 0.48 | 1.27 | 1.75 |  |  | 12.70 | 15.98 | 1877152 | 29 | 0.93 | 0.93 | 4.00 |
| 12/31/18 | 11.98 | 0.50 | (0.99)  | (0.49)  | (0.54) |  | 10.95 | (4.22)  | 1753784 | 50 | 0.92 | 0.92 | 4.20 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 14.18 | 0.66 | (1.26)  | (0.60)  |  |  | 13.58 | (4.23)  | 8844 | 69 | 0.63 | 0.63 | 4.86 |
| 12/31/21 | 12.31 | 0.53 | 1.34 | 1.87 |  |  | 14.18 | 15.19 | 7541 | 37 | 0.63 | 0.63 | 3.96 |
| 12/31/20 | 12.17 | 0.47 | (0.33)  | 0.14 |  |  | 12.31 | 1.15 | 5401 | 49 | 0.63 | 0.63 | 4.13 |
| 12/31/19 | 10.46 | 0.58 | 1.13 | 1.71 |  |  | 12.17 | 16.35 | 3929 | 29 | 0.63 | 0.63 | 5.12 |
| 12/31/18 | 11.47 | 0.51 | (0.94)  | (0.43)  | (0.58) |  | 10.46 | (3.95)  | 398824 | 50 | 0.62 | 0.62 | 4.50 |

---

(a) Portfolio turnover including dollar roll transactions for JNL/Fidelity Institutional
Asset Management Total Bond Fund was 350%, 433%, 508%, 211% and 210% in 2018, 2019, 2020, 2021 and 2022
respectively.

See accompanying Notes to Financial Statements.

821

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** | **JNL/Goldman Sachs 4 Fund(a)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 33.87 | 0.55 | (4.25) | (3.70) |  |  | 30.17 | (10.92)  | 5104922 | 52 | 0.69 | 0.69 | 1.79 |
| 12/31/21 | 25.00 | 0.26 | 8.61 | 8.87 |  |  | 33.87 | 35.48 | 6547195 | 88 | 0.59 | 0.59 | 0.87 |
| 12/31/20 | 23.92 | (0.08)  | 1.16 | 1.08 |  |  | 25.00 | 4.52 | 5495372 | 0 | 0.35 | 0.35 | (0.35)  |
| 12/31/19 | 19.13 | 0.48 | 4.31 | 4.79 |  |  | 23.92 | 25.04 | 6455609 | 11 | 0.35 | 0.35 | 2.20 |
| 12/31/18 | 20.41 | 0.37 | (1.65)  | (1.28)  |  |  | 19.13 | (6.27)  | 5878323 | 7 | 0.35 | 0.35 | 1.76 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 34.31 | 0.65 | (4.32)  | (3.67)  |  |  | 30.64 | (10.70)  | 29127 | 52 | 0.39 | 0.39 | 2.10 |
| 12/31/21 | 25.25 | 0.39 | 8.67 | 9.06 |  |  | 34.31 | 35.88 | 33113 | 88 | 0.31 | 0.31 | 1.29 |
| 12/31/20 | 24.08 | (0.01)  | 1.18 | 1.17 |  |  | 25.25 | 4.86 | 17026 | 0 | 0.05 | 0.05 | (0.05)  |
| 12/31/19 | 19.20 | 0.69 | 4.19 | 4.88 |  |  | 24.08 | 25.42 | 12073 | 11 | 0.05 | 0.05 | 3.12 |
| 12/31/18 | 20.42 | 0.71 | (1.93)  | (1.22)  |  |  | 19.20 | (5.97)  | 5654 | 7 | 0.05 | 0.05 | 3.37 |
| **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 14.02 | 0.63 | (3.70) | (3.07) |  |  | 10.95 | (21.90)  | 261237 | 118 | 1.36 | 1.36 | 5.25 |
| 12/31/21 | 14.35 | 0.26 | (0.59)  | (0.33)  |  |  | 14.02 | (2.30)  | 314404 | 115 | 1.36 | 1.36 | 1.79 |
| 12/31/20 | 10.78 | (0.05)  | 3.62 | 3.57 |  |  | 14.35 | 33.12 | 225079 | 102 | 1.36 | 1.36 | (0.47)  |
| 12/31/19 | 8.94 | 0.11 | 1.77 | 1.88 | (0.04) |  | 10.78 | 21.09 | 81360 | 85 | 1.36 | 1.36 | 1.07 |
| 12/31/18 | 10.51 | 0.03 | (1.60)  | (1.57)  |  |  | 8.94 | (14.94)  | 18433 | 115 | 1.36 | 1.36 | 0.34 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 14.20 | 0.65 | (3.73)  | (3.08)  |  |  | 11.12 | (21.69)  | 386322 | 118 | 1.06 | 1.06 | 5.37 |
| 12/31/21 | 14.49 | 0.30 | (0.59)  | (0.29)  |  |  | 14.20 | (2.00)  | 625838 | 115 | 1.06 | 1.06 | 2.06 |
| 12/31/20 | 10.85 | 0.01 | 3.63 | 3.64 |  |  | 14.49 | 33.55 | 590125 | 102 | 1.06 | 1.06 | 0.09 |
| 12/31/19 | 8.98 | 0.14 | 1.78 | 1.92 | (0.05) |  | 10.85 | 21.38 | 567543 | 85 | 1.06 | 1.06 | 1.42 |
| 12/31/18 | 10.52 | 0.07 | (1.61)  | (1.54)  |  |  | 8.98 | (14.64)  | 442362 | 115 | 1.06 | 1.06 | 0.67 |
| **JNL/Harris Oakmark Global Equity Fund** | **JNL/Harris Oakmark Global Equity Fund** | **JNL/Harris Oakmark Global Equity Fund** | **JNL/Harris Oakmark Global Equity Fund** | **JNL/Harris Oakmark Global Equity Fund** | **JNL/Harris Oakmark Global Equity Fund** | **JNL/Harris Oakmark Global Equity Fund** | **JNL/Harris Oakmark Global Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.87 | 0.10 | (2.32) | (2.22) | (0.05) | (0.19) | 11.41 | (15.99)  | 410703 | 40 | 1.14 | 1.14 | 0.85 |
| 12/31/21 | 11.88 | 0.05 | 2.07 | 2.12 | (0.13) |  | 13.87 | 17.85 | 560393 | 30 | 1.14 | 1.14 | 0.36 |
| 12/31/20 | 11.00 | 0.02 | 1.21 | 1.23 | (0.35) |  | 11.88 | 11.25 | 420279 | 34 | 1.14 | 1.14 | 0.20 |
| 12/31/19 | 9.23 | 0.15 | 2.36 | 2.51 | (0.17) | (0.57) | 11.00 | 27.64 | 453053 | 30 | 1.16 | 1.16 | 1.45 |
| 12/31/18 | 12.10 | 0.13 | (2.67)  | (2.54)  | (0.08) | (0.25) | 9.23 | (21.22)  | 405484 | 42 | 1.17 | 1.17 | 1.13 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.90 | 0.14 | (2.33)  | (2.19)  | (0.10) | (0.19) | 11.42 | (15.79)  | 310178 | 40 | 0.84 | 0.84 | 1.11 |
| 12/31/21 | 11.90 | 0.09 | 2.06 | 2.15 | (0.15) |  | 13.90 | 18.14 | 389791 | 30 | 0.84 | 0.84 | 0.68 |
| 12/31/20 | 11.01 | 0.05 | 1.23 | 1.28 | (0.39) |  | 11.90 | 11.68 | 351584 | 34 | 0.84 | 0.84 | 0.50 |
| 12/31/19 | 9.25 | 0.18 | 2.36 | 2.54 | (0.21) | (0.57) | 11.01 | 27.93 | 409144 | 30 | 0.86 | 0.86 | 1.75 |
| 12/31/18 | 12.11 | 0.16 | (2.67)  | (2.51)  | (0.10) | (0.25) | 9.25 | (20.97)  | 407105 | 42 | 0.87 | 0.87 | 1.44 |

---

(a) On April 26, 2021, JNL/Goldman Sachs 4 Fund became a Sub-Advised Fund. Prior to
April 26, 2021, the fund held affiliated funds selected by the Adviser and was considered a "Fund of
Funds."

See accompanying Notes to Financial Statements.

822

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/Heitman U.S. Focused Real Estate Fund** | **JNL/Heitman U.S. Focused Real Estate Fund** | **JNL/Heitman U.S. Focused Real Estate Fund** | **JNL/Heitman U.S. Focused Real Estate Fund** | **JNL/Heitman U.S. Focused Real Estate Fund** | **JNL/Heitman U.S. Focused Real Estate Fund** | **JNL/Heitman U.S. Focused Real Estate Fund** | **JNL/Heitman U.S. Focused Real Estate Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 14.28 | 0.18 | (3.81) | (3.63) | (0.13) | (1.62) | 8.90 | (25.74)  | 107426 | 157 | 1.10 | 1.10 | 1.46 |
| 12/31/21 | 9.99 | 0.12 | 4.28 | 4.40 | (0.11) |  | 14.28 | 44.13 | 187237 | 136 | 1.11 | 1.11 | 0.98 |
| 12/31/20 | 11.66 | 0.14 | (0.64)  | (0.50)  | (0.19) | (0.98) | 9.99 | (4.14)  | 32876 | 256 | 1.10 | 1.10 | 1.35 |
| 12/31/19 | 9.39 | 0.20 | 2.17 | 2.37 | (0.10) |  | 11.66 | 25.26 | 32373 | 172 | 1.10 | 1.10 | 1.80 |
| 12/31/18<br> (a) | 10.00 | 0.10 | (0.71)  | (0.61)  |  |  | 9.39 | (6.10)  | 3046 | 94 | 1.10 | 1.10 | 2.73 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 14.41 | 0.22 | (3.86)  | (3.64)  | (0.15) | (1.62) | 9.00 | (25.55)  | 118882 | 157 | 0.80 | 0.80 | 1.79 |
| 12/31/21 | 10.05 | 0.15 | 4.33 | 4.48 | (0.12) |  | 14.41 | 44.65 | 187501 | 136 | 0.81 | 0.81 | 1.21 |
| 12/31/20 | 11.71 | 0.17 | (0.64)  | (0.47)  | (0.21) | (0.98) | 10.05 | (3.89)  | 166365 | 256 | 0.80 | 0.80 | 1.66 |
| 12/31/19 | 9.40 | 0.22 | 2.19 | 2.41 | (0.10) |  | 11.71 | 25.67 | 165458 | 172 | 0.80 | 0.80 | 1.99 |
| 12/31/18<br> (a) | 10.00 | 0.10 | (0.70)  | (0.60)  |  |  | 9.40 | (6.00)  | 139768 | 94 | 0.80 | 0.80 | 2.73 |
| **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** | **JNL/Invesco Diversified Dividend Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.74 | 0.22 | (0.49) | (0.27) |  |  | 13.47 | (1.97)  | 421229 | 43 | 0.98 | 0.98 | 1.62 |
| 12/31/21 | 11.58 | 0.20 | 1.96 | 2.16 |  |  | 13.74 | 18.65 | 176180 | 44 | 0.98 | 0.98 | 1.58 |
| 12/31/20 | 11.51 | 0.22 | (0.15)  | 0.07 |  |  | 11.58 | 0.61 | 117951 | 9 | 0.98 | 0.98 | 2.10 |
| 12/31/19 | 9.54 | 0.22 | 2.04 | 2.26 | (0.23) | (0.06) | 11.51 | 23.84 | 106008 | 5 | 0.98 | 0.98 | 2.04 |
| 12/31/18 | 10.33 | 0.21 | (0.96)  | (0.75)  | (0.04) |  | 9.54 | (7.26)  | 50717 | 22 | 0.98 | 0.98 | 2.08 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.92 | 0.26 | (0.50)  | (0.24)  |  |  | 13.68 | (1.72)  | 635461 | 43 | 0.68 | 0.68 | 1.87 |
| 12/31/21 | 11.69 | 0.25 | 1.98 | 2.23 |  |  | 13.92 | 19.08 | 869610 | 44 | 0.68 | 0.68 | 1.92 |
| 12/31/20 | 11.59 | 0.25 | (0.15)  | 0.10 |  |  | 11.69 | 0.86 | 1017726 | 9 | 0.68 | 0.68 | 2.40 |
| 12/31/19 | 9.58 | 0.25 | 2.06 | 2.31 | (0.24) | (0.06) | 11.59 | 24.28 | 865164 | 5 | 0.68 | 0.68 | 2.33 |
| 12/31/18 | 10.34 | 0.24 | (0.96)  | (0.72)  | (0.04) |  | 9.58 | (6.96)  | 429762 | 22 | 0.68 | 0.68 | 2.36 |
| **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** | **JNL/Invesco Global Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 27.77 | (0.01) | (8.94) | (8.95) |  |  | 18.82 | (32.23)  | 1180323 | 14 | 0.95 | 0.95 | (0.06)  |
| 12/31/21 | 24.07 | (0.12)  | 3.82 | 3.70 |  |  | 27.77 | 15.37 | 1938245 | 7 | 0.96 | 0.96 | (0.46)  |
| 12/31/20 | 18.78 | (0.04)  | 5.33 | 5.29 |  |  | 24.07 | 28.17 | 1905584 | 10 | 0.95 | 0.95 | (0.21)  |
| 12/31/19 | 15.61 | 0.09 | 4.68 | 4.77 | (0.12) | (1.48) | 18.78 | 31.28 | 1852577 | 9 | 0.95 | 0.95 | 0.52 |
| 12/31/18 | 18.57 | 0.14 | (2.57)  | (2.43)  | (0.12) | (0.41) | 15.61 | (13.21)  | 1565610 | 19 | 0.95 | 0.95 | 0.74 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 28.48 | 0.07 | (9.19)  | (9.12)  |  |  | 19.36 | (32.02)  | 237661 | 14 | 0.65 | 0.65 | 0.31 |
| 12/31/21 | 24.61 | (0.04)  | 3.91 | 3.87 |  |  | 28.48 | 15.73 | 772262 | 7 | 0.66 | 0.66 | (0.16)  |
| 12/31/20 | 19.15 | 0.02 | 5.44 | 5.46 |  |  | 24.61 | 28.51 | 769286 | 10 | 0.65 | 0.65 | 0.10 |
| 12/31/19 | 15.89 | 0.15 | 4.77 | 4.92 | (0.18) | (1.48) | 19.15 | 31.73 | 742104 | 9 | 0.65 | 0.65 | 0.81 |
| 12/31/18 | 18.89 | 0.20 | (2.62)  | (2.42)  | (0.17) | (0.41) | 15.89 | (12.97)  | 624314 | 19 | 0.65 | 0.65 | 1.04 |

---

(a) The Fund commenced operations on August 13, 2018.

See accompanying Notes to Financial Statements.

823

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** | **JNL/Invesco Small Cap Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 45.01 | (0.15) | (15.74) | (15.89) |  |  | 29.12 | (35.30)  | 1563204 | 50 | 1.05 | 1.06 | (0.47)  |
| 12/31/21 | 41.96 | (0.33)  | 3.38 | 3.05 |  |  | 45.01 | 7.27 | 2518255 | 39 | 1.05 | 1.05 | (0.73)  |
| 12/31/20 | 26.81 | (0.22)  | 15.37 | 15.15 |  |  | 41.96 | 56.51 | 2536309 | 51 | 1.06 | 1.06 | (0.74)  |
| 12/31/19 | 21.55 | (0.03)  | 5.29 | 5.26 |  |  | 26.81 | 24.41 | 1806339 | 31 | 1.06 | 1.06 | (0.14)  |
| 12/31/18 | 24.91 | (0.08)  | (2.08)  | (2.16)  |  | (1.20) | 21.55 | (9.11)  | 1574523 | 23 | 1.07 | 1.07 | (0.31)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 47.30 | (0.06)  | (16.55)  | (16.61)  |  |  | 30.69 | (35.12)  | 16466 | 50 | 0.75 | 0.76 | (0.18)  |
| 12/31/21 | 43.97 | (0.19)  | 3.52 | 3.33 |  |  | 47.30 | 7.57 | 26500 | 39 | 0.75 | 0.75 | (0.41)  |
| 12/31/20 | 28.01 | (0.15)  | 16.11 | 15.96 |  |  | 43.97 | 56.98 | 21332 | 51 | 0.76 | 0.76 | (0.49)  |
| 12/31/19 | 22.44 | 0.03 | 5.54 | 5.57 |  |  | 28.01 | 24.82 | 57082 | 31 | 0.76 | 0.76 | 0.10 |
| 12/31/18 | 25.81 | (0.01)  | (2.16)  | (2.17)  |  | (1.20) | 22.44 | (8.83)  | 164359 | 23 | 0.77 | 0.77 | (0.02)  |
| **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** | **JNL/JPMorgan Global Allocation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 15.07 | 0.14 | (3.01) | (2.87) |  |  | 12.20 | (19.04)  | 1014331 | 110 | 1.06<br> (a) | 1.06<br> (a) | 1.09 |
| 12/31/21 | 13.84 | 0.12 | 1.11 | 1.23 |  |  | 15.07 | 8.89 | 1410178 | 106 | 1.06<br> (a) | 1.06<br> (a) | 0.86 |
| 12/31/20 | 12.39 | 0.11 | 1.34 | 1.45 |  |  | 13.84 | 11.70 | 1467097 | 138 | 1.06<br> (a) | 1.06<br> (a) | 0.90 |
| 12/31/19<br> (b) | 10.52 | 0.16 | 1.71 | 1.87 |  |  | 12.39 | 17.78 | 38453 | 188 | 1.02<br> (a) | 1.10<br> (a) | 1.34 |
| 12/31/18<br> (b) | 11.64 | 0.12 | (1.13)  | (1.01)  | (0.11) |  | 10.52 | (8.74)  | 32186 | 43 | 1.11 | 1.11 | 1.09 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 15.24 | 0.18 | (3.05)  | (2.87)  |  |  | 12.37 | (18.83)  | 3212 | 110 | 0.76<br> (a) | 0.76<br> (a) | 1.41 |
| 12/31/21 | 13.95 | 0.17 | 1.12 | 1.29 |  |  | 15.24 | 9.25 | 3868 | 106 | 0.76<br> (a) | 0.76<br> (a) | 1.12 |
| 12/31/20 | 12.45 | 0.14 | 1.36 | 1.50 |  |  | 13.95 | 12.05 | 2305 | 138 | 0.64<br> (a) | 0.77<br> (a) | 1.17 |
| 12/31/19<br> (b) | 10.55 | 0.21 | 1.69 | 1.90 |  |  | 12.45 | 18.01 | 13144 | 188 | 0.63<br> (a) | 0.78<br> (a) | 1.78 |
| 12/31/18<br> (b) | 11.65 | 0.18 | (1.15)  | (0.97)  | (0.13) |  | 10.55 | (8.34)  |  | 43 | 0.71 | 0.71 | 1.56 |
| **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** | **JNL/JPMorgan Hedged Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.47 | 0.07 | (1.21) | (1.14) | (0.04) |  | 12.29 | (8.44)  | 619218 | 32 | 0.96<br> (c) | 0.96<br> (c) | 0.59 |
| 12/31/21 | 12.00 | 0.05 | 1.50 | 1.55 | (0.08) |  | 13.47 | 12.94 | 534969 | 42 | 0.97<br> (c) | 0.97<br> (c) | 0.40 |
| 12/31/20 | 10.59 | 0.09 | 1.37 | 1.46 | (0.05) |  | 12.00 | 13.80 | 340365 | 76 | 0.97<br> (c) | 0.97<br> (c) | 0.77 |
| 12/31/19 | 9.51 | 0.09 | 1.16 | 1.25 |  | (0.17) | 10.59 | 13.16 | 83517 | 45 | 0.96<br> (c) | 0.96<br> (c) | 0.90 |
| 12/31/18<br> (d) | 10.00 | 0.04 | (0.48)  | (0.44)  | (0.03) | (0.02) | 9.51 | (4.47)  | 19436 | 12 | 0.99<br> (c) | 0.99<br> (c) | 1.02 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.57 | 0.11 | (1.21)  | (1.10)  | (0.07) |  | 12.40 | (8.12)  | 115941 | 32 | 0.66<br> (c) | 0.66<br> (c) | 0.85 |
| 12/31/21 | 12.07 | 0.09 | 1.51 | 1.60 | (0.10) |  | 13.57 | 13.26 | 151324 | 42 | 0.67<br> (c) | 0.67<br> (c) | 0.69 |
| 12/31/20 | 10.63 | 0.12 | 1.38 | 1.50 | (0.06) |  | 12.07 | 14.08 | 144751 | 76 | 0.67<br> (c) | 0.67<br> (c) | 1.06 |
| 12/31/19 | 9.51 | 0.12 | 1.17 | 1.29 |  | (0.17) | 10.63 | 13.59 | 201878 | 45 | 0.66<br> (c) | 0.66<br> (c) | 1.16 |
| 12/31/18<br> (d) | 10.00 | 0.06 | (0.50)  | (0.44)  | (0.03) | (0.02) | 9.51 | (4.43)  | 83681 | 12 | 0.69<br> (c) | 0.69<br> (c) | 1.48 |

---

(a) The total and net expense ratios, respectively, to average net assets without
dividend expenses, net borrowing fees on securities sold short or interest expense for JNL/JPMorgan Global
Allocation Fund were as follows: Class A: December 31, 2022: 1.05%, 1.05% December 31, 2021: 1.04%, 1.04%
December 31, 2020: 1.05%, 1.05% December 31, 2019: 1.08%, 1.00% Class I: December 31, 2022: 0.75%, 0.75%
December 31, 2021: 0.74%, 0.74% December 31, 2020: 0.74%, 0.74% December 31, 2019: 0.77%, 0.62%. Effective
June 24, 2019, JNL/JPMorgan Global Allocation Fund voluntarily began waiving a portion of advisory fees.
 Effective October 14, 2019, the voluntary waiver became contractual.

(b) Consolidated Financial
Statements.

(c) The total and net expense ratios, respectively, to average net assets without
dividend expenses, net borrowing fees on securities sold short or interest expense for JNL/JPMorgan Hedged
Equity Fund were as follows: Class A: December 31, 2022: 0.95%, 0.95% December 31, 2021: 0.96%, 0.96%
December 31, 2020: 0.96%, 0.96% December 31, 2019: 0.95%, 0.95% December 31, 2018: 0.95%, 0.95% Class
I: December 31, 2022: 0.65%, 0.65% December 31, 2021: 0.66%, 0.66% December 31, 2020: 0.66%, 0.66% December
31, 2019: 0.65%, 0.65% December 31, 2018: 0.65%, 0.65%

(d) The Fund commenced operations
on August 13, 2018.

See accompanying Notes to Financial Statements.

824

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** | **JNL/JPMorgan MidCap Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 67.95 | (0.21) | (18.19) | (18.40) |  |  | 49.55 | (27.08)  | 2372487 | 38 | 0.89 | 0.89 | (0.39)  |
| 12/31/21 | 61.20 | (0.33)  | 7.08 | 6.75 |  |  | 67.95 | 11.03 | 3526344 | 44 | 0.88 | 0.88 | (0.50)  |
| 12/31/20 | 41.36 | (0.20)  | 20.04 | 19.84 |  |  | 61.20 | 47.97 | 3393687 | 60 | 0.90 | 0.90 | (0.42)  |
| 12/31/19 | 29.56 | (0.09)  | 11.89 | 11.80 |  |  | 41.36 | 39.92 | 2118202 | 48 | 0.91 | 0.91 | (0.24)  |
| 12/31/18 | 34.51 | (0.09)  | (1.44)  | (1.53)  |  | (3.42) | 29.56 | (5.00)  | 1426313 | 56 | 0.91 | 0.91 | (0.26)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 70.61 | (0.05)  | (18.92)  | (18.97)  |  |  | 51.64 | (26.87)  | 292605 | 38 | 0.59 | 0.59 | (0.09)  |
| 12/31/21 | 63.41 | (0.14)  | 7.34 | 7.20 |  |  | 70.61 | 11.35 | 456403 | 44 | 0.58 | 0.58 | (0.21)  |
| 12/31/20 | 42.72 | (0.05)  | 20.74 | 20.69 |  |  | 63.41 | 48.43 | 354786 | 60 | 0.60 | 0.60 | (0.11)  |
| 12/31/19 | 30.44 | 0.03 | 12.25 | 12.28 |  |  | 42.72 | 40.34 | 291438 | 48 | 0.61 | 0.61 | 0.07 |
| 12/31/18 | 35.33 | 0.01 | (1.48)  | (1.47)  |  | (3.42) | 30.44 | (4.71)  | 392977 | 56 | 0.61 | 0.61 | 0.04 |
| **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** | **JNL/JPMorgan U.S. Government & Quality Bond Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 14.15 | 0.21 | (1.86) | (1.65) |  |  | 12.50 | (11.66)  | 931244 | 19 | 0.69 | 0.69 | 1.62 |
| 12/31/21 | 14.46 | 0.17 | (0.48)  | (0.31)  |  |  | 14.15 | (2.14)  | 1250857 | 10 | 0.68 | 0.68 | 1.21 |
| 12/31/20 | 13.52 | 0.19 | 0.75 | 0.94 |  |  | 14.46 | 6.95 | 1659012 | 46 | 0.68 | 0.68 | 1.35 |
| 12/31/19 | 12.70 | 0.30 | 0.52 | 0.82 |  |  | 13.52 | 6.46 | 967204 | 16 | 0.70 | 0.70 | 2.25 |
| 12/31/18 | 13.09 | 0.30 | (0.25)  | 0.05 | (0.41) | (0.03) | 12.70 | 0.45 | 838851 | 3 | 0.69 | 0.69 | 2.36 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 15.02 | 0.27 | (1.98)  | (1.71)  |  |  | 13.31 | (11.38)  | 672941 | 19 | 0.39 | 0.39 | 1.99 |
| 12/31/21 | 15.30 | 0.23 | (0.51)  | (0.28)  |  |  | 15.02 | (1.83)  | 292136 | 10 | 0.38 | 0.38 | 1.51 |
| 12/31/20 | 14.27 | 0.25 | 0.78 | 1.03 |  |  | 15.30 | 7.22 | 625482 | 46 | 0.38 | 0.38 | 1.63 |
| 12/31/19 | 13.36 | 0.36 | 0.55 | 0.91 |  |  | 14.27 | 6.81 | 256961 | 16 | 0.40 | 0.40 | 2.56 |
| 12/31/18 | 13.75 | 0.36 | (0.27)  | 0.09 | (0.45) | (0.03) | 13.36 | 0.77 | 231252 | 3 | 0.39 | 0.39 | 2.65 |
| **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** | **JNL/JPMorgan U.S. Value Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 15.22 | 0.20 | (0.65) | (0.45) |  |  | 14.77 | (2.96)  | 980669 | 14 | 0.89 | 0.89 | 1.36 |
| 12/31/21 | 11.95 | 0.15 | 3.12 | 3.27 |  |  | 15.22 | 27.36 | 942693 | 21 | 0.89 | 0.89 | 1.09 |
| 12/31/20 | 12.42 | 0.17 | (0.64)  | (0.47)  |  |  | 11.95 | (3.78)  | 723426 | 79 | 0.94 | 0.94 | 1.65 |
| 12/31/19 | 10.10 | 0.22 | 2.10 | 2.32 |  |  | 12.42 | 22.97 | 631200 | 22 | 1.01 | 1.01 | 1.91 |
| 12/31/18 | 11.66 | 0.19 | (1.21)  | (1.02)  | (0.14) | (0.40) | 10.10 | (9.03)  | 572358 | 21 | 0.99 | 0.99 | 1.66 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 15.51 | 0.24 | (0.65)  | (0.41)  |  |  | 15.10 | (2.64)  | 642669 | 14 | 0.59 | 0.59 | 1.65 |
| 12/31/21 | 12.14 | 0.20 | 3.17 | 3.37 |  |  | 15.51 | 27.76 | 676257 | 21 | 0.59 | 0.59 | 1.38 |
| 12/31/20 | 12.59 | 0.20 | (0.65)  | (0.45)  |  |  | 12.14 | (3.57)  | 373488 | 79 | 0.60 | 0.60 | 1.84 |
| 12/31/19 | 10.20 | 0.24 | 2.15 | 2.39 |  |  | 12.59 | 23.43 | 2121 | 22 | 0.70 | 0.70 | 2.13 |
| 12/31/18 | 11.78 | 0.23 | (1.23)  | (1.00)  | (0.18) | (0.40) | 10.20 | (8.76)  | 391915 | 21 | 0.69 | 0.69 | 1.96 |

---

See accompanying Notes to Financial Statements.

825

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/Lazard International Strategic Equity Fund** | **JNL/Lazard International Strategic Equity Fund** | **JNL/Lazard International Strategic Equity Fund** | **JNL/Lazard International Strategic Equity Fund** | **JNL/Lazard International Strategic Equity Fund** | **JNL/Lazard International Strategic Equity Fund** | **JNL/Lazard International Strategic Equity Fund** | **JNL/Lazard International Strategic Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 17.14 | 0.16 | (3.08) | (2.92) | (0.37) | (0.44) | 13.41 | (17.09)  | 104439 | 45 | 1.14 | 1.15 | 1.08 |
| 12/31/21 | 16.22 | 0.17 | 0.87 | 1.04 | (0.07) | (0.05) | 17.14 | 6.42 | 115951 | 28 | 1.15 | 1.15 | 0.99 |
| 12/31/20 | 14.42 | 0.11 | 1.77 | 1.88 | (0.08) |  | 16.22 | 13.03 | 76966 | 44 | 1.16 | 1.16 | 0.80 |
| 12/31/19 | 11.93 | 0.19 | 2.42 | 2.61 | (0.03) | (0.09) | 14.42 | 21.92 | 82765 | 35 | 1.15 | 1.15 | 1.38 |
| 12/31/18 | 13.30 | 0.14 | (1.49)  | (1.35)  | (0.02) |  | 11.93 | (10.12)  | 60426 | 38 | 1.15 | 1.15 | 1.06 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 17.20 | 0.21 | (3.10)  | (2.89)  | (0.41) | (0.44) | 13.46 | (16.85)  | 358431 | 45 | 0.84 | 0.85 | 1.43 |
| 12/31/21 | 16.26 | 0.24 | 0.85 | 1.09 | (0.10) | (0.05) | 17.20 | 6.72 | 351431 | 28 | 0.85 | 0.85 | 1.40 |
| 12/31/20 | 14.45 | 0.12 | 1.81 | 1.93 | (0.12) |  | 16.26 | 13.40 | 364495 | 44 | 0.86 | 0.86 | 0.90 |
| 12/31/19 | 11.95 | 0.22 | 2.43 | 2.65 | (0.06) | (0.09) | 14.45 | 22.24 | 149570 | 35 | 0.85 | 0.85 | 1.66 |
| 12/31/18 | 13.31 | 0.06 | (1.37)  | (1.31)  | (0.05) |  | 11.95 | (9.84)  | 90677 | 38 | 0.85 | 0.85 | 0.45 |
| **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** | **JNL/Loomis Sayles Global Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 16.00 | 0.01 | (4.21) | (4.20) | (0.00)<br> (a) |  | 11.80 | (26.25)  | 303107 | 21 | 1.00 | 1.00 | 0.05 |
| 12/31/21 | 15.47 | (0.03)  | 0.90 | 0.87 |  | (0.34) | 16.00 | 5.61 | 438686 | 10 | 1.01 | 1.01 | (0.20)  |
| 12/31/20 | 11.54 | (0.05)  | 4.07 | 4.02 | (0.03) | (0.06) | 15.47 | 34.85 | 465932 | 33 | 1.01 | 1.01 | (0.35)  |
| 12/31/19 | 8.84 | 0.02 | 2.70 | 2.72 | (0.02) |  | 11.54 | 30.75 | 3638 | 18 | 1.00 | 1.00 | 0.17 |
| 12/31/18<br> (b) | 10.00 | 0.00 | (1.16)  | (1.16)  |  |  | 8.84 | (11.60)  | 398 | 9 | 1.00 | 1.00 | 0.08 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 16.16 | 0.05 | (4.24)  | (4.19)  | (0.01) |  | 11.96 | (25.97)  | 224270 | 21 | 0.70 | 0.70 | 0.39 |
| 12/31/21 | 15.59 | 0.02 | 0.89 | 0.91 |  | (0.34) | 16.16 | 5.82 | 464891 | 10 | 0.71 | 0.71 | 0.10 |
| 12/31/20 | 11.59 | 0.03 | 4.06 | 4.09 | (0.03) | (0.06) | 15.59 | 35.30 | 479627 | 33 | 0.71 | 0.71 | 0.21 |
| 12/31/19 | 8.85 | 0.07 | 2.69 | 2.76 | (0.02) |  | 11.59 | 31.18 | 308894 | 18 | 0.70 | 0.70 | 0.63 |
| 12/31/18<br> (b) | 10.00 | 0.02 | (1.17)  | (1.15)  |  |  | 8.85 | (11.50)  | 251444 | 9 | 0.70 | 0.70 | 0.49 |
| **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** | **JNL/Lord Abbett Short Duration Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 10.45 | 0.22 | (0.74) | (0.52) | (0.05) | (0.01) | 9.87 | (4.95)  | 366580 | 99 | 0.80 | 0.80 | 2.21 |
| 12/31/21 | 10.45 | 0.10 | (0.06)  | 0.04 | (0.03) | (0.01) | 10.45 | 0.33 | 264463 | 108 | 0.81 | 0.81 | 0.93 |
| 12/31/20<br> (c) | 10.00 | 0.10 | 0.35 | 0.45 |  |  | 10.45 | 4.50 | 193273 | 70 | 0.81 | 0.81 | 1.46 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 10.50 | 0.26 | (0.76)  | (0.50)  | (0.07) | (0.01) | 9.92 | (4.73)  | 763146 | 99 | 0.50 | 0.50 | 2.55 |
| 12/31/21 | 10.47 | 0.13 | (0.06)  | 0.07 | (0.03) | (0.01) | 10.50 | 0.68 | 502495 | 108 | 0.51 | 0.51 | 1.21 |
| 12/31/20<br> (c) | 10.00 | 0.13 | 0.34 | 0.47 |  |  | 10.47 | 4.70 | 137237 | 70 | 0.51 | 0.51 | 1.85 |

---

(a) Amount represents less than $0.005.

(b) The Fund commenced operations
on August 13, 2018.

(c) The Fund commenced operations on April 27, 2020.

See accompanying Notes to Financial Statements.

826

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/Mellon Communication Services Sector Fund(a)** | **JNL/Mellon Communication Services Sector Fund(a)** | **JNL/Mellon Communication Services Sector Fund(a)** | **JNL/Mellon Communication Services Sector Fund(a)** | **JNL/Mellon Communication Services Sector Fund(a)** | **JNL/Mellon Communication Services Sector Fund(a)** | **JNL/Mellon Communication Services Sector Fund(a)** | **JNL/Mellon Communication Services Sector Fund(a)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 20.93 | 0.04 | (8.69) | (8.65) |  |  | 12.28 | (41.33)  | 163074 | 9 | 0.66 | 0.66 | 0.28 |
| 12/31/21 | 18.10 | 0.02 | 2.81 | 2.83 |  |  | 20.93 | 15.64 | 351276 | 23 | 0.65 | 0.65 | 0.11 |
| 12/31/20 | 14.45 | 0.06 | 3.59 | 3.65 |  |  | 18.10 | 25.26 | 251202 | 14 | 0.67 | 0.67 | 0.37 |
| 12/31/19 | 11.43 | 0.05 | 2.97 | 3.02 |  |  | 14.45 | 26.42 | 157958 | 54 | 0.67 | 0.67 | 0.40 |
| 12/31/18 | 14.55 | 0.43 | (1.14)  | (0.71)  | (0.58) | (1.83) | 11.43 | (5.81)  | 111155 | 110 | 0.68 | 0.68 | 3.10 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 19.67 | 0.09 | (8.18)  | (8.09)  |  |  | 11.58 | (41.13)  | 3249 | 9 | 0.31 | 0.36 | 0.61 |
| 12/31/21 | 16.96 | 0.10 | 2.61 | 2.71 |  |  | 19.67 | 15.98 | 5855 | 23 | 0.30 | 0.35 | 0.50 |
| 12/31/20 | 13.49 | 0.09 | 3.38 | 3.47 |  |  | 16.96 | 25.72 | 4452 | 14 | 0.32 | 0.37 | 0.63 |
| 12/31/19 | 10.63 | 0.08 | 2.78 | 2.86 |  |  | 13.49 | 26.91 | 1377 | 54 | 0.32 | 0.37 | 0.65 |
| 12/31/18 | 13.69 | 0.38 | (0.99)  | (0.61)  | (0.62) | (1.83) | 10.63 | (5.47)  | 397 | 110 | 0.33 | 0.38 | 3.01 |
| **JNL/Mellon Consumer Discretionary Sector Fund(b)** | **JNL/Mellon Consumer Discretionary Sector Fund(b)** | **JNL/Mellon Consumer Discretionary Sector Fund(b)** | **JNL/Mellon Consumer Discretionary Sector Fund(b)** | **JNL/Mellon Consumer Discretionary Sector Fund(b)** | **JNL/Mellon Consumer Discretionary Sector Fund(b)** | **JNL/Mellon Consumer Discretionary Sector Fund(b)** | **JNL/Mellon Consumer Discretionary Sector Fund(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 45.83 | 0.12 | (16.59) | (16.47) |  |  | 29.36 | (35.94)  | 1091635 | 13 | 0.64 | 0.64 | 0.34 |
| 12/31/21 | 37.40 | 0.03 | 8.40 | 8.43 |  |  | 45.83 | 22.54 | 2073525 | 25 | 0.64 | 0.64 | 0.06 |
| 12/31/20 | 25.44 | 0.06 | 11.90 | 11.96 |  |  | 37.40 | 47.01 | 1799580 | 11 | 0.64 | 0.64 | 0.22 |
| 12/31/19 | 20.05 | 0.16 | 5.23 | 5.39 |  |  | 25.44 | 26.88 | 1309949 | 4 | 0.64 | 0.64 | 0.69 |
| 12/31/18 | 20.81 | 0.15 | (0.37)  | (0.22)  | (0.15) | (0.39) | 20.05 | (1.22)  | 1129094 | 36 | 0.64 | 0.64 | 0.67 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 47.23 | 0.26 | (17.13)  | (16.87)  |  |  | 30.36 | (35.72)  | 14734 | 13 | 0.29 | 0.34 | 0.72 |
| 12/31/21 | 38.41 | 0.18 | 8.64 | 8.82 |  |  | 47.23 | 22.96 | 18550 | 25 | 0.29 | 0.34 | 0.42 |
| 12/31/20 | 26.03 | 0.16 | 12.22 | 12.38 |  |  | 38.41 | 47.56 | 13457 | 11 | 0.29 | 0.34 | 0.54 |
| 12/31/19 | 20.45 | 0.25 | 5.33 | 5.58 |  |  | 26.03 | 27.29 | 5176 | 4 | 0.29 | 0.34 | 1.05 |
| 12/31/18 | 21.21 | 0.22 | (0.38)  | (0.16)  | (0.21) | (0.39) | 20.45 | (0.91)  | 2695 | 36 | 0.29 | 0.34 | 0.99 |
| **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** | **JNL/Mellon Consumer Staples Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 15.64 | 0.27 | (0.77) | (0.50) |  |  | 15.14 | (3.20)  | 558649 | 15 | 0.65 | 0.65 | 1.79 |
| 12/31/21 | 13.45 | 0.24 | 1.95 | 2.19 |  |  | 15.64 | 16.28 | 263522 | 29 | 0.66 | 0.66 | 1.71 |
| 12/31/20 | 12.18 | 0.27 | 1.00 | 1.27 |  |  | 13.45 | 10.43 | 218540 | 43 | 0.67 | 0.67 | 2.28 |
| 12/31/19 | 9.66 | 0.24 | 2.28 | 2.52 |  |  | 12.18 | 26.09 | 151594 | 25 | 0.69 | 0.69 | 2.16 |
| 12/31/18 | 10.61 | 0.25 | (1.20)  | (0.95)  |  |  | 9.66 | (8.95)  | 63583 | 45 | 0.70 | 0.70 | 2.46 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 15.86 | 0.33 | (0.78)  | (0.45)  |  |  | 15.41 | (2.84)  | 13764 | 15 | 0.30 | 0.35 | 2.18 |
| 12/31/21 | 13.59 | 0.30 | 1.97 | 2.27 |  |  | 15.86 | 16.70 | 4259 | 29 | 0.31 | 0.36 | 2.07 |
| 12/31/20 | 12.26 | 0.33 | 1.00 | 1.33 |  |  | 13.59 | 10.85 | 3212 | 43 | 0.32 | 0.37 | 2.66 |
| 12/31/19 | 9.70 | 0.29 | 2.27 | 2.56 |  |  | 12.26 | 26.39 | 1506 | 25 | 0.34 | 0.39 | 2.52 |
| 12/31/18 | 10.62 | 0.28 | (1.20)  | (0.92)  |  |  | 9.70 | (8.66)  | 465 | 45 | 0.35 | 0.40 | 2.75 |

---

(a) On April 27, 2020, JNL/Mellon Communication Services Sector Fund of JNL Variable
Fund LLC was redomiciled into the JNL Series Trust. A fund was created within the JNL Series Trust to
facilitate the acquisition of the fund with the same name from JNL Variable Fund LLC. Although the fund
of JNL Variable Fund LLC was legally dissolved, it is considered the accounting survivor for financial
reporting purposes, and as a result, the Financial Highlights reflect the performance history of the
acquired fund formerly in JNL Variable Fund LLC for periods prior to April 27, 2020.

(b) On
April 27, 2020, JNL/Mellon Consumer Discretionary Sector Fund of JNL Variable Fund LLC was redomiciled
into the JNL Series Trust. A fund was created within the JNL Series Trust to facilitate the acquisition
of the fund with the same name from JNL Variable Fund LLC. Although the fund of JNL Variable Fund LLC
was legally dissolved, it is considered the accounting survivor for financial reporting purposes, and
as a result, the Financial Highlights reflect the performance history of the acquired fund formerly in
JNL Variable Fund LLC for periods prior to April 27, 2020.

See accompanying Notes to Financial Statements.

827

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/Mellon Dow Index Fund(a)** | **JNL/Mellon Dow Index Fund(a)** | **JNL/Mellon Dow Index Fund(a)** | **JNL/Mellon Dow Index Fund(a)** | **JNL/Mellon Dow Index Fund(a)** | **JNL/Mellon Dow Index Fund(a)** | **JNL/Mellon Dow Index Fund(a)** | **JNL/Mellon Dow Index Fund(a)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 43.27 | 0.57 | (3.80) | (3.23) |  |  | 40.04 | (7.46)  | 1226966 | 1 | 0.65 | 0.65 | 1.43 |
| 12/31/21 | 36.01 | 0.47 | 6.79 | 7.26 |  |  | 43.27 | 20.16 | 1421801 | 0 | 0.65 | 0.65 | 1.16 |
| 12/31/20 | 33.05 | 0.51 | 2.45 | 2.96 |  |  | 36.01 | 8.96 | 1174585 | 36 | 0.65 | 0.65 | 1.62 |
| 12/31/19 | 26.55 | 0.53 | 5.97 | 6.50 |  |  | 33.05 | 24.48 | 1028406 | 2 | 0.65 | 0.65 | 1.76 |
| 12/31/18 | 27.66 | 0.45 | (1.56)  | (1.11)  |  |  | 26.55 | (4.01)  | 783970 | 6 | 0.66 | 0.66 | 1.61 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 43.93 | 0.72 | (3.86)  | (3.14)  |  |  | 40.79 | (7.15)  | 23124 | 1 | 0.30 | 0.35 | 1.79 |
| 12/31/21 | 36.43 | 0.62 | 6.88 | 7.50 |  |  | 43.93 | 20.59 | 24182 | 0 | 0.30 | 0.35 | 1.51 |
| 12/31/20 | 33.32 | 0.63 | 2.48 | 3.11 |  |  | 36.43 | 9.33 | 14615 | 36 | 0.30 | 0.35 | 1.96 |
| 12/31/19 | 26.67 | 0.66 | 5.99 | 6.65 |  |  | 33.32 | 24.93 | 6345 | 2 | 0.30 | 0.35 | 2.12 |
| 12/31/18 | 27.69 | 0.56 | (1.58)  | (1.02)  |  |  | 26.67 | (3.68)  | 1246 | 6 | 0.31 | 0.36 | 1.98 |
| **JNL/Mellon Energy Sector Fund(b)** | **JNL/Mellon Energy Sector Fund(b)** | **JNL/Mellon Energy Sector Fund(b)** | **JNL/Mellon Energy Sector Fund(b)** | **JNL/Mellon Energy Sector Fund(b)** | **JNL/Mellon Energy Sector Fund(b)** | **JNL/Mellon Energy Sector Fund(b)** | **JNL/Mellon Energy Sector Fund(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 22.43 | 1.07 | 12.69 | 13.76 |  |  | 36.19 | 61.35 | 2893112 | 27 | 0.64 | 0.64 | 3.35 |
| 12/31/21 | 14.50 | 0.74 | 7.19 | 7.93 |  |  | 22.43 | 54.69 | 1380863 | 30 | 0.64 | 0.64 | 3.69 |
| 12/31/20 | 21.88 | 0.67 | (8.05)  | (7.38)  |  |  | 14.50 | (33.73)  | 839480 | 14 | 0.65 | 0.65 | 4.74 |
| 12/31/19 | 20.14 | 0.65 | 1.09 | 1.74 |  |  | 21.88 | 8.64 | 1084341 | 8 | 0.64 | 0.64 | 2.97 |
| 12/31/18 | 26.10 | 0.54 | (5.75)  | (5.21)  | (0.75) |  | 20.14 | (20.40)  | 1083379 | 7 | 0.64 | 0.64 | 2.08 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 23.06 | 1.22 | 13.05 | 14.27 |  |  | 37.33 | 61.88 | 32566 | 27 | 0.29 | 0.34 | 3.71 |
| 12/31/21 | 14.86 | 0.84 | 7.36 | 8.20 |  |  | 23.06 | 55.18 | 14211 | 30 | 0.29 | 0.34 | 4.03 |
| 12/31/20 | 22.34 | 0.71 | (8.19)  | (7.48)  |  |  | 14.86 | (33.48)  | 4445 | 14 | 0.30 | 0.35 | 4.93 |
| 12/31/19 | 20.49 | 0.74 | 1.11 | 1.85 |  |  | 22.34 | 9.03 | 4594 | 8 | 0.29 | 0.34 | 3.35 |
| 12/31/18 | 26.52 | 0.65 | (5.86)  | (5.21)  | (0.82) |  | 20.49 | (20.13)  | 2452 | 7 | 0.29 | 0.34 | 2.47 |
| **JNL/Mellon Financial Sector Fund(c)** | **JNL/Mellon Financial Sector Fund(c)** | **JNL/Mellon Financial Sector Fund(c)** | **JNL/Mellon Financial Sector Fund(c)** | **JNL/Mellon Financial Sector Fund(c)** | **JNL/Mellon Financial Sector Fund(c)** | **JNL/Mellon Financial Sector Fund(c)** | **JNL/Mellon Financial Sector Fund(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 19.00 | 0.22 | (2.67) | (2.45) |  |  | 16.55 | (12.89)  | 1352012 | 16 | 0.64 | 0.64 | 1.30 |
| 12/31/21 | 14.69 | 0.21 | 4.10 | 4.31 |  |  | 19.00 | 29.34 | 1628528 | 28 | 0.64 | 0.64 | 1.14 |
| 12/31/20 | 15.10 | 0.25 | (0.66)  | (0.41)  |  |  | 14.69 | (2.72)  | 1119113 | 7 | 0.64 | 0.64 | 2.02 |
| 12/31/19 | 11.52 | 0.24 | 3.34 | 3.58 |  |  | 15.10 | 31.08 | 1348714 | 4 | 0.64 | 0.64 | 1.81 |
| 12/31/18 | 13.94 | 0.20 | (2.09)  | (1.89)  | (0.17) | (0.36) | 11.52 | (13.87)  | 1176710 | 6 | 0.64 | 0.64 | 1.46 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 19.26 | 0.28 | (2.70)  | (2.42)  |  |  | 16.84 | (12.56)  | 20436 | 16 | 0.29 | 0.34 | 1.64 |
| 12/31/21 | 14.84 | 0.27 | 4.15 | 4.42 |  |  | 19.26 | 29.78 | 23731 | 28 | 0.29 | 0.34 | 1.46 |
| 12/31/20 | 15.20 | 0.30 | (0.66)  | (0.36)  |  |  | 14.84 | (2.37)  | 9645 | 7 | 0.29 | 0.34 | 2.36 |
| 12/31/19 | 11.56 | 0.29 | 3.35 | 3.64 |  |  | 15.20 | 31.49 | 5938 | 4 | 0.29 | 0.34 | 2.15 |
| 12/31/18 | 13.97 | 0.26 | (2.11)  | (1.85)  | (0.20) | (0.36) | 11.56 | (13.57)  | 4096 | 6 | 0.29 | 0.34 | 1.91 |

---

(a) On April 27, 2020, JNL/Mellon Dow Index Fund of JNL Variable Fund LLC was redomiciled
into the JNL Series Trust. A fund was created within the JNL Series Trust to facilitate the acquisition
of the fund with the same name from JNL Variable Fund LLC. Although the fund of JNL Variable Fund LLC
was legally dissolved, it is considered the accounting survivor for financial reporting purposes, and
as a result, the Financial Highlights reflect the performance history of the acquired fund formerly in
JNL Variable Fund LLC for periods prior to April 27, 2020.

(b) On April 27, 2020, JNL/Mellon
Energy Sector Fund of JNL Variable Fund LLC was redomiciled into the JNL Series Trust. A fund was created
within the JNL Series Trust to facilitate the acquisition of the fund with the same name from JNL Variable
Fund LLC. Although the fund of JNL Variable Fund LLC was legally dissolved, it is considered the accounting
survivor for financial reporting purposes, and as a result, the Financial Highlights reflect the performance
history of the acquired fund formerly in JNL Variable Fund LLC for periods prior to April 27, 2020.

(c) On
April 27, 2020, JNL/Mellon Financial Sector Fund of JNL Variable Fund LLC was redomiciled into the JNL
Series Trust. A fund was created within the JNL Series Trust to facilitate the acquisition of the fund
with the same name from JNL Variable Fund LLC. Although the fund of JNL Variable Fund LLC was legally
dissolved, it is considered the accounting survivor for financial reporting purposes, and as a result,
the Financial Highlights reflect the performance history of the acquired fund formerly in JNL Variable
Fund LLC for periods prior to April 27, 2020.

See accompanying Notes to Financial Statements.

828

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/Mellon Healthcare Sector Fund(a)** | **JNL/Mellon Healthcare Sector Fund(a)** | **JNL/Mellon Healthcare Sector Fund(a)** | **JNL/Mellon Healthcare Sector Fund(a)** | **JNL/Mellon Healthcare Sector Fund(a)** | **JNL/Mellon Healthcare Sector Fund(a)** | **JNL/Mellon Healthcare Sector Fund(a)** | **JNL/Mellon Healthcare Sector Fund(a)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 44.99 | 0.36 | (2.96) | (2.60) |  |  | 42.39 | (5.78)  | 3665432 | 3 | 0.63 | 0.63 | 0.87 |
| 12/31/21 | 37.43 | 0.29 | 7.27 | 7.56 |  |  | 44.99 | 20.20 | 4262922 | 10 | 0.63 | 0.63 | 0.71 |
| 12/31/20 | 31.85 | 0.30 | 5.28 | 5.58 |  |  | 37.43 | 17.52 | 3748785 | 9 | 0.63 | 0.63 | 0.90 |
| 12/31/19 | 26.24 | 0.27 | 5.34 | 5.61 |  |  | 31.85 | 21.38 | 3336754 | 5 | 0.63 | 0.63 | 0.95 |
| 12/31/18 | 25.63 | 0.23 | 1.06 | 1.29 | (0.25) | (0.43) | 26.24 | 4.95 | 3063593 | 10 | 0.63 | 0.63 | 0.86 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 45.71 | 0.51 | (2.99)  | (2.48)  |  |  | 43.23 | (5.43)  | 36655 | 3 | 0.28 | 0.33 | 1.22 |
| 12/31/21 | 37.90 | 0.44 | 7.37 | 7.81 |  |  | 45.71 | 20.61 | 37075 | 10 | 0.28 | 0.33 | 1.06 |
| 12/31/20 | 32.14 | 0.42 | 5.34 | 5.76 |  |  | 37.90 | 17.92 | 25108 | 9 | 0.28 | 0.33 | 1.25 |
| 12/31/19 | 26.38 | 0.37 | 5.39 | 5.76 |  |  | 32.14 | 21.83 | 14475 | 5 | 0.28 | 0.33 | 1.29 |
| 12/31/18 | 25.75 | 0.32 | 1.07 | 1.39 | (0.33) | (0.43) | 26.38 | 5.29 | 7571 | 10 | 0.28 | 0.33 | 1.19 |
| **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** | **JNL/Mellon Industrials Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 16.30 | 0.14 | (1.56) | (1.42) |  |  | 14.88 | (8.71)  | 183611 | 24 | 0.66 | 0.66 | 0.97 |
| 12/31/21 | 13.48 | 0.10 | 2.72 | 2.82 |  |  | 16.30 | 20.92 | 241085 | 37 | 0.66 | 0.66 | 0.68 |
| 12/31/20 | 11.87 | 0.11 | 1.50 | 1.61 |  |  | 13.48 | 13.56 | 108689 | 38 | 0.70 | 0.70 | 0.98 |
| 12/31/19 | 9.13 | 0.13 | 2.61 | 2.74 |  |  | 11.87 | 30.01 | 75506 | 48 | 0.70 | 0.70 | 1.21 |
| 12/31/18 | 10.67 | 0.11 | (1.65)  | (1.54)  |  |  | 9.13 | (14.43)  | 29549 | 135 | 0.71 | 0.71 | 1.08 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 16.53 | 0.20 | (1.58)  | (1.38)  |  |  | 15.15 | (8.35)  | 5193 | 24 | 0.31 | 0.36 | 1.34 |
| 12/31/21 | 13.62 | 0.16 | 2.75 | 2.91 |  |  | 16.53 | 21.37 | 4772 | 37 | 0.31 | 0.36 | 1.02 |
| 12/31/20 | 11.96 | 0.15 | 1.51 | 1.66 |  |  | 13.62 | 13.88 | 3278 | 38 | 0.35 | 0.40 | 1.32 |
| 12/31/19 | 9.17 | 0.17 | 2.62 | 2.79 |  |  | 11.96 | 30.43 | 1095 | 48 | 0.35 | 0.40 | 1.57 |
| 12/31/18 | 10.67 | 0.16 | (1.66)  | (1.50)  |  |  | 9.17 | (14.06)  | 538 | 135 | 0.36 | 0.41 | 1.56 |
| **JNL/Mellon Information Technology Sector Fund(b)** | **JNL/Mellon Information Technology Sector Fund(b)** | **JNL/Mellon Information Technology Sector Fund(b)** | **JNL/Mellon Information Technology Sector Fund(b)** | **JNL/Mellon Information Technology Sector Fund(b)** | **JNL/Mellon Information Technology Sector Fund(b)** | **JNL/Mellon Information Technology Sector Fund(b)** | **JNL/Mellon Information Technology Sector Fund(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 42.80 | 0.10 | (13.79) | (13.69) |  |  | 29.11 | (31.99)  | 3475561 | 9 | 0.62 | 0.62 | 0.31 |
| 12/31/21 | 32.13 | 0.07 | 10.60 | 10.67 |  |  | 42.80 | 33.21 | 5983103 | 22 | 0.62 | 0.62 | 0.19 |
| 12/31/20 | 22.14 | 0.11 | 9.88 | 9.99 |  |  | 32.13 | 45.12 | 4935985 | 12 | 0.63 | 0.63 | 0.42 |
| 12/31/19 | 14.96 | 0.13 | 7.05 | 7.18 |  |  | 22.14 | 47.99 | 3463885 | 7 | 0.64 | 0.64 | 0.70 |
| 12/31/18 | 15.31 | 0.10 | (0.20)  | (0.10)  | (0.07) | (0.18) | 14.96 | (0.76)  | 2398384 | 26 | 0.64 | 0.64 | 0.57 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 44.17 | 0.23 | (14.26)  | (14.03)  |  |  | 30.14 | (31.76)  | 53514 | 9 | 0.27 | 0.32 | 0.67 |
| 12/31/21 | 33.04 | 0.20 | 10.93 | 11.13 |  |  | 44.17 | 33.69 | 84968 | 22 | 0.27 | 0.32 | 0.54 |
| 12/31/20 | 22.69 | 0.20 | 10.15 | 10.35 |  |  | 33.04 | 45.61 | 56987 | 12 | 0.28 | 0.33 | 0.75 |
| 12/31/19 | 15.28 | 0.20 | 7.21 | 7.41 |  |  | 22.69 | 48.49 | 23156 | 7 | 0.29 | 0.34 | 1.04 |
| 12/31/18 | 15.60 | 0.17 | (0.21)  | (0.04)  | (0.10) | (0.18) | 15.28 | (0.38)  | 8332 | 26 | 0.29 | 0.34 | 0.96 |

---

(a) On April 27, 2020, JNL/Mellon Healthcare Sector Fund of JNL Variable Fund LLC
was redomiciled into the JNL Series Trust. A fund was created within the JNL Series Trust to facilitate
the acquisition of the fund with the same name from JNL Variable Fund LLC. Although the fund of JNL Variable
Fund LLC was legally dissolved, it is considered the accounting survivor for financial reporting purposes,
and as a result, the Financial Highlights reflect the performance history of the acquired fund formerly
in JNL Variable Fund LLC for periods prior to April 27, 2020.

(b) On April 27, 2020, JNL/Mellon
Information Technology Sector Fund of JNL Variable Fund LLC was redomiciled into the JNL Series Trust.
A fund was created within the JNL Series Trust to facilitate the acquisition of the fund with the same
name from JNL Variable Fund LLC. Although the fund of JNL Variable Fund LLC was legally dissolved, it
is considered the accounting survivor for financial reporting purposes, and as a result, the Financial
Highlights reflect the performance history of the acquired fund formerly in JNL Variable Fund LLC for
periods prior to April 27, 2020.

See accompanying Notes to Financial Statements.

829

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** | **JNL/Mellon Materials Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 16.28 | 0.19 | (2.13) | (1.94) |  |  | 14.34 | (11.92)  | 187042 | 46 | 0.66 | 0.66 | 1.34 |
| 12/31/21 | 12.68 | 0.16 | 3.44 | 3.60 |  |  | 16.28 | 28.39 | 193535 | 70 | 0.67 | 0.67 | 1.07 |
| 12/31/20 | 10.67 | 0.16 | 1.85 | 2.01 |  |  | 12.68 | 18.84 | 77306 | 43 | 0.70 | 0.70 | 1.47 |
| 12/31/19 | 8.69 | 0.14 | 1.84 | 1.98 |  |  | 10.67 | 22.78 | 25279 | 50 | 0.71 | 0.71 | 1.46 |
| 12/31/18 | 10.68 | 0.11 | (2.10)  | (1.99)  |  |  | 8.69 | (18.63)  | 16426 | 182 | 0.72 | 0.72 | 1.09 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 16.51 | 0.24 | (2.15)  | (1.91)  |  |  | 14.60 | (11.57)  | 4829 | 46 | 0.31 | 0.36 | 1.61 |
| 12/31/21 | 12.82 | 0.21 | 3.48 | 3.69 |  |  | 16.51 | 28.78 | 6415 | 70 | 0.32 | 0.37 | 1.41 |
| 12/31/20 | 10.74 | 0.20 | 1.88 | 2.08 |  |  | 12.82 | 19.37 | 2005 | 43 | 0.35 | 0.40 | 1.82 |
| 12/31/19 | 8.72 | 0.18 | 1.84 | 2.02 |  |  | 10.74 | 23.17 | 578 | 50 | 0.36 | 0.41 | 1.81 |
| 12/31/18 | 10.68 | 0.17 | (2.13)  | (1.96)  |  |  | 8.72 | (18.35)  | 310 | 182 | 0.37 | 0.42 | 1.73 |
| **JNL/Mellon Nasdaq 100 Index Fund(a)** | **JNL/Mellon Nasdaq 100 Index Fund(a)** | **JNL/Mellon Nasdaq 100 Index Fund(a)** | **JNL/Mellon Nasdaq 100 Index Fund(a)** | **JNL/Mellon Nasdaq 100 Index Fund(a)** | **JNL/Mellon Nasdaq 100 Index Fund(a)** | **JNL/Mellon Nasdaq 100 Index Fund(a)** | **JNL/Mellon Nasdaq 100 Index Fund(a)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 58.47 | 0.12 | (19.31) | (19.19) |  |  | 39.28 | (32.82)  | 4276647 | 8 | 0.65 | 0.65 | 0.27 |
| 12/31/21 | 46.15 | 0.02 | 12.30 | 12.32 |  |  | 58.47 | 26.70 | 6826247 | 10 | 0.64 | 0.64 | 0.04 |
| 12/31/20 | 31.19 | 0.09 | 14.87 | 14.96 |  |  | 46.15 | 47.96 | 5711478 | 17 | 0.65 | 0.65 | 0.24 |
| 12/31/19 | 22.51 | 0.12 | 8.56 | 8.68 |  |  | 31.19 | 38.56 | 3378320 | 10 | 0.67 | 0.67 | 0.43 |
| 12/31/18 | 22.87 | 0.11 | (0.24)  | (0.13)  | (0.07) | (0.16) | 22.51 | (0.64)  | 2442353 | 7 | 0.67 | 0.67 | 0.45 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 38.81 | 0.19 | (12.83)  | (12.64)  |  |  | 26.17 | (32.57)  | 77284 | 8 | 0.30 | 0.35 | 0.62 |
| 12/31/21 | 30.52 | 0.14 | 8.15 | 8.29 |  |  | 38.81 | 27.16 | 124040 | 10 | 0.29 | 0.34 | 0.39 |
| 12/31/20 | 20.56 | 0.15 | 9.81 | 9.96 |  |  | 30.52 | 48.44 | 82586 | 17 | 0.30 | 0.35 | 0.58 |
| 12/31/19 | 14.79 | 0.14 | 5.63 | 5.77 |  |  | 20.56 | 39.01 | 27179 | 10 | 0.32 | 0.37 | 0.79 |
| 12/31/18 | 15.08 | 0.14 | (0.16)  | (0.02)  | (0.11) | (0.16) | 14.79 | (0.27)  | 11183 | 7 | 0.32 | 0.37 | 0.83 |
| **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** | **JNL/Mellon Real Estate Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 16.29 | 0.28 | (4.53) | (4.25) |  |  | 12.04 | (26.09)  | 174079 | 32 | 0.66 | 0.66 | 2.05 |
| 12/31/21 | 11.74 | 0.20 | 4.35 | 4.55 |  |  | 16.29 | 38.76 | 249641 | 36 | 0.66 | 0.66 | 1.41 |
| 12/31/20 | 12.40 | 0.20 | (0.86)  | (0.66)  |  |  | 11.74 | (5.32)  | 110303 | 30 | 0.69 | 0.69 | 1.83 |
| 12/31/19 | 9.69 | 0.26 | 2.45 | 2.71 |  |  | 12.40 | 27.97 | 169550 | 36 | 0.68 | 0.68 | 2.24 |
| 12/31/18 | 10.23 | 0.42 | (0.96)  | (0.54)  |  |  | 9.69 | (5.28)  | 45116 | 61 | 0.68 | 0.68 | 4.14 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 16.46 | 0.34 | (4.59)  | (4.25)  |  |  | 12.21 | (25.82)  | 11384 | 32 | 0.31 | 0.36 | 2.45 |
| 12/31/21 | 11.82 | 0.26 | 4.38 | 4.64 |  |  | 16.46 | 39.26 | 15651 | 36 | 0.31 | 0.36 | 1.81 |
| 12/31/20 | 12.44 | 0.29 | (0.91)  | (0.62)  |  |  | 11.82 | (4.98)  | 6517 | 30 | 0.34 | 0.39 | 2.58 |
| 12/31/19 | 9.69 | 0.30 | 2.45 | 2.75 |  |  | 12.44 | 28.38 | 4130 | 36 | 0.33 | 0.38 | 2.54 |
| 12/31/18 | 10.24 | 0.34 | (0.89)  | (0.55)  |  |  | 9.69 | (5.37)  | 1922 | 61 | 0.33 | 0.38 | 3.42 |

---

(a) On April 27, 2020, JNL/Mellon Nasdaq 100 Index Fund of JNL Variable Fund LLC was
redomiciled into the JNL Series Trust. A fund was created within the JNL Series Trust to facilitate the
acquisition of the fund with the same name from JNL Variable Fund LLC. Although the fund of JNL Variable
Fund LLC was legally dissolved, it is considered the accounting survivor for financial reporting purposes,
and as a result, the Financial Highlights reflect the performance history of the acquired fund formerly
in JNL Variable Fund LLC for periods prior to April 27, 2020.

See accompanying Notes to Financial Statements.

830

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** | **JNL/Mellon S&P 500 Index Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 36.48 | 0.36 | (7.12) | (6.76) |  |  | 29.72 | (18.53)  | 10650597 | 3 | 0.52 | 0.52 | 1.13 |
| 12/31/21 | 28.48 | 0.29 | 7.71 | 8.00 |  |  | 36.48 | 28.09 | 13175436 | 3 | 0.52 | 0.52 | 0.90 |
| 12/31/20 | 24.18 | 0.32 | 3.98 | 4.30 |  |  | 28.48 | 17.78 | 10387450 | 6 | 0.53 | 0.53 | 1.31 |
| 12/31/19 | 19.49 | 0.34 | 5.59 | 5.93 | (0.34) | (0.90) | 24.18 | 30.83 | 8931615 | 5 | 0.53 | 0.53 | 1.51 |
| 12/31/18 | 21.94 | 0.32 | (1.30)  | (0.98)  | (0.31) | (1.16) | 19.49 | (4.88)  | 6897618 | 4 | 0.53 | 0.53 | 1.43 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 37.70 | 0.47 | (7.36)  | (6.89)  |  |  | 30.81 | (18.28)  | 7886 | 3 | 0.22 | 0.22 | 1.43 |
| 12/31/21 | 29.35 | 0.38 | 7.97 | 8.35 |  |  | 37.70 | 28.45 | 9552 | 3 | 0.22 | 0.22 | 1.24 |
| 12/31/20 | 24.85 | 0.40 | 4.10 | 4.50 |  |  | 29.35 | 18.11 | 263048 | 6 | 0.23 | 0.23 | 1.62 |
| 12/31/19 | 19.99 | 0.42 | 5.74 | 6.16 | (0.40) | (0.90) | 24.85 | 31.26 | 285513 | 5 | 0.23 | 0.23 | 1.80 |
| 12/31/18 | 22.45 | 0.39 | (1.33)  | (0.94)  | (0.36) | (1.16) | 19.99 | (4.61)  | 216622 | 4 | 0.23 | 0.23 | 1.70 |
| **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** | **JNL/Mellon U.S. Stock Market Index Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 19.78 | 0.17 | (4.11) | (3.94) |  |  | 15.84 | (19.92)  | 4521043 | 2 | 0.60 | 0.60 | 0.98 |
| 12/31/21 | 15.78 | 0.13 | 3.87 | 4.00 |  |  | 19.78 | 25.35 | 6594525 | 52 | 0.61 | 0.61 | 0.72 |
| 12/31/20 | 13.13 | 0.16 | 2.49 | 2.65 |  |  | 15.78 | 20.18 | 871033 | 11 | 0.56 | 0.61 | 1.19 |
| 12/31/19 | 10.09 | 0.18 | 2.86 | 3.04 |  |  | 13.13 | 30.13 | 571857 | 20 | 0.54 | 0.60 | 1.50 |
| 12/31/18 | 10.71 | 0.17 | (0.79)  | (0.62)  |  |  | 10.09 | (5.79)  | 265605 | 7 | 0.54 | 0.60 | 1.58 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 20.05 | 0.22 | (4.16)  | (3.94)  |  |  | 16.11 | (19.65)  | 59858 | 2 | 0.30 | 0.30 | 1.28 |
| 12/31/21 | 15.96 | 0.19 | 3.90 | 4.09 |  |  | 20.05 | 25.63 | 84430 | 52 | 0.30 | 0.31 | 1.00 |
| 12/31/20 | 13.23 | 0.20 | 2.53 | 2.73 |  |  | 15.96 | 20.63 | 24056 | 11 | 0.26 | 0.31 | 1.51 |
| 12/31/19 | 10.14 | 0.22 | 2.87 | 3.09 |  |  | 13.23 | 30.47 | 14065 | 20 | 0.24 | 0.30 | 1.82 |
| 12/31/18 | 10.72 | 0.23 | (0.81)  | (0.58)  |  |  | 10.14 | (5.41)  | 5260 | 7 | 0.24 | 0.30 | 2.07 |
| **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** | **JNL/Mellon Utilities Sector Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 18.66 | 0.44 | (0.29) | 0.15 |  |  | 18.81 | 0.80 | 650159 | 16 | 0.65 | 0.65 | 2.35 |
| 12/31/21 | 15.98 | 0.41 | 2.27 | 2.68 |  |  | 18.66 | 16.77 | 319659 | 16 | 0.66 | 0.66 | 2.44 |
| 12/31/20 | 16.15 | 0.41 | (0.58)  | (0.17)  |  |  | 15.98 | (1.05)  | 284687 | 25 | 0.66 | 0.66 | 2.66 |
| 12/31/19 | 13.28 | 0.39 | 2.82 | 3.21 | (0.11) | (0.23) | 16.15 | 24.20 | 343415 | 28 | 0.66 | 0.66 | 2.54 |
| 12/31/18 | 13.18 | 0.37 | 0.14 | 0.51 | (0.27) | (0.14) | 13.28 | 3.79 | 169690 | 42 | 0.69 | 0.69 | 2.77 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 18.89 | 0.51 | (0.28)  | 0.23 |  |  | 19.12 | 1.22 | 11735 | 16 | 0.30 | 0.35 | 2.69 |
| 12/31/21 | 16.13 | 0.48 | 2.28 | 2.76 |  |  | 18.89 | 17.11 | 5113 | 16 | 0.31 | 0.36 | 2.79 |
| 12/31/20 | 16.24 | 0.45 | (0.56)  | (0.11)  |  |  | 16.13 | (0.68)  | 3785 | 25 | 0.31 | 0.36 | 2.94 |
| 12/31/19 | 13.31 | 0.45 | 2.83 | 3.28 | (0.12) | (0.23) | 16.24 | 24.69 | 4534 | 28 | 0.31 | 0.36 | 2.92 |
| 12/31/18 | 13.20 | 0.43 | 0.11 | 0.54 | (0.29) | (0.14) | 13.31 | 4.03 | 1021 | 42 | 0.34 | 0.39 | 3.15 |

---

See accompanying Notes to Financial Statements.

831

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/Mellon World Index Fund(a)** | **JNL/Mellon World Index Fund(a)** | **JNL/Mellon World Index Fund(a)** | **JNL/Mellon World Index Fund(a)** | **JNL/Mellon World Index Fund(a)** | **JNL/Mellon World Index Fund(a)** | **JNL/Mellon World Index Fund(a)** | **JNL/Mellon World Index Fund(a)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 36.96 | 0.45 | (7.12) | (6.67) |  |  | 30.29 | (18.05)  | 345897 | 2 | 0.65 | 0.65 | 1.41 |
| 12/31/21 | 31.02 | 0.38 | 6.17 | 6.55 | (0.43) | (0.18) | 36.96 | 21.17 | 416249 | 8 | 0.66 | 0.66 | 1.11 |
| 12/31/20 | 27.49 | 0.36 | 3.91 | 4.27 | (0.56) | (0.18) | 31.02 | 15.61 | 363797 | 3 | 0.67 | 0.67 | 1.34 |
| 12/31/19 | 22.12 | 0.45 | 5.54 | 5.99 | (0.47) | (0.15) | 27.49 | 27.27 | 368151 | 4 | 0.67 | 0.67 | 1.79 |
| 12/31/18 | 28.54 | 0.49 | (2.79)  | (2.30)  | (1.02) | (3.10) | 22.12 | (8.84)  | 305422 | 2 | 0.67 | 0.67 | 1.74 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 37.16 | 0.56 | (7.16)  | (6.60)  |  |  | 30.56 | (17.76)  | 8408 | 2 | 0.30 | 0.35 | 1.76 |
| 12/31/21 | 31.16 | 0.50 | 6.21 | 6.71 | (0.53) | (0.18) | 37.16 | 21.59 | 8601 | 8 | 0.31 | 0.36 | 1.43 |
| 12/31/20 | 27.60 | 0.46 | 3.94 | 4.40 | (0.66) | (0.18) | 31.16 | 16.02 | 4422 | 3 | 0.32 | 0.37 | 1.69 |
| 12/31/19 | 22.19 | 0.54 | 5.58 | 6.12 | (0.56) | (0.15) | 27.60 | 27.77 | 2826 | 4 | 0.32 | 0.37 | 2.10 |
| 12/31/18 | 28.59 | 0.53 | (2.74)  | (2.21)  | (1.09) | (3.10) | 22.19 | (8.52)  | 1511 | 2 | 0.32 | 0.37 | 1.94 |
| **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** | **JNL/MFS Mid Cap Value Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 17.87 | 0.22 | (1.83) | (1.61) |  |  | 16.26 | (9.01)  | 1973870 | 19 | 0.95 | 0.95 | 1.31 |
| 12/31/21 | 13.69 | 0.13 | 4.05 | 4.18 |  |  | 17.87 | 30.53 | 2162629 | 27 | 0.95 | 0.95 | 0.79 |
| 12/31/20 | 13.18 | 0.13 | 0.38 | 0.51 |  |  | 13.69 | 3.87 | 1655807 | 32 | 0.96 | 0.96 | 1.15 |
| 12/31/19 | 10.07 | 0.15 | 2.96 | 3.11 |  |  | 13.18 | 30.88 | 1237628 | 22 | 0.96 | 0.96 | 1.24 |
| 12/31/18 | 12.13 | 0.14 | (1.51)  | (1.37)  | (0.05) | (0.64) | 10.07 | (11.68)  | 1027972 | 40 | 0.96 | 0.96 | 1.15 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 18.16 | 0.27 | (1.86)  | (1.59)  |  |  | 16.57 | (8.76)  | 45649 | 19 | 0.65 | 0.65 | 1.62 |
| 12/31/21 | 13.87 | 0.18 | 4.11 | 4.29 |  |  | 18.16 | 30.93 | 47902 | 27 | 0.65 | 0.65 | 1.11 |
| 12/31/20 | 13.32 | 0.17 | 0.38 | 0.55 |  |  | 13.87 | 4.13 | 25779 | 32 | 0.66 | 0.66 | 1.44 |
| 12/31/19 | 10.14 | 0.18 | 3.00 | 3.18 |  |  | 13.32 | 31.36 | 187007 | 22 | 0.66 | 0.66 | 1.53 |
| 12/31/18 | 12.20 | 0.18 | (1.53)  | (1.35)  | (0.07) | (0.64) | 10.14 | (11.46)  | 173400 | 40 | 0.66 | 0.66 | 1.50 |
| **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** | **JNL/Morningstar PitchBook Listed Private Equity Index Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 12.07 | 0.18 | (4.34) | (4.16) |  |  | 7.91 | (34.47)  | 3548 | 67 | 0.71 | 0.71 | 2.06 |
| 12/31/21<br> (b) | 10.00 | 0.06 | 2.01 | 2.07 |  |  | 12.07 | 20.70 | 4200 | 56 | 0.72 | 0.72 | 0.80 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 12.10 | 0.22 | (4.37)  | (4.15)  |  |  | 7.95 | (34.30)  | 3972 | 67 | 0.41 | 0.41 | 2.42 |
| 12/31/21<br> (b) | 10.00 | 0.14 | 1.96 | 2.10 |  |  | 12.10 | 21.00 | 6046 | 56 | 0.42 | 0.42 | 1.82 |

---

(a) On April 27, 2020, JNL/Mellon MSCI World Index Fund of JNL Variable Fund LLC was
redomiciled into the JNL Series Trust. A fund was created within the JNL Series Trust to facilitate the
acquisition of the fund with the same name from JNL Variable Fund LLC. Although the fund of JNL Variable
Fund LLC was legally dissolved, it is considered the accounting survivor for financial reporting purposes,
and as a result, the Financial Highlights reflect the performance history of the acquired fund formerly
in JNL Variable Fund LLC for periods prior to April 27, 2020.

(b) The Fund commenced operations
on April 26, 2021.

See accompanying Notes to Financial Statements.

832

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/Morningstar U.S. Sustainability Index Fund(a)** | **JNL/Morningstar U.S. Sustainability Index Fund(a)** | **JNL/Morningstar U.S. Sustainability Index Fund(a)** | **JNL/Morningstar U.S. Sustainability Index Fund(a)** | **JNL/Morningstar U.S. Sustainability Index Fund(a)** | **JNL/Morningstar U.S. Sustainability Index Fund(a)** | **JNL/Morningstar U.S. Sustainability Index Fund(a)** | **JNL/Morningstar U.S. Sustainability Index Fund(a)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 21.71 | 0.15 | (4.49) | (4.34) |  |  | 17.37 | (19.99)  | 218915 | 68 | 0.73 | 0.73 | 0.84 |
| 12/31/21 | 16.62 | 0.12 | 4.97 | 5.09 |  |  | 21.71 | 30.63 | 320580 | 24 | 0.76 | 0.76 | 0.61 |
| 12/31/20 | 13.79 | 0.13 | 2.70 | 2.83 |  |  | 16.62 | 20.52 | 145944 | 13 | 0.76 | 0.76 | 0.93 |
| 12/31/19 | 10.55 | 0.13 | 3.11 | 3.24 |  |  | 13.79 | 30.71 | 65912 | 12 | 0.75 | 0.75 | 1.07 |
| 12/31/18 | 11.06 | 0.13 | (0.61)  | (0.48)  |  | (0.03) | 10.55 | (4.30)  | 28508 | 15 | 0.75 | 0.75 | 1.12 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 21.97 | 0.22 | (4.55)  | (4.33)  |  |  | 17.64 | (19.71)  | 9841 | 68 | 0.38 | 0.43 | 1.21 |
| 12/31/21 | 16.76 | 0.19 | 5.02 | 5.21 |  |  | 21.97 | 31.09 | 11279 | 24 | 0.41 | 0.46 | 0.97 |
| 12/31/20 | 13.86 | 0.18 | 2.72 | 2.90 |  |  | 16.76 | 20.92 | 4880 | 13 | 0.41 | 0.46 | 1.21 |
| 12/31/19 | 10.56 | 0.18 | 3.12 | 3.30 |  |  | 13.86 | 31.25 | 424 | 12 | 0.40 | 0.45 | 1.42 |
| 12/31/18 | 11.05 | 0.17 | (0.63)  | (0.46)  |  | (0.03) | 10.56 | (4.12)  | 144 | 15 | 0.40 | 0.45 | 1.53 |
| **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** | **JNL/Morningstar Wide Moat Index Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 14.70 | 0.11 | (2.09) | (1.98) | (0.17) | (2.59) | 9.96 | (13.80)  | 380653 | 71 | 0.76 | 0.76 | 0.87 |
| 12/31/21 | 13.18 | 0.15 | 2.96 | 3.11 | (0.19) | (1.40) | 14.70 | 23.89 | 392339 | 61 | 0.76 | 0.76 | 0.96 |
| 12/31/20 | 12.42 | 0.18 | 1.56 | 1.74 | (0.15) | (0.83) | 13.18 | 14.17 | 244640 | 72 | 0.77 | 0.77 | 1.45 |
| 12/31/19 | 9.28 | 0.17 | 3.04 | 3.21 | (0.07) |  | 12.42 | 34.64 | 148162 | 73 | 0.77 | 0.77 | 1.56 |
| 12/31/18<br> (b) | 10.00 | 0.07 | (0.79)  | (0.72)  |  |  | 9.28 | (7.20)  | 86073 | 40 | 0.77 | 0.77 | 1.91 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 14.83 | 0.15 | (2.11)  | (1.96)  | (0.20) | (2.59) | 10.08 | (13.52)  | 408289 | 71 | 0.46 | 0.46 | 1.15 |
| 12/31/21 | 13.26 | 0.19 | 2.99 | 3.18 | (0.21) | (1.40) | 14.83 | 24.31 | 639557 | 61 | 0.46 | 0.46 | 1.24 |
| 12/31/20 | 12.47 | 0.21 | 1.58 | 1.79 | (0.17) | (0.83) | 13.26 | 14.47 | 634550 | 72 | 0.47 | 0.47 | 1.74 |
| 12/31/19 | 9.29 | 0.20 | 3.06 | 3.26 | (0.08) |  | 12.47 | 35.11 | 574922 | 73 | 0.47 | 0.47 | 1.85 |
| 12/31/18<br> (b) | 10.00 | 0.09 | (0.80)  | (0.71)  |  |  | 9.29 | (7.10)  | 392677 | 40 | 0.47 | 0.47 | 2.37 |
| **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** | **JNL/Neuberger Berman Commodity Strategy Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.78 | 0.20 | 2.77 | 2.97 |  |  | 16.75 | 21.55 | 65072 | 19 | 0.91 | 0.91 | 1.19 |
| 12/31/21 | 10.62 | (0.11)  | 3.27 | 3.16 |  |  | 13.78 | 29.76 | 25559 | 36 | 0.90 | 0.90 | (0.86)  |
| 12/31/20 | 11.02 | 0.00 | (0.40)  | (0.40)  |  |  | 10.62 | (3.63)  | 12822 | 106 | 0.92 | 0.92 | (0.05)  |
| 12/31/19<br> (c) | 10.02 | 0.19 | 1.02 | 1.21 | (0.21) |  | 11.02 | 12.09 | 17165 | 94 | 0.90 | 0.90 | 1.77 |
| 12/31/18<br> (c) | 11.24 | 0.15 | (1.33)  | (1.18)  | (0.04) |  | 10.02 | (10.56)  | 15918 | 121 | 0.92 | 0.92 | 1.36 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.87 | 0.36 | 2.69 | 3.05 |  |  | 16.92 | 21.99 | 317695 | 19 | 0.61 | 0.61 | 2.16 |
| 12/31/21 | 10.65 | (0.06)  | 3.28 | 3.22 |  |  | 13.87 | 30.23 | 1 | 36 | 0.60 | 0.60 | (0.46)  |
| 12/31/20 | 11.05 | 0.12 | (0.52)  | (0.40)  |  |  | 10.65 | (3.62)  |  | 106 | 0.62 | 0.62 | 1.22 |
| 12/31/19<br> (c) | 10.04 | 0.23 | 1.02 | 1.25 | (0.24) |  | 11.05 | 12.48 | 92021 | 94 | 0.60 | 0.60 | 2.10 |
| 12/31/18<br> (c) | 11.24 | 0.20 | (1.34)  | (1.14)  | (0.06) |  | 10.04 | (10.22)  | 147737 | 121 | 0.62 | 0.62 | 1.76 |

---

(a) Effective April 25, 2022, JNL/Mellon MSCI KLD 400 Social Index Fund name was changed
to JNL/Morningstar U.S. Sustainability Index Fund.

(b) The Fund commenced operations
on August 13, 2018.

(c) Consolidated Financial Statements.

See accompanying Notes to Financial Statements.

833

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** | **JNL/Neuberger Berman Gold Plus Strategy Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22<br> (a) | 10.00 | 0.08 | (0.79) | (0.71) |  |  | 9.29 | (7.10)  | 16599 | 5 | 1.19 | 1.19 | 1.25 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22<br> (a) | 10.00 | 0.10 | (0.78)  | (0.68)  |  |  | 9.32 | (6.80)  | 1 | 5 | 0.79 | 0.79 | 1.52 |
| **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** | **JNL/Neuberger Berman Strategic Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 12.38 | 0.39 | (1.73) | (1.34) |  |  | 11.04 | (10.82)  | 562041 | 55<br> (b) | 0.94 | 0.94 | 3.42 |
| 12/31/21 | 12.06 | 0.31 | 0.01 | 0.32 |  |  | 12.38 | 2.65 | 705176 | 68<br> (b) | 0.93 | 0.93 | 2.53 |
| 12/31/20 | 11.27 | 0.31 | 0.48 | 0.79 |  |  | 12.06 | 7.01 | 638226 | 116<br> (b) | 0.94 | 0.94 | 2.76 |
| 12/31/19 | 10.58 | 0.34 | 0.65 | 0.99 | (0.30) |  | 11.27 | 9.35 | 670622 | 95<br> (b) | 0.94 | 0.94 | 3.03 |
| 12/31/18 | 11.08 | 0.35 | (0.63)  | (0.28)  | (0.22) |  | 10.58 | (2.54)  | 617989 | 96<br> (b) | 0.94 | 0.94 | 3.20 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 12.56 | 0.43 | (1.76)  | (1.33)  |  |  | 11.23 | (10.59)  | 83256 | 55<br> (b) | 0.64 | 0.64 | 3.69 |
| 12/31/21 | 12.19 | 0.35 | 0.02 | 0.37 |  |  | 12.56 | 3.04 | 166937 | 68<br> (b) | 0.63 | 0.63 | 2.84 |
| 12/31/20 | 11.36 | 0.35 | 0.48 | 0.83 |  |  | 12.19 | 7.31 | 169051 | 116<br> (b) | 0.64 | 0.64 | 3.07 |
| 12/31/19 | 10.67 | 0.36 | 0.66 | 1.02 | (0.33) |  | 11.36 | 9.60 | 220007 | 95<br> (b) | 0.64 | 0.64 | 3.19 |
| 12/31/18 | 11.15 | 0.40 | (0.63)  | (0.23)  | (0.25) |  | 10.67 | (2.12)  | 65642 | 96<br> (b) | 0.64 | 0.64 | 3.63 |
| **JNL/Newton Equity Income Fund(c)** | **JNL/Newton Equity Income Fund(c)** | **JNL/Newton Equity Income Fund(c)** | **JNL/Newton Equity Income Fund(c)** | **JNL/Newton Equity Income Fund(c)** | **JNL/Newton Equity Income Fund(c)** | **JNL/Newton Equity Income Fund(c)** | **JNL/Newton Equity Income Fund(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 25.00 | 0.37 | 0.58 | 0.95 |  |  | 25.95 | 3.80 | 1715044 | 76 | 0.90 | 0.90 | 1.48 |
| 12/31/21 | 18.83 | 0.28 | 5.89 | 6.17 |  |  | 25.00 | 32.77 | 547497 | 96 | 0.91 | 0.91 | 1.21 |
| 12/31/20 | 18.38 | 0.26 | 0.19 | 0.45 |  |  | 18.83 | 2.45 | 207104 | 80 | 0.90 | 0.90 | 1.64 |
| 12/31/19 | 14.29 | 0.29 | 3.80 | 4.09 |  |  | 18.38 | 28.62 | 235788 | 58 | 0.91 | 0.91 | 1.77 |
| 12/31/18 | 17.17 | 0.28 | (1.82)  | (1.54)  | (0.19) | (1.15) | 14.29 | (9.61)  | 174006 | 65 | 0.91 | 0.91 | 1.65 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 25.29 | 0.53 | 0.51 | 1.04 |  |  | 26.33 | 4.11 | 157541 | 76 | 0.60 | 0.60 | 2.08 |
| 12/31/21 | 18.99 | 0.36 | 5.94 | 6.30 |  |  | 25.29 | 33.18 | 10008 | 96 | 0.61 | 0.61 | 1.53 |
| 12/31/20 | 18.48 | 0.33 | 0.18 | 0.51 |  |  | 18.99 | 2.76 | 3084 | 80 | 0.60 | 0.60 | 1.98 |
| 12/31/19 | 14.33 | 0.35 | 3.80 | 4.15 |  |  | 18.48 | 28.96 | 289241 | 58 | 0.61 | 0.61 | 2.08 |
| 12/31/18 | 17.18 | 0.36 | (1.85)  | (1.49)  | (0.21) | (1.15) | 14.33 | (9.27)  | 83601 | 65 | 0.61 | 0.61 | 2.38 |
| **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 11.25 | 0.38 | (1.29) | (0.91) |  |  | 10.34 | (8.09)  | 733830 | 407 | 0.94<br> (d) | 0.94<br> (d) | 3.66 |
| 12/31/21 | 11.03 | 0.28 | (0.06)  | 0.22 |  |  | 11.25 | 1.99 | 913625 | 464 | 0.93 | 0.93 | 2.48 |
| 12/31/20 | 10.51 | 0.27 | 0.25 | 0.52 |  |  | 11.03 | 4.95 | 796728 | 524 | 0.94<br> (d) | 0.94<br> (d) | 2.57 |
| 12/31/19 | 10.02 | 0.33 | 0.45 | 0.78 | (0.29) |  | 10.51 | 7.82 | 680208 | 365 | 0.94<br> (d) | 0.94<br> (d) | 3.13 |
| 12/31/18 | 10.07 | 0.27 | (0.28)  | (0.01)  | (0.04) |  | 10.02 | (0.11)  | 388700 | 207 | 0.97<br> (d) | 0.97<br> (d) | 2.70 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 11.39 | 0.42 | (1.31)  | (0.89)  |  |  | 10.50 | (7.81)  | 512658 | 407 | 0.64<br> (d) | 0.64<br> (d) | 3.95 |
| 12/31/21 | 11.13 | 0.31 | (0.05)  | 0.26 |  |  | 11.39 | 2.34 | 787820 | 464 | 0.63 | 0.63 | 2.77 |
| 12/31/20 | 10.57 | 0.30 | 0.26 | 0.56 |  |  | 11.13 | 5.30 | 908423 | 524 | 0.64<br> (d) | 0.64<br> (d) | 2.87 |
| 12/31/19 | 10.06 | 0.36 | 0.45 | 0.81 | (0.30) |  | 10.57 | 8.13 | 871145 | 365 | 0.64<br> (d) | 0.64<br> (d) | 3.43 |
| 12/31/18 | 10.08 | 0.30 | (0.28)  | 0.02 | (0.04) |  | 10.06 | 0.20 | 670255 | 207 | 0.67<br> (d) | 0.67<br> (d) | 2.98 |

---

(a) The Fund commenced operations on April 25, 2022.

(b) Portfolio turnover including
dollar roll transactions for JNL/Neuberger Berman Strategic Income Fund was 363%, 322%, 385% , 305%
and 309% in 2018, 2019, 2020, 2021 and 2022 respectively.

(c) Effective April 25, 2022,
JNL/Mellon Equity Income Fund name was changed to JNL/Newton Equity Income Fund.

(d) The
total and net expense ratios, respectively, to average net assets without dividend expenses, net borrowing
fees on securities sold short or interest expense for JNL/PIMCO Income Fund were as follows: Class A:
December 31, 2022: 0.94%, 0.94% December 31, 2020: 0.94%, 0.94% December 31, 2019: 0.94%, 0.94% December
31, 2018: 0.95%, 0.95% Class I: December 31, 2022: 0.64%, 0.64% December 31, 2020: 0.64%, 0.64% December
31, 2019: 0.64%, 0.64% December 31, 2018: 0.65%, 0.65%

See accompanying Notes to Financial Statements.

834

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** | **JNL/PIMCO Investment Grade Credit Bond Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.33 | 0.36 | (2.57) | (2.21) |  |  | 11.12 | (16.58)  | 452278 | 74 | 0.81<br> (a) | 0.81<br> (a) | 3.08 |
| 12/31/21 | 13.55 | 0.35 | (0.57)  | (0.22)  |  |  | 13.33 | (1.62)  | 635066 | 105 | 0.73<br> (a) | 0.73<br> (a) | 2.61 |
| 12/31/20 | 12.26 | 0.30 | 0.99 | 1.29 |  |  | 13.55 | 10.52 | 716376 | 167 | 0.74<br> (a) | 0.74<br> (a) | 2.30 |
| 12/31/19 | 10.97 | 0.38 | 1.20 | 1.58 | (0.29) |  | 12.26 | 14.47 | 497732 | 183 | 0.92<br> (a) | 0.92<br> (a) | 3.20 |
| 12/31/18 | 11.71 | 0.39 | (0.69)  | (0.30)  | (0.33) | (0.11) | 10.97 | (2.56)  | 281787 | 150 | 0.91<br> (a) | 0.91<br> (a) | 3.41 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.43 | 0.40 | (2.58)  | (2.18)  |  |  | 11.25 | (16.23)  | 479106 | 74 | 0.51<br> (a) | 0.51<br> (a) | 3.37 |
| 12/31/21 | 13.62 | 0.39 | (0.58)  | (0.19)  |  |  | 13.43 | (1.40)  | 1001193 | 105 | 0.43<br> (a) | 0.43<br> (a) | 2.91 |
| 12/31/20 | 12.28 | 0.33 | 1.01 | 1.34 |  |  | 13.62 | 10.91 | 1165502 | 167 | 0.44<br> (a) | 0.44<br> (a) | 2.58 |
| 12/31/19 | 10.98 | 0.41 | 1.21 | 1.62 | (0.32) |  | 12.28 | 14.75 | 613139 | 183 | 0.62<br> (a) | 0.62<br> (a) | 3.44 |
| 12/31/18 | 11.72 | 0.42 | (0.68)  | (0.26)  | (0.37) | (0.11) | 10.98 | (2.26)  | 138829 | 150 | 0.61<br> (a) | 0.61<br> (a) | 3.70 |
| **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** | **JNL/PIMCO Real Return Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 12.30 | 0.65 | (2.10) | (1.45) |  |  | 10.85 | (11.79)  | 1172015 | 39 | 0.95<br> (b) | 0.95<br> (b) | 5.68 |
| 12/31/21 | 11.67 | 0.37 | 0.26 | 0.63 |  |  | 12.30 | 5.40 | 1449465 | 49 | 0.81<br> (b) | 0.81<br> (b) | 3.09 |
| 12/31/20 | 10.47 | 0.08 | 1.12 | 1.20 |  |  | 11.67 | 11.46 | 1238237 | 179 | 0.95<br> (b) | 0.95<br> (b) | 0.75 |
| 12/31/19 | 9.66 | 0.12 | 0.69 | 0.81 |  |  | 10.47 | 8.39 | 1023793 | 225 | 1.67<br> (b) | 1.67<br> (b) | 1.21 |
| 12/31/18 | 9.95 | 0.18 | (0.40)  | (0.22)  | (0.07) |  | 9.66 | (2.23)  | 1045541 | 258 | 1.58<br> (b) | 1.58<br> (b) | 1.85 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 12.55 | 0.70 | (2.15)  | (1.45)  |  |  | 11.10 | (11.55)  | 364464 | 39 | 0.65<br> (b) | 0.65<br> (b) | 5.99 |
| 12/31/21 | 11.86 | 0.43 | 0.26 | 0.69 |  |  | 12.55 | 5.82 | 467665 | 49 | 0.51<br> (b) | 0.51<br> (b) | 3.56 |
| 12/31/20 | 10.61 | 0.12 | 1.13 | 1.25 |  |  | 11.86 | 11.78 | 347527 | 179 | 0.65<br> (b) | 0.65<br> (b) | 1.05 |
| 12/31/19 | 9.76 | 0.16 | 0.69 | 0.85 |  |  | 10.61 | 8.71 | 359304 | 225 | 1.37<br> (b) | 1.37<br> (b) | 1.55 |
| 12/31/18 | 10.06 | 0.21 | (0.41)  | (0.20)  | (0.10) |  | 9.76 | (1.95)  | 709718 | 258 | 1.28<br> (b) | 1.28<br> (b) | 2.15 |
| **JNL/PPM America Floating Rate Income Fund** | **JNL/PPM America Floating Rate Income Fund** | **JNL/PPM America Floating Rate Income Fund** | **JNL/PPM America Floating Rate Income Fund** | **JNL/PPM America Floating Rate Income Fund** | **JNL/PPM America Floating Rate Income Fund** | **JNL/PPM America Floating Rate Income Fund** | **JNL/PPM America Floating Rate Income Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 11.40 | 0.58 | (1.11) | (0.53) |  |  | 10.87 | (4.65)  | 1196910 | 68 | 0.89 | 0.93 | 5.27 |
| 12/31/21 | 10.99 | 0.39 | 0.02 | 0.41 |  |  | 11.40 | 3.73 | 1197306 | 106 | 0.93 | 0.93 | 3.51 |
| 12/31/20 | 10.94 | 0.35 | (0.30)  | 0.05 |  |  | 10.99 | 0.46 | 1068399 | 27 | 0.93 | 0.93 | 3.33 |
| 12/31/19 | 10.11 | 0.48 | 0.35 | 0.83 |  |  | 10.94 | 8.21 | 1406085 | 36 | 0.92 | 0.92 | 4.48 |
| 12/31/18 | 10.54 | 0.44 | (0.54)  | (0.10)  | (0.33) |  | 10.11 | (1.02)  | 1601915 | 68 | 0.93 | 0.93 | 4.12 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 11.52 | 0.62 | (1.12)  | (0.50)  |  |  | 11.02 | (4.34)  | 19194 | 68 | 0.59 | 0.63 | 5.54 |
| 12/31/21 | 11.07 | 0.44 | 0.01 | 0.45 |  |  | 11.52 | 4.06 | 10903 | 106 | 0.63 | 0.63 | 3.86 |
| 12/31/20 | 10.99 | 0.42 | (0.34)  | 0.08 |  |  | 11.07 | 0.73 | 5457 | 27 | 0.63 | 0.63 | 3.98 |
| 12/31/19 | 10.12 | 0.51 | 0.36 | 0.87 |  |  | 10.99 | 8.60 | 30209 | 36 | 0.62 | 0.62 | 4.77 |
| 12/31/18 | 10.55 | 0.47 | (0.54)  | (0.07)  | (0.36) |  | 10.12 | (0.82)  | 29676 | 68 | 0.63 | 0.63 | 4.39 |

---

(a) The total and net expense ratios, respectively, to average net assets without
dividend expenses, net borrowing fees on securities sold short or interest expense for JNL/PIMCO Investment
Grade Credit Bond Fund were as follows: Class A: December 31, 2022: 0.74%, 0.74% December 31, 2021: 0.73%,
0.73% December 31, 2020: 0.74%, 0.74% December 31, 2019: 0.74%, 0.74% December 31, 2018: 0.75%, 0.75%
Class I: December 31, 2022: 0.44%, 0.44% December 31, 2021: 0.43%, 0.43% December 31, 2020: 0.44%, 0.44%
December 31, 2019: 0.46%, 0.46% December 31, 2018: 0.45%, 0.45%

(b) The total and net expense
ratios, respectively, to average net assets without dividend expenses, net borrowing fees on securities
sold short or interest expense for JNL/PIMCO Real Return Fund were as follows: Class A: December 31,
2022: 0.79%, 0.79% December 31, 2021: 0.79%, 0.79% December 31, 2020: 0.79%, 0.79% December 31, 2019:
0.81%, 0.81% December 31, 2018: 0.79%, 0.79% Class I: December 31, 2022: 0.49%, 0.49% December 31, 2021:
0.49%, 0.49% December 31, 2020: 0.49%, 0.49% December 31, 2019: 0.51%, 0.51% December 31, 2018: 0.49%,
0.49%

See accompanying Notes to Financial Statements.

835

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** | **JNL/PPM America High Yield Bond Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 15.45 | 0.80 | (2.61) | (1.81) |  |  | 13.64 | (11.72)  | 1155672 | 49 | 0.74 | 0.74 | 5.65 |
| 12/31/21 | 14.61 | 0.75 | 0.09 | 0.84 |  |  | 15.45 | 5.75 | 1537895 | 62 | 0.74 | 0.74 | 4.95 |
| 12/31/20 | 13.90 | 0.70 | 0.01 | 0.71 |  |  | 14.61 | 5.11<br> (a) | 1412152 | 77 | 0.74 | 0.74 | 5.18 |
| 12/31/19 | 12.13 | 0.69 | 1.08 | 1.77 |  |  | 13.90 | 14.59 | 1585066 | 75 | 0.74 | 0.74 | 5.23 |
| 12/31/18 | 13.64 | 0.73 | (1.42)  | (0.69)  | (0.82) |  | 12.13 | (5.30)  | 1434059 | 52 | 0.74 | 0.74 | 5.42 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 18.27 | 0.99 | (3.08)  | (2.09)  |  |  | 16.18 | (11.44)  | 231880 | 49 | 0.44 | 0.44 | 5.89 |
| 12/31/21 | 17.22 | 0.93 | 0.12 | 1.05 |  |  | 18.27 | 6.10 | 411167 | 62 | 0.44 | 0.44 | 5.26 |
| 12/31/20 | 16.33 | 0.87 | 0.02 | 0.89 |  |  | 17.22 | 5.45<br> (a) | 491339 | 77 | 0.44 | 0.44 | 5.48 |
| 12/31/19 | 14.21 | 0.86 | 1.26 | 2.12 |  |  | 16.33 | 14.92 | 504753 | 75 | 0.44 | 0.44 | 5.53 |
| 12/31/18 | 15.84 | 0.89 | (1.66)  | (0.77)  | (0.86) |  | 14.21 | (5.06)  | 507235 | 52 | 0.44 | 0.44 | 5.73 |
| **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** | **JNL/PPM America Total Return Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.78 | 0.28 | (2.22) | (1.94) |  |  | 11.84 | (14.08)  | 544995 | 75<br> (b) | 0.78 | 0.78 | 2.28 |
| 12/31/21 | 13.94 | 0.21 | (0.37)  | (0.16)  |  |  | 13.78 | (1.15)  | 784767 | 105<br> (b) | 0.78 | 0.78 | 1.55 |
| 12/31/20 | 12.69 | 0.26 | 0.99 | 1.25 |  |  | 13.94 | 9.85 | 821727 | 80<br> (b) | 0.78 | 0.78 | 1.90 |
| 12/31/19 | 11.53 | 0.31 | 0.85 | 1.16 |  |  | 12.69 | 10.06 | 456735 | 95<br> (b) | 0.80 | 0.80 | 2.54 |
| 12/31/18 | 11.95 | 0.32 | (0.47)  | (0.15)  | (0.27) |  | 11.53 | (1.23)  | 332524 | 65<br> (b) | 0.80 | 0.80 | 2.72 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 13.87 | 0.32 | (2.23)  | (1.91)  |  |  | 11.96 | (13.77)  | 768233 | 75<br> (b) | 0.48 | 0.48 | 2.58 |
| 12/31/21 | 13.99 | 0.26 | (0.38)  | (0.12)  |  |  | 13.87 | (0.86)  | 1177823 | 105<br> (b) | 0.48 | 0.48 | 1.85 |
| 12/31/20 | 12.69 | 0.30 | 1.00 | 1.30 |  |  | 13.99 | 10.24 | 1176797 | 80<br> (b) | 0.48 | 0.48 | 2.22 |
| 12/31/19 | 11.50 | 0.35 | 0.84 | 1.19 |  |  | 12.69 | 10.35 | 933513 | 95<br> (b) | 0.50 | 0.50 | 2.86 |
| 12/31/18 | 11.96 | 0.35 | (0.47)  | (0.12)  | (0.34) |  | 11.50 | (0.97)  | 787240 | 65<br> (b) | 0.50 | 0.50 | 3.01 |
| **JNL/RAFI Fundamental U.S. Small Cap Fund(c)** | **JNL/RAFI Fundamental U.S. Small Cap Fund(c)** | **JNL/RAFI Fundamental U.S. Small Cap Fund(c)** | **JNL/RAFI Fundamental U.S. Small Cap Fund(c)** | **JNL/RAFI Fundamental U.S. Small Cap Fund(c)** | **JNL/RAFI Fundamental U.S. Small Cap Fund(c)** | **JNL/RAFI Fundamental U.S. Small Cap Fund(c)** | **JNL/RAFI Fundamental U.S. Small Cap Fund(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 8.70 | 0.09 | (1.31) | (1.22) |  |  | 7.48 | (14.02)  | 404209 | 21 | 0.67 | 0.67 | 1.10 |
| 12/31/21 | 6.68 | 0.06 | 1.96 | 2.02 |  |  | 8.70 | 30.24 | 534346 | 40 | 0.67 | 0.67 | 0.75 |
| 12/31/20 | 6.15 | 0.06 | 0.47 | 0.53 |  |  | 6.68 | 8.62 | 411422 | 26 | 0.67 | 0.67 | 1.10 |
| 12/31/19<br> (d) | 5.57 | 0.09 | 0.67 | 0.76 | (0.08) | (0.10) | 6.15 | 13.61 | 422668 | 182 | 0.67 | 0.67 | 1.55 |
| 12/31/18 | 9.15 | 0.09 | (1.93)  | (1.84)  | (0.17) | (1.57) | 5.57 | (22.96)  | 419116 | 90 | 0.66 | 0.66 | 1.08 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 8.54 | 0.11 | (1.28)  | (1.17)  |  |  | 7.37 | (13.70)  | 5188 | 21 | 0.32 | 0.37 | 1.45 |
| 12/31/21 | 6.53 | 0.09 | 1.92 | 2.01 |  |  | 8.54 | 30.78 | 7080 | 40 | 0.32 | 0.37 | 1.11 |
| 12/31/20 | 5.99 | 0.08 | 0.46 | 0.54 |  |  | 6.53 | 9.02 | 2690 | 26 | 0.32 | 0.37 | 1.50 |
| 12/31/19<br> (d) | 5.43 | 0.11 | 0.65 | 0.76 | (0.10) | (0.10) | 5.99 | 14.03 | 1604 | 182 | 0.32 | 0.37 | 1.87 |
| 12/31/18 | 8.97 | 0.12 | (1.90)  | (1.78)  | (0.19) | (1.57) | 5.43 | (22.73)  | 1189 | 90 | 0.31 | 0.36 | 1.51 |

---

(a) Total return for the Fund includes class action settlement proceeds. The return
for Class A and Class I, respectively, without the class action settlement proceeds was as follows: JNL/PPM
America High Yield Bond Fund: 5.04% and 5.39%

(b) Portfolio turnover including dollar roll transactions for
JNL/PPM America Total Return Fund was 70%, 97% , 118%, 146% and 97% in 2018, 2019, 2020, 2021 and 2022
respectively.

(c) On June 24, 2019, JNL/RAFI Fundamental U.S. Small Cap Fund completed the acquisition
of JNL/Mellon Capital S&P SMid 60 Fund, which is a series in JNL Variable Fund LLC. JNL/Mellon Capital
S&P SMid 60 Fund is considered the accounting survivor for financial reporting purposes, and as a
result, the Financial Highlights reflect activity of the fund formerly in JNL Variable Fund LLC for periods
prior to June 24, 2019.

(d) The Fund commenced operations on June 24, 2019.

See accompanying Notes to Financial Statements.

836

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/RAFI Multi-Factor U.S. Equity Fund(a)** | **JNL/RAFI Multi-Factor U.S. Equity Fund(a)** | **JNL/RAFI Multi-Factor U.S. Equity Fund(a)** | **JNL/RAFI Multi-Factor U.S. Equity Fund(a)** | **JNL/RAFI Multi-Factor U.S. Equity Fund(a)** | **JNL/RAFI Multi-Factor U.S. Equity Fund(a)** | **JNL/RAFI Multi-Factor U.S. Equity Fund(a)** | **JNL/RAFI Multi-Factor U.S. Equity Fund(a)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 19.83 | 0.30 | (1.89) | (1.59) |  |  | 18.24 | (8.02)  | 2174350 | 33 | 0.67 | 0.67 | 1.63 |
| 12/31/21 | 15.69 | 0.21 | 3.93 | 4.14 |  |  | 19.83 | 26.39 | 2725657 | 36 | 0.67 | 0.67 | 1.18 |
| 12/31/20 | 14.27 | 0.21 | 1.21 | 1.42 |  |  | 15.69 | 9.95 | 2556362 | 40 | 0.67 | 0.67 | 1.60 |
| 12/31/19<br> (b) | 13.75 | 0.28 | 2.21 | 2.49 | (0.39) | (1.58) | 14.27 | 19.54 | 2773817 | 153 | 0.65 | 0.65 | 2.03 |
| 12/31/18 | 15.61 | 0.34 | (1.84)  | (1.50)  | (0.36) |  | 13.75 | (9.73)  | 2701778 | 60 | 0.63 | 0.63 | 2.16 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 19.99 | 0.36 | (1.91)  | (1.55)  |  |  | 18.44 | (7.75)  | 21945 | 33 | 0.37 | 0.37 | 1.94 |
| 12/31/21 | 15.77 | 0.27 | 3.95 | 4.22 |  |  | 19.99 | 26.76 | 25867 | 36 | 0.37 | 0.37 | 1.49 |
| 12/31/20 | 14.30 | 0.26 | 1.21 | 1.47 |  |  | 15.77 | 10.28 | 17528 | 40 | 0.37 | 0.37 | 1.90 |
| 12/31/19<br> (b) | 13.80 | 0.37 | 2.15 | 2.52 | (0.44) | (1.58) | 14.30 | 19.76 | 18114 | 153 | 0.34 | 0.34 | 2.55 |
| 12/31/18 | 15.66 | 0.39 | (1.85)  | (1.46)  | (0.40) |  | 13.80 | (9.46)  | 219158 | 60 | 0.33 | 0.33 | 2.47 |
| **JNL/T. Rowe Price Balanced Fund(c)** | **JNL/T. Rowe Price Balanced Fund(c)** | **JNL/T. Rowe Price Balanced Fund(c)** | **JNL/T. Rowe Price Balanced Fund(c)** | **JNL/T. Rowe Price Balanced Fund(c)** | **JNL/T. Rowe Price Balanced Fund(c)** | **JNL/T. Rowe Price Balanced Fund(c)** | **JNL/T. Rowe Price Balanced Fund(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 17.18 | 0.22 | (3.25) | (3.03) |  |  | 14.15 | (17.64)  | 442413 | 151 | 1.00 | 1.00 | 1.45 |
| 12/31/21 | 15.24 | 0.14 | 1.80 | 1.94 |  |  | 17.18 | 12.73 | 566873 | 156 | 1.00 | 1.00 | 0.87 |
| 12/31/20 | 13.61 | 0.15 | 1.48 | 1.63 |  |  | 15.24 | 11.98 | 501928 | 126 | 1.01 | 1.01 | 1.13 |
| 12/31/19 | 11.06 | 0.20 | 2.35 | 2.55 |  |  | 13.61 | 23.06 | 507773 | 82 | 1.00 | 1.00 | 1.61 |
| 12/31/18 | 11.88 | 0.09 | (0.91)  | (0.82)  |  |  | 11.06 | (6.90)  | 477118 | 216 | 0.88 | 0.88 | 0.73 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 17.39 | 0.26 | (3.29)  | (3.03)  |  |  | 14.36 | (17.42)  | 3278 | 151 | 0.70 | 0.70 | 1.76 |
| 12/31/21 | 15.38 | 0.19 | 1.82 | 2.01 |  |  | 17.39 | 13.07 | 2398 | 156 | 0.70 | 0.70 | 1.15 |
| 12/31/20 | 13.70 | 0.18 | 1.50 | 1.68 |  |  | 15.38 | 12.26 | 668 | 126 | 0.71 | 0.71 | 1.26 |
| 12/31/19 | 11.10 | 0.23 | 2.37 | 2.60 |  |  | 13.70 | 23.42 | 2 | 82 | 0.70 | 0.70 | 1.86 |
| 12/31/18 | 11.90 | 0.12 | (0.92)  | (0.80)  |  |  | 11.10 | (6.72)  | 1 | 216 | 0.65 | 0.65 | 0.98 |
| **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** | **JNL/T. Rowe Price Capital Appreciation Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 23.85 | 0.25 | (3.10) | (2.85) |  |  | 21.00 | (11.95)  | 10288548 | 85 | 0.96 | 0.96 | 1.18 |
| 12/31/21 | 20.23 | 0.13 | 3.49 | 3.62 |  |  | 23.85 | 17.89 | 11340946 | 51 | 0.96 | 0.96 | 0.56 |
| 12/31/20 | 17.22 | 0.15 | 2.86 | 3.01 |  |  | 20.23 | 17.48 | 8392371 | 86 | 0.97 | 0.97 | 0.83 |
| 12/31/19 | 13.88 | 0.20 | 3.14 | 3.34 |  |  | 17.22 | 24.06 | 5779034 | 50 | 0.98 | 0.98 | 1.23 |
| 12/31/18 | 14.31 | 0.32 | (0.26)  | 0.06 | (0.08) | (0.41) | 13.88 | 0.40 | 3160575 | 64 | 1.00 | 1.01 | 2.18 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 24.11 | 0.32 | (3.13)  | (2.81)  |  |  | 21.30 | (11.65)  | 595286 | 85 | 0.66 | 0.66 | 1.47 |
| 12/31/21 | 20.40 | 0.19 | 3.52 | 3.71 |  |  | 24.11 | 18.19 | 682938 | 51 | 0.66 | 0.66 | 0.87 |
| 12/31/20 | 17.31 | 0.20 | 2.89 | 3.09 |  |  | 20.40 | 17.85 | 623162 | 86 | 0.67 | 0.67 | 1.13 |
| 12/31/19 | 13.91 | 0.25 | 3.15 | 3.40 |  |  | 17.31 | 24.44 | 423633 | 50 | 0.68 | 0.68 | 1.54 |
| 12/31/18 | 14.32 | 0.36 | (0.26)  | 0.10 | (0.10) | (0.41) | 13.91 | 0.67 | 339117 | 64 | 0.70 | 0.71 | 2.46 |

---

(a) On June 24, 2019, JNL/RAFI Multi-Factor U.S. Equity Fund completed the acquisition
of JNL/Mellon Capital JNL 5 Fund, which is a series in JNL Variable Fund LLC. JNL/Mellon Capital JNL
5 Fund is considered the accounting survivor for financial reporting purposes, and as a result, the Financial
Highlights reflect activity of the fund formerly in JNL Variable Fund LLC for periods prior to June 24,
2019. (b) The Fund commenced operations on June 24, 2019.

(c) Prior to June 24, 2019,
the fund held affiliated funds selected by the Adviser and was considered a "Fund of Funds".

See accompanying Notes to Financial Statements.

837

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/T. Rowe Price Established Growth Fund** | **JNL/T. Rowe Price Established Growth Fund** | **JNL/T. Rowe Price Established Growth Fund** | **JNL/T. Rowe Price Established Growth Fund** | **JNL/T. Rowe Price Established Growth Fund** | **JNL/T. Rowe Price Established Growth Fund** | **JNL/T. Rowe Price Established Growth Fund** | **JNL/T. Rowe Price Established Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 78.17 | (0.23) | (30.12) | (30.35) |  |  | 47.82 | (38.83)  | 5962625 | 28 | 0.83 | 0.83 | (0.40)  |
| 12/31/21 | 68.31 | (0.37)  | 10.23 | 9.86 |  |  | 78.17 | 14.43 | 10597738 | 29 | 0.83 | 0.83 | (0.49)  |
| 12/31/20 | 49.83 | (0.19)  | 18.67 | 18.48 |  |  | 68.31 | 37.09<br> (a) | 9439629 | 35 | 0.83 | 0.83 | (0.35)  |
| 12/31/19 | 38.00 | (0.02)  | 11.85 | 11.83 |  |  | 49.83 | 31.13 | 7460334 | 25 | 0.83 | 0.83 | (0.05)  |
| 12/31/18 | 43.97 | 0.08 | (0.49)  | (0.41)  | (0.03) | (5.53) | 38.00 | (1.40)  | 5909316 | 44 | 0.83 | 0.83 | 0.18 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 81.61 | (0.07)  | (31.46)  | (31.53)  |  |  | 50.08 | (38.63)  | 1259656 | 28 | 0.53 | 0.53 | (0.11)  |
| 12/31/21 | 71.10 | (0.15)  | 10.66 | 10.51 |  |  | 81.61 | 14.78 | 2717304 | 29 | 0.53 | 0.53 | (0.19)  |
| 12/31/20 | 51.71 | (0.02)  | 19.41 | 19.39 |  |  | 71.10 | 37.50<br> (a) | 2908301 | 35 | 0.53 | 0.53 | (0.04)  |
| 12/31/19 | 39.31 | 0.12 | 12.28 | 12.40 |  |  | 51.71 | 31.54 | 2720614 | 25 | 0.53 | 0.53 | 0.25 |
| 12/31/18 | 45.26 | 0.22 | (0.52)  | (0.30)  | (0.12) | (5.53) | 39.31 | (1.13)  | 2558378 | 44 | 0.53 | 0.53 | 0.46 |
| **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** | **JNL/T. Rowe Price Mid-Cap Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 78.25 | (0.20) | (17.07) | (17.27) |  |  | 60.98 | (22.07)  | 4655799 | 22 | 0.97 | 0.98 | (0.31)  |
| 12/31/21 | 69.30 | (0.37)  | 9.32 | 8.95 |  |  | 78.25 | 12.91 | 6664276 | 19 | 0.98 | 0.98 | (0.49)  |
| 12/31/20 | 56.09 | (0.18)  | 13.39 | 13.21 |  |  | 69.30 | 23.55 | 6403871 | 23 | 0.99 | 0.99 | (0.32)  |
| 12/31/19 | 42.66 | (0.01)  | 13.44 | 13.43 |  |  | 56.09 | 31.48 | 5926942 | 22 | 0.99 | 0.99 | (0.02)  |
| 12/31/18 | 47.27 | (0.02)  | (0.96)  | (0.98)  |  | (3.63) | 42.66 | (2.45)  | 4713404 | 29 | 0.99 | 0.99 | (0.05)  |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 82.86 | (0.01)  | (18.08)  | (18.09)  |  |  | 64.77 | (21.83)  | 235328 | 22 | 0.67 | 0.68 | (0.01)  |
| 12/31/21 | 73.17 | (0.15)  | 9.84 | 9.69 |  |  | 82.86 | 13.24 | 329433 | 19 | 0.68 | 0.68 | (0.19)  |
| 12/31/20 | 59.04 | 0.00 | 14.13 | 14.13 |  |  | 73.17 | 23.93 | 284182 | 23 | 0.69 | 0.69 | 0.00 |
| 12/31/19 | 44.78 | 0.15 | 14.11 | 14.26 |  |  | 59.04 | 31.84 | 445624 | 22 | 0.69 | 0.69 | 0.28 |
| 12/31/18 | 49.29 | 0.13 | (1.01)  | (0.88)  |  | (3.63) | 44.78 | (2.15)  | 397273 | 29 | 0.69 | 0.69 | 0.25 |
| **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** | **JNL/T. Rowe Price Short-Term Bond Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 10.53 | 0.17 | (0.66) | (0.49) |  |  | 10.04 | (4.65)  | 1292391 | 94 | 0.71 | 0.71 | 1.72 |
| 12/31/21 | 10.57 | 0.11 | (0.15)  | (0.04)  |  |  | 10.53 | (0.38)  | 1369640 | 77 | 0.71 | 0.71 | 1.00 |
| 12/31/20 | 10.17 | 0.17 | 0.23 | 0.40 |  |  | 10.57 | 3.93 | 1489869 | 61 | 0.71 | 0.71 | 1.68 |
| 12/31/19 | 9.77 | 0.22 | 0.18 | 0.40 |  |  | 10.17 | 4.09 | 1160563 | 71 | 0.71 | 0.71 | 2.22 |
| 12/31/18 | 9.80 | 0.18 | (0.07)  | 0.11 | (0.14) |  | 9.77 | 1.10 | 1107891 | 50 | 0.71 | 0.71 | 1.87 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 10.73 | 0.22 | (0.68)  | (0.46)  |  |  | 10.27 | (4.29)  | 468649 | 94 | 0.41 | 0.41 | 2.16 |
| 12/31/21 | 10.74 | 0.14 | (0.15)  | (0.01)  |  |  | 10.73 | (0.09)  | 300785 | 77 | 0.41 | 0.41 | 1.30 |
| 12/31/20 | 10.30 | 0.21 | 0.23 | 0.44 |  |  | 10.74 | 4.27 | 291484 | 61 | 0.41 | 0.41 | 1.97 |
| 12/31/19 | 9.87 | 0.25 | 0.18 | 0.43 |  |  | 10.30 | 4.36 | 256869 | 71 | 0.41 | 0.41 | 2.53 |
| 12/31/18 | 9.90 | 0.21 | (0.07)  | 0.14 | (0.17) |  | 9.87 | 1.41 | 593400 | 50 | 0.41 | 0.41 | 2.17 |

---

(a) Total return for the Fund includes class action settlement proceeds. The return
for Class A and Class I, respectively, without the class action settlement proceeds was as follows: JNL/T.
Rowe Price Established Growth Fund: 37.05% and 37.46%

See accompanying Notes to Financial Statements.

838

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** | **JNL/T. Rowe Price U.S. High Yield Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 11.95 | 0.67 | (2.44) | (1.77) |  |  | 10.18 | (14.81)  | 141134 | 51 | 0.94 | 0.96 | 6.31 |
| 12/31/21 | 11.40 | 0.60 | (0.05)  | 0.55 |  |  | 11.95 | 4.82 | 163555 | 95 | 0.97 | 0.97 | 5.15 |
| 12/31/20 | 11.02 | 0.55 | (0.17)  | 0.38 |  |  | 11.40 | 3.45 | 147993 | 211 | 0.98 | 0.98 | 5.18 |
| 12/31/19 | 10.00 | 0.49 | 0.53 | 1.02 |  |  | 11.02 | 10.20 | 136103 | 87 | 1.00 | 1.00 | 4.59 |
| 12/31/18 | 10.79 | 0.54 | (0.75)  | (0.21)  | (0.50) | (0.08) | 10.00 | (2.09)  | 86713 | 69 | 1.00 | 1.00 | 5.04 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 11.95 | 0.71 | (2.45)  | (1.74)  |  |  | 10.21 | (14.56)  | 381917 | 51 | 0.64 | 0.66 | 6.56 |
| 12/31/21 | 11.37 | 0.64 | (0.06)  | 0.58 |  |  | 11.95 | 5.10 | 549450 | 95 | 0.67 | 0.67 | 5.45 |
| 12/31/20 | 10.95 | 0.60 | (0.18)  | 0.42 |  |  | 11.37 | 3.84 | 540203 | 211 | 0.68 | 0.68 | 5.64 |
| 12/31/19 | 9.91 | 0.52 | 0.52 | 1.04 |  |  | 10.95 | 10.49 | 396312 | 87 | 0.70 | 0.70 | 4.94 |
| 12/31/18 | 10.81 | 0.57 | (0.75)  | (0.18)  | (0.64) | (0.08) | 9.91 | (1.84)  | 522198 | 69 | 0.70 | 0.70 | 5.32 |
| **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** | **JNL/T. Rowe Price Value Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 24.77 | 0.25 | (3.10) | (2.85) |  |  | 21.92 | (11.51)  | 3003508 | 190 | 0.86 | 0.86 | 1.11 |
| 12/31/21 | 19.12 | 0.13 | 5.52 | 5.65 |  |  | 24.77 | 29.55 | 3453316 | 104 | 0.86 | 0.86 | 0.56 |
| 12/31/20 | 17.34 | 0.19 | 1.59 | 1.78 |  |  | 19.12 | 10.27 | 2315487 | 114 | 0.87 | 0.87 | 1.20 |
| 12/31/19 | 13.75 | 0.22 | 3.37 | 3.59 |  |  | 17.34 | 26.11 | 2148534 | 133 | 0.87 | 0.88 | 1.40 |
| 12/31/18 | 17.46 | 0.25 | (1.81)  | (1.56)  | (0.21) | (1.94) | 13.75 | (9.58)  | 1775417 | 141 | 0.88 | 0.89 | 1.47 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 26.18 | 0.33 | (3.28)  | (2.95)  |  |  | 23.23 | (11.27)  | 1469019 | 190 | 0.56 | 0.56 | 1.37 |
| 12/31/21 | 20.15 | 0.20 | 5.83 | 6.03 |  |  | 26.18 | 29.93 | 2391289 | 104 | 0.56 | 0.56 | 0.86 |
| 12/31/20 | 18.22 | 0.25 | 1.68 | 1.93 |  |  | 20.15 | 10.59 | 2306944 | 114 | 0.57 | 0.57 | 1.50 |
| 12/31/19 | 14.40 | 0.28 | 3.54 | 3.82 |  |  | 18.22 | 26.53 | 2424541 | 133 | 0.57 | 0.58 | 1.70 |
| 12/31/18 | 18.20 | 0.31 | (1.89)  | (1.58)  | (0.28) | (1.94) | 14.40 | (9.30)  | 2190147 | 141 | 0.58 | 0.59 | 1.77 |
| **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22<br> (a) | 10.00 | 0.02 | 0.39 | 0.41 |  |  | 10.41 | 4.10 | 5735 | 28 | 1.32 | 1.32 | 0.32 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22<br> (a) | 10.00 | 0.04 | 0.38 | 0.42 |  |  | 10.42 | 4.20 | 1 | 28 | 1.05 | 1.05 | 0.53 |
| **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 23.45 | (0.04) | (6.60) | (6.64) |  | (3.04) | 13.77 | (28.69)  | 536968 | 28 | 1.12 | 1.12 | (0.21)  |
| 12/31/21 | 21.69 | (0.12)  | 3.80 | 3.68 |  | (1.92) | 23.45 | 17.08 | 659219 | 22 | 1.11 | 1.11 | (0.52)  |
| 12/31/20 | 16.79 | (0.05)  | 5.41 | 5.36 | (0.05) | (0.41) | 21.69 | 32.01 | 415047 | 32 | 1.12 | 1.12 | (0.30)  |
| 12/31/19 | 12.94 | 0.01 | 4.52 | 4.53 | (0.08) | (0.60) | 16.79 | 35.48 | 252340 | 24 | 1.12 | 1.12 | 0.09 |
| 12/31/18 | 14.44 | 0.03 | (1.16)  | (1.13)  |  | (0.37) | 12.94 | (7.85)  | 63899 | 29 | 1.12 | 1.12 | 0.24 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 23.61 | 0.02 | (6.66)  | (6.64)  |  | (3.04) | 13.93 | (28.50)  | 801996 | 28 | 0.82 | 0.82 | 0.10 |
| 12/31/21 | 21.76 | (0.05)  | 3.82 | 3.77 |  | (1.92) | 23.61 | 17.44 | 1770361 | 22 | 0.81 | 0.81 | (0.21)  |
| 12/31/20 | 16.81 | 0.00 | 5.43 | 5.43 | (0.07) | (0.41) | 21.76 | 32.41 | 1762135 | 32 | 0.82 | 0.82 | 0.03 |
| 12/31/19 | 12.93 | 0.08 | 4.49 | 4.57 | (0.09) | (0.60) | 16.81 | 35.82 | 1483682 | 24 | 0.82 | 0.82 | 0.49 |
| 12/31/18 | 14.46 | 0.09 | (1.18)  | (1.09)  | (0.07) | (0.37) | 12.93 | (7.57)  | 1261640 | 29 | 0.82 | 0.82 | 0.59 |

---

(a) The Fund commenced operations on April 25, 2022.

See accompanying Notes to Financial Statements.

839

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 12.16 | 0.13 | (0.53) | (0.40) |  |  | 11.76 | (3.29)  | 61635 | 213 | 1.57<br> (a) | 1.57<br> (a) | 1.09 |
| 12/31/21 | 11.81 | (0.02)  | 0.37 | 0.35 |  |  | 12.16 | 2.96 | 55020 | 315 | 1.64<br> (a) | 1.64<br> (a) | (0.19)  |
| 12/31/20 | 11.11 | 0.37 | 0.33 | 0.70 |  |  | 11.81 | 6.30 | 40814 | 426 | 1.64<br> (a) | 1.64<br> (a) | 3.44 |
| 12/31/19 | 9.94 | 0.09 | 1.08 | 1.17 |  |  | 11.11 | 11.77 | 49018 | 286 | 1.84<br> (a) | 1.84<br> (a) | 0.84 |
| 12/31/18 | 9.99 | 0.03 | 0.47 | 0.50 |  | (0.55) | 9.94 | 5.04 | 27455 | 267 | 1.71<br> (a) | 1.71<br> (a) | 0.28 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 12.19 | 0.16 | (0.53)  | (0.37)  |  |  | 11.82 | (3.04)  | 70025 | 213 | 1.27<br> (a) | 1.27<br> (a) | 1.34 |
| 12/31/21 | 11.80 | 0.01 | 0.38 | 0.39 |  |  | 12.19 | 3.31 | 75117 | 315 | 1.34<br> (a) | 1.34<br> (a) | 0.10 |
| 12/31/20 | 11.07 | 0.24 | 0.49 | 0.73 |  |  | 11.80 | 6.59 | 75532 | 426 | 1.29<br> (a) | 1.29<br> (a) | 2.32 |
| 12/31/19 | 9.87 | 0.12 | 1.08 | 1.20 |  |  | 11.07 | 12.16 | 259327 | 286 | 1.52<br> (a) | 1.52<br> (a) | 1.10 |
| 12/31/18 | 10.01 | 0.11 | 0.42 | 0.53 | (0.12) | (0.55) | 9.87 | 5.31 | 209019 | 267 | 1.49<br> (a) | 1.49<br> (a) | 1.04 |
| **JNL/Western Asset Global Multi-Sector Bond Fund(b)** | **JNL/Western Asset Global Multi-Sector Bond Fund(b)** | **JNL/Western Asset Global Multi-Sector Bond Fund(b)** | **JNL/Western Asset Global Multi-Sector Bond Fund(b)** | **JNL/Western Asset Global Multi-Sector Bond Fund(b)** | **JNL/Western Asset Global Multi-Sector Bond Fund(b)** | **JNL/Western Asset Global Multi-Sector Bond Fund(b)** | **JNL/Western Asset Global Multi-Sector Bond Fund(b)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 7.52 | 0.29 | (0.72) | (0.43) |  |  | 7.09 | (5.72)  | 403442 | 84 | 1.01 | 1.01 | 4.08 |
| 12/31/21 | 7.86 | 0.56 | (0.90)  | (0.34)  |  |  | 7.52 | (4.33)  | 499101 | 36 | 1.07 | 1.07 | 7.27 |
| 12/31/20 | 9.86 | 0.34 | (1.01)  | (0.67)  | (1.33) |  | 7.86 | (6.70)  | 545200 | 50 | 1.06 | 1.06 | 3.74 |
| 12/31/19 | 10.80 | 0.60 | (0.50)  | 0.10 | (1.04) |  | 9.86 | 1.05 | 621702 | 45 | 1.02 | 1.02 | 5.59 |
| 12/31/18 | 10.73 | 0.57 | (0.50)  | 0.07 |  |  | 10.80 | 0.65 | 663191 | 22 | 1.01 | 1.01 | 5.26 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 7.63 | 0.32 | (0.74)  | (0.42)  |  |  | 7.21 | (5.50)  | 4087 | 84 | 0.71 | 0.71 | 4.43 |
| 12/31/21 | 7.95 | 0.54 | (0.86)  | (0.32)  |  |  | 7.63 | (4.03)  | 3861 | 36 | 0.77 | 0.77 | 6.92 |
| 12/31/20 | 9.96 | 0.39 | (1.04)  | (0.65)  | (1.36) |  | 7.95 | (6.40)  | 55503 | 50 | 0.76 | 0.76 | 4.08 |
| 12/31/19 | 10.90 | 0.64 | (0.50)  | 0.14 | (1.08) |  | 9.96 | 1.39 | 478822 | 45 | 0.72 | 0.72 | 5.86 |
| 12/31/18 | 10.80 | 0.60 | (0.50)  | 0.10 |  |  | 10.90 | 0.93 | 874768 | 22 | 0.71 | 0.71 | 5.56 |
| **JNL/William Blair International Leaders Fund(c)** | **JNL/William Blair International Leaders Fund(c)** | **JNL/William Blair International Leaders Fund(c)** | **JNL/William Blair International Leaders Fund(c)** | **JNL/William Blair International Leaders Fund(c)** | **JNL/William Blair International Leaders Fund(c)** | **JNL/William Blair International Leaders Fund(c)** | **JNL/William Blair International Leaders Fund(c)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 15.69 | 0.07 | (3.95) | (3.88) | (0.22) | (1.82) | 9.77 | (25.10)  | 612250 | 144 | 0.97 | 0.97 | 0.53 |
| 12/31/21 | 15.25 | 0.08 | 0.86 | 0.94 | (0.19) | (0.31) | 15.69 | 6.20 | 893543 | 38 | 0.98 | 0.98 | 0.53 |
| 12/31/20 | 13.90 | 0.08 | 1.82 | 1.90 | (0.30) | (0.25) | 15.25 | 13.78 | 907695 | 57 | 0.98 | 0.98 | 0.58 |
| 12/31/19 | 11.71 | 0.20 | 3.04 | 3.24 | (0.24) | (0.81) | 13.90 | 28.14 | 923887 | 25 | 0.98 | 0.98 | 1.47 |
| 12/31/18 | 14.10 | 0.23 | (2.35)  | (2.12)  | (0.27) |  | 11.71 | (15.08)  | 827489 | 38 | 0.97 | 0.97 | 1.69 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 16.70 | 0.11 | (4.20)  | (4.09)  | (0.27) | (1.82) | 10.52 | (24.82)  | 194427 | 144 | 0.67 | 0.67 | 0.82 |
| 12/31/21 | 16.20 | 0.14 | 0.90 | 1.04 | (0.23) | (0.31) | 16.70 | 6.48 | 269901 | 38 | 0.68 | 0.68 | 0.81 |
| 12/31/20 | 14.73 | 0.12 | 1.94 | 2.06 | (0.34) | (0.25) | 16.20 | 14.15 | 274534 | 57 | 0.68 | 0.68 | 0.85 |
| 12/31/19 | 12.36 | 0.25 | 3.22 | 3.47 | (0.29) | (0.81) | 14.73 | 28.52 | 186531 | 25 | 0.68 | 0.68 | 1.77 |
| 12/31/18 | 14.86 | 0.29 | (2.48)  | (2.19)  | (0.31) |  | 12.36 | (14.78)  | 206081 | 38 | 0.67 | 0.67 | 2.06 |
| **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** | **JNL/WMC Balanced Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 34.12 | 0.38 | (5.14) | (4.76) |  |  | 29.36 | (13.95)  | 8491226 | 144 | 0.71 | 0.71 | 1.27 |
| 12/31/21 | 28.75 | 0.30 | 5.07 | 5.37 |  |  | 34.12 | 18.68 | 10525994 | 69<br> (d) | 0.71 | 0.71 | 0.94 |
| 12/31/20 | 26.54 | 0.40 | 1.81 | 2.21 |  |  | 28.75 | 8.33 | 9149544 | 81<br> (d) | 0.72 | 0.72 | 1.53 |
| 12/31/19 | 21.85 | 0.50 | 4.19 | 4.69 |  |  | 26.54 | 21.46 | 8888357 | 42<br> (d) | 0.72 | 0.72 | 2.03 |
| 12/31/18 | 24.02 | 0.49 | (1.26)  | (0.77)  | (0.40) | (1.00) | 21.85 | (3.41)  | 7405875 | 43<br> (d) | 0.72 | 0.72 | 2.04 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 35.57 | 0.50 | (5.37)  | (4.87)  |  |  | 30.70 | (13.69)  | 71144 | 144 | 0.41 | 0.41 | 1.57 |
| 12/31/21 | 29.88 | 0.40 | 5.29 | 5.69 |  |  | 35.57 | 19.04 | 81138 | 69<br> (d) | 0.41 | 0.41 | 1.22 |
| 12/31/20 | 27.50 | 0.48 | 1.90 | 2.38 |  |  | 29.88 | 8.65 | 52145 | 81<br> (d) | 0.42 | 0.42 | 1.79 |
| 12/31/19 | 22.57 | 0.59 | 4.34 | 4.93 |  |  | 27.50 | 21.84 | 36746 | 42<br> (d) | 0.42 | 0.42 | 2.32 |
| 12/31/18 | 24.75 | 0.59 | (1.32)  | (0.73)  | (0.45) | (1.00) | 22.57 | (3.15)  | 16749 | 43<br> (d) | 0.42 | 0.42 | 2.38 |

---

(a) The total and net expense ratios, respectively, to average net assets without
dividend expenses, net borrowing fees on securities sold short or interest expense for JNL/Westchester
Capital Event Driven Fund were as follows: Class A: December 31, 2022: 1.46%, 1.46% December 31, 2021:
1.46%, 1.46% December 31, 2020: 1.46%, 1.46% December 31, 2019: 1.46%, 1.46% December 31, 2018: 1.46%,
1.46% Class I: December 31, 2022: 1.16%, 1.16% December 31, 2021: 1.16%, 1.16% December 31, 2020: 1.16%,
1.16% December 31, 2019: 1.16%, 1.16% December 31, 2018: 1.16%, 1.16%

(b) Effective April 25, 2022,
JNL/Franklin Templeton Global Multisector Bond Fund name was changed to JNL/Western Asset Global Multi-Sector
Bond Fund.

(c) Effective April 25, 2022, JNL/Invesco International Growth Fund name was changed
to JNL/William Blair International Leaders Fund.

(d) Portfolio turnover including
dollar roll transactions for JNL/WMC Balanced Fund was 80%, 55%, 108%, and 137% in 2018, 2019, 2020 and
2021 respectively.

See accompanying Notes to Financial Statements.

840

------

#### JNL Series Trust

#### Financial Highlights

#### For a Share Outstanding

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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(%) |
| **JNL/WMC Equity Income Fund(a)** | **JNL/WMC Equity Income Fund(a)** | **JNL/WMC Equity Income Fund(a)** | **JNL/WMC Equity Income Fund(a)** | **JNL/WMC Equity Income Fund(a)** | **JNL/WMC Equity Income Fund(a)** | **JNL/WMC Equity Income Fund(a)** | **JNL/WMC Equity Income Fund(a)** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 15.92 | 0.33 | (0.25) | 0.08 |  |  | 16.00 | 0.50 | 825844 | 40 | 0.89 | 0.89 | 2.14 |
| 12/31/21 | 12.67 | 0.44 | 2.81 | 3.25 |  |  | 15.92 | 25.65 | 660717 | 50 | 0.80 | 0.90 | 3.01 |
| 12/31/20 | 12.35 | 0.21 | 0.11 | 0.32 |  |  | 12.67 | 2.59 | 546210 | 40 | 0.59 | 0.93 | 1.88 |
| 12/31/19 | 9.98 | 0.19 | 2.18 | 2.37 |  |  | 12.35 | 23.75 | 359069 | 33 | 0.58 | 0.94 | 1.70 |
| 12/31/18 | 10.67 | 0.10 | (0.79)  | (0.69)  |  |  | 9.98 | (6.47)  | 155905 | 36 | 0.58 | 0.98 | 0.90 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 16.14 | 0.40 | (0.27)  | 0.13 |  |  | 16.27 | 0.81 | 450875 | 40 | 0.59 | 0.59 | 2.55 |
| 12/31/21 | 12.81 | 0.48 | 2.85 | 3.33 |  |  | 16.14 | 26.00 | 20846 | 50 | 0.50 | 0.60 | 3.25 |
| 12/31/20 | 12.44 | 0.26 | 0.11 | 0.37 |  |  | 12.81 | 2.97 | 16185 | 40 | 0.29 | 0.63 | 2.28 |
| 12/31/19 | 10.03 | 0.19 | 2.22 | 2.41 |  |  | 12.44 | 24.03 | 9821 | 33 | 0.28 | 0.64 | 1.67 |
| 12/31/18 | 10.69 | 0.08 | (0.74)  | (0.66)  |  |  | 10.03 | (6.17)  | 3386 | 36 | 0.28 | 0.68 | 0.74 |
| **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** | **JNL/WMC Global Real Estate Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 12.11 | 0.18 | (3.52) | (3.34) |  |  | 8.77 | (27.58)  | 670073 | 103 | 1.03 | 1.03 | 1.77 |
| 12/31/21 | 9.56 | 0.11 | 2.44 | 2.55 |  |  | 12.11 | 26.67 | 1019522 | 147 | 1.04 | 1.04 | 0.97 |
| 12/31/20 | 10.88 | 0.17 | (1.49)  | (1.32)  |  |  | 9.56 | (12.13)  | 900492 | 150 | 1.05 | 1.05 | 1.82 |
| 12/31/19 | 8.88 | 0.22 | 1.78 | 2.00 |  |  | 10.88 | 22.52 | 1192796 | 52 | 1.05 | 1.05 | 2.11 |
| 12/31/18 | 9.97 | 0.22 | (0.86)  | (0.64)  | (0.38) | (0.07) | 8.88 | (6.38)  | 1125411 | 57 | 1.04 | 1.04 | 2.26 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 12.42 | 0.22 | (3.62)  | (3.40)  |  |  | 9.02 | (27.38)  | 4425 | 103 | 0.73 | 0.73 | 2.13 |
| 12/31/21 | 9.77 | 0.14 | 2.51 | 2.65 |  |  | 12.42 | 27.12 | 5383 | 147 | 0.74 | 0.74 | 1.28 |
| 12/31/20 | 11.09 | 0.12 | (1.44)  | (1.32)  |  |  | 9.77 | (11.90)  | 3424 | 150 | 0.75 | 0.75 | 1.26 |
| 12/31/19 | 9.02 | 0.23 | 1.84 | 2.07 |  |  | 11.09 | 22.95 | 35743 | 52 | 0.75 | 0.75 | 2.24 |
| 12/31/18 | 10.13 | 0.24 | (0.86)  | (0.62)  | (0.42) | (0.07) | 9.02 | (6.17)  | 160039 | 57 | 0.74 | 0.74 | 2.43 |
| **JNL/WMC Government Money Market Fund** | **JNL/WMC Government Money Market Fund** | **JNL/WMC Government Money Market Fund** | **JNL/WMC Government Money Market Fund** | **JNL/WMC Government Money Market Fund** | **JNL/WMC Government Money Market Fund** | **JNL/WMC Government Money Market Fund** | **JNL/WMC Government Money Market Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 1.00 | 0.01 | (0.01) | 0.00 |  |  | 1.00 | 0.92 | 3038903 | N/A | 0.77<br> (b) | 0.56 | 1.00<br> (c) |
| 12/31/21 | 1.00 | 0.00 | 0.00 | 0.00 |  |  | 1.00 | 0.00 | 2061601 | N/A | 0.07 | 0.56 | 0.00<br> (c) |
| 12/31/20 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br> (d) |  | 1.00 | 0.21 | 2389749 | N/A | 0.24 | 0.56 | 0.13<br> (c) |
| 12/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) |  | 1.00 | 1.54 | 1261526 | N/A | 0.72<br> (b) | 0.57 | 1.53<br> (c) |
| 12/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) |  | 1.00 | 1.13 | 1426473 | N/A | 0.77<br> (b) | 0.57 | 1.13<br> (c) |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 1.00 | 0.02 | (0.02)  | 0.00 |  |  | 1.00 | 1.27 | 327084 | N/A | 0.37<br> (b) | 0.26 | 2.35<br> (c) |
| 12/31/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br> (d) |  | 1.00 | 0.04 | 35773 | N/A | 0.07 | 0.26 | 0.00<br> (c) |
| 12/31/20 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br> (d) |  | 1.00 | 0.31 | 44262 | N/A | 0.20 | 0.26 | 0.15<br> (c) |
| 12/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) |  | 1.00 | 2.00 | 15034 | N/A | 0.27 | 0.27 | 1.97<br> (c) |
| 12/31/18 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) |  | 1.00 | 1.64 | 14314 | N/A | 0.27 | 0.27 | 1.75<br> (c) |
| **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** | **JNL/WMC Value Fund** |  |  |  |  |  |  |
| Class A | Class A | Class A | Class A | Class A |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 30.59 | 0.44 | (1.92) | (1.48) |  |  | 29.11 | (4.84)  | 837010 | 36 | 0.78 | 0.78 | 1.50 |
| 12/31/21 | 24.09 | 0.37 | 6.13 | 6.50 |  |  | 30.59 | 26.98 | 874473 | 29 | 0.78 | 0.78 | 1.32 |
| 12/31/20 | 23.73 | 0.38 | (0.02)  | 0.36 |  |  | 24.09 | 1.52 | 742657 | 47 | 0.78 | 0.78 | 1.77 |
| 12/31/19 | 18.61 | 0.38 | 4.74 | 5.12 |  |  | 23.73 | 27.51 | 822715 | 49 | 0.78 | 0.78 | 1.75 |
| 12/31/18 | 24.48 | 0.41 | (2.70)  | (2.29)  | (0.44) | (3.14) | 18.61 | (10.30)  | 691879 | 28 | 0.78 | 0.78 | 1.73 |
| Class I | Class I | Class I | Class I | Class I |  |  |  |  |  |  |  |  |  |
| 12/31/22 | 31.79 | 0.54 | (1.99)  | (1.45)  |  |  | 30.34 | (4.56)  | 621313 | 36 | 0.48 | 0.48 | 1.78 |
| 12/31/21 | 24.96 | 0.47 | 6.36 | 6.83 |  |  | 31.79 | 27.36 | 804602 | 29 | 0.48 | 0.48 | 1.63 |
| 12/31/20 | 24.51 | 0.45 | 0.00 | 0.45 |  |  | 24.96 | 1.84 | 794557 | 47 | 0.48 | 0.48 | 2.05 |
| 12/31/19 | 19.17 | 0.45 | 4.89 | 5.34 |  |  | 24.51 | 27.86 | 692719 | 49 | 0.48 | 0.48 | 2.05 |
| 12/31/18 | 25.13 | 0.49 | (2.78)  | (2.29)  | (0.53) | (3.14) | 19.17 | (10.02)  | 548769 | 28 | 0.48 | 0.48 | 2.02 |

---

(a) Ratios of net investment income and expenses to average net assets do not include
the impact of each Master Fund's and underlying funds' expenses. The net expense to average net assets
ratio, the total expense to average net assets ratio, and the net investment income (loss) to average
net assets ratio, respectively, for both the Master and Feeder Fund are as follows (annualized for periods
less than one year): JNL/WMC Equity Income Fund - Class A: December 31, 2021: 0.89%, 0.99%, 2.92%; December
31, 2020: 0.89%, 1.23%, 1.58%; December 31, 2019: 0.88%, 1.24%, 1.40%; December 31, 2018: 0.87%, 1.27%,
0.61%. JNL/WMC Equity Income Fund - Class I: December 31, 2021: 0.59%, 0.69%, 3.16%; December 31, 2020:
0.59%, 0.93%, 1.98%; December 31, 2019: 0.58%, 0.94%, 1.37%; December 31, 2018: 0.57%, 0.97%, 0.45%.

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

(c) The
ratios for net investment income (loss) to average net assets without expense waivers or recovery of
contractual expense waivers for JNL/WMC Government Money Market Fund for 2018, 2019, 2020, 2021, and
2022 was 1.33%, 1.68%, (0.19%), (0.49%) and 1.21%, respectively, for Class A and 1.75%, 1.97%, 0.15%,
(0.19%) and 2.46% respectively, for Class I shares.

(d) Amount represents less
than $0.005.

See accompanying Notes to Financial Statements.

841

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

#### NOTE 1. ORGANIZATION
JNL 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 June 1, 1994 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 December 31, 2022 consisted of one hundred and thirty (130) separate funds (each a "Fund", and collectively, "Funds"). Each Fund represents shares of beneficial interest in a separate portfolio of securities and other assets, each 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 each of the Funds. Prudential plc and Athene Life Re Ltd. each hold a minority economic interest in Jackson. Prudential plc has no relation to Newark, New Jersey-based Prudential Financial Inc.

Shares of each Fund are sold to Jackson and its separate accounts to fund the benefits of variable annuity contracts and variable life insurance policies and to other affiliated registered investment companies. The Funds and each Fund's Adviser/Sub-Advisers/Sub-Sub-Advisers are:

---

| | |
|:---|:---|
| **Fund:**  | **Adviser(s)/Sub-Adviser(s)**/**Sub-Sub-Adviser(s):** |
| **The following funds operate under a Master Feeder structure and seek to achieve their respective investment objectives by investing all of their assets in a separate mutual fund ("Master Fund"):** | **The following funds operate under a Master Feeder structure and seek to achieve their respective investment objectives by investing all of their assets in a separate mutual fund ("Master Fund"):** |
| JNL/American Funds Balanced Fund, JNL/American Funds Bond Fund of America Fund, JNL/American Funds Capital Income Builder Fund, JNL/American Funds Capital World Bond Fund, JNL/American Funds Global Growth Fund, JNL/American Funds Global Small Capitalization Fund, JNL/American Funds Growth Fund, JNL/American Funds Growth-Income Fund, JNL/American Funds International Fund, JNL/American Funds New World Fund and JNL/American Funds Washington Mutual Investors Fund. These Funds are collectively known as "JNL/American Funds Feeder Funds". | JNAM (Adviser to each Feeder Fund)<br>Capital Research and Management Company (Investment Adviser to each Master Fund) |
| JNL/Mellon Bond Index Fund, JNL/Mellon Emerging Markets Index Fund, JNL/Mellon International Index Fund, JNL/Mellon S&P 400 MidCap Index Fund and JNL/Mellon Small Cap Index Fund. These Funds are collectively known as "JNL/Mellon Feeder Funds". | JNAM (Adviser to each Feeder Fund)<br>Mellon Investments Corporation (Sub-Adviser to each Master Fund) |
| **The following funds operate under a "Fund of Funds" structure, investing all of their assets in other affiliated or unaffiliated funds (each, an "underlying fund", and collectively, the "underlying funds"):** | **The following funds operate under a "Fund of Funds" structure, investing all of their assets in other affiliated or unaffiliated funds (each, an "underlying fund", and collectively, the "underlying funds"):** |
| JNL/American Funds Growth Allocation Fund and JNL/American Funds Moderate Growth Allocation Fund. These Funds are collectively known as "JNL/American Funds Funds of Funds".<br>JNL Aggressive Growth Allocation Fund, JNL Conservative Allocation Fund, JNL Growth Allocation Fund, JNL Moderate Allocation Fund and JNL Moderate Growth Allocation Fund. These Funds are collectively known as "JNL Allocation Funds". | JNAM (Adviser to each Fund) |
| JNL/Goldman Sachs Managed Aggressive Growth Fund, JNL/Goldman Sachs Managed Conservative Fund, JNL/Goldman Sachs Managed Growth Fund, JNL/Goldman Sachs Managed Moderate Fund and JNL/Goldman Sachs Managed Moderate Growth Fund. These Funds are collectively known as "JNL/Goldman Sachs Funds of Funds". | JNAM (Adviser to each Fund)<br>Goldman Sachs Asset Management, L.P. (Sub-Adviser to each Fund) |

---

842

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | |
|:---|:---|
| **Fund:**  | **Sub-Adviser(s)**/**Sub-Sub-Adviser(s):** |
| **The following funds are advised by JNAM and sub-advised by each Fund's respective Sub-Adviser(s):** | **The following funds are advised by JNAM and sub-advised by each Fund's respective Sub-Adviser(s):** |
| JNL iShares Tactical Growth Fund, JNL iShares Tactical Moderate Fund and JNL iShares Tactical Moderate Growth Fund. These Funds are collectively known as "JNL iShares Tactical Funds".<br>JNL Bond Index Fund, JNL Emerging Markets Index Fund, JNL International Index Fund, JNL Mid Cap Index Fund, JNL Small Cap Index Fund and JNL S&P 500 Index Fund. These Funds are collectively known as "JNL Mellon Master Funds".<br>JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Dow<sup>SM</sup> Index Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Industrials Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Nasdaq<sup>®</sup> 100 Index Fund, JNL/Mellon Real Estate Sector Fund, JNL/Mellon S&P 500 Index Fund, JNL/Mellon U.S. Stock Market Index Fund, JNL/Mellon Utilities Sector Fund, JNL/Mellon World Index Fund, JNL/Morningstar PitchBook Listed Private Equity Index Fund, JNL/Morningstar U.S. Sustainability Index Fund, JNL/Morningstar Wide Moat Index Fund, JNL/RAFI<sup>®</sup> Fundamental U.S. Small Cap Fund, JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund<br>JNL/Vanguard Growth ETF Allocation Fund, JNL/Vanguard Moderate ETF Allocation Fund and JNL/Vanguard Moderate Growth ETF Allocation Fund. These Funds are collectively known as "JNL/Vanguard ETF Allocation Funds". | Mellon Investments Corporation |
| JNL Multi-Manager Alternative Fund | Boston Partners Global Investors, Inc.<br>DoubleLine Capital LP<br>First Pacific Advisors, LP<br>Kayne Anderson Rudnick Investment Management, LLC<br>Lazard Asset Management LLC<br>Loomis, Sayles & Company, L.P.<br>Westchester Capital Management, LLC<br>Western Asset Management Company, LLC<br>Western Asset Management Company Pte. Ltd. (Sub-Sub-Adviser) |
| JNL Multi-Manager Emerging Markets Equity Fund | Kayne Anderson Rudnick Investment Management, LLC<br>T. Rowe Price Associates, Inc.<br>T. Rowe Price Hong Kong Limited (Sub-Sub-Adviser)<br>WCM Investment Management, LLC<br>Wellington Management Company LLP |
| JNL Multi-Manager International Small Cap Fund | Baillie Gifford Overseas Limited<br>Causeway Capital Management LLC<br>WCM Investment Management, LLC |
| JNL Multi-Manager Mid Cap Fund | Champlain Investment Partners, LLC<br>ClearBridge Investments, LLC<br>Kayne Anderson Rudnick Investment Management, LLC <br>Nuance Investments, LLC<br>Victory Capital Management Inc. |
| JNL Multi-Manager Small Cap Growth Fund | BAMCO, Inc.<br>Granahan Investment Management, LLC<br>Kayne Anderson Rudnick Investment Management, LLC<br>Segall Bryant & Hamill, LLC<br>Victory Capital Management Inc.<br>WCM Investment Management, LLC |
| JNL Multi-Manager Small Cap Value Fund | Congress Asset Management Company, LLP<br>Cooke & Bieler, L.P.<br>Reinhart Partners, Inc.<br>River Road Asset Management, LLC<br>WCM Investment Management, LLC |
| JNL Multi-Manager U.S. Select Equity Fund | GQG Partners LLC<br>WCM Investment Management, LLC |
| JNL/AB Sustainable Global Thematic Fund | AllianceBernstein L.P. |
| JNL/AQR Large Cap Defensive Style Fund | AQR Capital Management, LLC |
| JNL/Baillie Gifford International Growth Fund and JNL/Baillie Gifford U.S. Equity Growth Fund | Baillie Gifford Overseas Limited |

---

843

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#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | |
|:---|:---|
| **Fund:**  | **Sub-Adviser(s)**/**Sub-Sub-Adviser(s):** |
| JNL/BlackRock Large Cap Select Growth Fund | BlackRock Investment Management, LLC |
| JNL/BlackRock Global Allocation Fund | BlackRock Investment Management, LLC<br>BlackRock (Singapore) Limited (Sub-Sub-Adviser) |
| JNL/BlackRock Global Natural Resources Fund | BlackRock International Limited |
| JNL/Causeway International Value Select Fund | Causeway Capital Management LLC |
| JNL/ClearBridge Large Cap Growth Fund | ClearBridge Investments, LLC |
| JNL/DFA International Core Equity Fund, JNL/DFA U.S. Core Equity Fund and JNL/DFA U.S. Small Cap Fund | Dimensional Fund Advisors LP |
| JNL/DoubleLine<sup>®</sup> Core Fixed Income Fund, JNL/DoubleLine<sup>®</sup> Emerging Markets Fixed Income Fund, JNL/DoubleLine<sup>®</sup> Shiller Enhanced CAPE<sup>®</sup> Fund and JNL/DoubleLine<sup>®</sup> Total Return Fund | DoubleLine Capital LP |
| JNL/Fidelity Institutional Asset Management<sup>®</sup> Total Bond Fund | FIAM LLC |
| JNL/First Sentier Global Infrastructure Fund | First Sentier Investors (Australia) IM Ltd |
| JNL/Franklin Templeton Income Fund | Franklin Advisers, Inc. |
| JNL/Goldman Sachs 4 Fund | Goldman Sachs Asset Management, L.P. |
| JNL/GQG Emerging Markets Equity Fund | GQG Partners LLC |
| JNL/Harris Oakmark Global Equity Fund | Harris Associates L.P. |
| JNL/Heitman U.S. Focused Real Estate Fund | Heitman Real Estate Securities LLC |
| JNL/Invesco Diversified Dividend Fund, JNL/Invesco Global Growth Fund, and JNL/Invesco Small Cap Growth Fund | Invesco Advisers, Inc. |
| JNL/JPMorgan Global Allocation Fund, JNL/JPMorgan Hedged Equity Fund, JNL/JPMorgan MidCap Growth Fund, JNL/JPMorgan U.S. Government & Quality Bond Fund and JNL/JPMorgan U.S. Value Fund | J.P. Morgan Investment Management Inc. |
| JNL/Lazard International Strategic Equity Fund | Lazard Asset Management LLC |
| JNL/Loomis Sayles Global Growth Fund | Loomis, Sayles & Company, L.P. |
| JNL/Lord Abbett Short Duration Income Fund | Lord, Abbett & Co. LLC |
| JNL/MFS Mid Cap Value Fund | Massachusetts Financial Services Company (d/b/a MFS Investment Management) |
| JNL/Neuberger Berman Commodity Strategy Fund, JNL/Neuberger Berman Gold Plus Strategy Fund and JNL/Neuberger Berman Strategic Income Fund | Neuberger Berman Investment Advisers LLC |
| JNL/Newton Equity Income Fund | Newton Investment Management North America, LLC |
| JNL/PIMCO Income Fund, JNL/PIMCO Investment Grade Credit Bond Fund and JNL/PIMCO Real Return Fund | Pacific Investment Management Company LLC |
| JNL/PPM America Floating Rate Income Fund | FIAM LLC<br>PPM America, Inc.\* |
| JNL/PPM America High Yield Bond Fund, and JNL/PPM America Total Return Fund | PPM America, Inc.\* |
| JNL/T. Rowe Price Balanced Fund, JNL/T. Rowe Price Capital Appreciation Fund, JNL/T. Rowe Price Mid-Cap Growth Fund and JNL/T. Rowe Price U.S. High Yield Fund | T. Rowe Price Associates, Inc.<br>T. Rowe Price Investment Management, Inc. (Sub-Sub-Adviser) |
| JNL/T. Rowe Price Established Growth Fund and JNL/T. Rowe Price Value Fund | T. Rowe Price Associates, Inc. |
| JNL/T. Rowe Price Short-Term Bond Fund | T. Rowe Price Associates, Inc.<br>T. Rowe Price Hong Kong Limited (Sub-Sub-Adviser)<br>T. Rowe Price International Ltd (Sub-Sub-Adviser) |
| JNL/WCM China Quality Growth Fund and JNL/WCM Focused International Equity Fund | WCM Investment Management, LLC |
| JNL/Westchester Capital Event Driven Fund | Westchester Capital Management, LLC |
| JNL/Western Asset Global Multi-Sector Bond Fund | Western Asset Management Company, LLC<br>Western Asset Management Company Limited (Sub-Sub-Adviser)<br>Western Asset Management Company Pte. Ltd. (Sub-Sub-Adviser) |
| JNL/William Blair International Leaders Fund | William Blair Investment Management, LLC |
| JNL/WMC Balanced Fund, JNL/WMC Equity Income Fund, JNL/WMC Global Real Estate Fund, JNL/WMC Government Money Market Fund and JNL/WMC Value Fund | Wellington Management Company LLP |

---

\* PPM America, Inc. is an affiliate of JNAM.

Each Master Fund is a series of the American Funds Insurance Series<sup>®</sup> or JNL Mellon Master Funds, respectively, each a registered open-end management investment company that has the same investment objective as its corresponding Feeder Fund. Each Master Fund directly acquires securities and the Feeder Fund, by investing in the Master Fund, acquires an indirect interest in those securities. As of December 31, 2022, the JNL/American Funds Feeder Funds and JNL/Mellon Feeder Funds owned the following percentage of its corresponding Master Fund: JNL/American

844

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#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

Funds Balanced Fund 10.1%, JNL/American Funds Bond Fund of America Fund 1.7%, JNL/American Funds Capital Income Builder Fund 31.1%, JNL/American Funds Capital World Bond Fund 23.8%, JNL/American Funds Global Growth Fund 10.3%, JNL/American Funds Global Small Capitalization Fund 20.1%, JNL/American Funds Growth Fund 10.9%, JNL/American Funds Growth-Income Fund 25.8%, JNL/American Funds International Fund 20.3%, JNL/American Funds New World Fund 42.3%, JNL/American Funds Washington Mutual Investors Fund 36.9%, JNL/Mellon Bond Index Fund 99.5%, JNL/Mellon Emerging Markets Index Fund 99.9%, JNL/Mellon International Index Fund 99.8%, JNL/Mellon S&P 400 MidCap Index Fund 99.9% and JNL/Mellon Small Cap Index Fund 99.9%. The Master Funds' Schedules of Investments, Financial Statements and accounting policies are outlined in each Master Fund's shareholder report. For the JNL/Mellon Feeder Funds, the JNL Mellon Master Funds are included here in this report. For the JNL/American Funds Feeder Funds, this report should be read in conjunction with the American Funds Insurance Series Master Funds' shareholder reports. The American Funds Insurance Series Master Funds' shareholder reports are available on the SEC's website at <u>www.sec.gov</u> or at <u>connect.rightprospectus.com/Jackson</u>. Effective May 1, 2023 <u>connect.rightprospectus.com/Jackson</u> will be replaced with <u>www.jackson.com/fund-literature.html</u>.

The Funds are diversified Funds for purposes of the 1940 Act, with the exception of the following non-diversified Funds: JNL/American Funds Capital World Bond Fund, JNL Multi-Manager U.S. Select Equity Fund, JNL/Baillie Gifford U.S. Equity Growth Fund, JNL/BlackRock Global Natural Resources Fund, JNL/GQG Emerging Markets Equity Fund, JNL/Heitman U.S. Focused Real Estate Fund, JNL/Loomis Sayles Global Growth Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Dow Index Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Nasdaq 100 Index Fund, JNL/Mellon Real Estate Sector Fund, JNL/Mellon Utilities Sector Fund, JNL/Morningstar PitchBook Listed Private Equity Index Fund, JNL/Morningstar U.S. Sustainability Index Fund, JNL/Neuberger Berman Gold Plus Strategy Fund, JNL/T. Rowe Price Established Growth Fund, JNL/WCM China Quality Growth Fund and JNL/Western Asset Global Multi-Sector Bond Fund.

Each Fund offers Class A shares and Class I shares with the exception of JNL Bond Index Fund, JNL Emerging Markets Index Fund, JNL International Index Fund, JNL Mid Cap Index Fund, JNL Small Cap Index Fund and JNL S&P 500 Index Fund, which only offer Class I shares. Class A shares and Class I shares differ primarily due to 12b-1 fees attributable to Class A shares. Shareholders bear the common expenses of each Fund and earn income and realized gains/losses from each Fund pro rata based on the average daily net assets of each class, without discrimination between share classes. From time to time, a Fund may have significant subscription and redemption activity which, when executed at the net asset value ("NAV") rounded to two decimals, can impact the NAV per share of either class and cause a divergence in the NAV between each class. Each share class also has different voting rights on matters affecting a single class. No class has preferential dividend rights.

**Fund Changes.** Effective April 25, 2022, the names changed for the following funds:

---

| | |
|:---|:---|
| **Prior Fund Name** | **Effective April 25, 2022 Fund Name** |
| JNL/Franklin Templeton Global Multisector Bond Fund<sup>1</sup> | JNL/Western Asset Global Multi-Sector Bond Fund |
| JNL/Invesco International Growth Fund<sup>2</sup> | JNL/William Blair International Leaders Fund |
| JNL/Mellon Equity Income Fund | JNL/Newton Equity Income Fund |
| JNL/Mellon MSCI KLD 400 Social Index Fund | JNL/Morningstar U.S. Sustainability Index Fund |

---

<sup>1</sup> Effective April 25, 2022, the Sub-Adviser for the Fund changed from Franklin Advisers, Inc. to Western Asset Management Company, LLC and Western Asset Management Company Limited and Western Asset Management Company Pte. Ltd. were added as Sub-Sub-Advisers.

<sup>2</sup> Effective April 25, 2022, the Sub-Adviser for the Fund changed from Invesco Advisers, Inc. to William Blair Investment Management, LLC.

Effective April 25, 2022, Kayne Anderson Rudnick Investment Management, LLC was added as a Sub-Adviser to JNL Multi-Manager Mid Cap Fund and BAMCO, Inc. and Segall Bryant & Hamill, LLC were added as Sub-Advisers to JNL Multi-Manager Small Cap Growth Fund. Effective March 7, 2022, T. Rowe Price Investment Management, Inc. was added as a Sub-Sub-Adviser to JNL/T. Rowe Price Balanced Fund, JNL/T. Rowe Price Capital Appreciation Fund, JNL/T. Rowe Price Mid-Cap Growth Fund and JNL/T. Rowe Price U.S. High Yield Fund. Effective June 2, 2022, Western Asset Management Company Pte. Ltd. was added as a Sub-Sub-Adviser to JNL Multi-Manager Alternative Fund. Effective September 1, 2022, FIAM LLC was added as a Sub-Adviser to JNL/PPM America Floating Rate Income Fund. Effective September 1, 2022, T. Rowe Price Hong Kong Limited and T. Rowe Price International Ltd were added as Sub-Sub-Advisers to the JNL/T. Rowe Price Short-Term Bond Fund. Effective November 14, 2022, Mellon Investments Corporation was removed as a Co-Sub-Adviser to JNL/Goldman Sachs 4 Fund.

The following mergers were effective after close of business on April 22, 2022, for the Funds indicated.

---

| | |
|:---|:---|
| **Acquired Fund** | **Acquiring Fund** |
| JNL/BlackRock Advantage International Fund | JNL/DFA International Core Equity Fund |
| JNL/Franklin Templeton Growth Allocation Fund | JNL Growth Allocation Fund |

---

Effective January 1, 2022, the federal income tax status of JNL Emerging Markets Index Fund, JNL/Mellon Emerging Markets Index Fund and JNL/Mellon World Index Fund changed from a Regulated Investment Company ("RIC") to a partnership. Effective January 1, 2023, the federal income tax status of JNL/JPMorgan Hedged Equity Fund and JNL/Mellon International Index Fund changed from a RIC to a partnership. As a result of the tax status change, each Fund's income, gains, losses and credits are allocated directly to its partners and retain the same character for federal income tax purposes. In addition, each Fund is not able to realize any future benefit from any unused capital loss carryforward and other losses deferred as a RIC, if any. The investment objectives, policies, restrictions, net asset value per share, service providers, fiscal years, and investment portfolios of the Funds did not change in connection with this tax status change. Such a conversion does not impact the contract holders of the separate accounts which own the Funds. The conversion from a RIC to a partnership provides a number of potential benefits to each affected Fund, including accelerated receipt of foreign tax reclaims under certain conditions, a potential increase in securities lending income, elimination of the risk that the affected Fund will fail to qualify for

845

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#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

treatment as a RIC under various tests imposed by the Internal Revenue Code and a reduction in the risk of operational and administrative errors as the complexity of the Fund's tax accounting and financial reporting is reduced. Jackson receives benefits under the federal income tax laws with respect to tax deductions and credits as it relates to the tax structure of the Funds insofar as Jackson is entitled to receive the deduction and credit for any dividends received or foreign tax payments generated by each of the Fund's investment portfolios because the Funds advised by JNAM are owned directly by Jackson's separate accounts. As the Funds' investment adviser, JNAM acts as a fiduciary for the benefit to each affected Fund and in no way seeks to maximize the dividends received deduction or foreign tax credits if there is a potential that it may detrimentally impact a shareholder or contract owner. Any additional benefits related to enhanced dividends received deduction or foreign tax credits to Jackson are not directly shared with the adviser, sub-advisers, Funds, shareholders, or contract owners; however, JNAM is responsible for monitoring that any benefit that Jackson receives from the tax structure of the Funds does not result in a detriment or have a harmful impact to the Funds, shareholders, or contract owners.

#### NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The Funds are investment companies and follow 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 Funds in the preparation of their 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 NAV of each 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 a 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). The NAV of a Fund's shares may also not be determined on days designated by the Board or on days designated by the SEC. 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 Funds' NAVs. 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 Funds' NAVs. The Funds of Funds' investments in the underlying funds are valued at the daily NAV of the applicable underlying fund determined as of the close of the NYSE on each valuation date. Valuation of investments by the underlying funds is discussed in the underlying funds' shareholder report, which are filed with the SEC and are available on the SEC's website at <u>www.sec.gov</u>. Each Feeder Fund's investment in its corresponding Master Fund is valued at the daily NAV per share of the applicable Master Fund determined as of the close of the NYSE on each valuation date. Valuation of the investments by the Master Fund is discussed in each Master Fund's shareholder report, which is available on the SEC's website at <u>www.sec.gov</u>. Equity securities are generally valued at the official closing price of the exchange where the security is principally traded. If there is no official closing price for the security on the valuation date, the security may be valued at the most recent sale or quoted bid price prior to close. Stocks not listed on a national or foreign stock exchange may be valued at the closing bid price on the over the counter ("OTC") market. The Adviser has retained an independent statistical fair value pricing service to assist in the fair valuation process for equities traded in foreign markets in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which the NAVs are determined. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. When fair valuing foreign equity securities, the Adviser adjusts the closing prices of foreign portfolio equity securities (except foreign equity securities traded in North America and South America) based upon pricing models provided by a third-party vendor in order to reflect the "fair value" of such securities for purposes of determining a Fund's NAV. Foreign equity securities traded in North America and South America may be fair valued utilizing international adjustment factors in response to local market holidays, exchange closures, or other events as deemed necessary in order to reflect the "fair value" of such securities for purposes of determining a Fund's NAV. All securities in the JNL/WMC Government Money Market Fund, as permitted by compliance with applicable provisions under Rule 2a-7 under the 1940 Act, are valued at amortized cost, unless it is determined that such practice does not approximate fair value. If a valuation from a third party pricing service is unavailable or it is determined that such valuation does not approximate fair value, debt obligations with remaining maturities of sixty (60) days or less may be valued at their amortized cost, unless it is determined that such practice also does not approximate fair value. Debt and derivative securities are generally valued by independent pricing services approved by the Board. Pricing services utilized to value debt and derivative instruments may use various pricing techniques which take into account appropriate factors such as: yield; credit quality; coupon rate; maturity; type of issue; trading characteristics; call features; credit ratings; broker quotes; and other relevant data. Term loans are generally valued at the composite bid prices provided by approved pricing services. Commodity-linked structured notes and credit-linked notes are valued by approved pricing services. Futures contracts traded on an exchange are generally valued at the exchange's settlement price. If the settlement price is not available, exchange traded futures are valued at the last sales price as of the close of business on the primary exchange. Options traded on an exchange are generally valued at the last traded price as of the close of business on the local exchange. If the last trade is determined to not be representative of fair value, exchange traded options are valued at the current day's mid-price. Forward foreign currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE. If pricing services are unable to provide valuations, OTC derivatives are valued at the most recent bid quotation or evaluated price, as applicable, obtained from a broker/dealer or by pricing models using observable inputs.

846

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#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

Market quotations may not be readily available for certain investments or it may be determined that a quotation of an investment does not represent fair value. In such instances, the investment is valued as determined in good faith using procedures approved by the Board. Situations that may require an investment to be fair valued may include instances where a security is thinly traded, halted or restricted as to resale. In addition, investments may be fair valued based on the occurrence of a significant event. Significant events may be specific to a particular issuer, such as mergers, restructurings or defaults. Alternatively, significant events may affect an entire market, such as natural disasters, government actions, and significant changes in the value of U.S. securities markets. Securities are fair valued based on observable and unobservable inputs, including the Adviser's or Valuation Committee's own assumptions in determining the fair value of an investment. Under the procedures approved by the Board, the Adviser may utilize pricing services or other sources, including each Fund's Sub-Adviser(s), to assist in determining the fair value of an investment. Factors considered to determine fair value may include fundamental analytical data relating to the security; the nature and duration of restrictions, if any, on the disposition of the security; trading volume on markets, exchanges, or among dealers; evaluation of the forces which influence the market in which the security is traded; the type of security; the financial statements of the issuer, or other financial information about the issuer; the cost of the security at its date of purchase; the size of the Fund's holding; the discount from market value of unrestricted securities of the same class, if applicable, at the time of purchase or at a later date; reports prepared by analysts; information as to any transactions in or offers for the security; the existence of any merger proposal, tender offer or other extraordinary event relating to the security; the price and extent of public or dealer trading in similar securities or derivatives of the issuer or of comparable companies; trading in depositary receipts; foreign currency exchange activity; changes in the interest rate environment; trading prices of financial products that are tied to baskets of foreign securities; and any other matters considered relevant.

If an investment is valued at a fair value for purposes of calculating a 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 for the RIC Funds (as discussed in Note 11) are determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends from net investment income are generally declared and paid annually by the RIC Funds, but may be paid more frequently to avoid excise tax. Distributions of net realized capital gains by the RIC Funds, if any, are distributed at least annually, to the extent they exceed available capital loss carryforwards. The JNL/WMC Government Money Market Fund declares dividends from net investment income daily and pays dividends monthly. No distributions of net investment income or realized capital gains are required for Funds that are not RICs, therefore, undistributed net investment income and accumulated net realized gain/loss are reclassed to paid-in capital on a semi-annual basis. Capital gains distributions received from the Master Funds and underlying funds are recorded as Net realized gain on Distributions from Affiliated or Unaffiliated investment companies, as applicable, in the Statements of Operations.

**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. Corporate actions involving foreign securities, including dividends, are recorded when the information becomes available. Income received in lieu of dividends for securities loaned is included in Dividends in the Statements of Operations. Interest income, including effective-yield amortization of discounts and premiums on debt securities and convertible bonds, is accrued daily. A Fund may place a debt obligation on non-accrual status and reduce related interest income, and value, by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become uncollectible. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Following Russia's invasion of Ukraine on February 24, 2022, economic sanctions and other restrictive measures have limited the ability of the Funds to receive and record dividend, interest and maturity payments from certain Russian securities or to repatriate Russian currency.

**Expenses.** Expenses are recorded on an accrual basis. Expenses of the Trust that are directly attributable to a specific Fund are charged to that Fund. Expenses attributable to a specific class of shares are charged to that class. Other Trust level expenses are allocated to the Funds based on the average daily net assets of each Fund. As it relates to expenses in Master Funds, the Feeder Fund's shareholders bear the fees and expenses of each respective Master Fund in which the Feeder Fund invests because each Feeder Fund invests all of its assets in its respective Master Fund. Such expenses are not included in the Statements of Operations but are incurred indirectly in the calculation of the NAV of the respective Master Fund. As a result, the Feeder Funds' actual expenses may be higher than those of other mutual funds that invest directly in securities. A similar situation exists for the Funds of Funds as it relates to the expenses associated with the investments in underlying funds.

**Foreign Taxes.** The Funds may be subject to foreign taxes on income, gains on investments or foreign currency purchases and repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretations of tax rules and regulations that exist in the markets in which the Funds invest. When a capital gains tax is determined to apply, a Fund will record an estimated tax liability in an amount that may be payable if the securities were disposed of on the valuation date. The estimated liability is recorded as Deferred foreign capital gains tax liability in the Statements of Assets and Liabilities. Foreign capital gains tax paid and the current period's change in deferred foreign capital gains tax liability are recorded in Net realized gain (loss) on Investments - unaffiliated and Net change in unrealized appreciation (depreciation) on Investments - unaffiliated, respectively, in the Statements of Operations.

**Foreign Currency Translations.** The accounting records of each Fund are maintained in U.S. dollars. Each business day, the fair values of foreign securities, currency holdings and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars based on current exchange rates. Purchases and sales of investment securities, income receipts and expense payments are translated into U.S. dollars based on the respective exchange rates prevailing on the dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of foreign securities. Such fluctuations are included in net realized and unrealized gain or loss on investments.

847

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#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

Net realized gains and losses on foreign currency related items are considered ordinary income for tax purposes and arise from sales of foreign currencies; currency gains or losses realized between the trade and settlement dates on securities transactions; the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar amounts actually received or paid; and the realized gains or losses resulting from portfolio and transaction hedges. Net unrealized gain or loss on foreign currency related items include gains and losses from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in currency exchange rates.

**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 Funds. However, since their commencement of operations, the Funds have not had claims or losses pursuant to their contracts and expect the risk of loss to be remote. The Funds' maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined and the Funds have no historical basis for predicting the likelihood of any such claims.

**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.

**Statement of Cash Flows.** GAAP requires entities providing financial statements that report both a financial position and results of operations to also provide a statement of cash flows for each period for which results of operations are provided, but exempts investment companies meeting certain conditions including that the investment company had little or no debt, based on the average debt outstanding during the period, in relation to average total assets and that substantially all the investment company's investments were carried at Level 1 or Level 2 measurements in accordance with FASB ASC Topic 820. Funds with certain degrees of borrowing activity, typically through the use of securities sold short, transactions characterized as secured borrowing transactions or reverse repurchase agreements, have been determined to require a statement of cash flows.

**Recent Accounting Pronouncements.** In March 2020, FASB issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The new guidance provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued due to reference rate reform. The amendments in this update are elective and may be applied through December 31, 2024. Management is currently evaluating the potential impacts of reference rate reform and the adoption of this ASU on the Funds' financial statements.

Effective August 19, 2022, the Funds were required to comply with Rule 18f-4 under the Investment Company Act – Use of Derivatives by Registered Investment Companies and Business Development Companies. Among other things, Rule 18f-4 requires funds that invest in derivative instruments beyond a specified limited amount to apply a value-at-risk based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. The Funds' compliance with Rule 18f-4 did not have a material impact to the Funds' financial statements.

Effective September 8, 2022, the Funds were required to comply with Rule 2a-5 under the Investment Company Act – Good Faith Determinations of Fair Value. The rule addresses valuation practices and the role of fund board of directors with respect to the fair value of the investments of a fund. The Rule also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and rescinded previously issued guidance, including with respect to the role of a fund's board in determining fair value and the accounting and auditing of fund investments. The Funds' compliance with Rule 2a-5 did not have a material impact to the Funds' financial statements.

In June 2022, FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in the ASU clarify guidance in Topic 820 when measuring the fair value of equity securities subject to contractual restrictions prohibiting their sale and introduce new disclosure requirements for these securities. The amendments in this update are effective for fiscal years beginning after December 15, 2023. Management is currently evaluating the potential impacts of this ASU on the Funds' financial statements.

#### NOTE 3. FASB ASC TOPIC 820, "FAIR VALUE MEASUREMENT"
This standard 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 a Fund's investments under FASB ASC Topic 820 guidance. The inputs are summarized into three broad categories:

Level 1 includes valuations based on quoted prices of identical securities in active markets, including valuations for securities listed on a national or foreign stock exchange or investments in mutual funds. Level 1 valuations include investments in the underlying funds and Master Funds.

Level 2 includes valuations determined from significant direct or indirect observable inputs. Direct observable inputs include broker quotes, third-party prices, closing prices of similar securities in active markets, closing prices for identical or similar securities in non-active markets or corporate action or reorganization entitlement values. Indirect significant observable inputs include factors such as interest rates, yield curves, prepayment speeds or credit ratings. Level 2 includes valuations for fixed income securities, including certain term loans, OTC derivatives, centrally cleared swap agreements, broker quotes in active markets, securities subject to corporate actions, securities valued at amortized cost,

848

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

international equity securities priced by an independent statistical fair value pricing service, swap agreements valued by pricing services, ADRs and GDRs for which quoted prices in active markets are not available or securities limited by foreign ownership.

Level 3 includes valuations determined from significant unobservable inputs including the Adviser's own assumptions in determining the fair value of the investment. Inputs used to determine the fair value of Level 3 securities include security specific inputs such as: credit quality, credit rating spreads, issuer news, trading characteristics, call features, maturity or anticipated cash flows; or industry specific inputs such as: trading activity of similar markets or securities, changes in the security's underlying index or changes in comparable securities' models. Level 3 valuations include securities, currency exchange rates and forward foreign currency contracts where forward rates are not available; term loans that do not meet certain liquidity thresholds; securities where prices may be unavailable due to halted trading, restricted to resale due to market events, or newly issued; private placements; or investments for which reliable quotes are otherwise not available.

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 is a rollforward of individually significant securities Level 3 valuations (in thousands) and transfers by category for which significant unobservable inputs were used to determine fair value during the year ended December 31, 2022:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance at Beginning of Year ($)** | **Transfers into Level 3 During the Year<sup>2</sup> ($)** | **Transfers into Level 3 During the Year<sup>2</sup> ($)** | **Transfers out of Level 3 During the Year<sup>2</sup> ($)** | **Total Realized and Change in Unrealized Gain/(Loss) ($)** | **Purchases ($)** | (Sales) ($) | **Balance at End of** <br>**Year ($)** | **Net Change in Unrealized Appreciation/**<br>**(Depreciation) on Investments Held at End of Year<sup>1</sup> ($)** |
| **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** |  |  |  |  |  |  |  |
| Other Equity Interests  | 8671 |  |  |  | 371 | 2152 | (4343) | 6851<sup>3</sup> | 371 |
| **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** | **JNL/DoubleLine Total Return Fund** |  |  |  |  |  |  |  |
| Government and Agency Obligations |  |  | 25075<sup>4</sup> | (25075)<sup>4</sup> |  |  |  |  |  |
| **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** | **JNL/First Sentier Global Infrastructure Fund** |  |  |  |  |  |  |
| Common Stocks |  |  | 19396<sup>5</sup> | (19396)<sup>5</sup> |  |  |  |  |  |
| **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** | **JNL/GQG Emerging Markets Equity Fund** |  |  |  |  |  |  |
| Common Stocks |  |  | 29260<sup>6</sup> | (29260)<sup>6</sup> |  |  |  |  |  |
| **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** | **JNL/PIMCO Income Fund** |  |  |  |  |  |  |
| Non-U.S. Government Agency Asset-Backed Securities |  |  | 13530<sup>7</sup> | (13530)<sup>7</sup> |  |  |  |  |  |
| **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** | **JNL/WCM China Quality Growth Fund** |  |  |  |  |  |  |  |
| Common Stocks |  |  | 83<sup>8</sup> | (83)<sup>8</sup> |  |  |  |  |  |
| **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** | **JNL/WCM Focused International Equity Fund** |  |  |  |  |  |  |
| Common Stocks |  |  | 33874<sup>9</sup> | (33874)<sup>9</sup> |  |  |  |  |  |
| **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** | **JNL/Westchester Capital Event Driven Fund** |  |  |  |  |  |  |  |
| Other Equity Interests  | 3408 |  |  |  | 143 | 2874 | (1840) | 4585<sup>10</sup> | 143 |

---

<sup>1</sup> Reflects the change in unrealized appreciation/(depreciation) for Level 3 investments held at December 31, 2022.

<sup>2</sup> There were no significant transfers between Level 3 and Level 2 valuations during the year end December 31, 2022 except for those noted.

<sup>3</sup> The fair value measurement of certain other equity interests held in JNL Multi-Manager Alternative Fund were determined based on multiple broker quotes. Changes to the model inputs may result in changes to the other equity interest's fair value measurements at December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Valuation Technique** | **Unobservable Input** | **Range (Weighted Average)** |
| Market Approach | Price Per Share  | 3.715 – 6.0 (4.8575) |

---

<sup>4</sup> During the year, the valuation of the government and agency obligations held in JNL/DoubleLine Total Return Fund were transferred from a Level 3 valuation to a Level 2 valuation. Previously they were valued using a single broker quote and considered a Level 3 valuation.

<sup>5</sup> During the year, the valuation of common stocks held in JNL/First Sentier Global Infrastructure Fund were transferred from a Level 3 valuation to a Level 2 valuation. Previously they were valued using the last traded price and considered a Level 3 valuation.

<sup>6</sup> During the year, the valuation of common stocks held in JNL/GQG Emerging Markets Equity Fund were transferred from a Level 3 valuation to a Level 1 valuation. Previously they were valued using the last traded price and considered a Level 3 valuation.

<sup>7</sup> During the year, the valuation of Non-U.S. Government Agency Asset-Backed Securities held in JNL/PIMCO Income Fund were transferred from a Level 3 valuation to a Level 2 valuation. Previously they were valued using a proxy price model and considered a Level 3 valuation.

<sup>8</sup> During the year, the valuation of common stocks held in JNL/WCM China Quality Growth Fund were transferred from a Level 3 valuation to a Level 2 valuation. Previously they were valued using the last traded price and considered a Level 3 valuation.

<sup>9</sup> During the year, the valuation of common stocks held in JNL/WCM Focused International Equity Fund were transferred from a Level 3 valuation to a Level 2 valuation. Previously they were valued using the last traded price and considered a Level 3 valuation.

<sup>10</sup> The fair value measurement of certain other equity interests held in JNL/Westchester Capital Event Driven Fund were determined based on multiple broker quotes. Changes to the model inputs may result in changes to the other equity interest's fair value measurements at December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Valuation Technique** | **Unobservable Input** | **Range (Weighted Average)** |
| Market Approach | Price Per Share  | 3.715 – 6.0 (4.8575) |

---

<sup><sup></sup></sup>

<sup>†</sup> Unobservable inputs were weighted by the relative fair value of the instruments.

849

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

The following table summarizes Funds with significant exposure to Russian securities with Level 3 valuations (in thousands) at December 31, 2022. These securities were fair valued at or near zero due to economic sanctions that prohibit the Funds from transacting in these securities or to repatriate Russian currency.

---

| | |
|:---|:---|
|  | **Unrealized Gain/(Loss) ($)** |
| **JNL Emerging Markets Index Fund** |  |
| Common Stocks | (24725) |
| **JNL Multi-Manager Emerging Markets Equity Fund** |  |
| Common Stocks | (41976) |
| **JNL Multi-Manager International Small Cap Fund** |  |
| Common Stocks | (5911) |
| **JNL/BlackRock Global Natural Resources Fund** |  |
| Common Stocks | (40428) |
| **JNL/GQG Emerging Markets Equity Fund** |  |
| Common Stocks | (58549) |
| **JNL/PIMCO Investment Grade Credit Bond Fund** |  |
| Corporate Bonds and Notes | (6680) |

---

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.

#### NOTE 4. SECURITIES AND OTHER INVESTMENTS
**Securities Lending and Securities Lending Collateral.** All Funds, except JNL/PPM America Floating Rate Income Fund, JNL/WMC Government Money Market Fund, the Funds of Funds and the Feeder Funds, participate in agency based securities lending programs. JPMorgan Chase Bank, N.A. ("JPM Chase") and State Street Bank and Trust Company ("State Street") (each a "Custodian" and together the "Custodians") each serve as securities lending agent to the eligible Funds for which they are Custodian. Per the securities lending agreements, the securities lending agent is authorized to loan securities on behalf of the Funds to approved borrowers and is required to maintain collateral. Each Fund receives either cash or non-cash collateral against the loaned securities in an amount equal to at least 100% of the market value of the loaned securities. Generally, cash and non-cash collateral received for the following types of securities on loan are as follows: U.S. government fixed income – 102%; U.S. equities – 102%; U.S. corporate fixed income – 102%; international equities – 105%; international corporate fixed income – 105%; sovereign fixed income – 102%; and asset backed investments – 102%. Collateral is maintained over the life of the loan as determined at the close of Fund business each day; any additional collateral required due to changes in security values is typically delivered to the Fund on the next business day. The duration of each loan is determined by the agent and borrower and generally may be terminated at any time. Certain loans may be negotiated to mature on a specified date. The securities lending agents have agreed to indemnify the Fund in the event of default by a third-party borrower. A Fund may experience a delay in the recovery of its securities or incur a loss if the borrower breaches its agreement with the Fund or becomes insolvent. For cash collateral, the Fund receives income from the investment of cash collateral, which is shared with the borrower through negotiated rebates. The Fund bears the market risk with respect to the collateral investment and securities loaned. The Fund also bears the risk that the agent may default on its obligations to the Fund. Non-cash collateral which a Fund receives may include U.S. government securities; U.S. government agencies' debt securities; and U.S. government-sponsored agencies' debt securities and mortgage-backed securities. For non-cash collateral, the Fund receives lending fees negotiated with the borrower. The securities lending agents have agreed to indemnify the Fund with respect to the market risk related to the non-cash collateral investments. Each Fund also bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a decline in value of an approved investment. JPM Chase and State Street receive a portion of the earnings from the Funds' securities lending program.

Except as described below, cash collateral received is invested in the JNL Securities Lending Collateral Fund, a registered government money market fund under the 1940 Act and a series of the JNL Investors Series Trust. JNAM serves as the Adviser and Administrator for the JNL Securities Lending Collateral Fund. The JNL Securities Lending Collateral Fund is only offered to the Funds. The JNL Securities Lending Collateral Fund pays JNAM an annual fee, accrued daily and payable monthly, for investment advisory services. In addition to investing cash collateral in the JNL Securities Lending Collateral Fund, JNL/Mellon S&P 500 Index Fund may invest cash collateral in repurchase agreements collateralized by equity and U.S. government or agency securities. JPM Chase has agreed to bear the risk of any deficiency in the amount of collateral available for return to a borrower due to a decline in value of the repurchase agreements collateralized by equity and U.S. government or agency securities. Reinvestments in repurchase agreements will not exceed 10% of a Fund's net assets, shall be collateralized by equity and U.S. government or agency securities equal to not less than 110% of the cash collateral reinvested in such transactions, and shall be marked-to-market daily.

Cash collateral received from the borrower is recorded in the Statements of Assets and Liabilities as Payable for Return of securities loaned. Investments acquired with such cash collateral are reported in a manner consistent with other portfolio investments held by each Fund as Investments - affiliated, at value or Investments - unaffiliated, at value, as applicable, on the Statements of Assets and Liabilities. The value of securities on loan is disclosed as Securities on loan included in Investments - unaffiliated, at value on the Statements of Assets and Liabilities. Each Fund's net exposure to a borrower is determined by the amount of any excess or shortfall in cash collateral received compared to the value of securities on loan. Certain Funds receive non-cash collateral in the form of securities received, which the Funds may not sell or re-pledge and accordingly are not reflected in the Statements of Assets and Liabilities.

**U.S. Government Agencies or Government Sponsored Enterprises.** Certain Funds 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 Bank, 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 ("FNMA"

850

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

or "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.

Government-related guarantors (i.e., guarantors that are not backed by the full faith and credit of the U.S. government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers, which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. government.

FNMA and FHMLC were placed into conservatorship by the Federal Housing Finance Agency ("FHFA"). As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and each enterprise's assets. In connection with the conservatorship, the U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement with FNMA and FHLMC. This agreement contains various covenants that severely limit each enterprise's operations. In exchange for entering into these agreements, the U.S. Treasury received senior preferred stock in each enterprise and warrants to purchase each enterprise's common stock. The U.S. Treasury created a new secured lending facility, which is available to FNMA and FHLMC as a liquidity backstop and created a temporary program to purchase mortgage-backed securities issued by FNMA and FHLMC. FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities.

**Unregistered Securities.** Certain Funds may own certain investment securities that are unregistered and thus restricted to resale. These securities may also be referred to as "private placements". Unregistered securities may be classified as "illiquid" because there is no readily available market for sale of the securities. Where future dispositions of the securities require registration under the 1933 Act, the Funds have the right to include those securities in such registration generally without cost to the Funds. The Funds have no right to require registration of unregistered securities.

**Repurchase Agreements.** Certain Funds may invest in repurchase agreements. In a repurchase agreement a 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. When a repurchase agreement is entered into, a Fund typically receives securities with a value that approximates or exceeds the repurchase price, including any accrued interest earned on the repurchase agreement. The value of such securities will be marked to market daily, and cash or additional securities will be exchanged between the parties with a frequency and in amounts prescribed in the repurchase agreement. 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.

**Reverse Repurchase Agreements.** Certain Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund delivers to a counterparty a security in exchange for cash with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. Cash received in exchange for securities delivered plus accrued interest to be paid by the Fund are reflected as Payable for Reverse repurchase agreements on the Statements of Assets and Liabilities. Interest paid is recorded as interest expense to the Fund. The Fund receives principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. In periods of increased demand of the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A reverse repurchase agreement involves the risk that the value of the security delivered by the Fund may decline below the repurchase price of the security.

The average daily balance (in thousands) and the weighted average interest rate for reverse repurchase agreements, for the year ended December 31, 2022, were as follows: JNL Multi-Manager Alternative Fund, $15,101 and 1.13%, respectively, for 325 days outstanding; JNL/PIMCO Income Fund, $24,079 and 3.87%, respectively, for 12 days outstanding; JNL/PIMCO Investment Grade Credit Bond Fund, $1,497 and -0.68%, respectively, for 120 days outstanding; JNL/PIMCO Real Return Fund, $283,574 and 0.65%, respectively, for 3 days outstanding. The value of reverse repurchase agreements and collateral pledged at December 31, 2022 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counter-party** | **Collateral** | **Interest Rate Expense/ Income<sup>1</sup> (%)** | **Maturity Date** | **Collateral Amount ($)** | **Payable for Reverse Repurchase Agreement Including Interest Payable ($)** |
| **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** | **JNL Multi-Manager Alternative Fund** |
| RBC | Treasury, United States Department of, 4.00%, due 11/15/52 | 4.49 | 02/06/2026 | 4279 | 4309 |
| RBC | Treasury, United States Department of, 4.13%, due 11/15/32 | 4.46 | 01/19/2023 | 11220 | 11456 |
| RBC | Treasury, United States Department of, 4.13%, due 11/15/32 | 4.51 | 02/06/2023 | 1836 | 1892 |
| RBC | Federal National Mortgage Association, Inc., 3.24%-3.40%, due 03/01/30-01/01/33 | 4.46 | 02/08/2023 | 2456 | 2319 |
| RBC | Federal National Mortgage Association, Inc., 3.62%, due 01/01/28  | 4.45 | 02/08/2023 | 1407 | 1339 |
|  |  |  |  | 21198 | 21315 |

---

851

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**Forward Sales Commitments.** Certain Funds may purchase or sell forward sales commitments. A forward sales commitment involves a Fund entering into a contract to purchase or sell securities for a fixed price at a future date beyond the customary settlement period. The purchase of a forward sales commitment involves the risk of loss if the value of the security to be purchased declines before the settlement date while the sale of a forward sales commitment involves the risk that the value of the securities to be sold may increase before the settlement date. A Fund may dispose of or renegotiate forward sales commitments after they are entered into, and may close these positions before they are delivered, which may result in realized gain or loss.

**Delayed-Delivery Securities.** Certain Funds may purchase or sell securities on a delayed-delivery basis, including To Be Announced ("TBA") or "To Be Acquired" securities. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. In TBA transactions, the Fund commits to purchasing or selling securities for which all specific information is not yet known at the time of the trade, particularly the face amount and maturity date of the underlying securities. When delayed-delivery purchases are outstanding, the Fund is required to have sufficient cash and/or liquid securities to cover its commitments on these transactions. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights of ownership of the security, including the risk of price and yield fluctuations, and considers such fluctuations when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and the Fund may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss. When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains or losses with respect to the security. Securities purchased on a TBA basis are not settled until they are delivered to the Fund. In connection with TBA transactions, Funds may maintain a short position related to certain securities. In connection with these transactions, the Fund owns an equal amount of the securities or holds securities convertible (or exchangeable) into an equal amount of the securities, of the same issuer, as the position held short.

**Mortgage-Backed Dollar and Treasury Roll Transactions.** Certain Funds may purchase or sell mortgage-backed or Treasury securities and simultaneously contract to sell or repurchase securities at a future date at an agreed upon price. The Funds may only enter into covered rolls. A "covered roll" is a type of dollar or Treasury roll for which a Fund maintains offsetting positions in cash, U.S. Government securities, or other liquid assets which mature on or before the forward sale or repurchase settlement date of the dollar or Treasury roll transaction. During the period between the purchase or sale and subsequent sale or repurchase, a Fund foregoes interest and principal paid on the mortgage-backed or Treasury securities. A Fund is compensated by the interest earned on the cash proceeds of the sale and from negotiated fees paid by brokers offered as an inducement to the Fund to "roll over" its purchase commitments. A Fund may dispose of "covered roll" securities after they are entered into and close these positions before their maturity, which may result in a realized gain or loss.

Dollar or Treasury roll transactions involve the risk that the fair value of the securities sold by a Fund may decline below the repurchase price of those securities which the Fund is obligated to purchase or that the return earned by the Fund with the proceeds of a dollar roll may not exceed transaction costs.

In a mortgage-backed or Treasury securities roll transaction, if the repurchased security is determined to be similar, but not substantially the same, the transaction is accounted for as a purchase and sale. Any gains, losses and any income or fees earned are recorded to realized gain or loss. If the repurchased security is determined to be substantially the same, the transaction is accounted for as a secured borrowing, rather than as a purchase and sales transaction. For Funds with significant transactions characterized as secured borrowing transactions, any income or fees earned are recorded to investment income and financing costs associated with the transaction are recorded to interest expense.

The average daily balance (in thousands) and the weighted average interest rate for Treasury roll transactions accounted for as secured borrowing transactions, for the year ended December 31, 2022, were as follows: JNL/PIMCO Income Fund, $17,186 and 3.12% respectively, for 18 days outstanding; JNL/PIMCO Investment Grade Credit Bond Fund, $93,921 and 0.97%, respectively, for 365 days outstanding; and JNL/PIMCO Real Return Fund, $391,878 and 0.51%, respectively, for 365 days outstanding. At December 31, 2022, JNL/PIMCO Income Fund, JNL/PIMCO Investment Grade Credit Bond Fund and JNL/PIMCO Real Return Fund had $0, $67 and $23, respectively, of deferred income (in thousands) included in Payable for Treasury roll transactions on the Statements of Assets and Liabilities.

The following table details Treasury roll transactions (in thousands) outstanding accounted for as secured borrowings as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Collateral** | **Counterparty** | **Borrowing Rate/(Fee Income)(%)** | **Maturity**<br>**Date** | **Payable for Treasury Roll Transactions Including Interest Payable ($)** |
| **JNL/PIMCO Investment Grade Credit Bond Fund** |  |  |  |  |  |
|  | U.S. Treasury Obligations | UBS | 4.18 | 1/6/2023 | 1771 |
|  | U.S. Treasury Obligations | UBS | 4.18 | 1/19/2023 | 10430 |
|  |  |  |  |  | 12201 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund** |  |  |  |  |  |
|  | U.S. Treasury Obligations | BCL | 4.29 | 1/5/2023 | 28,786 |
|  | U.S. Treasury Obligations | BCL | 4.15 | 1/10/2023 | 11,557 |
|  | U.S. Treasury Obligations | GSC | 4.46 | 1/9/2023 | 43,892 |
|  | U.S. Treasury Obligations | GSC | 4.40 | 1/4/2023 | 695,442 |
|  |  |  |  |  | 779,677 |

---

852

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**Inflation-Indexed Bonds.** Certain Funds may invest in inflation-indexed bonds which are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be considered interest income, even though investors do not receive principal payments until maturity.

**Senior and Junior Loans.** Certain Funds may invest in Senior loans or secured and unsecured subordinated loans, second lien loans and subordinated bridge loans ("Junior loans") which are purchased or sold on a when-issued or delayed-delivery basis and may be settled a month or more after the trade date. Interest income on these loans is accrued based on the terms of the securities. Senior and Junior loans can be acquired through an agent, by assignment from another holder of the loan, or as a participation interest in another holder's portion of the loan.

**Securities Sold Short.** Certain Funds may enter into short sales transactions whereby the Fund sells a security it does not own in anticipation of a decline in the market price of the security or to engage in arbitrage transactions. When a Fund engages in a short sale, the Fund borrows the security sold short to make delivery to the buyer. The Fund may have to pay a fee to borrow securities and is often obligated to repay the lender of the securities for any interest or dividends that accrues on the borrowed securities during the period of the loan. Until the Fund closes its short position, the lending broker or lending agent requires assets in the form of securities or cash to be segregated as collateral, which is marked-to-market daily, to the extent necessary to meet margin requirements or cover the short sale obligation. A Fund is obligated to deliver securities at the market price at the time the short position is closed. If the price of the security sold short increases between the time of the short sale and the time that the Fund replaces the borrowed security, the Fund will incur a capital loss; conversely, if the price declines, the Fund will realize a capital gain. A Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

**Convertible Securities.** Certain Funds may invest in fixed-income securities which are convertible into common stock. Convertible securities may be converted either at a stated price or rate within a specified period of time into a specified number of shares of common stock. Typically, convertible securities pay dividends or interest greater than on the related common stocks, but less than fixed income non-convertible securities. By investing in a convertible security, a Fund may participate in any capital appreciation or depreciation of a company's stock, but to a lesser degree than if it had invested in that company's common stock. Convertible securities rank senior to common stock in a corporation's capital structure and, therefore, entail less risk than the corporation's common stock. A Fund may attempt to hedge certain of their investments in convertible debt securities by selling short the issuer's common stock.

**Credit-Linked Structured Notes.** Certain Funds may use credit-linked notes to take positions or manage equity price risk in the normal course of pursuing its investment objective. The value of a credit-linked note is based on the price movements of a particular credit, known as a reference credit. Credit-linked notes that the Funds invest in are typically listed instruments that typically provide the same return as the underlying reference credit. Credit-linked notes are intended to replicate the economic effects that would apply had a Fund directly purchased the underlying reference credit. The Fund generally will receive a fixed or floating coupon and the note's par value upon maturity. If a specified credit event occurs, such as default or bankruptcy, the Fund may experience a delay in payment or forego interest. The maximum potential risk of loss is limited to the par amount of the credit-linked note plus any accrued interest. The reference credit and its credit rating, for each credit-linked note, are presented parenthetically in the Schedules of Investments.

**Commodity-Linked Structured Notes.** A commodity-linked structured note is a debt instrument that contains a return component based on the movement of a commodity index. These notes typically pay interest on the face value of the instrument and a formula based return tied to a commodity index return. These notes may be issued by U.S. and foreign banks, brokerage firms, insurance companies and other corporations. Performance of the particular commodity index will affect performance of the commodity-linked structured note. Commodity-linked structured notes are often leveraged, increasing the volatility of each note's value relative to the change in the underlying index. They may be more volatile and less liquid than the underlying linked index and their value may be affected by the performance of commodities as well as other factors including liquidity, quality, maturity and other economic variables. Commodity-linked structured notes may have early redemption features based on advanced notice from the purchaser or automatic redemption triggered by a preset decline in the underlying commodity index. In addition to fluctuating in response to changes in the underlying commodity index, these notes are debt securities of the issuer and will be subject to credit and interest rate risks that typically affect debt instruments.

**Equity-Linked Structured Notes.** Certain Funds may invest in equity-linked notes. Equity-linked notes are financial instruments that combine debt and equity characteristics. These notes typically pay interest that is linked to the performance of the underlying equity. Equity-linked notes may be more volatile and less liquid than the underlying equity. In addition to fluctuating price movements in the underlying equity, these notes are debt securities of the issuer and will be subject to credit and interest rate risks that typically affect debt instruments.

**Master Limited Partnerships.** Certain Funds may invest in Master Limited Partnerships ("MLPs"). An MLP is a publicly traded company organized as a limited partnership or limited liability company and treated as a partnership for federal income tax purposes. The benefit derived from the Fund's investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. MLPs may derive income and gains from the exploration, development, mining or production, processing, refining, transportation (including pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources.

**Real Estate Investment Trusts.** Certain Funds may invest in Real Estate Investment Trusts ("REITs"). REITs are traded as a stock on major stock exchanges and invests in real estate directly, either through properties or mortgages. REITs typically concentrate on a specific geographic region or property type, receive special tax considerations and are a liquid method of investing in real estate.

**Participation Note Securities.** Certain Funds may invest in Participation Notes ("P-Notes"). P-Notes are promissory notes that are designed to offer a return linked to the performance of a particular underlying equity security or market. P-Notes are issued by banks or broker-dealers and allow a Fund to

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gain exposure to common stocks in markets where direct investment by the Fund may not be allowed or efficient. A Fund may tender a P-Note for cash payment in an amount that reflects the current fair value of the underlying equity investments or market, reduced by program fees.

**Unfunded Commitments.** Certain Funds may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrowers' discretion. Unfunded loan commitments and funded portions of credit agreements are marked-to-market daily. Net unrealized appreciation/depreciation on unfunded commitments is reflected in Other assets and Payable for Investment securities purchased in the Statements of Assets and Liabilities and Net change in unrealized appreciation (depreciation) on Investments - unaffiliated in the Statements of Operations.

#### NOTE 5. INVESTMENT TRANSACTION AGREEMENTS AND COLLATERAL
Under various agreements, certain investment transactions require collateral to be pledged to or from a 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 a Fund that are used as collateral are identified as such within the Schedules of Investments. Collateral for OTC financial derivative transactions paid to or received from brokers and counterparties is included in Receivable from Deposits with brokers and counterparties and Payable for Deposits from counterparties in the Statements of Assets and Liabilities.

**Master Netting Agreements ("Master Agreements").** Certain Funds are 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. A 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. A 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 a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds' Sub-Advisers attempt 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. For swap agreements executed with a Derivatives Clearing Organization ("DCO") in a multilateral or other trade facility platform ("centrally cleared swaps"), counterparty risk is reduced by shifting exposure from the counterparty to the DCO. Additionally, the DCO has broad powers to provide an orderly liquidation in the event of a default.

**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 Schedules of Investments. A 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 or reverse repurchase agreement.

**Master Securities Forward Transaction Agreements ("Master Forward Agreements").** Master Forward Agreements govern the considerations and factors surrounding the settlement of certain forward-settling transactions, such as delayed-delivery transactions, TBA securities and Treasury roll transactions between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. Losses may arise due to changes in the value of the underlying securities prior to settlement date, if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic or other factors. In the event of default, the unrealized gain or loss will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty. In the ordinary course of business, settlements of transactions are not typically subject to net settlement, except for TBA pools.

**Customer Account Agreements.** Customer Account Agreements and related addendums govern exchange traded or centrally cleared derivative transactions such as futures, options on futures and centrally cleared derivatives. If a Fund transacts in exchange traded or centrally cleared derivatives, the Sub-Adviser is a party to agreements with (1) a Futures Commissions Merchant ("FCM") in which the FCM facilitates the execution of the exchange traded and centrally cleared derivative with the DCO and (2) with an executing broker/swap dealer to agree to the terms of the swap and resolution process in the event the centrally cleared swap is not accepted for clearing by the designated DCO. Exchange traded and centrally cleared derivatives transactions require posting an amount of cash or cash equivalents equal to a certain percentage of the contract amount known as the "initial margin" as determined by each relevant clearing agency and is segregated at an FCM which is registered with the Commodity Futures Trading Commission ("CFTC") or the applicable regulator. The Fund receives from, or pays to, the counterparty an amount of cash equal to the daily fluctuation in the value of the

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contracts. Such receipts or payments are known as the "variation margin". For certain exchanges or DCOs, variation margin may include more than one day's fluctuation in the value of the contracts. Variation margin on the Statements of Assets and Liabilities may include variation margin on closed unsettled derivative transactions. Variation margin received may not be netted between exchange traded and centrally cleared derivatives. In the event of default, counterparty risk is significantly reduced as creditors to the FCM do not have claim to the Fund's assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk.

**International Swaps and Derivatives Association Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements").** ISDA Master Agreements govern OTC financial derivative transactions entered into by a Fund's Sub-Adviser and select counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, events of default, termination and maintenance of collateral. Termination includes conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to early termination could be material to the financial statements. In the event of default, the total financial derivative 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. The amount of collateral exchanged is based on provisions within the ISDA Master Agreements and is determined by the net exposure with the counterparty and is not identified for a specific OTC derivative instrument.

**Prime Brokerage Arrangements and Other Securities Borrowing Agreements.** Certain Funds may enter into Prime Brokerage Arrangements or Securities Borrowing Agreements to facilitate execution and/or clearing of listed equity option transactions or short sales of securities between the Fund and select counterparties. The arrangements provide general guidelines surrounding the rights, obligations and other events, including but not limited to, margin, execution and settlement. These arrangements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Cash margin and securities delivered as collateral are typically in the possession of the prime broker or lending agent and offset any obligations due to the prime broker or lending agent. Cash collateral held at the prime broker is reflected in Cash collateral segregated for short sales in the Statements of Assets and Liabilities. In the event of default, the value of securities sold short will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

#### NOTE 6. FINANCIAL DERIVATIVE INSTRUMENTS
**Options Transactions.** Certain Funds may buy and sell ("write") call and put options on securities, futures, indices, currencies, swap agreements ("swaptions") and inflation caps and floors. An option is a contract that gives the purchaser of the option, in return for a premium paid, the right to buy a specified underlying instrument from the writer of the option (in the case of a call option), or to sell a specified underlying instrument to the writer of the option (in the case of a put option) at a designated price. The right to exercise is dependent upon the contract terms and can be during the term or at expiration of the option. When a Fund purchases an option, the premium paid by the Fund is recorded as an asset. When a Fund writes a call or put option or an inflation cap or floor, the premium received by the Fund is recorded as a liability. All types of options are marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the cost basis of the underlying investment or offset against the proceeds of the underlying investment transaction to determine realized gain or loss. Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. The risks associated with purchasing options are limited to premiums paid and the failure of the counterparty to honor its obligation under the contract. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds of the underlying investment transaction or reduce the cost basis of the underlying investment to determine the realized gain or loss. Writing call options tends to decrease a Fund's exposure to the underlying instrument. Writing put options tends to increase a Fund's exposure to the underlying instrument. The risk associated with writing an option that is exercised is that an unfavorable change in the price of the security underlying the option could result in a Fund buying the underlying security at a price higher than the current value or selling the underlying security at a price lower than the current fair value. There is also the risk a Fund may not be able to enter into a closing transaction if the market is illiquid. Options written by a Fund do not give rise to counterparty credit risk, as they obligate the Fund, not the counterparty, to perform.

Depending on the exchange on which an exchange traded futures option is traded, premium may be paid/received when purchasing/writing the option or there may be no premium paid/received when purchasing/writing the option. Variation margin on these options is recorded by the Fund until the contracts are terminated at which time realized gains and losses are recognized. Exchange traded futures options involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund.

Swaptions are similar to options on securities except that instead of purchasing the right to buy or sell a security, the writer or purchaser of the swaption is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement. The right to exercise is dependent upon the contract terms and can be during the term or at expiration of the option. Swaptions are classified as illiquid investments. Straddle options are written or purchased with premiums to be determined on a future date which are based upon implied volatility parameters at specified terms. An inflation cap can be used to protect the buyer from inflation erosion above a certain rate. An inflation floor can be used to provide downside protection to investments in inflation-linked products. The maximum potential amount of future payments (undiscounted) that a Fund could be required to make under an inflation cap or floor would be the notional amount times the percentage increase (for an inflation cap) or decrease (for an inflation floor) in inflation determined by the difference between the index's current value and the value at the time the inflation cap or floor was entered into.

**Futures Contracts.** Certain Funds may buy and sell futures on equities, indices, interest rates, commodities and currencies. A futures contract is a standardized contract obligating two parties to exchange a specified asset at an agreed upon price and date. Variation margin is recorded by the Fund until the contracts are terminated at which time realized gains and losses are recognized. Futures contracts involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the securities held by the Fund or the change in the value of an underlying entity and the prices of the futures contracts and the

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possibility the Fund may not be able to enter into a closing transaction because of an illiquid market. With futures, counterparty risk to the Fund is reduced because futures contracts are exchange traded and the exchange's clearinghouse, acting as counterparty to all exchange traded futures, guarantees the futures contracts against default.

**Forward Foreign Currency Contracts.** A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of a Fund's investment securities, but it does establish a fixed rate of currency exchange that can be achieved in the future. The value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss and as a receivable or payable from forward foreign currency contracts. Upon settlement, or delivery or receipt of the currency, a realized gain or loss is recorded which is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Forward foreign currency contracts involve market risk in excess of the receivable or payable related to forward foreign currency contracts recorded by the Funds. Although contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. Additionally, a Fund could be exposed to the risk of a previously hedged position becoming unhedged if the counterparty to a contract is unable to meet the terms of the contract or if the currency changes unfavorably to the value of the offsetting currency.

**Swap Agreements.** Swap agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the OTC market or executed and centrally cleared with a DCO. OTC swaps are typically classified as illiquid investments.

All types of swap agreements are marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. For OTC swaps, premiums paid or received at the beginning of the measurement period are recorded as an asset or liability by the Fund and represent payments made or received upon entering into the OTC swap to compensate for differences between the stated terms of the OTC swap and prevailing market conditions relating to credit spreads, interest rates, currency exchange rates and other relevant factors as appropriate. These upfront payments are recorded as a realized gain or loss upon termination or maturity of the OTC swap. For centrally cleared swaps, daily changes in valuation are recorded as a receivable or payable, as appropriate, and received from or paid to the DCO on a daily basis until the contracts are terminated at which time a realized gain or loss is recorded. The use of centrally cleared swaps may require a Fund to commit initial and variation margin that may otherwise not be required under an OTC swap. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss. Net periodic payments received or paid by a Fund are included as part of realized gain or loss.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the unrealized gain or loss recorded by a Fund. Such risks include that there is no liquid market for OTC swaps, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreement and that there may be unfavorable changes in interest rates or value of underlying securities. Centrally cleared swaps involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund.

**Interest Rate Swap Agreements.** Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Forms of interest rate swap agreements that certain Funds have entered into may include: fixed-for-floating rate swaps, under which a party agrees to pay a fixed rate in exchange for receiving a floating rate tied to a benchmark; floating-for-fixed rate swaps, under which a party agrees to pay a floating rate in exchange for receiving a fixed rate; floating-for-floating rate swaps, under which a party agrees to pay a floating rate in exchange for another floating rate; interest rate caps, under which, in return for a premium, one party agrees to make payments to the other party to the extent that interest rates exceed a specified rate, or "cap"; interest rate floors, under which, in return for a premium, one party agrees to make payments to the other party to the extent that interest rates fall below a specified rate, or "floor"; interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding certain levels; callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date; or forward spread locks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark.

A Fund's maximum risk of loss from counterparty credit risk for an interest rate swap agreement is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent this amount is positive.

**Cross-Currency Swap Agreements.** Cross-currency swaps are interest rate swaps in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party's stream of interest payments, either fixed or floating, based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps may also involve an exchange of notional amounts at the start, during or at expiration of the contract, either at the current spot or another specified rate. A Fund's maximum risk of loss from counterparty credit risk is generally the aggregate unrealized gain netted against any collateral pledged by the counterparty.

**Credit Default Swap Agreements.** Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. As a seller of protection, a Fund will generally receive from the buyer of protection a premium in return for such protection and/or a fixed rate of income throughout the term of the swap if there is no credit event. As a buyer of protection, a Fund will generally pay the seller of protection a premium in return for such protection and/or a fixed rate of income throughout the term of the swap if there is no credit event. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, restructuring, write-down, principal shortfall or interest shortfall. As a seller, a Fund adds leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment

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December 31, 2022

exposure on the notional amount of the credit default swap. If a Fund is a seller or buyer of protection and a credit event occurs, as defined under the terms of that particular credit default swap agreement, the Fund will either (i) pay or receive an amount equal to the notional amount of the referenced obligation agreement and take delivery or deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Until a credit event occurs, recovery values are determined by market makers considering either industry standard recovery rates or entity specific factors and considerations. When a credit event occurs, the recovery value is determined by a facilitated auction, administered by ISDA, whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Certain Funds may use credit default swap agreements on corporate or sovereign issues. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event). Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate issues and sovereign issues serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the applicable agreement.

Certain Funds may use credit default swap agreements on asset-backed securities. Unlike credit default swaps on corporate or sovereign issues, deliverable obligations in most instances would be limited to the specific referenced obligation because performance for asset-backed securities can vary across deals. Write-downs, such as prepayments and principal pay downs, or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts.

Certain Funds may use credit default swap agreements on credit indices. A credit index is a basket of credit instruments or exposures designed to represent a portion of the credit market. These indices consist of reference credits that are considered to be the liquid entities in the credit default swap market based on the index sector. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities and emerging market securities. These components can be determined based upon various credit ratings within each sector. Implied credit spreads, the prices and resulting values for credit default swap agreements on credit indices serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the issuers in the index, and if there is a credit event, the credit event is settled based on that issuer's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each issuer has an equal weight in the index.

Either as a seller of protection or a buyer of protection of a credit default swap agreement, a Fund's maximum risk of loss from counterparty risk is the fair value of the agreement. The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is limited to the total notional amount which is defined under the terms of each swap agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

**Total Return Swap Agreements.** Some total return swap agreements involve a commitment to pay periodic interest payments in exchange for a market linked return based on a security or a basket of securities. To the extent the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty. A Fund's maximum risk of loss from counterparty credit risk for this type of total return swap agreement is the discounted net value of the cash flows to be received from or paid to the counterparty over the contract's remaining life, to the extent this amount is positive. Other total return swap agreements involve a right to receive the appreciation in value of a specified security, index, basket of securities or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon rate. To the extent the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the value of that decline to the counterparty. Additionally, long total return swap agreements on equity securities entitle a Fund to receive from the counterparty dividends paid on an individual security and short total return equity swap agreements obligate a Fund to pay the counterparty dividends paid on an individual security. Total return swap agreements where the reference entity is a futures contract do not pay/receive periodic interest payments. A Fund's maximum risk of loss from counterparty credit risk for this type of total return swap agreement is the value of the underlying security, index, basket of securities or other financial instrument along with any dividends or interest receivable.

**Non-Deliverable Bond Forward Contracts.** A non-deliverable bond forward contract is a short-term forward agreement between two parties to buy or sell a bond denominated in a non-deliverable foreign currency at a specified price and date. Non-deliverable bond forward contracts are marked-to-market daily and change in value is recorded by a Fund as an unrealized gain or loss. A realized gain or loss is recorded at termination of the contract. Upfront premiums paid or received are recorded as an asset or liability by the Fund and represent payments paid or received upon entering into the contract that correlate to the stated price of the underlying security. These upfront premiums are recorded as realized gain or loss on the Statement of Operations upon termination or maturity of the contract. The use of these instruments involves the risk that the counterparty to the agreements may default on its obligation to perform. These contracts may be illiquid, and changes in their values may not directly correlate with changes in the value of the underlying security. The maximum amount of potential loss for a non-deliverable bond forward contract is the value of the contract.

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#### Notes to Financial Statements
December 31, 2022

**Contracts for Difference.** Contracts for differences ("CFDs") are privately negotiated contracts between a buyer and seller stipulating that the seller will pay to or receive from the buyer the difference between the nominal value of the underlying instrument at the opening of the contract and that instrument's value at the end of the contract. Certain Funds entered into CFDs where the underlying instrument was a specified security. The Fund can take either a short or long position on the underlying instrument. In exchange for exposure to the underlying asset, the buyer pays a financing fee, which depending on market factors, can result in either expense or income for the buyer. The financing fee disclosed reflects the cost of each CFD from the perspective of the Fund and is dependent upon whether the position is long or short. For long positions, the Fund pays the financing fee. For short positions, the financing fee can be positive or negative depending on whether the spread is greater or less than the floating rate. To the extent the floating rate plus or minus the spread is negative, that is the financing fee paid by the Fund. If the rate is positive, the financing fee generates income for the Fund. CFDs are marked-to-market daily and change in value is recorded by a Fund as an unrealized gain or loss. A realized gain or loss is recorded at termination of the contract. There is no expiration date to the contract, but a CFD is typically terminated by the buyer. A Fund's maximum risk of loss from counterparty credit risk for a CFD agreement is the ability for the counterparty to make payments or to otherwise honor its financial obligations under the terms of the contract. If the counterparty is unable to make payments, the value of the contract may be reduced.

**FASB ASC Topic 815, *"Derivatives and Hedging"* and Financial Instruments Eligible for Offset.** FASB ASC Topic 815 includes the requirement for enhanced qualitative disclosures about objectives and strategies for using derivative instruments and disclosures regarding credit related contingent features in derivative instruments, as well as quantitative disclosures in the semi-annual and annual financial statements about fair value, gains and losses, and volume of activity for derivative instruments. Information about these instruments is disclosed in the context of each instrument's primary underlying risk exposure which is categorized as credit, commodity, equity price, interest rate and foreign currency exchange rate risk. The following disclosures include: (1) Objectives and strategies for each Fund's derivative investments during the year; (2) A summary table (in thousands) of the fair valuations of each Fund's derivative instruments categorized by risk exposure, which references the location on the Statements of Assets and Liabilities and the realized and unrealized gain or loss on the Statements of Operations for each derivative instrument as of December 31, 2022. Funds which held only one type of derivative during the year are not included in the tables as the location on the Statements of Assets and Liabilities and the realized and unrealized gain or loss on the Statements of Operations can be referenced directly on each Fund's respective statements; (3) A summary table (in thousands) of derivative instruments and certain investments of each Fund, which are subject to master netting agreements or a similar agreement and are eligible for offset in the Statements of Assets and Liabilities as of December 31, 2022. For Funds which held only one type of derivative during the year, amounts eligible for offset are presented gross in the Statements of Assets and Liabilities. Net exposure can be referenced in the assets and liabilities on the Statements of Assets and Liabilities and, if collateral exists, the net exposure is offset by collateral identified in the segregated or pledged collateral table; and (4) A table reflecting each Fund's average monthly derivative volume (in thousands) for the year ended December 31, 2022.

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#### Notes to Financial Statements
December 31, 2022

**JNL Emerging Markets Index Fund Derivative Strategies** - The Fund entered into futures contracts as a substitute for investment in physical securities, to manage cash flows and to hedge accrued dividends. The Fund entered into foreign currency contracts to settle security purchases and sales denominated in foreign currencies. Due to the number of days between the foreign currency contracts' trade and settlement dates, the Adviser has deemed the foreign currency contracts as forward foreign currency contracts for accounting and financial purposes.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Emerging Markets Index Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL Emerging Markets Index Fund - Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 145 |  |  | 145 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  | 145 |  |  | 145 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 7 |  | 7 |
|  | Futures/futures options contracts |  |  | (3325) |  |  | (3325) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Futures/futures options contracts |  |  | (168) |  |  | (168) |

---

#### JNL Emerging Markets Index Fund – Average Derivative Volume <sup>6</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Cross-Currency Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume |  | 13850 | 68 |  |  |  |  |

---

859

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**JNL International Index Fund Derivatives Strategies** - The Fund entered into futures contracts as a substitute for investment in physical securities, to manage cash flows and to hedge accrued dividends. The Fund entered into forward foreign currency contracts to create foreign currency exposure in U.S. dollar cash balances.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL International Index Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL International Index Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL International Index Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL International Index Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL International Index Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL International Index Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL International Index Fund - Derivative Instruments Categorized by Risk Exposure** |
|  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** |
| Derivative instruments assets: |  |  |  |  |  |  |
| Forward foreign currency contracts<sup>†</sup> |  |  |  | 311 |  | 311 |
| Variation margin on futures/futures options contracts |  |  | 47 |  |  | 47 |
| Total derivative instruments assets |  |  | 47 | 311 |  | 358 |
| Derivative instruments liabilities: |  |  |  |  |  |  |
| Forward foreign currency contracts<sup>†</sup> |  |  |  | 15 |  | 15 |
| Variation margin on futures/futures options contracts |  |  | 107 |  |  | 107 |
| Total derivative instruments liabilities |  |  | 107 | 15 |  | 122 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| Forward foreign currency contracts |  |  |  | (1581) |  | (1581) |
| Futures/futures options contracts |  |  | (600) |  |  | (600) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| Forward foreign currency contracts |  |  |  | 200 |  | 200 |
| Futures/futures options contracts |  |  | (315) |  |  | (315) |
| † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. | † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. | † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. | † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. | † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. | † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. | † The JNL International Index Fund's forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund's Statement of Assets and Liabilities. |

---

#### JNL International Index Fund – Derivative and Financial Instruments Eligible for Offset

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statements of** |  |  |  | **Total Collateral <sup>5</sup>** | **Total Collateral <sup>5</sup>** |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Cash($)** | **Security($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BOA | 185 |  |  | 185 |  |  |
| HSB | 119 |  |  | 119 |  |  |
| SCB | 7 |  |  | 7 |  |  |
| Derivatives eligible for offset | 311 |  |  | 311 |  |  |
| Derivatives not eligible for offset | 47 |  |  |  |  |  |
|  | 358 |  |  |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BMO | 15 |  |  | 15 |  |  |
| Derivatives eligible for offset | 15 |  |  | 15 |  |  |
| Derivatives not eligible for offset | 107 |  |  |  | 1074 |  |
|  | 122 |  |  |  |  |  |

---

**JNL International Index Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Cross-Currency Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume |  | 16896 | 20064 |  |  |  |  |

---

860

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**JNL Multi-Manager Alternative Fund Derivative Strategies -** The Fund entered into option contracts as a directional investment, as a substitute for investment in physical securities, as a means of risk management/hedging, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy, to generate income, to obtain exposure to or hedge changes in foreign currencies, interest rates, securities prices, interest rate swap valuations and credit default swap valuations and to take a position on expectations of volatility of a reference entity. The Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management/hedging, to obtain exposure to or hedge changes in interest rates and foreign currency rates and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, as a means of risk management/hedging and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration, to execute yield curve, swap spread and sovereign relative value trades, to express views on a country's interest rates and to obtain interest rate and yield curve exposure. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to hedge a portfolio of credit default swap agreements or bonds and to obtain credit exposure. The Fund entered into total return swap agreements as a substitute for investment in physical securities. The Fund entered into contracts for difference as a substitute for investment in physical securities and to obtain short exposure.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL Multi-Manager Alternative Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL Multi-Manager Alternative Fund - Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Purchased options, at value |  |  | 266 | 80 | 336 | 682 |
|  | Forward foreign currency contracts |  |  |  | 1142 |  | 1142 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  | 192 | 143 | 335 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 1 |  |  | 175 | 176 |
|  | OTC swap agreements |  |  | 7343 |  |  | 7343 |
| Total derivative instruments assets | Total derivative instruments assets |  | 1 | 7609 | 1414 | 654 | 9678 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Written options, at value |  |  | 395 | 569 | 524 | 1488 |
|  | Forward foreign currency contracts |  |  |  | 1999 |  | 1999 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  | 17 | 522 | 539 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 6 |  |  | 78 | 84 |
|  | OTC swap agreements |  |  | 3972 |  | 71 | 4043 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  | 6 | 4367 | 2585 | 1195 | 8153 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Purchased option contracts |  | (86) | 191 | (953) | (11146) | (11994) |
|  | Written option contracts |  | 40 | 792 | 1714 | 23322 | 25868 |
|  | Forward foreign currency contracts |  |  |  | 5399 |  | 5399 |
|  | Futures/futures options contracts |  |  |  | (785) | (22766) | (23551) |
|  | Swap agreements |  | 259 | 4531 |  | 10743 | 15533 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options |  |  | 7 | 160 | (701) | (534) |
|  | Written options |  |  | 27 | (263) | 837 | 601 |
|  | Forward foreign currency contracts |  |  |  | (663) |  | (663) |
|  | Futures/futures options contracts |  |  |  | 445 | (4529) | (4084) |
|  | Swap agreements |  | 133 | 3884 |  | (2037) | 1980 |

---

861

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

#### JNL Multi-Manager Alternative Fund – Derivative and Financial Instruments Eligible for Offset

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statements of** |  |  |  | **Total Collateral <sup>5</sup>** | **Total Collateral <sup>5</sup>** |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Cash($)** | **Security($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BOA | 159 | (159) |  |  |  |  |
| GSC | 4978 | (3224) | (61) | 1693 |  | 61 |
| HSB | 83 | (9) |  | 74 |  |  |
| JPM | 465 | (465) |  |  |  | 101 |
| MBL | 1 |  |  | 1 |  |  |
| MSC | 2798 | (1901) |  | 897 |  |  |
| SSB | 1 | (1) |  |  |  |  |
| Derivatives eligible for offset | 8485 | (5759) | (61) | 2665 |  |  |
| Derivatives not eligible for offset | 1193 |  |  |  |  |  |
|  | 9678 |  |  |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BOA | 287 | (159) | (128) |  | 2626 |  |
| CIT | 29 |  | (29) |  | 70 |  |
| GSC | 3224 | (3224) |  |  | 15910 |  |
| HSB | 9 | (9) |  |  | 540 |  |
| JPM | 875 | (465) | (410) |  | 1060 |  |
| MBL |  |  |  |  | 40 |  |
| MSC | 1901 | (1901) |  |  | 27187 |  |
| SSB | 53 | (1) |  | 52 |  |  |
| Derivatives eligible for offset | 6378 | (5759) | (567) | 52 |  |  |
| Derivatives not eligible for offset | 1775 |  |  |  | 7774 | 2264 |
|  | 8153 |  |  |  |  |  |

---

**JNL Multi-Manager Alternative Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Cross-Currency Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** | **Notional Amount of Contracts for Difference ($)** |
| Average monthly volume | 4725 | 1112919 | 119272 | 291808 |  | 30466 | 41864 | 106229 |

---

862

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**JNL/BlackRock Global Allocation Fund Derivative Strategies** - The Fund entered into option contracts as a directional investment, as a substitute for investment in physical securities, as a means of risk management and/or hedging, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy, to generate income, to obtain exposure to or hedge changes in foreign currencies, interest rates, securities prices, interest rate swap valuations, credit default swap valuations and to take a position on expectations of volatility of a reference entity. The Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management and/or hedging, as a means of short-term cash deployment, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to manage cash flows, to obtain exposure to or hedge changes in securities prices, interest rates and foreign currency rates and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, to create foreign currency exposure in U.S. dollar cash balances, as a means of risk management and/or hedging, to hedge foreign currency exposure between trade date and settlement date on investment security purchases and sales and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration, as a substitute for investment in physical securities, to execute yield curve, swap spread and sovereign relative values trades, to express views on a country's interest rates, to hedge against the risk that the value of fixed rate bond investments will decrease/increase as interest rates rise/fall, to maintain its ability to generate income at prevailing market rates and to obtain interest rate and yield curve exposure. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to hedge a portfolio of credit default swap agreements or bonds, to obtain credit exposure, to provide a measure of protection against defaults of issuers and to speculate on changes in credit quality. The Fund entered into total return swaps to obtain exposure to or hedge changes in securities prices, as a substitute for investment in physical securities and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy. The Fund entered into contracts for difference as a substitute for investment in physical securities, to obtain exposure to or hedge changes in securities prices, to obtain short exposure and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/BlackRock Global Allocation Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/BlackRock Global Allocation Fund - Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Purchased options, at value |  | 19 | 4976 | 393 | 9654 | 15042 |
|  | Forward foreign currency contracts |  |  |  | 15213 |  | 15213 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 400 |  | 400 | 800 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 17 |  |  | 788 | 805 |
|  | OTC swap agreements |  |  | 604 |  |  | 604 |
|  | OTC swap premiums paid |  | 287 |  |  |  | 287 |
| Total derivative instruments assets | Total derivative instruments assets |  | 323 | 5980 | 15606 | 10842 | 32751 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Written options, at value |  |  | 4796 | 337 | 22831 | 27964 |
|  | Forward foreign currency contracts |  |  |  | 14052 |  | 14052 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 158 |  | 1408 | 1566 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 25 |  |  | 903 | 928 |
|  | OTC swap agreements |  | 286 | 914 |  | 1670 | 2870 |
|  | OTC swap premiums received |  | 13 |  |  |  | 13 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  | 324 | 5868 | 14389 | 26812 | 47393 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Purchased option contracts | (345) | (785) | (16836) | (878) | (1689) | (20533) |
|  | Written option contracts | 122 | 586 | 20774 | 2147 | (685) | 22944 |
|  | Forward foreign currency contracts |  |  |  | (17191) |  | (17191) |
|  | Futures/futures options contracts |  |  | 13496 |  | (42788) | (29292) |
|  | Swap agreements |  | (3488) | 8893 |  | 38181 | 43586 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options |  | 16 | (3675) | 774 | 5868 | 2983 |
|  | Written options |  | (7) | (160) | (236) | (15137) | (15540) |
|  | Forward foreign currency contracts |  |  |  | 2814 |  | 2814 |
|  | Futures/futures options contracts |  |  | 2794 |  | (4567) | (1773) |
|  | Swap agreements |  | (2617) | (65) |  | (10742) | (13424) |

---

863

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

#### JNL/BlackRock Global Allocation Fund – Derivative and Financial Instruments Eligible for Offset

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statements of** |  |  |  | **Total Collateral <sup>5</sup>** | **Total Collateral <sup>5</sup>** |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Cash($)** | **Security($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BCL | 460 | (331) |  | 129 |  |  |
| BMO | 1 |  |  | 1 |  |  |
| BNP | 95 | (95) |  |  |  |  |
| BOA | 25 | (25) |  |  |  | 30 |
| CIT | 2070 | (1481) | (320) | 269 | 320 |  |
| DUB | 452 | (97) | (200) | 155 | 200 |  |
| GSC | 7683 | (7683) |  |  |  |  |
| HSB | 9523 | (2668) | (1) | 6854 |  | 1 |
| JPM | 1172 | (1172) |  |  |  |  |
| MSC | 322 | (322) |  |  |  |  |
| UBS | 3630 | (99) |  | 3531 |  |  |
| Derivatives eligible for offset | 25433 | (13973) | (521) | 10939 |  |  |
| Derivatives not eligible for offset | 7318 |  |  |  |  |  |
|  | 32751 |  |  |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BCL | 331 | (331) |  |  |  | 41 |
| BNP | 162 | (95) | (67) |  |  | 162 |
| BOA | 9909 | (25) | (9884) |  | 440 | 9696 |
| CIT | 1481 | (1481) |  |  |  |  |
| DUB | 97 | (97) |  |  |  |  |
| GSC | 12223 | (7683) | (4463) | 77 |  | 4463 |
| HSB | 2668 | (2668) |  |  |  |  |
| JPM | 4634 | (1172) | (3439) | 23 |  | 3439 |
| MSC | 8128 | (322) | (7728) | 78 |  | 7728 |
| UBS | 99 | (99) |  |  |  | 73198 |
| Derivatives eligible for offset | 39732 | (13973) | (25581) | 178 |  |  |
| Derivatives not eligible for offset | 7661 |  |  |  | 22760 |  |
|  | 47393 |  |  |  |  |  |

---

**JNL/BlackRock Global Allocation Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Cross-Currency Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** | **Notional Amount of Contracts for Difference ($)** |
| Average monthly volume | 36655 | 1434137 | 1085087 | 1539717 |  | 117386 | 38683 | 25027 |

---

864

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**JNL/Fidelity Institutional Asset Management Total Bond Fund Derivative Strategies** –The Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management/hedging, to obtain exposure to or hedge changes in interest rates and to replicate treasury bond positions. The Fund entered into interest rate swap agreements to manage duration, to execute yield curve, swap spread and sovereign relative value trades, to hedge against the risk that the value of fixed rate bond investments will decrease/increase as interest rates rise/fall and to obtain interest and yield curve exposure.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Fidelity Institutional Asset Management Total Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Fidelity Institutional Asset Management Total Bond Fund - Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 16 | 16 |
| Total derivative instruments assets | Total derivative instruments assets |  |  |  |  | 16 | 16 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 18 | 18 |
| <sup>8</sup>  | Variation margin on swap agreements |  |  |  |  | 7 | 7 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  |  |  | 25 | 25 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Futures/futures options contracts |  |  |  |  | (171) | (171) |
|  | Swap agreements |  |  |  |  | (256) | (256) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Futures/futures options contracts |  |  |  |  | 48 | 48 |
|  | Swap agreements |  |  |  |  | (49) | (49) |

---

**JNL/Fidelity Institutional Asset Management Total Bond Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Cross-Currency Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume |  | 29669 |  | 3111 |  |  |  |

---

865

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**JNL/JPMorgan Global Allocation Fund Derivatives Strategies** – The Fund entered into options contracts as a directional investment, as a substitute for investment in physical securities, as a means of risk management/hedging, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy and to obtain exposure to or hedge changes in securities prices. The Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management/hedging, as a means of short-term cash deployment, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to manage cash flows, to obtain exposure to or hedge changes in securities prices, interest rates and foreign currency rates and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts as a means of risk management/hedging.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Global Allocation Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Global Allocation Fund - Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Purchased options, at value |  |  | 1573 |  |  | 1573 |
|  | Forward foreign currency contracts |  |  |  | 2452 |  | 2452 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 894 | 1278 | 64 | 2236 |
| Total derivative instruments assets | Total derivative instruments assets |  |  | 2467 | 3730 | 64 | 6261 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 9160 |  | 9160 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 192 | 23 | 370 | 585 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  | 192 | 9183 | 370 | 9745 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Purchased option contracts |  |  | 11850 |  |  | 11850 |
|  | Forward foreign currency contracts |  |  |  | 29882 |  | 29882 |
|  | Futures/futures options contracts |  |  | (33425) | (32847) | (6113) | (72385) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options |  |  | (780) |  |  | (780) |
|  | Forward foreign currency contracts |  |  |  | (7425) |  | (7425) |
|  | Futures/futures options contracts |  |  | 221 | 2582 | (883) | 1920 |

---

#### JNL/JPMorgan Global Allocation Fund – Derivative and Financial Instruments Eligible for Offset

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statements of** |  |  |  | **Total Collateral <sup>5</sup>** | **Total Collateral <sup>5</sup>** |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Cash($)** | **Security($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BCL | 114 | (114) |  |  |  |  |
| BNP | 1743 | (1743) |  |  |  |  |
| CIT | 7 | (7) |  |  |  |  |
| HSB | 24 | (24) |  |  |  |  |
| MLP | 257 | (231) |  | 26 |  |  |
| MSC | 53 | (53) |  |  |  |  |
| RBC | 199 | (3) |  | 196 |  |  |
| SCB | 51 | (51) |  |  |  |  |
| SSB | 4 | (4) |  |  |  |  |
| Derivatives eligible for offset | 2452 | (2230) |  | 222 |  |  |
| Derivatives not eligible for offset | 3809 |  |  |  |  |  |
|  | 6261 |  |  |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BCL | 372 | (114) |  | 258 |  |  |
| BNP | 1753 | (1743) |  | 10 |  |  |
| CIT | 4292 | (7) |  | 4285 |  |  |
| GSC | 11 |  |  | 11 |  |  |
| HSB | 2309 | (24) |  | 2285 |  |  |
| MLP | 231 | (231) |  |  |  |  |
| MSC | 80 | (53) |  | 27 |  |  |
| RBC | 3 | (3) |  |  |  |  |
| SCB | 72 | (51) |  | 21 |  |  |
| SSB | 37 | (4) |  | 33 |  |  |
| Derivatives eligible for offset | 9160 | (2230) |  | 6930 |  |  |
| Derivatives not eligible for offset | 585 |  |  |  | 2941 | 12120 |
|  | 9745 |  |  |  |  |  |

---

866

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**JNL/JPMorgan Global Allocation Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Cross-Currency Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume | 2250 | 611475 | 372007 |  |  |  |  |

---

867

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**JNL/JPMorgan Hedged Equity Fund Derivative Strategies** - The Fund entered into options contracts as a means of risk management/hedging. The Fund entered into futures contracts as a means of risk management/hedging and to manage cash flows.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/JPMorgan Hedged Equity Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/JPMorgan Hedged Equity Fund - Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Purchased options, at value |  |  | 16778 |  |  | 16778 |
| Total derivative instruments assets | Total derivative instruments assets |  |  | 16778 |  |  | 16778 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Written options, at value |  |  | 17280 |  |  | 17280 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 46 |  |  | 46 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  | 17326 |  |  | 17326 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Purchased option contracts |  |  | (1027) |  |  | (1027) |
|  | Written option contracts |  |  | 75622 |  |  | 75622 |
|  | Futures/futures options contracts |  |  | (4101) |  |  | (4101) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options |  |  | 49 |  |  | 49 |
|  | Written options |  |  | 38 |  |  | 38 |
|  | Futures/futures options contracts |  |  | (108) |  |  | (108) |

---

**JNL/JPMorgan Hedged Equity Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Cross-Currency Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume | 36952 | 15768 |  |  |  |  |  |

---

868

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**JNL/Mellon World Index Fund Derivative Strategies** - The Fund entered into futures contracts as a substitute for investment in physical securities, to manage cash flows, to obtain exposure to or hedge changes in securities prices and to hedge accrued dividends. The Fund entered into forward currency contracts to create foreign currency exposure in U.S. dollar cash balances.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Mellon World Index Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Mellon World Index Fund - Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 36 |  | 36 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 5 |  |  | 5 |
| Total derivative instruments assets | Total derivative instruments assets |  |  | 5 | 36 |  | 41 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 3 |  | 3 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  | 42 |  |  | 42 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  | 42 | 3 |  | 45 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | (165) |  | (165) |
|  | Futures/futures options contracts |  |  | (1177) |  |  | (1177) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 27 |  | 27 |
|  | Futures/futures options contracts |  |  | (280) |  |  | (280) |

---

**JNL/Mellon World Index Fund – Derivative and Financial Instruments Eligible for Offset**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statements of** |  |  |  | **Total Collateral <sup>5</sup>** | **Total Collateral <sup>5</sup>** |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Cash($)** | **Security($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BOA | 28 |  |  | 28 |  |  |
| HSB | 8 |  |  | 8 |  |  |
| Derivatives eligible for offset | 36 |  |  | 36 |  |  |
| Derivatives not eligible for offset | 5 |  |  |  |  |  |
|  | 41 |  |  |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BMO | 3 |  |  | 3 |  |  |
| Derivatives eligible for offset | 3 |  |  | 3 |  |  |
| Derivatives not eligible for offset | 42 |  |  |  | 560 |  |
|  | 45 |  |  |  |  |  |

---

**JNL/ Mellon World Index Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Cross-Currency Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume |  | 7331 | 1610 |  |  |  |  |

---

869

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**JNL/Neuberger Berman Strategic Income Fund Derivative Strategies** – The Fund entered into option contracts as a directional investment, as a substitute for investment in physical securities, as a means of risk management/hedging, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy, to generate income, to obtain exposure to or hedge changes in foreign currencies, interest rates, securities prices, inflation, interest rate swap valuations and credit default swap valuations and to take a position on expectations of volatility of a reference entity. The Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management/hedging, as a means of short-term cash deployment, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to manage cash flows, to obtain exposure to or hedge changes in securities prices, interest rates and foreign currency rates, to hedge accrued dividends and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, to create foreign currency exposure in U.S. dollar cash balances, as a means of risk management/hedging, to hedge foreign currency exposure between trade date and settlement date on investment security purchases and sales and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration, as a substitute for investment in physical securities, to execute yield curve, swap spread and sovereign relative value trades, to express views on a country's interest rates, to hedge against the risk that the value of fixed rate bond investments will decrease/increase as interest rates rise/fall, to maintain its ability to generate income at prevailing market rates and to obtain interest rate and yield curve exposure. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to hedge a portfolio of credit default swap agreements or bonds, to obtain credit exposure, to provide a measure of protection against defaults of issuers, to speculate on changes in credit quality, to manage duration at the cross-sector level, on asset-backed securities to provide a measure of protection against defaults of the referenced obligation and on asset-backed securities to take an active long or short position with respect to the likelihood of a particular referenced obligation's default used in combination with cash bonds exposure (1) to take advantage of spread variances between cash bonds and the credit default swap agreement or (2) to hedge the underlying exposure to the cash bonds. The Fund entered into total return swap agreements to obtain exposure to or hedge changes in securities prices and interest rates, as a substitute for investment in physical securities and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Neuberger Berman Strategic Income Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Neuberger Berman Strategic Income Fund - Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 776 |  | 776 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 242 | 242 |
| <sup>8</sup>  | Variation margin on swap agreements |  |  |  |  | 9 | 9 |
| Total derivative instruments assets | Total derivative instruments assets |  |  |  | 776 | 251 | 1027 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 3199 |  | 3199 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 124 | 124 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 6 |  |  | 9 | 15 |
|  | OTC swap agreements |  |  |  |  | 505 | 505 |
|  | OTC swap premiums received |  |  |  |  | 150 | 150 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  | 6 |  | 3199 | 788 | 3993 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 3588 |  | 3588 |
|  | Futures/futures options contracts |  |  |  |  | 40221 | 40221 |
|  | Swap agreements |  | (9571) |  |  | 500 | (9071) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | (3200) |  | (3200) |
|  | Futures/futures options contracts |  |  |  |  | 2762 | 2762 |
|  | Swap agreements |  | (600) |  |  | (504) | (1104) |

---

#### JNL/Neuberger Berman Strategic Income Fund – Derivative and Financial Instruments Eligible for Offset

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statements of** |  |  |  | **Total Collateral <sup>5</sup>** | **Total Collateral <sup>5</sup>** |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Cash($)** | **Security($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| CIT | 73 | (73) |  |  |  |  |
| GSC | 65 | (65) |  |  |  |  |
| JPM | 339 | (26) | (313) |  | 500 |  |
| SSB | 299 | (2) |  | 297 |  |  |
| Derivatives eligible for offset | 776 | (166) | (313) | 297 |  |  |
| Derivatives not eligible for offset | 251 |  |  |  | 370 |  |
|  | 1027 |  |  |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| CIT | 236 | (73) |  | 163 |  |  |
| GSC | 3440 | (65) | (380) | 2995 | 380 |  |
| JPM | 26 | (26) |  |  | 360 |  |

---

870

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statements of** |  |  |  | **Total Collateral <sup>5</sup>** | **Total Collateral <sup>5</sup>** |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Cash($)** | **Security($)** |
| SSB | 2 | (2) |  |  |  |  |
| Derivatives eligible for offset | 3704 | (166) | (380) | 3158 |  |  |
| Derivatives not eligible for offset | 289 |  |  |  | 640 | 3883 |
|  | 3993 |  |  |  |  |  |

---

**JNL/Neuberger Berman Strategic Income Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Cross-Currency Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume |  | 286751 | 74585 | 12277 |  | 25292 | 62575 |

---

871

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**JNL/PIMCO Income Fund Derivative Strategies –** The Fund entered into option contracts as a substitute for investment in physical securities, to generate income, to obtain exposure to or hedge changes in foreign currencies, interest rates, securities prices, inflation, interest rate swap valuations and credit default swap valuations and to take position on expectations of volatility of a reference entity. The Fund entered into futures contracts as a substitute for investment in physcial securities, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to magange cash flows, to obtain exposure to or hedge changes in interest rates and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, to create foreign currency exposure in U.S. dollar cash balances and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration, as a substitute for investment in physical securities, to execute yield curve, swap spread and sovereign relative value trades and to obtain interest rate and yield curve exposure. The Fund entered into credit default swap agreements as a substitue for investment in physical securities, to obtain credit exposure and to provide a measure of protection against defaults of issuers. The Fund entered into total return swap agreements as a substitute for investment in physical securities and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Income Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Income Fund - Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 3775 |  | 3775 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 312 | 312 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 30 |  |  | 1801 | 1831 |
|  | OTC swap agreements |  | 1300 |  |  |  | 1300 |
|  | OTC swap premiums paid |  | 2366 |  |  |  | 2366 |
| Total derivative instruments assets | Total derivative instruments assets |  | 3696 |  | 3775 | 2113 | 9584 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Written options, at value |  | 1 |  |  | 2788 | 2789 |
|  | Forward foreign currency contracts |  |  |  | 3654 |  | 3654 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 139 | 139 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 100 |  |  | 1637 | 1737 |
|  | OTC swap agreements |  | 1259 |  |  |  | 1259 |
|  | OTC swap premiums received |  | 3229 |  |  |  | 3229 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  | 4589 |  | 3654 | 4564 | 12807 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Purchased option contracts |  |  |  |  | (236) | (236) |
|  | Written option contracts |  | 490 |  | 84 | 776 | 1350 |
|  | Forward foreign currency contracts |  |  |  | 23733 |  | 23733 |
|  | Futures/futures options contracts |  |  |  |  | 16825 | 16825 |
|  | Swap agreements |  | (11742) |  |  | 17092 | 5350 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options |  |  |  |  | 42 | 42 |
|  | Written options |  | (93) |  | (10) | (1084) | (1187) |
|  | Forward foreign currency contracts |  |  |  | (453) |  | (453) |
|  | Futures/futures options contracts |  |  |  |  | 750 | 750 |
|  | Swap agreements |  | (1006) |  |  | (7988) | (8994) |

---

872

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**JNL/PIMCO Income Fund – Derivative and Financial Instruments Eligible for Offset**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statements of** |  |  |  | **Total Collateral <sup>5</sup>** | **Total Collateral <sup>5</sup>** |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Cash($)** | **Security($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BCL | 151 | (151) |  |  |  |  |
| BOA | 670 | (409) |  | 261 |  |  |
| CIT | 458 | (458) |  |  |  |  |
| DUB | 78 | (78) |  |  |  |  |
| GSC | 3217 | (2578) |  | 639 |  |  |
| JPM | 501 | (323) |  | 178 |  |  |
| Derivatives eligible for offset | 5075 | (3997) |  | 1078 |  |  |
| Derivatives not eligible for offset | 4509 |  |  |  |  |  |
|  | 9584 |  |  |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BCL | 442 | (151) | (291) |  |  | 546 |
| BOA | 409 | (409) |  |  |  |  |
| CIT | 3662 | (458) | (432) | 2772 |  | 432 |
| DUB | 116 | (78) |  | 38 |  |  |
| GSC | 2578 | (2578) |  |  |  | 2510 |
| JPM | 323 | (323) |  |  |  |  |
| Derivatives eligible for offset | 7530 | (3997) | (723) | 2810 |  |  |
| Derivatives not eligible for offset | 5277 |  |  |  | 32170 | 2073 |
|  | 12807 |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Amount Presented in the Statement of Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | | |
| | **Gross Amount Presented in the Statement of Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | | |
| | **Gross Amount Presented in the Statement of Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Total Collateral <sup>5</sup>** | **Total Collateral <sup>5</sup>** |
| | **Gross Amount Presented in the Statement of Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Cash($)** | **Security($)** |
| **Master Forward Agreement Transaction Assets by Counterparty\*** | **Master Forward Agreement Transaction Assets by Counterparty\*** |  |  |  |  |  |
| BCL | 5782 | (5782) |  |  |  |  |
| BOA | 46756 | (46756) |  |  | 1000 |  |
| CGM |  |  |  |  | 10 |  |
| CSI | 15681 | (15667) |  | 14 |  |  |
| GSC | 14973 | (14940) | (33) |  | 670 |  |
| JPM | 156597 | (156597) |  |  |  |  |
| MSC | 80597 | (80597) |  |  | 802 |  |
|  | 320386 | (320339) | (33) | 14 |  |  |
| **Master Forward Agreement Transaction Liabilities by Counterparty\*** | **Master Forward Agreement Transaction Liabilities by Counterparty\*** |  |  |  |  |  |
| BCL | 5800 | (5782) |  | 18 |  |  |
| BOA | 47244 | (46756) |  | 488 |  |  |
| CSI | 15667 | (15667) |  |  |  |  |
| GSC | 14940 | (14940) |  |  |  |  |
| JPM | 158286 | (156597) | (1522) | 167 |  | 1522 |
| MSC | 81304 | (80597) |  | 707 |  |  |
|  | 323241 | (320339) | (1522) | 1380 |  |  |

---

**JNL/PIMCO Income Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Cross-Currency Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume | 2562 | 238201 | 331864 | 1331186 |  | 466752 | 4980 |

---

873

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**JNL/PIMCO Investment Grade Credit Bond Fund Derivative Strategies -** The Fund entered into option contracts as a substitute for investment in physical securities, to generate income, to obtain exposure to or hedge changes in interest rates, securities prices, inflation, interest rate swap valuations and credit default swap valuations and to take a position on expectations of volatility of a reference entity. The Fund entered into futures contracts as a substitute for investment in physical securities, an efficient means of obtaining exposure to certain markets as part of its investment strategy, to manage cash flows, to obtain exposure to or hedge changes in foreign currency rates and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to hedge foreign currency exposure between trade date and settlement date on investment security purchases and sales, to create foreign currency exposure in U.S. dollar cash balances and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration, as a substitute for investment in physical securities, to execute yield curve, swap spread and sovereign relative value trades and to obtain interest rate and yield curve exposure. The Fund entered into credit default swap agreements as a substitute for investment in physical securities, to obtain credit exposure and to provide a measure of protection against defaults of issuers.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Investment Grade Credit Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Investment Grade Credit Bond Fund - Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 641 |  | 641 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 10 | 10 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 4 |  |  | 153 | 157 |
|  | OTC swap agreements |  | 491 |  |  |  | 491 |
|  | OTC swap premiums paid |  | 158 |  |  |  | 158 |
| Total derivative instruments assets | Total derivative instruments assets |  | 653 |  | 641 | 163 | 1457 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 1230 |  | 1230 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 26 | 26 |
| <sup>8</sup>  | Variation margin on swap agreements |  | 10 |  |  | 87 | 97 |
|  | OTC swap agreements |  | 98 |  |  |  | 98 |
|  | OTC swap premiums received |  | 443 |  |  |  | 443 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  | 551 |  | 1230 | 113 | 1894 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Written option contracts |  | 676 |  |  | 112 | 788 |
|  | Forward foreign currency contracts |  |  |  | 7064 |  | 7064 |
|  | Futures/futures options contracts |  |  |  |  | 2632 | 2632 |
|  | Swap agreements |  | (746) |  |  | (435) | (1181) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Written options |  | (204) |  |  | (130) | (334) |
|  | Forward foreign currency contracts |  |  |  | (204) |  | (204) |
|  | Futures/futures options contracts |  |  |  |  | (127) | (127) |
|  | Swap agreements |  | (1422) |  |  | 3369 | 1947 |

---

#### JNL/PIMCO Investment Grade Credit Bond Fund – Derivative and Financial Instruments Eligible for Offset

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statements of** |  |  |  | **Total Collateral <sup>5</sup>** | **Total Collateral <sup>5</sup>** |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Cash($)** | **Security($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BCL | 59 | (2) |  | 57 |  |  |
| BNP | 155 | (155) |  |  |  |  |
| BOA | 282 | (124) |  | 158 |  |  |
| CIT | 46 | (46) |  |  |  |  |
| DUB | 32 | (6) | (26) |  | 50 |  |
| GSC | 470 | (447) |  | 23 |  |  |
| JPM | 5 | (5) |  |  |  |  |
| MSC | 66 | (21) |  | 45 |  |  |
| SCB | 3 | (3) |  |  |  |  |
| UBS | 14 | (14) |  |  |  |  |
| Derivatives eligible for offset | 1132 | (823) | (26) | 283 |  |  |
| Derivatives not eligible for offset | 325 |  |  |  |  |  |
|  | 1457 |  |  |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BCL | 2 | (2) |  |  |  |  |
| BNP | 162 | (155) |  | 7 |  |  |
| BOA | 124 | (124) |  |  |  |  |
| CIT | 158 | (46) |  | 112 |  |  |
| DUB | 6 | (6) |  |  |  |  |

---

874

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statements of** |  |  |  | **Total Collateral <sup>5</sup>** | **Total Collateral <sup>5</sup>** |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Cash($)** | **Security($)** |
| GSC | 447 | (447) |  |  |  |  |
| JPM | 256 | (5) | (251) |  |  | 265 |
| MSC | 21 | (21) |  |  |  | 19 |
| SCB | 95 | (3) |  | 92 |  |  |
| UBS | 57 | (14) |  | 43 |  |  |
| Derivatives eligible for offset | 1328 | (823) | (251) | 254 |  |  |
| Derivatives not eligible for offset | 566 |  |  |  | 7026 | 13054 |
|  | 1894 |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Amount Presented in the Statement of Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | | |
| | **Gross Amount Presented in the Statement of Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | | |
| | **Gross Amount Presented in the Statement of Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Total Collateral <sup>5</sup>** | **Total Collateral <sup>5</sup>** |
| | **Gross Amount Presented in the Statement of Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Cash($)** | **Security($)** |
| **Master Forward Agreement Transaction Assets by Counterparty\*** | **Master Forward Agreement Transaction Assets by Counterparty\*** |  |  |  |  |  |
| BCL | 1260 | (1260) |  |  |  |  |
| BOA | 6480 | (6421) | (59) |  | 550 |  |
| CGM | 3121 | (3119) |  | 2 |  |  |
| CSI | 3473 | (3461) |  | 12 |  |  |
| GSC | 424 | (418) |  | 6 |  |  |
| JPM | 43849 | (43849) |  |  |  |  |
| UBS | 12433 | (12201) |  | 232 |  |  |
|  | 71040 | (70729) | (59) | 252 |  |  |
| **Master Forward Agreement Transaction Liabilities by Counterparty\*** | **Master Forward Agreement Transaction Liabilities by Counterparty\*** |  |  |  |  |  |
| BCL | 1272 | (1260) |  | 12 |  |  |
| BOA | 6421 | (6421) |  |  |  |  |
| CGM | 3119 | (3119) |  |  |  |  |
| CSI | 3461 | (3461) |  |  |  | 124 |
| GSC | 418 | (418) |  |  |  |  |
| JPM | 44343 | (43849) | (494) |  |  | 631 |
| UBS | 12201 | (12201) |  |  |  |  |
|  | 71235 | (70729) | (494) | 12 |  |  |

---

#### JNL/PIMCO Investment Grade Credit Bond Fund – Average Derivative Volume <sup>6</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Cross-Currency Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume | 316 | 47757 | 121580 | 82119 |  | 105495 |  |

---

875

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**JNL/PIMCO Real Return Fund Derivative Strategies** - The Fund entered into option contracts as a substitute for investment in physical securities, to generate income, to obtain exposure to or hedge changes in foreign currencies, interest rates, securities prices, inflation, interest rate swap valuations and credit default swap valuations and to take a position on expectations of volatility of a reference entity. The Fund entered into futures contracts as a substitue for investment in physcial securites, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, manage cash flows, obtain exposure to hedge changes in interest rates, and replicate treasury bond positions. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, create foreign currency exposure in U.S. dollar cash balances, and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration, as a substitute for investment in physical securities, to execute yield curve, swap spread and sovereign relative value trades and to obtain interest rate and yield curve exposure. The Fund entered into credit default swap agreements to obtain credit exposure and to provide a measure of protection against defaults of issuers. The Fund entered into total return swap agreements as a substitute for investment in physical securities and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/PIMCO Real Return Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/PIMCO Real Return Fund - Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Purchased options, at value |  |  |  |  | 3216 | 3216 |
|  | Forward foreign currency contracts |  |  |  | 395 |  | 395 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 1316 | 1316 |
| <sup>8</sup>  | Variation margin on swap agreements |  |  |  |  | 1012 | 1012 |
|  | OTC swap agreements |  |  |  |  | 44 | 44 |
| Total derivative instruments assets | Total derivative instruments assets |  |  |  | 395 | 5588 | 5983 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Written options, at value |  |  |  |  | 4689 | 4689 |
|  | Forward foreign currency contracts |  |  |  | 3359 |  | 3359 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 852 | 852 |
| <sup>8</sup>  | Variation margin on swap agreements |  |  |  |  | 1044 | 1044 |
|  | OTC swap agreements |  |  |  |  | 5480 | 5480 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  |  | 3359 | 12065 | 15424 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Purchased option contracts |  |  |  |  | (1373) | (1373) |
|  | Written option contracts |  | 314 |  |  | 1687 | 2001 |
|  | Forward foreign currency contracts |  |  |  | 19834 |  | 19834 |
|  | Futures/futures options contracts |  |  |  |  | 41387 | 41387 |
|  | Swap agreements |  | 22 |  |  | (13648) | (13626) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options |  |  |  |  | (552) | (552) |
|  | Written options |  | (108) |  |  | (422) | (530) |
|  | Forward foreign currency contracts |  |  |  | (2451) |  | (2451) |
|  | Futures/futures options contracts |  |  |  |  | 267 | 267 |
|  | Swap agreements |  | (7) |  |  | (12447) | (12454) |

---

**JNL/PIMCO Real Return Fund – Derivative and Financial Instruments Eligible for Offset**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statements of** |  |  |  | **Total Collateral <sup>5</sup>** | **Total Collateral <sup>5</sup>** |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Cash($)** | **Security($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BNP | 4 | (4) |  |  |  |  |
| CIT | 18 | (18) |  |  |  |  |
| DUB | 3127 | (3127) |  |  |  |  |
| GSC | 15 | (15) |  |  |  |  |
| JPM | 274 |  | (274) |  | 280 |  |
| MSC | 169 | (169) |  |  | 90 |  |
| SCB | 14 |  |  | 14 |  |  |
| UBS | 34 | (34) |  |  |  |  |
| Derivatives eligible for offset | 3655 | (3367) | (274) | 14 |  |  |
| Derivatives not eligible for offset | 2328 |  |  |  |  |  |
|  | 5983 |  |  |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BNP | 13 | (4) |  | 9 |  |  |
| CIT | 1149 | (18) | (602) | 529 |  | 602 |
| DUB | 4579 | (3127) | (1316) | 136 |  | 1316 |
| GSC | 20 | (15) |  | 5 |  |  |
| MSC | 5570 | (169) | (3220) | 2181 |  | 3220 |

---

876

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statements of** |  |  |  | **Total Collateral <sup>5</sup>** | **Total Collateral <sup>5</sup>** |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Cash($)** | **Security($)** |
| UBS | 2197 | (34) | (1396) | 767 |  | 1396 |
| Derivatives eligible for offset | 13528 | (3367) | (6534) | 3627 |  |  |
| Derivatives not eligible for offset | 1896 |  |  |  | 10561 | 3032 |
|  | 15424 |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Amount Presented in the Statements of Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | | |
| | **Gross Amount Presented in the Statements of Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | | |
| | **Gross Amount Presented in the Statements of Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Total Collateral <sup>5</sup>** | **Total Collateral <sup>5</sup>** |
| | **Gross Amount Presented in the Statements of Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Cash($)** | **Security($)** |
| **Master Forward Agreement Transaction Assets by Counterparty\*** | **Master Forward Agreement Transaction Assets by Counterparty\*** |  |  |  | |  |
| BCL | 40015 | (40015) |  |  |  |  |
| BOA | 5195 | (5195) |  |  |  |  |
| CGM | 14195 | (14195) |  |  |  |  |
| GSC | 735366 | (735366) |  |  |  |  |
| JPM | 35712 | (35712) |  |  |  |  |
| MSC | 15584 | (15584) |  |  |  |  |
|  | 846067 | (846067) |  |  |  |  |
| **Master Forward Agreement Transaction Liabilities by Counterparty\*** | **Master Forward Agreement Transaction Liabilities by Counterparty\*** |  |  |  |  |  |
| BCL | 40342 | (40015) | (327) |  |  | 343 |
| BOA | 5271 | (5195) |  | 76 |  |  |
| CGM | 14210 | (14195) |  | 15 |  |  |
| GSC | 739334 | (735366) | (684) | 3284 |  | 684 |
| JPM | 36022 | (35712) | (310) |  |  | 602 |
| MSC | 15623 | (15584) |  | 39 |  |  |
|  | 850802 | (846067) | (1321) | 3414 |  |  |

---

**JNL/PIMCO Real Return Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Cross-Currency Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume | 7244 | 858542 | 227169 | 483266 |  | 1384 | 222328 |

---

877

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**JNL/T. Rowe Price Balanced Fund Derivative Strategies** – The Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates. The Fund entered into foreign currency contracts to settle security purchases and sales denominated in foreign currencies. Due to the number of days between the foreign currency contracts' trade and settle dates, the Adviser has deemed the foreign currency contracts as forward foreign currency contracts for accounting and financial reporting purposes. The Fund entered into credit default swap agreements to hedge a portfolio of credit default swaps agreements or bonds.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Balanced Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Balanced Fund - Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 7 | 7 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  |  |  | 7 | 7 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 5 |  | 5 |
|  | Futures/futures options contracts |  |  |  |  | (890) | (890) |
|  | Swap agreements |  | (66) |  |  |  | (66) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | (1) |  | (1) |
|  | Futures/futures options contracts |  |  |  |  | 19 | 19 |
|  | Swap agreements |  | (1) |  |  |  | (1) |

---

**JNL/T. Rowe Price Balanced Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Cross-Currency Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume |  | 9656 | 448 |  |  | 2000 |  |

---

878

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**JNL/T. Rowe Price Capital Appreciation Fund Derivative Strategies** - The Fund entered into options contracts to generate income and to obtain exposure to or hedge changes in security prices. The Fund entered into forward foreign currency contracts to reduce foreign currency exposure on investment securities denominated in foreign currencies.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/T. Rowe Price Capital Appreciation Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Capital Appreciation Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Capital Appreciation Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Capital Appreciation Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Capital Appreciation Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Capital Appreciation Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/T. Rowe Price Capital Appreciation Fund - Derivative Instruments Categorized by Risk Exposure** |
|  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** |
| Derivative instruments liabilities: |  |  |  |  |  |  |
| Written options, at value |  |  | 16174 |  |  | 16174 |
| Total derivative instruments liabilities |  |  | 16174 |  |  | 16174 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| Written option contracts |  |  | 49758 |  |  | 49758 |
| Forward foreign currency contracts |  |  |  | (34) |  | (34) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| Written options |  |  | 135688 |  |  | 135688 |

---

#### JNL/T.Rowe Price Capital Appreciation Fund – Derivative and Financial Instruments Eligible for Offset

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statements of** |  |  |  | **Total Collateral <sup>5</sup>** | **Total Collateral <sup>5</sup>** |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Cash($)** | **Security($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| Derivatives eligible for offset |  |  |  |  |  |  |
| Derivatives not eligible for offset |  |  |  |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| CIT | 3265 |  |  | 3265 |  |  |
| CSI | 1 |  |  | 1 |  |  |
| GSC | 2930 |  | (2930) |  |  | 96877 |
| JPM | 4827 |  |  | 4827 |  |  |
| WFI | 5151 |  |  | 5151 |  |  |
| Derivatives eligible for offset | 16174 |  | (2930) | 13244 |  |  |
| Derivatives not eligible for offset |  |  |  |  |  |  |
|  | 16174 |  |  |  |  |  |

---

#### JNL/T.Rowe Price Capital Appreciation Fund – Average Derivative Volume <sup>6</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Cross-Currency Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume | 50345 |  | 345 |  |  |  |  |

---

879

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**JNL/Westchester Capital Event Driven Fund Derivative Strategies** - The Fund entered into option contracts as a substitute for investment in physical securities, as a means of risk management/hedging, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy, to generate income and to obtain exposure to or hedge changes in securities prices. The Fund entered into forward foreign currency contracts as a means of risk management/hedging and to reduce foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into total return swap agreements as a substitute for investment in physical securities.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Westchester Capital Event Driven Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Westchester Capital Event Driven Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Westchester Capital Event Driven Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Westchester Capital Event Driven Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Westchester Capital Event Driven Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Westchester Capital Event Driven Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Westchester Capital Event Driven Fund - Derivative Instruments Categorized by Risk Exposure** |
|  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** |
| Derivative instruments assets: |  |  |  |  |  |  |
| Purchased options, at value |  |  | 115 |  |  | 115 |
| Forward foreign currency contracts |  |  |  | 73 |  | 73 |
| OTC swap agreements |  |  | 932 |  |  | 932 |
| Total derivative instruments assets |  |  | 1047 | 73 |  | 1120 |
| Derivative instruments liabilities: |  |  |  |  |  |  |
| Written options, at value |  |  | 2069 |  |  | 2069 |
| Forward foreign currency contracts |  |  |  | 123 |  | 123 |
| OTC swap agreements |  |  | 2378 |  |  | 2378 |
| Total derivative instruments liabilities |  |  | 4447 | 123 |  | 4570 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| Purchased option contracts |  | 73 | (1298) |  |  | (1225) |
| Written option contracts |  | 43 | 4563 |  |  | 4606 |
| Forward foreign currency contracts |  |  |  | 2341 |  | 2341 |
| Swap agreements |  |  | (2602) |  |  | (2602) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| Purchased options |  |  | 90 |  |  | 90 |
| Written options |  |  | (387) |  |  | (387) |
| Forward foreign currency contracts |  |  |  | (166) |  | (166) |
| Swap agreements |  |  | (3542) |  |  | (3542) |

---

#### JNL/Westchester Capital Event Driven Fund – Derivative and Financial Instruments Eligible for Offset

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statements of** |  |  |  | **Total Collateral <sup>5</sup>** | **Total Collateral <sup>5</sup>** |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Cash($)** | **Security($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BOA | 121 | (121) |  |  |  |  |
| GSC | 613 | (613) |  |  |  |  |
| JPM | 308 | (255) |  | 53 |  |  |
| Derivatives eligible for offset | 1042 | (989) |  | 53 |  |  |
| Derivatives not eligible for offset | 78 |  |  |  |  |  |
|  | 1120 |  |  |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BOA | 902 | (121) | (781) |  | 4930 |  |
| GSC | 1386 | (613) | (710) | 63 | 710 |  |
| JPM | 255 | (255) |  |  | 2530 |  |
| Derivatives eligible for offset | 2543 | (989) | (1491) | 63 |  |  |
| Derivatives not eligible for offset | 2027 |  |  |  |  |  |
|  | 4570 |  |  |  |  |  |

---

**JNL/Westchester Capital Event Driven Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Cross-Currency Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume | 2437 |  | 25439 |  |  |  | 77907 |

---

880

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**JNL/Western Asset Global Multi-Sector Bond Fund Derivative Strategies – The Fund entered into futures contracts as a means of risk management/hedging. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, as a means of risk management and/or hedging and to reduce foreign currency exposure on investment securities denominated in foreign currencies.** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/Western Asset Global Multi-Sector Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Western Asset Global Multi-Sector Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Western Asset Global Multi-Sector Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Western Asset Global Multi-Sector Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Western Asset Global Multi-Sector Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Western Asset Global Multi-Sector Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Western Asset Global Multi-Sector Bond Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/Western Asset Global Multi-Sector Bond Fund - Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Purchased options, at value |  |  |  | 14 |  | 14 |
|  | Forward foreign currency contracts |  |  |  | 669 |  | 669 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 38 | 38 |
| Total derivative instruments assets | Total derivative instruments assets |  |  |  | 683 | 38 | 721 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 4428 |  | 4428 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 60 | 60 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  |  | 4428 | 60 | 4488 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | (6971) |  | (6971) |
|  | Futures/futures options contracts |  |  |  |  | (728) | (728) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Purchased options |  |  |  | (48) |  | (48) |
|  | Forward foreign currency contracts |  |  |  | (3337) |  | (3337) |
|  | Futures/futures options contracts |  |  |  |  | (457) | (457) |

---

#### JNL/Western Asset Global Multi-Sector Bond Fund – Derivative and Financial Instruments Eligible for Offset

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statements of** |  |  |  | **Total Collateral <sup>5</sup>** | **Total Collateral <sup>5</sup>** |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Cash($)** | **Security($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| GSC | 112 | (112) |  |  |  |  |
| JPM | 571 |  | (278) | 293 |  | 278 |
| Derivatives eligible for offset | 683 | (112) | (278) | 293 |  |  |
| Derivatives not eligible for offset | 38 |  |  |  |  |  |
|  | 721 |  |  |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BOA | 275 |  |  | 275 |  |  |
| GSC | 2086 | (112) | (100) | 1874 | 100 |  |
| MSC | 2067 |  |  | 2067 |  |  |
| Derivatives eligible for offset | 4428 | (112) | (100) | 4216 |  |  |
| Derivatives not eligible for offset | 60 |  |  |  | 446 |  |
|  | 4488 |  |  |  |  |  |

---

**JNL/Western Asset Global Multi-Sector Bond Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Cross-Currency Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume | 10 | 94895 | 286895 |  |  |  |  |

---

881

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**JNL/ WMC Balanced Fund Derivative Strategies** – The Fund entered into futures contracts as a means of risk management/hedging, as an efficient means of obtaining exposure to certain markets as part of its investment strategy, to obtain exposure to or hedge changes in securities prices and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts. Due to the number of days between the foreign currency contracts' trade and settlement dates, the Adviser has deemed the foreign currency contracts as forward foreign currency contracts for accounting and financial reporting purposes. The Fund entered into credit default swaps to hedge a portfolio of credit default swap agreements or bonds.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **JNL/WMC Balanced Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/WMC Balanced Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/WMC Balanced Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/WMC Balanced Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/WMC Balanced Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/WMC Balanced Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/WMC Balanced Fund - Derivative Instruments Categorized by Risk Exposure** | **JNL/WMC Balanced Fund - Derivative Instruments Categorized by Risk Exposure** |
|  |  | **Commodity($)** | **Credit($)** | **Equity($)** | **Foreign Exchange($)** | **Interest Rate($)** | **Total($)** |
| **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** | **Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022** |
| Derivative instruments assets: | Derivative instruments assets: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 2 |  | 2 |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 87 | 87 |
| Total derivative instruments assets | Total derivative instruments assets |  |  |  | 2 | 87 | 89 |
| Derivative instruments liabilities: | Derivative instruments liabilities: |  |  |  |  |  |  |
| <sup>8</sup>  | Variation margin on futures/futures options contracts |  |  |  |  | 79 | 79 |
| Total derivative instruments liabilities | Total derivative instruments liabilities |  |  |  |  | 79 | 79 |
| **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** | **The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | (30) |  | (30) |
|  | Futures/futures options contracts |  |  |  |  | (10378) | (10378) |
|  | Swap agreements |  | 66 |  |  |  | 66 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
|  | Forward foreign currency contracts |  |  |  | 2 |  | 2 |
|  | Futures/futures options contracts |  |  |  |  | 621 | 621 |

---

**JNL/WMC Balanced Fund – Average Derivative Volume<sup>6</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of Options Purchased and Written ($)** | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Interest Rate Swap Agreements ($)** | **Notional Amount of Cross-Currency Swap Agreements ($)** | **Notional Amount of Credit Default Swap Agreements ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| Average monthly volume |  | 180574 | 1185 |  |  | 7764 |  |

---

882

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

The financial instruments eligible for offset table is presented for the following Funds, which held derivatives instruments with significant exposure to several counterparties which were eligible for offset with each counterparty.

#### JNL/DoubleLine Shiller Enhanced CAPE Fund – Derivative and Financial Instruments Eligible for Offset

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amount Presented in the Statements of** |  |  |  | **Total Collateral <sup>5</sup>** | **Total Collateral <sup>5</sup>** |
|  | **Assets and Liabilities<sup>1</sup>($)** | **Financial Instruments<sup>2</sup>($)** | **Collateral<sup>3</sup>($)** | **Net Amount<sup>4</sup>($)** | **Cash($)** | **Security($)** |
| **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** | **Derivative Assets by Counterparty\*** |
| BCL | 2668 | (2668) |  |  |  |  |
| BNP | 3970 | (3970) |  |  |  |  |
| CIB | 1304 | (1304) |  |  |  |  |
| Derivatives eligible for offset | 7942 | (7942) |  |  |  |  |
| Derivatives not eligible for offset |  |  |  |  |  |  |
|  | 7942 |  |  |  |  |  |
| **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** | **Derivative Liabilities by Counterparty\*** |
| BCL | 21335 | (2668) | (17900) | 767 |  | 17900 |
| BNP | 20566 | (3970) | (14778) | 1818 |  | 14778 |
| BOA | 1095 |  | (527) | 568 |  | 527 |
| CIB | 38781 | (1304) | (35606) | 1871 |  | 35606 |
| Derivatives eligible for offset | 81777 | (7942) | (68811) | 5024 |  |  |
| Derivatives not eligible for offset |  |  |  |  |  |  |
|  | 81777 |  |  |  |  |  |

---

<sup>1</sup> Amounts eligible for offset are presented on a gross basis in the Statements of Assets and Liabilities.

<sup>2</sup> Financial instruments eligible for offset, but not offset in the Statements of Assets and Liabilities.

<sup>3</sup> Cash and security collateral not offset in the Statements of Assets and Liabilities. For derivative assets and liabilities, amounts do not reflect over-collateralization.

<sup>4</sup> For assets, net amount represents the amount payable by the counterparty to the Fund in the event of default. For liabilities, net amount represents the amount payable by the Fund to the counterparty in the event of default.

<sup>5</sup> Cash and security collateral pledged or segregated for derivative investments. For assets, amount reflects collateral received from or segregated by the counterparty. For liabilities, amount reflects collateral pledged or segregated by the Fund. Collateral for derivatives not eligible for offset includes amounts pledged for margin purposes.

<sup>6</sup> The derivative instruments outstanding as of December 31, 2022, as disclosed in the Schedules of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the year ended December 31, 2022, as disclosed in the Statements of Operations, also serve as indicators of the derivative volume for the Funds.

<sup>7</sup> Investment liabilities and assets include delayed delivery securities and secured borrowings. Liabilities reflect amounts payable to the counterparty for the cost of the investment, assets reflect the market value of the investments. The net amount reflects net unrealized gain or loss offset by any collateral with the counterparty. The net unrealized gain or loss constitutes

the amount which is subject to margin or collateral requirements as required under the Master Forward Agreement.

<sup>8</sup> Derivative asset or liability is not eligible for offset, and a Derivative and Financial Instruments Eligible for Offset table is not presented for the asset or liability, as applicable.

\* Counterparties are defined on page [718](#counterparties_3) in the Schedules of Investments.

The derivative strategy for Funds which had significant derivative exposure during the year is as follows: JNL Emerging Markets Index Fund, JNL Mid Cap Index Fund, JNL S&P 500 Index Fund, JNL Small Cap Index Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Dow Index Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Industrials Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Nasdaq 100 Index Fund, JNL/Mellon Real Estate Sector Fund, JNL/Mellon S&P 500 Index Fund, JNL/Mellon U.S. Stock Market Index Fund, JNL/Mellon Utilities Sector Fund, JNL/Morningstar U.S. Sustainability Index Fund, JNL/Morningstar Wide Moat Index Fund, JNL/RAFI Fundamental U.S. Small Cap Fund and JNL/RAFI Multi-Factor U.S. Equity Fund entered into futures contracts as a substitute for investment in physical securities, to manage cash flows and to hedge accrued dividends. JNL/AB Sustainable Global Thematic Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, as a means of risk management/hedging and to reduce foreign currency exposure on investment securities denominated in foreign currencies. JNL/AQR Large Cap Defensive Style Fund entered into futures contracts to manage cash flows. JNL/DoubleLine Core Fixed Income Fund entered into forward foreign currency contracts as a means of risk management/hedging and to reduce foreign currency exposure on investment securities denominated in foreign currencies. JNL/DoubleLine Shiller Enhanced CAPE Fund entered into total return swap agreements to obtain exposure to or hedge changes in securities prices and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy. JNL/Harris Oakmark Global Equity Fund entered into forward foreign currency contracts as a means of risk management/hedging. JNL/Franklin Templeton Income Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates and to replicate treasury bond positions. JNL/Lord Abbett Short Duration Income Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management/hedging, to obtain exposure to or hedge changes in interest rates and to replicate treasury bond positions. JNL/Neuberger Berman Commodity Strategy Fund and JNL/Neuberger Berman Gold Plus Strategy Fund entered into futures contracts as an efficient means of obtaining exposure to certain markets as part of its investment strategy. JNL/T. Rowe Price Short-Term Bond Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates. JNL Multi-Manager International Small Cap Fund, JNL/Causeway International Value Select Fund, JNL/GQG Emerging Markets Equity Fund, JNL/Invesco Global Growth Fund, JNL/Loomis Sayles Global Growth Fund, JNL/MFS Mid Cap Value Fund, and JNL/WMC Global Real Estate Fund entered into forward foreign currency contracts to settle security purchases and sales denominated in foreign currencies. Due to the number of days between the foreign currency contracts' trade and settlement dates, the Adviser has deemed the foreign currency contracts as forward foreign currency contracts for accounting and financial reporting purposes.

883

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

The derivative instruments outstanding as of December 31, 2022, as disclosed in the Schedules of Investments, and the amounts of realized gains and losses and change in unrealized gains and losses on derivative instruments during the year ended December 31, 2022, as disclosed in the Statements of Operations, also serve as indicators of the derivative volume for the Funds. For Funds which held only one type of derivative during the year, the average monthly derivative volume (in thousands) is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional Value at Purchase of Futures Contracts ($)** | **Cost of Forward Foreign Currency Contracts ($)** | **Notional Amount of Total Return Swap Agreements ($)** |
| JNL Mid Cap Index Fund | 31363 |  |  |
| JNL Small Cap Index Fund | 12386 |  |  |
| JNL Multi-Manager Emerging Markets Equity Fund |  | 1505 |  |
| JNL Multi-Manager International Small Cap Fund |  | 2178 |  |
| JNL Multi-Manager Mid Cap Fund |  | 30 |  |
| JNL S&P 500 Index Fund | 3618 |  |  |
| JNL/AB Sustainable Global Thematic Fund |  | 2715 |  |
| JNL/AQR Large Cap Defensive Style Fund | 17910 |  |  |
| JNL/Baillie Gifford International Growth Fund |  | 525 |  |
| JNL/BlackRock Global Natural Resources Fund |  | 3503 |  |
| JNL/Causeway International Value Select Fund |  | 17258 |  |
| JNL/DFA International Core Equity Fund | 274 | 278 |  |
| JNL/DoubleLine Core Fixed Income Fund |  | 2354 |  |
| JNL/DoubleLine Shiller Enhanced CAPE Fund |  |  | 2334346 |
| JNL/First Sentier Global Infrastructure Fund |  | 158 |  |
| JNL/Franklin Templeton Income Fund | 2891 |  |  |
| JNL/Goldman Sachs 4 Fund | 31121 |  |  |
| JNL/GQG Emerging Markets Equity Fund |  | 3429 |  |
| JNL/Harris Oakmark Global Equity Fund |  | 8460 |  |
| JNL/Invesco Diversified Dividend Fund |  | 332 |  |
| JNL/Invesco Global Growth Fund |  | 1547 |  |
| JNL/Lazard International Strategic Equity Fund |  | 6512 |  |
| JNL/Loomis Sayles Global Growth Fund |  | 201 |  |
| JNL/Lord Abbett Short Duration Income Fund | 327620 |  |  |
| JNL/Mellon Communication Services Sector Fund | 1295 |  |  |
| JNL/Mellon Consumer Discretionary Sector Fund | 5098 |  |  |
| JNL/Mellon Consumer Staples Sector Fund | 3807 |  |  |
| JNL/Mellon Dow Index Fund | 18013 |  |  |
| JNL/Mellon Energy Sector Fund | 14702 |  |  |
| JNL/Mellon Financial Sector Fund | 10544 |  |  |
| JNL/Mellon Healthcare Sector Fund | 15864 |  |  |
| JNL/Mellon Industrials Sector Fund | 1388 |  |  |
| JNL/Mellon Information Technology Sector Fund | 16219 |  |  |
| JNL/Mellon Materials Sector Fund | 1335 |  |  |
| JNL/Mellon Nasdaq 100 Index Fund | 34919 |  |  |
| JNL/Mellon Real Estate Sector Fund | 1136 |  |  |
| JNL/Mellon S&P 500 Index Fund | 115002 |  |  |
| JNL/Mellon U.S. Stock Market Index Fund | 29475 |  |  |
| JNL/Mellon Utilities Sector Fund | 4017 |  |  |
| JNL/MFS Mid Cap Value Fund |  | 20 |  |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund |  | 16 |  |
| JNL/Morningstar U.S. Sustainability Index Fund | 963 |  |  |
| JNL/Morningstar Wide Moat Index Fund | 6125 |  |  |
| JNL/Neuberger Berman Commodity Strategy Fund | 270074 |  |  |
| JNL/Neuberger Berman Gold Plus Strategy Fund | 10526 |  |  |
| JNL/PPM America Total Return Fund | 365337 |  |  |
| JNL/RAFI Fundamental U.S. Small Cap Fund | 2123 |  |  |
| JNL/RAFI Multi-Factor U.S. Equity Fund | 9565 |  |  |
| JNL/T. Rowe Price Established Growth Fund |  | 2953 |  |
| JNL/T. Rowe Price Short-Term Bond Fund | 344550 |  |  |
| JNL/T. Rowe Price Value Fund |  | 2481 |  |
| JNL/WCM Focused International Equity Fund |  | 1584 |  |
| JNL/William Blair International Leaders Fund |  | 2759 |  |
| JNL/WMC Global Real Estate Fund |  | 2113 |  |

---

884

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**Pledged or Segregated Collateral.** The following tables summarize cash and securities collateral pledged (in thousands) for Funds at December 31, 2022 for which collateral exists but was not presented in a Derivative and Financial Instruments Eligible for Offset table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Futures Contracts** | **Futures Contracts** | **Option Contracts** | **Swap Agreements**  |
|  | **Counterparties** | **Pledged or Segregated Cash($)** | **Pledged or Segregated Securities($)** | **Pledged or Segregated Securities($)** | **Pledged or Segregated Securities($)** |
| JNL Emerging Markets Index Fund | GSC | 424 |  |  |  |
| JNL Mid Cap Index Fund | GSC | 2147 |  |  |  |
| JNL Small Cap Index Fund | GSC | 754 |  |  |  |
| JNL S&P 500 Index Fund | GSC | 245 |  |  |  |
| JNL/AQR Large Cap Defensive Style Fund | JPM | 911 |  |  |  |
| JNL/Fidelity Institutional Asset Management Total Bond Fund | MSC |  | 985 |  | 787 |
| JNL/JPMorgan Hedged Equity Fund | GSC | 911 |  | 234095 |  |
| JNL/Lord Abbett Short Duration Income Fund | BOA | 2067 |  |  |  |
| JNL/Mellon Communication Services Sector Fund | GSC | 87 |  |  |  |
| JNL/Mellon Consumer Discretionary Sector Fund | GSC | 362 |  |  |  |
| JNL/Mellon Consumer Staples Sector Fund | GSC | 187 |  |  |  |
| JNL/Mellon Dow Index Fund | GSC | 980 |  |  |  |
| JNL/Mellon Energy Sector Fund | GSC | 1394 |  |  |  |
| JNL/Mellon Financial Sector Fund | GSC | 890 |  |  |  |
| JNL/Mellon Healthcare Sector Fund | GSC | 903 |  |  |  |
| JNL/Mellon Industrials Sector Fund | GSC | 124 |  |  |  |
| JNL/Mellon Information Technology Sector Fund | GSC | 1091 |  |  |  |
| JNL/Mellon Materials Sector Fund | GSC | 139 |  |  |  |
| JNL/Mellon Nasdaq 100 Index Fund | GSC | 3787 |  |  |  |
| JNL/Mellon Real Estate Sector Fund | GSC | 183 |  |  |  |
| JNL/Mellon S&P 500 Index Fund | GSC | 6140 |  |  |  |
| JNL/Mellon U.S. Stock Market Index Fund | GSC | 1661 |  |  |  |
| JNL/Mellon Utilities Sector Fund | GSC | 348 |  |  |  |
| JNL/Morningstar U.S. Sustainability Index Fund | GSC | 60 |  |  |  |
| JNL/Morningstar Wide Moat Index Fund | GSC | 330 |  |  |  |
| JNL/Neuberger Berman Commodity Strategy Fund | GSC | 25981 |  |  |  |
| JNL/Neuberger Berman Gold Plus Strategy Fund | GSC | 1210 |  |  |  |
| JNL/PPM America Total Return Fund | MLP, WFC | 3173 |  |  |  |
| JNL/RAFI Fundamental U.S. Small Cap Fund | GSC | 99 |  |  |  |
| JNL/RAFI Multi-Factor U.S. Equity Fund | GSC | 401 |  |  |  |
| JNL/T. Rowe Price Balanced Fund | GSC |  | 112 |  |  |
| JNL/T. Rowe Price Short-Term Bond Fund | GSC |  | 1905 |  |  |
| JNL/WMC Balanced Fund | MSC, WFC, GSC |  | 536 |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Securities Sold Short** | **Securities Sold Short** |
|  | **Lending Agent/**<br>**Prime Broker** | **Pledged Cash($)** | **Segregated Securities($)** |
| JNL Multi-Manager Alternative Fund | JPM, MSC | 7709 | 348417 |
| JNL/BlackRock Global Allocation Fund | UBS | 8932 | 4536 |
| JNL/JPMorgan Global Allocation Fund | CIT |  | 7731 |
| JNL/Westchester Capital Event Driven Fund | JPM | 5856 | 13418 |

---

#### NOTE 7. PRINCIPAL RISKS
**Market and Volatility Risk.** In the normal course of business, certain Funds trade financial instruments and enter 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 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. Certain Funds may invest in derivatives to hedge a Fund's portfolio as well as for investment purposes which may increase volatility. Volatility may cause a Fund's net asset value per share to experience significant appreciation or depreciation in value over short periods of time.

**Sector Risk.** Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies within specific sectors of the economy can perform differently than the overall market. For example, this may be due to changes in the regulatory or competitive environment or to changes in investor perceptions regarding a sector. Because certain Funds may allocate relatively more assets to certain sectors than others, a Fund's performance may be more susceptible to any developments which affect those sectors emphasized by a Fund.

**Concentration Risk.** To the extent that a Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or a limited number of securities from time to time, a 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.

885

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#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**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.

**Underlying Fund Investment Risk.** As it relates to Funds of Funds and Master Feeder Funds, each Fund's prospectus includes a discussion of the principal investment risks of the Master Fund or underlying fund in which it invests, if applicable. Additional risks associated with a Master Fund's or underlying fund's investments are described within the respective Master Fund's or underlying fund's annual shareholder report. The American Funds Insurance Series Master Funds' shareholder reports are also available on the SEC's website at <u>www.sec.gov</u>.

**Feeder Funds and Funds of Funds Risks.** The value of an investment in a Feeder Fund changes with the value of the corresponding Master Fund and its investments. The value of an investment in a Fund of Funds changes with the values of the corresponding underlying funds and their investments. The Master Fund's and underlying fund's shares may be purchased by other investment companies and shareholders. In some cases, the Master Fund or underlying fund may experience large subscriptions or redemptions due to allocation changes or rebalancing. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on Fund performance.

**LIBOR Replacement Risk.** The Funds' payment obligations, financing terms and investments in certain instruments (including debt securities and derivatives) may be tied to floating rates, such as the London Interbank Offered Rate ("LIBOR"). In 2017, the UK Financial Conduct Authority ("FCA") announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Interbank Average Rate for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but questions around the liquidity of the new rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant concern. It is difficult to predict the full impact of the transition away from LIBOR on the Funds. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that continue to rely on LIBOR. The transition may also result in a reduction in the value of certain LIBOR-based investments held by the Funds or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses for the Funds. Since the usefulness of LIBOR as a benchmark could also deteriorate during the transition period, effects could occur at any time.

**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 a 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 Funds trade financial instruments and enter 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. Like credit risk, the Funds may be exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled, or open transactions will default. Financial assets, which potentially expose the Funds to credit risk, consist principally of investments and cash due from counterparties ("counterparty risk"). The extent of the Funds' exposure to credit and counterparty risks in respect to these financial assets is incorporated within their carrying value as recorded in the Funds' Statements of Assets and Liabilities. For certain derivative contracts, the potential loss could exceed the value of the financial assets recorded in the financial statements for each Fund (or Master Fund or underlying fund, as applicable).

A Master Fund or underlying fund manages credit and counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. A Master Fund's or underlying fund's Adviser(s) and sub-advisers attempt to mitigate credit and counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Master Fund and underlying fund restrict their exposure to credit and counterparty losses by entering into master netting agreements with counterparties with whom they undertake a significant volume of transactions. In the event of default, the total fair value exposure would be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

**Foreign Securities Risk.** Investing in securities of foreign companies or issued by foreign governments generally involves special risks and considerations not typically associated with investing in U.S. companies and the U.S. government. These risks include the potential for revaluation of currencies, different accounting policies and future adverse political and economic developments. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices may be more volatile than those of securities of comparable U.S. companies and the U.S. government.

**Currency Risk.** Investing directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, involves the risk that those currencies will decline in value relative to the base currency of a Fund, or, in the case of hedging positions, that a Fund's base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time or currencies may become illiquid for a number of reasons, including changes in interest rates, general

886

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#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

economics of a country, actions (or inaction) of the U.S. government or banks, foreign governments, central banks or supranational entities such as the International Monetary Fund, or the imposition of currency controls or other political developments in the U.S. or abroad.

**Leverage Risk.** Certain Funds may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions may involve leverage of a Fund's assets. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited.

**Emerging Market Securities Risk.** Investing in securities of emerging market countries generally involves greater risk than investing in foreign securities in developed markets. Emerging market countries typically have economic and political systems that are less fully developed and are likely to be less stable than those in more advanced countries. These risks include the potential for government intervention, adverse changes in earnings and business prospects, liquidity, credit and currency risks, and price volatility. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

**Sanction Risk.** When sanctions are placed on a country, a Fund may experience limitations on its investments including the inability to dispose of securities in that country, the inability to settle securities transactions in that country and the inability to repatriate currency from that country. Investments in sanctioned countries may be volatile, and the Fund and its pricing agent may have difficulty valuing such sanctioned country securities. Investments in sanctioned countries are subject to several risks, including, but not limited to, liquidity risk, foreign securities risk and currency risk. Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in stock markets could be significant. The current and any future sanctions or other government actions against Russia, may result in the decline in the value and liquidity of Russian securities, devaluation of Russian currency, a downgrade in Russia's credit rating, the inability to freely trade sanctioned companies (either due to the sanctions imposed or related operational issues) and/or other adverse consequences to the Russian economy, any of which could negatively impact the Fund's investments in Russian securities. In addition, the U.S. government has imposed restrictions on U.S. investor participation in publicly traded securities of certain companies with ties to China's military or surveillance industry (each a "CMIC Company"). If the Fund holds securities in a company later deemed to be a CMIC Company, the Fund may be forced to sell such securities and incur a loss. Such restrictions could also adversely affect China's economy.

**Convertible Securities Risk.** A convertible security tends to perform more like a stock when the underlying stock price is high and more like a debt security when the underlying stock price is low. A convertible security is not as sensitive to interest rate changes as a similar non-convertible debt security, and generally has less potential for gain or loss than the underlying stock.

**Real Estate Investment Risk.** Certain Funds may concentrate their assets in the real estate industry and investments in these Funds will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments. Many real estate companies, including REITs, utilize leverage (and some may be highly leveraged), which increases investment risk and could adversely affect a real estate company's operations and fair value in periods of rising interest rates. The value of a Fund's investment in REITs may be affected by the management skill of the persons managing the REIT. Because REITs have expenses of their own, the Fund will bear a proportional share of those expenses. For Funds that focus their investments in REITs and other companies related to the real estate industry, the value of shares may rise and fall more than the value of shares of a Fund that invests in a broader range of companies.

**Participation Note Risk.** Certain Funds may invest in P-Notes. P-Notes may contain various risks including the potential inability of the counterparty to fulfill its obligations under the terms of the contract. An issuer of P-Notes may fail to make interest payments and repay principal when due, in whole or in part. Changes in an issuer's financial strength or credit rating may affect a security's value. These securities may be more volatile and less liquid than other investments held by the Fund.

**Master Limited Partnership Risk.** Investment in MLPs involves some risks that differ from an investment in the common stock of a corporation. Holders of MLPs have limited control on matters affecting the partnership. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region.

**Senior and Junior Loan Risk.** When a Fund invests in a loan or participation, the Fund is subject to the risk that an intermediate participant between the Fund and the borrower will fail to meet its obligations to the Fund, in addition to the risk that the borrower under the loan may default on its obligations. Senior and Junior loans typically are of below investment grade quality and have below investment grade credit ratings, which ratings are associated with securities having high risk and speculative characteristics. The Fund is also subject to the risk that the agent bank administering the loan may fail to meet its obligations.

**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 a Fund's investments. Cyber-attacks on a Fund's Sub-Advisers and service providers could cause business failures or delays in daily processing and a Fund may need to delay transactions, consistent with regulatory requirements, as a result and could impact the performance of a Fund.

887

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#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

**Epidemic Risk.** The transmission of COVID-19 and efforts to contain its spread resulted in, and may continue to result in, closing borders, enhanced health screenings, healthcare service shortages, quarantines, cancellations, disruptions to supply chains and vendor and customer activity, as well as general concern and uncertainty. The impact of infectious diseases across the world, but especially in developing or emerging market countries, may be more pronounced where less established health care systems exist or where health care systems are unprepared to handle the outbreak of a disease like COVID-19. Health crises caused by COVID-19 may exacerbate other pre-existing political, social and economic risks in certain countries. The COVID-19 pandemic and its effects may last for an extended period of time. New variants and low rates of vaccination in certain areas of the world have hampered recovery efforts and continue to create further uncertainty. Even as restrictions have been lifted in certain jurisdictions, they have been reimposed in others, and this pattern is expected to continue for the foreseeable future as certain jurisdictions experience resurgences of COVID-19. Although the long-term economic fallout of COVID-19 is difficult to predict, it has contributed to, and is likely to continue to contribute to, market volatility, inflation and systemic economic weakness. Therefore, the economic outlook, particularly for certain industries and businesses, remains inherently uncertain, and could prevent a Fund from executing advantageous investment decisions in a timely manner, adversely affect the value and liquidity of a Fund's investments, and negatively impact a Fund's ability to achieve its investment objective.

**Market Disruption and Geopolitical Risk.** The Funds are 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 has resulted, and may continue to result, in significant market volatility, 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 Funds' investments and the Funds. Any of these occurrences could disrupt the operations of the Funds and of the Funds' service providers.

#### NOTE 8. INVESTMENT ADVISORY FEES AND TRANSACTIONS WITH AFFILIATES
**Advisory and Administrative Fees.** The Trust has an investment advisory and management agreement with JNAM, whereby JNAM provides investment management services. Each Fund pays JNAM an annual fee, accrued daily and paid monthly, based on a specified percentage of the average daily net assets of each Fund. A portion of this fee is paid by JNAM to the Sub-Advisers as compensation for their services.

JNAM also serves as the Administrator to the Funds. The Funds pay an administrative fee based on the average daily net assets of each Fund, accrued daily and paid monthly. In return for the administrative fee, JNAM provides or procures all necessary administrative functions and services for the operation of the Funds. In addition, 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 each Fund. Each 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.

The following schedules indicate the range of the advisory fee at various net asset levels and the administrative fee each Fund was obligated to pay JNAM. For the advisory fee ranges presented, refer to the Trust's Prospectus for the specific percentage of average daily net assets and break points for each Fund.

#### Advisory Fees

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Assets** | **Advisory Fee** | **Effective Rate for the year ended December 31, 2022** |
| JNL/American Funds Balanced Fund | $0 to $500 million  | .550% |  |
|  | $500 million to $3 billion  | .500% |  |
|  | $3 billion to $5 billion  | .490% |  |
|  | Over $5 billion  | .480% | .51% |
| JNL/American Funds Bond Fund of America Fund | $0 to $1 billion  | .400% |  |
|  | $1 billion to $3 billion  | .375% |  |
|  | $3 billion to $5 billion  | .350% |  |
|  | Over $5 billion  | .340% | .40% |
| JNL/American Funds Capital Income Builder Fund | $0 to $1 billion  | .525% |  |
|  | $1 billion to $3 billion  | .500% |  |
|  | $3 billion to $5 billion  | .490% |  |
|  | Over $5 billion  | .480% | .52% |
| JNL/American Funds Capital World Bond Fund | $0 to $1 billion  | .600% |  |
|  | $1 billion to $3 billion  | .550% |  |
|  | $3 billion to $5 billion  | .540% |  |
|  | Over $5 billion  | .530% | .60% |
| JNL/American Funds Global Growth Fund | $0 to $1 billion  | .650% |  |
|  | $1 billion to $3 billion  | .600% |  |
|  | $3 billion to $5 billion  | .590% |  |
|  | Over $5 billion  | .580% | .65% |

---

888

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Assets** | **Advisory Fee** | **Effective Rate for the year ended December 31, 2022** |
| JNL/American Funds Global Small Capitalization Fund | $0 to $1 billion  | .650% |  |
|  | $1 billion to $3 billion  | .600% |  |
|  | $3 billion to $5 billion  | .590% |  |
|  | Over $5 billion  | .580% | .65% |
| JNL/American Funds Growth Fund | $0 to $1 billion  | .650% |  |
|  | $1 billion to $3 billion  | .600% |  |
|  | $3 billion to $5 billion  | .590% |  |
|  | Over $5 billion  | .580% | .61% |
| JNL/American Funds Growth-Income Fund | $0 to $1 billion  | .600% |  |
|  | $1 billion to $3 billion  | .550% |  |
|  | $3 billion to $5 billion  | .540% |  |
|  | Over $5 billion  | .530% | .54% |
| JNL/American Funds International Fund | $0 to $1 billion  | .750% |  |
|  | $1 billion to $3 billion  | .700% |  |
|  | $3 billion to $5 billion  | .690% |  |
|  | Over $5 billion  | .680% | .73% |
| JNL/American Funds New World Fund | $0 to $1 billion  | .950% |  |
|  | $1 billion to $3 billion  | .900% |  |
|  | $3 billion to $5 billion  | .890% |  |
|  | Over $5 billion  | .880% | .94% |
| JNL/American Funds Washington Mutual Investors Fund | $0 to $1 billion  | .600% |  |
|  | $1 billion to $3 billion  | .550% |  |
|  | $3 billion to $5 billion  | .540% |  |
|  | Over $5 billion  | .530% | .56% |
| JNL/Mellon Bond Index Fund | $0 to $500 million  | .180% |  |
|  | $500 million to $750 million  | .150% |  |
|  | $750 million to $3 billion  | .140% |  |
|  | $3 billion to $5 billion  | .130% |  |
|  | Over $5 billion  | .120% | .16% |
| JNL/Mellon Emerging Markets Index Fund | $0 to $500 million  | .300% |  |
|  | $500 million to $750 million  | .250% |  |
|  | $750 million to $3 billion  | .200% |  |
|  | $3 billion to $5 billion  | .190% |  |
|  | Over $5 billion  | .180% | .27% |
| JNL/Mellon International Index Fund | $0 to $500 million  | .200% |  |
|  | $500 million to $750 million  | .150% |  |
|  | $750 million to $3 billion  | .140% |  |
|  | $3 billion to $5 billion  | .130% |  |
|  | Over $5 billion  | .120% | .15% |
| JNL/Mellon S&P 400 MidCap Index Fund | $0 to $500 million  | .190% |  |
|  | $500 million to $750 million  | .140% |  |
|  | $750 million to $3 billion  | .130% |  |
|  | $3 billion to $5 billion  | .120% |  |
|  | Over $5 billion  | .110% | .14% |
| JNL/Mellon Small Cap Index Fund | $0 to $500 million  | .190% |  |
|  | $500 million to $750 million  | .140% |  |
|  | $750 million to $3 billion  | .130% |  |
|  | $3 billion to $5 billion  | .120% |  |
|  | Over $5 billion  | .110% | .14% |
| JNL Aggressive Growth Allocation Fund | $0 to $500 million  | .130% |  |
|  | $500 million to $3 billion  | .080% |  |
|  | $3 billion to $5 billion  | .075% |  |
|  | Over $5 billion  | .070% | .10% |
| JNL Conservative Allocation Fund | $0 to $500 million  | .130% |  |
|  | $500 million to $3 billion  | .080% |  |
|  | $3 billion to $5 billion  | .075% |  |
|  | Over $5 billion  | .070% | .12% |
| JNL Growth Allocation Fund | $0 to $500 million  | .130% |  |
|  | $500 million to $3 billion  | .080% |  |
|  | $3 billion to $5 billion  | .075% |  |
|  | Over $5 billion  | .070% | .09% |
| JNL Moderate Allocation Fund | $0 to $500 million  | .130% |  |
|  | $500 million to $3 billion  | .080% |  |
|  | $3 billion to $5 billion  | .075% |  |
|  | Over $5 billion  | .070% | .09% |
| JNL Moderate Growth Allocation Fund | $0 to $500 million  | .130% |  |
|  | $500 million to $3 billion  | .080% |  |
|  | $3 billion to $5 billion  | .075% |  |
|  | Over $5 billion  | .070% | .08% |

---

889

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Assets** | **Advisory Fee** | **Effective Rate for the year ended December 31, 2022** |
| JNL/American Funds Growth Allocation Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .175% |  |
|  | $3 billion to $5 billion  | .165% |  |
|  | Over $5 billion  | .155% | .18% |
| JNL/American Funds Moderate Growth Allocation Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .175% |  |
|  | $3 billion to $5 billion  | .165% |  |
|  | Over $5 billion  | .155% | .18% |
| JNL/Goldman Sachs Managed Aggressive Growth Fund | $0 to $500 million  | .130% |  |
|  | $500 million to $3 billion  | .080% |  |
|  | $3 billion to $5 billion  | .075% |  |
|  | Over $5 billion  | .070% | .09% |
| JNL/Goldman Sachs Managed Conservative Fund | $0 to $500 million  | .130% |  |
|  | $500 million to $3 billion  | .080% |  |
|  | $3 billion to $5 billion  | .075% |  |
|  | Over $5 billion  | .070% | .11% |
| JNL/Goldman Sachs Managed Growth Fund | $0 to $500 million  | .130% |  |
|  | $500 million to $3 billion  | .080% |  |
|  | $3 billion to $5 billion  | .075% |  |
|  | Over $5 billion  | .070% | .08% |
| JNL/Goldman Sachs Managed Moderate Fund | $0 to $500 million  | .130% |  |
|  | $500 million to $3 billion  | .080% |  |
|  | $3 billion to $5 billion  | .075% |  |
|  | Over $5 billion  | .070% | .09% |
| JNL/Goldman Sachs Managed Moderate Growth Fund | $0 to $500 million  | .130% |  |
|  | $500 million to $3 billion  | .080% |  |
|  | $3 billion to $5 billion  | .075% |  |
|  | Over $5 billion  | .070% | .08% |
| JNL iShares Tactical Growth Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .150% |  |
|  | $3 billion to $5 billion  | .140% |  |
|  | Over $5 billion  | .130% | .20% |
| JNL iShares Tactical Moderate Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .150% |  |
|  | $3 billion to $5 billion  | .140% |  |
|  | Over $5 billion  | .130% | .20% |
| JNL iShares Tactical Moderate Growth Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .150% |  |
|  | $3 billion to $5 billion  | .140% |  |
|  | Over $5 billion  | .130% | .20% |
| JNL/Vanguard Growth ETF Allocation Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .175% |  |
|  | $3 billion to $5 billion  | .165% |  |
|  | Over $5 billion  | .155% | .19% |
| JNL/Vanguard Moderate ETF Allocation Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .175% |  |
|  | $3 billion to $5 billion  | .165% |  |
|  | Over $5 billion  | .155% | .20% |
| JNL/Vanguard Moderate Growth ETF Allocation Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .175% |  |
|  | $3 billion to $5 billion  | .165% |  |
|  | Over $5 billion  | .155% | .20% |
| JNL Bond Index Fund | All Assets  | .200% | .20% |
| JNL Emerging Markets Index Fund | All Assets  | .200% | .20% |
| JNL International Index Fund | All Assets  | .200% | .20% |
| JNL Mid Cap Index Fund | All Assets  | .200% | .20% |
| JNL Small Cap Index Fund | All Assets  | .200% | .20% |
| JNL Multi-Manager Alternative Fund | $0 to $850 million  | 1.200% |  |
|  | $850 million to $3 billion  | 1.100% |  |
|  | $3 billion to $5 billion  | 1.090% |  |
|  | Over $5 billion  | 1.080% | 1.17% |
| JNL Multi-Manager Emerging Markets Equity Fund | $0 to $250 million  | .800% |  |
|  | $250 million to $3 billion  | .750% |  |
|  | $3 billion to $5 million  | .740% |  |
|  | Over $5 billion  | .730% | .76% |
| JNL Multi-Manager International Small Cap Fund | $0 to $1 billion  | .750% |  |
|  | $1 billion to $3 billion  | .725% |  |
|  | $3 billion to $5 billion  | .715% |  |
|  | Over $5 billion  | .705% | .75% |

---

890

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Assets** | **Advisory Fee** | **Effective Rate for the year ended December 31, 2022** |
| JNL Multi-Manager Mid Cap Fund | $0 to $500 million  | .650% |  |
|  | $500 million to $1 billion  | .625% |  |
|  | $1 billion to $3 billion  | .600% |  |
|  | $3 billion to $5 billion  | .590% |  |
|  | Over $5 billion  | .580% | .62% |
| JNL Multi-Manager Small Cap Growth Fund | $0 to $100 million  | .650% |  |
|  | $100 million to $500 million  | .600% |  |
|  | $500 million to $3 billion  | .550% |  |
|  | $3 billion to $5 billion  | .540% |  |
|  | Over $5 billion  | .530% | .56% |
| JNL Multi-Manager Small Cap Value Fund | $0 to $200 million  | .750% |  |
|  | $200 million to $500 million  | .670% |  |
|  | $500 million to $3 billion  | .650% |  |
|  | $3 billion to $5 billion  | .640% |  |
|  | Over $5 billion  | .630% | .66% |
| JNL Multi-Manager U.S. Select Equity Fund | $0 to $1 billion  | .530% |  |
|  | $1 billion to $3 billion  | .500% |  |
|  | $3 billion to $5 billion  | .480% |  |
|  | Over $5 billion  | .460% | .53% |
| JNL S&P 500 Index Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .175% |  |
|  | $3 billion to $5 billion  | .165% |  |
|  | Over $5 billion  | .155% | .20% |
| JNL/AB Sustainable Global Thematic Fund | $0 to $1 billion  | .650% |  |
|  | $1 billion to $3 billion  | .600% |  |
|  | $3 billion to $5 billion  | .550% |  |
|  | Over $5 billion  | .540% | .65% |
| JNL/AQR Large Cap Defensive Style Fund | $0 to $1 billion  | .400% |  |
|  | $1 billion to $3 billion  | .370% |  |
|  | $3 billion to $5 billion  | .360% |  |
|  | Over $5 billion  | .350% | .40% |
| JNL/Baillie Gifford International Growth Fund | $0 to $1 billion  | .530% |  |
|  | $1 billion to $3 billion  | .520% |  |
|  | $3 billion to $5 billion  | .510% |  |
|  | Over $5 billion  | .500% | .53% |
| JNL/Baillie Gifford U.S. Equity Growth Fund | $0 to $1 billion  | .500% |  |
|  | $1 billion to $3 billion  | .450% |  |
|  | $3 billion to $5 billion  | .440% |  |
|  | Over $5 billion  | .430% | .50% |
| JNL/BlackRock Global Allocation Fund | $0 to $1 billion  | .600% |  |
|  | $1 billion to $3 billion  | .565% |  |
|  | $3 billion to $5 billion  | .550% |  |
|  | Over $5 billion  | .540% | .57% |
| JNL/BlackRock Global Natural Resources Fund | $0 to $300 million  | .600% |  |
|  | $300 million to $1 billion  | .500% |  |
|  | $1 billion to $3 billion  | .490% |  |
|  | $3 billion to $5 billion  | .480% |  |
|  | Over $5 billion  | .470% | .52% |
| JNL/BlackRock Large Cap Select Growth Fund | $0 to $150 million  | .600% |  |
|  | $150 million to $500 million  | .550% |  |
|  | $500 million to $750 million  | .500% |  |
|  | $750 million to $3 billion  | .450% |  |
|  | $3 billion to $5 billion  | .440% |  |
|  | Over $5 billion  | .430% | .47% |
| JNL/Causeway International Value Select Fund | $0 to $500 million  | .550% |  |
|  | $500 million to $2 billion  | .500% |  |
|  | $2 billion to $5 billion  | .470% |  |
|  | Over $5 billion  | .460% | .52% |
| JNL/ClearBridge Large Cap Growth Fund | $0 to $1 billion  | .500% |  |
|  | $1 billion to $3 billion  | .450% |  |
|  | $3 billion to $5 billion  | .440% |  |
|  | Over $5 billion  | .430% | .49% |
| JNL/DFA International Core Equity Fund | $0 to $3 billion  | .450% |  |
|  | $3 billion to $5 billion  | .440% |  |
|  | Over $5 billion  | .430% | .45% |
| JNL/DFA U.S. Core Equity Fund | $0 to $1 billion  | .400% |  |
|  | $1 billion to $3 billion  | .375% |  |
|  | $3 billion to $5 billion  | .360% |  |
|  | Over $5 billion  | .350% | .39% |

---

891

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Assets** | **Advisory Fee** | **Effective Rate for the year ended December 31, 2022** |
| JNL/DFA U.S. Small Cap Fund<sup>1</sup> | $0 to $3 billion  | .530% |  |
|  | $3 billion to $5 billion  | .520% |  |
|  | Over $5 billion  | .510% | .54% |
| JNL/DoubleLine Core Fixed Income Fund | $0 to $1 billion  | .390% |  |
|  | $1 billion to $3 billion  | .360% |  |
|  | $3 billion to $5 billion  | .350% |  |
|  | Over $5 billion  | .340% | .37% |
| JNL/DoubleLine Emerging Markets Fixed Income Fund | $0 to $500 million  | .625% |  |
|  | $500 million to $3 billion  | .600% |  |
|  | $3 billion to $5 billion  | .590% |  |
|  | Over $5 billion  | .580% | .62% |
| JNL/DoubleLine Shiller Enhanced CAPE Fund | $0 to $500 million  | .600% |  |
|  | $500 million to $1 billion  | .575% |  |
|  | $1 billion to $3 billion  | .520% |  |
|  | $3 billion to $5 billion  | .510% |  |
|  | Over $5 billion  | .500% | .55% |
| JNL/DoubleLine Total Return Fund | $0 to $1 billion  | .450% |  |
|  | $1 billion to $3 billion  | .400% |  |
|  | $3 billion to $5 billion  | .390% |  |
|  | Over $5 billion  | .380% | .42% |
| JNL/Fidelity Institutional Asset Management Total Bond Fund | $0 to $500 million  | .400% |  |
|  | $500 million to $1 billion  | .380% |  |
|  | $1 billion to $3 billion  | .350% |  |
|  | $3 billion to $5 billion  | .340% |  |
|  | Over $5 billion  | .330% | .38% |
| JNL/First Sentier Global Infrastructure Fund | $0 to $500 million  | .700% |  |
|  | $500 million to $1 billion  | .690% |  |
|  | $1 billion to $3 billion  | .630% |  |
|  | $3 billion to $5 billion  | .620% |  |
|  | Over $5 billion  | .610% | .69% |
| JNL/Franklin Templeton Income Fund | $0 to $100 million  | .700% |  |
|  | $100 million to $200 million  | .650% |  |
|  | $200 million to $500 million  | .550% |  |
|  | $500 million to $3 billion  | .500% |  |
|  | $3 billion to $5 billion  | .490% |  |
|  | Over $5 billion  | .480% | .53% |
| JNL/Goldman Sachs 4 Fund | $0 to $500 million  | .300% |  |
|  | $500 million to $3 billion  | .250% |  |
|  | $3 billion to $5 billion  | .240% |  |
|  | Over $5 billion  | .230% | .25% |
| JNL/GQG Emerging Markets Equity Fund | $0 to $1 billion  | .900% |  |
|  | $1 billion to $3 billion  | .875% |  |
|  | $3 billion to $5 billion  | .850% |  |
|  | Over $5 billion  | .840% | .90% |
| JNL/Harris Oakmark Global Equity Fund | $0 to $250 million  | .700% |  |
|  | $250 million to $1 billion  | .675% |  |
|  | $1 billion to $3 billion  | .650% |  |
|  | $3 billion to $5 billion  | .640% |  |
|  | Over $5 billion  | .630% | .68% |
| JNL/Heitman U.S. Focused Real Estate Fund | $0 to $1 billion  | .650% |  |
|  | $1 billion to $3 billion  | .600% |  |
|  | $3 billion to $5 billion  | .590% |  |
|  | Over $5 billion  | .580% | .65% |
| JNL/Invesco Diversified Dividend Fund<sup>2</sup> | $0 to $1 billion  | .525% |  |
|  | $1 billion to $3 billion  | .470% |  |
|  | $3 billion to $5 billion  | .460% |  |
|  | Over $5 billion  | .450% | .52% |
| JNL/Invesco Global Growth Fund | $0 to $3 billion  | .500% |  |
|  | $3 billion to $5 billion  | .490% |  |
|  | Over $5 billion  | .480% | .50% |
| JNL/Invesco Small Cap Growth Fund<sup>3</sup> | $0 to $1 billion  | .675% |  |
|  | $1 billion to $3 billion  | .630% |  |
|  | $3 billion to $5 billion  | .620% |  |
|  | Over $5 billion  | .610% | .66% |
| JNL/JPMorgan Global Allocation Fund | $0 to $1 billion  | .600% |  |
|  | $1 billion to $3 billion  | .550% |  |
|  | $3 billion to $5 billion  | .540% |  |
|  | Over $5 billion  | .530% | .59% |

---

892

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Assets** | **Advisory Fee** | **Effective Rate for the year ended December 31, 2022** |
| JNL/JPMorgan Hedged Equity Fund | $0 to $1 billion  | .500% |  |
|  | $1 billion to $3 billion  | .450% |  |
|  | $3 billion to $5 billion  | .440% |  |
|  | Over $5 billion  | .430% | .50% |
| JNL/JPMorgan MidCap Growth Fund | $0 to $250 million  | .600% |  |
|  | $250 million to $750 million  | .550% |  |
|  | $750 million to $1.5 billion  | .500% |  |
|  | $1.5 billion to $3 billion  | .450% |  |
|  | $3 billion to $5 billion  | .440% |  |
|  | Over $5 billion  | .430% | .49% |
| JNL/JPMorgan U.S. Government & Quality Bond Fund | $0 to $150 million  | .400% |  |
|  | $150 million to $300 million  | .350% |  |
|  | $300 million to $500 million  | .300% |  |
|  | $500 million to $3 billion  | .250% |  |
|  | $3 billion to $5 billion  | .240% |  |
|  | Over $5 billion  | .230% | .28% |
| JNL/JPMorgan U.S. Value Fund | $0 to $1 billion  | .500% |  |
|  | $1 billion to $3 billion  | .450% |  |
|  | $3 billion to $5 billion  | .440% |  |
|  | Over $5 billion  | .430% | .48% |
| JNL/Lazard International Strategic Equity Fund<sup>4</sup> | $0 to $1 billion  | .700% |  |
|  | $1 billion to $3 billion  | .650% |  |
|  | $3 billion to $5 billion  | .640% |  |
|  | Over $5 billion  | .630% | .70% |
| JNL/Loomis Sayles Global Growth Fund | $0 to $1 billion  | .550% |  |
|  | $1 billion to $3 billion  | .500% |  |
|  | $3 billion to $5 billion  | .490% |  |
|  | Over $5 billion  | .480% | .55% |
| JNL/Lord Abbett Short Duration Income Fund | $0 to $1 billion  | .350% |  |
|  | $1 billion to $3 billion  | .300% |  |
|  | $3 billion to $5 billion  | .290% |  |
|  | Over $5 billion  | .280% | .35% |
| JNL/Mellon Communication Services Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .20% |
| JNL/Mellon Consumer Discretionary Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .18% |
| JNL/Mellon Consumer Staples Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .19% |
| JNL/Mellon Dow Index Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .18% |
| JNL/Mellon Energy Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .17% |
| JNL/Mellon Financial Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .18% |

---

893

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Assets** | **Advisory Fee** | **Effective Rate for the year ended December 31, 2022** |
| JNL/Mellon Healthcare Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .17% |
| JNL/Mellon Industrials Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .20% |
| JNL/Mellon Information Technology Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .17% |
| JNL/Mellon Materials Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .20% |
| JNL/Mellon Nasdaq 100 Index Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .17% |
| JNL/Mellon Real Estate Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .20% |
| JNL/Mellon S&P 500 Index Fund | $0 to $500 million  | .170% |  |
|  | $500 million to $750 million  | .130% |  |
|  | $750 million to $3 billion  | .120% |  |
|  | $3 billion to $5 billion  | .110% |  |
|  | Over $5 billion  | .090% | .10% |
| JNL/Mellon U.S. Stock Market Index Fund | $0 to $1 billion  | .175% |  |
|  | $1 billion to $5 billion  | .150% |  |
|  | Over $5 billion  | .140% | .15% |
| JNL/Mellon Utilities Sector Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .19% |
| JNL/Mellon World Index Fund | $0 to $50 million  | .240% |  |
|  | $50 million to $100 million  | .210% |  |
|  | $100 million to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .19% |
| JNL/MFS Mid Cap Value Fund | $0 to $100 million  | .600% |  |
|  | $100 million to $1 billion  | .550% |  |
|  | $1 billion to $3 billion  | .540% |  |
|  | $3 billion to $5 billion  | .530% |  |
|  | Over $5 billion  | .520% | .55% |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .175% |  |
|  | $3 billion to $5 billion  | .165% |  |
|  | Over $5 billion  | .155% | .20% |
| JNL/Morningstar U.S. Sustainability Index Fund | $0 to $1 billion  | .250% |  |
|  | $1 billion to $3 billion  | .200% |  |
|  | $3 billion to $5 billion  | .190% |  |
|  | Over $5 billion  | .180% | .25% |

---

894

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Assets** | **Advisory Fee** | **Effective Rate for the year ended December 31, 2022** |
| JNL/Morningstar Wide Moat Index Fund | $0 to $1 billion  | .200% |  |
|  | $1 billion to $3 billion  | .175% |  |
|  | $3 billion to $5 billion  | .165% |  |
|  | Over $5 billion  | .155% | .20% |
| JNL/Neuberger Berman Commodity Strategy Fund | $0 to $1 billion  | .450% |  |
|  | $1 billion to $3 billion  | .400% |  |
|  | $3 billion to $5 billion  | .390% |  |
|  | Over $5 billion  | .380% | .45% |
| JNL/Neuberger Berman Gold Plus Strategy Fund | $0 to $500 million  | .750% |  |
|  | $500 million to $1 billion  | .700% |  |
|  | $1 billion to $3 billion  | .650% |  |
|  | $3 billion to $5 billion  | .600% |  |
|  | Over $5 billion  | .590% | .75% |
| JNL/Neuberger Berman Strategic Income Fund | $0 to $500 million  | .500% |  |
|  | $500 million to $1 billion  | .450% |  |
|  | $1 billion to $3 billion  | .400% |  |
|  | $3 billion to $5 billion  | .390% |  |
|  | Over $5 billion  | .380% | .48% |
| JNL/Newton Equity Income Fund | $0 to $1 billion  | .450% |  |
|  | $1 billion to $3 billion  | .400% |  |
|  | $3 billion to $5 billion  | .390% |  |
|  | Over $5 billion  | .380% | .44% |
| JNL/PIMCO Income Fund | $0 to $1 billion  | .500% |  |
|  | $1 billion to $3 billion  | .450% |  |
|  | $3 billion to $5 billion  | .440% |  |
|  | Over $5 billion  | .430% | .49% |
| JNL/PIMCO Investment Grade Credit Bond Fund | $0 to $1 billion  | .350% |  |
|  | $1 billion to $3 billion  | .300% |  |
|  | $3 billion to $5 billion  | .290% |  |
|  | Over $5 billion  | .280% | .34% |
| JNL/PIMCO Real Return Fund | $0 to $1 billion  | .390% |  |
|  | $1 billion to $2 billion  | .375% |  |
|  | $2 billion to $3 billion  | .365% |  |
|  | $3 billion to $5 billion  | .355% |  |
|  | Over $5 billion  | .345% | .38% |
| JNL/PPM America Floating Rate Income Fund | $0 to $500 million  | .500% |  |
|  | $500 million to $1 billion  | .450% |  |
|  | $1 billion to $3 billion  | .425% |  |
|  | $3 billion to $5 billion  | .415% |  |
|  | Over $5 billion  | .405% | .47% |
| JNL/PPM America High Yield Bond Fund | $0 to $150 million  | .400% |  |
|  | $150 million to $500 million  | .350% |  |
|  | $500 million to $3 billion  | .325% |  |
|  | $3 billion to $5 billion  | .315% |  |
|  | Over $5 billion  | .305% | .34% |
| JNL/PPM America Total Return Fund | $0 to $1 billion  | .400% |  |
|  | $1 billion to $3 billion  | .350% |  |
|  | $3 billion to $5 billion  | .340% |  |
|  | Over $5 billion  | .330% | .38% |
| JNL/RAFI Fundamental U.S. Small Cap Fund | $0 to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .18% |
| JNL/RAFI Multi-Factor U.S. Equity Fund | $0 to $750 million  | .180% |  |
|  | $750 million to $3 billion  | .170% |  |
|  | $3 billion to $5 billion  | .160% |  |
|  | Over $5 billion  | .150% | .17% |
| JNL/T. Rowe Price Balanced Fund<sup>5</sup> | $0 to $500 million  | .550% |  |
|  | $500 million to $1 billion  | .475% |  |
|  | $1 billion to $3 billion  | .450% |  |
|  | $3 billion to $5 billion  | .440% |  |
|  | Over $5 billion  | .430% | .55% |
| JNL/T. Rowe Price Capital Appreciation Fund<sup>6</sup> | $0 to $500 million  | .575% |  |
|  | $500 million to $1 billion  | .550% |  |
|  | $1 billion to $3 billion  | .530% |  |
|  | $3 billion to $5 billion  | .520% |  |
|  | Over $5 billion  | .510% | .52% |

---

895

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Assets** | **Advisory Fee** | **Effective Rate for the year ended December 31, 2022** |
| JNL/T. Rowe Price Established Growth Fund | $0 to $150 million  | .550% |  |
|  | $150 million to $500 million  | .500% |  |
|  | $500 million to $1 billion  | .450% |  |
|  | $1 billion to $3 billion  | .440% |  |
|  | $3 billion to $5 billion  | .430% |  |
|  | Over $5 billion  | .420% | .43% |
| JNL/T. Rowe Price Mid-Cap Growth Fund<sup>7</sup> | $0 to $1 billion  | .600% |  |
|  | $1 billion to $3 billion  | .580% |  |
|  | Over $3 billion  | .560% | .58% |
| JNL/T. Rowe Price Short-Term Bond Fund | $0 to $250 million  | .350% |  |
|  | $250 million to $1.5 billion  | .300% |  |
|  | $1.5 billion to $3 billion  | .275% |  |
|  | $3 billion to $5 billion  | .265% |  |
|  | Over $5 billion  | .255% | .31% |
| JNL/T. Rowe Price U.S. High Yield Fund<sup>8,9</sup> | $0 to $500 million  | .500% |  |
|  | $500 million to $3 billion  | .470% |  |
|  | $3 billion to $5 billion  | .460% |  |
|  | Over $5 billion  | .450% | .50% |
| JNL/T. Rowe Price Value Fund | $0 to $150 million  | .550% |  |
|  | $150 million to $1 billion  | .480% |  |
|  | $1 billion to $3 billion  | .470% |  |
|  | $3 billion to $5 billion  | .450% |  |
|  | Over $5 billion  | .440% | .47% |
| JNL/WCM China Quality Growth Fund | $0 to $1 billion  | .850% |  |
|  | $1 billion to $3 billion  | .800% |  |
|  | $3 billion to $5 billion  | .790% |  |
|  | Over $5 billion  | .780% | .85% |
| JNL/WCM Focused International Equity Fund | $0 to $500 million  | .700% |  |
|  | $500 million to $3 billion  | .650% |  |
|  | $3 billion to $5 billion  | .640% |  |
|  | Over $5 billion  | .630% | .67% |
| JNL/Westchester Capital Event Driven Fund | $0 to $1 billion  | 1.050% |  |
|  | $1 billion to $3 billion  | .900% |  |
|  | $3 billion to $5 billion  | .890% |  |
|  | Over $5 billion  | .880% | 1.05% |
| JNL/Western Asset Global Multi-Sector Bond Fund<sup>10</sup> | $0 to $500 million  | .525% |  |
|  | $500 million to $1 billion  | .500% |  |
|  | $1 billion to $2 billion  | .475% |  |
|  | $2 billion to $3 billion  | .450% |  |
|  | $3 billion to $5 billion  | .425% |  |
|  | Over $5 billion  | .400% | .55% |
| JNL/William Blair International Leaders Fund<sup>11</sup> | $0 to $500 million  | .525% |  |
|  | $500 million to $2 billion  | .500% |  |
|  | $2 billion to $3 billion  | .480% |  |
|  | $3 billion to $5 billion  | .470% |  |
|  | Over $5 billion  | .460% | .52% |
| JNL/WMC Balanced Fund | $0 to $50 million  | .450% |  |
|  | $50 million to $150 million  | .400% |  |
|  | $150 million to $300 million  | .375% |  |
|  | $300 million to $500 million  | .350% |  |
|  | $500 million to $3 billion  | .325% |  |
|  | $3 billion to $5 billion  | .315% |  |
|  | Over $5 billion  | .305% | .32% |
| JNL/WMC Equity Income Fund<sup>12</sup> | $0 to $500 million  | .440% |  |
|  | $500 million to $1 billion  | .430% |  |
|  | Over $1 billion  | .420% | .43% |
| JNL/WMC Global Real Estate Fund | $0 to $1 billion  | .575% |  |
|  | $1 billion to $3 billion  | .550% |  |
|  | $3 billion to $5 billion  | .530% |  |
|  | Over $5 billion  | .520% | .57% |
| JNL/WMC Government Money Market Fund | $0 to $500 million  | .180% |  |
|  | $500 million to $3 billion  | .150% |  |
|  | $3 billion to $5 billion  | .140% |  |
|  | Over $5 billion  | .130% | .15% |
| JNL/WMC Value Fund | $0 to $300 million  | .450% |  |
|  | $300 million to $500 million  | .400% |  |
|  | $500 million to $3 billion  | .350% |  |
|  | $3 billion to $5 billion  | .340% |  |
|  | Over $5 billion  | .330% | .38% |

---

896

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | |
|:---|:---|
| <sup><sup>1</sup></sup> | Prior to April 25, 2022, for advisory fees, the range for $0 - $3 billion was 0.55%, the range for $3 billion - $5 billion was 0.54% and for over $5 billion was 0.53%. |
| <sup><sup>2</sup></sup> | Prior to April 25, 2022, for advisory fees, the range for $0 - $1 billion was 0.525%, the range for $1 billion - $3 billion was 0.50%, the range for $3 billion - $5 billion was 0.49% and for over $5 billion was 0.48%. |
| <sup><sup>3</sup></sup> | On August 31, 2022, the Board approved effective May 1, 2023, for advisory fees, the range for $0 - $1 billion will be 0.660%, the range for $1 billion to $2 billion will be 0.630%, the range for $2 billion to $3 billion will be 0.610%, the range for $3 billion to $5 billion will be 0.600% and for over $5 billion will be 0.590%. |
| <sup><sup>4</sup></sup> | On August 31, 2022, the Board approved effective May 1, 2023, for advisory fees, the range for $0 - $1 billion will be 0.650%, the range for $1 billion to $3 billion will be 0.600%, the range for $3 billion to $5 billion will be 0.590% and for over $5 billion will be 0.580%. |
| <sup><sup>5</sup></sup> | On October 27, 2022, the Board approved effective May 1, 2023, for advisory fees, the range for $0 - $500 million will be 0.530%, the range for $500 million - $1 billion will be 0.475%, the range for $1 billion to $3 billion will be 0.450%, the range for $3 billion to $5 billion will be 0.440% and for over $5 billion will be 0.430%. |
| <sup><sup>6</sup></sup> | On October 27, 2022, the Board approved effective May 1, 2023, for advisory fees, the range for $0 - $500 million will be 0.575%, the range for $500 million - $1 billion will be 0.550%, the range for $1 billion to $3 billion will be 0.530%, the range for $3 billion to $5 billion will be 0.520%, the range for $5 billion to $10 billion will be .510%, and for over $10 billion will be 0.500%. |
| <sup><sup>7</sup></sup> | Prior to April 25, 2022, for advisory fees, the range for $0 - $150 million was 0.65%, the range for $150 million - $1 billion was 0.60%, the range for $1 billion to $3 billion was 0.59% and for over $3 billion was 0.58%. |
| <sup><sup>8</sup></sup> | Prior to April 25, 2022, for advisory fees, the range for $0 - $500 million was 0.525%, the range for $500 million - $3 billion was 0.50%, the range for $3 billion - $5 billion was 0.49% and for over $5 billion was 0.48%. |
| <sup><sup>9</sup></sup> | On October 27, 2022, the Board approved effective May 1, 2023, for advisory fees, the range for $0 - $3 billion will be 0.470%, the range for $3 billion to $5 billion will be 0.460% and for over $5 billion will be 0.450%. |
| <sup><sup>10</sup></sup> | Prior to April 25, 2022, for advisory fees, the range for $0 - $1 billion was 0.60%, the range for $1 billion - $2 billion was 0.50%, the range for $2 billion - $3 billion was 0.475%, the range for $3 billion - $5 billion was 0.465% and for over $5 billion was 0.455%. |
| <sup><sup>11</sup></sup> | Prior to April 25, 2022, for advisory fees, the range for $0 - $500 million was 0.55%, the range for $500 million - $2 billion was 0.50%, the range for $2 billion - $3 billion was 0.48%, the range for $3 billion - $5 billion was 0.47% and for over $5 billion was 0.46%. |
| <sup><sup>12</sup></sup> | Prior to June 1, 2022, for advisory fees, the range for $0 - $3 billion was 0.44%, the range for $3 billion - $5 billion was 0.43% and for over $5 billion was 0.42%. |

---

**Advisory Fee Waivers and Expense Reimbursements**. Pursuant to a contractual expense limitation agreement, JNAM has agreed to waive fees and reimburse expenses of the JNL/WMC Government Money Market Fund to the extent necessary to limit operating expenses, interest, taxes and dividend and extraordinary expenses of each class of shares of the Fund, to an annual rate as a percentage of average daily net assets equal to or less than the Fund's investment income for the year. In addition, when the Fund receives income sufficient to pay a dividend, under the contractual expense limitation agreement JNAM may recapture previously waived fees and reimbursed expenses from the Fund for a period of three years from the end of the fiscal year in which such waiver or reimbursement took place. During the year ended December 31, 2022, JNAM recovered $8,891 and $109 of previously reimbursed expenses (in thousands) for Class A and Class I shares, respectively. At December 31, 2022, the amounts of potentially recoverable expenses (in thousands) were $2,511 for Class A shares, expiring on December 31, 2024, and $2,007 for Class A, expiring on December 31, 2025.

Pursuant to a contractual fee waiver agreement, JNAM has agreed to waive 100% of advisory fees attributable to JNL Multi-Manager Emerging Markets Equity Fund, JNL/T. Rowe Price Capital Appreciation Fund, JNL/T. Rowe Price Balanced Fund, JNL/T. Rowe Price Established Growth Fund, JNL/T. Rowe Price Mid-Cap Growth Fund, JNL/T. Rowe Price Short-Term Bond Fund, JNL/T. Rowe Price U.S. High Yield Fund and JNL/T. Rowe Price Value Fund's investment in T. Rowe Price Institutional Floating Rate Fund, an affiliate of the Funds' Sub-Adviser. None of the waived advisory fees can be recaptured by JNAM.

Pursuant to a contractual fee waiver agreement, JNAM has agreed to waive a varying portion of its advisory fee in an amount equivalent to the Acquired Funds Fees and Expenses ("AFFE") attributable to JNL/JPMorgan Global Allocation Fund's investment in funds managed by the Sub-Adviser, J.P. Morgan Investment Management Inc. (each a "JPMorgan Underlying Fund"). The AFFE for each JPMorgan Underlying Fund is the "Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements" disclosed in the current prospectus for each JPMorgan Underlying Fund. None of the waived advisory fees can be recaptured by JNAM.

Pursuant to a contractual and voluntary fee waiver agreement, JNAM has agreed to waive a portion of its advisory fees for each of the following Funds. None of the waived advisory fees can be recaptured by JNAM. The amount of waived expenses for each Fund is recorded as Expense waiver in each Fund's Statement of Operations.

---

| | |
|:---|:---|
|  | **Contractual Advisory Fee Waiver as a Percentage of Average Daily** <br>**Net Assets (%)** |
| JNL/American Funds Balanced Fund | 0.300 |
| JNL/American Funds Bond Fund of America Fund | 0.200 |
| JNL/American Funds Capital Income Builder Fund | 0.250 |
| JNL/American Funds Capital World Bond Fund | 0.430 |
| JNL/American Funds Global Growth Fund<sup>1</sup> | 0.400 |
| JNL/American Funds Global Small Capitalization Fund<sup>1</sup> | 0.460 |
| JNL/American Funds Growth Fund | 0.450 |
| JNL/American Funds Growth-Income Fund | 0.300 |
| JNL/American Funds International Fund | 0.500 |

---

897

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | |
|:---|:---|
|  | **Contractual Advisory Fee Waiver as a Percentage of Average Daily** <br>**Net Assets (%)** |
| JNL/American Funds New World Fund | 0.650 |
| JNL/American Funds Washington Mutual Investors Fund | 0.300 |
| JNL/Mellon Bond Index Fund | 0.070 |
| JNL/Mellon Emerging Markets Index Fund | 0.145 |
| JNL/Mellon International Index Fund | 0.095 |
| JNL/Mellon S&P 400 MidCap Index Fund | 0.080 |
| JNL/Mellon Small Cap Index Fund | 0.080 |
| JNL Bond Index Fund | 0.130 |
| JNL Emerging Markets Index Fund | 0.055 |
| JNL International Index Fund | 0.105 |
| JNL Mid Cap Index Fund | 0.120 |
| JNL Small Cap Index Fund | 0.120 |
| JNL S&P 500 Index Fund | 0.170 |

---

<sup>1</sup> Prior to April 25, 2022, the contractual fee waiver was 0.50%.

---

| | |
|:---|:---|
|  | **Voluntary Advisory Fee Waiver as a Percentage of Average Daily** <br>**Net Assets (%)** |
| JNL/DFA U.S. Small Cap Fund<sup>1</sup> | 0.02 on all net assets  |
| JNL/Invesco Diversified Dividend Fund<sup>2</sup> | 0.03 on net assets over $1 billion |
| JNL/Invesco Small Cap Growth Fund<sup>3</sup> | 0.015 on net assets between $0 -$1 billion and 0.02 on net assets over $2 billion |
| JNL/Lazard International Strategic Equity Fund<sup>4</sup> | 0.05 on all net assets |
| JNL/PPM America Floating Rate Income Fund<sup>5</sup> | 0.10 on all net assets |
| JNL/T. Rowe Price Balanced Fund<sup>6</sup> | 0.02 on net assets between $0-$500 million |
| JNL/T. Rowe Price Capital Appreciation Fund<sup>7</sup> | 0.01 on net assets over $10 billion |
| JNL/T. Rowe Price Mid-Cap Growth Fund<sup>8</sup> | 0.05 on net assets between $0 -$150 million, 0.01 on net assets between $1 -$3 billion and 0.02 on net assets over $3 billion |
| JNL/T. Rowe Price U.S High Yield Fund<sup>9</sup> | 0.03 on net assets between $0-$500 million |

---

<sup>1</sup> This voluntary advisory fee waiver was effective March 1, 2022 to April 24, 2022. Effective April 25, 2022, the voluntary advisory fee waiver was converted to a contractual fee reduction.

<sup>2</sup> This voluntary advisory fee waiver was effective September 1, 2021 to April 24, 2022. Effective April 25, 2022, the voluntary advisory fee waiver was converted to a contractual fee reduction.

<sup>3</sup> This voluntary advisory fee waiver is effective September 1, 2022 to April 30, 2023. Effective May 1, 2023, the voluntary advisory fee waiver will be converted to a contractual fee reduction.

<sup>4</sup> This voluntary advisory fee waiver is effective September 1, 2022 to April 30, 2023. Effective May 1, 2023, the voluntary advisory fee waiver will be converted to a contractual fee reduction.

<sup>5</sup> This voluntary advisory fee waiver is effective September 1, 2022 to September 1, 2023.

<sup>6</sup> This voluntary advisory fee waiver is effective November 1, 2022 to April 30, 2023. Effective May 1, 2023, the voluntary advisory fee waiver will be converted to a contractual fee reduction.

<sup>7</sup> This voluntary advisory fee waiver is effective November 1, 2022 to April 30, 2023. Effective May 1, 2023, the voluntary advisory fee waiver will be converted to a contractual fee reduction.

<sup>8</sup>This voluntary advisory fee waiver was effective January 1, 2022 to April 24, 2022. Effective April 25, 2022, the voluntary advisory fee waiver was converted to a contractual fee reduction.

<sup>9</sup> This voluntary advisory fee waiver is effective November 1, 2022 to April 30, 2023. Effective May 1, 2023, the voluntary advisory fee waiver will be converted to a contractual fee reduction. Prior to April 25, 2022, a voluntary advisory fee waiver of 0.025% was effective on net assets between $0-$500 million and 0.03% on net assets over $500 million.

#### Administrative Fees

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Administrative Fee** |
| JNL/American Funds Balanced Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Bond Fund of America Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Capital Income Builder Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Capital World Bond Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Global Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Global Small Capitalization Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Growth-Income Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds International Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds New World Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/American Funds Washington Mutual Investors Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |

---

898

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Administrative Fee** |
| JNL/Mellon Bond Index Fund<sup>1</sup> | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Mellon Emerging Markets Index Fund<sup>1</sup> | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon International Index Fund<sup>1</sup> | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon S&P 400 MidCap Index Fund<sup>1</sup> | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Mellon Small Cap Index Fund<sup>1</sup> | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL Aggressive Growth Allocation Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL Conservative Allocation Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL Growth Allocation Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL Moderate Allocation Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL Moderate Growth Allocation Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL/American Funds Growth Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/American Funds Moderate Growth Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Goldman Sachs Managed Aggressive Growth Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL/Goldman Sachs Managed Conservative Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL/Goldman Sachs Managed Growth Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL/Goldman Sachs Managed Moderate Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL/Goldman Sachs Managed Moderate Growth Fund | $0 to $3 billion | .050% |
|  | Assets over $3 billion | .045% |
| JNL iShares Tactical Growth Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL iShares Tactical Moderate Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL iShares Tactical Moderate Growth Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Vanguard Growth ETF Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Vanguard Moderate ETF Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Vanguard Moderate Growth ETF Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL Bond Index Fund | All Assets |  |
| JNL Emerging Markets Index Fund | All Assets |  |
| JNL International Index Fund | All Assets |  |
| JNL Mid Cap Index Fund | All Assets |  |
| JNL Small Cap Index Fund | All Assets |  |
| JNL Multi-Manager Alternative Fund | $0 to $3 billion | .200% |
|  | Assets over $3 billion | .180% |
| JNL Multi-Manager Emerging Markets Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL Multi-Manager International Small Cap Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL Multi-Manager Mid Cap Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL Multi-Manager Small Cap Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL Multi-Manager Small Cap Value Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL Multi-Manager U.S. Select Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL S&P 500 Index Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/AB Sustainable Global Thematic Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/AQR Large Cap Defensive Style Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |

---

899

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Administrative Fee** |
| JNL/Baillie Gifford International Growth Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Baillie Gifford U.S. Equity Growth Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/BlackRock Global Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/BlackRock Global Natural Resources Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/BlackRock Large Cap Select Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Causeway International Value Select Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/ClearBridge Large Cap Growth Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/DFA International Core Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/DFA U.S. Core Equity Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/DFA U.S. Small Cap Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/DoubleLine Core Fixed Income Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/DoubleLine Emerging Markets Fixed Income Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/DoubleLine Shiller Enhanced CAPE Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/DoubleLine Total Return Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/Fidelity Institutional Asset Management Total Bond Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/First Sentier Global Infrastructure Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Franklin Templeton Income Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Goldman Sachs 4 Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/GQG Emerging Markets Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Harris Oakmark Global Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Heitman U.S. Focused Real Estate Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Invesco Diversified Dividend Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Invesco Global Growth Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Invesco Small Cap Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/JPMorgan Global Allocation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/JPMorgan Hedged Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/JPMorgan MidCap Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/JPMorgan U.S. Government & Quality Bond Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/JPMorgan U.S. Value Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Lazard International Strategic Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Loomis Sayles Global Growth Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Lord Abbett Short Duration Income Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Communication Services Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Consumer Discretionary Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Consumer Staples Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Dow Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |

---

900

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Administrative Fee** |
| JNL/Mellon Energy Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Financial Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Healthcare Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Industrials Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Information Technology Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Materials Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Nasdaq 100 Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Real Estate Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon S&P 500 Index Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Mellon U.S. Stock Market Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon Utilities Sector Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Mellon World Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/MFS Mid Cap Value Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Morningstar U.S. Sustainability Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Morningstar Wide Moat Index Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Neuberger Berman Commodity Strategy Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Neuberger Berman Gold Plus Strategy Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Neuberger Berman Strategic Income Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/Newton Equity Income Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/PIMCO Income Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/PIMCO Investment Grade Credit Bond Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .080% |
| JNL/PIMCO Real Return Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/PPM America Floating Rate Income Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/PPM America High Yield Bond Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/PPM America Total Return Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/RAFI Fundamental U.S. Small Cap Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/RAFI Multi-Factor U.S. Equity Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/T. Rowe Price Balanced Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/T. Rowe Price Capital Appreciation Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/T. Rowe Price Established Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/T. Rowe Price Mid-Cap Growth Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/T. Rowe Price Short-Term Bond Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/T. Rowe Price U.S. High Yield Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |
| JNL/T. Rowe Price Value Fund | $0 to $3 billion | .100% |
|  | Assets over $3 billion | .090% |
| JNL/WCM China Quality Growth Fund | $0 to $3 billion | .150% |
|  | Assets over $3 billion | .130% |

---

901

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Fund** | **Assets** | **Administrative Fee** |
| JNL/WCM Focused International Equity Fund | JNL/WCM Focused International Equity Fund | $0 to $3 billion | .150% |
|  |  | Assets over $3 billion | .130% |
| JNL/Westchester Capital Event Driven Fund | JNL/Westchester Capital Event Driven Fund | $0 to $3 billion | .100% |
|  |  | Assets over $3 billion | .080% |
| JNL/Western Asset Global Multi-Sector Bond Fund | JNL/Western Asset Global Multi-Sector Bond Fund | $0 to $3 billion | .150% |
|  |  | Assets over $3 billion | .130% |
| JNL/William Blair International Leaders Fund | JNL/William Blair International Leaders Fund | $0 to $3 billion | .150% |
|  |  | Assets over $3 billion | .130% |
| JNL/WMC Balanced Fund | JNL/WMC Balanced Fund | $0 to $3 billion | .100% |
|  |  | Assets over $3 billion | .090% |
| JNL/WMC Equity Income Fund | JNL/WMC Equity Income Fund | $0 to $3 billion | .150% |
|  |  | Assets over $3 billion | .130% |
| JNL/WMC Global Real Estate Fund | JNL/WMC Global Real Estate Fund | $0 to $3 billion | .150% |
|  |  | Assets over $3 billion | .130% |
| JNL/WMC Government Money Market Fund | JNL/WMC Government Money Market Fund | $0 to $3 billion | .100% |
|  |  | Assets over $3 billion | .090% |
| JNL/WMC Value Fund | JNL/WMC Value Fund | $0 to $3 billion | .100% |
|  |  | Assets over $3 billion | .090% |
| <sup><sup>1</sup></sup> | The fee for these Funds is based on total net assets of the associated master fund. |  |  |

---

**Administrative Fee Waivers.** Pursuant to contractual waiver agreements, JNAM has agreed to waive 0.05% of the administrative fees of the Class I shares of JNL/DFA U.S. Core Equity Fund, JNL/DFA U.S. Small Cap Fund, JNL/DFA International Core Equity Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Dow Index Fund, JNL/Mellon Emerging Markets Index Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Industrials Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Nasdaq 100 Index Fund, JNL/Mellon Real Estate Sector Fund, JNL/Mellon Utilities Sector Fund, JNL/Mellon World Index Fund, JNL/RAFI Fundamental U.S. Small Cap Fund, JNL/Morningstar U.S. Sustainability Index Fund, 0.06% of the administrative fees of the Class I shares of JNL S&P 500 Index Fund, 0.12% of the administrative fee of Class I shares of JNL/Vanguard Growth ETF Allocation Fund and JNL/Vanguard Moderate Growth ETF Allocation Fund and 0.13% of the administrative fees of the Class I shares of JNL/Vanguard Moderate ETF Allocation Fund. None of the waived administrative fees can be recaptured by JNAM. The amount of waived expenses for the Funds is recorded as Expense waiver in each Fund's Statement of Operations.

**Distribution Fees.** The Trust has adopted a Distribution Plan (the "Plan") pursuant to the provisions of Rule 12b-1 under the 1940 Act. Pursuant to the Plan, Class A Shares of the Funds pay a distribution and/or service fee ("Rule 12b-1 fee") to Jackson National Life Distributors LLC ("JNLD"), an affiliate of the Adviser, for the purpose of paying for certain distribution, administrative, or related service expenses from the sale and distribution of each Fund's Class A shares. To the extent consistent with existing law and the Plan, JNLD may use the Rule 12b-1 fees to reimburse or compensate broker-dealers, administrators or others for providing distribution, administrative or other services. The Funds' Plan is structured as a compensation plan. Under a compensation plan, the distributor may receive 12b-1 fees in excess of the allowable distribution and related shareholder servicing expenses, but not exceeding the maximum 12b-1 fee, which may be applied to future periods when distribution and related shareholder servicing expenses are less than the maximum 12b-1 fee set by the Plan. Under the Plan, the maximum annual rate for Rule 12b-1 fees paid by the Class A shares of the Funds is 0.30% of the average daily net assets of the Class A shares of each Fund. Each Fund pays the fee monthly to JNLD. JNLD also is the principal underwriter of the variable insurance products issued by Jackson and its subsidiaries. Amounts charged pursuant to the Plan are reflected as 12b-1 fees (Class A) in each Fund's Statement of Operations.

During the year ended December 31, 2022, JNLD suspended $951 (in thousands) of 12b-1 fees of the Class A shares of JNL/ WMC Government Money Market Fund. None of the suspended 12b-1 fees can be recaptured by JNLD. The amount of suspended fees is recorded as Expense waiver in the Statement of Operations.

**Affiliated Brokerage Commissions -** During the year ended December 31, 2022, the following Fund paid brokerage fees to affiliates for the execution of purchases and sales of portfolio investments (in thousands): JNL/Goldman Sachs 4 Fund $13.

**Deferred Compensation Plan.** The Funds 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 Funds, 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 Funds 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 Statements 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 Statements of Operations.

**Directed Brokerage Commissions.** A Sub-Adviser may allocate a portion of a Fund's equity security transactions (subject to obtaining best execution of each transaction) through certain designated broker/dealers which will rebate a portion of the brokerage commissions to that Fund. Any amount credited to the Fund is reflected as Brokerage commissions recaptured in the Statements of Operations.

**Security Transactions.** Security transactions can occur in the Funds where both the buyer and seller of the security are portfolios or accounts for which JNAM serves as the Adviser or the other party to the transaction is another fund advised by the Sub-Adviser. Such transactions occur to eliminate transaction costs normally associated with security trading activity. Such transactions are subject to compliance with Rule 17a-7 under the 1940 Act ("Rule 17a-7 transactions"), and are reviewed by the Chief Compliance Officer and reported quarterly to the Board. Rule 17a-7 transactions are executed at

902

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

current market price at the time of the transaction. Realized gain/(loss) (in thousands) on Rule 17a-7 transactions is included in Net realized gain (loss) on Investments - unaffiliated on the Statements of Operations. The following Funds have Rule 17a-7 transactions (in thousands) during the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchase of Securities($)** | **Proceeds from Sales of** <br>**Securities($)** | **Realized** <br>**Gain/Loss on Securities ($)** |
| JNL/BlackRock Global Allocation Fund |  | 72 | (4) |
| JNL/Lord Abbett Short Duration Income Fund | 18782  |  |  |
| JNL/MFS Mid Cap Value Fund |  | 508 | 109 |
| JNL/PIMCO Income Fund | 1450 | 12157 | 494 |
| JNL/PIMCO Investment Grade Credit Bond Fund | 2581 | 8430 | (3367) |
| JNL/PIMCO Real Return Fund | 36170 | 279 | (20) |
| JNL/T. Rowe Price Balanced Fund | 236 | 478 | 195 |
| JNL/T.Rowe Price Capital Appreciation Fund | 22634  |  |  |
| JNL/T.Rowe Price Mid-Cap Growth Fund | 1551  | 8190 | (3261) |
| JNL/T.Rowe Price Value Fund |  | 39434 | 16540 |
| JNL/WMC Balanced Fund | 16775 |  |  |
| JNL/WMC Equity Income Fund |  | 8056 | 254 |
| JNL/WMC Global Real Estate Fund |  | 1962 | (297) |
| JNL/WMC Value Fund | 1064 |  |  |

---

**Other Transactions with Affiliates.** Funds with partnership status for federal income tax purposes may not be eligible for beneficial withholding rates, available to RICs, in certain foreign jurisdictions. JNAM has agreed to reimburse these Funds for an amount equal to the additional tax withheld. These amounts are included in Foreign taxes withheld on the Statements of Operations. The Funds could also experience delays in receipt of tax reclaim payments due to their partnership status, as compared to the timing experienced by funds with RIC status for federal income tax purposes. JNAM has agreed to contribute to these Funds an amount equal to the outstanding tax reclaims, within the timeframe the Funds would have received payment under RIC status. The Funds will then reimburse JNAM once the reclaim payments are received from the foreign tax authorities. Amounts paid to the Funds by JNAM due to delayed tax reclaim receipts are included in Payable to affiliates on the Statements of Assets and Liabilities.

For the year ended December 31, 2022, transactions between the Funds and JNAM, related to foreign tax reclaims, due to the Funds' partnership status for federal income tax purposes, are as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Gross Payments From JNAM ($)** | **Reclaimed Amounts Refunded to JNAM ($)** | **Reclaimed Amounts Payable to JNAM ($)** | **Net Withholdings Tax Reimbursed from JNAM ($)** |
| JNL Emerging Markets Index Fund | 10 |  |  | 10 |
| JNL Multi-Manager Alternative Fund | 126 | 1 | 11 | 114 |
| JNL Multi-Manager Mid Cap Fund | 53 |  | 3 | 50 |
| JNL/AB Sustainable Global Thematic Fund | 1 |  | 1 |  |
| JNL/BlackRock Global Allocation Fund | 1093 | 334 | 759 |  |
| JNL/BlackRock Global Natural Resources Fund | 537 | 527 | 10 |  |
| JNL/BlackRock Large Cap Select Growth Fund | 279 | 208 | 71 |  |
| JNL/ClearBridge Large Cap Growth Fund | 11 |  |  | 11 |
| JNL/First Sentier Global Infrastructure Fund | 290 | 271 | 19 |  |
| JNL/Franklin Templeton Income Fund | 158 |  | 104 | 54 |
| JNL/GQG Emerging Markets Equity Fund | 277 | 67 | 62 | 148 |
| JNL/Invesco Diversified Dividend Fund | 343 | 97 | 246 |  |
| JNL/Invesco Global Growth Fund | 1024 |  | 839 | 185 |
| JNL/JPMorgan Global Allocation Fund | 414 | 43 | 264 | 107 |
| JNL/Mellon World Index Fund | 107 | 45 | 8 | 54 |
| JNL/MFS Mid Cap Value Fund | 27 |  | 27 |  |
| JNL/T. Rowe Price Balanced Fund | 173 | 42 | 91 | 40 |
| JNL/T. Rowe Price Established Growth Fund | 63 |  |  | 63 |
| JNL/T. Rowe Price Mid-Cap Growth Fund | 24 |  |  | 24 |
| JNL/T. Rowe Price Value Fund | 353 | 138 | 152 | 63 |
| JNL/WMC Balanced Fund | 664 | 543 | 1 | 120 |
| JNL/WMC Global Real Estate Fund | 192 | 18 | 147 | 27 |

---

#### NOTE 9. BORROWING ARRANGEMENTS
The Trust is party to a Syndicated Credit Agreement ("SCA") with a group of lenders. The Funds, with the exception of JNL Multi-Manager U.S. Select Equity Fund and JNL/WMC Government Money Market Fund, participate in the SCA with other funds managed by JNAM ("Participating Funds") in a credit facility which is available solely to finance shareholder redemptions or for other temporary or emergency purposes. The Participating Funds may borrow up to $600,000,000, the amount available under the facility; the limits set for borrowing by the Participating Funds' prospectuses and the 1940 Act; or an amount prescribed within the SCA. JNL/PPM America Floating Rate Income Fund has priority to utilize $100,000,000 of the SCA under an InterFund Allocation Agreement. The Participating Funds pay an annual fee of 0.15% of the available commitments. These fees are allocated pro-rata based on the allocated commitment as well as the Participating Funds' total net assets. During the year, the Participating Funds, with the exception of the JNL/Mellon

903

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

Feeder Funds, paid an annual administration fee to JPM Chase which is allocated based on the weighted average of net assets. The fees related to the SCA are included in Other expenses in each Fund's Statement of Operations. No amounts were borrowed by the Funds under the facility during the year.

Pursuant to an Exemptive Order issued by the SEC, the Funds, with the exception of JNL/WMC Government Money Market Fund, may participate in an InterFund Lending Program ("Program"). The Program provides an alternative credit facility allowing a Fund to borrow from, or lend money to, other participating affiliated funds. Any open loans at year end are included in Receivable for Interfund lending or Payable for Interfund lending, as appropriate, in the respective Fund's Statement of Assets and Liabilities. No amounts were borrowed through the Program during the year.

#### NOTE 10. FUND ACQUISITIONS AND REORGANIZATIONS
**Tax-Free Exchange.** The following tables include information (in thousands) relating to acquisitions completed after the close of business on April 22, 2022. The acquisitions were completed by a tax-free exchange of Class A and Class I shares for the acquired and acquiring Funds indicated below pursuant to a plan of reorganization approved by the Board and approved by the acquired Funds' shareholders, as applicable. The purpose of the acquisitions was to combine Funds with similar investment objectives and strategies. Costs and expenses associated with the reorganizations relating to the solicitation of any proxies, including preparing, filing, printing, and mailing of any proxy statement, prospectus, and/or related disclosure documents, the related legal fees, including the legal fees incurred in connection with the analysis under the Internal Revenue Code of 1986, as amended, of the tax treatment of these transactions, as well as the costs associated with the preparation of the tax opinions, and obtaining consents of an independent registered public accounting firm were borne by JNAM. Shares were issued at NAV based on the fair value of the assets received by the acquiring Funds. The cost basis of the investments received from the acquired Funds was carried forward to align ongoing reporting of the acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Acquired Fund** | **Acquired Fund** | **Acquiring Fund** | **Acquiring Fund** |  |
| **Acquired Fund** | **Acquiring Fund** | **Net Assets on Acquisition Date($)** | **Shares Outstanding on Acquisition Date** | **Net Assets on Acquisition Date($)** | **Shares Outstanding on Acquisition Date** | **Shares of Acquiring Fund Issued in Exchange** |
| JNL/Franklin Templeton Growth Allocation Fund | JNL Growth Allocation Fund |  |  |  |  |  |
| Class A | Class A | 1045021 | 59931 | 2286223 | 130183 | 59512 |
| Class I | Class I | 5489 | 311 | 15529 | 872 | 308 |
| JNL/BlackRock Advantage International Fund | JNL/DFA International Core Equity Fund |  |  |  |  |  |
| Class A | Class A | 39997 | 3631 | 137262 | 11870 | 3460 |
| Class I | Class I | 1835 | 165 | 8446 | 728 | 158 |

---

Immediately prior to the reorganization, the cost, fair value and unrealized appreciation (depreciation) of investments (in thousands) for the acquired Funds were as follows. Cost of Investments is included in Purchases of securities on the Statements of Changes in Net Assets.

---

| | | | |
|:---|:---|:---|:---|
| **Acquired Fund** | **Cost of Investments($)** | **Value of Investments($)** | **Net Unrealized Appreciation/ (Depreciation)($)** |
| JNL/Franklin Templeton Growth Allocation Fund | 2484 |  | (2484) |
| JNL/BlackRock Advantage International Fund | 42648 | 40922 | (1726) |

---

Assuming the acquisitions had been completed on January 1, 2022, the acquiring Funds' unaudited pro forma results of operations (in thousands) for the year ended December 31, 2022, would have been:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Acquiring Fund** | **Net Investment Income (Loss)($)** | **Net Realized Gain (Loss)($)** | **Net Change in Unrealized Appreciation/ (Depreciation)($)** | **Net Change in Net Assets from Operations($)** |
| JNL Growth Allocation Fund | 2781 | 249305 | (913681) | (661595) |
| JNL/DFA International Core Equity Fund | 4860 | (11191) | (19809) | (26140) |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since each acquisition was completed after the close of business on April 22, 2022, it is not practicable to separate the amounts of net investment income (loss) and net realized and unrealized gain (loss) of the acquired Funds in each acquiring Fund's Statement of Operations.

#### NOTE 11. INCOME TAX MATTERS

---

| | |
|:---|:---|
| **The Funds listed below are treated as partnerships for federal income tax purposes. These Funds are generally not subject to federal income tax, and therefore, there is no provision for federal income taxes. Each Fund is treated as a separate entity for federal income tax purposes.** | **The Funds listed below are treated as partnerships for federal income tax purposes. These Funds are generally not subject to federal income tax, and therefore, there is no provision for federal income taxes. Each Fund is treated as a separate entity for federal income tax purposes.** |
| JNL/American Funds Balanced Fund | JNL/Franklin Templeton Income Fund |
| JNL/American Funds Bond Fund of America Fund | JNL/Goldman Sachs 4 Fund |
| JNL/American Funds Capital Income Builder Fund | JNL/GQG Emerging Markets Equity Fund |
| JNL/American Funds Capital World Bond Fund | JNL/Invesco Diversified Dividend Fund |
| JNL/American Funds Global Growth Fund | JNL/Invesco Global Growth Fund |

---

904

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | |
|:---|:---|
| JNL/American Funds Global Small Capitalization Fund | JNL/Invesco Small Cap Growth Fund |
| JNL/American Funds Growth Fund | JNL/JPMorgan Global Allocation Fund |
| JNL/American Funds Growth-Income Fund | JNL/JPMorgan MidCap Growth Fund |
| JNL/American Funds International Fund | JNL/JPMorgan U.S. Government & Quality Bond Fund |
| JNL/American Funds New World Fund | JNL/JPMorgan U.S. Value Fund |
| JNL/American Funds Washington Mutual Investors Fund | JNL/Mellon Communication Services Sector Fund |
| JNL/Mellon Bond Index Fund | JNL/Mellon Consumer Discretionary Sector Fund |
| JNL/Mellon S&P 400 MidCap Index Fund | JNL/Mellon Consumer Staples Sector Fund |
| JNL/Mellon Small Cap Index Fund | JNL/Mellon Dow Index Fund |
| JNL Aggressive Growth Allocation Fund | JNL/Mellon Emerging Markets Index Fund |
| JNL Conservative Allocation Fund | JNL/Mellon Energy Sector Fund |
| JNL Emerging Markets Index Fund | JNL/Mellon Financial Sector Fund |
| JNL Growth Allocation Fund | JNL/Mellon Healthcare Sector Fund |
| JNL Moderate Allocation Fund | JNL/Mellon Industrials Sector Fund |
| JNL Moderate Growth Allocation Fund | JNL/Mellon Information Technology Sector Fund |
| JNL/American Funds Growth Allocation Fund | JNL/Mellon Materials Sector Fund |
| JNL/American Funds Moderate Growth Allocation Fund | JNL/Mellon Nasdaq 100 Index Fund |
| JNL/Goldman Sachs Managed Aggressive Growth Fund | JNL/Mellon Real Estate Sector Fund |
| JNL/Goldman Sachs Managed Conservative Fund | JNL/Mellon S&P 500 Index Fund |
| JNL/Goldman Sachs Managed Growth Fund | JNL/Mellon U.S. Stock Market Index Fund |
| JNL/Goldman Sachs Managed Moderate Fund | JNL/Mellon Utilities Sector Fund |
| JNL/Goldman Sachs Managed Moderate Growth Fund | JNL/Mellon World Index Fund |
| JNL/Vanguard Growth ETF Allocation Fund | JNL/MFS Mid Cap Value Fund |
| JNL/Vanguard Moderate ETF Allocation Fund | JNL/Morningstar U.S. Sustainability Index Fund |
| JNL/Vanguard Moderate Growth ETF Allocation Fund | JNL/Neuberger Berman Commodity Strategy Fund |
| JNL Bond Index Fund | JNL/Neuberger Berman Gold Plus Strategy Fund |
| JNL Mid Cap Index Fund | JNL/Neuberger Berman Strategic Income Fund |
| JNL Multi-Manager Alternative Fund | JNL/Newton Equity Income Fund |
| JNL Multi-Manager Mid Cap Fund | JNL/PIMCO Income Fund |
| JNL Multi-Manager Small Cap Growth Fund | JNL/PIMCO Investment Grade Credit Bond Fund |
| JNL Multi-Manager Small Cap Value Fund | JNL/PIMCO Real Return Fund |
| JNL Multi-Manager U.S. Select Equity Fund | JNL/PPM America Floating Rate Income Fund |
| JNL S&P 500 Index Fund | JNL/PPM America High Yield Bond Fund |
| JNL Small Cap Index Fund | JNL/PPM America Total Return Fund |
| JNL/AB Sustainable Global Thematic Fund | JNL/RAFI Fundamental U.S. Small Cap Fund |
| JNL/AQR Large Cap Defensive Style Fund | JNL/RAFI Multi-Factor U.S. Equity Fund |
| JNL/Baillie Gifford U.S. Equity Growth Fund | JNL/T. Rowe Price Balanced Fund |
| JNL/BlackRock Global Allocation Fund | JNL/T. Rowe Price Capital Appreciation Fund |
| JNL/BlackRock Global Natural Resources Fund | JNL/T. Rowe Price Established Growth Fund |
| JNL/BlackRock Large Cap Select Growth Fund | JNL/T. Rowe Price Mid-Cap Growth Fund |
| JNL/ClearBridge Large Cap Growth Fund | JNL/T. Rowe Price Short-Term Bond Fund |
| JNL/DFA U.S. Core Equity Fund | JNL/T. Rowe Price U.S. High Yield Fund |
| JNL/DFA U.S. Small Cap Fund | JNL/T. Rowe Price Value Fund |
| JNL/DoubleLine Core Fixed Income Fund | JNL/Westchester Capital Event Driven Fund |
| JNL/DoubleLine Emerging Markets Fixed Income Fund | JNL/WMC Balanced Fund |
| JNL/DoubleLine Shiller Enhanced CAPE Fund | JNL/WMC Equity Income Fund |
| JNL/DoubleLine Total Return Fund | JNL/WMC Global Real Estate Fund |
| JNL/Fidelity Institutional Asset Management Total Bond Fund | JNL/WMC Value Fund |
| JNL/First Sentier Global Infrastructure Fund |  |

---

Each Fund, except those that are treated as a partnership for federal income tax purposes, is treated as a separate tax payer for federal income tax purposes. Each of these Funds intends to continue to qualify as a 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. These Funds may also fully or partially satisfy their 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 these Funds are not currently taxable to shareholders when left to accumulate within a variable annuity contract or variable life insurance policies.

905

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

The following information for Funds treated as RICs is presented on an income tax basis (in thousands). Differences between amounts for financial statements and federal income tax purposes are primarily due to timing and character differences in recognizing certain gains and losses on investment transactions. Permanent differences between financial statement and federal income tax reporting are reclassified within the capital accounts based on their federal income tax treatment. Temporary differences do not require reclassification. Permanent differences may include but are not limited to the following: foreign currency reclassifications, premium amortization or paydown reclassifications, reclassifications on the sale of passive foreign investment company ("PFIC") or REIT securities, net operating losses, accounting treatment of notional principal contracts and partnerships, equalization, consent dividends and other distribution adjustments. These reclassifications have no impact on net assets.

---

| | | |
|:---|:---|:---|
|  | **Net Increase(Decrease)** | **Net Increase(Decrease)** |
|  | **Total Distributable Earnings (Loss)($)** | **Paid-in Capital($)** |
| JNL/Mellon International Index Fund | (66643) | 66643 |
| JNL/Baillie Gifford International Growth Fund | 1929 | (1929) |
| JNL/DFA International Core Equity Fund | (3615) | 3615 |
| JNL/JPMorgan Hedged Equity Fund | (468) | 468 |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | (262) | 262 |
| JNL/WCM China Quality Growth Fund | (176) | 176 |
| JNL/WCM Focused International Equity Fund | 578 | (578) |
| JNL/Western Asset Global Multi-Sector Bond Fund | 75508 | (75508) |

---

At December 31, 2022, the following Funds treated as RICs had capital loss carryforwards (in thousands) available for U.S. federal income tax purposes to offset future net realized capital gains. The amount and character of the capital loss carryforwards are listed in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Capital Loss Carryforwards with No Expiration** | **Capital Loss Carryforwards with No Expiration** |  |
|  | **Short Term ($)** | **Long Term ($)** | **Total ($)** |
| JNL/Mellon International Index Fund | 25036 | 48345 | 73381 |
| JNL iShares Tactical Moderate Fund | 1012 |  | 1012 |
| JNL International Index Fund | 7379 | 8509 | 15888 |
| JNL Multi-Manager Emerging Markets Equity Fund | 35879 | 8358 | 44237 |
| JNL Multi-Manager International Small Cap Fund | 56841 | 28459 | 85300 |
| JNL/Baillie Gifford International Growth Fund | 10222 | 85585 | 95807 |
| JNL/Causeway International Value Select Fund |  | 1066 | 1066 |
| JNL/DFA International Core Equity Fund | 9668 | 1755 | 11423 |
| JNL/Heitman U.S. Focused Real Estate Fund | 8977 |  | 8977 |
| JNL/Lazard International Strategic Equity Fund | 15672 |  | 15672 |
| JNL/Loomis Sayles Global Growth Fund | 4496 |  | 4496 |
| JNL/Lord Abbett Short Duration Income Fund | 13041 | 14920 | 27961 |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund |  | 87 | 87 |
| JNL/Western Asset Global Multi-Sector Bond Fund | 79559 | 129386 | 208945 |
| JNL/William Blair International Leaders Fund | 8771 |  | 8771 |

---

At December 31, 2022, the Funds' last fiscal year end, the following Funds had capital, currency and/or PFIC mark-to-market losses (in thousands) realized after October, 31, 2022 ("Post-October losses"), which were deferred for tax purposes to the first day of the following fiscal year, January 1, 2023:

---

| | |
|:---|:---|
|  | **Amount($)** |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | 372 |

---

As of December 31, 2022, the cost of investments and the components of net unrealized appreciation (depreciation) (in thousands) for Funds treated as RICs for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost of Investments($)** | **Gross Unrealized Appreciation($)** | **Gross Unrealized Depreciation($)** | **Net Unrealized Appreciation (Depreciation)($)** |
| JNL/Mellon International Index Fund | 2109812 | 542 | 16492 | 17034 |
| JNL iShares Tactical Growth Fund | 297100 | 21554 | (15566) | 5988 |
| JNL iShares Tactical Moderate Fund | 214738 | 5985 | (18141) | (12156) |
| JNL iShares Tactical Moderate Growth Fund | 310194 | 20180 | (21478) | (1298) |
| JNL International Index Fund | 2126055 | 326332 | (326274) | 58 |
| JNL Multi-Manager Emerging Markets Equity Fund | 1049400 | 94551 | (220121) | (125570) |
| JNL Multi-Manager International Small Cap Fund | 736854 | 42632 | (184719) | (142087) |
| JNL/Baillie Gifford International Growth Fund | 1183162 | 19099 | (500944) | (481845) |
| JNL/Causeway International Value Select Fund | 1410212 | 111852 | (178440) | (66588) |
| JNL/DFA International Core Equity Fund | 233511 | 15333 | (29183) | (13850) |
| JNL/Harris Oakmark Global Equity Fund | 746171 | 75746 | (100316) | (24570) |
| JNL/Heitman U.S. Focused Real Estate Fund | 253988 | 3681 | (32690) | (29009) |
| JNL/JPMorgan Hedged Equity Fund | 707851 | 84400 | (68153) | 16247 |

---

906

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost of Investments($)** | **Gross Unrealized Appreciation($)** | **Gross Unrealized Depreciation($)** | **Net Unrealized Appreciation (Depreciation)($)** |
| JNL/Lazard International Strategic Equity Fund | 482879 | 39560 | (54476) | (14916) |
| JNL/Loomis Sayles Global Growth Fund | 566290 | 71264 | (112962) | (41698) |
| JNL/Lord Abbett Short Duration Income Fund | 1149925 | 1452 | (35233) | (33781) |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | 10060 | 37 | (2671) | (2634) |
| JNL/Morningstar Wide Moat Index Fund | 868570 | 46189 | (126270) | (80081) |
| JNL/WCM China Quality Growth Fund | 5731 | 377 | (392) | (15) |
| JNL/WCM Focused International Equity Fund | 1201468 | 259014 | (122255) | 136759 |
| JNL/Western Asset Global Multi-Sector Bond Fund | 443045 | 1681 | (40495) | (38814) |
| JNL/William Blair International Leaders Fund | 863861 | 32757 | (92369) | (59612) |
| JNL/WMC Government Money Market Fund | 3026055 | 229 | (229) |  |

---

As of December 31, 2022, the components of net unrealized appreciation (depreciation) (in thousands) for derivatives held in Funds treated as RICs were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost/Premiums/Adjustment($)** | **Gross Unrealized Appreciation($)** | **Gross Unrealized Depreciation($)** | **Net Unrealized Appreciation (Depreciation)($)** |
| **JNL International Index Fund** |  |  |  |  |
| Futures/Futures Options Contracts | (39) | 1 | (42) | (41) |
| Forward Foreign Currency Contracts | 294 | 17 | (15) | 2 |
| **JNL Multi-Manager International Small Cap Fund** |  |  |  |  |
| Forward Foreign Currency Contracts | (3) |  |  |  |
| **JNL/Causeway International Value Select Fund** |  |  |  |  |
| Forward Foreign Currency Contracts | (27) | 7 | (4) | 3 |
| **JNL/JPMorgan Hedged Equity Fund** |  |  |  |  |
| Futures/Futures Options Contracts | (149) |  |  |  |
| Purchased Options | 16777 |  |  |  |
| Written Options | (17280) |  |  |  |
| **JNL/Lazard International Strategic Equity Fund** |  |  |  |  |
| Forward Foreign Currency Contracts | 12 | 1 |  | 1 |
| **JNL/Loomis Sayles Global Growth Fund** |  |  |  |  |
| Forward Foreign Currency Contracts | 5 |  |  |  |
| **JNL/Lord Abbett Short Duration Income Fund** |  |  |  |  |
| Futures/Futures Options Contracts | 643 |  |  |  |
| **JNL/Morningstar Wide Moat Index Fund** |  |  |  |  |
| Futures/Futures Options Contracts | (71) |  |  |  |
| **JNL/Western Asset Global Multi-Sector Bond Fund** |  |  |  |  |
| Futures/Futures Options Contracts | (457) |  |  |  |
| Forward Foreign Currency Contracts | (3530) | 669 | (898) | (229) |
| Purchased Options | 62 |  | (48) | (48) |
| **JNL/William Blair International Leaders Fund** |  |  |  |  |
| Forward Foreign Currency Contracts | (3) |  |  |  |

---

As of December 31, 2022, for Funds treated as RICs, the components of distributable taxable earnings for U.S. federal income tax purposes (in thousands) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed Net Ordinary Income\*($)** | **Undistributed Net Long-Term Capital Gain($)** | **Unrealized Gains (Losses)\*\*($)** | **Capital Loss Carryforward($)** |
| JNL/Mellon International Index Fund |  |  | 17037 | (73381) |
| JNL iShares Tactical Growth Fund | 5887 | 4675 | 5977 |  |
| JNL iShares Tactical Moderate Fund | 4599 |  | (12163) | (1012) |
| JNL iShares Tactical Moderate Growth Fund | 6727 | 6034 | (1309) |  |
| JNL International Index Fund | 63488 |  | (537) | (15888) |
| JNL Multi-Manager Emerging Markets Equity Fund | 14164 |  | (127051) | (44237) |
| JNL Multi-Manager International Small Cap Fund | 18054 |  | (142544) | (85300) |
| JNL/Baillie Gifford International Growth Fund |  |  | (481866) | (95807) |
| JNL/Causeway International Value Select Fund | 28690 |  | (66734) | (1066) |
| JNL/DFA International Core Equity Fund | 5214 |  | (13852) | (11423) |
| JNL/Harris Oakmark Global Equity Fund | 11609 | 6680 | (24716) |  |
| JNL/Heitman U.S. Focused Real Estate Fund | 4651 |  | (28738) | (8977) |
| JNL/JPMorgan Hedged Equity Fund | 4531 | 56090 | 16240 |  |
| JNL/Lazard International Strategic Equity Fund | 6812 |  | (14943) | (15672) |
| JNL/Loomis Sayles Global Growth Fund | 918 | 21799 | (41753) | (4496) |
| JNL/Lord Abbett Short Duration Income Fund | 22423 |  | (33933) | (27961) |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund |  |  | (3005) | (87) |
| JNL/Morningstar Wide Moat Index Fund | 10820 | 49964 | (80109) |  |
| JNL/WCM China Quality Growth Fund |  |  | (16) |  |
| JNL/WCM Focused International Equity Fund |  | 205016 | 136692 |  |
| JNL/Western Asset Global Multi-Sector Bond Fund |  |  | (39113) | (208945) |

---

907

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed Net Ordinary Income\*($)** | **Undistributed Net Long-Term Capital Gain($)** | **Unrealized Gains (Losses)\*\*($)** | **Capital Loss Carryforward($)** |
| JNL/William Blair International Leaders Fund | 236 |  | (59738) | (8771) |
| JNL/WMC Government Money Market Fund | 7854 |  | (7947) |  |

---

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

\*\* Unrealized gains (losses) are adjusted for certain tax basis adjustments.

The tax character of distributions paid by the Funds treated as RICs (in thousands) during the Funds' fiscal year ended December 31, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Ordinary Income\*($)** | **Long-term Capital Gain\*\*($)** | **Return of Capital($)** |
| JNL/Mellon International Index Fund | 29995 | 27232 |  |
| JNL iShares Tactical Growth Fund | 8914 | 15104 |  |
| JNL iShares Tactical Moderate Fund | 5141 | 7886 |  |
| JNL iShares Tactical Moderate Growth Fund | 7095 | 13649 |  |
| JNL International Index Fund | 60153 | 14088 |  |
| JNL Multi-Manager Emerging Markets Equity Fund | 86197 |  |  |
| JNL Multi-Manager International Small Cap Fund | 39674 | 56832 |  |
| JNL/Baillie Gifford International Growth Fund | 26887 |  |  |
| JNL/Causeway International Value Select Fund | 20854 |  |  |
| JNL/DFA International Core Equity Fund | 7101 | 15369 |  |
| JNL/Harris Oakmark Global Equity Fund | 16481 |  |  |
| JNL/Heitman U.S. Focused Real Estate Fund | 22932 | 16519 |  |
| JNL/JPMorgan Hedged Equity Fund | 2748 |  |  |
| JNL/Lazard International Strategic Equity Fund | 14813 | 12808 |  |
| JNL/Loomis Sayles Global Growth Fund | 57 |  |  |
| JNL/Lord Abbett Short Duration Income Fund | 8046 | 638 |  |
| JNL/Morningstar Wide Moat Index Fund | 118702 | 53715 |  |
| JNL/WCM Focused International Equity Fund |  | 245099 |  |
| JNL/William Blair International Leaders Fund | 16036 | 124218 |  |
| JNL/WMC Government Money Market Fund | 21811 |  |  |

---

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

\*\* The Funds designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code section 852(b)(3), the amount necessary to reduce earnings and profits of the

Funds related to net capital gains to zero for the fiscal year ended December 31, 2022.

The tax character of distributions paid by the Funds treated as RICs (in thousands) during the Funds' fiscal year ended December 31, 2021 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Ordinary Income\*($)** | **Long-term Capital Gain($)** | **Return of Capital($)** |
| JNL iShares Tactical Growth Fund | 3347 | 7811 |  |
| JNL iShares Tactical Moderate Fund | 2620 | 3420 |  |
| JNL iShares Tactical Moderate Growth Fund | 4095 | 6899 |  |
| JNL Multi-Manager Emerging Markets Equity Fund | 22638 |  |  |
| JNL Multi-Manager International Small Cap Fund | 2968 | 6227 |  |
| JNL/Causeway International Value Select Fund | 20328 |  |  |
| JNL/DFA International Core Equity Fund | 2035 | 501 |  |
| JNL/Harris Oakmark Global Equity Fund | 9429 |  |  |
| JNL/Heitman U.S. Focused Real Estate Fund | 2951 |  |  |
| JNL/JPMorgan Hedged Equity Fund | 4317 |  |  |
| JNL/Lazard International Strategic Equity Fund | 2407 | 1437 |  |
| JNL/Loomis Sayles Global Growth Fund |  | 18469 |  |
| JNL/Lord Abbett Short Duration Income Fund | 2853 |  |  |
| JNL/Mellon World Index Fund | 4946 | 2060 |  |
| JNL/Morningstar Wide Moat Index Fund | 55522 | 45961 |  |
| JNL/WCM Focused International Equity Fund | 14743 | 167027 |  |
| JNL/William Blair International Leaders Fund | 14123 | 21828 |  |
| JNL/WMC Government Money Market Fund | 15 |  |  |

---

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

FASB ASC Topic 740 "Income Taxes" provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FASB ASC Topic 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing each Fund's tax return to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would result in the Funds recording a tax expense in the current year. FASB ASC Topic 740 requires that management evaluate the tax positions taken in returns for 2019, 2020, 2021 and 2022, which remain subject to examination by the Internal Revenue Service and certain other jurisdictions. Management completed an evaluation of the Funds' tax positions and based on that evaluation, determined that no provision for federal income tax was required in the Funds' financial statements during the year ended December 31, 2022.

908

------

#### JNL Series Trust

#### Notes to Financial Statements
December 31, 2022

#### NOTE 12. SUBSEQUENT EVENTS
Management has evaluated subsequent events for the Funds through the date the financial statements are issued and has concluded there were no events that require adjustments to the financials statements or disclosure in the Notes to Financial Statements.

909

------

#### Report of Independent Registered Public Accounting Firm
To the Shareholders of the Funds and Board of Trustees<br>JNL Series Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of each of the Funds listed in the Appendix (the Funds), each a series within JNL Series Trust, including the schedules of investments as of December 31, 2022, the related statements of operations for the year (or period since commencement of operations listed in the Appendix) then ended, the statement of cash flows with respect to JNL/PIMCO Real Return Fund for the year then ended, the statements of changes in net assets for each of the years (or period since commencement of operations listed in the Appendix) in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2022, the results of their operations for the year (or period since commencement of operations listed in the Appendix) then ended, JNL/PIMCO Real Return Fund's cash flows for the year then ended, the changes in their net assets for each of the years (or period since commencement of operations listed in the Appendix) in the two-year period then ended, and the financial highlights, for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2022, by correspondence with custodians, transfer agents, agent banks and brokers or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more JNL investment companies since 2001.

Chicago, Illinois<br>February 23, 2023

910

------

#### Appendix

#### List of Funds

---

| |
|:---|
| JNL/American Funds Balanced Fund |
| JNL/American Funds Bond Fund of America Fund (commencement of operations April 26, 2021) |
| JNL/American Funds Capital Income Builder Fund |
| JNL/American Funds Capital World Bond Fund |
| JNL/American Funds Global Growth Fund |
| JNL/American Funds Global Small Capitalization Fund |
| JNL/American Funds Growth Fund |
| JNL/American Funds Growth-Income Fund |
| JNL/American Funds International Fund |
| JNL/American Funds New World Fund |
| JNL/American Funds Washington Mutual Investors Fund |
| JNL/Mellon Bond Index Fund |
| JNL/Mellon Emerging Markets Index Fund |
| JNL/Mellon International Index Fund |
| JNL/Mellon S&P 400 MidCap Index Fund |
| JNL/Mellon Small Cap Index Fund |
| JNL Aggressive Growth Allocation Fund |
| JNL Conservative Allocation Fund |
| JNL Growth Allocation Fund |
| JNL Moderate Allocation Fund |
| JNL Moderate Growth Allocation Fund |
| JNL/American Funds Growth Allocation Fund |
| JNL/American Funds Moderate Growth Allocation Fund |
| JNL/Goldman Sachs Managed Aggressive Growth Fund |
| JNL/Goldman Sachs Managed Conservative Fund |
| JNL/Goldman Sachs Managed Growth Fund |
| JNL/Goldman Sachs Managed Moderate Fund |
| JNL/Goldman Sachs Managed Moderate Growth Fund |
| JNL iShares Tactical Growth Fund |
| JNL iShares Tactical Moderate Fund |

---

911

------

---

| |
|:---|
| JNL iShares Tactical Moderate Growth Fund |
| JNL/Vanguard Growth ETF Allocation Fund |
| JNL/Vanguard Moderate ETF Allocation Fund |
| JNL/Vanguard Moderate Growth ETF Allocation Fund |
| JNL Bond Index Fund (commencement of operations April 26, 2021) |
| JNL Emerging Markets Index Fund (commencement of operations April 26, 2021) |
| JNL International Index Fund (commencement of operations April 26, 2021) |
| JNL Mid Cap Index Fund (commencement of operations April 26, 2021) |
| JNL Small Cap Index Fund (commencement of operations April 26, 2021) |
| JNL Multi-Manager Alternative Fund |
| JNL Multi-Manager Emerging Markets Equity Fund |
| JNL Multi-Manager International Small Cap Fund |
| JNL Multi-Manager Mid Cap Fund |
| JNL Multi-Manager Small Cap Growth Fund |
| JNL Multi-Manager Small Cap Value Fund |
| JNL Multi-Manager U.S. Select Equity Fund (commencement of operations November 15, 2022)  |
| JNL S&P 500 Index Fund |
| JNL/AB Sustainable Global Thematic Fund (commencement of operations April 25, 2022) |
| JNL/AQR Large Cap Defensive Style Fund |
| JNL/Baillie Gifford International Growth Fund |
| JNL/Baillie Gifford U.S. Equity Growth Fund (commencement of operations April 26, 2021) |
| JNL/Blackrock Global Allocation Fund |
| JNL/BlackRock Global Natural Resources Fund |
| JNL/BlackRock Large Cap Select Growth Fund |
| JNL/Causeway International Value Select Fund |
| JNL/ClearBridge Large Cap Growth Fund |
| JNL/DFA International Core Equity Fund |
| JNL/DFA U.S. Core Equity Fund |
| JNL/DFA U.S. Small Cap Fund |
| JNL/DoubleLine Core Fixed Income Fund |
| JNL/DoubleLine Emerging Markets Fixed Income Fund |
| JNL/DoubleLine Shiller Enhanced CAPE Fund |

---

912

------

---

| |
|:---|
| JNL/DoubleLine Total Return Fund |
| JNL/Fidelity Institutional Asset Management Total Bond Fund |
| JNL/First Sentier Global Infrastructure Fund |
| JNL/Franklin Templeton Income Fund |
| JNL/Goldman Sachs 4 Fund |
| JNL/GQG Emerging Markets Equity Fund |
| JNL/Harris Oakmark Global Equity Fund |
| JNL/Heitman U.S. Focused Real Estate Fund |
| JNL/Invesco Diversified Dividend Fund |
| JNL/Invesco Global Growth Fund |
| JNL/Invesco Small Cap Growth Fund |
| JNL/JPMorgan Global Allocation Fund |
| JNL/JPMorgan Hedged Equity Fund |
| JNL/JPMorgan MidCap Growth Fund |
| JNL/JPMorgan U.S. Government & Quality Bond Fund |
| JNL/JPMorgan U.S. Value Fund |
| JNL/Lazard International Strategic Equity Fund |
| JNL/Loomis Sayles Global Growth Fund |
| JNL/Lord Abbett Short Duration Income Fund |
| JNL/Mellon Communication Services Sector Fund |
| JNL/Mellon Consumer Discretionary Sector Fund |
| JNL/Mellon Consumer Staples Sector Fund |
| JNL/Mellon Dow<sup>SM</sup> Index Fund |
| JNL/Mellon Energy Sector Fund |
| JNL/Mellon Financial Sector Fund |
| JNL/Mellon Healthcare Sector Fund |
| JNL/Mellon Industrials Sector Fund |
| JNL/Mellon Information Technology Sector Fund |
| JNL/Mellon Materials Sector Fund |
| JNL/Mellon Nasdaq<sup><sup>®</sup></sup> 100 Index Fund |
| JNL/Mellon Real Estate Sector Fund |
| JNL/Mellon S&P 500 Index Fund |

---

913

------

---

| |
|:---|
| JNL/Mellon U.S. Stock Market Index Fund |
| JNL/Mellon Utilities Sector Fund |
| JNL/Mellon World Index Fund |
| JNL/MFS Mid Cap Value Fund  |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund (commencement of operations April 26, 2021) |
| JNL/Morningstar U.S. Sustainability Index Fund (formerly, JNL/Mellon MSCI KLD 400 Social Index Fund) |
| JNL/Morningstar Wide Moat Index Fund |
| JNL/Neuberger Berman Commodity Strategy Fund |
| JNL/Neuberger Berman Gold Plus Strategy Fund (commencement of operations April 25, 2022) |
| JNL/Neuberger Berman Strategic Income Fund |
| JNL/Newton Equity Income Fund (formerly, JNL/Mellon Equity Income Fund) |
| JNL/PIMCO Income Fund |
| JNL/PIMCO Investment Grade Credit Bond Fund |
| JNL/PIMCO Real Return Fund |
| JNL/PPM America Floating Rate Income Fund |
| JNL/PPM America High Yield Bond Fund |
| JNL/PPM America Total Return Fund |
| JNL/RAFI<sup><sup>®</sup></sup> Fundamental U.S. Small Cap Fund |
| JNL/RAFI<sup><sup>®</sup></sup> Multi-Factor U.S. Equity Fund |
| JNL/T. Rowe Price Balanced Fund |
| JNL/T. Rowe Price Capital Appreciation Fund |
| JNL/T. Rowe Price Established Growth Fund |
| JNL/T. Rowe Price Mid-Cap Growth Fund |
| JNL/T. Rowe Price Short-Term Bond Fund |
| JNL/T. Rowe Price U.S. High Yield Fund |
| JNL/T. Rowe Price Value Fund |
| JNL/WCM China Quality Growth Fund (commencement of operations April 25, 2022) |
| JNL/WCM Focused International Equity Fund |
| JNL/Westchester Capital Event Driven Fund |
| JNL/Western Asset Global Multi-Sector Bond Fund (formerly, JNL/Franklin Templeton Global Multisector Bond Fund) |

---

914

------

---

| |
|:---|
| JNL/William Blair International Leaders Fund (formerly, JNL/Invesco International Growth Fund) |
| JNL/WMC Balanced Fund |
| JNL/WMC Equity Income Fund |
| JNL/WMC Global Real Estate Fund |
| JNL/WMC Government Money Market Fund  |
| JNL/WMC Value Fund |

---

915

------

#### JNL Series Trust

#### Additional Disclosures (Unaudited)
December 31, 2022

**Disclosure of Fund Expenses.** Shareholders incur ongoing costs, which include costs for portfolio management, administrative services, Rule 12b-1 fees and other operating expenses. Operating expenses such as these are deducted from each Fund's gross income and directly reduce the final investment return. These expenses are expressed as a percentage of the Fund's average net assets; this percentage is known as the Fund's expense ratio. The examples below use the expense ratio and are intended to help the investor understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period. The annualized expense ratios for the Funds of Funds do not include expenses of the Funds of Funds' Underlying Funds. The annualized expense ratios for the Master Funds include the expenses of both the Master and Feeder Fund. The examples do not reflect the expenses of the variable insurance contracts or the separate account. Total expenses would be higher if these expenses were included.

**Expenses Using Actual Fund Return**. This section provides information about the actual account values and actual expenses incurred by the Fund. Use the information in this section, together with the amount invested, to estimate the expenses paid over the period. Simply divide the account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses paid during this period.

**Expenses Using Hypothetical 5% Return.** This section provides information that can be used to compare each Fund's costs with those of other mutual funds. It assumes that the Fund's expense ratio for the period is unchanged and assumes an annual 5% return before expenses, which is not the Fund's actual return. This example is useful in making comparisons because the SEC requires all mutual funds to make the 5% calculation.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** |
|  | **Annualized Expense Ratios(%)**  | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)†** | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)††** |
| JNL/American Funds Balanced Fund | JNL/American Funds Balanced Fund | JNL/American Funds Balanced Fund |  |  |  |  |  |
| Class A | 0.91 | 1000.00 | 1027.60 | 4.65 | 1000.00 | 1020.62 | 4.63 |
| Class I | 0.61 | 1000.00 | 1029.20 | 3.12 | 1000.00 | 1022.13 | 3.11 |
| JNL/American Funds Bond Fund of America Fund | JNL/American Funds Bond Fund of America Fund | JNL/American Funds Bond Fund of America Fund |  |  |  |  |  |
| Class A | 0.81 | 1000.00 | 971.30 | 4.02 | 1000.00 | 1021.12 | 4.13 |
| Class I | 0.51 | 1000.00 | 972.60 | 2.54 | 1000.00 | 1022.63 | 2.60 |
| JNL/American Funds Capital Income Builder Fund | JNL/American Funds Capital Income Builder Fund | JNL/American Funds Capital Income Builder Fund |  |  |  |  |  |
| Class A | 0.94 | 1000.00 | 1027.00 | 4.80 | 1000.00 | 1020.47 | 4.79 |
| Class I | 0.64 | 1000.00 | 1028.30 | 3.27 | 1000.00 | 1021.98 | 3.26 |
| JNL/American Funds Capital World Bond Fund | JNL/American Funds Capital World Bond Fund | JNL/American Funds Capital World Bond Fund |  |  |  |  |  |
| Class A | 1.05 | 1000.00 | 980.70 | 5.24 | 1000.00 | 1019.91 | 5.35 |
| Class I | 0.75 | 1000.00 | 982.00 | 3.75 | 1000.00 | 1021.42 | 3.82 |
| JNL/American Funds Global Growth Fund | JNL/American Funds Global Growth Fund | JNL/American Funds Global Growth Fund |  |  |  |  |  |
| Class A | 1.11 | 1000.00 | 1042.20 | 5.71 | 1000.00 | 1019.61 | 5.65 |
| Class I | 0.81 | 1000.00 | 1043.70 | 4.17 | 1000.00 | 1021.12 | 4.13 |
| JNL/American Funds Global Small Capitalization Fund | JNL/American Funds Global Small Capitalization Fund | JNL/American Funds Global Small Capitalization Fund |  |  |  |  |  |
| Class A | 1.28 | 1000.00 | 1034.80 | 6.56 | 1000.00 | 1018.75 | 6.51 |
| Class I | 0.98 | 1000.00 | 1037.20 | 5.03 | 1000.00 | 1020.27 | 4.99 |
| JNL/American Funds Growth Fund | JNL/American Funds Growth Fund | JNL/American Funds Growth Fund |  |  |  |  |  |
| Class A | 0.91 | 1000.00 | 997.80 | 4.58 | 1000.00 | 1020.62 | 4.63 |
| Class I | 0.61 | 1000.00 | 999.40 | 3.07 | 1000.00 | 1022.13 | 3.11 |
| JNL/American Funds Growth-Income Fund | JNL/American Funds Growth-Income Fund | JNL/American Funds Growth-Income Fund |  |  |  |  |  |
| Class A | 0.92 | 1000.00 | 1039.20 | 4.73 | 1000.00 | 1020.57 | 4.69 |
| Class I | 0.62 | 1000.00 | 1040.50 | 3.19 | 1000.00 | 1022.08 | 3.16 |
| JNL/American Funds International Fund | JNL/American Funds International Fund | JNL/American Funds International Fund |  |  |  |  |  |
| Class A | 1.17 | 1000.00 | 1022.50 | 5.96 | 1000.00 | 1019.31 | 5.96 |
| Class I | 0.87 | 1000.00 | 1023.50 | 4.44 | 1000.00 | 1020.82 | 4.43 |
| JNL/American Funds New World Fund | JNL/American Funds New World Fund | JNL/American Funds New World Fund |  |  |  |  |  |
| Class A | 1.26 | 1000.00 | 1020.60 | 6.42 | 1000.00 | 1018.85 | 6.41 |
| Class I | 0.96 | 1000.00 | 1022.30 | 4.89 | 1000.00 | 1020.37 | 4.89 |
| JNL/American Funds Washington Mutual Investors Fund | JNL/American Funds Washington Mutual Investors Fund | JNL/American Funds Washington Mutual Investors Fund |  |  |  |  |  |
| Class A | 0.92 | 1000.00 | 1049.30 | 4.75 | 1000.00 | 1020.57 | 4.69 |
| Class I | 0.62 | 1000.00 | 1050.80 | 3.20 | 1000.00 | 1022.08 | 3.16 |
| JNL/Mellon Bond Index Fund | JNL/Mellon Bond Index Fund | JNL/Mellon Bond Index Fund |  |  |  |  |  |
| Class A | 0.56 | 1000.00 | 966.40 | 2.78 | 1000.00 | 1022.38 | 2.85 |
| Class I | 0.26 | 1000.00 | 967.90 | 1.29 | 1000.00 | 1023.89 | 1.33 |

---

916

------

#### JNL Series Trust

#### Additional Disclosures (Unaudited)
December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** |
|  | **Annualized Expense Ratios(%)**  | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)†** | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)††** |
| JNL/Mellon Emerging Markets Index Fund | JNL/Mellon Emerging Markets Index Fund | JNL/Mellon Emerging Markets Index Fund |  |  |  |  |  |
| Class A | 0.73 | 1000.00 | 968.20 | 3.62 | 1000.00 | 1021.53 | 3.72 |
| Class I | 0.38 | 1000.00 | 970.40 | 1.89 | 1000.00 | 1023.29 | 1.94 |
| JNL/Mellon International Index Fund | JNL/Mellon International Index Fund | JNL/Mellon International Index Fund |  |  |  |  |  |
| Class A | 0.61 | 1000.00 | 1063.70 | 3.17 | 1000.00 | 1022.13 | 3.11 |
| Class I | 0.31 | 1000.00 | 1066.00 | 1.61 | 1000.00 | 1023.64 | 1.58 |
| JNL/Mellon S&P 400 MidCap Index Fund | JNL/Mellon S&P 400 MidCap Index Fund | JNL/Mellon S&P 400 MidCap Index Fund |  |  |  |  |  |
| Class A | 0.56 | 1000.00 | 1077.00 | 2.93 | 1000.00 | 1022.38 | 2.85 |
| Class I | 0.26 | 1000.00 | 1078.90 | 1.36 | 1000.00 | 1023.89 | 1.33 |
| JNL/Mellon Small Cap Index Fund | JNL/Mellon Small Cap Index Fund | JNL/Mellon Small Cap Index Fund |  |  |  |  |  |
| Class A | 0.56 | 1000.00 | 1031.80 | 2.87 | 1000.00 | 1022.38 | 2.85 |
| Class I | 0.26 | 1000.00 | 1033.40 | 1.33 | 1000.00 | 1023.89 | 1.33 |
| JNL Aggressive Growth Allocation Fund | JNL Aggressive Growth Allocation Fund | JNL Aggressive Growth Allocation Fund |  |  |  |  |  |
| Class A | 0.45 | 1000.00 | 1024.70 | 2.30 | 1000.00 | 1022.94 | 2.29 |
| Class I | 0.15 | 1000.00 | 1025.60 | 0.77 | 1000.00 | 1024.45 | 0.77 |
| JNL Conservative Allocation Fund | JNL Conservative Allocation Fund | JNL Conservative Allocation Fund |  |  |  |  |  |
| Class A | 0.47 | 1000.00 | 995.20 | 2.36 | 1000.00 | 1022.84 | 2.40 |
| Class I | 0.17 | 1000.00 | 996.90 | 0.86 | 1000.00 | 1024.35 | 0.87 |
| JNL Growth Allocation Fund | JNL Growth Allocation Fund | JNL Growth Allocation Fund |  |  |  |  |  |
| Class A | 0.44 | 1000.00 | 1020.20 | 2.24 | 1000.00 | 1022.99 | 2.24 |
| Class I | 0.14 | 1000.00 | 1021.70 | 0.71 | 1000.00 | 1024.50 | 0.71 |
| JNL Moderate Allocation Fund | JNL Moderate Allocation Fund | JNL Moderate Allocation Fund |  |  |  |  |  |
| Class A | 0.44 | 1000.00 | 1004.10 | 2.22 | 1000.00 | 1022.99 | 2.24 |
| Class I | 0.14 | 1000.00 | 1005.40 | 0.71 | 1000.00 | 1024.50 | 0.71 |
| JNL Moderate Growth Allocation Fund | JNL Moderate Growth Allocation Fund | JNL Moderate Growth Allocation Fund |  |  |  |  |  |
| Class A | 0.44 | 1000.00 | 1013.30 | 2.23 | 1000.00 | 1022.99 | 2.24 |
| Class I | 0.14 | 1000.00 | 1015.00 | 0.71 | 1000.00 | 1024.50 | 0.71 |
| JNL/American Funds Growth Allocation Fund | JNL/American Funds Growth Allocation Fund | JNL/American Funds Growth Allocation Fund |  |  |  |  |  |
| Class A | 0.63 | 1000.00 | 1022.90 | 3.21 | 1000.00 | 1022.03 | 3.21 |
| Class I | 0.33 | 1000.00 | 1025.00 | 1.68 | 1000.00 | 1023.54 | 1.68 |
| JNL/American Funds Moderate Growth Allocation Fund | JNL/American Funds Moderate Growth Allocation Fund | JNL/American Funds Moderate Growth Allocation Fund |  |  |  |  |  |
| Class A | 0.64 | 1000.00 | 1013.50 | 3.25 | 1000.00 | 1021.98 | 3.26 |
| Class I | 0.34 | 1000.00 | 1015.00 | 1.73 | 1000.00 | 1023.49 | 1.73 |
| JNL/Goldman Sachs Managed Aggressive Growth Fund | JNL/Goldman Sachs Managed Aggressive Growth Fund | JNL/Goldman Sachs Managed Aggressive Growth Fund |  |  |  |  |  |
| Class A | 0.44 | 1000.00 | 1014.20 | 2.23 | 1000.00 | 1022.99 | 2.24 |
| Class I | 0.14 | 1000.00 | 1015.80 | 0.71 | 1000.00 | 1024.50 | 0.71 |

---

917

------

#### JNL Series Trust

#### Additional Disclosures (Unaudited)
December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** |
|  | **Annualized Expense Ratios(%)**  | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)†** | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)††** |
| JNL/Goldman Sachs Managed Conservative Fund | JNL/Goldman Sachs Managed Conservative Fund | JNL/Goldman Sachs Managed Conservative Fund |  |  |  |  |  |
| Class A | 0.46 | 1000.00 | 990.80 | 2.31 | 1000.00 | 1022.89 | 2.35 |
| Class I | 0.16 | 1000.00 | 993.00 | 0.80 | 1000.00 | 1024.40 | 0.82 |
| JNL/Goldman Sachs Managed Growth Fund | JNL/Goldman Sachs Managed Growth Fund | JNL/Goldman Sachs Managed Growth Fund |  |  |  |  |  |
| Class A | 0.43 | 1000.00 | 1010.70 | 2.18 | 1000.00 | 1023.04 | 2.19 |
| Class I | 0.13 | 1000.00 | 1011.80 | 0.66 | 1000.00 | 1024.55 | 0.66 |
| JNL/Goldman Sachs Managed Moderate Fund | JNL/Goldman Sachs Managed Moderate Fund | JNL/Goldman Sachs Managed Moderate Fund |  |  |  |  |  |
| Class A | 0.43 | 1000.00 | 999.40 | 2.17 | 1000.00 | 1023.04 | 2.19 |
| Class I | 0.13 | 1000.00 | 1000.60 | 0.66 | 1000.00 | 1024.55 | 0.66 |
| JNL/Goldman Sachs Managed Moderate Growth Fund | JNL/Goldman Sachs Managed Moderate Growth Fund | JNL/Goldman Sachs Managed Moderate Growth Fund |  |  |  |  |  |
| Class A | 0.44 | 1000.00 | 1004.40 | 2.22 | 1000.00 | 1022.99 | 2.24 |
| Class I | 0.14 | 1000.00 | 1005.80 | 0.71 | 1000.00 | 1024.50 | 0.71 |
| JNL iShares Tactical Growth Fund | JNL iShares Tactical Growth Fund | JNL iShares Tactical Growth Fund |  |  |  |  |  |
| Class A | 0.65 | 1000.00 | 1016.10 | 3.30 | 1000.00 | 1021.93 | 3.31 |
| Class I | 0.35 | 1000.00 | 1017.30 | 1.78 | 1000.00 | 1023.44 | 1.79 |
| JNL iShares Tactical Moderate Fund | JNL iShares Tactical Moderate Fund | JNL iShares Tactical Moderate Fund |  |  |  |  |  |
| Class A | 0.65 | 1000.00 | 999.20 | 3.28 | 1000.00 | 1021.93 | 3.31 |
| Class I | 0.35 | 1000.00 | 1001.40 | 1.77 | 1000.00 | 1023.44 | 1.79 |
| JNL iShares Tactical Moderate Growth Fund | JNL iShares Tactical Moderate Growth Fund | JNL iShares Tactical Moderate Growth Fund |  |  |  |  |  |
| Class A | 0.65 | 1000.00 | 1008.20 | 3.29 | 1000.00 | 1021.93 | 3.31 |
| Class I | 0.35 | 1000.00 | 1010.10 | 1.77 | 1000.00 | 1023.44 | 1.79 |
| JNL/Vanguard Growth ETF Allocation Fund | JNL/Vanguard Growth ETF Allocation Fund | JNL/Vanguard Growth ETF Allocation Fund |  |  |  |  |  |
| Class A | 0.64 | 1000.00 | 1015.00 | 3.25 | 1000.00 | 1021.98 | 3.26 |
| Class I | 0.22 | 1000.00 | 1017.80 | 1.12 | 1000.00 | 1024.10 | 1.12 |
| JNL/Vanguard Moderate ETF Allocation Fund | JNL/Vanguard Moderate ETF Allocation Fund | JNL/Vanguard Moderate ETF Allocation Fund |  |  |  |  |  |
| Class A | 0.65 | 1000.00 | 999.10 | 3.28 | 1000.00 | 1021.93 | 3.31 |
| Class I | 0.22 | 1000.00 | 1000.90 | 1.11 | 1000.00 | 1024.10 | 1.12 |
| JNL/Vanguard Moderate Growth ETF Allocation Fund | JNL/Vanguard Moderate Growth ETF Allocation Fund | JNL/Vanguard Moderate Growth ETF Allocation Fund |  |  |  |  |  |
| Class A | 0.65 | 1000.00 | 1005.80 | 3.29 | 1000.00 | 1021.93 | 3.31 |
| Class I | 0.23 | 1000.00 | 1007.30 | 1.16 | 1000.00 | 1024.05 | 1.17 |
| JNL Bond Index Fund | JNL Bond Index Fund | JNL Bond Index Fund |  |  |  |  |  |
| Class I | 0.07 | 1000.00 | 969.00 | 0.35 | 1000.00 | 1024.85 | 0.36 |
| JNL Emerging Markets Index Fund | JNL Emerging Markets Index Fund | JNL Emerging Markets Index Fund |  |  |  |  |  |
| Class I | 0.18 | 1000.00 | 971.50 | 0.89 | 1000.00 | 1024.30 | 0.92 |

---

918

------

#### JNL Series Trust

#### Additional Disclosures (Unaudited)
December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** |
|  | **Annualized Expense Ratios(%)**  | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)†** | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)††** |
| JNL International Index Fund | JNL International Index Fund | JNL International Index Fund |  |  |  |  |  |
| Class I | 0.10 | 1000.00 | 1066.70 | 0.52 | 1000.00 | 1024.70 | 0.51 |
| JNL Mid Cap Index Fund | JNL Mid Cap Index Fund | JNL Mid Cap Index Fund |  |  |  |  |  |
| Class I | 0.10 | 1000.00 | 1079.80 | 0.52 | 1000.00 | 1024.70 | 0.51 |
| JNL Small Cap Index Fund | JNL Small Cap Index Fund | JNL Small Cap Index Fund |  |  |  |  |  |
| Class I | 0.10 | 1000.00 | 1034.20 | 0.51 | 1000.00 | 1024.70 | 0.51 |
| JNL Multi-Manager Alternative Fund | JNL Multi-Manager Alternative Fund | JNL Multi-Manager Alternative Fund |  |  |  |  |  |
| Class A | 2.23 | 1000.00 | 1012.40 | 11.31 | 1000.00 | 1013.96 | 11.32 |
| Class I | 1.93 | 1000.00 | 1013.20 | 9.79 | 1000.00 | 1015.48 | 9.80 |
| JNL Multi-Manager Emerging Markets Equity Fund | JNL Multi-Manager Emerging Markets Equity Fund | JNL Multi-Manager Emerging Markets Equity Fund |  |  |  |  |  |
| Class A | 1.21 | 1000.00 | 982.60 | 6.05 | 1000.00 | 1019.11 | 6.16 |
| Class I | 0.91 | 1000.00 | 983.80 | 4.55 | 1000.00 | 1020.62 | 4.63 |
| JNL Multi-Manager International Small Cap Fund | JNL Multi-Manager International Small Cap Fund | JNL Multi-Manager International Small Cap Fund |  |  |  |  |  |
| Class A | 1.21 | 1000.00 | 1035.90 | 6.21 | 1000.00 | 1019.11 | 6.16 |
| Class I | 0.91 | 1000.00 | 1037.70 | 4.67 | 1000.00 | 1020.62 | 4.63 |
| JNL Multi-Manager Mid Cap Fund | JNL Multi-Manager Mid Cap Fund | JNL Multi-Manager Mid Cap Fund |  |  |  |  |  |
| Class A | 1.06 | 1000.00 | 1040.70 | 5.45 | 1000.00 | 1019.86 | 5.40 |
| Class I | 0.76 | 1000.00 | 1042.10 | 3.91 | 1000.00 | 1021.37 | 3.87 |
| JNL Multi-Manager Small Cap Growth Fund | JNL Multi-Manager Small Cap Growth Fund | JNL Multi-Manager Small Cap Growth Fund |  |  |  |  |  |
| Class A | 0.96 | 1000.00 | 1027.20 | 4.91 | 1000.00 | 1020.37 | 4.89 |
| Class I | 0.66 | 1000.00 | 1028.40 | 3.37 | 1000.00 | 1021.88 | 3.36 |
| JNL Multi-Manager Small Cap Value Fund | JNL Multi-Manager Small Cap Value Fund | JNL Multi-Manager Small Cap Value Fund |  |  |  |  |  |
| Class A | 1.05 | 1000.00 | 1047.00 | 5.42 | 1000.00 | 1019.91 | 5.35 |
| Class I | 0.75 | 1000.00 | 1048.40 | 3.87 | 1000.00 | 1021.42 | 3.82 |
| JNL Multi-Manager U.S. Select Equity Fund | JNL Multi-Manager U.S. Select Equity Fund | JNL Multi-Manager U.S. Select Equity Fund |  |  |  |  |  |
| Class A\* | 1.11 | 1000.00 | 977.00 | 1.41 | 1000.00 | 1019.61 | 5.65 |
| Class I\* | 0.71 | 1000.00 | 978.00 | 0.90 | 1000.00 | 1021.63 | 3.62 |
| JNL S&P 500 Index Fund | JNL S&P 500 Index Fund | JNL S&P 500 Index Fund |  |  |  |  |  |
| Class I | 0.09 | 1000.00 | 1023.30 | 0.46 | 1000.00 | 1024.75 | 0.46 |
| JNL/AB Sustainable Global Thematic Fund | JNL/AB Sustainable Global Thematic Fund | JNL/AB Sustainable Global Thematic Fund |  |  |  |  |  |
| Class A | 1.15 | 1000.00 | 1040.10 | 5.91 | 1000.00 | 1019.41 | 5.85 |
| Class I | 0.85 | 1000.00 | 1042.30 | 4.38 | 1000.00 | 1020.92 | 4.33 |
| JNL/AQR Large Cap Defensive Style Fund | JNL/AQR Large Cap Defensive Style Fund | JNL/AQR Large Cap Defensive Style Fund |  |  |  |  |  |
| Class A | 0.85 | 1000.00 | 1054.50 | 4.40 | 1000.00 | 1020.92 | 4.33 |
| Class I | 0.55 | 1000.00 | 1056.40 | 2.85 | 1000.00 | 1022.43 | 2.80 |

---

919

------

#### JNL Series Trust

#### Additional Disclosures (Unaudited)
December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** |
|  | **Annualized Expense Ratios(%)**  | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)†** | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)††** |
| JNL/Baillie Gifford International Growth Fund | JNL/Baillie Gifford International Growth Fund | JNL/Baillie Gifford International Growth Fund |  |  |  |  |  |
| Class A | 0.98 | 1000.00 | 992.70 | 4.92 | 1000.00 | 1020.27 | 4.99 |
| Class I | 0.68 | 1000.00 | 993.80 | 3.42 | 1000.00 | 1021.78 | 3.47 |
| JNL/Baillie Gifford U.S. Equity Growth Fund | JNL/Baillie Gifford U.S. Equity Growth Fund | JNL/Baillie Gifford U.S. Equity Growth Fund |  |  |  |  |  |
| Class A | 0.95 | 1000.00 | 975.20 | 4.73 | 1000.00 | 1020.42 | 4.84 |
| Class I | 0.65 | 1000.00 | 975.30 | 3.24 | 1000.00 | 1021.93 | 3.31 |
| JNL/BlackRock Global Allocation Fund | JNL/BlackRock Global Allocation Fund | JNL/BlackRock Global Allocation Fund |  |  |  |  |  |
| Class A | 1.03 | 1000.00 | 1010.50 | 5.22 | 1000.00 | 1020.01 | 5.24 |
| Class I | 0.73 | 1000.00 | 1011.70 | 3.70 | 1000.00 | 1021.53 | 3.72 |
| JNL/BlackRock Global Natural Resources Fund | JNL/BlackRock Global Natural Resources Fund | JNL/BlackRock Global Natural Resources Fund |  |  |  |  |  |
| Class A | 0.97 | 1000.00 | 1158.80 | 5.28 | 1000.00 | 1020.32 | 4.94 |
| Class I | 0.67 | 1000.00 | 1161.10 | 3.65 | 1000.00 | 1021.83 | 3.41 |
| JNL/BlackRock Large Cap Select Growth Fund | JNL/BlackRock Large Cap Select Growth Fund | JNL/BlackRock Large Cap Select Growth Fund |  |  |  |  |  |
| Class A | 0.87 | 1000.00 | 937.20 | 4.25 | 1000.00 | 1020.82 | 4.43 |
| Class I | 0.57 | 1000.00 | 938.80 | 2.79 | 1000.00 | 1022.33 | 2.91 |
| JNL/Causeway International Value Select Fund | JNL/Causeway International Value Select Fund | JNL/Causeway International Value Select Fund |  |  |  |  |  |
| Class A | 0.97 | 1000.00 | 1081.90 | 5.09 | 1000.00 | 1020.32 | 4.94 |
| Class I | 0.67 | 1000.00 | 1083.40 | 3.52 | 1000.00 | 1021.83 | 3.41 |
| JNL/ClearBridge Large Cap Growth Fund | JNL/ClearBridge Large Cap Growth Fund | JNL/ClearBridge Large Cap Growth Fund |  |  |  |  |  |
| Class A | 0.94 | 1000.00 | 987.00 | 4.71 | 1000.00 | 1020.47 | 4.79 |
| Class I | 0.64 | 1000.00 | 988.50 | 3.21 | 1000.00 | 1021.98 | 3.26 |
| JNL/DFA International Core Equity Fund | JNL/DFA International Core Equity Fund | JNL/DFA International Core Equity Fund |  |  |  |  |  |
| Class A | 0.90 | 1000.00 | 1061.70 | 4.68 | 1000.00 | 1020.67 | 4.58 |
| Class I | 0.55 | 1000.00 | 1063.80 | 2.86 | 1000.00 | 1022.43 | 2.80 |
| JNL/DFA U.S. Core Equity Fund | JNL/DFA U.S. Core Equity Fund | JNL/DFA U.S. Core Equity Fund |  |  |  |  |  |
| Class A | 0.80 | 1000.00 | 1041.60 | 4.12 | 1000.00 | 1021.17 | 4.08 |
| Class I | 0.45 | 1000.00 | 1043.60 | 2.32 | 1000.00 | 1022.94 | 2.29 |
| JNL/DFA U.S. Small Cap Fund | JNL/DFA U.S. Small Cap Fund | JNL/DFA U.S. Small Cap Fund |  |  |  |  |  |
| Class A | 0.99 | 1000.00 | 1064.10 | 5.15 | 1000.00 | 1020.21 | 5.04 |
| Class I | 0.64 | 1000.00 | 1065.60 | 3.33 | 1000.00 | 1021.98 | 3.26 |
| JNL/DoubleLine Core Fixed Income Fund | JNL/DoubleLine Core Fixed Income Fund | JNL/DoubleLine Core Fixed Income Fund |  |  |  |  |  |
| Class A | 0.77 | 1000.00 | 968.40 | 3.82 | 1000.00 | 1021.32 | 3.92 |
| Class I | 0.47 | 1000.00 | 969.50 | 2.33 | 1000.00 | 1022.84 | 2.40 |
| JNL/DoubleLine Emerging Markets Fixed Income Fund | JNL/DoubleLine Emerging Markets Fixed Income Fund | JNL/DoubleLine Emerging Markets Fixed Income Fund |  |  |  |  |  |
| Class A | 1.07 | 1000.00 | 1003.80 | 5.40 | 1000.00 | 1019.81 | 5.45 |
| Class I | 0.77 | 1000.00 | 1005.80 | 3.89 | 1000.00 | 1021.32 | 3.92 |

---

920

------

#### JNL Series Trust

#### Additional Disclosures (Unaudited)
December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** |
|  | **Annualized Expense Ratios(%)**  | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)†** | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)††** |
| JNL/DoubleLine Shiller Enhanced CAPE Fund | JNL/DoubleLine Shiller Enhanced CAPE Fund | JNL/DoubleLine Shiller Enhanced CAPE Fund |  |  |  |  |  |
| Class A | 1.00 | 1000.00 | 990.70 | 5.02 | 1000.00 | 1020.16 | 5.09 |
| Class I | 0.70 | 1000.00 | 991.90 | 3.51 | 1000.00 | 1021.68 | 3.57 |
| JNL/DoubleLine Total Return Fund | JNL/DoubleLine Total Return Fund | JNL/DoubleLine Total Return Fund |  |  |  |  |  |
| Class A | 0.82 | 1000.00 | 951.60 | 4.03 | 1000.00 | 1021.07 | 4.18 |
| Class I | 0.52 | 1000.00 | 953.00 | 2.56 | 1000.00 | 1022.58 | 2.65 |
| JNL/Fidelity Institutional Asset Management Total Bond Fund | JNL/Fidelity Institutional Asset Management Total Bond Fund | JNL/Fidelity Institutional Asset Management Total Bond Fund |  |  |  |  |  |
| Class A | 0.79 | 1000.00 | 979.90 | 3.94 | 1000.00 | 1021.22 | 4.02 |
| Class I | 0.49 | 1000.00 | 981.20 | 2.45 | 1000.00 | 1022.74 | 2.50 |
| JNL/First Sentier Global Infrastructure Fund | JNL/First Sentier Global Infrastructure Fund | JNL/First Sentier Global Infrastructure Fund |  |  |  |  |  |
| Class A | 1.15 | 1000.00 | 1000.00 | 5.80 | 1000.00 | 1019.41 | 5.85 |
| Class I | 0.85 | 1000.00 | 1001.80 | 4.29 | 1000.00 | 1020.92 | 4.33 |
| JNL/Franklin Templeton Income Fund | JNL/Franklin Templeton Income Fund | JNL/Franklin Templeton Income Fund |  |  |  |  |  |
| Class A | 0.93 | 1000.00 | 1029.30 | 4.76 | 1000.00 | 1020.52 | 4.74 |
| Class I | 0.63 | 1000.00 | 1030.30 | 3.22 | 1000.00 | 1022.03 | 3.21 |
| JNL/Goldman Sachs 4 Fund | JNL/Goldman Sachs 4 Fund | JNL/Goldman Sachs 4 Fund |  |  |  |  |  |
| Class A | 0.69 | 1000.00 | 1069.50 | 3.60 | 1000.00 | 1021.73 | 3.52 |
| Class I | 0.39 | 1000.00 | 1070.60 | 2.04 | 1000.00 | 1023.24 | 1.99 |
| JNL/GQG Emerging Markets Equity Fund | JNL/GQG Emerging Markets Equity Fund | JNL/GQG Emerging Markets Equity Fund |  |  |  |  |  |
| Class A | 1.36 | 1000.00 | 959.70 | 6.72 | 1000.00 | 1018.35 | 6.92 |
| Class I | 1.06 | 1000.00 | 961.10 | 5.24 | 1000.00 | 1019.86 | 5.40 |
| JNL/Harris Oakmark Global Equity Fund | JNL/Harris Oakmark Global Equity Fund | JNL/Harris Oakmark Global Equity Fund |  |  |  |  |  |
| Class A | 1.14 | 1000.00 | 1023.90 | 5.82 | 1000.00 | 1019.46 | 5.80 |
| Class I | 0.84 | 1000.00 | 1024.10 | 4.29 | 1000.00 | 1020.97 | 4.28 |
| JNL/Heitman U.S. Focused Real Estate Fund | JNL/Heitman U.S. Focused Real Estate Fund | JNL/Heitman U.S. Focused Real Estate Fund |  |  |  |  |  |
| Class A | 1.10 | 1000.00 | 910.20 | 5.30 | 1000.00 | 1019.66 | 5.60 |
| Class I | 0.80 | 1000.00 | 911.50 | 3.85 | 1000.00 | 1021.17 | 4.08 |
| JNL/Invesco Diversified Dividend Fund | JNL/Invesco Diversified Dividend Fund | JNL/Invesco Diversified Dividend Fund |  |  |  |  |  |
| Class A | 0.98 | 1000.00 | 1065.70 | 5.10 | 1000.00 | 1020.27 | 4.99 |
| Class I | 0.68 | 1000.00 | 1067.10 | 3.54 | 1000.00 | 1021.78 | 3.47 |
| JNL/Invesco Global Growth Fund | JNL/Invesco Global Growth Fund | JNL/Invesco Global Growth Fund |  |  |  |  |  |
| Class A | 0.95 | 1000.00 | 998.40 | 4.79 | 1000.00 | 1020.42 | 4.84 |
| Class I | 0.65 | 1000.00 | 1000.00 | 3.28 | 1000.00 | 1021.93 | 3.31 |
| JNL/Invesco Small Cap Growth Fund | JNL/Invesco Small Cap Growth Fund | JNL/Invesco Small Cap Growth Fund |  |  |  |  |  |
| Class A | 1.05 | 1000.00 | 1046.00 | 5.41 | 1000.00 | 1019.91 | 5.35 |
| Class I | 0.75 | 1000.00 | 1047.40 | 3.87 | 1000.00 | 1021.42 | 3.82 |

---

921

------

#### JNL Series Trust

#### Additional Disclosures (Unaudited)
December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** |
|  | **Annualized Expense Ratios(%)**  | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)†** | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)††** |
| JNL/JPMorgan Global Allocation Fund | JNL/JPMorgan Global Allocation Fund | JNL/JPMorgan Global Allocation Fund |  |  |  |  |  |
| Class A | 1.06 | 1000.00 | 999.20 | 5.34 | 1000.00 | 1019.86 | 5.40 |
| Class I | 0.76 | 1000.00 | 1000.80 | 3.83 | 1000.00 | 1021.37 | 3.87 |
| JNL/JPMorgan Hedged Equity Fund | JNL/JPMorgan Hedged Equity Fund | JNL/JPMorgan Hedged Equity Fund |  |  |  |  |  |
| Class A | 0.96 | 1000.00 | 1014.20 | 4.87 | 1000.00 | 1020.37 | 4.89 |
| Class I | 0.66 | 1000.00 | 1016.20 | 3.35 | 1000.00 | 1021.88 | 3.36 |
| JNL/JPMorgan MidCap Growth Fund | JNL/JPMorgan MidCap Growth Fund | JNL/JPMorgan MidCap Growth Fund |  |  |  |  |  |
| Class A | 0.89 | 1000.00 | 1042.50 | 4.58 | 1000.00 | 1020.72 | 4.53 |
| Class I | 0.59 | 1000.00 | 1043.90 | 3.04 | 1000.00 | 1022.23 | 3.01 |
| JNL/JPMorgan U.S. Government & Quality Bond Fund | JNL/JPMorgan U.S. Government & Quality Bond Fund | JNL/JPMorgan U.S. Government & Quality Bond Fund |  |  |  |  |  |
| Class A | 0.69 | 1000.00 | 966.70 | 3.42 | 1000.00 | 1021.73 | 3.52 |
| Class I | 0.39 | 1000.00 | 968.00 | 1.93 | 1000.00 | 1023.24 | 1.99 |
| JNL/JPMorgan U.S. Value Fund | JNL/JPMorgan U.S. Value Fund | JNL/JPMorgan U.S. Value Fund |  |  |  |  |  |
| Class A | 0.89 | 1000.00 | 1084.40 | 4.68 | 1000.00 | 1020.72 | 4.53 |
| Class I | 0.59 | 1000.00 | 1086.30 | 3.10 | 1000.00 | 1022.23 | 3.01 |
| JNL/Lazard International Strategic Equity Fund | JNL/Lazard International Strategic Equity Fund | JNL/Lazard International Strategic Equity Fund |  |  |  |  |  |
| Class A | 1.12 | 1000.00 | 1031.30 | 5.73 | 1000.00 | 1019.56 | 5.70 |
| Class I | 0.82 | 1000.00 | 1033.40 | 4.20 | 1000.00 | 1021.07 | 4.18 |
| JNL/Loomis Sayles Global Growth Fund | JNL/Loomis Sayles Global Growth Fund | JNL/Loomis Sayles Global Growth Fund |  |  |  |  |  |
| Class A | 1.00 | 1000.00 | 1020.80 | 5.09 | 1000.00 | 1020.16 | 5.09 |
| Class I | 0.70 | 1000.00 | 1023.40 | 3.57 | 1000.00 | 1021.68 | 3.57 |
| JNL/Lord Abbett Short Duration Income Fund | JNL/Lord Abbett Short Duration Income Fund | JNL/Lord Abbett Short Duration Income Fund |  |  |  |  |  |
| Class A | 0.80 | 1000.00 | 998.30 | 4.03 | 1000.00 | 1021.17 | 4.08 |
| Class I | 0.50 | 1000.00 | 999.30 | 2.52 | 1000.00 | 1022.68 | 2.55 |
| JNL/Mellon Communication Services Sector Fund | JNL/Mellon Communication Services Sector Fund | JNL/Mellon Communication Services Sector Fund |  |  |  |  |  |
| Class A | 0.66 | 1000.00 | 858.70 | 3.09 | 1000.00 | 1021.88 | 3.36 |
| Class I | 0.31 | 1000.00 | 859.70 | 1.45 | 1000.00 | 1023.64 | 1.58 |
| JNL/Mellon Consumer Discretionary Sector Fund | JNL/Mellon Consumer Discretionary Sector Fund | JNL/Mellon Consumer Discretionary Sector Fund |  |  |  |  |  |
| Class A | 0.64 | 1000.00 | 962.00 | 3.17 | 1000.00 | 1021.98 | 3.26 |
| Class I | 0.29 | 1000.00 | 963.50 | 1.44 | 1000.00 | 1023.74 | 1.48 |
| JNL/Mellon Consumer Staples Sector Fund | JNL/Mellon Consumer Staples Sector Fund | JNL/Mellon Consumer Staples Sector Fund |  |  |  |  |  |
| Class A | 0.65 | 1000.00 | 1043.40 | 3.35 | 1000.00 | 1021.93 | 3.31 |
| Class I | 0.30 | 1000.00 | 1045.50 | 1.55 | 1000.00 | 1023.69 | 1.53 |
| JNL/Mellon Dow Index Fund | JNL/Mellon Dow Index Fund | JNL/Mellon Dow Index Fund |  |  |  |  |  |
| Class A | 0.65 | 1000.00 | 1085.10 | 3.42 | 1000.00 | 1021.93 | 3.31 |
| Class I | 0.30 | 1000.00 | 1087.20 | 1.58 | 1000.00 | 1023.69 | 1.53 |

---

922

------

#### JNL Series Trust

#### Additional Disclosures (Unaudited)
December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** |
|  | **Annualized Expense Ratios(%)**  | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)†** | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)††** |
| JNL/Mellon Energy Sector Fund | JNL/Mellon Energy Sector Fund | JNL/Mellon Energy Sector Fund |  |  |  |  |  |
| Class A | 0.64 | 1000.00 | 1244.10 | 3.62 | 1000.00 | 1021.98 | 3.26 |
| Class I | 0.29 | 1000.00 | 1246.00 | 1.64 | 1000.00 | 1023.74 | 1.48 |
| JNL/Mellon Financial Sector Fund | JNL/Mellon Financial Sector Fund | JNL/Mellon Financial Sector Fund |  |  |  |  |  |
| Class A | 0.64 | 1000.00 | 1087.40 | 3.37 | 1000.00 | 1021.98 | 3.26 |
| Class I | 0.29 | 1000.00 | 1089.30 | 1.53 | 1000.00 | 1023.74 | 1.48 |
| JNL/Mellon Healthcare Sector Fund | JNL/Mellon Healthcare Sector Fund | JNL/Mellon Healthcare Sector Fund |  |  |  |  |  |
| Class A | 0.63 | 1000.00 | 1059.80 | 3.27 | 1000.00 | 1022.03 | 3.21 |
| Class I | 0.28 | 1000.00 | 1061.90 | 1.46 | 1000.00 | 1023.79 | 1.43 |
| JNL/Mellon Industrials Sector Fund | JNL/Mellon Industrials Sector Fund | JNL/Mellon Industrials Sector Fund |  |  |  |  |  |
| Class A | 0.66 | 1000.00 | 1124.70 | 3.53 | 1000.00 | 1021.88 | 3.36 |
| Class I | 0.31 | 1000.00 | 1126.40 | 1.66 | 1000.00 | 1023.64 | 1.58 |
| JNL/Mellon Information Technology Sector Fund | JNL/Mellon Information Technology Sector Fund | JNL/Mellon Information Technology Sector Fund |  |  |  |  |  |
| Class A | 0.62 | 1000.00 | 972.30 | 3.08 | 1000.00 | 1022.08 | 3.16 |
| Class I | 0.27 | 1000.00 | 973.80 | 1.34 | 1000.00 | 1023.84 | 1.38 |
| JNL/Mellon Materials Sector Fund | JNL/Mellon Materials Sector Fund | JNL/Mellon Materials Sector Fund |  |  |  |  |  |
| Class A | 0.66 | 1000.00 | 1084.70 | 3.47 | 1000.00 | 1021.88 | 3.36 |
| Class I | 0.31 | 1000.00 | 1087.10 | 1.63 | 1000.00 | 1023.64 | 1.58 |
| JNL/Mellon Nasdaq 100 Index Fund | JNL/Mellon Nasdaq 100 Index Fund | JNL/Mellon Nasdaq 100 Index Fund |  |  |  |  |  |
| Class A | 0.65 | 1000.00 | 952.20 | 3.20 | 1000.00 | 1021.93 | 3.31 |
| Class I | 0.30 | 1000.00 | 954.10 | 1.48 | 1000.00 | 1023.69 | 1.53 |
| JNL/Mellon Real Estate Sector Fund | JNL/Mellon Real Estate Sector Fund | JNL/Mellon Real Estate Sector Fund |  |  |  |  |  |
| Class A | 0.66 | 1000.00 | 931.20 | 3.21 | 1000.00 | 1021.88 | 3.36 |
| Class I | 0.31 | 1000.00 | 932.80 | 1.51 | 1000.00 | 1023.64 | 1.58 |
| JNL/Mellon S&P 500 Index Fund | JNL/Mellon S&P 500 Index Fund | JNL/Mellon S&P 500 Index Fund |  |  |  |  |  |
| Class A | 0.52 | 1000.00 | 1020.60 | 2.65 | 1000.00 | 1022.58 | 2.65 |
| Class I | 0.22 | 1000.00 | 1021.90 | 1.12 | 1000.00 | 1024.10 | 1.12 |
| JNL/Mellon U.S. Stock Market Index Fund | JNL/Mellon U.S. Stock Market Index Fund | JNL/Mellon U.S. Stock Market Index Fund |  |  |  |  |  |
| Class A | 0.60 | 1000.00 | 1020.00 | 3.05 | 1000.00 | 1022.18 | 3.06 |
| Class I | 0.30 | 1000.00 | 1021.60 | 1.53 | 1000.00 | 1023.69 | 1.53 |
| JNL/Mellon Utilities Sector Fund | JNL/Mellon Utilities Sector Fund | JNL/Mellon Utilities Sector Fund |  |  |  |  |  |
| Class A | 0.65 | 1000.00 | 1021.20 | 3.31 | 1000.00 | 1021.93 | 3.31 |
| Class I | 0.30 | 1000.00 | 1023.00 | 1.53 | 1000.00 | 1023.69 | 1.53 |
| JNL/Mellon World Index Fund | JNL/Mellon World Index Fund | JNL/Mellon World Index Fund |  |  |  |  |  |
| Class A | 0.65 | 1000.00 | 1029.60 | 3.33 | 1000.00 | 1021.93 | 3.31 |
| Class I | 0.30 | 1000.00 | 1031.40 | 1.54 | 1000.00 | 1023.69 | 1.53 |

---

923

------

#### JNL Series Trust

#### Additional Disclosures (Unaudited)
December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** |
|  | **Annualized Expense Ratios(%)**  | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)†** | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)††** |
| JNL/MFS Mid Cap Value Fund | JNL/MFS Mid Cap Value Fund | JNL/MFS Mid Cap Value Fund |  |  |  |  |  |
| Class A | 0.95 | 1000.00 | 1069.00 | 4.95 | 1000.00 | 1020.42 | 4.84 |
| Class I | 0.65 | 1000.00 | 1070.40 | 3.39 | 1000.00 | 1021.93 | 3.31 |
| JNL/Morningstar PitchBook Listed Private Equity Index Fund | JNL/Morningstar PitchBook Listed Private Equity Index Fund | JNL/Morningstar PitchBook Listed Private Equity Index Fund |  |  |  |  |  |
| Class A | 0.71 | 1000.00 | 1014.10 | 3.60 | 1000.00 | 1021.63 | 3.62 |
| Class I | 0.41 | 1000.00 | 1015.30 | 2.08 | 1000.00 | 1023.14 | 2.09 |
| JNL/Morningstar U.S. Sustainability Index Fund | JNL/Morningstar U.S. Sustainability Index Fund | JNL/Morningstar U.S. Sustainability Index Fund |  |  |  |  |  |
| Class A | 0.72 | 1000.00 | 1032.10 | 3.69 | 1000.00 | 1021.58 | 3.67 |
| Class I | 0.36 | 1000.00 | 1033.40 | 1.85 | 1000.00 | 1023.39 | 1.84 |
| JNL/Morningstar Wide Moat Index Fund | JNL/Morningstar Wide Moat Index Fund | JNL/Morningstar Wide Moat Index Fund |  |  |  |  |  |
| Class A | 0.76 | 1000.00 | 1030.20 | 3.89 | 1000.00 | 1021.37 | 3.87 |
| Class I | 0.46 | 1000.00 | 1031.70 | 2.36 | 1000.00 | 1022.89 | 2.35 |
| JNL/Neuberger Berman Commodity Strategy Fund | JNL/Neuberger Berman Commodity Strategy Fund | JNL/Neuberger Berman Commodity Strategy Fund |  |  |  |  |  |
| Class A | 0.91 | 1000.00 | 1003.00 | 4.59 | 1000.00 | 1020.62 | 4.63 |
| Class I | 0.61 | 1000.00 | 1004.80 | 3.08 | 1000.00 | 1022.13 | 3.11 |
| JNL/Neuberger Berman Gold Plus Strategy Fund | JNL/Neuberger Berman Gold Plus Strategy Fund | JNL/Neuberger Berman Gold Plus Strategy Fund |  |  |  |  |  |
| Class A | 1.19 | 1000.00 | 1005.40 | 6.02 | 1000.00 | 1019.21 | 6.06 |
| Class I | 0.79 | 1000.00 | 1007.60 | 4.00 | 1000.00 | 1021.22 | 4.02 |
| JNL/Neuberger Berman Strategic Income Fund | JNL/Neuberger Berman Strategic Income Fund | JNL/Neuberger Berman Strategic Income Fund |  |  |  |  |  |
| Class A | 0.94 | 1000.00 | 1014.70 | 4.77 | 1000.00 | 1020.47 | 4.79 |
| Class I | 0.64 | 1000.00 | 1016.30 | 3.25 | 1000.00 | 1021.98 | 3.26 |
| JNL/Newton Equity Income Fund | JNL/Newton Equity Income Fund | JNL/Newton Equity Income Fund |  |  |  |  |  |
| Class A | 0.90 | 1000.00 | 1109.40 | 4.79 | 1000.00 | 1020.67 | 4.58 |
| Class I | 0.60 | 1000.00 | 1111.00 | 3.19 | 1000.00 | 1022.18 | 3.06 |
| JNL/PIMCO Income Fund | JNL/PIMCO Income Fund | JNL/PIMCO Income Fund |  |  |  |  |  |
| Class A | 0.94 | 1000.00 | 1019.70 | 4.79 | 1000.00 | 1020.47 | 4.79 |
| Class I | 0.64 | 1000.00 | 1021.40 | 3.26 | 1000.00 | 1021.98 | 3.26 |
| JNL/PIMCO Investment Grade Credit Bond Fund | JNL/PIMCO Investment Grade Credit Bond Fund | JNL/PIMCO Investment Grade Credit Bond Fund |  |  |  |  |  |
| Class A | 0.86 | 1000.00 | 989.30 | 4.31 | 1000.00 | 1020.87 | 4.38 |
| Class I | 0.56 | 1000.00 | 991.20 | 2.81 | 1000.00 | 1022.38 | 2.85 |
| JNL/PIMCO Real Return Fund | JNL/PIMCO Real Return Fund | JNL/PIMCO Real Return Fund |  |  |  |  |  |
| Class A | 0.94 | 1000.00 | 967.00 | 4.66 | 1000.00 | 1020.47 | 4.79 |
| Class I | 0.64 | 1000.00 | 968.60 | 3.18 | 1000.00 | 1021.98 | 3.26 |
| JNL/PPM America Floating Rate Income Fund | JNL/PPM America Floating Rate Income Fund | JNL/PPM America Floating Rate Income Fund |  |  |  |  |  |
| Class A | 0.86 | 1000.00 | 1027.40 | 4.39 | 1000.00 | 1020.87 | 4.38 |
| Class I | 0.56 | 1000.00 | 1028.90 | 2.86 | 1000.00 | 1022.38 | 2.85 |

---

924

------

#### JNL Series Trust

#### Additional Disclosures (Unaudited)
December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** |
|  | **Annualized Expense Ratios(%)**  | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)†** | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)††** |
| JNL/PPM America High Yield Bond Fund | JNL/PPM America High Yield Bond Fund | JNL/PPM America High Yield Bond Fund |  |  |  |  |  |
| Class A | 0.74 | 1000.00 | 1033.30 | 3.79 | 1000.00 | 1021.48 | 3.77 |
| Class I | 0.44 | 1000.00 | 1035.20 | 2.26 | 1000.00 | 1022.99 | 2.24 |
| JNL/PPM America Total Return Fund | JNL/PPM America Total Return Fund | JNL/PPM America Total Return Fund |  |  |  |  |  |
| Class A | 0.78 | 1000.00 | 979.30 | 3.89 | 1000.00 | 1021.27 | 3.97 |
| Class I | 0.48 | 1000.00 | 981.90 | 2.40 | 1000.00 | 1022.79 | 2.45 |
| JNL/RAFI Fundamental U.S. Small Cap Fund | JNL/RAFI Fundamental U.S. Small Cap Fund | JNL/RAFI Fundamental U.S. Small Cap Fund |  |  |  |  |  |
| Class A | 0.67 | 1000.00 | 1047.60 | 3.46 | 1000.00 | 1021.83 | 3.41 |
| Class I | 0.32 | 1000.00 | 1049.90 | 1.65 | 1000.00 | 1023.59 | 1.63 |
| JNL/RAFI Multi-Factor U.S. Equity Fund | JNL/RAFI Multi-Factor U.S. Equity Fund | JNL/RAFI Multi-Factor U.S. Equity Fund |  |  |  |  |  |
| Class A | 0.67 | 1000.00 | 1067.90 | 3.49 | 1000.00 | 1021.83 | 3.41 |
| Class I | 0.37 | 1000.00 | 1069.60 | 1.93 | 1000.00 | 1023.34 | 1.89 |
| JNL/T. Rowe Price Balanced Fund | JNL/T. Rowe Price Balanced Fund | JNL/T. Rowe Price Balanced Fund |  |  |  |  |  |
| Class A | 1.00 | 1000.00 | 1002.10 | 5.05 | 1000.00 | 1020.16 | 5.09 |
| Class I | 0.70 | 1000.00 | 1003.50 | 3.53 | 1000.00 | 1021.68 | 3.57 |
| JNL/T. Rowe Price Capital Appreciation Fund | JNL/T. Rowe Price Capital Appreciation Fund | JNL/T. Rowe Price Capital Appreciation Fund |  |  |  |  |  |
| Class A | 0.96 | 1000.00 | 1027.90 | 4.91 | 1000.00 | 1020.37 | 4.89 |
| Class I | 0.66 | 1000.00 | 1029.50 | 3.38 | 1000.00 | 1021.88 | 3.36 |
| JNL/T. Rowe Price Established Growth Fund | JNL/T. Rowe Price Established Growth Fund | JNL/T. Rowe Price Established Growth Fund |  |  |  |  |  |
| Class A | 0.83 | 1000.00 | 949.00 | 4.08 | 1000.00 | 1021.02 | 4.23 |
| Class I | 0.53 | 1000.00 | 950.60 | 2.61 | 1000.00 | 1022.53 | 2.70 |
| JNL/T. Rowe Price Mid-Cap Growth Fund | JNL/T. Rowe Price Mid-Cap Growth Fund | JNL/T. Rowe Price Mid-Cap Growth Fund |  |  |  |  |  |
| Class A | 0.97 | 1000.00 | 1034.40 | 4.97 | 1000.00 | 1020.32 | 4.94 |
| Class I | 0.67 | 1000.00 | 1036.20 | 3.44 | 1000.00 | 1021.83 | 3.41 |
| JNL/T. Rowe Price Short-Term Bond Fund | JNL/T. Rowe Price Short-Term Bond Fund | JNL/T. Rowe Price Short-Term Bond Fund |  |  |  |  |  |
| Class A | 0.71 | 1000.00 | 992.10 | 3.57 | 1000.00 | 1021.63 | 3.62 |
| Class I | 0.41 | 1000.00 | 994.20 | 2.06 | 1000.00 | 1023.14 | 2.09 |
| JNL/T. Rowe Price U.S. High Yield Fund | JNL/T. Rowe Price U.S. High Yield Fund | JNL/T. Rowe Price U.S. High Yield Fund |  |  |  |  |  |
| Class A | 0.94 | 1000.00 | 1022.10 | 4.79 | 1000.00 | 1020.47 | 4.79 |
| Class I | 0.64 | 1000.00 | 1023.00 | 3.26 | 1000.00 | 1021.98 | 3.26 |
| JNL/T. Rowe Price Value Fund | JNL/T. Rowe Price Value Fund | JNL/T. Rowe Price Value Fund |  |  |  |  |  |
| Class A | 0.86 | 1000.00 | 1037.90 | 4.42 | 1000.00 | 1020.87 | 4.38 |
| Class I | 0.56 | 1000.00 | 1039.40 | 2.88 | 1000.00 | 1022.38 | 2.85 |
| JNL/WCM China Quality Growth Fund | JNL/WCM China Quality Growth Fund | JNL/WCM China Quality Growth Fund |  |  |  |  |  |
| Class A | 1.32 | 1000.00 | 940.40 | 6.46 | 1000.00 | 1018.55 | 6.72 |
| Class I | 1.04 | 1000.00 | 941.30 | 5.09 | 1000.00 | 1019.96 | 5.30 |

---

925

------

#### JNL Series Trust

#### Additional Disclosures (Unaudited)
December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Actual Fund Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** | **Expenses Using Hypothetical 5% Return** |
|  | **Annualized Expense Ratios(%)**  | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)†** | **Beginning Account Value 07/01/22($)** | **Ending Account Value 12/31/22($)** | **Expenses Paid During Period($)††** |
| JNL/WCM Focused International Equity Fund | JNL/WCM Focused International Equity Fund | JNL/WCM Focused International Equity Fund |  |  |  |  |  |
| Class A | 1.12 | 1000.00 | 1042.50 | 5.77 | 1000.00 | 1019.56 | 5.70 |
| Class I | 0.82 | 1000.00 | 1043.90 | 4.22 | 1000.00 | 1021.07 | 4.18 |
| JNL/Westchester Capital Event Driven Fund | JNL/Westchester Capital Event Driven Fund | JNL/Westchester Capital Event Driven Fund |  |  |  |  |  |
| Class A | 1.54 | 1000.00 | 1020.80 | 7.84 | 1000.00 | 1017.44 | 7.83 |
| Class I | 1.24 | 1000.00 | 1022.50 | 6.32 | 1000.00 | 1018.95 | 6.31 |
| JNL/Western Asset Global Multi-Sector Bond Fund | JNL/Western Asset Global Multi-Sector Bond Fund | JNL/Western Asset Global Multi-Sector Bond Fund |  |  |  |  |  |
| Class A | 0.98 | 1000.00 | 1021.60 | 4.99 | 1000.00 | 1020.27 | 4.99 |
| Class I | 0.68 | 1000.00 | 1022.70 | 3.47 | 1000.00 | 1021.78 | 3.47 |
| JNL/William Blair International Leaders Fund | JNL/William Blair International Leaders Fund | JNL/William Blair International Leaders Fund |  |  |  |  |  |
| Class A | 0.97 | 1000.00 | 1037.20 | 4.98 | 1000.00 | 1020.32 | 4.94 |
| Class I | 0.67 | 1000.00 | 1038.40 | 3.44 | 1000.00 | 1021.83 | 3.41 |
| JNL/WMC Balanced Fund | JNL/WMC Balanced Fund | JNL/WMC Balanced Fund |  |  |  |  |  |
| Class A | 0.71 | 1000.00 | 1020.20 | 3.62 | 1000.00 | 1021.63 | 3.62 |
| Class I | 0.41 | 1000.00 | 1022.00 | 2.09 | 1000.00 | 1023.14 | 2.09 |
| JNL/WMC Equity Income Fund | JNL/WMC Equity Income Fund | JNL/WMC Equity Income Fund |  |  |  |  |  |
| Class A | 0.89 | 1000.00 | 1069.50 | 4.64 | 1000.00 | 1020.72 | 4.53 |
| Class I | 0.59 | 1000.00 | 1071.10 | 3.08 | 1000.00 | 1022.23 | 3.01 |
| JNL/WMC Global Real Estate Fund | JNL/WMC Global Real Estate Fund | JNL/WMC Global Real Estate Fund |  |  |  |  |  |
| Class A | 1.03 | 1000.00 | 936.00 | 5.03 | 1000.00 | 1020.01 | 5.24 |
| Class I | 0.73 | 1000.00 | 936.70 | 3.56 | 1000.00 | 1021.53 | 3.72 |
| JNL/WMC Government Money Market Fund | JNL/WMC Government Money Market Fund | JNL/WMC Government Money Market Fund |  |  |  |  |  |
| Class A | 1.13 | 1000.00 | 1008.80 | 5.72 | 1000.00 | 1019.51 | 5.75 |
| Class I | 0.38 | 1000.00 | 1012.20 | 1.93 | 1000.00 | 1023.29 | 1.94 |
| JNL/WMC Value Fund | JNL/WMC Value Fund | JNL/WMC Value Fund |  |  |  |  |  |
| Class A | 0.78 | 1000.00 | 1059.30 | 4.05 | 1000.00 | 1021.27 | 3.97 |
| Class I | 0.48 | 1000.00 | 1060.80 | 2.49 | 1000.00 | 1022.79 | 2.45 |

---

† For Classes with at least 6-month's operating history, expenses paid during the period are equal to the annualized net expense ratio, multiplied by the average account value over the period, then multiplied by 184/365 (to reflect the most recent 6-month period). For Classes with less than 6-month's operating history, expenses paid during the period are equal to the annualized net expenses ratio, multiplied by the average account value over the period since inception, then multiplied by 47/365 (to reflect the period since the Class' inception).

†† Expenses paid during the period are equal to the annualized net expense ratio, multiplied by the average account value over the period, then multiplied by 184/365 (to reflect the most recent 6-month period).

\* Class has less than 6-month's operating history and the amounts reported in Expenses Using Actual Fund Return are not comparable to Expenses Using Hypothetical 5% Return.

**Quarterly Portfolio Holdings.** The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's website at <u>www.sec.gov</u>. The information on Form N-PORT is also available upon request from the registrant by calling the Funds toll-free at 1-866-255-1935.

**Proxy Voting Policies and Procedures and Proxy Voting Record.** A description of the Policy that the Funds' Adviser (and Sub-Advisers) used to vote proxies relating to portfolio securities and additional information on how the Funds voted any proxies relating to portfolio securities during the 12-month period ended June 30, 2022, are available without charge (1) by calling 1-800-644-4565 (Jackson Service Center) or 1-800-599-5651 (Jackson NY Service Center), (2) by writing the JNL Series Trust, P.O. Box 30314, Lansing, Michigan 48909-7814, (3) by visiting <u>www.jackson.com</u>, and (4) by visiting the SEC's website at <u>www.sec.gov</u>.

926

------

#### Trustees and Officers of JNL Series Trust ("Trust")

---

| | |
|:---|:---|
| **NAME, ADDRESS, AND (AGE)** | **NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE** |
| Interested [Trustee](#Bk17703_3) | Interested [Trustee](#Bk17703_3) |
| Mark D. Nerud (56) <sup>1</sup><br>1 Corporate Way<br>Lansing, MI 48951<br> Trustee <sup>2</sup> <br>(1/2007 to present)<br>President and Chief Executive Officer<br>(12/2006 to present) | 132 |
| Principal Occupation(s) During Past 5 Years:<br>Chief Executive Officer of JNAM (1/2010 to present); President of JNAM (1/2007 to present); Managing Board Member of JNAM (5/2015 to present); President and Chief Executive Officer of other investment companies advised by JNAM (12/2006 to present, 12/2006 to 12/2020, 8/2014 to 12/2020, and 8/2012 to 7/2018); Principal Executive Officer of an investment company advised by PPM America, Inc. (11/2017 to present)  | Principal Occupation(s) During Past 5 Years:<br>Chief Executive Officer of JNAM (1/2010 to present); President of JNAM (1/2007 to present); Managing Board Member of JNAM (5/2015 to present); President and Chief Executive Officer of other investment companies advised by JNAM (12/2006 to present, 12/2006 to 12/2020, 8/2014 to 12/2020, and 8/2012 to 7/2018); Principal Executive Officer of an investment company advised by PPM America, Inc. (11/2017 to present)  |
| Other Directorships Held by [Trustee](#Bk17709_3) During Past 5 Years: <br>Interested Trustee/Manager of other investment companies advised by JNAM (4/2015 to 12/2020, 1/2007 to 12/2020, and 8/2012 to 7/2018) | Other Directorships Held by [Trustee](#Bk17709_3) During Past 5 Years: <br>Interested Trustee/Manager of other investment companies advised by JNAM (4/2015 to 12/2020, 1/2007 to 12/2020, and 8/2012 to 7/2018) |
| Independent [Trustees](#Bk17710_3) | Independent [Trustees](#Bk17710_3) |
| Eric O. Anyah (55)<br>1 Corporate Way<br>Lansing, MI 48951<br> Trustee <sup>2</sup><br>(1/2018 to present) | 132 |
| Principal Occupation(s) During Past 5 Years:<br>Chief Financial Officer, The Museum of Fine Arts, Houston (10/2013 to present) | Principal Occupation(s) During Past 5 Years:<br>Chief Financial Officer, The Museum of Fine Arts, Houston (10/2013 to present) |
| Other Directorships Held by [Trustee](#Bk17714_3) During Past 5 Years: <br>Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018) | Other Directorships Held by [Trustee](#Bk17714_3) During Past 5 Years: <br>Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018) |
| Michael J. Bouchard (66)<br>1 Corporate Way<br>Lansing, MI 48951<br> Trustee <sup>2</sup><br>(12/2003 to present) | 132 |
| Principal Occupation(s) During Past 5 Years:<br>Sheriff, Oakland County, Michigan (1/1999 to present) | Principal Occupation(s) During Past 5 Years:<br>Sheriff, Oakland County, Michigan (1/1999 to present) |
| Other Directorships Held by [Trustee](#Bk17718_3) During Past 5 Years: <br>Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 4/2000 to 12/2020, and 8/2012 to 7/2018) | Other Directorships Held by [Trustee](#Bk17718_3) During Past 5 Years: <br>Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 4/2000 to 12/2020, and 8/2012 to 7/2018) |
| Ellen Carnahan (67)<br>1 Corporate Way<br>Lansing, MI 48951<br> Trustee <sup>2</sup><br>(12/2013 to present) | 132 |
| Principal Occupation(s) During Past 5 Years:<br>Principal, Machrie Enterprises LLC (venture capital firm) (7/2007 to present); Board Member of various corporate boards (see below) | Principal Occupation(s) During Past 5 Years:<br>Principal, Machrie Enterprises LLC (venture capital firm) (7/2007 to present); Board Member of various corporate boards (see below) |
| Other Directorships Held by [Trustee](#Bk17722_3) During Past 5 Years: <br>Director and Audit Committee Member (11/2016 to present), Governance Committee Member (11/2016 to 3/2018), and Compensation Committee Chair (3/2018 to present), Paylocity Holding Corporation; Director, Audit Committee Member, and Governance Committee Member (5/2015 to present) and Audit Committee Chair (3/2019 to present), ENOVA International Inc.; Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018)  | Other Directorships Held by [Trustee](#Bk17722_3) During Past 5 Years: <br>Director and Audit Committee Member (11/2016 to present), Governance Committee Member (11/2016 to 3/2018), and Compensation Committee Chair (3/2018 to present), Paylocity Holding Corporation; Director, Audit Committee Member, and Governance Committee Member (5/2015 to present) and Audit Committee Chair (3/2019 to present), ENOVA International Inc.; Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018)  |
| John W. Gillespie (69)<br>1 Corporate Way<br>Lansing, MI 48951<br> Trustee <sup>2</sup><br>(12/2013 to present) | 132 |
| Principal Occupation(s) During Past 5 Years:<br>Entrepreneur-in-Residence, UCLA Office of Intellectual Property (2/2013 to present); Investor, Business Writer, and Advisor (10/2006 to present); Financial Advisor, Yosi, Inc. (healthcare services software company) (1/2017 to 6/2018) | Principal Occupation(s) During Past 5 Years:<br>Entrepreneur-in-Residence, UCLA Office of Intellectual Property (2/2013 to present); Investor, Business Writer, and Advisor (10/2006 to present); Financial Advisor, Yosi, Inc. (healthcare services software company) (1/2017 to 6/2018) |
| Other Directorships Held by [Trustee](#Bk17730_3) During Past 5 Years: <br>Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018) | Other Directorships Held by [Trustee](#Bk17730_3) During Past 5 Years: <br>Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018) |
| William R. Rybak (71) <br>1 Corporate Way<br>Lansing, MI 48951<br> Trustee <sup>2</sup> <br>(1/2007 to present) | 132 |
| Principal Occupation(s) During Past 5 Years:<br>Private investor (5/2000 to present); Board Member of various corporate boards (see below)  | Principal Occupation(s) During Past 5 Years:<br>Private investor (5/2000 to present); Board Member of various corporate boards (see below)  |

---

927

------

---

| | |
|:---|:---|
| **NAME, ADDRESS, AND (AGE)** | **NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE** |
| Other Directorships Held by [Trustee](#Bk17734_3) During Past 5 Years: <br>Director (2/2010 to present) and Board Chair (2/2016 to present), Christian Brothers Investment Services, Inc.; Trustee (10/2012 to present) and Chair Emeritus (5/2009 to present), Lewis University; Director (2002 to present), Governance Committee Chair (2004 to 7/2019), and Audit Committee Chair (7/2019 to present), each of the Calamos Mutual Funds and Closed-End Funds; Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 1/2007 to 12/2020, and 8/2012 to 7/2018) | Other Directorships Held by [Trustee](#Bk17734_3) During Past 5 Years: <br>Director (2/2010 to present) and Board Chair (2/2016 to present), Christian Brothers Investment Services, Inc.; Trustee (10/2012 to present) and Chair Emeritus (5/2009 to present), Lewis University; Director (2002 to present), Governance Committee Chair (2004 to 7/2019), and Audit Committee Chair (7/2019 to present), each of the Calamos Mutual Funds and Closed-End Funds; Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 1/2007 to 12/2020, and 8/2012 to 7/2018) |
| Mark S. Wehrle (65)<br>1 Corporate Way<br>Lansing, MI 48951<br> Trustee <sup>2</sup> <br>(1/2018 to present) | 132 |
| Principal Occupation(s) During Past 5 Years:<br>Real Estate Broker, Broker's Guild (4/2011 to 12/2019); Retired Certified Public Accountant (1/2011 to present) | Principal Occupation(s) During Past 5 Years:<br>Real Estate Broker, Broker's Guild (4/2011 to 12/2019); Retired Certified Public Accountant (1/2011 to present) |
| Other Directorships Held by [Trustee](#Bk17738_3) During Past 5 Years: <br>Trustee, Delta Dental of Colorado (1/2012 to 12/2020); Trustee/Manager of other investment companies advised by JNAM and/or an affiliate of JNAM (1/2018 to 12/2020, 1/2018 to 7/2018, and 7/2013 to 12/2020) | Other Directorships Held by [Trustee](#Bk17738_3) During Past 5 Years: <br>Trustee, Delta Dental of Colorado (1/2012 to 12/2020); Trustee/Manager of other investment companies advised by JNAM and/or an affiliate of JNAM (1/2018 to 12/2020, 1/2018 to 7/2018, and 7/2013 to 12/2020) |
| Edward C. Wood (66)<br>1 Corporate Way<br>Lansing, MI 48951<br> Chair of the Board <sup>3</sup> <br>(1/2020 to present)<br>Trustee <sup>2</sup> <br>(12/2013 to present) | 132 |
| Principal Occupation(s) During Past 5 Years:<br>None  | Principal Occupation(s) During Past 5 Years:<br>None  |
| Other Directorships Held by [Trustee](#Bk17743_3) During Past 5 Years: <br>Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018) | Other Directorships Held by [Trustee](#Bk17743_3) During Past 5 Years: <br>Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 12/2013 to 12/2020, and 12/2013 to 7/2018) |
| Patricia A. Woodworth (67) <br>1 Corporate Way<br>Lansing, MI 48951<br> Trustee <sup>2</sup> <br>(1/2007 to present) | 132 |
| Principal Occupation(s) During Past 5 Years:<br>Chief Financial Officer, National Trust for Historic Preservation (3/2019 to 8/2020); Vice President, Chief Financial Officer, and Chief Operating Officer, The J. Paul Getty Trust (philanthropic organization) (11/2007 to 8/2018) | Principal Occupation(s) During Past 5 Years:<br>Chief Financial Officer, National Trust for Historic Preservation (3/2019 to 8/2020); Vice President, Chief Financial Officer, and Chief Operating Officer, The J. Paul Getty Trust (philanthropic organization) (11/2007 to 8/2018) |
| Other Directorships Held by [Trustee](#Bk17747_3) During Past 5 Years: <br>Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 1/2007 to 12/2020, and 8/2012 to 7/2018) | Other Directorships Held by [Trustee](#Bk17747_3) During Past 5 Years: <br>Trustee/Manager of other investment companies advised by JNAM (1/2018 to 12/2020, 1/2007 to 12/2020, and 8/2012 to 7/2018) |
| <sup>1</sup> Mr. Nerud is an "interested person" of the [Trust](#Bk17748_3) due to his position with JNAM, the Adviser. |  |
| <sup>2</sup> The Interested [Trustee](#Bk17749_3) and the Independent [Trustees](#Bk17750_3) are elected to serve for an indefinite term. |  |
| <sup>3</sup> The Board Chairperson may be reelected for a second three-year term. If the Board Chairperson has served two consecutive terms, he or she may not serve again as the Board Chairperson, unless at least one year has elapsed since the end of his or her second consecutive term as Board Chairperson. |  |

---

---

| | |
|:---|:---|
| **Name, Address, and (Age)** | **Position(s) Held with [Trust](#Bk17751_3)**<br>**(Length of Time Served)** |
| **Officers** | **Officers** |
| Emily J. Bennett (39) <br>1 Corporate Way<br>Lansing, MI 48951 | Vice President<br>(11/2022 to present)<br>Assistant Secretary<br>(3/2016 to present) |
| Principal Occupation(s) During Past 5 Years: <br>***Vice President of JNAM (8/2022 to present); Deputy General Counsel of JNAM (8/2021 to present); Assistant Vice President of JNAM (2/2018 to 8/2022); Associate General Counsel of JNAM (3/2016 to 8/2021); Vice President of other investment companies advised by JNAM (11/2022 to present); Assistant Secretary of other investment companies advised by JNAM (3/2016 to present, 3/2016 to 12/2020, 5/2012 to 12/2020, and 3/2016 to 7/2018); Assistant Secretary (1/2021 to 5/2022), Vice President (11/2017 to present), and Secretary (11/2017 to 2/2021 and 5/2022 to present) of an investment company advised by PPM America, Inc.*** | Principal Occupation(s) During Past 5 Years: <br>***Vice President of JNAM (8/2022 to present); Deputy General Counsel of JNAM (8/2021 to present); Assistant Vice President of JNAM (2/2018 to 8/2022); Associate General Counsel of JNAM (3/2016 to 8/2021); Vice President of other investment companies advised by JNAM (11/2022 to present); Assistant Secretary of other investment companies advised by JNAM (3/2016 to present, 3/2016 to 12/2020, 5/2012 to 12/2020, and 3/2016 to 7/2018); Assistant Secretary (1/2021 to 5/2022), Vice President (11/2017 to present), and Secretary (11/2017 to 2/2021 and 5/2022 to present) of an investment company advised by PPM America, Inc.*** |
| Garett J. Childs (43)<br>1 Corporate Way<br>Lansing, MI 48951 | Vice President<br>(2/2019 to present) |

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| | |
|:---|:---|
| **Name, Address, and (Age)** | **Position(s) Held with [Trust](#Bk17751_3)**<br>**(Length of Time Served)** |
| Principal Occupation(s) During Past 5 Years: <br>***Chief Financial Officer of JNAM (8/2021 to present); Vice President, Finance and Risk of JNAM (2/2019 to present); Controller of JNAM (11/2007 to 8/2021); Vice President of other investment companies advised by JNAM (2/2019 to present and 2/2019 to 12/2020); Chief Risk Officer of JNAM (7/2016 to 2/2019); Assistant Vice President, Corporate Finance of JNAM (12/2013 to 2/2019)*** | Principal Occupation(s) During Past 5 Years: <br>***Chief Financial Officer of JNAM (8/2021 to present); Vice President, Finance and Risk of JNAM (2/2019 to present); Controller of JNAM (11/2007 to 8/2021); Vice President of other investment companies advised by JNAM (2/2019 to present and 2/2019 to 12/2020); Chief Risk Officer of JNAM (7/2016 to 2/2019); Assistant Vice President, Corporate Finance of JNAM (12/2013 to 2/2019)*** |
| Kelly L. Crosser (50)<br>1 Corporate Way<br>Lansing, MI 48951 | Assistant Secretary <br>(9/2007 to present) |
| Principal Occupation(s) During Past 5 Years:<br>Director, Legal of JNAM (12/2021 to present); Manager, Legal Regulatory Filings and Print of JNAM (1/2018 to 12/2021); Assistant Secretary of other investment companies advised by JNAM (9/2007 to present, 9/2007 to 12/2020, 10/2011 to 12/2020, and 8/2012 to 7/2018) | Principal Occupation(s) During Past 5 Years:<br>Director, Legal of JNAM (12/2021 to present); Manager, Legal Regulatory Filings and Print of JNAM (1/2018 to 12/2021); Assistant Secretary of other investment companies advised by JNAM (9/2007 to present, 9/2007 to 12/2020, 10/2011 to 12/2020, and 8/2012 to 7/2018) |
| Richard J. Gorman (57)<br>1 Corporate Way<br>Lansing, MI 48951 | Chief Compliance Officer <br>(8/2018 to present)<br>Anti-Money Laundering Officer<br>(8/2018 to present) |
| Principal Occupation(s) During Past 5 Years: <br>Senior Vice President and Chief Compliance Officer of JNAM (8/2018 to present); Chief Compliance Officer and Anti-Money Laundering Officer of other investment companies advised by JNAM (8/2018 to present and 8/2018 to 12/2020), Chief Compliance Officer and Deputy General Counsel of Heitman LLC (2/2018 to 8/2018); Chief Compliance Officer of the Oakmark Funds (6/2006 to 1/2018) | Principal Occupation(s) During Past 5 Years: <br>Senior Vice President and Chief Compliance Officer of JNAM (8/2018 to present); Chief Compliance Officer and Anti-Money Laundering Officer of other investment companies advised by JNAM (8/2018 to present and 8/2018 to 12/2020), Chief Compliance Officer and Deputy General Counsel of Heitman LLC (2/2018 to 8/2018); Chief Compliance Officer of the Oakmark Funds (6/2006 to 1/2018) |
| William P. Harding (48)<br>1 Corporate Way<br>Lansing, MI 48951 | Vice President<br>(11/2012 to present) |
| Principal Occupation(s) During Past 5 Years: <br>Senior Vice President and Chief Investment Officer of JNAM (6/2014 to present); Vice President of other investment companies advised by JNAM (11/2012 to present, 11/2012 to 12/2020, 5/2014 to 12/2020, and 11/2012 to 7/2018) | Principal Occupation(s) During Past 5 Years: <br>Senior Vice President and Chief Investment Officer of JNAM (6/2014 to present); Vice President of other investment companies advised by JNAM (11/2012 to present, 11/2012 to 12/2020, 5/2014 to 12/2020, and 11/2012 to 7/2018) |
| Daniel W. Koors (52)<br>1 Corporate Way<br>Lansing, MI 48951 | Vice President<br>(12/2006 to present)<br>Treasurer & Chief Financial Officer<br>(9/2016 to 6/2020) |
| Principal Occupation(s) During Past 5 Years: <br>Senior Vice President of JNAM (1/2009 to present); Chief Operating Officer of JNAM (4/2011 to present); Vice President of other investment companies advised by JNAM (12/2006 to present, 12/2006 to 12/2020, 1/2018 to 12/2020, and 8/2012 to 7/2018); Treasurer and Chief Financial Officer of other investment companies advised by JNAM (9/2016 to 6/2020, 9/2016 to 12/2020, 10/2011 to 12/2020, and 9/2016 to 7/2018); Principal Financial Officer (11/2017 to 1/2021), Treasurer (11/2017 to 1/2021), and Vice President (11/2017 to present) of an investment company advised by PPM America, Inc. | Principal Occupation(s) During Past 5 Years: <br>Senior Vice President of JNAM (1/2009 to present); Chief Operating Officer of JNAM (4/2011 to present); Vice President of other investment companies advised by JNAM (12/2006 to present, 12/2006 to 12/2020, 1/2018 to 12/2020, and 8/2012 to 7/2018); Treasurer and Chief Financial Officer of other investment companies advised by JNAM (9/2016 to 6/2020, 9/2016 to 12/2020, 10/2011 to 12/2020, and 9/2016 to 7/2018); Principal Financial Officer (11/2017 to 1/2021), Treasurer (11/2017 to 1/2021), and Vice President (11/2017 to present) of an investment company advised by PPM America, Inc. |
| Kristen K. Leeman (47)<br>1 Corporate Way<br>Lansing, MI 48951 | Assistant Secretary<br>(6/2012 to present) |
| Principal Occupation(s) During Past 5 Years: <br>***Senior Regulatory Analyst of JNAM (5/2021 to present); Regulatory Analyst of JNAM (1/2018 to 5/2021); Assistant Secretary of other investment companies advised by JNAM (6/2012 to present, 6/2012 to 12/2020, 1/2018 to 12/2020, and 8/2012 to 7/2018)*** | Principal Occupation(s) During Past 5 Years: <br>***Senior Regulatory Analyst of JNAM (5/2021 to present); Regulatory Analyst of JNAM (1/2018 to 5/2021); Assistant Secretary of other investment companies advised by JNAM (6/2012 to present, 6/2012 to 12/2020, 1/2018 to 12/2020, and 8/2012 to 7/2018)*** |
| Adam C. Lueck (40) <br>1 Corporate Way <br>Lansing, MI 48951  | Assistant Secretary<br>(3/2018 to present) |
| Principal Occupation(s) During Past 5 Years: <br>***Associate General Counsel of JNAM (12/2021 to present); Senior Attorney of JNAM (2/2018 to 12/2021); Attorney of JNAM (10/2015 to 2/2018); Assistant Secretary of other investment companies advised by JNAM (3/2018 to present, 3/2018 to 12/2020, 12/2015 to 12/2020, and 1/2018 to 7/2018)*** | Principal Occupation(s) During Past 5 Years: <br>***Associate General Counsel of JNAM (12/2021 to present); Senior Attorney of JNAM (2/2018 to 12/2021); Attorney of JNAM (10/2015 to 2/2018); Assistant Secretary of other investment companies advised by JNAM (3/2018 to present, 3/2018 to 12/2020, 12/2015 to 12/2020, and 1/2018 to 7/2018)*** |

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| | |
|:---|:---|
| **Name, Address, and (Age)** | **Position(s) Held with [Trust](#Bk17751_3)**<br>**(Length of Time Served)** |
| Mia K. Nelson (40)<br>1 Corporate Way<br>Lansing, MI 48951 | Vice President <br>(11/2022 to present)<br>Assistant Vice President <br>(8/2017 to 11/2022) |
| Principal Occupation(s) During Past 5 Years:<br>Vice President, Tax of JNAM (8/2022 to present); Assistant Vice President, Tax of JNAM (3/2017 to 8/2022); Vice President of other investment companies advised by JNAM (11/2022 to present); Assistant Vice President of other investment companies advised by JNAM (8/2017 to 11/2022, 8/2017 to 12/2020, 9/2017 to 12/2020, and 8/2017 to 7/2018) | Principal Occupation(s) During Past 5 Years:<br>Vice President, Tax of JNAM (8/2022 to present); Assistant Vice President, Tax of JNAM (3/2017 to 8/2022); Vice President of other investment companies advised by JNAM (11/2022 to present); Assistant Vice President of other investment companies advised by JNAM (8/2017 to 11/2022, 8/2017 to 12/2020, 9/2017 to 12/2020, and 8/2017 to 7/2018) |
| Joseph B. O'Boyle (60) <br>1 Corporate Way <br>Lansing, MI 48951  | Vice President<br>(1/2018 to present)<br>Acting Chief Compliance Officer<br>(5/2018 to 8/2018)<br>Acting Anti-Money Laundering Officer<br>(5/2018 to 8/2018) |
| Principal Occupation(s) During Past 5 Years: <br>***Vice President of JNAM (8/2015 to present); Acting Chief Compliance Officer of JNAM (5/2018 to 8/2018); Vice President of other investment companies advised by JNAM (1/2018 to present, 1/2018 to 12/2020, and 1/2018 to 7/2018); Acting Chief Compliance Officer and Acting Anti-Money Laundering Officer of other investment companies advised by JNAM (5/2018 to 8/2018); Anti-Money Laundering Officer of another investment company advised by JNAM (12/2015 to 1/2018); Chief Compliance Officer of another investment company advised by JNAM (5/2012 to 1/2018); Chief Compliance Officer and Anti-Money Laundering Officer of an investment company advised by PPM America, Inc. (2/2018 to present)*** | Principal Occupation(s) During Past 5 Years: <br>***Vice President of JNAM (8/2015 to present); Acting Chief Compliance Officer of JNAM (5/2018 to 8/2018); Vice President of other investment companies advised by JNAM (1/2018 to present, 1/2018 to 12/2020, and 1/2018 to 7/2018); Acting Chief Compliance Officer and Acting Anti-Money Laundering Officer of other investment companies advised by JNAM (5/2018 to 8/2018); Anti-Money Laundering Officer of another investment company advised by JNAM (12/2015 to 1/2018); Chief Compliance Officer of another investment company advised by JNAM (5/2012 to 1/2018); Chief Compliance Officer and Anti-Money Laundering Officer of an investment company advised by PPM America, Inc. (2/2018 to present)*** |
| Susan S. Rhee (51)<br>1 Corporate Way<br>Lansing, MI 48951 | Vice President, Chief Legal Officer, and Secretary <br>(2/2004 to present) |
| Principal Occupation(s) During Past 5 Years:<br>Senior Vice President and General Counsel of JNAM (1/2010 to present); Secretary of JNAM (11/2000 to present); Vice President, Chief Legal Officer, and Secretary of other investment companies advised by JNAM (2/2004 to present, 2/2004 to 12/2020, 10/2011 to 12/2020, and 8/2012 to 7/2018); Vice President and Assistant Secretary of an investment company advised by PPM America, Inc. (11/2017 to 7/2022) | Principal Occupation(s) During Past 5 Years:<br>Senior Vice President and General Counsel of JNAM (1/2010 to present); Secretary of JNAM (11/2000 to present); Vice President, Chief Legal Officer, and Secretary of other investment companies advised by JNAM (2/2004 to present, 2/2004 to 12/2020, 10/2011 to 12/2020, and 8/2012 to 7/2018); Vice President and Assistant Secretary of an investment company advised by PPM America, Inc. (11/2017 to 7/2022) |
| Andrew Tedeschi (57)<br>1 Corporate Way<br>Lansing, MI 48951 | Treasurer & Chief Financial Officer<br>(6/2020 to present) |
| Principal Occupation(s) During Past 5 Years: <br>Vice President, JNAM (1/2019 to present); Treasurer and Chief Financial Officer of other investment companies advised by JNAM (6/2020 to present); Principal Financial Officer, Treasurer, and Vice President of an investment company advised by PPM America, Inc. (1/2021 to present); Controller, Fund Administration, Harris Associates L.P. (12/2007 to 12/2018); and Vice President (2/2008 to 12/2018), Treasurer (10/2018 to 12/2018), and Assistant Treasurer (2/2008 to 10/2018) of the Oakmark Funds | Principal Occupation(s) During Past 5 Years: <br>Vice President, JNAM (1/2019 to present); Treasurer and Chief Financial Officer of other investment companies advised by JNAM (6/2020 to present); Principal Financial Officer, Treasurer, and Vice President of an investment company advised by PPM America, Inc. (1/2021 to present); Controller, Fund Administration, Harris Associates L.P. (12/2007 to 12/2018); and Vice President (2/2008 to 12/2018), Treasurer (10/2018 to 12/2018), and Assistant Treasurer (2/2008 to 10/2018) of the Oakmark Funds |

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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 12-month period ended December 31, 2022:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $377324 | $0 | $0 | $385000 | <sup>2</sup> |
|  | Michael Bouchard  | $352823 | $0 | $0 | $360000 |  |
|  | Ellen Carnahan | $377324 | $0 | $0 | $385000 | <sup>3</sup> |
|  | Michelle Engler<sup>7</sup> | $377324 | $0 | $0 | $385000 |  |
|  | John Gillespie | $377324 | $0 | $0 | $385000 | <sup>4</sup> |
|  | William R. Rybak  | $352823 | $0 | $0 | $360000 |  |
|  | Mark S. Wehrle | $382225 | $0 | $0 | $390000 | <sup>5</sup> |
|  | Edward Wood | $455729 | $0 | $0 | $465000 | <sup>6</sup> |
|  | Patricia Woodworth  | $352823 | $0 | $0 | $360000 | |
| <sup>1</sup> | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust and JNL Investors Series Trust (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 $3,475,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust and JNL Investors Series Trust (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 $3,475,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust and JNL Investors Series Trust (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 $3,475,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust and JNL Investors Series Trust (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 $3,475,000. | The fees paid to the Independent Trustees are paid for combined service on the Boards of the JNL Series Trust and JNL Investors Series Trust (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 $3,475,000. |  |
| <sup>2</sup> | Amount includes $385,000 deferred by Mr. Anyah. | Amount includes $385,000 deferred by Mr. Anyah. | Amount includes $385,000 deferred by Mr. Anyah. | Amount includes $385,000 deferred by Mr. Anyah. | Amount includes $385,000 deferred by Mr. Anyah. |  |
| <sup>3</sup> | Amount includes $192,500 deferred by Ms. Carnahan. | Amount includes $192,500 deferred by Ms. Carnahan. | Amount includes $192,500 deferred by Ms. Carnahan. | Amount includes $192,500 deferred by Ms. Carnahan. | Amount includes $192,500 deferred by Ms. Carnahan. |  |
| <sup>4</sup> | Amount includes $192,500 deferred by Mr. Gillespie. | Amount includes $192,500 deferred by Mr. Gillespie. | Amount includes $192,500 deferred by Mr. Gillespie. | Amount includes $192,500 deferred by Mr. Gillespie. | Amount includes $192,500 deferred by Mr. Gillespie. |  |
| <sup>5</sup> | Amount includes $78,200 deferred by Mr. Wehrle. | Amount includes $78,200 deferred by Mr. Wehrle. | Amount includes $78,200 deferred by Mr. Wehrle. | Amount includes $78,200 deferred by Mr. Wehrle. | Amount includes $78,200 deferred by Mr. Wehrle. |  |
| <sup>6</sup> | Amount includes $209,250 deferred by Mr. Wood. | Amount includes $209,250 deferred by Mr. Wood. | Amount includes $209,250 deferred by Mr. Wood. | Amount includes $209,250 deferred by Mr. Wood. | Amount includes $209,250 deferred by Mr. Wood. |  |
| <sup>7</sup> | Ms. Engler retired from service on the Board of the Fund Complex effective December 31, 2022. | Ms. Engler retired from service on the Board of the Fund Complex effective December 31, 2022. | Ms. Engler retired from service on the Board of the Fund Complex effective December 31, 2022. | Ms. Engler retired from service on the Board of the Fund Complex effective December 31, 2022. | Ms. Engler retired from service on the Board of the Fund Complex effective December 31, 2022. |  |

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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 Series Trust, P.O. Box 30314, Lansing, Michigan 48909-7814, or by visiting www.jackson.com.

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#### JNL SERIES TRUST
*(the "Trust")*

#### APPROVAL OF THE TRUST'S

#### INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS
The Board of Trustees of the Trust ("Board") oversees the management of the Trust and its separate series (each a "Fund," and collectively, the "Funds") and, as required by law, determines annually whether to approve the Funds' advisory agreement ("Advisory Agreement") with Jackson National Asset Management, LLC ("JNAM"), unitary fee agreement for its master funds ("Master Fund Advisory Agreement"), and sub-advisory agreements ("Sub-Advisory Agreements" and, collectively with the Advisory Agreement, the "Agreements") with the Funds' respective investment sub-advisers (the "Sub-Adviser(s)"), including certain sub-sub-advisers.

At meetings held on June 1-2, 2022 and August 30-31, 2022<sup>1</sup>, the Board, including all of the trustees who are not considered interested persons of the Funds (as defined in the Investment Company Act of 1940, as amended) (the "Independent Trustees"), considered information relating to the continuation of the Agreements, the addition of one new Fund to the Advisory Agreement, amendment of three Sub-Advisory Agreements, and the approval of two new sub-sub-advisory agreements. In advance of the meetings, independent legal counsel for the Independent Trustees requested that certain information be provided to the Board relating to the Agreements. The Board received, and had the opportunity to review, this and other materials, ask questions, and request further information in connection with its consideration. At the conclusion of the Board's discussions, the Board approved the Agreements through September 30, 2023.

In reviewing the Agreements and considering the information, the Board was advised by outside independent legal counsel. The Board considered the factors it deemed relevant, including: (1) the nature, quality and extent of the services provided, (2) the investment performance of each Fund, (3) cost of services for each Fund, (4) profitability data, (5) whether economies of scale may be realized and shared, in some measure, with investors as each Fund grows, and (6) other benefits that may accrue to JNAM or each Sub-Adviser through its relationship with the Trust. In its deliberations, the Board, in exercising its business judgment, did not identify any single factor that alone was responsible for the Board's decision to approve the Agreements.

Before approving the Agreements, the Independent Trustees met in executive session with their independent legal counsel to consider the materials provided by JNAM and the Sub-Advisers and the terms of the Agreements. Based on its evaluation of those materials and the information the Board received throughout the year at its regular meetings, the Board, including the interested and Independent Trustees, concluded that the Agreements are in the best interests of the shareholders of each applicable Fund. In reaching its conclusions, the Board considered numerous factors, including the following:

#### Nature, Quality and Extent of Services
The Board examined the nature, quality and extent of the services provided by JNAM and the Sub-Advisers.

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For each Fund, the Board considered the services provided by JNAM, including, but not limited to, its oversight of the Sub-Advisers pursuant to the Advisory Agreement and its recommendations on an ongoing basis as to the hiring or removal of Sub-Advisers pursuant to the Trust's "Manager of Managers" exemption, as well as the provision of recordkeeping and compliance services to the Funds. The Board also took into account that JNAM monitors the performance of the various organizations that provide services to the Funds, including the Funds' distributor and custodian. With respect to JNAM's oversight of the Sub-Advisers, the Board noted that JNAM is responsible for screening and recommending new sub-advisers when appropriate, as well as monitoring and reporting to the Board on a regular basis as to the performance and operations of the existing Sub-Advisers. The Board also considered the investment sub-advisory services provided by each Sub-Adviser. The Board noted JNAM's evaluation of the Sub-Advisers, as well as JNAM's recommendations, based on its review of the Sub-Advisers, to approve the Sub-Advisory Agreements. The Board also considered the various business-related risks JNAM faces as a result of managing the Funds, including entrepreneurial, legal and litigation risks, some of which may be significant.

The Board reviewed the qualifications, backgrounds and responsibilities of JNAM's senior management that are responsible for oversight of the Funds and each Sub-Adviser, and also reviewed the qualifications, backgrounds and responsibilities of the Sub-Advisers' portfolio managers who are responsible for the day-to-day management of each Fund. The Board reviewed information pertaining to JNAM's and each Sub-Adviser's organizational structure, senior management, financial condition, investment operations, and other relevant information pertaining to both JNAM and each Sub-Adviser. The Board considered compliance reports about JNAM and the Sub-Advisers from the Trust's Chief Compliance Officer.

Based on the foregoing, the Board concluded that (i) each Fund is likely to continue to benefit from the nature, extent and quality of the services provided by JNAM under the Advisory Agreement and (ii) each Fund is likely to continue to benefit from the nature, extent and quality of the services provided by each Sub-Adviser under the applicable Sub-Advisory Agreement.

#### Investment Performance of the Funds
The Board considered the investment performance of each Fund as described in quarterly reports prepared by management. The Board noted that JNAM reviews with the Board on a quarterly basis detailed information about each Fund's performance results and investment strategies. The Board also considered the performance of each Fund, including how the Fund's gross performance (unless otherwise noted) compared to the average performance of a group of comparable funds ("peer group") selected by an independent data service and how the Fund performed versus its primary benchmark index ("benchmark"). For certain Funds, the Board considered the relevant custom benchmark, blended benchmark, or custom peer group. This consideration was based on JNAM's assertion that the custom or blended benchmark or custom peer group is, in some circumstances, a more meaningful source of comparative information than a broad-based benchmark index or peer group for certain Funds that use a limited or unique investment focus or where the peer group may not be a good source of comparative information. With respect to these peer groups and custom peer groups, the Board further considered that comparison to these groups provides a helpful way to measure the Funds' performance, but noted that peer universes are constantly evolving, and, as such, the Funds' peer groups and, where applicable, custom peer groups, may change from time to time. The performance reviewed by the Board was for periods ended on December 31, 2021 (unless otherwise noted). When available, the Board considered one-, three-, five-, and ten-year performance.

#### New Fund:
**JNL Multi-Manager U.S. Select Equity Fund.** The Board took into account that the Fund had not commenced operations and there was no Fund performance data to review. The Board reviewed the performance of one of the proposed Sub-Adviser's investment mandates with a similar investment strategy as compared to the Fund's proposed benchmark index and peer group. The Board noted that the other proposed Sub-Adviser's investment mandate is a custom strategy for the Fund. Accordingly, the Board reviewed backtested performance results for the Sub-Adviser's proposed investment mandate as compared to the Fund's proposed benchmark index and peer group. The Board concluded it would be in the best interests of each Fund and its potential shareholders to approve the Agreements.

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#### Existing Funds:
**JNL Aggressive Growth Allocation Fund.** The Board considered that the Fund outperformed its benchmark for the three-year period, though it underperformed its benchmark for the one-, five-, and ten-year periods and underperformed its custom peer group for all periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/American Funds Balanced Fund. The Board noted that the Fund was restructured to operate as a "feeder fund" of the Master Fund effective April 24, 2017. The Board considered that the Fund outperformed its peer group for the one- and three-year periods, though it underperformed its blended benchmark for those periods, which represents performance under the Fund's "feeder fund" structure. The Board also considered that the Fund outperformed its peer group for the five-year period, though it underperformed its peer group for the ten-year period and underperformed its blended benchmark for the five- and ten-year periods, which represents performance prior to the Fund's "feeder fund" structure. The Board noted that it would be prudent to allow the team more time to develop its performance record with the Fund in its current structure. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.**

**JNL/American Funds Bond Fund of America Fund. The Board noted that the Fund had commenced operations in April 2021 and had less than one calendar year of performance data as of December 31, 2021. The Board noted, therefore, that it would be prudent to allow the team more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.**

**JNL/American Funds Capital Income Builder Fund. The Board considered that the Fund outperformed its blended benchmark and peer group for the one-year period, though it underperformed its blended benchmark and peer group for the three-year period. The Board noted that the Fund had commenced operations in August 2018 and has just three calendar years of performance data as of December 31, 2021. The Board concluded that it would be in the best interests of the Fund and its shareholders to approve the Advisory Agreement.**

**JNL/American Funds Capital World Bond Fund.** The Board considered that the Fund outperformed its benchmark for the three-, five-, and ten-year periods and its peer group for the three-year period, though it underperformed its benchmark for the one-year period and its peer group for the one-, five- and ten-year periods. The Board further considered that because the Fund changed its principal investment strategy effective April 2020, it would be prudent to allow the team more time to develop its performance record with the Fund under its current principal investment strategy. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/American Funds Global Growth Fund.** The Board considered that the Fund outperformed its custom peer group for the one-, three-, and five-year periods and its benchmark for the three- and five-year periods, though it underperformed its benchmark of the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/American Funds Global Small Capitalization Fund.** The Board noted that the Fund outperformed its benchmark for the three-, five-, and ten-year periods, though it underperformed its benchmark for the one-year period and it underperformed its peer group for all periods. The Board noted that the Fund's underperformance record was largely driven by comparative underperformance in 2021. In this regard, the Board took into account that the Fund outperformed its benchmark for the calendar years 2020, 2019, 2018, and 2017, and outperformed its peer group for calendar years 2019 and 2018 (ranking in the 47th and 41st percentiles, respectively). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/American Funds Growth Allocation Fund.** The Board considered that the Fund outperformed, after expenses, its benchmark and custom peer group for the three- and five-year periods, though it underperformed, after

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expenses, its benchmark and custom peer group for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/American Funds Growth Fund. The Board considered that the Fund outperformed its peer group for the one-, three-, and five-year periods and its benchmark for the three- and five-year periods, though it underperformed its benchmark for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.**

**JNL/American Funds Growth-Income Fund. The Board considered that the Fund underperformed its benchmark and peer group for all periods ended December 31, 2021. The Board noted, however, that the Fund's underperformance was largely driven by comparative underperformance in 2019, 2020, and 2021. In this regard, the Board also took into account that the Fund outperformed its benchmark for the calendar years 2018 and 2017, and outperformed its peer group for calendar years 2018, 2017, and 2016 (ranking in the 11th, 34th, and 48th percentiles, respectively). The Board further noted that the Fund outperformed its benchmark for the second quarter of 2022 and the year-to-date period ended June 30, 2022. The Board also considered that the Fund performed in the top half of its peer group for the second quarter of 2022 and the year-to-date period ended June 30, 2022. The Board further considered the Fund's emphasis on income-generating securities, the investment in which had provided a headwind to the Fund's performance in 2021. The Board also noted the Fund's allocations outside U.S. equities, the investment in which had provided a headwind to the Fund's performance in recent years. The Board took into account that the Fund's performance relative to peers is more favorable on a risk-adjusted basis and that the Fund has exhibited lower volatility. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.**

**JNL/American Funds International Fund.** The Board noted that the Fund outperformed its benchmark for all periods (except the most recent one- and three-year periods), though it underperformed its peer group for all periods. The Board noted, however, that underperformance compared to the peer group was largely driven by comparative underperformance in the last few years. In that respect, the Board considered recent changes implemented to the Fund's portfolio manager team and philosophical approach, and the Board took into account that the Fund outperformed its peer group for the second quarter of 2022 (ranking in the 24th percentile). The Board concluded that it in light of these recent changes and the Fund's strong performance against its benchmark, it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/American Funds Moderate Growth Allocation Fund.** The Board considered that the Fund outperformed, after expenses, its benchmark and custom peer group for the three- and five-year periods, though it underperformed, after expenses, its benchmark and custom peer group for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/American Funds New World Fund.** The Board considered that the Fund outperformed its custom peer group for the one-, three-, five-, and ten-year periods, though it underperformed its benchmark for those same periods. The Board also noted that the Fund outperformed its custom peer group for four out of the last five calendar years and its benchmark three out of the last five calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/American Funds Washington Mutual Investors Fund.** The Board considered that the Fund outperformed its peer group for one-, three-, five-, and ten-year periods, though it underperformed its benchmark for those same periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/AQR Large Cap Defensive Style Fund.** The Board considered that the Fund underperformed its benchmark and peer group for the one-year period. However, the Board noted that the Fund commenced operations in June 2019 and had less than three calendar years of performance data as of December 31, 2021. The Board noted, therefore, that it would be prudent to allow the team more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

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**JNL/Baillie Gifford International Growth Fund. The Board considered that the Fund outperformed its benchmark and peer group for the three-year period, though it underperformed its benchmark and peer group for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Fund's Advisory Agreement.**

**JNL/Baillie Gifford U.S. Equity Growth Fund and JNL/Morningstar PitchBook Listed Private Equity Index Fund. The Board noted that each Fund had commenced operations in April 2021 and had less than one calendar year of performance data as of December 31, 2021. The Board noted, therefore, that it would be prudent to allow the team more time to develop its performance record with each Fund. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreements.**

**JNL/BlackRock Global Allocation Fund. The Board considered that the Fund outperformed its blended benchmark and peer group for the three-, five-, and ten-year periods, though it underperformed its blended benchmark and peer group for the one-year period. The Board concluded it would be in the best interests of the Fund and its shareholders to renew the Agreements.**

**JNL/BlackRock Global Natural Resources Fund.** The Board considered that the Fund outperformed its benchmark for the one-, three-, and five-year periods, though it underperformed its benchmark for the ten-year period and its peer group for the one-, three-, five-, and ten-year periods. The Board also considered the Fund's recent performance, noting that the Fund outperformed its benchmark and peer group for the one-, three-, and five-year periods ended March 31, 2022. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/BlackRock Large Cap Select Growth Fund.** The Board noted that the Fund outperformed its peer group for the one-, three-, five-, and ten-year periods, though it underperformed its benchmark for those same periods. The Board also considered that the Fund outperformed its benchmark for two of the last five calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL Bond Index Fund, JNL Emerging Markets Index Fund, JNL International Index Fund, JNL Mid Cap Index Fund, and JNL Small Cap Index Fund.** The Board noted that each Fund had commenced operations in April 2021 and had less than one calendar year of performance data as of December 31, 2021. The Board noted, therefore, that it would be prudent to allow the team more time to develop its performance record with each Fund. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Master Fund Advisory Agreement.

**JNL/Causeway International Value Select Fund.** The Board considered that the Fund outperformed its benchmark for the three-, five-, and ten-year periods, though it underperformed its benchmark for the one-year period. The Board also considered that the Fund outperformed its peer group for the three- and five-year periods, though it underperformed its peer group for the one- and ten-year periods. The Board took into account that the Fund outperformed each of its benchmark and peer group in three out of the last five calendar years. The Board, therefore, concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/ClearBridge Large Cap Growth Fund.** The Board considered that the Fund outperformed its peer group for the one-year period, though it underperformed its benchmark for the one- and three-year periods and its peer group for the three-year period. The Board took into account that the Fund outperformed its benchmark in two out of the last four calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL Conservative Allocation Fund.** The Board considered that the Fund outperformed its benchmark for the one- and three-year periods, though it underperformed its custom peer group for the one-, three-, and five-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

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**JNL/DFA International Core Equity Fund. The Board considered that the Fund outperformed its peer group for the one-year period, though it underperformed its benchmark for the one-year period. The Board noted that the Fund had commenced operations in June 2019 and only had two calendar years of performance data as of December 31, 2021. The Board noted, therefore, that it would be prudent to allow the team more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.**

**JNL/DFA U.S. Core Equity Fund. The Board considered that the Fund outperformed its benchmark for the one-year period, though it underperformed its benchmark for the three-, five-, and ten-year periods. The Board also considered that the Fund outperformed its peer group for the one- and three-year periods, though it underperformed its peer group for the five- and ten-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.** 

**JNL/DFA U.S. Small Cap Fund.** The Board considered that the Fund outperformed its peer group for the one- and three-year periods and its benchmark for the one-year period, though it underperformed its peer group for the five-year period and its benchmark for the three- and five-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/DoubleLine<sup><sup>®</sup></sup> Emerging Markets Fixed Income Fund.** The Board considered that the Fund outperformed its benchmark for the one-, three-, and five-year periods, though it underperformed its peer group for those same periods. The Board also considered the Fund's recent performance, noting that the Fund outperformed its benchmark and peer group for the one-, three-, and five-year periods ended March 31, 2022. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/DoubleLine<sup><sup>®</sup></sup> Core Fixed Income Fund.** The Board considered that the Fund outperformed its benchmark for all periods and outperformed its peer group for the one-year period (ranking in the 34th percentile), though it underperformed its peer group for the remaining periods. The Board further noted the Fund's improving performance, which led the Fund to outperform its benchmark and peer group (ranking in the 15th percentile) for the first quarter of 2022. The Board also considered that the Fund outperformed its benchmark and peer group in three out of the last five years since the sub-adviser took over portfolio management of the Fund in 2017. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/DoubleLine<sup><sup>®</sup></sup> Shiller Enhanced CAPE Fund**. The Board considered that the Fund outperformed its peer group for the three- and five-year periods, though it underperformed its peer group for the one-year period and its benchmark for all periods. The Board also noted that the Fund outperformed its benchmark for three out of the last five calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/DoubleLine<sup><sup>®</sup></sup>Total Return Fund.** The Board considered that the Fund outperformed its benchmark for the one-year and since-inception periods, and equaled its benchmark for the five-year period, though it underperformed its benchmark for the remaining periods. The Board further noted that the Fund outperformed its peer group for the one-year period (ranking in the 32nd percentile), though it underperformed its peer group for the remaining periods. However, the Board considered that the underperformance record was largely driven by two challenging calendar years: 2019 and 2020. In this regard, the Board noted that as of December 31, 2018, the Fund was outperforming its benchmark and peer group for all periods. The Board further noted the Fund's improving performance, which led the Fund to outperform its benchmark and peer group (ranking in the 12th percentile) for the first quarter of 2022. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Fidelity Institutional Asset Management<sup><sup>®</sup></sup> Total Bond Fund.** The Board considered that the Fund outperformed its benchmark for the one-, three-, five-, and ten-year periods and its peer group for the one- and three-year periods, though it underperformed its peer group for the five- and ten-year periods. The Board took into account that the current Sub-Adviser has been managing the Fund only since June 24, 2019 and, therefore, that it would be prudent to allow

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the team more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/First Sentier Global Infrastructure Fund.** The Board observed that the Fund outperformed its benchmark for the one-, three-, five-, and ten-year periods, though it underperformed its peer group for those same periods. The Board also considered, however, that the Fund's performance against its peer group had rebounded and that the Fund ranked in the 15th percentile for the first quarter of 2022 The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Franklin Templeton Income Fund.** The Board considered that the Fund outperformed its blended benchmark and custom peer group for the one-year period, though it underperformed for the other periods. The Board also considered the Fund's recent performance, noting that the Fund outperformed its blended benchmark for the year-to-date and one-year periods and custom peer group for the year-to-date, one-, three-, five-, and ten-year periods ended March 31, 2022. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Goldman Sachs 4 Fund.** The Board noted that the Fund appointed two sub-advisers and revised its investment strategy in April 2021, and that the Fund's performance prior to this date is attributable to the investment strategy. The Board considered the Fund's unique investment mandate prior to April 2021 and considered information from JNAM indicating that the Fund was managed in a manner consistent with that mandate and that, because it had no true "peers," its benchmark is the appropriate comparative performance source. The Board also noted that the Fund will have one sub-adviser, effective November 14, 2022. The Board considered that the Fund outperformed its peer group for the one-, three-, five-, and ten-year periods and its benchmark for the one-year period, though it underperformed its benchmark for the three-, five-, and ten-year periods. The Board further considered that because the Fund changed its principal investment strategy effective April 2021, it would be prudent to allow the team more time to develop its performance record with the Fund under its current principal investment strategy. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

 **JNL/Goldman Sachs Managed Aggressive Growth Fund. The Board considered that, after expenses, the Fund outperformed its benchmark and custom peer group for the three-, five-, and ten-year periods though it underperformed its benchmark and custom peer group for the one-year period. The Board noted JNAM's assertion that the custom peer group provides the more meaningful performance comparison for the Fund because the funds included in the peer group are more narrowly screened for similar investment allocations as selected by an independent third party. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.**

**JNL/Goldman Sachs Managed Conservative Fund.** The Board considered that, after expenses, the Fund outperformed its blended benchmark for the one-year period, though it underperformed its blended benchmark for the three-, five-, and ten-year periods and its custom peer group for all periods. The Board also considered that the Fund outperformed, after expenses, its custom peer group in three of the last four calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Goldman Sachs Managed Growth Fund.** The Board considered that, after expenses, the Fund outperformed its benchmark for the one-, three-, five-, and ten-year periods and outperformed its custom peer group for the three-, five-, and ten-year periods, though it underperformed its custom peer group for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Goldman Sachs Managed Moderate Fund. The Board considered that, after expenses, the Fund outperformed its benchmark for the one-, three-, five-, and ten-year periods, though it underperformed its custom peer group for the same periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.**

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**JNL/Goldman Sachs Managed Moderate Growth Fund.** The Board considered that, after expenses, the Fund outperformed its benchmark for the one-, three-, five-, and ten-year periods and outperformed its custom peer group for the three- and five-year periods, though it underperformed its custom peer group for the one- and ten-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/GQG Emerging Markets Equity Fund.** The Board considered that the Fund outperformed its benchmark for the one- and three-year periods and its peer group for the three-year period, though it underperformed its peer group for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL Growth Allocation Fund.** The Board considered that the Fund outperformed its benchmark and custom peer group for the three-year period, though it underperformed its benchmark and custom peer group for the other periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/Harris Oakmark Global Equity Fund.** The Board considered that the Fund outperformed its custom peer group for the one-, three-, and five-year periods, though it underperformed its benchmark for all periods. The Board also noted that the Fund outperformed its custom peer group for four out of the last five calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Heitman U.S. Focused Real Estate Fund**. The Board considered that the Fund outperformed its benchmark and peer group for the one- and three-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Invesco Diversified Dividend Fund.** The Board considered that the Fund outperformed its benchmark and peer group for the first quarter of 2022 (ranking in the 12th percentile), though it underperformed its benchmark and peer group for the remaining periods. The Board also considered that the Fund outperformed its benchmark in two of the past four calendar years. The Board further noted the Fund's recent transition to a new lead portfolio manager in March 2021. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Invesco Global Growth Fund.** The Board considered that the Fund outperformed its benchmark for the three-, five-, and ten-year periods and its peer group for the one-year period, though it underperformed its benchmark for the one-year period and its peer group for the three-, five-, and ten-year periods. The Board also considered that the Fund outperformed each of its benchmark and peer group in three of the last five calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Invesco Small Cap Growth Fund. The Board considered that the Fund outperformed its benchmark and peer group for the three-, five-, and ten-year periods, though it underperformed its benchmark and peer group for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.**

**JNL iShares Tactical Growth Fund.** The Board considered that the Fund outperformed its benchmark for the one- and three-year periods, though it underperformed its benchmark for the five-year period and its custom peer group for the one-, three-, and five-year periods. The Board further noted that the Fund outperformed its custom peer group for four out of the past five calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL iShares Tactical Moderate Growth Fund.** The Board considered that the Fund outperformed its benchmark for the one-, three-, and five-year periods, though it underperformed its custom peer group for those periods. The Board further noted that the Fund outperformed its custom peer group for two out of the past five calendar years and equaled its custom peer group for one of the past five calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

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**JNL iShares Tactical Moderate Fund.** The Board considered that the Fund underperformed its custom peer group for the one-, three- and five-year periods and its benchmark for the three- and five-year periods, though it outperformed its benchmark for the one-year period. The Board also considered, however, that the Fund outperformed its benchmark for the year-to-date and one-year periods ended March 31, 2022 and outperformed its custom peer group for the year-to-date, one-year, and since-inception periods ended March, 31 2022 (ranking in the 30th, 43rd, and 45th percentiles, respectively). The Board further noted that the Fund outperformed its benchmark for the year-to-date, one-year, three-year, and since-inception periods ended June 30, 2022 and outperformed its custom peer group for the same periods (ranking in the 24th, 25th, 41st, and 37th percentiles, respectively). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/JPMorgan Global Allocation Fund.** The Board considered that the Fund outperformed its peer group for three- and five-year periods, though it underperformed its peer group for the one-year period and its blended benchmark for the one-, three-, and five-year periods. The Board took into account that the current Sub-Adviser has been managing the Fund only since June 24, 2019 and, therefore, that it would be prudent to allow the team more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/JPMorgan Hedged Equity Fund.** The Board considered that the Fund outperformed its peer group for the one- and three-year periods and its benchmark for the three-year period, though it underperformed its benchmark for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/JPMorgan MidCap Growth Fund. The Board considered that the Fund outperformed its benchmark and peer group for the three-, five-, and ten-year periods, though it underperformed its benchmark and peer group for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.** 

**JNL/JPMorgan U.S. Government & Quality Bond Fund.** The Board considered that the Fund outperformed its benchmark for the one-, three-, five-, and ten-year periods and outperformed its peer group for the three-, five-, and ten-year periods, though it underperformed its peer group for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/JPMorgan U.S. Value Fund.** The Board considered that the Fund outperformed its benchmark and peer group for the one-year period (ranking in the 35th percentile), though it underperformed its benchmark and peer group for the remaining periods. The Board further noted that the Fund outperformed its benchmark for the first quarter of 2022 and that the Fund changed sub-advisers and underwent an investment strategy change in April 2020. The Board noted, therefore, that the Fund's performance prior to this date was attributable to the previous sub-adviser. In this regard, the Board took into account that the Fund outperformed its benchmark and peer group for the calendar year 2021 (ranking in the 35th percentile). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Lazard International Strategic Equity Fund.** The Board considered that the Fund outperformed its benchmark for the three- and five-year periods and its peer group for the five-year period, though it underperformed its benchmark for the one-year period and its peer group for the one- and three-year periods. The Board also considered that the Fund outperformed its benchmark in four of the last five calendar years and its peer group in three of the last five calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Loomis Sayles Global Growth Fund.** The Board considered that the Fund outperformed its benchmark for the three-year period, though it underperformed its benchmark for the remaining periods and underperformed its peer group for all periods. The Board further noted, however, that the Fund outperformed its peer group (ranking in the 23rd percentile) for the first quarter of 2022. The Board also took into account that the Fund's underperformance was largely driven by comparative underperformance in 2021. In this regard, the Board also took into account that the Fund outperformed its benchmark for the calendar years 2020 and 2019, and outperformed its peer group for calendar years 2020 and 2019 (ranking in the 28th and

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46th percentiles, respectively). The Board noted that the Fund commenced operations in August 2018 and had only three calendar years of performance data as of December 31, 2021. The Board noted, therefore, that it would be prudent to allow the teams more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Lord Abbett Short Duration Income Fund.** The Board considered that the Fund outperformed its benchmark and peer group for the one-year period. The Board noted that the Fund commenced operations in April 2020 and only had one calendar year of performance data as of December 31, 2021. The Board noted, therefore, that it would be prudent to allow the team more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Mellon Bond Index Fund and JNL/Mellon Emerging Markets Index Fund.** The Board noted JNAM's assertion that each Fund seeks to track a benchmark index and, therefore, each respective benchmark is the appropriate comparative performance source for each Fund's passive investment mandate. The Board considered that each Fund lagged its benchmark for the one-, three-, five-, and ten-year periods. The Board took into account JNAM's assertions that it is comfortable with each Fund's tracking performance for each period and that each Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreements.

**JNL/Mellon Communication Services Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon S&P 500 Index Fund, and JNL/Mellon S&P 400 MidCap Index Fund.** The Board noted JNAM's assertion that each Fund seeks to track a benchmark index and, therefore, each Fund's benchmark is the appropriate comparative performance source for each Fund's passive investment mandate. The Board considered that each Fund's performance surpassed its benchmark for the one-, three-, five-, and ten-year periods. The Board took into account JNAM's assertions that it is comfortable with each Fund's tracking performance for each period and that each Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreements.

**JNL/Mellon International Index Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, the Fund's benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund's performance surpassed its benchmark for the three-, five-, and ten-year periods, though the Fund's performance lagged for the one-year period. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Mellon Consumer Discretionary Sector Fund and JNL/Mellon Energy Sector Fund.** The Board noted JNAM's assertion that each Fund seeks to track a benchmark index and, therefore, each Fund's respective benchmark is the appropriate comparative performance source for each Fund's passive investment mandate. The Board considered that each Fund's performance surpassed its benchmark for the ten-year period, though each Fund's lagged its benchmark for the one-, three-, and five-year periods. The Board took into account JNAM's assertions that it is comfortable with each Fund's tracking performance for each period and that each Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreements.

**JNL/Mellon Consumer Staples Sector Fund and JNL/Mellon Industrials Sector Fund.** The Board noted JNAM's assertion that each Fund seeks to track a benchmark index and, therefore, each Fund's benchmark is the appropriate comparative performance source for each Fund's passive investment mandate. The Board considered that each Fund outperformed its benchmark for the one- and three-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

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**JNL/Mellon Dow<sup>SM</sup> Index Fund. The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, its benchmark is the appropriate comparative performance source for its passive investment mandate. The Board noted that the Fund's performance surpassed its benchmark for the five- and ten-year-periods and equaled its benchmark for the one-year period, though it lagged its benchmark for the three-year period. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.** 

**JNL/Mellon Healthcare Sector Fund, JNL/Mellon Nasdaq<sup><sup>®</sup></sup>100 Index Fund, JNL/Mellon World Index Fund, and JNL/Mellon Small Cap Index Fund.** The Board noted JNAM's assertion that each Fund seeks to track a benchmark index and, therefore, each Fund's respective benchmark is the appropriate comparative performance source for each Fund's passive investment mandate. The Board considered that each Fund's performance surpassed its benchmark for the one-, three-, and five-year periods, though each Fund's performance lagged for the ten-year period. The Board took into account JNAM's assertions that it is comfortable with each Fund's tracking performance for each period and that each Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreements.

**JNL/Mellon Information Technology Sector Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, its benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund's performance surpassed its benchmark for the one- and three- year periods and equaled its benchmark for the five-year period, though it lagged its benchmark for the ten-year period. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Mellon Materials Sector Fund.** The Board noted JNAM's assertion that each Fund seeks to track a benchmark index and, therefore, each Fund's benchmark is the appropriate comparative performance source for each Fund's passive investment mandate. The Board considered that each Fund outperformed its benchmark for the three-year period, though it lagged its benchmark for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Mellon Real Estate Sector Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, its benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund's performance lagged its benchmark for the one- and three-year periods. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Mellon U.S. Stock Market Index Fund.** The Board noted that the Fund appointed a sub-adviser and revised its investment strategy in April 2021, and that the Fund's performance prior to this date is attributable to the investment strategy. The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, its benchmark is the appropriate comparative performance source for its passive investment mandate. The Board considered that the Fund underperformed its benchmark for the one- and three-year periods. The Board further considered that because the Fund changed its principal investment strategy effective April 2021, it would be prudent to allow the team more time to develop its performance record with the Fund under its current principal investment strategy. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Fund's Advisory Agreement.

**JNL/Mellon Utilities Sector Fund.** The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, its benchmark is the appropriate comparative performance source for its passive investment mandate. The Board noted that the Fund's performance surpassed its benchmark for the one-period and equaled its benchmark for the three-year period, though it lagged its benchmark for the five-year period. The Board also considered that the Fund's

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performance outperformed its benchmark for the 2021 calendar year, equaled its benchmark for the 2020 calendar year and underperformed its benchmark by one basis point for the 2019, 2018, and 2017 calendar years. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/MFS Mid Cap Value Fund.** The Board considered that the Fund outperformed its benchmark and peer group for the one-, three-, and five-year periods and its peer group for the ten-year period, though it underperformed its benchmark for the ten-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL Moderate Allocation Fund.** The Board considered that the Fund outperformed its benchmark for the one- and three-year periods, though it underperformed its benchmark for the five-year period and its custom peer group for the one-, three-, and five-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL Moderate Growth Allocation Fund.** The Board considered that the Fund outperformed its benchmark for the one-, three-, and ten-year periods, though it underperformed its benchmark for the five-year period and underperformed its custom peer group for one-, three-, five-, and ten-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Advisory Agreement.

**JNL/Morningstar U.S. Sustainability Index Fund (formerly, JNL/Mellon MSCI KLD 400 Social Index Fund). The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, its benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund's performance surpassed its benchmark for the three-year period, though it lagged for the one-year period. The Board took into account JNAM's assertions that it is comfortable with the Fund's tracking performance for each period and that the Fund is managed consistently with its passive investment mandate. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.**

**JNL/Morningstar Wide Moat Index Fund.** The Board considered that the Fund outperformed its benchmark for the one-year period, though it underperformed its benchmark for the three-year period by one basis point. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL Multi-Manager Alternative Fund.** The Board considered that the Fund outperformed its benchmark for the one-, three-, and five-year periods and outperformed its peer group for the three- and five-year periods, though it underperformed its peer group for the one-year period. The Board noted that, effective April 2021, a new sub-adviser was appointed to the Fund and began managing a portion of the Fund's assets, effective April 2018, an existing sub-adviser was replaced with a new sub-adviser, and, effective August 2018, a new sub-adviser was appointed to the Fund and began managing a portion of the Fund's assets. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL Multi-Manager Emerging Markets Equity Fund.** The Board considered that the Fund outperformed its benchmark and peer group for the one-year period, though it underperformed for the other periods. The Board further noted that, however, that effective April 2020, the existing sub-adviser was replaced with new sub-advisers, and that the Fund's performance prior to this date was attributable to the previous sub-adviser. In light of this and the Fund's improving performance, the Board concluded it would be prudent to allow the team more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL Multi-Manager International Small Cap Fund. The Board considered that the Fund outperformed its benchmark and peer group for the one- and three-year periods. The Board noted that, effective April 26, 2021, a new** 

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sub-adviser was appointed to the Fund and began managing a portion of the Fund's assets. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL Multi-Manager Mid Cap Fund. The Board noted that the Fund outperformed its peer group for the one-, three-, and five-year periods and its benchmark for the one-year period, though it underperformed its benchmark for the three- and five-year periods. The Board also noted that, effective April 25, 2022, a new sub-adviser was appointed to the Fund and began managing a portion of the Fund's assets, and effective April 27, 2020, a new sub-adviser was appointed to the Fund and began managing a portion of the Fund's assets. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.**

**JNL Multi-Manager Small Cap Growth Fund.** The Board considered that the Fund outperformed its benchmark and peer group for the three- and five-year periods and underperformed its benchmark and peer group for the one- and ten-year periods. The Board also noted that, effective April 25, 2022, two new sub-advisers were appointed to the Fund and each began managing a portion of the Fund's assets, effective April 30, 2018, an existing sub-adviser was replaced with a new sub-adviser, and, effective October 14, 2019, a new sub-adviser was appointed to the Fund and began managing a portion of the Fund's assets. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL Multi-Manager Small Cap Value Fund.** The Board considered that the Fund outperformed its benchmark and peer group for the fourth quarter of 2021 and its benchmark for the three- and five-year periods, though the Fund underperformed its benchmark and peer group for the remaining periods. The Board also considered that the Fund outperformed its benchmark in three of the last five calendar years, and outperformed its peer group in four of the last five calendar years. The Board also noted that a new sub-adviser began managing a portion of the Fund's assets effective April 26, 2021. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Neuberger Berman Commodity Strategy Fund, JNL/Neuberger Berman Strategic Income Fund, and JNL/Newton Equity Income Fund (formerly, JNL/Mellon Equity Income Fund).** The Board considered that each Fund outperformed its benchmark and peer group for the one-, three-, and five-year periods. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreements.

**JNL/PIMCO Income Fund.** The Board considered that the Fund outperformed its peer group for the fourth quarter of 2021 (ranking in the 29th percentile), and outperformed its benchmark for the one- and three-year periods, (though it underperformed its peer group for the other periods). The Board further noted that the Fund outperformed its benchmark for calendar years 2021, 2019, and 2018, and also outperformed its peer group in 2018 (ranking in the 24th percentile). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/PIMCO Investment Grade Credit Bond Fund.** The Board considered that the Fund outperformed its benchmark for the one-, three-, and five-year periods and its peer group for the five-year period, though it underperformed its peer group for the one- and three-year periods. The Board took into account that the Fund outperformed its benchmark in each of the last five calendar years and its peer group in four of the last five calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/PIMCO Real Return Fund and JNL/T. Rowe Price Value Fund.** The Board considered that the Fund outperformed its benchmark and peer group for the one-, three-, five-, and ten-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/PPM America Floating Rate Income Fund.** The Board considered that the Fund outperformed its benchmark and peer group (ranking in the 23rd percentile) for the fourth quarter of 2021, though it underperformed its benchmark and peer group for the other periods. The Board further took into account that the Fund outperformed its benchmark for the calendar years 2019, 2016 and 2015, and outperformed its peer group for calendar years 2019 and 2016 (ranking in the 40th

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and 48th percentiles, respectively), periods in which higher-quality securities performed better than lower-rated ones. The Board noted the Fund's recent transition to a new lead portfolio manager with a different portfolio management construction process and philosophical approach. The Board also noted that, effective September 2022, a new Sub-Adviser was appointed to the Fund and began managing a portion of the Fund's assets. As it relates to the new Sub-Adviser, the Board reviewed the performance of the new Sub-Adviser's investment mandate with similar investment strategies as compared to the Fund, the Fund's benchmark index and the Fund's peer group. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/PPM America High Yield Bond Fund.** The Board considered that the Fund outperformed its benchmark for the one-, three-, five-, and ten-year periods and its peer group for the one- and three-year periods, though it underperformed its peer group for the five- and ten-year periods. The Board took into account that the Fund outperformed each of its benchmark and peer group in three out of the last five calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/PPM America Total Return Fund. The Board considered that the Fund outperformed its benchmark for the one-, three-, five-, and ten-year periods and its peer group for the three-, five-, and ten-year periods, though it underperformed its peer group for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.**

**JNL/RAFI<sup><sup>®</sup></sup> Fundamental U.S. Small Cap Fund**. The Board noted the Fund's unique investment mandate and considered information from JNAM indicating that the Fund is managed in a manner consistent with that mandate. The Board considered that the Fund underperformed its custom benchmark for the one-, three-, five-, and ten-year periods. The Board noted that the Fund was within 0.10%, 0.48%, 0.30%, and 0.33% of the custom benchmark for the one-, three-, five-, and ten-year periods, respectively. The Board further considered that it has previously approved an index strategy change for the Fund effective June 24, 2019. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/RAFI<sup><sup>®</sup></sup> Multi-Factor U.S. Equity Fund.** The Board noted the Fund's unique investment mandate and considered information from JNAM indicating that the Fund is managed in a manner consistent with that mandate. The Board considered that the Fund's performance surpassed its custom benchmark for the one- and ten-year periods, though it lagged its custom benchmark for the three- and five-year periods. The Board further considered that it has previously approved an index strategy change for the Fund effective June 24, 2019. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL S&P 500 Index Fund. The Board noted JNAM's assertion that the Fund seeks to track a benchmark index and, therefore, the respective benchmark is the appropriate comparative performance source for the Fund's passive investment mandate. The Board considered that the Fund underperformed its benchmark for the one- and three-year periods. The Board further noted that the Fund outperformed its benchmark by one basis point for the 2021 calendar year and equaled its benchmark for the 2020, 2019, and 2018 calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.**

**JNL/T. Rowe Price Balanced Fund. The Board considered that the Fund outperformed its blended benchmark and peer group for the three- and five-year periods, though it underperformed its blended benchmark and its peer group for the one-year period. The Board further considered that, effective April 2020, the Fund revised its investment strategy to remove the volatility overlay, and that effective August 2018, a new sub-adviser replaced the existing sub-adviser in conjunction with various investment strategy and fee changes to this Fund, including a change from a fund-of-funds structure to an actively managed fund structure. The Board also considered that, because of the recent sub-adviser and various investment strategy changes, it would be prudent to allow the team more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.**

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**JNL/T. Rowe Price Capital Appreciation Fund.** The Board considered that the Fund outperformed its blended benchmark and peer group for the one-, three-, and five-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/T. Rowe Price Established Growth Fund.** The Board considered that the Fund outperformed its peer group for the ten-year period, though it underperformed its benchmark for the one-, three-, five-, and ten-year periods and its peer group for the one-, three-, and five-year periods. The Board took into account that the Fund outperformed its benchmark in three of the last five calendar years. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/T. Rowe Price Mid-Cap Growth Fund.** The Board took into account that the Fund outperformed its peer group for the one-year period and its benchmark for the ten-year period, though it underperformed its peer group for the three-, five-, and ten-year periods and its benchmark for the one-, three-, and five-year periods. The Board further noted that the Fund outperformed its benchmark for the year-to-date, one-year, and since-inception periods ended June 30, 2022 and outperformed its custom peer group for the same periods (ranking in the 12th, 17th, and 4th percentiles, respectively). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/T. Rowe Price Short-Term Bond Fund.** The Board considered that the Fund outperformed its benchmark for the one-, three-, five-, and ten-year periods, though it underperformed its peer group for the same periods. The Board also considered that two sub-sub-advisers have been appointed to the Fund, effective September 1, 2022. The Board considered that there will be no change to the investment strategy, resources, or portfolio manager(s) of the Fund due to the appointment of the sub-sub-advisers. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/T. Rowe Price U.S. High Yield Fund.** The Board considered that the Fund outperformed its benchmark in 2021, the first quarter of 2022, and the one-year period, though it underperformed its benchmark for the other periods. The Board also considered that the Fund outperformed its peer group for the fourth quarter of 2021 (ranking in the 33rd percentile), though it underperformed its peer group for the remaining periods. The Board noted, however, that the Fund changed sub-advisers and revised its investment strategy effective April 2020 and that the Fund's performance prior to this date was attributable to the previous sub-adviser. In light of this and the Fund's improving performance, the Board concluded that it would be prudent to allow the team more time to develop its performance record as a result of these changes. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Vanguard Growth ETF Allocation Fund.** The Board considered that the Fund outperformed its benchmark for the one- and three-year period and outperformed its custom peer group for the three-year period, though it underperformed its custom peer group for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Vanguard Moderate ETF Allocation Fund and JNL/Vanguard Moderate Growth ETF Allocation Fund.** The Board considered that each Fund outperformed its benchmark for the one- and three-year periods, though each Fund underperformed its custom peer group for the same periods. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreements.

**JNL/WCM Focused International Equity Fund.** The Board considered that the Fund outperformed its benchmark and peer group for the one- three-, and five-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/Westchester Capital Event Driven Fund.** The Board considered that the Fund outperformed its benchmark for the one-, three-, and five-year periods and its peer group for the three- and five-year periods, though it underperformed its peer group for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

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**JNL/Western Asset Global Multi-sector Bond Fund (formerly, JNL/Franklin Templeton Global Multisector Bond Fund).** The Board considered that the Fund outperformed its benchmark for the one- and ten-year periods, though it underperformed its benchmark group for the three- and five-year periods and underperformed its peer group for all periods. The Board noted, however, that the Fund changed sub-advisers effective April 2022, and that it would be prudent to allow the team more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/William Blair International Leaders Fund (formerly, JNL/Invesco International Growth Fund).** The Board considered that the Fund outperformed its benchmark for the one-year period, though it underperformed its benchmark group for the three-, five-, and ten-year periods and underperformed its peer group for all periods. The Board noted, however, that the Fund changed sub-advisers effective April 2022, and that it would be prudent to allow the team more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/WMC Balanced Fund.** The Board considered that the Fund outperformed its peer group for the one-, three-, five-, and ten-year periods and its blended benchmark for the one-year period, though it underperformed its blended benchmark for the three-, five-, and ten-year periods. The Board also considered that the Fund outperformed its blended benchmark for the since-inception period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/WMC Equity Income Fund.** The Board considered that the Fund outperformed its benchmark for the one- and three-year periods, though it underperformed its peer group for the same periods. The Board further considered that, effective April 2021, the Fund appointed a sub-adviser and revised its investment strategy from a feeder fund in a "master-feeder" structure to an actively managed fund structure. The Board also considered that, because of the recent sub-adviser and investment strategy changes, it would be prudent to allow the team more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Fund's Advisory Agreement.

**JNL/WMC Global Real Estate Fund.** The Board considered that the Fund outperformed its benchmark for one- and three-year periods and its peer group for the one-year period, though the Fund underperformed its benchmark for the five- and ten-year periods and its peer group for the remaining periods. The Board further considered that the Fund outperformed its benchmark and peer group for calendar year 2021. The Board also noted that the Fund changed sub-advisers effective April 2021. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/WMC Government Money Market Fund.** The Board considered that the Fund outperformed its benchmark for the one-, three-, five-, and ten-year periods, outperformed its peer group for the one-, five-, and ten-year periods, and equaled its peer group for the three-year period. The Board noted that prior to September 19, 2016, the Fund operated as a prime money market fund and that, effective September 19, 2016, the Fund operates as a government money market fund and, as such, invests at least 99.5% of its total assets in cash, government securities and/or repurchase agreements that are "collateralized fully" (i.e., backed by cash or government securities). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

**JNL/WMC Value Fund.** The Board considered that the Fund outperformed its benchmark for the one-, three-, five-, and ten-year periods and its peer group for the one- and three-year periods, though it underperformed its peer group for the five- and ten-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

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#### Costs of Services
The Board reviewed the fees paid to JNAM and each Fund's Sub-Adviser(s). For each Fund, the Board reviewed fee and expense information as compared to that of comparable funds managed by other advisers, as well as fees charged by each Sub-Adviser to similar clients, if any. The Board also noted that JNAM does not manage any institutional accounts with which the Funds' fees could be compared*.* Using information provided by an independent data service, the Board evaluated each Fund's advisory fees compared to the average advisory fees for other funds similar in size, character and investment strategy (the "peer group"). The Board considered each Fund's total expense ratio and compared that to the average total expense ratio of the peer group. For certain Funds, the Board considered the total expense ratio without the inclusion of, where applicable, transfer agency and Rule 12b-1 fees. This consideration was based on JNAM's assertion that, due to the composition of certain peer groups that contain both retail and variable annuity funds, the total expense ratio (excluding transfer agency and Rule 12b-1 fees) was a more meaningful source of comparative information. While the Board also considered each Fund's sub-advisory fee and compared that to the average sub-advisory fee of the peer group, the Board noted that each Fund's sub-advisory fee would be paid by JNAM (not the Fund) and, therefore, would be neither a direct shareholder expense nor a direct influence on a Fund's total expense ratio. The Board noted that comparison to peer groups provides a helpful way to evaluate the Funds' fees, but took into account that peer group universes are constantly evolving, and, as such, the universe of comparable funds in the Funds' peer groups may change from time to time.

The Board also took into account that various fee reductions and other fee changes were implemented for certain Funds on January 1, 2020, March 1, 2020, April 27, 2020, July 1, 2020, September 1, 2020, October 1, 2020, December 1, 2020, March 1, 2021, April 26, 2021, September 1, 2021, October 1, 2021, December 1, 2021, January 1, 2022, March 1, April 25, 2022, May 1, 2022, June 1, 2022, September 1, 2022. It noted that these reductions will serve to further reduce certain Funds' advisory fees, sub-advisory fees, and/or total expense ratios.

Further detail considered by the Board regarding the advisory and sub-advisory fees of each Fund is set forth below:

#### New Fund:
**JNL Multi-Manager U.S. Select Equity Fund.** The Board considered that the Fund's advisory fee and sub-advisory fee are lower than their respective peer group averages and the total expense ratio is within one basis point of the peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the above.

#### Existing Funds:
**JNL Aggressive Growth Allocation Fund.** The Board noted that the Fund's advisory fee is lower than its peer group average. The Board considered that the Fund's total expense ratio (including and excluding underlying fund expenses) is higher than its peer group average. The Board also considered that the Fund's total expense ratio (excluding underlying fund expenses) is within seven basis points of the peer group average. The Board noted that each of the Funds' underlying funds is subject to individual oversight. The Board also considered that the Fund does not have a sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/American Funds Balanced Fund.** The Board considered that the Fund's advisory fee is lower than its peer group average, and the Fund's total expense ratio (including Master Fund expenses) is within two basis points of the peer group average. The Board considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/American Funds Bond Fund of America Fund. The Board considered that the Fund's advisory fee is lower than the peer group average. The Board considered that the Fund's total expense ratio (including Master Fund expenses) is within four basis points of the peer group average. The Board considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.**

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**JNL/American Funds Capital Income Builder Fund. The Board considered that the Fund's advisory fee is lower than the peer group average, while its total expense ratio (including Master Fund expenses) is equal to the peer group average. The Board considered that the Fund has no sub-advisory fee. The Board further considered that JNAM, in conversations with the Board, implemented a contractual advisory fee reduction effective April 27, 2020. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.**

**JNL/American Funds Capital World Bond Fund.** The Board considered that the Fund's advisory fee is lower than the peer group average, while its total expense ratio (including Master Fund expenses) is higher than the peer group average. The Board also considered that the Fund has no sub-advisory fee. The Board further considered that JNAM, in conversations with the Board, implemented a contractual advisory fee reduction effective April 27, 2020. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/American Funds Global Growth Fund.** The Board considered that the Fund's advisory fee is lower than the peer group average, while its total expense ratio (including Master Fund expenses) is equal to its peer group average. The Board also considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/American Funds Global Small Capitalization Fund.** The Board considered that the Fund's advisory fee is lower than the peer group average. The Board considered that the Fund's total expense ratio (including Master Fund expenses) is within four basis points of the peer group average. The Board considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/American Funds Growth Allocation Fund.** The Board considered that the Fund's advisory fee is higher than its peer group average, while its total expense ratio (including underlying fund expenses) is within three basis points of its peer group average. The Board considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/American Funds Growth Fund.** The Board considered that the Fund's total expense ratio (including Master Fund expenses) is lower than the peer group average, though the advisory fee is higher than the peer group average. The Board also considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/American Funds Growth-Income Fund. The Board considered that the Fund's advisory fee is lower than the peer group average, though the Fund's total expense ratio (including Master Fund expenses) is equal to the peer group average. The Board considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.** 

**JNL/American Funds International Fund.** The Board noted that the Fund's advisory fee is lower than the peer group average. The Board considered that the Fund's total expense ratio (including Master Fund expenses) is within seven basis points of the peer group average. The Board considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/American Funds Moderate Growth Allocation Fund.** The Board considered that the Fund's advisory fee is within two basis points of the peer group average, while the Fund's total expense ratio (including underlying fund expenses) is higher than the peer group average. The Board considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/American Funds New World Fund.** The Board considered that the Fund's advisory fee is lower than its peer group average, and that the Fund's total expense ratio (including Master Fund expenses) is within four basis points of its peer group average. The Board considered that the Fund has no sub-advisory fee. The Board further considered that JNAM, in

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conversations with the Board, implemented a contractual advisory fee reduction effective April 27, 2020. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/American Funds Washington Mutual Investors Fund.** The Board considered that the Fund's advisory fee and total expense ratio (including Master Fund expenses) are lower than their peer group averages. The Board considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/AQR Large Cap Defensive Style Fund, JNL/Baillie Gifford International Growth Fund, JNL/Baillie Gifford U.S. Equity Growth Fund, JNL/BlackRock Global Natural Resources Fund, JNL/BlackRock Large Cap Select Growth Fund, JNL Bond Index Fund, JNL/Causeway International Value Select Fund, JNL/DFA U.S. Core Equity Fund, JNL Emerging Markets Index Fund, JNL/Fidelity Institutional Asset Management<sup><sup>®</sup></sup> Total Bond Fund, JNL/Goldman Sachs 4 Fund, JNL International Index Fund, JNL/Invesco Global Growth Fund, JNL/JPMorgan U.S. Government & Quality Bond Fund, JNL/Loomis Sayles Global Growth Fund, JNL/Mellon Communication Services Sector Fund, JNL/Mellon Consumer Discretionary Sector Fund, JNL/Mellon Consumer Staples Sector Fund, JNL/Mellon Dow<sup>SM</sup> Index Fund, JNL/Mellon Energy Sector Fund, JNL/Mellon Financial Sector Fund, JNL/Mellon Healthcare Sector Fund, JNL/Mellon Industrials Sector Fund, JNL/Mellon Information Technology Sector Fund, JNL/Mellon Materials Sector Fund, JNL/Mellon Nasdaq<sup><sup>®</sup></sup>100 Index Fund, JNL/Mellon Real Estate Sector Fund, JNL/Mellon Utilities Sector Fund, JNL/Mellon World Index Fund, JNL/MFS Mid Cap Value Fund, JNL Mid Cap Index Fund, JNL/Morningstar PitchBook Listed Private Equity Index Fund, JNL Multi-Manager Small Cap Value Fund, JNL/Newton Equity Income Fund (formerly, JNL/Mellon Equity Income Fund), JNL/PPM America High Yield Bond Fund, JNL/PPM America Total Return Fund, JNL/RAFI<sup>®</sup> Multi-Factor U.S. Equity Fund, JNL S&P 500 Index Fund, JNL Small Cap Index Fund, JNL/Westchester Capital Event Driven Fund, JNL/WMC Balanced Fund, and JNL/WMC Value Fund. The Board considered that each Fund's advisory and sub-advisory fees and total expense ratio are lower than their respective peer group averages. The Board concluded that the fees are in the best interests of each Fund and its shareholders in light of the services provided.** 

**JNL/BlackRock Global Allocation Fund.** The Board considered that the Fund's advisory fee is lower than the peer group average, while the sub-advisory fee is equal to its peer group and total expense ratio is within two basis points of its peer group average. The Board also took into account that JNAM, in conversations with the Board, implemented contractual advisory fee reductions effective April 27, 2020 and January 1, 2020, respectively. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/ClearBridge Large Cap Growth Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages and the total expense ratio is within one basis point of the peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL Conservative Allocation Fund.** The Board considered that the Fund's advisory fee is within three basis points of its peer group average and the Fund's total expense ratio (excluding and including underlying fund expenses) is higher than its peer group average. The Board further noted that each of the Fund's underlying funds is subject to individual oversight. The Board also considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/DFA International Core Equity Fund. The Board considered that the Fund's advisory fee and total expense ratio are lower than their respective peer group averages and the sub-advisory fee is within one basis point of the peer group average. The Board further considered that JNAM, in conversations with the Board, implemented a voluntary advisory fee waiver effective March 1, 2020, which converted to a contractual advisory fee reduction effective April 27, 2020. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.** 

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**JNL/DFA U.S. Small Cap Fund. The Board considered that the Fund's advisory and sub-advisory fees and total expense ratio are lower than their respective peer group averages. The Board further considered that JNAM, in conversations with the Board, implemented a voluntary advisory fee waiver effective March 1, 2022, which converted to a contractual advisory fee reduction effective April 25, 2022. The Board concluded that the fees are in the best interests of each Fund and its shareholders in light of the services provided.** 

**JNL/DoubleLine<sup><sup>®</sup></sup> Core Fixed Income Fund. The Board took into account that the Fund's advisory fee is lower than the peer group average and that the Fund's sub-advisory fee and total expense ratio are within five and four basis points of their respective peer group averages. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the Fund's recent performance and the services provided.** 

**JNL/DoubleLine<sup><sup>®</sup></sup> Emerging Markets Fixed Income Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages, though the Fund's total expense ratio is equal to the peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/DoubleLine<sup><sup>®</sup></sup> Shiller Enhanced CAPE Fund.** The Board considered that the Fund's advisory fee is equal to its peer group average and the Fund's sub-advisory fee is within seven basis points of its peer group average, though the Fund's total expense ratio is higher than the peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/DoubleLine<sup><sup>®</sup></sup> Total Return Fund.** The Board took into account that the Fund's advisory fee is lower than the peer group average and that the Fund's total expense ratio is only four basis points higher than its peer group average. The Board noted that the Fund's sub-advisory fee is higher than its peer group average. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/First Sentier Global Infrastructure Fund.** The Board took into account that the Fund's total expense ratio is lower than its peer group average, the Fund's sub-advisory fee is equal to its peer group average, and the Fund's advisory fee is within seven basis points of its peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Franklin Templeton Income Fund.** The Board considered that the Fund's advisory fee and total expense ratio are lower than their respective peer group averages, though the Fund's sub-advisory fee is higher than its peer group average. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Goldman Sachs Managed Aggressive Growth Fund. The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages and the Fund's total expense ratio (including underlying fund expenses) is within seven basis points of its peer group average, though the Fund's total expense ratio (excluding underlying fund expenses) is within six basis points of its peer group average. The Board further noted that each of the Fund's underlying funds is subject to individual oversight. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.**

**JNL/Goldman Sachs Managed Conservative Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages and the Fund's total expense ratio (including underlying fund expenses) is higher than its peer group average, though the Fund's total expense ratio (excluding underlying fund expenses) is within four basis points of its peer group average. The Board further noted that each of the Fund's underlying funds is subject to individual oversight. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

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**JNL/Goldman Sachs Managed Growth Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their peer group averages and that the Fund's total expense ratio (excluding underlying fund expenses) is within five basis points of the peer group average. The Board further noted that each of the Fund's underlying funds is subject to individual oversight. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Goldman Sachs Managed Moderate Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages and that the Fund's total expense ratio (excluding underlying fund expenses) is within three basis points of the peer group average. The Board further noted that each of the Fund's underlying funds is subject to individual oversight. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Goldman Sachs Managed Moderate Growth Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages and that the Fund's total expense ratio (excluding underlying fund expenses) is within two basis points of the peer group average. The Board further noted that each of the Fund's underlying funds is subject to individual oversight. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL Growth Allocation Fund.** The Board took into account that the Fund's advisory fee is lower than its peer group average. The Board considered that the Fund's total expense ratio (including and excluding underlying fund expenses) is higher than its peer group average. The Board also considered that the Fund's total expense ratio (excluding underlying fund expenses) is within five basis points of the peer group average. The Board noted that each of the Fund's underlying funds is subject to individual oversight. The Board also considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/GQG Emerging Markets Equity Fund. The Board considered that the Fund's advisory fee is lower than the peer group average and the Fund's total expense ratio is within three basis points of the peer group average, though the Fund's sub-advisory fee and total expense ratio are higher than their respective peer group averages. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.**

**JNL/Harris Oakmark Global Equity Fund.** The Board considered that the Fund's advisory fee is within one basis point of the peer group average, though its sub-advisory fees and total expense ratio are higher than their respective peer group averages. The Board further considered that JNAM, in conversations with the Board, implemented a contractual advisory fee reduction effective October 14, 2019. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Heitman U.S. Focused Real Estate Fund.** The Board considered that the Fund's advisory fee is lower than the peer group average and the Fund's sub-advisory fee and total expense ratio are higher than their respective peer group averages, though the sub-advisory fee and total expense ratio are within five and four basis points of their peer group averages, respectively. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Invesco Diversified Dividend Fund.** The Board considered that the Fund's advisory fee is lower than the peer group average and that the Fund's sub-advisory fee and total expense ratio are higher than their respective peer group averages though the sub-advisory fee and total expense ratio are within six and five basis points of their peer group averages, respectively. The Board took into account that JNAM, in conversations with the Board, implemented a contractual advisory fee reduction in April 25, 2022. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Invesco Small Cap Growth Fund.** The Board considered that the Fund's advisory fee is lower than the peer group average, though the Fund's sub-advisory fee and total expense ratio are higher than their respective peer group

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averages. The Board noted, however, that the Fund's total expense ratio is within six basis points of the peer group average. The Board took into account that JNAM, in conversations with the Board, implemented a voluntary advisory fee waiver effective September 1, 2022, which will convert to a contractual advisory fee reduction in May 2023. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL iShares Tactical Growth Fund and JNL iShares Tactical Moderate Fund.** The Board considered that each Fund's advisory and sub-advisory fees and total expense ratio (excluding underlying expenses) are lower than their respective peer group averages. The Board noted that each Fund's total expense ratio (including underlying expenses) is within one basis point of its peer group average. The Board concluded that the fees are in the best interests of each Fund and its shareholders in light of the services provided.

**JNL iShares Tactical Moderate Growth Fund.** The Board considered that the Fund's advisory and sub-advisory fees and total expense ratio (excluding underlying expenses) are lower than the respective peer group averages. The Board noted that the Fund's total expense ratio (including underlying expenses) is with five basis points of its peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/JPMorgan Global Allocation Fund. The Board considered that the Fund's advisory and sub-advisory fees and total expense ratio are higher than the respective peer group averages. The Board noted that the Fund's advisory fee and sub-advisory fee are each within six basis points of their respective peer group averages. The Board further considered that JNAM, in conversations with the Board, implemented a contractual advisory fee reduction, effective April 27, 2020. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.**

**JNL/JPMorgan Hedged Equity Fund. The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages and the total expense ratio is within two basis points of the peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.**

**JNL/JPMorgan Midcap Growth Fund. The Board considered that the Fund's advisory fee and total expense ratio are lower than their respective peer group averages, though the Fund's sub-advisory fee is higher than its peer group average. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.**

**JNL/JPMorgan U.S. Value Fund. The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages and that the Fund's total expense ratio is within two basis points of its respective peer group average. The Board further considered that JNAM, in conversations with the Board, implemented a contractual advisory fee reduction, effective April 27, 2020. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.** 

**JNL/Lazard International Strategic Equity Fund. The Board considered that the Fund's advisory and sub-advisory fees and total expense ratio are higher than the respective peer group averages. The Board noted that the Fund's advisory fee is within four basis points of its peer group average and that the Fund's total expense ratio is within five basis points of the peer group average. The Board took into account that JNAM, in conversations with the Board, implemented a voluntary advisory fee waiver effective September 1, 2022, which will convert to a contractual advisory fee reduction in May 2023. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.**

**JNL/Lord Abbett Short Duration Income Fund.** The Board considered that the Fund's advisory is lower than its peer group average, while the Fund's sub-advisory fee and total expense ratio are within three and two basis points of their respective peer group averages. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

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**JNL/Mellon Bond Index Fund, JNL/Mellon Emerging Markets Index Fund, JNL/Mellon International Index Fund, JNL/Mellon S&P 400 MidCap Index Fund, and JNL/Mellon Small Cap Index Fund. The Board considered that each Fund's advisory fee and total expense ratio (including and excluding Master Fund expenses) are lower than their respective peer group averages. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided** 

**JNL/Mellon S&P 500 Index Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages. The Board noted that the Fund's total expense ratio is within four basis points of the peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided and the Fund's performance.

**JNL/Mellon U.S. Stock Market Index Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages. The Board noted that the Fund's total expense ratio is within two basis points of the peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided and the Fund's performance.

**JNL Moderate Allocation Fund.** The Board considered that the Fund's advisory fee is higher than its peer group average but within two basis points and the Fund's total expense ratio (excluding and including underlying fund expenses) is higher than its peer group average. The Board further noted that each of the Fund's underlying funds is subject to individual oversight. The Board also considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL Moderate Growth Allocation Fund. The Board considered that the Fund's advisory fee and total expense ratio (including and excluding underlying Fund expenses) are higher than their respective peer group averages. The Board noted, however, that the Fund's advisory fee is within one basis point of its peer group average. The Board further noted that each of the Fund's underlying funds is subject to individual oversight. The Board also considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.** 

**JNL/Morningstar U.S. Sustainability Index Fund (formerly, JNL/Mellon MSCI KLD 400 Social Index Fund).** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages, while the Fund's total expense ratio is within three basis points of its peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided and the Fund's performance.

**JNL/Morningstar Wide Moat Index Fund.** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages, while the Fund's total expense ratio is within five basis points of its peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided and the Fund's performance.

**JNL Multi-Manager Alternative Fund.** The Board took into account that the Fund's total expense ratio is lower than its peer group average and the Fund's advisory fee is within seven basis points of its peer group average. The Board noted that the Fund's sub-advisory fee is equal to its peer group average. The Board also considered that JNAM, in conversations with the Board, implemented a contractual advisory fee reduction, effective April 26, 2021. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL Multi-Manager Emerging Markets Equity Fund.** The Board considered that the Fund's advisory fee, sub-advisory fee, and total expense ratio are lower than their respective peer group averages. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

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**JNL Multi-Manager International Small Cap Fund.** The Board considered that the Fund's advisory fee is lower than its peer group average and its sub-advisory fee and total expense ratio are each within four basis points of their respective peer group averages. The Board noted that the Fund's sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL Multi-Manager Mid Cap Fund.** The Board considered that the Fund's advisory fee is lower than its peer group average, though its sub-advisory fee and total expense ratio are higher than their respective peer group averages. The Board noted that the Fund's sub-advisory fee and total expense ratio are within four basis points and six basis points of their respective peer group averages and that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL Multi-Manager Small Cap Growth Fund. The Board considered that the Fund's advisory fee and total expense ratio are lower than their respective peer group averages, though its sub-advisory fee is higher than its peer group average. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.**

**JNL/Neuberger Berman Commodity Strategy Fund.** The Board considered that the Fund's advisory fee and total expense ratio are lower than their respective peer group averages and its sub-advisory is equal to its peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Neuberger Berman Strategic Income Fund.** The Board considered that the Fund's advisory and sub-advisor fees are lower than their respective peer group averages and its total expense ratio is equal to its peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/PIMCO Income Fund.** The Board considered that the Fund's total expense ratio is lower than its peer group average and that the Fund's advisory fee is within one basis point of its peer group average. The Board also noted that the Fund's sub-advisory fee is higher than its peer group average. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/PIMCO Investment Grade Credit Bond Fund.** The Board considered that the Fund's advisory fee and total expense ratio are lower than their respective peer group averages, while the Fund's sub-advisory fee is within four basis points of the peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/PIMCO Real Return Fund.** The Board considered that the Fund's advisory fee is lower than the peer group average, the Fund's total expense ratio is within three basis points of the peer group average and the Fund's sub-advisory fee is within six basis points of the peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/PPM America Floating Rate Income Fund. The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group average. The Board noted that the Fund's total expense ratio is within four basis points of the peer group average. The Board further considered that JNAM, in conversations with the Board, implemented a voluntary advisory fee waiver effective September 1, 2022. The Board also noted that the total expense ratio, after taking account of the proposed voluntary advisory fee waiver, will be lower than both the current total expense ratio and the peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the information considered by the Board and services provided.** 

**JNL/RAFI<sup><sup>®</sup></sup> Fundamental U.S. Small Cap Fund.** The Board considered that the Fund's advisory fee is lower than its peer group average and its sub-advisory fee is equal to its peer group average. The Board noted that the Fund's total expense

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ratio is within four basis points of the peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/T. Rowe Price Balanced Fund and JNL/T. Rowe Price Capital Appreciation Fund.** The Board considered that each Fund's advisory fee and sub-advisory fee are lower than their respective peer group averages, and each Fund's total expense ratio is within four basis points of its peer group average. The Board concluded that the fees are in the best interests of each Fund and its shareholders in light of the services provided.

**JNL/T. Rowe Price Established Growth Fund. The Board considered that the Fund's advisory fee and total expense ratio are lower than the respective peer group averages, while the Fund's sub-advisory fee is within two basis points of the peer group average. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.** 

**JNL/T. Rowe Price Mid-Cap Growth Fund.** The Board noted that the Fund's advisory fee and total expense ratio are lower than their respective peer group averages, and that the Fund's sub-advisory fee is within one basis point of its peer group average. The Board took into account that JNAM, in conversations with the Board, implemented a voluntary advisory fee waiver effective January 1, 2022, which converted to a contractual advisory fee reduction in April 2022. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/T. Rowe Price Short-Term Bond Fund. The Board considered that the Fund's advisory and sub-advisory fees and total expense ratio are lower than their respective peer group averages, and that the Fund's sub-advisory fee is within one basis point of its peer group average. The Board also considered the appointments two sub-sub-advisers effective September 1, 2022, and that the Fund's sub-advisory fees would be paid by JNAM (not the Fund) and the sub-sub-advisory fees would be paid by the Fund's Sub-Adviser, and, therefore, would be neither a direct shareholder expense nor a direct influence on the Fund's total expense ratio. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.** 

**JNL/T. Rowe Price U.S. High Yield Fund.** The Board considered that the Fund's advisory fee is lower than its peer group average and its total expense ratio is within six basis points of its peer group average, though the sub-advisory fee is higher than the peer group average. The Board also considered that JNAM, in conversations with the Board, implemented contractual advisory fee reductions effective April 25, 2022. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/T. Rowe Price Value Fund.** The Board considered that the Fund's advisory and sub-advisory fees and total expense ratio are lower than their respective peer group averages. The Board further considered that JNAM, in conversations with the Board, implemented a contractual advisory fee reduction, effective April 27, 2020. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Vanguard Growth ETF Allocation Fund, JNL/Vanguard Moderate ETF Allocation Fund, and JNL/Vanguard Moderate Growth ETF Allocation Fund.** The Board considered that each Fund's advisory and sub-advisory fees and total expense ratio (including underlying fund expenses) are lower than their respective peer group averages. The Board concluded that the fees are in the best interests of each Fund and its shareholders in light of the services provided.

**JNL/WCM Focused International Equity Fund.** The Board considered that the Fund's advisory fee is lower than its peer group average, while the Fund's sub-advisory fee is equal to its peer group and the total expense ratio is within seven basis points of the peer group average. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/Western Asset Global Multi-sector Bond Fund (formerly, JNL/Franklin Templeton Global Multisector Bond Fund).** The Board considered that the Fund's advisory and sub-advisory fees are lower than their respective peer group averages and the total expense ratio is within three basis points of the peer group average. The Board further considered that

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JNAM, in conversations with the Board, implemented a contractual advisory fee reduction effective April 25, 2022. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/William Blair International Leaders Fund (formerly, JNL/Invesco International Growth Fund).** The Board considered that the Fund's advisory and sub-advisory fees and total expense ratio are lower than their respective peer group averages. The Board further considered that JNAM, in conversations with the Board, implemented a contractual advisory fee reduction effective April 25, 2022. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/WMC Equity Income Fund.** The Board considered that the Fund's advisory fee is lower than its peer group average and the Fund's total expense ratio is equal to its peer group average, though the Fund's sub-advisory fee is within six basis points of its peer group average. The Board further considered that JNAM, in conversations with the Board, implemented a contractual advisory fee reductions effective April 27, 2020 and June 1, 2022. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/WMC Global Real Estate Fund.** The Board noted that the Fund's advisory fee and total expense ratio are lower than their respective peer group averages. The Board further considered that the Fund's sub-advisory fee is within three basis points of the peer group average. The Board noted that the sub-advisory fee is paid by JNAM (not the Fund). The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

**JNL/WMC Government Money Market Fund. The Board noted that the Fund's sub-advisory fee is lower than its peer group and the Fund's advisory fee and total expense ratio are equal to their respective peer group averages. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.**

#### Economies of Scale
The Board considered whether each Fund's advisory fee reflects the potential for economies of scale for the benefit of Fund shareholders. Based on information provided by JNAM, the Board noted that the fee arrangement for each Fund contains breakpoints that decrease the advisory fee rate as assets increase. Additionally, the Board considered JNAM's assertion that it continually evaluates the advisory fee and breakpoint schedules for the Funds, and it considered the extent to which economies of scale are reflected for the benefit of shareholders. The Board concluded that the advisory fee structure, in some measure, allows for adequate participation by shareholders in economies of scale across the Fund complex. The Board also considered that economies of scale can be shared with the Funds in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment.

The Board also considered that the sub-advisory fee rates have been separately negotiated between JNAM and each Sub-Adviser at arm's-length. These sub-advisory fees are paid by JNAM to each Sub-Adviser. For this reason, JNAM, rather than shareholders, directly benefits from these breakpoints. Additionally, to the extent that JNAM is waiving its advisory fee with respect to a certain Fund, it may also be benefitting from the breakpoints in sub-advisory fees. The Board concluded that the sub-advisory fee schedules, where applicable, in some measure allow for adequate participation by shareholders in economies of scale.

***Profitability***

The Board considered information concerning the costs incurred and profits realized by JNAM and each Sub-Adviser. The Board also considered JNAM's fee waivers for certain Funds, pursuant to which it has reduced its fees and reimburses other expenses of the Funds, as applicable, to reduce the total annual operating expenses of the Funds. The Board determined that profits realized by JNAM and each Sub-Adviser were not unreasonable.

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#### Other Benefits to JNAM and the Sub-Advisers
In evaluating the benefits that may accrue to JNAM through its relationship with the Funds, the Board noted that JNAM and certain of its affiliates serve the Funds in various capacities, including as adviser, administrator, transfer agent and distributor, and receive compensation from the Funds in connection with providing services to the Funds. The Board noted that each service provided to the Funds by JNAM or one of its affiliates is provided pursuant to a written agreement, which the Board evaluates periodically as required by law. The Board also noted that certain Sub-Advisers pay for portions of meetings organized by the Funds' distributor to educate wholesalers about the Fund(s) that each of those Sub-Advisers manages. The Board considered JNAM's assertion that those meetings do not yield a profit to the Funds' distributor, that Sub-Advisers are not required to participate in the meetings and that recommendations to hire or fire Sub-Advisers are not influenced by a Sub-Adviser's willingness to participate in the meetings. In addition, the Board considered that certain affiliates of the Sub-Advisers participate in the sale of funds or insurance contracts and are compensated by the Funds' distributor for their activities, in addition to payments for marketing and conferences. The Board reviewed the monetary values of these transactions. Lastly, the Board noted that certain affiliates of JNAM may receive benefits under the federal income tax laws with respect to tax deductions and credits.

In evaluating the benefits that may accrue to the Sub-Advisers through their relationship with the Fund(s), the Board noted that each Sub-Adviser may receive indirect benefits in the form of soft dollar arrangements for portfolio securities trades placed with the Funds' assets and may also develop additional investment advisory business with JNAM, the Funds or other clients of the Sub-Adviser as a result of its relationship with the Fund(s). The Board also considered that, in the case of J.P. Morgan Investment Management, Inc. ("JPMorgan"), affiliates serve as the custodian and/or the securities lending agent for the Funds, as well as for JNL Investors Series Trust. The Board considered that each service provided to the Funds by JPMorgan affiliates are pursuant to a written agreement, which the Board evaluates periodically as required by law.

___________________________

<sup>1</sup>The meetings were held via videoconference and or a combination of voluntary in-person attendance and videoconference in reliance on exemptive orders issued by the Securities and Exchange Commission on March 13, March 25 and June 19, 2020. *See Release No. IC-33817 (March 13, 2020); Release No. IC -33824 (March 25, 2020); and Release No. IC-33897 (June 19, 2020).*

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JNAM Liquidity Narrative for Shareholders

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, the Funds have established a liquidity risk management program to govern their approach to managing liquidity risk ("Program"). The Program is overseen by the Liquidity Risk Management Committee ("LRMC"), a committee comprised of representatives of the Funds' investment adviser, Jackson National Asset Management, LLC. The Funds' Board of Trustees ("Board") has approved the designation of the LRMC to oversee the Program. In administering the Program, the LRMC consults with each Fund's sub-adviser, if applicable, when such consultation is deemed necessary or appropriate by the LRMC.

The Program's principal objectives include supporting each Fund's compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations timely. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund's liquidity and the periodic classification and re-classification of a Fund's investments into groupings that reflect the LRMC's assessment of their relative liquidity under current market conditions.

During the period covered by the report, there were no liquidity events that impacted the Funds or their respective ability to timely meet redemptions without dilution to existing shareholders. The LRMC has determined, and reported to the Board, that the Program has operated adequately and effectively to manage the Funds' liquidity risk since implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

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**Supplement Dated September 1, 2022**

**To The Prospectus Dated April 25, 2022**

#### JNL <sup><sup>®</sup></sup> Series Trust
Please note that the changes may impact your variable annuity product(s).

Unless otherwise noted, all changes are effective immediately.

*Effective June 30, 2022, please delete all information for and references to W. Michael Reckmeyer, III, CFA.*

*In the section, "****Summary Overview of Each Fund****," after the "****Annual Fund Operating Expenses****" tables, for the JNL/Invesco Small Cap Growth Fund, please add the following:*

JNAM will voluntarily waive 0.015% of management fees on the Fund's assets up to $1 billion and 0.02% on assets over $2 billion. There is no guarantee that JNAM will continue to provide the waiver in the future.

*In the section, "****Summary Overview of Each Fund****," after the "****Annual Fund Operating Expenses****" tables, for the JNL/Lazard International Strategic Equity Fund, please add the following:*

JNAM will voluntarily waive 0.05% of management fees on the Fund's assets. There is no guarantee that JNAM will continue to provide the waiver in the future.

*In the section, "****Summary Overview of Each Fund****," after the "****Annual Fund Operating Expenses****" tables, for the JNL/PPM America Floating Rate Income Fund, please add the following:*

*JNAM will voluntarily waive 0.10% of management fees on the Fund's assets. There is no guarantee that JNAM will continue to provide the waiver in the future.*

*In the section, "****Summary Overview of Each Fund****," under "****Principal Investment Strategies****," for the JNL/PPM America Floating Rate Income Fund, please delete the section in the entirety and replace with the following:*

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

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

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

Each Sub-Adviser may use different investment strategies in managing Fund assets, acts independently from the others, and uses its own methodology for selecting investments. Jackson National Asset Management, LLC ("JNAM" or "Adviser") is responsible for identifying and retaining the Sub-Advisers for the selected strategies and for monitoring the services provided by the Sub-Advisers. JNAM provides qualitative and quantitative supervision as part of its

------

process for selecting and monitoring the Sub-Advisers. JNAM is also responsible for selecting the Fund's investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser. Based on JNAM's ongoing evaluation of the Sub-Advisers, JNAM may adjust allocations among Sub-Advisers.

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

*PPM America Floating Rate Income Strategy*

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

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

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

*FIAM Floating Rate High Income Strategy*

FIAM LLC constructs the FIAM Floating Rate High Income Strategy by normally investing primarily in floating rate loans, which are often lower-quality debt securities (those of less than investment-grade quality, also referred to as "junk bonds"), and other floating rate securities. The FIAM Floating Rate High Income Strategy may invest in companies in troubled or uncertain financial condition, money market and investment-grade debt securities, and repurchase agreements, and domestic and foreign issuers. FIAM LLC uses fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

*In the section, "****Summary Overview of Each Fund****," under "****Portfolio Management,****" for the JNL/PPM America Floating Rate Income Fund, please delete the section in the entirety and replace with the following:*

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

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

FIAM LLC ("FIAM")

Portfolio Managers:

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| William Harding, CFA | September 2022 | Senior Vice President, Chief Investment Officer and Portfolio Manager, JNAM |
| Sean Hynes, CFA, CAIA | September 2022 | Assistant Vice President and Portfolio Manager, JNAM |
| Mark Pliska, CFA | September 2022 | Assistant Vice President and Portfolio Manager, JNAM |
| Adam Spielman | June 2018 | Senior Managing Director, Head of Leveraged Credit, PPM |
| David Wagner | 2011 | Senior Managing Director, PPM |
| Eric Mollenhauer | September 2022 | Portfolio Manager, FIAM |
| Kevin Nielsen | September 2022 | Portfolio Manager, FIAM |

---

*In the section, "****Summary Overview of Each Fund****," under, "****Portfolio Management,****" under, "****Sub-Adviser****," for the JNL/T. Rowe Price Short-Term Bond Fund, please add the following:*

#### Sub-Sub-Advisers:
T. Rowe Price Hong Kong Limited

T. Rowe Price International Ltd

*This Supplement is dated September 1, 2022.*

------

**Supplement Dated November 15, 2022**

**To The Prospectus Dated April 25, 2022**

#### JNL <sup><sup>®</sup></sup> Series Trust
Please note that the changes may impact your variable annuity and/or variable life product(s).

Unless otherwise noted, all changes are effective immediately.

*Effective November 14, 2022, for the JNL/Goldman Sachs 4 Fund, please delete all references to and information for Nicholas Chan.*

*Effective October 1, 2022, in the section, "****Summary Overview of Each Fund****," under "****Portfolio Management,****" for the JNL/Fidelity Institutional Asset Management<sup><sup>®</sup></sup> Total Bond Fund, please delete the Portfolio Managers table in the entirety and replace with the following:*

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Franco Castagiluolo | October 2022 | Portfolio Manager, FIAM |
| Alexandre Karam | June 2019 | Portfolio Manager, FIAM |
| Jeffrey Moore | June 2019 | Portfolio Manager, FIAM |
| Celso Muñoz | June 2019 | Portfolio Manager, FIAM |
| Ford O'Neil | June 2019 | Portfolio Manager, FIAM |
| Michael Weaver | June 2019 | Portfolio Manager, FIAM |

---

*Effective November 14, 2022, in the section, "****Summary Overview of Each Fund****," under "****Principal Investment Strategies,****" for the JNL/Goldman Sachs 4 Fund, please delete the section in the entirety and replace with the following:*

**Principal Investment Strategies.** The Fund seeks to achieve its objective by investing in stocks of approximately 150 distinct companies included in the S&P 500<sup><sup>®</sup></sup> Index. The Fund implements its objective by using three equally weighted factors: quality, value, and momentum.

*Quality Strategy*

The quality strategy emphasizes competitive advantage. The competitive advantage sub-portfolio invests in the stock of companies included in the S&P 500<sup>®</sup> Index that are believed to have superior profitability, as measured by return on invested capital, and trade at relatively attractive valuations. The holdings in this sub-portfolio are selected from all 11 sectors of the economy identified in the S&P 500 Index. Goldman Sachs Asset Management, L.P., the Fund's sub-adviser (the "Sub-Adviser"), excludes stocks it views as lower quality using the S&P Quality Rankings and excludes stocks with lower S&P Global Ratings Issuer Credit Ratings.

*Value Strategies*

The value strategies emphasize dividend income & growth and intrinsic value.

The dividend income & growth sub-portfolio invests in the stock of companies included in the S&P 500<sup>®</sup> Index that have attractive dividend yields and strong capital structures as determined by the Sub-Adviser. The holdings in this sub-portfolio are selected from all 11 sectors of the economy identified in the S&P 500 Index. The Sub-Adviser excludes stocks it views as lower quality using the S&P Quality Rankings and excludes stocks with lower S&P Global Ratings Issuer Credit Ratings.

The intrinsic value sub-portfolio invests in the stock of companies included in the S&P 500<sup>®</sup> Index that generate strong free cash flows and sell at relatively attractive valuations. With respect to the Financials sector, the model will reference return on equity in lieu of free cash flows. The holdings in this sub-portfolio are selected from all 11 sectors of the economy identified in the S&P 500 Index. The Sub-Adviser excludes stocks it views as lower quality using the S&P Quality Rankings and excludes stocks with lower S&P Global Ratings Issuer Credit Ratings.

------

*Momentum Strategy*

The momentum sub-portfolio invests in the stock of companies included in the S&P 500<sup>®</sup> Index that exhibit high momentum based on the trailing twelve months, excluding the recent one-month. The holdings in this sub-portfolio are selected from all 11 sectors of the economy identified in the S&P 500 Index. The Sub-Adviser excludes stocks it views as lower quality using the S&P Quality Rankings and excludes stocks with lower S&P Global Ratings Issuer Credit Ratings.

*Triblend Rebalance*

A portion of each of sub-portfolio rebalances on or about the first business day of March, September or December of each year. Additionally, on or about the first business day of December of each year, the Fund rebalances the size of the three factors to ensure equal weighting. The Fund may change the frequency and timing of its scheduled rebalances at its sole discretion. The Fund may apply situational risk exposure constraints beyond the S&P Quality Rankings and S&P Global Ratings Issuer Credit Ratings in response to extraordinary market events. The Sub-Adviser generally uses a buy and hold strategy, executing trades only on or around each stock selection date, when cash flow activity occurs in the Fund and for dividend reinvestment purposes.

The Sub-Adviser incorporates S&P Quality Rankings and S&P Global Ratings Issuer Credit Ratings in the selection process.

*S&P Quality Rankings*

Growth and stability of earnings and dividends are deemed key elements in establishing earnings and dividend rankings for common stocks. This process also takes into consideration certain adjustments and modifications deemed desirable in establishing such rankings. The final score for each stock is measured against a scoring matrix determined by an internal analysis of the scores of a large and representative sample of stocks. The range of scores in the array of this sample has been aligned with the following ladder of rankings:

---

| | | | |
|:---|:---|:---|:---|
| A+ | Highest | B- | Lower |
| A&nbsp;&nbsp;&nbsp;&nbsp; | High | C | Lowest |
| A-  | Above Average | D | In Reorganization |
| B+  | Average | NR | Not Ranked |
| B  | Below Average |  |  |

---

*S&P Global Ratings Issuer Credit Ratings* 

S&P Global Ratings Issuer Credit Ratings (also known as credit ratings) express opinions about the ability and willingness of an issuer to meet its financial obligations in full and on time. Credit ratings can also be used to determine the credit quality of an individual debt issue, such a corporate or municipal bond, and the relative likelihood that the issue may default. Credit ratings are not an absolute measure of default probability, since there are future events that cannot be foreseen. Credit ratings are not intended as guarantees of credit quality or as exact measures of the probability that a particular issuer or debt issue will default.

S&P Global Ratings Issuer Credit Ratings opinions are based on analysis by experienced professionals who evaluate and interpret information received from issuers and other available sources to form a considered opinion. S&P Global Ratings analysts obtain information from public reports, as well as from interviews and discussions with the issuer's management. They use that information and apply their analytical judgment to assess the entity's financial condition, operation performance, policies and risk management strategies.

The Fund may invest in a combination of exchange-traded funds ("ETFs") to assist with fund rebalances and to meet redemption or purchase requests.

The Fund may invest in financial futures, a type of derivative, to obtain market exposure consistent with the Fund's investment objective and strategies, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund's objective.

*Effective November 14, 2022, in the section, "****Summary Overview of Each Fund****," under "****Portfolio Management,****" for the JNL/Goldman Sachs 4 Fund, please delete the section in the entirety and replace with the following:*

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

**Sub-Advisers:** <br>Goldman Sachs Asset Management, L.P. ("GSAM")

------

Portfolio Managers:

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Marcus Ng, CFA | April 2021 | Vice President, GSAM |
| Len Ioffe | November 2022 | Managing Director, GSAM |

---

*Effective October 1, 2022, in the section, "****Summary Overview of Each Fund****," under "****Portfolio Management,****" for the JNL/PPM America Floating Rate Income Fund, please delete the Portfolio Managers table in the entirety and replace with the following:*

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| William Harding, CFA | September 2022 | Senior Vice President, Chief Investment Officer and Portfolio Manager, JNAM |
| Sean Hynes, CFA, CAIA | September 2022 | Assistant Vice President and Portfolio Manager, JNAM |
| Mark Pliska, CFA | September 2022 | Assistant Vice President and Portfolio Manager, JNAM |
| Adam Spielman | June 2018 | Senior Managing Director, Head of Leveraged Credit, PPM |
| David Wagner | 2011 | Senior Managing Director, PPM |
| Eric Mollenhauer | September 2022 | Portfolio Manager, FIAM |
| Kevin Nielsen | September 2022 | Portfolio Manager, FIAM |
| Chandler Perine | October 2022 | Portfolio Manager, FIAM |

---

*Effective November 1, 2022, in the section, "****Summary Overview of Each Fund****," under "****Annual Fund Operating Expenses****," for the JNL/T. Rowe Price Balanced Fund, after the last table please add the following:*

JNAM will voluntarily waive 0.53% of management fees on the Fund's assets up to $500 million, 0.475% on assets between $500 million and $1 billion, 0.45% on assets between $1 billion and $3 billion, 0.44% on assets between $3 billion and $5 billion and 0.43% on assets over $5 billion. There is no guarantee that JNAM will continue to provide the waiver in the future.

*Effective November 1, 2022, in the section, "****Summary Overview of Each Fund****," under "****Annual Fund Operating Expenses****," for the JNL/T. Rowe Price Capital Appreciation Fund, after the last table please add the following:*

JNAM will voluntarily waive 0.575% of management fees on the Fund's assets up to $500 million, 0.55% on assets between $500 million and $1 billion, 0.53% on assets between $1 billion and $3 billion, 0.52% on assets between $3 billion and $5 billion, 0.51% on assets between $5 billion and $10 billion and 0.50% on assets over $10 billion. There is no guarantee that JNAM will continue to provide the waiver in the future.

*Effective November 1, 2022, in the section, "****Summary Overview of Each Fund****," under "****Annual Fund Operating Expenses****," for the JNL/T. Rowe Price U.S. High Yield Fund, after the last table please add the following:*

JNAM will voluntarily waive 0.47% of management fees on the Fund's assets up to $3 billion, 0.46% on assets between $3 billion and $5 billion and 0.45% on assets over $5 billion. There is no guarantee that JNAM will continue to provide the waiver in the future.

*This Supplement is dated November 15, 2022.*

------

#### Supplement Dated January 13, 2023
**To The Prospectus Dated April 25, 2022, as amended November 15, 2022**

#### JNL <sup><sup>®</sup></sup> Series Trust
Please note that the changes may impact your variable annuity and/or variable life product(s).

Unless otherwise noted, all changes are effective immediately.

*Effective January 1, 2023, for the JNL/American Funds New World Fund, please delete all references to and information for Nicholas J. Grace.*

*Effective November 29, 2022, for the JNL Multi-Manager U.S. Equity Select Fund and JNL/GQG Emerging Markets Equity Fund, please delete all references to and information for James Anders.*

*Effective December 31, 2022, for the JNL/T. Rowe Price Value Fund, please delete all references to and information for Mark S. Finn.*

*Effective December 31, 2022, in the section, "****Summary Overview of Each Fund****," under "****Portfolio Management,****" for the JNL/T. Rowe Price Value Fund, please delete the Portfolio Managers table in the entirety and replace with the following:*

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Ryan Hedrick | January 2023 | Chairman of Investment Advisory Committee, T. Rowe Price |

---

*Effective December 31, 2022, in the section, "****Summary Overview of Each Fund****," under "****Portfolio Management,****" for the JNL/WCM China Quality Growth Fund, please delete the Portfolio Managers table in the entirety and replace with the following:*

---

| | | |
|:---|:---|:---|
| **Name:** | **Joined Fund Management Team In:** | **Title:**  |
| Mike Tian, CFA | April 2022 | Portfolio Manager and Business Analyst, WCM |
| Yan Gao | April 2022 | Portfolio Manager and Business Analyst, WCM |

---

*This Supplement is dated January 13, 2023.*

------

![](img_8489ebabe9774f4.jpg)

------

![](img_80ef48cebead4f4.jpg)

------

#### Item 2. Code of Ethics.
As of the end of the period covered by this report, the registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no substantive amendments or any waivers to this code of ethics during the period covered by this report. A copy of this code of ethics is filed as Exhibit 13(a)(1) to this Form N-CSR.

#### Item 3. Audit Committee Financial Expert.
The registrant has named Mark Wehrle as an Audit Committee financial expert serving on its Audit Committee. Mark Werhle is not an "interested person" of the Trust, as that term is defined by Section 2(a)(19) of the Investment Company Act of 1940, as amended, and is considered "independent" for purposes of this Item.

An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the Audit Committee or Board of Trustees.

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

(a)-(d)

The administrator of the registrant is responsible for payment of all expenses associated with the annual audit and other required services of the independent registered accounting firm, and all expenses associated with the preparation and filing of the tax returns.

KPMG LLP ("KPMG") was appointed by the Board of Trustees as the independent registered public accounting firm of the registrant for the fiscal years ended December 31, 2021 and December 31, 2022. The following table sets forth aggregate fees billed by KPMG for the respective period for professional services rendered to the registrant.

<u>Fees for Services Rendered to the Registrant by KPMG</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fiscal Year | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
| 2021 | $2148492 | $70000 | $0 | $0 |
| 2022 | $2259130 | $14000 | $0 | $0 |

---

The above Audit-Related Fees for 2021 and 2022 are the aggregate fees billed for professional services rendered by KPMG to the registrant for the services provided in connection with the registrant's registration statement filings.

<u>Fees for Services Rendered to Adviser Entities by KPMG</u>

The following table sets forth the amount of fees that were billed by KPMG for the respective period to any entity controlling, controlled by, or under common control with the investment adviser that provided ongoing services to the registrant ("Adviser Entities") that were directly related to the registrant's operations and financial reporting.

------

---

| | | | |
|:---|:---|:---|:---|
| Fiscal Year | Audit-Related Fees | Tax Fees  | All Other Fees |
| 2021 | $0 | $0 | $0 |
| 2022 | $0 | $0 | $0 |

---

(e)(1) The Audit Committee is authorized to pre-approve non-audit services provided by the registrant's auditors, if they find it appropriate in light of their fiduciary duties and in the exercise of their good faith business judgment and compatible with the auditor's independence. The Chairman of the Audit Committee is authorized to approve audit and non-audit services for newly established funds of the registrant on the same terms as the full Audit Committee previously had approved for the then existing Funds.

(e)(2) 0%

(f) Not applicable.

(g) The aggregate fees billed for all non-audit fees to the registrant and Adviser Entities for the fiscal year ended December 31, 2021 was $70,000. The aggregate fees billed for all non-audit fees to the registrant and Adviser Entities for the fiscal year ended December 31, 2022 was $14,000.

(h) For the fiscal years ended December 31, 2021 and December 31, 2022, the Audit Committee of the registrant's Board of Trustees considered the provision of non-audit services that were rendered to the Adviser Entities that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, and concluded that such services were compatible with maintaining KPMG's independence.

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

Not applicable.

**Item 6. Schedule of Investments.** 

(a) Included as a part of the report to shareholders filed under Item 1.

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

#### Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 10. Submission of Matters to a Vote of Security Holders.
No material changes have been made.

**Item 11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Exhibits.
(a) (1) Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (as defined in Item 2(b) of Form N-CSR) is attached hereto.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Not applicable.

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

------

#### 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 Series Trust |
| By: | /s/ Mark D. Nerud |
|  | Mark D. Nerud |
|  | Principal Executive Officer |
| Date: | March 3, 2023 |

---

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: | March 3, 2023 |
| By: | /s/ Andrew Tedeschi |
|  | Andrew Tedeschi |
|  | Principal Financial Officer |
| Date: | March 3, 2023 |

---

------

#### EXHIBIT LIST

---

| | |
|:---|:---|
| Exhibit 13(a)(1) | [Registrant's Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.](ex99codeeth-13a1.htm) |
| Exhibit 13(a)(2) | [Certification of the Principal Executive Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.](ex99906cert-13a2.htm) |
|  | [Certification of the Principal Financial Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.](ex99906cert-13a2.htm) |
| Exhibit 13(b) | [Certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended.](ex99906cert-13b.htm) |

---

------

## Ex-99.Code

The Boards of Trustees of the Funds, each of which is an open-end management investment company registered as such under the provisions of the 1940 Act, have adopted this Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms of the SEC thereunder.

***1. Persons to Whom this Code of Ethics Applies***

This Code of Ethics is applicable to each person who occupies the position of principal executive officer, principal financial officer, controller or principal accounting officer of a Fund ("Covered Officers").

2. Relationship to Codes of Ethics Under Rule 17j-1

Each of the Funds is subject to, and has adopted a code of ethics pursuant to, Rule 17j-1 under the 1940 Act ("17j-1 codes"), applicable to directors, officers and employees of a Fund, the Fund's investment adviser and, in the case of the JNL Series Trust and the JNL Investors Series Trust, those Funds' principal underwriter.

The 17j-1 codes impose reporting and disclosure requirements on covered persons relating to their personal investment transactions in securities, as well as substantively regulate such transactions, as the Funds' Board has determined to be reasonably necessary in order to prevent fraud, deceit or manipulative practices by such persons in connection with the purchase or sale, directly or indirectly, by the person of a security held or to be acquired by a Fund.

The requirements of this Code of Ethics are in addition to, not in substitution for, the provisions of the 17j-1 codes that are applicable to Covered Officers to whom this Code of Ethics applies.

3. Substantive Requirements

*a. Honest and ethical conduct, including ethical handling of actual or apparent conflicts of interest between personal and professional relationships.*

It shall be the responsibility of each Covered Officer to comply with the reporting, disclosure and pre-approval requirements of the 17j-1 codes of the Funds as are applicable to personal securities investments of such Covered Officer. No personal securities investment transaction by a Covered Officer that complies with the procedural, reporting, disclosure and other provisions of such 17j-1 codes as may be applicable to such transaction, shall be deemed to be a violation or constitute a waiver of any requirement of this Code of Ethics.

No Covered Officer shall derive any personal<sup>1</sup> financial or other benefit of a substantial nature as a result of his or her position as the principal executive officer, principal financial officer, controller or principal accounting officer, as the case may be, through or from a Fund, or through or from any person or entity doing business or seeking to do business with a Fund, including, without limitation, gifts or gratuities (other than customary business gifts, meals or business entertainment that are not extravagant), preferred investment opportunities, or cash payments of any amount.

The employment of a member of the immediate family of a Covered Officer by an entity doing business, or seeking to do business, with a Fund shall not be deemed a violation of this Code of Ethics if the Covered Officer shall have disclosed such employment to the Funds' Board.

____________________________

<sup>1</sup>For the purpose of this Code of Ethics, a "personal" benefit includes a benefit offered to or received by: a Covered Officer; a partnership in which the Covered Officer is a partner; a trust of which the Covered Officer is the grantor or beneficiary; a member of such Covered Officer's "immediate family," which includes the Covered Officer's spouse, a child residing in the Covered Officer's household (including a step or adoptive child), and any dependent of the Covered Officer as defined in section 152 of the Internal Revenue Code; a partnership in which any member of the Covered Officer's immediate family is a partner; or a trust for the benefit of any member of the Covered Officer's immediate family.

------

Any Covered Officer who shall, in his or her capacity as principal executive officer, principal financial officer, controller or principal accounting officer, receive or be offered any personal financial or other benefit that is or may be proscribed by this Code of Ethics promptly shall report same to the Funds' Chief Legal Officer<sup>1</sup>. The Chief Legal Officer shall be, and hereby is, authorized to determine whether the receipt of such financial or other benefit is or would be proscribed by this Code of Ethics. If the Chief Legal Officer shall determine the receipt of any such personal financial or other benefit is or would be proscribed by this Code of Ethics, then the Chief Legal Officer may direct that such benefit refused or, if already received, that such benefit anonymously be donated to a charitable organization. Upon such donation, no violation of this Code of Ethics shall be deemed to have occurred by reason of the Covered Officer having received such personal financial or other benefit. The Chief Legal Officer's determination that the offer to or receipt by a Covered Officer of a benefit is not a violation of this Code of Ethics shall not be deemed a waiver of any provision of this Code of Ethics.

The Chief Legal Officer shall maintain a record of reports, if any, by Covered Officers of the receipt or offer of personal financial or other benefits, and the Chief Legal Officer's determinations and directions with respect to such reports.

*b. Full, fair, accurate, timely and understandable disclosure in reports and documents the Funds file with, or submit to, the Commission and in other public communications made by the Funds.*

Each Covered Officer is responsible for the full, fair, accurate, timely and understandable disclosure in reports and documents the Funds file with, or submit to, the SEC and in other public communications made by a Fund, insofar as such disclosure or communication relates to matters within the scope of such Covered Officer's responsibilities of office. Without limiting the generality of the foregoing, no Covered Officer willfully shall cause or permit any such disclosure or communication regarding a matter within the scope of his or her responsibility to: misstate a material fact; or omit to state a material fact necessary to make any statement made in any such disclosure or communication, in light of the circumstances in which such statement is made, not misleading.

*c. Compliance with applicable governmental laws, rules and regulations.*

A Covered Officer promptly shall report to the Chief Legal Officer of the Funds any non-compliance or apparent non-compliance by a Fund with applicable governmental laws, rules and regulations including, without limitation, federal securities laws, regarding any matter that is within the scope of office of such Covered Officer, and shall take such action, if any, as may be directed by the Chief Legal Officer with respect to the investigation or cure of such non-compliance or apparent non-compliance.

The responsibility of a Covered Officer pursuant to this Code of Ethics with respect to non-compliance or apparent non-compliance by a Fund with applicable governmental laws, rules or regulations shall be fully discharged upon such report to the Chief Legal Officer, unless such Covered Officer shall refuse or willfully fail to act as shall have been directed by the Chief Legal Officer in response to such report. The fact that a violation of applicable governmental laws, rules or regulations has, or may have, occurred shall not itself be deemed violation of this Code of Ethics. A determination by the Chief Legal Officer that a violation of applicable governmental laws, rules or regulations has, or has not, occurred shall not be deemed a waiver of any provision of this Code of Ethics.

*d. Prompt internal reporting of violations of this Code of Ethics.*

It is the responsibility of each Covered Person promptly to report to the Chief Legal Officer of the Funds any

violation or apparent violation of this Code of Ethics by any Covered Person. The Chief Legal Officer shall

___________________________

<sup>1</sup>References herein to the Chief Legal Officer of the Funds shall include a designee of the Chief Legal Officer.

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maintain a record of the reports, if any, of violations or apparent violations of this Code of Ethics by any Covered Person.

The Chief Legal Officer shall determine, in response to any such report, whether or not a violation of this Code of Ethics has occurred and, in the event the Chief Legal Officer shall determine that a violation has occurred, shall report such violation to the Funds' Board to which such violation relates.

*e. Accountability for adherence to this Code of Ethics.*

Compliance with the requirements of this Code of Ethics is a condition of office of each Covered Officer. In the event of violation of the requirements of this Code of Ethics by a Covered Officer, the Funds' Board may take such action as it deems appropriate, including but not limited to removal from office with such Fund of the Covered Officer.

On an annual basis, each Covered Officer shall acknowledge in writing his or her receipt of a copy of this Code of Ethics, and his or her agreement that adherence to this Code of Ethics is a condition of office.

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#### ACKNOWLEDGEMENT
The undersigned, as [principal executive officer][[principal financial officer][controller][principal accounting officer] of the Funds, hereby acknowledges receipt of a copy of the Funds' Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.

The undersigned further acknowledges [his][her] understanding and agreement that adherence to the requirements of the Code of Ethics is a condition of office with the Funds.

Signature

Printed Name

Title

Date

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## Exhibit 99.906

Exhibit 13(a)(2)

CERTIFICATION

I, Mark D. Nerud, certify that:

1. I have reviewed this report on Form N-CSR of JNL 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;&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;&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;&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;&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 (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

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| | |
|:---|:---|
| Date: March 3, 2023 | /s/ Mark D. Nerud |

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<br> Mark D. Nerud <br> Principal Executive Officer

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Exhibit 13(a)(2)

CERTIFICATION

I, Andrew Tedeschi, certify that:

1. I have reviewed this report on Form N-CSR of JNL 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;&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;&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;&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;&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 (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

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| | |
|:---|:---|
| Date: March 3, 2023 | /s/ Andrew Tedeschi |

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<br> Andrew Tedeschi <br> Principal Financial Officer

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## Exhibit 99.906

Exhibit 13(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 Series Trust, certify that:

1. The report on Form N-CSR 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 on Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the registrant.

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| | |
|:---|:---|
| By: | /s/ Mark D. Nerud |
|  | Mark D. Nerud |
|  | Principal Executive Officer |
| Date: | March 3, 2023 |

---

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| | |
|:---|:---|
| By: | /s/ Andrew Tedeschi |
|  | Andrew Tedeschi |
|  | Principal Financial Officer |
| Date: | March 3, 2023 |

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*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.*

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